Algonquin Power & Utilities Corp. key statistics and ratios

In fiscal 2025, Algonquin Power & Utilities Corp. had return on equity of 3.9%, an operating margin of 20.7%, debt equal to 182.3% of equity and a current ratio of 1.00. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Algonquin Power & Utilities Corp.: financial ratios, annual
Fiscal year	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	70.4%	71.3%	71.0%	69.0%	—	—	—	—	—
Operating margin	24.8%	23.0%	22.6%	22.9%	18.2%	14.5%	19.4%	19.2%	20.7%
Net margin	9.8%	11.2%	32.6%	46.7%	11.6%	−7.7%	1.2%	−59.5%	7.4%
Free-cash-flow margin	−15.7%	3.9%	1.8%	−16.7%	−52.2%	−17.0%	−16.6%	−16.8%	−7.3%
Return on equity	5.5%	6.3%	15.1%	17.2%	4.8%	−3.8%	0.6%	−28.3%	3.9%
Return on assets	1.8%	2.1%	5.2%	6.5%	1.8%	−1.2%	0.2%	−7.8%	1.2%
Asset turnover	0.18	0.19	0.16	0.14	0.15	0.16	0.13	0.13	0.16
Current ratio	0.88	0.99	0.59	0.73	0.69	0.71	0.63	0.76	1.00
Debt to equity	113.3%	187.0%	183.3%	149.6%	160.9%	230.4%	217.5%	192.8%	182.3%
Interest cover (operating income ÷ interest)	2.4x	2.5x	2.0x	2.1x	2.0x	1.4x	1.5x	1.2x	1.8x
Effective tax rate	41.9%	40.3%	12.6%	8.2%	−30.5%	—	—	—	30.8%
Capital spending as % of revenue	37.1%	28.3%	35.7%	46.9%	59.1%	39.4%	42.7%	37.6%	31.7%
Free cash flow ÷ net income	−159.6%	34.6%	5.6%	−35.9%	−448.4%	—	<−999%	—	−98.6%
Dividends ÷ net income	85.3%	89.9%	37.0%	32.4%	116.0%	—	>999%	—	111.3%
Dividends and buybacks ÷ free cash flow	—	260.0%	656.2%	—	—	—	—	—	—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 6 checks passed · December 31, 2025

What it owns · $14.1bn

Short-term assets $1.2bnLonger-term assets $12.9bn

What it owes, and who funded it · $5.8bn

Short-term liabilities $1.2bnShareholders' equity $4.6bn

Short-term assets cover short-term liabilities $1.2bn of assets due within a year against $1.2bn of liabilities due within a year.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt $33m of cash against $6.5bn of debt.
Debt below 40% of shareholders' equity Debt is 141% of equity.
Debt burden no higher than five years ago Debt to equity moved from 85% to 141% over five years.
A year's operating cash flow covers at least 20% of debt $594m of operating cash flow against $6.5bn of debt.
Operating profit covers interest at least five times over Operating income of $505m against $282m of interest.

From Algonquin Power & Utilities Corp.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Algonquin Power & Utilities Corp.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Algonquin Power & Utilities Corp.