HRNNFOTCElectric ServicesFiscal year ends December 31Also trades as HYNLY
Hydro One Ltd
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 40-F on Feb 13, 2026
$37.23−0.66 (-1.74%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2016 to 2025
Gross margin
50.4%+3.2 pts over 5 years
Operating margin
24.8%+4.4 pts over 5 years
Net margin
–
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +6.6% | +5.1% | +4.4% | – | |
| Gross profit | +4.9% | +3.9% | +5.8% | – | |
| Operating income | +13.8% | +6.9% | +8.6% | – | |
| EPS, diluted | +16.1% | +8.4% | -5.4% | – | |
| Dividend per share | +5.6% | +5.7% | +5.5% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 17.7% | – | |
| Return on assets | – | 6.3% | – | |
| Current ratio | – | 0.67 | 0.61 | |
| Debt to equity | – | 1.36 | 1.51 | |
| Net debt to EBITDA | – | 5.99× | 5.80× | |
| Interest coverage | – | 0.2× | 0.2× | |
| Capex to revenue | – | 23.6% | 32.9% | |
| Diluted shares | – | 600M | 601M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Hydro One generated C$12.05B from operations and spent C$15.45B on capital expenditure, dividends and share buybacks. 77% of that went back into the business.
Generated
C$12.05B
Used
C$15.45B
Capital expenditureC$11.93B77%DividendsC$3.52B23%Share buybacksC$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin13.5%
×Asset turnover0.24×
×Equity multiplier2.83×
=Return on equity, FY20219.1%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2021 | 13.5% | 0.24× | 2.83× | 9.1% |
| FY2020 | 24.6% | 0.25× | 2.82× | 17.7% |
| FY2019 | 12.4% | 0.25× | 2.72× | 8.3% |
| FY2018 | -1.1% | 0.24× | 2.60× | -0.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
2of 6 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero–
- Cash generatingOperating cash flow above zeroC$2.70B
- Return on assets improvedROA up on the prior year– → –
- Earnings backed by cashOperating cash flow above net incomeC$2.70B vs –
- Less leverageLong-term debt to assets fell44.5% → 45.6%
- Better liquidityCurrent ratio rose0.60 → 0.61
- No dilutionShare count did not rise601M → 601M
- Gross margin improvedGross margin up on the prior year51.17% → 50.38%
- More efficientAsset turnover rose0.26 → 0.25