olivLaw · US equity research
Algonquin Power & Utilities Corp. AQN
Electric Services · SIC 4911 · Vertical: Electric Services (SIC 4911)
Algonquin Power & Utilities Corp. is a utility company that now operates as a pure-play regulated utility after selling its renewable energy business (excluding hydro). The subject matters because the company closed fiscal 2025 with this simplified structure, and the performance of its regulated and hydro groups largely determines its results.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Algonquin Power & Utilities Corp. (AQN) stock was 5.64 USD (+2.17% on the day), with market capitalisation 3.4 bn USD, P/E 25.6 on diluted EPS of 0.22 USD over the last 12 months, dividend yield 4.61%, beta 0.41, 52-week range 5.00–6.98 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 66.1
- strong (55–70)
- Bollinger (20, 2)
- 4.98 – 5.65
- in the upper half of the band · %B 0.98 · band width 12.6%
- SMA 50 / 200
- 5.33 / 5.95
- mixed trend
- MACD (12, 26, 9)
- 0.08 / 0.04
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +11.2% | −1.1% | +12.3 pp | — |
| 3 months | −2.6% | −0.5% | −2.1 pp | — |
| 6 months | −10.9% | +4.4% | −15.3 pp | — |
| Year to date | −8.3% | +12.3% | −20.6 pp | — |
| 1 year | +2.2% | +13.5% | −11.4 pp | −1.1% |
| 3 years | −1.9% | +76.4% | −78.3 pp | +42.7% |
| 5 years | −60.5% | +63.7% | −124.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 6-quarter history (min 12.0, median 27.2, max 210.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.6 bn | 1.6 bn | 1.7 bn | 2.3 bn | 2.8 bn | 2.4 bn | 2.3 bn | 2.4 bn |
| Revenue YoY | +8.3% | −1.3% | +3.1% | +35.6% | +21.6% | −13.1% | −3.5% | +4.9% |
| Net income | 185.0 m | 530.9 m | 782.5 m | 264.9 m | -212.0 m | 28.7 m | -1.4 bn | 180.8 m |
| Net income YoY | +23.8% | +187.0% | +47.4% | −66.2% | −180.0% | unavailable | −4,914.5% | unavailable |
| Diluted EPS | 0.38 | 1.04 | 1.37 | 0.41 | -0.33 | 0.03 | -1.90 | 0.22 |
| Diluted EPS YoY | unavailable | +173.7% | +31.7% | −70.1% | −180.5% | unavailable | −6,433.3% | unavailable |
| net % | 11.2% | 32.6% | 46.7% | 11.6% | -7.7% | 1.2% | -59.5% | 7.4% |
| Free cash flow | 64.0 m | 29.9 m | -280.8 m | -1.2 bn | -469.9 m | -398.1 m | -390.7 m | -178.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 32.7 m USD
- Financial debt
- 7.4 bn USD
- Net debt
- 7.4 bn USD
- Equity
- 5.0 bn USD
- Total assets
- 14.1 bn USD
- Debt / equity
- 1.46x
- Current ratio
- 1.00x
- ROE
- 3.2%
- ROA
- 1.2%
- FCF margin
- -7.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.7 bn | 2.3 bn | 2.8 bn | 2.4 bn | 2.3 bn | 2.4 bn | SEC (XBRL)· 06 Mar 2026verified |
| Cost of revenue | 520.5 m | — | — | — | — | — | SEC (XBRL)· 05 Mar 2021verified |
| Gross profit | 1.2 bn ≈ | — | — | — | — | — | SEC (XBRL)· 04 Mar 2022derived |
| Operating income | 384.0 m | 413.1 m | 402.0 m | 467.3 m | 446.1 m | 504.7 m | SEC (XBRL)· 06 Mar 2026verified |
| Depreciation & amortisation | 314.1 m | 403.0 m | 455.5 m | 354.1 m | 395.7 m | 400.3 m | SEC (XBRL)· 06 Mar 2026verified |
| EBITDA | 698.1 m ≈ | 816.1 m ≈ | 857.6 m ≈ | 821.4 m ≈ | 841.8 m ≈ | 905.0 m ≈ | SEC (XBRL)· 06 Mar 2026derived |
| Interest expense | 181.9 m | 209.6 m | 278.6 m | 308.4 m | 363.6 m | 282.5 m | SEC (XBRL)· 06 Mar 2026verified |
| Pre-tax income | 792.4 m | 142.2 m | -369.7 m | -62.1 m | 177.2 m | 211.0 m | SEC (XBRL)· 06 Mar 2026verified |
| Income tax | 64.6 m | -43.4 m | -61.5 m | -37.1 m | 186.8 m | 65.0 m | SEC (XBRL)· 06 Mar 2026verified |
| Net income | 782.5 m | 264.9 m | -212.0 m | 28.7 m | -1.4 bn | 180.8 m | SEC (XBRL)· 06 Mar 2026verified |
| Diluted EPS | 1.37 | 0.41 | -0.33 | 0.03 | -1.90 | 0.22 | SEC (XBRL)· 06 Mar 2026verified |
| Weighted average diluted shares | 564.4 m | 628.9 m | 677.9 m | 690.8 m | 734.0 m | 772.4 m | SEC (XBRL)· 06 Mar 2026verified |
| Dividend per share | 0.61 | 0.67 | 0.71 | 0.43 | 0.35 | 0.26 | SEC (XBRL)· 06 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 101.6 m | 125.2 m | 57.6 m | 25.1 m | 34.8 m | 32.7 m | SEC (XBRL)· 06 Mar 2026verified |
| Receivables | 325.6 m | — | — | — | — | — | SEC (XBRL)· 05 Mar 2021verified |
| Current assets | 695.2 m | 938.7 m | 1.1 bn | 1.1 bn | 1.1 bn | 1.2 bn | SEC (XBRL)· 06 Mar 2026verified |
| Property, plant & equipment, net | 8.2 bn | 11.0 bn | 11.9 bn | 9.1 bn | 9.5 bn | 9.7 bn | SEC (XBRL)· 06 Mar 2026verified |
| Goodwill | 1.2 bn | 1.2 bn | 1.3 bn | 1.3 bn | 1.3 bn | 1.3 bn | SEC (XBRL)· 06 Mar 2026verified |
| Intangibles (excl. goodwill) | 114.9 m | 105.1 m | 96.7 m | 72.5 m | 69.1 m | 69.7 m | SEC (XBRL)· 06 Mar 2026verified |
| Total assets | 13.2 bn | 16.8 bn | 17.6 bn | 18.4 bn | 17.0 bn | 14.1 bn | SEC (XBRL)· 06 Mar 2026verified |
| Accounts payable | 192.2 m | 185.3 m | 186.1 m | 180.4 m | 164.2 m | 145.4 m | SEC (XBRL)· 06 Mar 2026verified |
| Short-term debt | 194.5 m | 478.2 m | 705.4 m | 766.9 m | 118.3 m | 1.2 bn | SEC (XBRL)· 06 Mar 2026verified |
| Long-term debt | 4.4 bn | 5.9 bn | 7.1 bn | 6.9 bn | 6.2 bn | 6.2 bn | SEC (XBRL)· 06 Mar 2026verified |
| Current liabilities | 955.4 m | 1.4 bn | 1.5 bn | 1.7 bn | 1.5 bn | 1.2 bn | SEC (XBRL)· 06 Mar 2026verified |
| Total liabilities | 7.2 bn | 9.1 bn | — | — | — | — | SEC (XBRL)· 04 Mar 2022verified |
| Equity | 5.7 bn | 7.4 bn | 6.8 bn | 6.6 bn | 6.2 bn | 5.0 bn | SEC (XBRL)· 06 Mar 2026verified |
| Shares outstanding at year end | 597.1 m | — | — | — | — | — | SEC (XBRL)· 05 Mar 2021verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 505.2 m | 157.5 m | 619.1 m | 628.0 m | 481.7 m | 593.6 m | SEC (XBRL)· 06 Mar 2026verified |
| Capex | 786.0 m | 1.3 bn | 1.1 bn | 1.0 bn | 872.4 m | 771.9 m | SEC (XBRL)· 06 Mar 2026verified |
| Free cash flow | -280.8 m ≈ | -1.2 bn ≈ | -469.9 m ≈ | -398.1 m ≈ | -390.7 m ≈ | -178.3 m ≈ | SEC (XBRL)· 06 Mar 2026derived |
| Investing cash flow | -1.2 bn | -1.8 bn | -1.8 bn | -1.1 bn | 132.8 m | 1.2 bn | SEC (XBRL)· 06 Mar 2026verified |
| Financing cash flow | 766.9 m | 1.7 bn | 1.1 bn | 442.8 m | -556.4 m | -1.8 bn | SEC (XBRL)· 06 Mar 2026verified |
| Dividends paid | 253.8 m | 307.1 m | 378.6 m | 322.5 m | 285.1 m | 201.3 m | SEC (XBRL)· 06 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
3 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 30 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.4 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation35
- Balance sheet14
- Quality30
- Growth0
- Returns56
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.98 – 8.06 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
- Dividend discount (DDM)3.42 – 4.59 (Mid 3.92)
- Peers: EV/EBITDA1.98 – 8.06 (Mid 5.34)20 companies used · median multiple 11.6x · quartiles 9.4x – 13.4xAEP, BKH, CEG, CNP, D, EIX, ENLT, ES, ETR, HNRG, IDA, NEE, NRG, OGE, PNW, POR, SO, SPRU, TVC, VST
- Peers: P/E4.37 – 5.25 (Mid 4.80)17 companies used · median multiple 21.8x · quartiles 19.9x – 23.9xAEP, BKH, CEG, CNP, D, ES, ETR, FE, IDA, NEE, NRG, OGE, PNW, POR, PPL, SO, VST
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 30/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 2.8% | 26 (vs peers) | 7% |
| Net margin · Quality | 7.4% | 33 (vs peers) | 7% |
| Revenue CAGR 3Y · Growth | -4.2% | 0 (on a fixed band) | 7% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 8.1x | 12 (vs peers) | 14% |
| Interest coverage · Balance sheet | 1.8x | 8 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.0x | 38 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 25.6x | 24 (vs peers) | 14% |
| EV/EBITDA · Valuation | 11.8x | 48 (vs peers) | 12% |
| Dividend yield · Returns | 4.6% | 80 (vs peers) | 16% |
| Payout ratio (EPS) · Returns | 118.2% | 0 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet14/100 · 3/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality30/100 · 2/2 factors with a value
- Returns56/100 · 2/2 factors with a value
- Valuation35/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Algonquin Power & Utilities Corp. (AQN). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 2.4 bn USD in 2025; YoY growth 4.9%; net margin 7.4%; ROE 3.9%; net debt/EBITDA 8.1x.
The estimated value range is 3.42–5.25 USD per share (median of 3 methods, agreement: high); assumptions are illustrative. Against the central value of 4.80 USD, the price of 5.64 USD leaves a potential of -14.9% (value / price − 1) and a margin of safety of -17.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 30/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Dividend yield: 4.6%
What contradicts it
- ROIC: 2.8%
- Revenue CAGR 3Y: -4.2%
- Net debt / EBITDA: 8.1x
- Interest coverage: 1.8x
- P/E (TTM): 25.6x
- Payout ratio (EPS): 118.2%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y.
Versus the vertical median
Electric Services (SIC 4911) · same industry (4-digit SIC) · compared with 38 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NEENextera Energy Inc | 184.4 bn | 22.5 | 15.6% | 31.5% | +9.8% | +3% / +51% |
| SOSouthern Co | 105.0 bn | 23.9 | 11.3% | 14.5% | +10.6% | +2% / +31% |
| CEGConstellation Energy Corporation | 87.1 bn | 24.0 | 15.3% | 11.1% | +8.3% | −33% / +103% |
| AEPAmerican Electric Power Company, Inc. | 70.3 bn | 19.0 | 12.8% | 16.9% | +10.9% | +4% / +62% |
| DDominion Energy, Inc | 61.3 bn | 20.6 | 10.5% | 16.9% | +14.2% | +11% / +54% |
| ETREntergy Corp | 51.2 bn | 28.4 | 11.1% | 13.6% | +9.0% | +15% / +121% |
| VSTVistra Operations Company LLC | 40.4 bn | 19.9 | 43.1% | 11.6% | +3.0% | −33% / +240% |
| FEFirstenergy Corp | 27.3 bn | 25.7 | 8.4% | 6.9% | +12.0% | −1% / +28% |
| PPLPPL Corp | 26.9 bn | 21.8 | 8.3% | 13.1% | +6.9% | −3% / +37% |
| CNPCenterpoint Energy Inc | 26.8 bn | 25.2 | 9.6% | 11.4% | +8.3% | +3% / +45% |
| ESEversource Energy | 26.5 bn | 18.2 | 9.1% | 10.4% | +13.8% | +5% / +19% |
| EIXEdison International | 23.7 bn | 6.5 | 20.8% | 19.6% | +9.8% | +4% / −8% |
| NRGNRG Energy, Inc | 17.5 bn | 21.6 | 23.8% | 2.6% | +9.2% | −51% / +74% |
| TLNTalen Energy Corporation | 14.2 bn | — | -16.7% | -6.4% | +22.0% | −17% / +470% |
| PNWPinnacle West Capital Corporation | 12.8 bn | 19.8 | 9.1% | 11.7% | +4.2% | +16% / +41% |
| OGEOge Energy Corp. | 10.4 bn | 22.5 | 9.6% | 14.0% | +9.2% | +11% / +44% |
| ENLTEnlight Renewable Energy Ltd. | 8.9 bn | 67.7 | 9.2% | 27.0% | +29.3% | +69% / +293% |
| IDAIDACORP, Inc. | 8.7 bn | 23.2 | 9.9% | 20.5% | −1.2% | +12% / +53% |
| BEPBrookfield Renewable Partners L.P. | 8.5 bn | — | -1.9% | -1.1% | +9.0% | +8% / +25% |
| BKHBlack Hills Corporation | 6.4 bn | 21.3 | 7.9% | 13.0% | +8.6% | +14% / +63% |
| PORPortland General Electric Company | 5.5 bn | 19.7 | 6.6% | 7.7% | +4.0% | −9% / +12% |
| BEPCBrookfield Renewable Corporation | 5.4 bn | — | -501.4% | -62.9% | −10.0% | −24% / +19% |
| OKLOOklo Inc. | 4.1 bn | — | -7.7% | — | unavailable | −76% / +114% |
| AQNAlgonquin Power & Utilities Corp. | 3.4 bn | 25.6 | 3.9% | 7.4% | +4.9% | +2% / −2% |
| KENKenon Holdings Ltd. | 3.3 bn | 49.6 | 4.1% | 7.6% | +16.1% | +6% / +190% |
1- and 3-year price returns: for AQN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 4.19 Total return -22% · Per year -22% | 7.44 Total return 37% · Per year 37% | 11.25 Total return 106% · Per year 106% |
| 3 years | 3.39 Total return -29% · Per year -11% | 6.83 Total return 36% · Per year 11% | 11.44 Total return 122% · Per year 30% |
| 5 years | 2.74 Total return -36% · Per year -8% | 6.27 Total return 35% · Per year 6% | 11.63 Total return 138% · Per year 19% |
- Exit P/E± 1.71
- Net margin± 1.20
- Annual revenue growth± 1.07
- Annual dilution± 0.10
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Mar 2026; since then the company filed 6-K (30 Oct 2026), 6-K (28 Aug 2026), 6-K (07 Aug 2026), 6-K (31 Jul 2026), 6-K (29 Jun 2026).
In brief
Algonquin Power & Utilities Corp. is a utility company that now operates as a pure-play regulated utility after selling its renewable energy business (excluding hydro). The subject matters because the company closed fiscal 2025 with this simplified structure, and the performance of its regulated and hydro groups largely determines its results 1.
SWOT
Strengths
- The company operates as a pure-play regulated utility after selling its renewable energy business, which simplifies its risk profile 1.
- The independent auditor issued an attestation report on internal control over financial reporting, a sign of discipline in reporting 1.
- Results are reported separately by business group, which allows a transparent analysis of each component 1.
Weaknesses
- Non-GAAP measures are not standardized, and comparability with other companies may be limited 1.
- Dropping certain adjusted indicators after the sale of the renewable business complicates tracking long-term trends 1.
- The document gives no details on market share or the company's competitive position 1.
Opportunities
- A focus on regulated utilities could provide a more predictable basis for investment planning, if the regulatory environment remains favourable 1.
- The Hydro Group, retained in the portfolio, could become an important element to analyse in the company's future strategy 1.
- A simpler structure could make reporting clearer for investors, if the indicators remain consistent over time 1.
Threats
- The document warns that actual results could differ materially from those anticipated because of external factors 1.
- Changes in regulation or the economic environment could affect the activity of the regulated and hydro groups 1.
- Dependence on a limited number of business groups could amplify the impact of a deterioration in any one of them 1.
Risks
- Regulatory riskhigh
The company's activity is regulated, and decisions by authorities could influence revenue and the profitability of the regulated group 1.
- Post-sale execution riskmedium
Operating a simplified structure after the sale of the renewable energy business could have unforeseen effects on results 1.
- Forward-looking statementsmedium
The company warns that forward-looking information rests on assumptions that could prove wrong, and actual results could differ 1.
- Comparability of indicatorslow
The lack of standardization of non-GAAP measures could make it harder to compare performance with other companies in the sector 1.
- Internal controllow
Any weakness in internal control could affect the quality of reporting, although the auditor did not flag such issues in the document reviewed 1.
Investment thesis
What would need to be true (bull case)
- If the pure-play regulated structure proves stable, the company could show more predictable results than before the sale 1.
- Keeping the hydro group could provide an additional source of revenue separate from the regulated activity 1.
- Audited reporting and the attestation on internal control could strengthen confidence in the figures presented 1.
What would break the thesis
- Dropping adjusted indicators and the lack of standardization could make it difficult to assess real trends 1.
- Dependence on regulatory decisions could limit the company's flexibility in the face of unexpected changes 1.
- The document gives no details on competitors or market share, which makes a complete comparative assessment difficult 1.
What to watch
- Results of the Regulated Services Group and their development after the sale of the renewable energy businessQ1 2027
- Results of the Hydro Group and its contribution to company profit2027
- Any changes to the non-GAAP measures reportednext 10-K
- The auditor's opinion on internal control over financial reporting2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Mar 2026; since then the company filed 6-K (30 Oct 2026), 6-K (28 Aug 2026), 6-K (07 Aug 2026), 6-K (31 Jul 2026), 6-K (29 Jun 2026).
The business
Algonquin Power & Utilities Corp., trading as AQN, is a Canadian utility company headquartered in Oakville, Ontario 1. According to the Form 40-F for the fiscal year ended December 31, 2025, the company explicitly describes itself as a pure-play regulated utility as of the first quarter of 2025 1. Its activity is organized into business groups, and results are reported separately for the Regulated Services Group, the Hydro Group and the Corporate Group 1.
The reporting structure relies on net earnings of each group and on several non-GAAP measures, including 'Adjusted Net Earnings' and 'Net Utility Sales' 1. The company states that these measures are not standardized and that calculation methods may differ from those of other companies 1. Reference documents include the Annual Information Form (AIF), audited financial statements and the Management's Discussion and Analysis (MD&A), all filed as exhibits to the Form 40-F 1.
The independent auditor is Ernst & Young LLP, which also issued an attestation report on the effectiveness of internal control over financial reporting as of December 31, 2025 1. The audit and finance committee has two designated financial experts, which forms part of the governance framework the company describes in the document 1.
Segments
Regulated Services Group
The Regulated Services Group is the core activity of the company after the sale of the renewable energy business (excluding hydro) and is reported separately, with its own net earnings for 2025 1. The document explicitly refers to a dedicated section on fourth-quarter and annual 2025 results for this group, indicating its central role in the revenue profile 1.
Market context
The source documents contain no data on the size of the utility market in Canada or the United States, nor on the company's market share. The Form 40-F refers to the company as a pure-play regulated utility but does not quantify the market in which it operates 1. Market analysis would require additional sources, which this profile does not use.
Trends
- Simplification of the portfolio towards regulated utilitiestailwind
The company sold its renewable energy business (excluding hydro) and concentrated on regulated utilities, which could reduce the volatility of results if the structure remains stable 1. The filing notes that metrics such as Adjusted EBITDA and Adjusted Funds from Operations are no longer presented, as they were mainly relevant to the former renewable group 1.
- Changes in reported indicatorsheadwind
Dropping certain non-GAAP measures after the sale makes comparisons with earlier periods harder for an analyst, since definitions and perimeter have changed 1.
- Forward-looking statements and uncertaintyheadwind
The document warns that actual results could differ materially from those anticipated, and the company gives no assurance that its forward-looking information will prove accurate 1.
- Governance and internal controlmixed
The auditor issued an attestation report on internal control over financial reporting, indicating a control framework subject to external monitoring 1.
Competitive position
The source documents do not identify the company's direct competitors and do not compare its market position with other operators. The Form 40-F only states that the Regulated Services Group and the Hydro Group are distinct activities, with no detail on competition 1. Conclusions about competition cannot be drawn from these sources.
- No competitors identified in sources
The source document does not name competing companies, so no names or tickers are proposed.
- No competitors identified in sources
The lack of information in the sources makes a comparison with other utility operators impossible.
- No competitors identified in sources
Completing this section would require additional sources, which are not part of this file.
- No competitors identified in sources
The profile is limited to the information in the Form 40-F, which does not address competition.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Algonquin (AQN) is Selling its Chilean Water Stake for $126.5M. Will Simplification Improve Returns?Yahoo Finance — News · 04 Sept 2026 · EN
The latest news item in our archive is from 04 Sept 2026; the newest SEC filing is from 30 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)30 Oct 2026
- Current report (foreign issuer)30 Oct 2026
- Current report (foreign issuer)28 Aug 2026
- Current report (foreign issuer)07 Aug 2026
- Current report (foreign issuer)31 Jul 2026
- Current report (foreign issuer)29 Jun 2026
- Current report (foreign issuer)20 May 2026
- Current report (foreign issuer)13 May 2026
- Current report (foreign issuer)08 May 2026
- Current report (foreign issuer)08 Apr 2026
Sources
- [1] Form 40-F, fiscal year ended 2025-12-31 · SEC / Algonquin Power & Utilities Corp. · 06 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.