TransAlta Corporation (TAC) Key Metrics
TAC key metrics, 2016–2025
Fiscal year ended December 31, 2025 · Canadian dollarsTAC returns How much profit the business earns on the capital it uses.
TAC financial health Debt, liquidity and how easily interest is covered.
TAC efficiency & capital use Working capital cycle and where the cash goes.
TAC returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
TAC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
TAC cash returned to shareholders
TAC key metrics in Canadian dollars
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −8.8% | 14.0% | 39.4% | 2.2% | −17.8% | −7.7% | 2.3% | −6.3% | −4.7% | 4.9% |
| Return on invested capital (ROIC) | −3.0% | 8.0% | 19.2% | 4.9% | −3.0% | −1.1% | 4.6% | 2.0% | 1.5% | 5.5% |
| Return on assets (ROA) | −1.5% | 2.5% | 7.2% | 0.5% | −5.7% | −3.0% | 0.9% | −2.0% | −1.5% | 1.5% |
| Return on tangible assets | −1.7% | 2.6% | 8.7% | 0.5% | −6.3% | −3.2% | 0.9% | −2.3% | −1.7% | 1.7% |
| Free cash flow margin | 16.5% | 16.7% | 17.2% | −2.4% | 18.8% | 9.6% | 17.8% | 23.3% | 10.3% | 15.2% |
| Income quality (OCF / net income) | — | 3.48 | 2.11 | 17.54 | — | — | 10.35 | — | — | 4.40 |
| Financial health | ||||||||||
| Total debt | C$4.48B | C$4.56B | C$3.81B | C$4.41B | C$4.00B | C$4.09B | C$3.54B | C$3.27B | C$3.71B | C$4.36B |
| Cash & short-term investments | C$282.8M | C$337.0M | C$348.0M | C$1.13B | C$947.0M | C$703.0M | C$411.0M | C$89.0M | C$314.0M | C$305.0M |
| Net debt | C$4.20B | C$4.22B | C$3.46B | C$3.27B | C$3.06B | C$3.39B | C$3.13B | C$3.18B | C$3.39B | C$4.06B |
| Debt / equity | 3.21 | 2.61 | 2.48 | 2.22 | 1.54 | 1.19 | 0.87 | 1.09 | 1.11 | 1.24 |
| Debt / assets | 0.52 | 0.48 | 0.44 | 0.41 | 0.43 | 0.42 | 0.37 | 0.35 | 0.36 | 0.40 |
| Net debt / EBITDA | 5.38 | 3.84 | 2.02 | 2.81 | 5.53 | 4.93 | 2.87 | 3.90 | 3.92 | 3.43 |
| Current ratio | 0.73 | 0.69 | 0.91 | 1.29 | 1.14 | 2.03 | 1.20 | 1.50 | 1.06 | 1.28 |
| Quick ratio | 0.67 | 0.64 | 0.82 | 1.23 | 1.05 | 1.78 | 0.98 | 1.23 | 0.93 | 1.10 |
| Interest coverage | -0.8 | 2.3 | 5.1 | 2.5 | -1.1 | -0.6 | 2.7 | 0.7 | 0.8 | 2.0 |
| Working capital | −C$493.6M | −C$796.0M | −C$162.0M | C$826.0M | C$266.0M | C$967.0M | C$224.0M | C$439.0M | C$101.0M | C$337.0M |
| Invested capital | C$5.60B | C$5.97B | C$5.00B | C$5.26B | C$5.65B | C$6.82B | C$7.19B | C$6.17B | C$6.72B | C$7.57B |
| Tangible asset value | C$705.4M | C$1.04B | C$977.0M | C$1.27B | C$1.87B | C$2.66B | C$3.28B | C$3.30B | C$3.56B | C$3.84B |
| Net current asset value | −C$5.86B | −C$5.88B | −C$5.42B | −C$5.04B | −C$4.44B | −C$4.41B | −C$4.11B | −C$3.98B | −C$4.21B | −C$4.78B |
| Capital allocation | ||||||||||
| Dividends paid | C$125.9M | C$123.0M | C$109.0M | C$97.0M | C$87.0M | C$86.0M | C$85.0M | C$86.0M | C$86.0M | C$111.0M |
| Share buybacks (net) | C$24.0M | C$143.0M | C$87.0M | C$52.0M | C$4.0M | C$57.0M | C$68.0M | C$23.0M | C$0 | C$0 |
| Dividend payout ratio | — | 53.7% | 15.7% | 194.0% | — | — | 103.7% | — | — | 65.7% |
| Dividends + buybacks / free cash flow | 37.8% | 56.0% | 34.0% | — | 17.8% | 70.8% | 36.6% | 20.8% | 36.3% | 30.4% |
| Capex / revenue | 10.3% | 11.3% | 26.5% | 31.9% | 18.0% | 23.8% | 18.4% | 13.2% | 16.9% | 15.8% |
| Capex / operating cash flow | 38.5% | 40.3% | 60.7% | 108.2% | 48.9% | 71.2% | 50.8% | 36.2% | 62.1% | 50.9% |
| Capex / depreciation | 0.39 | 0.60 | 1.43 | 1.58 | 0.68 | 0.63 | 0.61 | 0.42 | 0.55 | 0.57 |
| Stock-based compensation / revenue | — | — | 0.7% | 0.7% | 19.2% | 7.4% | −0.1% | 0.4% | 0.7% | 0.8% |
| SG&A / revenue | 13.2% | 10.4% | 9.0% | 8.8% | 8.6% | 11.2% | 9.7% | 10.9% | 10.7% | 10.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 101.8 | 81.0 | 103.6 | 118.7 | 82.8 | 87.1 | 80.9 | 120.2 | 116.8 | 84.1 |
| Days of inventory on hand | 27.6 | 50.5 | 48.9 | 44.1 | 60.0 | 92.2 | 82.8 | 76.5 | 77.6 | 81.9 |
| Days payables outstanding | 139.9 | 254.6 | 286.7 | 239.3 | 190.8 | 190.8 | 152.8 | 181.0 | 181.1 | 141.6 |
| Cash conversion cycle (days) | -10.5 | -123.1 | -134.2 | -76.4 | -48.0 | -11.5 | 11.0 | 15.7 | 13.4 | 24.4 |
| Receivables turnover | 3.58 | 4.51 | 3.52 | 3.07 | 4.41 | 4.19 | 4.51 | 3.04 | 3.12 | 4.34 |
| Payables turnover | 2.61 | 1.43 | 1.27 | 1.53 | 1.91 | 1.91 | 2.39 | 2.02 | 2.02 | 2.58 |
| Inventory turnover | 13.23 | 7.22 | 7.46 | 8.28 | 6.08 | 3.96 | 4.41 | 4.77 | 4.70 | 4.46 |
| Asset turnover | 0.26 | 0.31 | 0.35 | 0.30 | 0.29 | 0.22 | 0.25 | 0.23 | 0.22 | 0.22 |
| Average receivables | C$670.7M | C$631.0M | C$952.0M | C$968.0M | C$617.0M | C$501.5M | C$520.5M | C$740.5M | C$738.5M | C$552.5M |
| Average payables | C$620.8M | C$733.0M | C$920.5M | C$879.0M | C$644.0M | C$506.0M | C$454.5M | C$545.5M | C$504.0M | C$373.5M |
| Average inventory | C$122.5M | C$145.5M | C$157.0M | C$162.0M | C$202.5M | C$244.5M | C$246.5M | C$230.5M | C$216.0M | C$216.0M |
| Intangibles / total assets | 8.8% | 8.4% | 7.9% | 6.7% | 7.8% | 8.0% | 8.2% | 8.9% | 8.0% | 7.4% |
Computed from TAC's annual financial statements (latest annual report filed February 27, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in Canadian dollars; data from EODHD. Averages use the opening and closing balance of each year.
TAC valuation and financial ratios
TransAlta earned a return on equity of −8.8% and a return on invested capital of −3.0% in fiscal 2025. It ended the year with C$4.5 billion of debt and C$282.8 million in cash and short-term investments, net debt of C$4.2 billion. It returned C$149.9 million to shareholders: C$125.9 million in dividends and C$24.0 million in share buybacks, 38% of free cash flow.
See the TAC income statement, the TAC chart for price history, or the TAC stock overview for the latest quote and news.
TAC key metrics FAQ
What is TransAlta's return on equity?
TransAlta's return on equity (ROE) was −8.8% in fiscal 2025: net income of -C$137.9 million on average shareholders' equity of C$1.6 billion.
What is TransAlta's ROIC?
TransAlta's return on invested capital was −3.0% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does TransAlta have?
TransAlta had total debt of C$4.5 billion at the end of fiscal 2025, a debt-to-equity ratio of 3.21 and C$4.2 billion of net debt (5.38 times EBITDA).
Does TransAlta buy back its shares?
Yes. TransAlta spent C$24.0 million on net share repurchases in fiscal 2025.
What is TransAlta's current ratio?
TransAlta's current ratio was 0.73 at the end of fiscal 2025: current assets were 0.73 times current liabilities.