Algonquin Power & Utilities Corp. (AQN) Key Metrics
AQN valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $4.04B
- Enterprise value
- $10.79B
- P/E (TTM)
- 21.9 10-yr median 25.8
- Forward P/E
- 12.9
- PEG ratio
- —
- Price / sales
- 1.6 10-yr median 2.8
- Price / book
- 0.9 10-yr median 1.3
- EV / EBITDA
- 11.6 10-yr median 13.8
- Dividend yield
- 4.95% $0.26 a year
- Beta
- 0.91
AQN key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsAQN valuation Price multiples at each fiscal year-end price.
AQN returns How much profit the business earns on the capital it uses.
AQN per-share figures Results divided by the shares outstanding at year-end.
AQN financial health Debt, liquidity and how easily interest is covered.
AQN efficiency & capital use Working capital cycle and where the cash goes.
AQN valuation history
AQN returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
AQN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
AQN cash returned to shareholders
AQN price vs earnings per share
AQN key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $4.75B | $3.26B | $4.37B | $4.10B | $9.09B | $9.29B | $7.07B | $4.68B | $4.31B | $2.32B |
| Enterprise value | $11.25B | $9.92B | $11.84B | $11.56B | $15.17B | $13.73B | $10.94B | $7.97B | $7.34B | $5.51B |
| P/E ratio | 26.3 | — | 152.3 | — | 34.3 | 11.9 | 13.3 | 25.3 | 28.1 | 23.9 |
| Price / sales | 2.0 | 1.4 | 1.8 | 1.5 | 4.0 | 5.5 | 4.3 | 2.8 | 2.7 | 2.9 |
| Price / book | 1.0 | 0.7 | 0.9 | 0.8 | 1.6 | 1.8 | 1.8 | 1.5 | 1.3 | 1.2 |
| Price / free cash flow | — | — | — | — | — | — | 236.4 | 73.2 | — | — |
| Price / operating cash flow | 7.9 | 7.1 | 7.0 | 6.6 | 57.7 | 18.4 | 11.6 | 8.8 | 11.8 | 10.9 |
| EV / sales | 4.6 | 4.3 | 4.9 | 4.2 | 6.7 | 8.2 | 6.7 | 4.8 | 4.7 | 6.8 |
| EV / EBITDA | 12.1 | 10.5 | 18.9 | 30.4 | 19.6 | 10.7 | 10.7 | 15.3 | 12.2 | 16.5 |
| EV / free cash flow | — | — | — | — | — | — | 365.6 | 124.6 | — | — |
| Earnings yield | 3.8% | −42.4% | 0.7% | −5.2% | 2.9% | 8.4% | 7.5% | 3.9% | 3.6% | 4.2% |
| Free cash flow yield | −3.8% | −11.4% | −9.1% | −11.5% | −13.1% | −3.0% | 0.4% | 1.4% | −5.2% | −3.8% |
| Dividend yield | 4.5% | 8.6% | 7.6% | 9.4% | 3.5% | 2.8% | 2.9% | 3.7% | 3.3% | 4.1% |
| Shareholder yield (dividends + buybacks) | 4.5% | 8.7% | 7.9% | 9.6% | 3.5% | 2.9% | 3.0% | 3.8% | 3.4% | 4.3% |
| Share price at fiscal year-end | $6.15 | $4.45 | $6.32 | $6.52 | $14.45 | $16.46 | $14.15 | $10.05 | $11.16 | $8.48 |
| Per share | ||||||||||
| Revenue per share | $3.15 | $3.17 | $3.48 | $4.40 | $3.62 | $2.97 | $3.25 | $3.53 | $4.07 | $2.98 |
| Earnings per share | $0.23 | −$1.89 | $0.04 | −$0.34 | $0.42 | $1.39 | $1.06 | $0.40 | $0.40 | $0.36 |
| Operating cash flow per share | $0.78 | $0.63 | $0.91 | $0.98 | $0.25 | $0.90 | $1.22 | $1.14 | $0.94 | $0.78 |
| Free cash flow per share | −$0.23 | −$0.51 | −$0.58 | −$0.75 | −$1.89 | −$0.50 | $0.06 | $0.14 | −$0.58 | −$0.32 |
| Cash per share | $0.04 | $0.05 | $0.04 | $0.09 | $0.20 | $0.18 | $0.12 | $0.10 | $0.11 | $0.30 |
| Book value per share | $6.00 | $6.43 | $7.30 | $8.30 | $9.32 | $9.22 | $7.75 | $6.82 | $8.69 | $6.83 |
| Tangible book value per share | $4.20 | $4.55 | $5.27 | $6.05 | $7.24 | $6.88 | $5.59 | $4.65 | $6.09 | $5.82 |
| Dividends per share | $0.28 | $0.38 | $0.48 | $0.62 | $0.50 | $0.46 | $0.41 | $0.37 | $0.37 | $0.35 |
| Capex per share | $1.02 | $1.14 | $1.49 | $1.73 | $2.14 | $1.39 | $1.16 | $1.00 | $1.52 | $1.10 |
| Debt per share | $8.46 | $9.15 | $10.86 | $11.94 | $9.88 | $8.04 | $7.87 | $7.16 | $7.98 | $11.91 |
| Shares outstanding | 772.4M | 731.7M | 690.8M | 628.9M | 628.9M | 564.4M | 499.9M | 466.0M | 386.0M | 274.1M |
| Change in shares outstanding | +5.6% | +5.9% | +9.8% | 0.0% | +11.4% | +12.9% | +7.3% | +20.7% | +40.8% | +6.8% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 3.9% | −28.3% | 0.6% | −3.8% | 4.8% | 17.2% | 15.1% | 5.7% | 5.9% | 5.5% |
| Return on invested capital (ROIC) | 3.2% | 1.9% | 2.9% | 2.6% | 3.8% | 4.1% | 4.5% | 3.5% | 3.8% | 3.2% |
| Return on assets (ROA) | 1.2% | −7.8% | 0.2% | −1.2% | 1.8% | 6.5% | 5.2% | 2.1% | 2.1% | 2.0% |
| Return on tangible assets | 1.4% | −8.9% | 0.2% | −1.3% | 1.7% | 6.6% | 5.4% | 2.2% | 2.1% | 1.7% |
| Free cash flow margin | −7.5% | −16.0% | −16.6% | −17.0% | −52.2% | −16.7% | 1.8% | 3.9% | −14.3% | −10.8% |
| Income quality (OCF / net income) | 3.34 | — | 21.90 | — | 0.59 | 0.65 | 1.15 | 2.87 | 2.37 | 2.19 |
| Financial health | ||||||||||
| Total debt | $6.53B | $6.70B | $7.50B | $7.51B | $6.21B | $4.54B | $3.93B | $3.34B | $3.08B | $3.26B |
| Cash & short-term investments | $32.6M | $34.8M | $25.1M | $57.6M | $125.2M | $101.6M | $62.5M | $46.8M | $43.4M | $82.1M |
| Net debt | $6.50B | $6.66B | $7.48B | $7.45B | $6.09B | $4.44B | $3.87B | $3.29B | $3.04B | $3.18B |
| Debt / equity | 1.41 | 1.42 | 1.49 | 1.44 | 1.06 | 0.87 | 1.01 | 1.05 | 0.92 | 1.74 |
| Debt / assets | 0.46 | 0.39 | 0.41 | 0.43 | 0.37 | 0.34 | 0.36 | 0.36 | 0.37 | 0.53 |
| Net debt / EBITDA | 7.01 | 7.07 | 11.93 | 19.64 | 7.87 | 3.44 | 3.79 | 6.32 | 5.04 | 9.53 |
| Current ratio | 1.00 | 0.76 | 0.63 | 0.71 | 0.69 | 0.73 | 0.59 | 0.99 | 0.88 | 0.90 |
| Quick ratio | 0.82 | 0.61 | 0.50 | 0.57 | 0.56 | 0.59 | 0.48 | 0.79 | 0.72 | 0.86 |
| Interest coverage | 1.7 | 1.3 | 1.4 | 1.4 | 1.8 | 2.1 | 2.0 | 2.5 | 2.4 | 1.8 |
| Working capital | $5.2M | −$362.3M | −$618.8M | −$440.0M | −$426.0M | −$260.2M | −$358.9M | −$7.4M | −$65.5M | −$40.7M |
| Invested capital | $11.13B | $11.37B | $12.51B | $12.67B | $11.95B | $9.64B | $7.74B | $6.47B | $6.39B | $5.05B |
| Tangible asset value | $3.65B | $4.80B | $5.55B | $5.74B | $6.40B | $4.67B | $3.66B | $3.03B | $2.35B | $1.59B |
| Net current asset value | −$7.87B | −$9.65B | −$10.36B | −$9.38B | −$8.16B | −$6.54B | −$5.67B | −$4.86B | −$4.53B | −$3.90B |
| Graham number | $5.62 | — | $2.61 | — | $9.39 | $16.96 | $13.61 | $7.80 | $8.82 | $7.39 |
| Graham net-net per share | −$11.08 | −$14.10 | −$15.92 | −$15.75 | −$13.64 | −$12.09 | −$11.76 | −$10.88 | −$12.31 | −$14.85 |
| Capital allocation | ||||||||||
| Dividends paid | $215.5M | $281.4M | $330.8M | $387.3M | $316.1M | $262.2M | $204.9M | $174.4M | $143.6M | $95.6M |
| Share buybacks (net) | — | $3.5M | $14.5M | $4.7M | $3.4M | $5.3M | $5.3M | $2.1M | $3.5M | $3.9M |
| Dividend payout ratio | 119.2% | — | — | — | 119.4% | 33.5% | 38.6% | 94.3% | 93.5% | 98.2% |
| Dividends + buybacks / free cash flow | — | — | — | — | — | — | 702.2% | 275.9% | — | — |
| Capex / revenue | 32.3% | 35.8% | 42.7% | 39.4% | 59.1% | 46.9% | 35.7% | 28.3% | 37.4% | 37.0% |
| Capex / operating cash flow | 130.0% | 181.1% | 163.4% | 175.9% | 854.2% | 155.6% | 95.1% | 87.9% | 161.6% | 141.2% |
| Capex / depreciation | 1.96 | 2.20 | 2.20 | 2.39 | 3.34 | 2.50 | 2.04 | 1.66 | 2.25 | 2.07 |
| Stock-based compensation / revenue | 0.5% | 0.8% | 0.4% | 0.4% | 0.4% | 1.5% | 0.7% | 0.5% | 0.5% | 0.5% |
| SG&A / revenue | — | — | 4.6% | 2.9% | 2.9% | 4.5% | 3.5% | 3.4% | 3.3% | 4.2% |
| Efficiency | ||||||||||
| Days sales outstanding | 68.7 | 64.8 | 70.6 | 61.5 | 58.4 | 63.6 | 56.7 | 54.3 | 44.7 | 61.7 |
| Days of inventory on hand | 128.3 | 137.0 | 109.8 | 84.8 | 79.9 | 102.7 | 76.9 | 69.7 | 47.4 | 30.4 |
| Days payables outstanding | 88.2 | 105.8 | 90.0 | 78.2 | 96.5 | 155.9 | 98.8 | 78.9 | 84.1 | 86.2 |
| Cash conversion cycle (days) | 108.8 | 96.0 | 90.4 | 68.1 | 41.8 | 10.4 | 34.7 | 45.0 | 8.0 | 5.9 |
| Receivables turnover | 5.31 | 5.63 | 5.17 | 5.94 | 6.25 | 5.74 | 6.44 | 6.73 | 8.17 | 5.92 |
| Payables turnover | 4.14 | 3.45 | 4.06 | 4.67 | 3.78 | 2.34 | 3.69 | 4.62 | 4.34 | 4.24 |
| Inventory turnover | 2.85 | 2.67 | 3.32 | 4.30 | 4.57 | 3.55 | 4.75 | 5.24 | 7.70 | 12.00 |
| Asset turnover | 0.16 | 0.13 | 0.13 | 0.16 | 0.15 | 0.14 | 0.16 | 0.19 | 0.22 | 0.17 |
| Average receivables | $458.2M | $412.0M | $464.7M | $465.7M | $364.1M | $292.0M | $252.4M | $244.9M | $192.6M | $137.8M |
| Average payables | $154.6M | $172.3M | $183.2M | $185.7M | $188.7M | $171.2M | $120.0M | $104.7M | $93.5M | $51.9M |
| Average inventory | $224.8M | $223.0M | $223.7M | $201.3M | $156.2M | $112.9M | $93.3M | $92.4M | $52.7M | $18.3M |
| Intangibles / total assets | 9.8% | 8.1% | 7.6% | 8.0% | 7.8% | 10.0% | 9.9% | 10.7% | 12.0% | 4.5% |
Computed from AQN's annual financial statements (latest annual report filed March 6, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
AQN valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Algonquin Power & Utilities traded at 26.3 times earnings, against a 10-year median of 25.8. Based on the latest twelve months, the trailing P/E is 21.9 and the forward P/E is 12.9. Algonquin Power & Utilities earned a return on equity of 3.9% and a return on invested capital of 3.2% in fiscal 2025. It ended the year with $6.5 billion of debt and $32.6 million in cash and short-term investments, net debt of $6.5 billion. It returned $215.5 million to shareholders: $215.5 million in dividends and $0 in share buybacks. The share count rose 181.8% from 274.1M to 772.4M over 9 years.
See the AQN income statement, the AQN chart for price history, or the AQN stock overview for the latest quote and news.
AQN key metrics FAQ
What is Algonquin Power & Utilities's P/E ratio?
Algonquin Power & Utilities's trailing P/E ratio is 21.9 based on the last twelve months of earnings (as of October 17, 2026), and its forward P/E is 12.9. At the end of fiscal 2025 it was 26.3, compared with a 10-year median of 25.8.
What is Algonquin Power & Utilities's EV/EBITDA?
Algonquin Power & Utilities's enterprise value was 12.1 times EBITDA at the end of fiscal 2025 (enterprise value $11.2 billion, EBITDA $927.0 million); the current EV/EBITDA is 11.6.
What is Algonquin Power & Utilities's return on equity?
Algonquin Power & Utilities's return on equity (ROE) was 3.9% in fiscal 2025: net income of $180.8 million on average shareholders' equity of $4.7 billion.
What is Algonquin Power & Utilities's ROIC?
Algonquin Power & Utilities's return on invested capital was 3.2% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Algonquin Power & Utilities have?
Algonquin Power & Utilities had total debt of $6.5 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.41 and $6.5 billion of net debt (7.01 times EBITDA).
What is Algonquin Power & Utilities's dividend yield?
Algonquin Power & Utilities's forward dividend yield is 4.95%. Algonquin Power & Utilities paid $215.5 million in dividends in fiscal 2025 ($0.28 per share), a payout ratio of 119.2%.
What is Algonquin Power & Utilities's free cash flow yield?
Algonquin Power & Utilities generated -$181.4 million of free cash flow in fiscal 2025, a free cash flow yield of −3.8% on its market value at year-end ($4.8 billion).
What is Algonquin Power & Utilities's current ratio?
Algonquin Power & Utilities's current ratio was 1.00 at the end of fiscal 2025: current assets were 1.00 times current liabilities.
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