AQNNYSEElectric ServicesFiscal year ends December 31Also trades as AGQPF, AQNB
ALGONQUIN POWER & UTILITIES CORP.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 40-F on Mar 6, 2026
$5.16−0.09 (-1.71%)
Close on Oct 19, 2026
- Market cap
- $3.99B
- P/E (TTM)
- 23.5
- Dividend yield
- 5.04%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
–
Operating margin
20.7%−2.2 pts over 5 years
Net margin
7.4%−39.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +4.9% | -4.2% | +7.7% | – | |
| Operating income | +13.1% | +7.9% | +5.6% | – | |
| Net income | – | – | -25.4% | – | |
| EPS, diluted | – | – | -30.6% | – | |
| Dividend per share | -25.1% | -28.6% | -15.6% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 17.2% | 3.9% | |
| Return on assets | – | 6.5% | 1.2% | |
| Current ratio | 0.90 | 0.73 | 1.00 | |
| Debt to equity | 2.03 | 0.91 | 1.67 | |
| Net debt to EBITDA | 4.18× | 6.59× | 8.52× | |
| Interest coverage | 1.8× | 2.1× | 1.8× | |
| Capex to revenue | 37.9% | 46.9% | 31.7% | |
| Diluted shares | 274M | 564M | 772M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Algonquin Power & Utilities generated $2.48B from operations and spent $6.60B on capital expenditure, dividends and share buybacks. 77% of that went back into the business.
Generated
$2.48B
Used
$6.60B
Capital expenditure$5.10B77%Dividends$1.49B23%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin7.4%
×Asset turnover0.16×
×Equity multiplier3.33×
=Return on equity, FY20253.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 7.4% | 0.16× | 3.33× | 3.9% |
| FY2024 | -59.5% | 0.13× | 3.63× | -28.3% |
| FY2023 | 1.2% | 0.13× | 3.51× | 0.6% |
| FY2022 | -7.7% | 0.16× | 3.11× | -3.8% |
| FY2021 | 11.6% | 0.15× | 2.71× | 4.8% |
| FY2020 | 46.7% | 0.14× | 2.66× | 17.2% |
| FY2019 | 32.6% | 0.16× | 2.88× | 15.1% |
| FY2018 | 11.2% | 0.19× | 3.02× | 6.3% |
| FY2017 | 9.8% | 0.21× | 3.50× | 7.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$180.80M
- Cash generatingOperating cash flow above zero$593.60M
- Return on assets improvedROA up on the prior year-7.5% → 1.1%
- Earnings backed by cashOperating cash flow above net income$593.60M vs $180.80M
- Less leverageLong-term debt to assets fell36.6% → 43.6%
- Better liquidityCurrent ratio rose0.76 → 1.00
- No dilutionShare count did not rise734M → 772M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.13 → 0.14