AQN

MKT CAP:$5B

Algonquin Power & Utilities Corp.

Market Cap

$5B

Utilities·Renewable Utilities·🇨🇦 Canada·NYSE

Utilities·Renewable·🇨🇦·NYSE

Stock Price

$6.41+$0.29 (+4.74%)

Apr 16, 2026

Company Details

Algonquin Power & Utilities Corp., through its subsidiaries, owns and operates a portfolio of regulated and non-regulated generation, distribution, and transmission utility assets. The company operates through two segments, Regulated Servic...

CEO

Roderick K. West

IPO Date

Dec 29, 2009

Website

algonquinpower.com

Key Metrics TTM

Revenue

$2.8B

+77.2% YoY

Net Income

$558M

EPS (Diluted)

$0.74

Free Cash Flow

-$420M

Revenue / Share

$3.98

Gross Margin

67.7%

Operating Margin

14.1%

Net Margin

20.1%

FCF Margin

-15.1%

P/S

1.8x

P/E

8.7x

Earnings Reports

Q1 2024

May 8, 2026

PENDING

Q4 2023

Mar 8, 2024

$667M-9.7%EPS $0.27

Q1 2023

May 11, 2023

$779MEPS $0.39

Q4 2022

Mar 21, 2023

$738M+24.1%EPS -$0.13

Q4 2021

Dec 30, 2021

$595MEPS $0.21

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 16	$168M	$132M	$34M
Q1 17	$418M	$296M	$111M
Q2 17	$348M	$273M	$73M
Q1 19	$477M	$320M	$116M
Q3 19	$366M	$280M	$84M
Q3 20	$376M	$296M	$95M
Q4 21	$595M	$408M	$134M
Q4 22	$738M	$480M	$19M
Q1 23	$779M	$504M	$142M
Q4 23	$667M	$489M	$96M

Valuation

Quarter	P/S	P/E
Q3 16	—	—
Q1 17	—	—
Q2 17	—	—
Q1 19	3.9x	35.5x
Q3 19	4.2x	26.3x
Q3 20	5.4x	28.5x
Q4 21	5.3x	22.3x
Q4 22	2.4x	18.4x
Q1 23	2.3x	13.5x
Q4 23	1.7x	8.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 16	$18M	-$52M
Q1 17	$63M	-$88M
Q2 17	$65M	-$91M
Q1 19	$122M	$15M
Q3 19	$188M	-$2M
Q3 20	$120M	-$60M
Q4 21	$125M	-$165M
Q4 22	$212M	$15M
Q1 23	$34M	-$136M
Q4 23	$205M	-$134M

Capital Expenditures

Quarter	CapEx
Q3 16	$70M
Q1 17	$151M
Q2 17	$156M
Q1 19	$107M
Q3 19	$191M
Q3 20	$181M
Q4 21	$291M
Q4 22	$197M
Q1 23	$170M
Q4 23	$340M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 19	+117.2%	+110.2%
Q3 20	-10.0%	-8.5%
Q4 21	+70.7%	+67.2%
Q4 22	+54.7%	+99.3%
Q1 23	+113.0%	+126.1%
Q4 23	+77.1%	+102.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 16	$0	0.0%
Q1 17	$0	0.0%
Q2 17	$0	0.0%
Q1 19	$0	0.0%
Q3 19	$0	0.0%
Q3 20	$0	0.0%
Q4 21	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q4 23	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q3 16	$9M
Q1 17	$11M
Q2 17	$13M
Q1 19	$14M
Q3 19	$20M
Q3 20	$18M
Q4 21	$18M
Q4 22	$19M
Q1 23	$5M
Q4 23	$19M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$93M	$0	$93M
Q2 22	$85M	$0	$85M
Q3 22	$114M	$0	$114M
Q4 22	$58M	$0	$58M
Q1 23	$61M	$0	$61M
Q2 23	$100M	$0	$100M
Q3 23	$95M	$0	$95M
Q4 23	$25M	$0	$25M
Q1 24	$86M	$0	$86M
Q2 24	$132M	$0	$132M
Q3 24	$64M	$0	$64M
Q4 24	$35M	$0	$35M
Q1 25	$72M	$0	$72M
Q2 25	$54M	$0	$54M
Q3 25	$62M	$0	$62M
Q4 25	$33M	$0	$33M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 16	276M	—	—
Q1 17	347M	+25.8%	—
Q2 17	389M	+12.3%	—
Q1 19	496M	+27.3%	—
Q3 19	501M	+1.1%	+81.8%
Q3 20	591M	+17.9%	+70.4%
Q4 21	678M	+14.8%	+74.3%
Q4 22	679M	+0.1%	+36.9%
Q1 23	690M	+1.7%	+37.7%
Q4 23	697M	+1.1%	+18.1%

Shares Outstanding