Transalta Corp key statistics and ratios

In fiscal 2025, Transalta Corp had return on equity of -8.8%, an operating margin of 5.8%, debt equal to 256.8% of equity and a current ratio of 0.73. 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.

Transalta Corp: financial ratios, annual
Fiscal year	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	55.5%	59.8%	56.0%	51.1%	53.7%	53.9%	54.7%	54.9%	65.1%	63.1%	59.0%
Operating margin	6.5%	19.9%	6.0%	7.1%	14.3%	−4.7%	−8.8%	17.8%	32.5%	20.6%	5.8%
Net margin	1.0%	7.1%	−6.9%	−8.8%	3.5%	−13.7%	−19.7%	1.7%	20.7%	8.0%	−5.7%
Free-cash-flow margin	−1.9%	16.1%	12.5%	24.1%	18.4%	10.3%	19.1%	−1.4%	17.6%	17.0%	16.5%
Return on equity	0.5%	4.4%	−4.7%	−6.3%	2.8%	−10.4%	−27.8%	3.7%	51.9%	14.1%	−8.8%
Return on assets	—	1.6%	−1.5%	−2.0%	0.9%	−2.9%	−5.8%	0.5%	7.1%	2.5%	−1.5%
Asset turnover	—	0.22	0.22	0.23	0.25	0.21	0.29	0.30	0.34	0.32	0.27
Current ratio	—	1.28	1.06	1.49	1.20	2.03	1.14	1.29	0.91	0.69	0.73
Debt to equity	0.0%	124.2%	111.5%	109.0%	108.5%	142.9%	206.5%	329.1%	225.5%	218.1%	256.8%
Interest cover (operating income ÷ interest)	0.6x	2.1x	0.6x	53.3x	83.8x	n/m	n/m	1.9x	3.9x	1.8x	0.4x
Effective tax rate	47.5%	12.1%	—	—	8.8%	—	—	54.4%	9.5%	25.1%	—
Capital spending as % of revenue	21.0%	14.9%	14.7%	12.3%	17.8%	23.1%	17.6%	30.8%	26.1%	10.9%	10.4%
Free cash flow ÷ net income	−200.0%	228.4%	—	—	526.8%	—	—	−82.0%	84.7%	211.8%	—
Dividends and buybacks ÷ free cash flow	—	0.0%	0.0%	4.2%	15.7%	26.4%	0.8%	—	14.8%	29.5%	6.0%

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

0 of 7 checks passed · December 31, 2025

What it owns · $6.3bn

Short-term assets $974mLonger-term assets $5.3bn

What it owes, and who funded it · $6.3bn

Short-term liabilities $1.3bnLonger-term liabilities $3.9bnShareholders' equity $1.0bn

Short-term assets cover short-term liabilities $974m of assets due within a year against $1.3bn of liabilities due within a year.
Short-term assets cover long-term liabilities $974m short-term assets against $3.9bn of longer-dated liabilities.
More cash than debt $150m of cash against $2.6bn of debt.
Debt below 40% of shareholders' equity Debt is 256% of equity.
Debt burden no higher than five years ago Debt to equity moved from 138% to 256% over five years.
A year's operating cash flow covers at least 20% of debt $462m of operating cash flow against $2.6bn of debt.
Operating profit covers interest at least five times over Operating income of $100m against $248m of interest.

From Transalta 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: Medium.

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 Transalta Corp's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Transalta Corp.