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TSX
C$7.62
+3.25% · delayed ~15 min
Updated
C$5.85B market value
From Algonquin Power & Utilities Corp.'s FY2025 annual-report
It took in C$3.42B last year, which makes it a mid-sized company. Of every dollar it sells, about 7 cents is left as profit.
The financial picture is mixed, with profitability and growth needing attention and debt weaker.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
A published bankruptcy-risk model places it in its distress range. This is a statistical reading, not a forecast.
Altman Z-Score 0.10
These are things the company filed or that a published model flagged — not predictions, and not a reason on their own to buy or sell anything.
Financial health
A mixed picture — some clear strengths and some weaknesses.
From Algonquin Power & Utilities Corp.'s FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Profit
-C$1.94B → C$253.7M
Profit margin
-59.5% → 7.4%
Free cash flow
-C$548.3M → -C$250.2M
Earnings per share
-C$2.52 → C$0.33
Measured against FY2024, from the annual-report
Improved: turned positive
-C$1.94B to C$253.7MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
How the latest move compares (quote delayed ~15 min), and what was published around it
AQN.TO rose 3.25% on the latest quote. The S&P/TSX Composite moved −0.45%. That is 3.7 points above the market.
No filing from AQN.TO and no news item about it appeared in the last 3 days.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
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The essentials
Each answered from the filings, with the numbers behind it.
Yes. It keeps about 7 cents of every dollar of sales as profit, earning C$253.7M last year. Note that after C$1.08B of spending on property and equipment, it consumed C$250.2M more cash than it generated.
Slowly. Sales grew 4.9% last year.
Core operating and valuation reference metrics
Income
This company pays no dividend. It keeps its profits and reinvests them in the business instead, so any return would have to come from the share price.
Figures from the FY2025 annual filing
Last year it earned C$253.7M and generated C$833.1M of cash from operations.
Reported annual figures
As reported to the SEC, in CAD. Hover or show sources to see where each figure came from.
| Income statement | FY2025annual-report | FY2024annual-report | FY2023annual-report | FY2022annual-report | FY2021annual-report | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | C$3.42B | C$3.26B | C$3.37B | C$3.88B | — | +4.9% |
| Cost of revenue | C$897.9M | C$843.2M | C$1.04B | C$1.22B | — | +6.5% |
| Gross profit | C$2.52B | C$2.41B | C$2.33B | C$2.66B | — | +4.4% |
| Gross marginGross profit ÷ revenueWhat is this? | 73.7% | 74.1% | 69.1% | 68.7% | — | −0.4 pts |
| Selling, general and administrative | — | — | C$126.8M | C$112.6M | C$93.6M | — |
| Operating income | C$734.1M | C$631.0M | C$677.0M | C$717.7M | — | +16.3% |
| Operating marginOperating income ÷ revenueWhat is this? | 21.5% | 19.4% | 20.1% | 18.5% | — | +2.1 pts |
| Interest expense | C$443.1M | C$546.3M | C$460.5M | C$412.2M | — | −18.9% |
| Income before tax | C$296.1M | C$248.7M | -C$87.2M | -C$518.8M | — | +19.1% |
| Net income | C$253.7M | -C$1.94B | C$40.2M | -C$297.5M | — | n/m |
| Net marginNet income ÷ revenueWhat is this? | 7.4% | -59.5% | 1.2% | -7.7% | — | +66.9 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | C$0.3302 | C$-2.52 | C$0.0584 | C$-0.4352 | — | n/m |
† calculated from other reported figures, such as total liabilities as assets minus equity.
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Estimated from how often this has happened before, not a confirmed date.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Write down why you are following Algonquin Power & Utilities Corp., what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to one of these filings.
Straight from SEC EDGAR — the original source for every figure above
No filings found
This company has no recent filings indexed on EDGAR.
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Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from AQN.TO's annual-report for fiscal year 2025 (period ending 2025-12-31), reported under the US GAAP taxonomy. Reported in USD and shown here in CAD, the currency AQN.TO trades in, converted at today's rate of 1.40. The filing itself is in USD.
3 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. Accounting had too few reported figures and is left out of the average rather than counted as a weakness, so a company is never marked down for a figure it did not publish. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 9 of the 9 Piotroski checks could be evaluated. How the score works
Every check behind the three models, and what each one tests
7 of 9 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's.
0.10
In the distress zone
For this model, above 2.6 is safe and below 1.1 is distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
not reported — This company has not reported enough of the required figures to calculate this score.
This company has not reported enough of the required figures to calculate this score.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Improved: +67.0 pts
-59.5% to 7.4%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: C$298.1M narrower
-C$548.3M to -C$250.2MCritical
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
Improved: turned positive
-C$2.52 to C$0.33Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +16.3%
C$631.0M to C$734.1MSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: +2.1 pts
19.4% to 21.5%Notable
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Changed: -11.5%
C$1.22B to C$1.08BNotable
Why it matters: Neither good nor bad on its own. Heavy spending is a company building capacity or a company struggling to stand still, and the two look identical in this figure.
5 other measures barely moved. Figures compare the two most recent annual filings. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
Yes. Clearing its debt would take roughly 11.0 years of cash flow. For every $1 it owes, it owns $1.56 in assets. A bankruptcy-risk model also places it in its distress range.
The trailing P/E is 23.1x — investors pay $23.1 for each $1 of trailing profit.
This company has not reported enough of the required figures to calculate this score.
Primary sources and further research