AQN Algonquin Power & Utilities Corp. Common Shares
NYSE · Utilities · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Mar 6, 2026
$5.10
· of 52w range
· above low
· to high
$4.9152w low
$7.1152w high
Market Cap
$3.92B
P/E
23.2
EPS
$0.22
Revenue
$2.43B
your badges
52W Range
$5–$7
Analyst Rating
HOLD
Price Target
$7
P/E
23.2
ROE
3.9%
Net Profit Margin
7.4%
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AQN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$5.10
Market Cap
$3.92B
P/E
23.2
EPS
$0.22
Revenue
$2.43B
Div Yield
5.1%
ROE
3.9%
Debt/Equity
1.7
52W Range
$5–$7
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue$2.43B2016-12-31 → 2025-12-31
EPS$0.222016-12-31 → 2025-12-31
Free Cash Flow$-178M2017-12-31 → 2025-12-31
Net margin7.4%2017-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | AQN | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E | 23.25Y avg ≈50.4 | ≈50.4 | · | · | |
| P/S | 1.65Y avg ≈2.2 | ≈2.2 | · | · | |
| P/B | 0.85Y avg ≈1.0 | ≈1.0 | · | · | |
| EV / EBITDA | 12.95Y avg ≈15.0 | ≈15.0 | · | · | |
| Price / FCF | -22.05Y avg ≈-12.8 | ≈-12.8 | · | · | |
| Price / Cash Flow | 6.65Y avg ≈18.2 | ≈18.2 | · | · | |
| EV / Revenue | 4.85Y avg ≈5.4 | ≈5.4 | · | · | |
| EV / FCF | -65.25Y avg ≈-34.1 | ≈-34.1 | · | · | |
| Price / Tangible Book | 1.25Y avg ≈1.4 | ≈1.4 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | AQN | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin | 20.7%5Y avg ≈18.0% | ≈18.0% | · | · | |
| EBITDA Margin | 37.2%5Y avg ≈35.0% | ≈35.0% | · | · | |
| Pretax Margin | 8.7%5Y avg ≈0.95% | ≈0.95% | · | · | |
| Net Profit Margin | 7.4%5Y avg ≈-9.4% | ≈-9.4% | · | · | |
| ROA | 1.2%5Y avg ≈-1.2% | ≈-1.2% | · | · | |
| ROE | 3.9%5Y avg ≈-4.6% | ≈-4.6% | · | · | |
| ROIC | 2.8%5Y avg ≈2.1% | ≈2.1% | · | · |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | AQN | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity | 1.75Y avg ≈1.5 | ≈1.5 | · | · | |
| Current Ratio | 1.05Y avg ≈0.8 | ≈0.8 | · | · | |
| Quick Ratio | 0.05Y avg ≈0.0 | ≈0.0 | · | · | |
| Long-Term Debt / Equity | 1.35Y avg ≈1.3 | ≈1.3 | · | · | |
| Interest Coverage | 1.85Y avg ≈1.6 | ≈1.6 | · | · |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | AQN | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.25Y avg ≈0.2 | ≈0.2 | · | · | |
| Revenue / Employee | ≈$752.7K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield5.1%
Payout Ratio111.3%
Annualized Payout≈$0.26
| Ex-date | Amount | Currency | Yield |
|---|---|---|---|
| Jun 30, 2026 | $0.07 | USD | ≈2.2% |
| Mar 31, 2026 | $0.07 | USD | ≈1.1% |
| Jun 30, 2025 | $0.07 | USD | ≈4.5% |
| Mar 31, 2025 | $0.07 | USD | ≈5.9% |
| Dec 31, 2024 | $0.07 | USD | ≈7.8% |
| Sep 27, 2024 | $0.07 | USD | ≈7.1% |
| Jun 28, 2024 | $0.11 | USD | ≈7.4% |
| Mar 27, 2024 | $0.11 | USD | ≈7.0% |
| Dec 28, 2023 | $0.11 | USD | ≈9.8% |
| Sep 27, 2023 | $0.11 | USD | ≈11.0% |
| Jun 29, 2023 | $0.11 | USD | ≈7.0% |
| Mar 30, 2023 | $0.11 | USD | ≈7.6% |
| Dec 29, 2022 | $0.18 | USD | ≈10.9% |
| Sep 28, 2022 | $0.18 | USD | ≈6.1% |
| Jun 29, 2022 | $0.18 | USD | ≈5.2% |
| Mar 30, 2022 | $0.17 | USD | ≈4.4% |
| Dec 30, 2021 | $0.17 | USD | ≈4.6% |
| Sep 28, 2021 | $0.17 | USD | ≈4.4% |
| Jun 29, 2021 | $0.17 | USD | ≈4.2% |
| Mar 30, 2021 | $0.16 | USD | ≈4.0% |
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
24.4%
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | $0.04 | $0.03 | 24.2% | |
| March 31, 2026 | $0.13 | $0.12 | 11.2% | |
| Dec. 31, 2025 | $0.06 | $0.04 | 34.2% | |
| Sept. 30, 2025 | $0.09 | $0.07 | 35.5% | |
| June 30, 2025 | $0.04 | $0.04 | -0.74% | |
| March 31, 2025 | $0.14 | $0.10 | 42.1% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.43B | $2.32B | $2.40B | $2.77B | $2.27B | $1.68B | $1.63B | $1.65B | $1.52B | $1.10B | $1.03B | $942M | |
| Cost of Revenue | · | · | · | · | · | $520M | $472M | $472M | $450M | · | · | · | |
| Gross Profit | · | · | · | · | · | · | · | · | · | · | · | $287M | |
| SG&A Expense | · | · | $90M | $80M | $67M | $63M | $57M | $53M | $50M | $46M | $41M | $35M | |
| Operating Expenses | $1.93B | $1.87B | $1.94B | $2.43B | $1.89B | $1.29B | $1.26B | $1.27B | $1.14B | $861M | $843M | $803M | |
| Operating Income | $505M | $446M | $467M | $402M | $413M | $384M | $367M | $378M | $377M | $235M | $185M | $139M | |
| Interest Expense | $282M | $364M | $308M | $279M | $210M | $182M | $181M | $152M | $156M | $132M | $66M | $62M | |
| Other Non-op | $-53M | $-27M | $-529M | $-772M | $-271M | $408M | $188M | $-246M | $-202M | $-105M | $-54M | $-67M | |
| Pretax Income | $211M | $177M | $-62M | $-370M | $142M | $792M | $555M | $132M | $175M | $130M | $130M | $72M | |
| Income Tax | $65M | $187M | $-37M | $-62M | $-43M | $65M | $70M | $53M | $73M | $37M | $44M | $17M | |
| Net Income | $181M | $-1.38B | $29M | $-212M | $265M | $782M | $531M | $185M | $149M | $131M | $117M | $76M | |
| EPS (Basic) | $0.22 | $-1.90 | $0.03 | $-0.33 | $0.41 | $1.38 | $1.05 | $0.38 | · | · | $0.42 | $0.31 | |
| EPS (Diluted) | $0.22 | $-1.90 | $0.03 | $-0.33 | $0.41 | $1.37 | $1.04 | $0.38 | $0.47 | $0.44 | $0.42 | $0.31 | |
| Shares (Basic) | 768,098,435 | 731,721,239 | 688,738,717 | 677,862,207 | 622,347,677 | 559,633,275 | 499,910,876 | 461,818,023 | 382,323,434 | 271,832,430 | 253,172,088 | 213,953,870 | |
| Shares (Diluted) | 772,407,126 | 734,049,259 | 690,763,226 | 677,862,207 | 628,947,862 | 564,373,836 | 504,739,554 | 466,045,618 | 385,986,148 | 274,077,032 | 256,516,720 | 216,341,592 | |
| EBITDA | $905M | $842M | $933M | $858M | $822M | $698M | $650M | $638M | $804M | · | $334M | $139M |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $33M | $35M | $25M | $58M | $125M | $102M | $62M | $47M | $43M | $110M | $125M | $9M | |
| Receivables | · | · | · | · | · | $326M | $259M | $246M | $245M | $190M | $187M | $189M | |
| Prepaid Expense | $89M | $69M | $66M | $59M | $55M | $50M | $29M | $27M | $31M | $27M | $18M | $10M | |
| Other Current Assets | $150M | $13M | $16M | $23M | $16M | $7M | $8M | $8M | $7M | $3M | $19M | $15M | |
| Current Assets | $1.20B | $1.14B | $1.07B | $1.09B | $939M | $695M | $513M | $492M | $498M | $492M | $424M | $328M | |
| PP&E (Net) | $9.75B | $9.45B | $9.13B | $11.94B | $11.04B | $8.24B | $7.24B | $6.39B | $6.30B | $4.89B | $3.87B | $3.28B | |
| PP&E (Gross) | $11.81B | $11.18B | $10.46B | $14.00B | $12.63B | $9.59B | $8.43B | $7.41B | $7.13B | $5.82B | $4.54B | $3.73B | |
| Accum. Depreciation | $2.06B | $1.73B | $1.34B | $2.06B | $1.59B | $1.35B | · | · | $225.2K | · | · | · | |
| Goodwill | $1.32B | $1.31B | $1.32B | $1.32B | $1.20B | $1.21B | $1.03B | $954M | $954M | $228M | $110M | $92M | |
| Intangibles | $70M | $69M | $72M | $97M | $105M | $115M | $48M | $55M | $51M | $65M | $78M | $54M | |
| Other Non-current Assets | $291M | $164M | $184M | $127M | $108M | $67M | $59M | $29M | $29M | $16M | $27M | $26M | |
| Total Assets | $14.14B | $16.96B | $18.37B | $17.63B | $16.80B | $13.22B | $10.92B | $9.40B | $8.40B | $8.25B | $4.99B | $4.10B | |
| Accounts Payable | $145M | $164M | $180M | $186M | $185M | $192M | $150M | $90M | $120M | $91M | $50M | $69M | |
| Accrued Liabilities | $397M | $503M | $481M | $556M | $429M | $370M | $308M | $236M | $280M | $308M | $193M | $199M | |
| Short-term Debt | $1.21B | $118M | $767M | $705M | $478M | $194M | $377M | $322M | $264M | · | · | · | |
| Current Liabilities | $1.20B | $1.50B | $1.69B | $1.53B | $1.36B | $955M | $872M | $499M | $564M | $547M | $392M | $383M | |
| Deferred Tax | $689M | $577M | $566M | $566M | $530M | $569M | $492M | $444M | $399M | $288M | $176M | $134M | |
| Other Non-current Liabilities | $358M | $274M | $310M | $461M | $516M | $339M | $243M | $256M | $242M | $232M | $223M | $177M | |
| Total Liabilities | · | · | · | · | $9.08B | $7.23B | $6.18B | · | · | · | · | · | |
| Long-term Debt | $6.53B | $6.70B | $7.50B | $7.51B | $6.21B | $4.54B | $3.93B | $3.34B | $3.08B | $3.91B | $1.49B | $1.27B | |
| Total Debt | $7.75B | $6.82B | $9.28B | $8.22B | $6.69B | $4.73B | $4.31B | $3.66B | $4.13B | · | $1.49B | $1.28B | |
| Common Stock | $7.40B | $7.39B | $6.23B | $6.18B | $6.03B | $4.94B | $4.02B | $3.56B | $3.02B | $1.97B | $1.81B | $1.63B | |
| Paid-in Capital | $-15M | $-19M | $7M | $9M | $2M | $61M | $51M | $46M | $39M | $39M | $38M | $33M | |
| Retained Earnings | $-2.96B | $-2.93B | $-1.28B | $-998M | $-288M | $46M | $-367M | $-595M | $-524M | $-556M | $-523M | $-505M | |
| AOCI | $31M | $81M | $-102M | $-160M | $-72M | $-23M | $-10M | $-19M | $-3M | $255M | $287M | $34M | |
| Stockholders' Equity | $4.64B | $4.71B | $5.04B | $5.22B | $5.86B | $5.20B | $3.88B | $3.18B | $2.72B | $1.92B | $1.94B | $1.52B | |
| Liabilities + Equity | $14.14B | $16.96B | $18.37B | $17.63B | $16.80B | $13.22B | $10.92B | $9.40B | $8.40B | $8.25B | $4.99B | $4.10B | |
| Shares Outstanding | 768,351,419 | 767,343,863 | 689,271,039 | 683,614,803 | 671,960,276 | 597,142,219 | 524,223,323 | 488,851,433 | 431,765,935 | 274,087,018 | 255,869,419 | 238,149,468 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $400M | $396M | $354M | $456M | $403M | $314M | $284M | $261M | $251M | $187M | $150M | $114M | |
| Stock-based Comp | $13M | $18M | $10M | $11M | $8M | $25M | $11M | $7M | $8M | $6M | $5M | $3M | |
| Deferred Tax | $136M | $106M | $-77M | $-69M | $-51M | $60M | $54M | $42M | $66M | $29M | $36M | $13M | |
| Amort. of Intangibles | · | · | · | · | · | · | · | · | · | · | · | $5M | |
| Other Non-cash | $-183M | $1.48B | $112M | $212M | $-990M | $-753M | $-208M | $27M | $-232M | · | $-58M | · | |
| Operating Cash Flow | $594M | $482M | $628M | $619M | $157M | $505M | $611M | $530M | $327M | $288M | $262M | $193M | |
| CapEx | $772M | $872M | $1.03B | $1.09B | $1.35B | $786M | $581M | $466M | $565M | $406M | $204M | $432M | |
| Investing Cash Flow | $1.16B | $133M | $-1.10B | $-1.79B | $-1.80B | $-1.23B | $-1.32B | $-1.46B | $-2.07B | $-2.90B | $-310M | $-453M | |
| Debt Issued | $555M | $4.04B | $3.03B | $4.62B | $12.83B | $3.47B | $3.61B | $2.02B | $1.39B | $2.40B | $249M | $237M | |
| Net Debt Issued | $-160M | $-1.31B | $736M | $1.36B | $-61M | $311M | $567M | $316M | $-1.29B | · | $53M | $-50M | |
| Dividends Paid | $201M | $285M | $322M | $379M | $307M | $254M | $196M | $166M | $128M | $118M | $79M | $58M | |
| Financing Cash Flow | $-1.81B | $-556M | $443M | $1.11B | $1.67B | $767M | $733M | $932M | $213M | $2.60B | $156M | $255M | |
| Net Change in Cash | $-53M | $55M | $-25M | $-60M | $31M | $43M | $21M | $6M | $-1.53B | $-14M | $115M | $-5M | |
| Taxes Paid | $73M | $57M | $7M | $11M | $5M | $6M | $15M | $10M | $9M | $13M | $6M | $3M | |
| Free Cash Flow | $-178M | $-391M | $-398M | $-470M | $-1.19B | $-281M | $30M | $64M | $-282M | · | $58M | $-240M | |
| Levered FCF | $-374M | $-371M | $-497M | $-702M | $-1.46B | $-448M | $-129M | $-27M | $-400M | · | $14M | $-288M |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | · | · | · | · | · | · | · | · | · | · | · | 30.4% | |
| Operating Margin | 20.7% | 19.2% | 17.3% | 14.5% | 18.3% | 22.9% | 22.5% | 22.9% | 24.1% | · | 18.0% | 14.7% | |
| Net Margin | 7.4% | -59.5% | 1.1% | -7.7% | 11.6% | 46.7% | 32.7% | 11.2% | 9.8% | · | 11.4% | 8.0% | |
| Pretax Margin | 8.7% | 7.6% | -4.4% | -13.4% | 6.2% | 47.2% | 34.2% | 8.0% | 11.4% | · | 12.7% | 7.7% | |
| EBITDA Margin | 37.2% | 36.3% | 34.6% | 31.0% | 36.0% | 41.6% | 40.0% | 38.7% | 40.6% | · | 32.5% | 14.7% | |
| ROA | 1.2% | -7.8% | 0.16% | -1.2% | 1.8% | 6.5% | 5.2% | 2.1% | 2.1% | · | 2.6% | 2.0% | |
| ROE | 3.9% | -28.3% | 0.56% | -3.8% | 4.8% | 17.2% | 15.0% | 6.3% | 7.2% | · | 6.8% | 6.1% | |
| ROIC | 2.8% | -0.21% | 0.91% | 2.5% | 4.4% | 3.5% | 3.9% | 3.3% | 3.7% | · | 3.6% | 3.8% |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.0 | 0.8 | 0.6 | 0.7 | 0.7 | 0.7 | 0.6 | 1.0 | 0.9 | · | 1.1 | 0.9 | |
| Quick Ratio | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.4 | 0.4 | 0.6 | 0.5 | · | 0.8 | 0.5 | |
| Debt / Equity | 1.7 | 1.4 | 1.8 | 1.6 | 1.1 | 0.9 | 1.1 | 1.2 | 1.2 | · | 0.8 | 0.8 | |
| LT Debt / Equity | 1.3 | 1.3 | 1.6 | 1.4 | 1.0 | 0.8 | 1.0 | 1.0 | 1.1 | · | 0.8 | 0.8 | |
| Interest Coverage | 1.8 | 1.2 | 1.3 | 1.4 | 2.0 | 2.1 | 2.0 | 2.5 | 2.4 | · | 2.8 | 2.2 |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.1 | 0.1 | 0.2 | 0.2 | 0.1 | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | |
| Receivables Turnover | · | · | · | · | · | 5.7 | 6.4 | 6.7 | 8.0 | · | 5.5 | 5.4 |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $6.04 | $6.14 | $7.31 | $7.64 | $8.72 | $8.71 | $7.39 | $6.50 | $7.90 | · | $7.56 | $6.38 | |
| Revenue / Share | $3.15 | $3.16 | $3.91 | $4.08 | $3.63 | $2.97 | $3.22 | $3.53 | $5.12 | · | $4.01 | $4.36 | |
| Cash Flow / Share | $0.77 | $0.66 | $0.91 | $0.91 | $0.25 | $0.90 | $1.21 | $1.14 | $1.19 | · | $1.02 | $0.89 | |
| Cash / Share | $0.04 | $0.05 | $0.08 | $0.08 | $0.19 | $0.17 | $0.12 | $0.10 | $0.13 | · | $0.49 | $0.04 | |
| Dividend / Share | $0.26 | $0.35 | $0.43 | $0.71 | $0.67 | $0.61 | $0.55 | $0.50 | $0.47 | $0.55 | $0.49 | $0.37 | |
| EPS (TTM) | $0.22 | $-1.90 | $0.03 | $-0.33 | $0.41 | $1.37 | $1.04 | $0.38 | $0.47 | · | $0.42 | $0.31 |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $2.43B | $2.32B | $2.40B | $2.77B | $2.27B | $1.68B | $1.63B | $1.65B | $1.52B | · | $1.03B | $942M | |
| Net Income TTM | $181M | $-1.38B | $29M | $-212M | $265M | $782M | $531M | $185M | $149M | · | $117M | $76M | |
| Market Cap | $4.73B | $3.41B | $4.36B | $4.46B | $9.71B | $9.83B | $7.42B | $4.91B | $4.82B | · | $2.02B | $1.97B | |
| Enterprise Value | $12.44B | $10.20B | $13.58B | $12.62B | $16.27B | $14.46B | $11.66B | $8.52B | $8.89B | · | $3.38B | $3.24B | |
| P/E | 28.0 | -2.3 | 210.7 | -19.8 | 35.2 | 12.0 | 13.6 | 26.4 | 23.7 | · | 18.8 | 26.7 | |
| P/S | 1.9 | 1.5 | 1.8 | 1.6 | 4.3 | 5.9 | 4.6 | 3.0 | 3.2 | · | 2.0 | 2.1 | |
| P/B | 1.0 | 0.7 | 0.9 | 0.9 | 1.7 | 1.9 | 1.9 | 1.5 | 1.4 | · | 1.0 | 1.3 | |
| P / Tangible Book | 1.5 | 1.0 | 1.2 | 1.2 | 2.1 | 2.5 | · | · | · | · | · | · | |
| P / Cash Flow | 8.0 | 7.1 | 6.9 | 7.2 | 61.7 | 19.5 | 12.1 | 9.3 | 10.5 | · | 7.7 | 10.2 | |
| P / FCF | -26.5 | -8.7 | -10.9 | -9.5 | -8.2 | -35.0 | 247.9 | 76.8 | -17.1 | · | 35.0 | -8.2 | |
| EV / EBITDA | 13.7 | 12.1 | 14.6 | 14.7 | 19.8 | 20.7 | 18.0 | 13.4 | 11.1 | · | 10.1 | 23.3 | |
| EV / FCF | -69.8 | -26.1 | -34.1 | -26.8 | -13.7 | -51.5 | 389.7 | 133.2 | -31.5 | · | 58.6 | -13.5 | |
| EV / Revenue | 5.1 | 4.4 | 5.7 | 4.6 | 7.2 | 8.6 | 7.2 | 5.2 | 5.8 | · | 3.3 | 3.4 | |
| Dividend Yield | 4.3% | 8.3% | 7.4% | 8.5% | 3.2% | 2.6% | 2.6% | 3.4% | 2.6% | · | 3.9% | 2.9% | |
| Earnings Yield | 3.6% | -42.7% | 0.47% | -5.1% | 2.8% | 8.3% | 7.3% | 3.8% | 4.2% | · | 5.3% | 3.7% | |
| Payout Ratio | 111.3% | -20.6% | 1124.6% | -178.6% | 116.0% | 32.4% | 37.0% | 89.9% | 88.1% | · | 67.3% | 76.4% | |
| Annual Payout | $201M | $285M | $322M | $379M | $307M | $254M | $196M | $166M | $128M | · | $79M | $58M |
Per Share
| Metric | Trend | Q4 2016 | Q4 2010 | Q4 2009 |
|---|---|---|---|---|
| EPS (TTM) | $0.44 | $0.19 | · |
Valuation (TTM)
| Metric | Trend | Q4 2016 | Q4 2010 | Q4 2009 |
|---|---|---|---|---|
| Revenue TTM | $1.10B | $180M | · | |
| Net Income TTM | $131M | $18M | · | |
| P/E | 19.3 | 26.5 | · | |
| Earnings Yield | 5.2% | 3.8% | · | |
| Annual Payout | $118M | $19M | · |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $2.43B | $2.32B | $2.40B | $2.77B | $2.27B |
| Operating Margin % | 20.7% | 19.2% | 17.3% | 14.5% | 18.3% |
| Net Income | $181M | $-1.38B | $29M | $-212M | $265M |
| Diluted EPS | $0.22 | $-1.90 | $0.03 | $-0.33 | $0.41 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | 1.7 | 1.4 | 1.8 | 1.6 | 1.1 |
| Current Ratio | 1.0 | 0.8 | 0.6 | 0.7 | 0.7 |
| Quick Ratio | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-178M | $-391M | $-398M | $-470M | $-1.19B |
Institutional owners (13F) 258 filers · $3.3B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
258
Value held
$3.3B
New positions
19
Exited positions
29
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 19 (-22 vs prior Q) | 29 (+1 vs prior Q) | 107 (+13 vs prior Q) | 68 (-11 vs prior Q) | +13.8M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| EdgePoint Investment Group Inc. | $519,164,025 | 88,374,416 | 15.55% | Shares |
| Starboard Value LP | $335,130,001 | 57,189,420 | 10.04% | Shares |
| FIL Ltd | $231,308,366 | 39,334,903 | 6.93% | Shares |
| VANGUARD GROUP INC | $211,870,898 | 34,456,155 | 6.35% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $132,444,507 | 22,524,576 | 3.97% | Shares |
| BANK OF MONTREAL /CAN/ | $121,341,127 | 20,655,228 | 3.64% | Shares |
| Mitsubishi UFJ Trust & Banking Corp | $87,053,890 | 14,817,756 | 2.61% | Shares |
| BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp | $79,754,854 | 13,576,227 | 2.39% | Shares |
| Clearbridge Investments, LLC | $79,095,530 | 13,497,531 | 2.37% | Shares |
| ROYAL BANK OF CANADA | $71,157,000 | 12,142,876 | 2.13% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $67,873,108 | 11,567,342 | 2.03% | Shares |
| MORGAN STANLEY | $66,574,865 | 11,360,898 | 1.99% | Shares |
| NORGES BANK | $64,748,527 | 11,021,783 | 1.94% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $64,218,620 | 10,933,107 | 1.92% | Shares |
| GOLDMAN SACHS GROUP INC | $53,424,553 | 9,116,818 | 1.60% | Shares |
| BANK OF NOVA SCOTIA | $46,702,634 | 7,942,535 | 1.40% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $46,114,477 | 7,868,948 | 1.38% | Shares |
| NEUBERGER BERMAN GROUP LLC | $45,176,569 | 7,709,312 | 1.35% | Shares |
| D. E. Shaw & Co., Inc. | $44,080,352 | 7,517,208 | 1.32% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $40,189,165 | 6,834,892 | 1.20% | Shares |
| ARIEL INVESTMENTS, LLC | $38,726,460 | 6,608,611 | 1.16% | Shares |
| Legal & General Group Plc | $37,553,263 | 6,388,376 | 1.13% | Shares |
| PRIVATE MANAGEMENT GROUP INC | $36,776,264 | 6,275,813 | 1.10% | Shares |
| FIRST TRUST ADVISORS LP | $32,378,158 | 5,525,283 | 0.97% | Shares |
| Vanguard Global Advisers, LLC | $30,558,907 | 5,197,093 | 0.92% | Shares |
| PICTON MAHONEY ASSET MANAGEMENT | $30,443,900 | 5,190,063 | 0.91% | Shares |
| Horizon Investments, LLC | $30,177,883 | 292,847 | 0.90% | Shares |
| NATIONAL BANK OF CANADA /FI/ | $28,855,473 | 4,914,747 | 0.86% | Shares |
| CIBC Asset Management Inc | $28,745,485 | 4,764,192 | 0.86% | Shares |
| Russell Investments Group, Ltd. | $27,629,972 | 4,700,506 | 0.83% | Shares |
| Qube Research & Technologies Ltd | $27,055,696 | 4,617,013 | 0.81% | Shares |
| Federation des caisses Desjardins du Quebec | $26,329,617 | 4,496,462 | 0.79% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $26,259,541 | 4,480,017 | 0.79% | Shares |
| TORONTO DOMINION BANK | $26,122,535 | 4,446,776 | 0.78% | Shares |
| BARCLAYS PLC | $21,952,732 | 3,746,200 | 0.66% | Shares |
| INTACT INVESTMENT MANAGEMENT INC. | $21,843,991 | 3,714,919 | 0.65% | Shares |
| BANK OF AMERICA CORP /DE/ | $21,607,513 | 3,687,289 | 0.65% | Shares |
| Man Group plc | $20,689,750 | 3,530,674 | 0.62% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $20,267,358 | 3,450,000 | 0.61% | Shares |
| GAMCO INVESTORS, INC. ET AL | $18,407,769 | 3,141,258 | 0.55% | Shares |
| CIBC WORLD MARKET INC. | $17,408,327 | 2,962,964 | 0.52% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $16,799,590 | 2,857,844 | 0.50% | Shares |
| TD Asset Management Inc | $15,309,800 | 2,604,410 | 0.46% | Shares |
| STATE STREET CORP | $13,672,530 | 2,307,600 | 0.41% | Shares |
| RWC Asset Management LLP | $13,581,833 | 2,317,719 | 0.41% | Shares |
| CITADEL ADVISORS LLC | $13,372,169 | 2,281,940 | 0.40% | Shares |
| GABELLI FUNDS LLC | $12,719,687 | 2,170,595 | 0.38% | Shares |
| JUPITER ASSET MANAGEMENT LTD | $11,872,145 | 2,019,617 | 0.36% | Shares |
| UBS Group AG | $11,678,241 | 1,992,874 | 0.35% | Shares |
| Trexquant Investment LP | $10,360,849 | 1,768,063 | 0.31% | Shares |
Activists & 5%+ owners 3 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Starboard Value LP, Starboard Value and Opportunity Master Fund III LP, Starboard Value and Opportunity S LLC, Starboard Value and Opportunity C LP, Starboard X Master Fund II LP, Starboard Value R LP, Starboard Value and Opportunity Master Fund L LP, Starboard Value L LP, Starboard Value R GP LLC, Starboard G Fund, L.P., Starboard Value G GP, LLC, Starboard Value A LP, Starboard Value A GP LLC, Starboard Value GP LLC, Starboard Principal Co LP, Starboard Principal Co GP LLC, Smith Jeffrey C, Feld Peter A, Molinelli Gavin ×8 filings | April 1, 2026 | 7.40% | Amendment | · | SEC |
| Algonquin Power & Utilities Corp., Algonquin (AY Holdco) B.V., Liberty (AY Holdings) B.V. ×14 filings | Dec. 12, 2024 | · | Initial filing | · | SEC |
| Emera Incorporated ×4 filings | May 19, 2016 | · | Initial filing | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 16 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| DFIS · Dimensional ETF Trust | 0.16% | 1,557,590 NS | July 31, 2026 | N-PORT |
| VSS · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.12% | 2,913,233 SH | Aug. 19, 2026 | Daily |
| WSML · iShares Trust | 0.04% | 43,770 SH | Sept. 11, 2026 | Daily |
| PXF · Invesco Exchange-Traded Fund Trust … | 0.02% | 142,460 SH | Oct. 1, 2026 | Daily |
| DFIC · Dimensional ETF Trust | 0.02% | 554,401 NS | July 31, 2026 | N-PORT |
| DXIV · Dimensional ETF Trust | 0.02% | 5,325 NS | July 31, 2026 | N-PORT |
| DFAI · Dimensional ETF Trust | 0.01% | 446,336 NS | July 31, 2026 | N-PORT |
| IDEV · iShares Trust | 0.01% | 851,226 SH | Sept. 11, 2026 | Daily |
| DFAX · Dimensional ETF Trust | 0.01% | 267,480 NS | July 31, 2026 | N-PORT |
| VXUS · VANGUARD STAR FUNDS | 0.01% | 11,487,004 SH | Aug. 19, 2026 | Daily |
| VEA · VANGUARD TAX-MANAGED FUNDS | 0.01% | 7,497,494 SH | Aug. 19, 2026 | Daily |
| IXUS · iShares Trust | 0.01% | 888,304 SH | Sept. 11, 2026 | Daily |
| PFFA · ETFis Series Trust I | 0.01% | 33,292 NS | July 31, 2026 | N-PORT |
| TLTD · FlexShares Trust | 0.00% | 1,333 NS | July 31, 2026 | N-PORT |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.00% | 626,845 SH | Aug. 19, 2026 | Daily |
| IFRA · iShares Trust | · | 945,427 SH | Sept. 11, 2026 | Daily |
AQN Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 14 analysts
BUY
Median target
$7.00
+37.3%
1 7.1%
Strong Buy
6 42.9%
Buy
7 50.0%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
10 analysts · 2026-09-29Mean target $6.72 +31.9%
← Below all targets
Current price $5.10
Low$6.00
Mean$6.72
High$7.25
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Source: SEC 40-F filed Mar 6, 2026