TACNYSEElectric ServicesFiscal year ends December 31Also trades as TACPF, TRNTF, TSLTF
TRANSALTA CORP
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 40-F on Feb 27, 2026
$13.00+0.15 (+1.17%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2014 to 2025
Gross margin
59.0%+5.1 pts over 5 years
Operating margin
5.8%+10.5 pts over 5 years
Net margin
-5.7%+7.9 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 | -15.5% | -6.9% | +2.7% | +0.6% | |
| Gross profit | -20.8% | -4.6% | +4.6% | +1.2% | |
| Operating income | -76.1% | -35.9% | – | -0.6% | |
| Free cash flow | -18.1% | – | +12.9% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -10.8% | -8.8% | |
| Return on assets | – | -3.0% | -1.5% | |
| Current ratio | 1.28 | 2.03 | 0.73 | |
| Debt to equity | 1.24 | 1.43 | 2.57 | |
| Net debt to EBITDA | 3.55× | 3.80× | 4.71× | |
| Interest coverage | 2.1× | – | 0.4× | |
| Inventory turnover | 4.5× | 4.0× | 8.0× | |
| Capex to revenue | 14.9% | 23.1% | 10.4% | |
| Diluted shares | 288M | 275M | 297M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Transalta generated C$4.78B from operations and spent C$3.38B on capital expenditure, dividends and share buybacks. 84% of that went back into the business.
Generated
C$4.78B
Used
C$3.38B
Capital expenditureC$2.83B84%DividendsC$240.00M7%Share buybacksC$310.00M9%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-5.7%
×Asset turnover0.26×
×Equity multiplier5.77×
=Return on equity, FY2025-8.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -5.7% | 0.26× | 5.77× | -8.8% |
| FY2024 | 8.0% | 0.31× | 5.53× | 14.0% |
| FY2023 | 20.7% | 0.35× | 7.33× | 52.5% |
| FY2022 | 1.7% | 0.30× | 7.42× | 3.7% |
| FY2021 | -19.7% | 0.29× | 4.82× | -27.3% |
| FY2020 | -13.7% | 0.22× | 3.62× | -10.8% |
| FY2019 | 3.5% | 0.25× | 3.18× | 2.8% |
| FY2018 | -8.8% | 0.23× | 3.12× | -6.3% |
| FY2017 | -6.9% | 0.22× | 3.12× | -4.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-C$138.00M
- Cash generatingOperating cash flow above zeroC$646.00M
- Return on assets improvedROA up on the prior year2.6% → -1.5%
- Earnings backed by cashOperating cash flow above net incomeC$646.00M vs -C$138.00M
- Less leverageLong-term debt to assets fell34.1% → 39.5%
- Better liquidityCurrent ratio rose0.69 → 0.73
- No dilutionShare count did not rise302M → 297M
- Gross margin improvedGross margin up on the prior year63.06% → 59.04%
- More efficientAsset turnover rose0.33 → 0.25