Algonquin Power & Utilities Corp. (AQN) Financial Ratios
29 years of historical data (1997–2025) · Utilities · Renewable Utilities
EV/EBITDA
↓
11.94
↓-12% vs avg
5yr avg: 13.54
30Y Low6.1·High19.7
P/FCF
2.52
-5% vs avg
5yr avg: 2.65
30Y Low2.6·High10.9
P/B Ratio
↓
0.90
+17% vs avg
5yr avg: 0.77
30Y Low0.5·High1.6
ROE
↓
3.2%
↓+198% vs avg
5yr avg: -3.3%
30Y Low-21%·High18%
Debt/EBITDA
↓
7.07
↓-9% vs avg
5yr avg: 7.75
30Y Low0.8·High10.1
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
AQN Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Algonquin Power & Utilities Corp. trades at 25.6x earnings, 72% below its 5-year average of 90.9x, sitting at the 29th percentile of its historical range. Compared to the Utilities sector median P/E of 19.0x, the stock trades at a premium of 35%. On a free-cash-flow basis, the stock trades at 2.5x P/FCF, roughly in line with the 5-year average of 2.6x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.5B | $4.8B | $3.3B | $4.4B | $4.1B | $9.1B | $9.3B | $7.1B | $4.7B | $4.3B | $2.3B |
| Enterprise Value | $11.0B | $11.2B | $9.9B | $11.8B | $11.6B | $15.2B | $13.7B | $10.9B | $8.0B | $7.3B | $5.4B |
| P/E Ratio → | 25.61 | 26.74 | — | 210.67 | — | 35.24 | 12.01 | 13.35 | 25.13 | 30.16 | 25.70 |
| P/S Ratio | 1.86 | 1.95 | 1.40 | 1.82 | 1.48 | 4.00 | 5.54 | 4.35 | 2.84 | 2.74 | 2.85 |
| P/B Ratio | 0.90 | 0.94 | 0.53 | 0.63 | 0.57 | 1.18 | 1.55 | 1.49 | 1.16 | 1.28 | 1.24 |
| P/FCF | 2.52 | 2.65 | — | — | — | — | — | — | — | — | — |
| P/OCF | 7.50 | 7.86 | 7.10 | 6.83 | 6.90 | 58.23 | 17.46 | 11.31 | 9.31 | 11.79 | 10.83 |
P/E links to full P/E history page with 30-year chart
AQN EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Algonquin Power & Utilities Corp.'s enterprise value stands at 11.9x EBITDA, 12% below its 5-year average of 13.5x. This is roughly in line with the Utilities sector median of 11.9x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.62 | 4.28 | 4.93 | 4.18 | 6.67 | 8.19 | 6.73 | 4.84 | 4.67 | 6.65 |
| EV / EBITDA | 11.94 | 12.18 | 10.75 | 12.67 | 13.47 | 18.59 | 19.66 | 16.81 | 12.76 | 11.46 | 17.26 |
| EV / EBIT | 21.08 | 21.36 | 17.51 | 44.52 | — | 41.02 | 14.09 | 14.86 | 28.02 | 21.45 | 27.90 |
| EV / FCF | — | 6.27 | — | — | — | — | — | — | — | — | — |
AQN Profitability
Margins and return-on-capital ratios measuring operating efficiency
Algonquin Power & Utilities Corp. earns an operating margin of 21.5%, above the Utilities sector average of 18.5%. Operating margins have expanded from 19.4% to 21.5% over the past 3 years, signaling improving operational efficiency. ROE of 3.2% is modest, trailing the sector median of 9.3%. ROIC of 3.2% represents below-average returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 73.7% | 73.7% | 74.4% | 69.1% | 68.7% | 68.6% | 76.1% | 72.7% | 70.6% | 74.2% | 73.1% |
| Operating Margin | 21.5% | 21.5% | 19.2% | 19.4% | 14.5% | 18.2% | 22.9% | 22.6% | 22.9% | 24.1% | 21.4% |
| Net Profit Margin | 7.4% | 7.4% | -59.5% | 1.2% | -7.7% | 11.6% | 46.7% | 32.6% | 11.2% | 9.8% | 11.9% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 3.2% | 3.2% | -21.0% | 0.4% | -2.9% | 3.9% | 14.6% | 12.1% | 5.0% | 5.9% | 5.5% |
| ROA | 1.2% | 1.2% | -7.8% | 0.2% | -1.2% | 1.8% | 6.5% | 5.2% | 2.1% | 2.1% | 2.0% |
| ROIC | 3.2% | 3.2% | 2.5% | 2.4% | 2.1% | 2.6% | 3.0% | 3.5% | 4.1% | 5.0% | 3.4% |
| ROCE | 3.7% | 3.7% | 2.8% | 2.9% | 2.6% | 3.0% | 3.4% | 3.9% | 4.5% | 5.6% | 3.9% |
AQN Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Algonquin Power & Utilities Corp. carries a Debt/EBITDA ratio of 7.1x, which is highly leveraged (36% above the sector average of 5.2x). Net debt stands at $6.5B ($6.5B total debt minus $33M cash). Interest coverage of just 1.7x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.30 | 1.30 | 1.08 | 1.08 | 1.05 | 0.81 | 0.76 | 0.83 | 0.83 | 0.92 | 1.70 |
| Debt / EBITDA | 7.07 | 7.07 | 7.26 | 8.03 | 8.76 | 7.61 | 6.50 | 6.04 | 5.34 | 4.80 | 10.12 |
| Net Debt / Equity | — | 1.29 | 1.08 | 1.08 | 1.04 | 0.79 | 0.74 | 0.82 | 0.81 | 0.90 | 1.65 |
| Net Debt / EBITDA | 7.04 | 7.04 | 7.22 | 8.00 | 8.69 | 7.46 | 6.36 | 5.94 | 5.27 | 4.73 | 9.86 |
| Debt / FCF | — | 3.62 | — | — | — | — | — | — | — | — | — |
| Interest Coverage | 1.67 | 1.67 | 1.64 | 0.81 | -0.26 | 1.62 | 5.36 | 4.06 | 1.87 | 2.20 | 1.98 |
AQN Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.00x means Algonquin Power & Utilities Corp. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has improved from 0.63x to 1.00x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.00 | 1.00 | 0.76 | 0.63 | 0.71 | 0.69 | 0.73 | 0.59 | 0.99 | 0.88 | 0.90 |
| Quick Ratio | 0.82 | 0.82 | 0.61 | 0.50 | 0.57 | 0.56 | 0.59 | 0.48 | 0.79 | 0.72 | 0.86 |
| Cash Ratio | 0.03 | 0.03 | 0.02 | 0.01 | 0.04 | 0.09 | 0.11 | 0.07 | 0.09 | 0.08 | 0.20 |
| Asset Turnover | — | 0.17 | 0.14 | 0.13 | 0.16 | 0.14 | 0.13 | 0.15 | 0.18 | 0.19 | 0.13 |
| Inventory Turnover | 2.83 | 2.83 | 2.66 | 3.34 | 3.85 | 4.02 | 2.98 | 4.87 | 5.06 | 4.55 | 13.66 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
AQN Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Algonquin Power & Utilities Corp. returns 4.5% to shareholders annually primarily through dividends. The payout ratio exceeds 100% at 113.3%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 3.9% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.5% | 4.3% | 8.3% | 7.5% | 8.9% | 3.3% | 2.9% | 2.8% | 3.4% | 3.2% | 3.8% |
| Payout Ratio | 113.3% | 113.3% | — | 1145.2% | — | 114.9% | 34.1% | 37.9% | 85.4% | 88.5% | 90.4% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.9% | 3.7% | — | 0.5% | — | 2.8% | 8.3% | 7.5% | 4.0% | 3.3% | 3.9% |
| FCF Yield | 39.6% | 37.8% | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.5% | 4.3% | 8.3% | 7.9% | 8.9% | 3.3% | 2.9% | 2.8% | 3.4% | 3.2% | 3.8% |
| Shares Outstanding | — | $772M | $732M | $691M | $629M | $629M | $564M | $500M | $466M | $386M | $274M |
Peer Comparison
Compare AQN with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 AQNYou | $5B | 25.6 | 11.9 | 2.5 | 73.7% | 21.5% | 3.2% | 3.2% | 7.1 |
 BEP | $11B | -522.8 | 13.2 | — | 16.8% | 13.4% | -0.1% | 0.9% | 10.7 |
 CLNE | $410M | -1.8 | 74.1 | 6.8 | 4.2% | -22.0% | -34.6% | -9.4% | 20.9 |
 AVA | $3B | 16.7 | 10.3 | — | 24.2% | 18.0% | 7.3% | 4.5% | 5.3 |
 POR | $6B | 18.2 | 10.0 | — | 33.6% | 16.4% | 7.7% | 4.5% | 4.9 |
 NWE | $4B | 23.8 | 13.2 | — | 82.3% | 20.2% | 6.3% | 4.0% | 5.7 |
 OTTR | $4B | 13.4 | 9.5 | 37.5 | 27.8% | 26.5% | 15.6% | 10.4% | 2.4 |
 MGEE | $3B | 20.4 | 13.1 | — | 97.3% | 22.9% | 10.7% | 6.1% | 3.3 |
 NEE | $181B | 26.4 | 17.8 | — | 62.8% | 30.1% | 10.7% | 4.1% | 6.2 |
 AES | $10B | 11.6 | 11.3 | — | 18.1% | 16.1% | 9.7% | 3.9% | 8.8 |
 CWEN | $8B | 26.4 | 16.1 | 20.8 | 15.2% | 12.3% | 2.9% | 0.9% | 9.6 |
| Utilities Median | — | 19.0 | 11.9 | 18.6 | 38.4% | 18.5% | 9.3% | 4.9% | 5.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 29 years · Updated daily
Consensus-Based Analysis Tools
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Check Valuation
Historical Returns
10-year return with dividends reinvested.
Calculate
DCA Calculator
See how regular investing compounds over time.
Run Numbers
Peer Comparison
Compare growth, multiples, and margins vs sector.
Compare
AQN — Frequently Asked Questions
Quick answers to the most common questions about buying AQN stock.
What is Algonquin Power & Utilities Corp.'s P/E ratio?
Algonquin Power & Utilities Corp.'s current P/E ratio is 25.6x. The historical average is 33.8x. This places it at the 29th percentile of its historical range.
What is Algonquin Power & Utilities Corp.'s EV/EBITDA?
Algonquin Power & Utilities Corp.'s current EV/EBITDA is 11.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.8x.
What is Algonquin Power & Utilities Corp.'s ROE?
Algonquin Power & Utilities Corp.'s return on equity (ROE) is 3.2%. The historical average is 3.8%.
Is AQN stock overvalued?
Based on historical data, Algonquin Power & Utilities Corp. is trading at a P/E of 25.6x. This is at the 29th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Algonquin Power & Utilities Corp.'s dividend yield?
Algonquin Power & Utilities Corp.'s current dividend yield is 4.50% with a payout ratio of 113.3%.
What are Algonquin Power & Utilities Corp.'s profit margins?
Algonquin Power & Utilities Corp. has 73.7% gross margin and 21.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Algonquin Power & Utilities Corp. have?
Algonquin Power & Utilities Corp.'s Debt/EBITDA ratio is 7.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.