AQN
Algonquin Power & Utilities Corp.Utilities·Renewable Utilities
$5.89
$4.5B market cap
Revenue
$2.5B
Free Cash Flow
$-110.2M
Rev Growth
+11.7%
FCF Margin
-4.4%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
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 Services Group and Renewable Energy Group. The Regulated Services Group segment operates a portfolio of rate-regulated utilities located in the United States, Canada, Chile, and Bermuda. Its utilities provide distribution services to approximately 1,093,000 customer
2-Year Price History
$5.97+3.8%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 773.5 | 277.1 | 170.4 | 85.0 | 42.1 | -85.1 | -127.2 | 55.7 | 6,708 | 772.9 | 7.9% | 3.9x | 11.9x |
| Act | 2025-Q4 | 630.7 | 229.7 | 114.1 | 21.0 | 178.8 | -44.8 | -223.6 | 32.6 | 6,531 | 775.7 | 5.9% | 2.2x | 11.4x |
| Act | 2025-Q3 | 582.7 | 252.1 | 149.7 | 38.9 | 98.6 | -52.2 | -150.8 | 62.2 | 6,435 | 772.4 | 7.1% | 3.5x | 12.8x |
| Act | 2025-Q2 | 527.8 | 199.5 | 64.8 | 24.1 | 260.0 | 71.8 | -188.1 | 54.3 | 6,329 | 772.4 | 3.4% | 2.3x | 12.2x |
| Act | 2025-Q1 | 692.4 | 270.4 | 178.9 | 96.8 | 73.7 | -148.3 | -221.9 | 72.2 | 6,322 | 770.6 | 9.3% | 3.5x | 9.1x |
| Act | 2024-Q4 | 584.8 | 120.5 | 105.9 | -186.4 | 49.2 | -215.6 | -264.8 | 34.8 | 6,699 | 790.3 | 3.8% | 1.3x | 11.0x |
| Act | 2024-Q3 | 573.2 | 249.8 | 111.1 | -1,306 | 67.0 | -116.1 | -183.1 | 64.3 | 7,476 | 769.7 | 5.1% | 2.7x | 9.3x |
| Act | 2024-Q2 | 515.3 | 435.3 | 85.5 | 200.7 | 235.3 | 30.9 | -204.5 | 131.6 | 8,293 | 704.0 | 2.3% | 3.8x | 13.2x |
| Act | 2024-Q1 | 646.2 | 152.9 | 143.6 | -89.1 | 130.2 | -81.3 | -211.6 | 86.3 | 9,090 | 689.6 | 5.8% | 1.7x | 33.6x |
| Act | 2023-Q4 | 666.8 | 389.7 | 96.3 | 186.3 | 205.3 | -134.4 | -339.7 | 25.1 | 7,500 | 697.4 | 4.5% | 5.0x | 15.7x |
| Act | 2023-Q3 | 564.8 | -26.3 | 125.3 | -174.6 | 131.3 | -145.1 | -276.4 | 94.8 | 8,367 | 689.1 | 5.4% | -0.3x | 32.6x |
| Act | 2023-Q2 | 627.9 | -111.5 | 93.7 | -253.2 | 264.7 | 16.0 | -248.7 | 100.3 | 8,083 | 687.9 | 4.1% | -1.2x | 32.9x |
| Act | 2023-Q1 | 778.6 | 479.3 | 142.5 | 270.1 | 34.2 | -135.5 | -169.8 | 61.0 | 7,849 | 690.2 | 5.1% | 5.8x | 19.8x |
| Act | 2022-Q4 | 738.5 | 91.3 | 18.6 | -74.4 | 211.8 | 15.1 | -196.7 | 57.6 | 7,512 | 678.6 | 0.8% | 1.1x | 39.5x |
| Act | 2022-Q3 | 664.4 | -41.4 | 134.9 | -195.2 | 97.9 | -205.3 | -303.2 | 114.3 | 7,705 | 678.6 | 5.9% | -0.6x | -- |
| Act | 2022-Q2 | 619.4 | 97.7 | 107.0 | -33.4 | 134.3 | -111.4 | -245.8 | 85.0 | 7,455 | 674.7 | 4.7% | 1.5x | -- |
| Act | 2022-Q1 | 733.2 | 246.1 | 137.3 | 91.0 | 168.3 | -163.5 | -331.7 | 93.2 | 7,191 | 678.2 | 5.6% | 4.3x | -- |
Historical Valuation
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2022 | 5.51 | — | 14.3% | 394 | 39.5× | n/m | n/m | 2.9× |
| 2023 | 5.66 | -4.3% | 27.7% | 731 | 15.7× | n/m | 139.1× | 1.5× |
| 2024 | 4.24 | -12.1% | 41.3% | 959 | 11.0× | n/m | n/m | 1.7× |
| 2025 | 6.15 | +4.9% | 39.1% | 952 | 11.4× | n/m | 24.3× | 1.8× |
| TTM | 5.89 | +6.3% | 38.1% | 958 | 0.0× | 0.0× | 0.0× | 0.0× |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
Valuation & Metrics
Market Stats
Price$5.89
Market Cap$4.5B
Enterprise Value$11.2B
P/S Ratio1.8x
P/FCF--
EV/FCF--
FCF Margin (TTM)-4.4%
FCF Yield-2.4%
Dividend Yield (TTM)4.4%
Annual Dilution0.3%
CurrencyUSD
TTM Financial Snapshot
Revenue$2.5B
Net Income$169.0M
Free Cash Flow$-110.2M
Revenue Growth (YoY)+11.7%
EBITDA Margin38.1%
Net Margin6.7%
FCF Margin-4.4%
CapEx % of Revenue27.4%
SBC % of Revenue0.1%
ROIC6.1%
WC Change % Rev0.4%
Interest Coverage2.9x
Forward Outlook & Risk
Short Interest
Short % of Float1.1%
Short Shares8.8M
Days to Cover2.7
Change (vs Prior)+6.5%
Short % Float History
1.10%-2.20pp
Options
Call IV (ATM)--
Put IV (ATM)--
ATM Spread4.2%
Call $OI (near money)$286K
Put $OI (near money)$13K
ATM ExpiryJuly 17, 2026 (56D)
ATM Strike$5.0
Major Expirations2
Near-money chain · July 17, 2026
| Strike | Call Bid/Ask | Call OI | Put Bid/Ask | Put OI |
|---|---|---|---|---|
| $2.50 | $2.60/$4.70 | 7 | --/$1.25 | 1 |
| $5.00 | $0.85/$1.10 | 3,105 | --/$0.55 | 16 |
| $7.50 | --/$0.10 | 1,606 | $0.35/$2.80 | 63 |
| $10.00 | --/$1.25 | 146 | $3.50/$4.70 | 5 |
| $12.50 | --/$0.05 | 80 | $5.30/$7.90 | 0 |
Snapshot: 2026-05-22
Employees
Headcount3,786
Revenue / Employee$664,219
Gross Profit / Employee$390,070
2022: 0 → 2023: 0 → 2024: 0 → 2025: 0
Cash Runway
6.1months
CRITICAL
Institutional Ownership
Headline & net flow
NET BUYING
In Q1 2026 so far (quarter still filing), institutions are net buyers — bought 11.1% of float, sold 6.4%. 3 filers moved >1% of shares (2 buying, 1 selling).
Net flow · Q1 2026still filing
+4.7% of float (net)
Bought 11.1% · Sold 6.4%
256 filers reported (last quarter: 251)
Ownership composition
Active
63.3%(+16.5% YoY)
230 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
6.4%(+1.2% YoY)
11 filers
Vanguard, iShares, SPDR
Market makers
0.1%(+0.1% YoY)
6 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| EdgePoint Investment Group Inc. | $499M | $5.99 | −$1.6M | +$240M | -0.3% | $12.48B |
| Starboard Value LP | $351M | $6.19 | −$38.7M | −$56.8M | -0.8% | $4.57B |
| FIL Ltd | $233M | $5.30 | −$66.8M | −$23.5M | +0.2% | $128.59B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $137M | $6.14 | +$137M | +$137M | — | $4.04T |
| ROYAL BANK OF CANADA | $126M | $6.87 | +$14.6M | −$51.5M | -0.2% | $526.36B |
| BANK OF MONTREAL /CAN/ | $123M | $7.86 | −$3.4M | +$16.9M | -0.1% | $234.58B |
| ARIEL INVESTMENTS, LLC | $121M | $5.43 | +$22.8M | +$77.9M | -0.4% | $8.93B |
| PRINCIPAL FINANCIAL GROUP INC | $83.5M | $6.16 | +$9.6M | +$83.5M | -0.5% | $186.29B |
| BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp | $81.5M | $5.42 | +$1.4M | +$1.1M | +1.3% | $16.89B |
| Clearbridge Investments, LLC | $78.8M | $6.14 | +$78.8M | +$78.8M | -0.2% | $114.75B |
| Mitsubishi UFJ Trust & Banking Corp | $76.5M | $6.14 | +$77.7M | +$76.5M | -0.3% | $40.56B |
| BANK OF NOVA SCOTIA | $48.6M | $8.47 | −$14.4M | −$11.2M | -0.1% | $56.56B |
| GOLDMAN SACHS GROUP INC | $47.8M | $5.94 | +$12.8M | −$27.1M | -0.2% | $760.93B |
| Neuberger Berman Group LLC | $47.6M | $6.04 | +$19.6M | +$47.6M | -0.3% | $131.37B |
| DIMENSIONAL FUND ADVISORS LPPassive | $47.4M | $5.46 | +$887K | +$11.6M | -0.4% | $480.92B |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $44.9M | $5.41 | +$20.7M | +$3.8M | +0.1% | $184.72B |
| MORGAN STANLEY | $43.5M | $7.33 | +$18.4M | +$25.6M | -0.3% | $1.65T |
| VANGUARD FIDUCIARY TRUST COPassive | $41.5M | $6.14 | +$41.6M | +$41.5M | — | $395.83B |
| Legal & General Group Plc | $40.1M | $5.38 | −$2.2M | −$6.8M | -0.1% | $432.24B |
| PRIVATE MANAGEMENT GROUP INC | $39.1M | $4.61 | −$435K | −$1.2M | -0.5% | $3.47B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
-0.19%
avg per quarter
Holders (ex-self)
-0.17%
excl. this stock
Buyers (this Q)
-0.07%
120 buyers · $0.66B in
Sellers (this Q)
-0.12%
83 sellers · $0.33B out
alpha coverage: 93% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-10.5%
how holders react when this stock falls
On quiet Qs
-20.5%
−10% to +10% baseline
On rallies (+10%+)
-21.0%
how they react when this stock rises
Holders' portfolio flow this Q
-0.5%
outflows — trims may be forced
Sellers' portfolio flow this Q
-3.8%
Sellers shed AUM broadly — partly forced.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-1.7%
Holder mid (any stock)
-3.2%
Holder rally (any stock)
-8.4%
Biggest decreases this quarter
FIL Ltd−$66.8Mα+0.2Starboard Value LP−$38.7Mα-0.8Corvex Management LPexited−$38.0MCallodine Capital Management, LPexited−$35.4MBANK OF NOVA SCOTIA−$14.4Mα-0.1MANNING & NAPIER ADVISORS LLCexited−$8.5MFIRST TRUST ADVISORS LP−$7.6Mα+0.1Y-Intercept (Hong Kong) Ltdexited−$5.4MYaupon Capital Management LPexited−$5.3MA.R. Schmeidler & Co., Inc.exited−$5.3M
New buyers this quarter
Top-5 holders · 42.5%
EdgePoint Investment Group Inc.--
Starboard Value LP--
FIL Ltd--
VANGUARD CAPITAL MANAGEMENT LLC--
ROYAL BANK OF CANADA--
Put / call ratio: 5.98 (+335.8% QoQ) — net bearish options
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
BANK OF MONTREAL /CAN/20.2MROYAL BANK OF CANADA20.6MEdgePoint Investment Group Inc.81.5MStarboard Value LP57.2MFIL Ltd38.1MTORONTO DOMINION BANK3.7MTD ASSET MANAGEMENT INC2.6MBANK OF AMERICA CORP /DE/3.6MBANK OF NOVA SCOTIA7.9MCIBC WORLD MARKET INC.2.7M
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (4 analysts)$6.501040.0%
Last Year (7 analysts)$6.711390.0%
Current Price$5.89
Analyst Ratings
3
9
Buy: 3Hold: 9Sell: 1Consensus: Hold
Consensus Estimates
| Quarter | Revenue | EBITDA | Net Inc | EPS | EPS Range | # Analysts |
|---|---|---|---|---|---|---|
| 2025 Q3 | 599M | 321M | 49M | $0.06 | $0.05 – $0.07 | 7 |
| 2025 Q4 | 607M | 325M | 37M | $0.05 | $0.05 – $0.06 | 6 |
| 2026 Q1 | 714M | 383M | 88M | $0.11 | $0.09 – $0.14 | 6 |
| 2026 Q2 | 588M | 315M | 38M | $0.05 | $0.04 – $0.05 | 6 |
| 2026 Q3 | 665M | 356M | 74M | $0.10 | $0.09 – $0.10 | 6 |
| 2026 Q4 | 722M | 387M | 70M | $0.09 | $0.09 – $0.09 | 4 |
| 2027 Q1 | 763M | 409M | 108M | $0.14 | $0.14 – $0.14 | 2 |
| 2027 Q2 | 564M | 302M | 48M | $0.06 | $0.06 – $0.06 | 2 |
| 2027 Q3 | 662M | 355M | 74M | $0.10 | $0.09 – $0.10 | 2 |
| 2027 Q4 | 679M | 364M | 76M | $0.10 | $0.10 – $0.10 | 2 |
Corporate
Order Flow (FINRA, ~3w lag)
36.8%retail+6.1pp
13.5%dark-0.4pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Revenue Breakdown
Revenue Segments
By Product (2023-Q2)
| Regulated Electricity | $326.8M | NEW |
| Regulated Gas | $109.5M | NEW |
| Regulated Water | $95.9M | NEW |
| Non-Regulated Energy | $71.7M | NEW |
| Other Revenue | $23.9M | NEW |
By Geography (2023-Q2)
| UNITED STATES | $503.8M | NEW |
| International, Excluding Canada | $86.3M | NEW |
| CANADA | $37.8M | NEW |