Algonquin Power & Utilities Corp Financials

AQNB

Source SEC Filings (10-K/10-Q) Updated Jun 30, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 37/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Algonquin Power & Utilities Corp has an operating margin of 19.2%, meaning the company retains $19 of operating profit per $100 of revenue. This strong profitability earns a score of 96/100, reflecting efficient cost management and pricing power. This is down from 19.4% the prior year.

Growth

Algonquin Power & Utilities Corp's revenue declined 3.5% year-over-year, from $2.4B to $2.3B. This contraction results in a growth score of 19/100.

Leverage

Algonquin Power & Utilities Corp has a moderate D/E ratio of 1.32. This balance of debt and equity financing earns a leverage score of 62/100.

Liquidity

Algonquin Power & Utilities Corp's current ratio of 0.76 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 10/100, which could limit financial flexibility.

Cash Flow

While Algonquin Power & Utilities Corp generated $481.7M in operating cash flow, capex of $872.4M consumed most of it, leaving -$390.7M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Neutral

5/9

Algonquin Power & Utilities Corp passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed

-0.35x

For every $1 of reported earnings, Algonquin Power & Utilities Corp generates $-0.35 in operating cash flow ($481.7M OCF vs -$1.4B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

1.2x

Algonquin Power & Utilities Corp earns $1.2 in operating income for every $1 of interest expense ($446.1M vs $363.6M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows Algonquin Power & Utilities Corp (AQNB) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Export CSV

Key Financial Metrics

Revenue

$2.3B

YoY-3.5%

5Y CAGR+7.4%

Algonquin Power & Utilities Corp generated $2.3B in revenue in fiscal year 2024. This represents a decrease of 3.5% from the prior year.

EBITDA

$841.8M

YoY+2.5%

5Y CAGR+5.3%

Algonquin Power & Utilities Corp's EBITDA was $841.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 2.5% from the prior year.

Free Cash Flow

-$390.7M

YoY+1.9%

Algonquin Power & Utilities Corp generated -$390.7M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 1.9% from the prior year.

Net Income

-$1.4B

YoY-4914.5%

Algonquin Power & Utilities Corp reported -$1.4B in net income in fiscal year 2024. This represents a decrease of 4914.5% from the prior year.

EPS (Diluted)

$-1.90

YoY-6433.3%

Algonquin Power & Utilities Corp earned $-1.90 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 6433.3% from the prior year.

Cash & Debt

$34.8M

YoY+38.9%

5Y CAGR-11.0%

Algonquin Power & Utilities Corp held $34.8M in cash against $6.2B in long-term debt as of fiscal year 2024.

Dividends Per Share

$0.35

YoY-20.0%

5Y CAGR-8.8%

Algonquin Power & Utilities Corp paid $0.35 per share in dividends in fiscal year 2024. This represents a decrease of 20.0% from the prior year.

Shares Outstanding

767M

YoY+11.3%

5Y CAGR+7.9%

Algonquin Power & Utilities Corp had 767M shares outstanding in fiscal year 2024. This represents an increase of 11.3% from the prior year.

Gross Margin

N/A

Operating Margin

19.2%

YoY-0.2pp

5Y CAGR-3.3pp

Algonquin Power & Utilities Corp's operating margin was 19.2% in fiscal year 2024, reflecting core business profitability. This is down 0.2 percentage points from the prior year.

Net Margin

-59.5%

YoY-60.7pp

5Y CAGR-92.2pp

Algonquin Power & Utilities Corp's net profit margin was -59.5% in fiscal year 2024, showing the share of revenue converted to profit. This is down 60.7 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$872.4M

YoY-15.0%

5Y CAGR+8.5%

Algonquin Power & Utilities Corp invested $872.4M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 15.0% from the prior year.

AQNB Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$2.3B-3.5%	$2.4B-13.1%	$2.8B+21.6%	$2.3B+35.6%	$1.7B+3.1%	$1.6B
Cost of Revenue	N/A	N/A	N/A	N/A	$520.5M+10.3%	$472.0M
Gross Profit	N/A	N/A	N/A	N/A	$1.2B+0.2%	$1.2B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	$90.4M+12.6%	$80.2M+20.2%	$66.7M+5.7%	$63.1M+11.1%	$56.8M
Operating Income	$446.1M-4.5%	$467.3M+16.2%	$402.0M-2.7%	$413.1M+7.6%	$384.0M+4.7%	$366.8M
Interest Expense	$363.6M+17.9%	$308.4M+10.7%	$278.6M+32.9%	$209.6M+15.2%	$181.9M+0.2%	$181.5M
Income Tax	$186.8M+604.1%	-$37.1M+39.8%	-$61.5M-41.7%	-$43.4M-167.2%	$64.6M-7.9%	$70.1M
Net Income	-$1.4B-4914.5%	$28.7M+113.5%	-$212.0M-180.0%	$264.9M-66.2%	$782.5M+47.4%	$530.9M
EPS (Diluted)	$-1.90-6433.3%	$0.03+109.1%	$-0.33-180.5%	$0.41-70.1%	$1.37+31.7%	$1.04

Metric	Q2'25	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21	Q2'21
Revenue	$527.8M+2.4%	$515.3M	N/A	$627.9M	N/A	$619.4M	N/A	$527.5M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$170.0M
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$357.5M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	$25.7M	N/A	$20.1M	N/A	$17.1M
Operating Income	$64.8M-24.2%	$85.5M	N/A	$93.7M	N/A	$107.0M	N/A	$85.4M
Interest Expense	$67.8M-27.3%	$93.2M	N/A	$89.7M	N/A	$64.6M	N/A	$58.2M
Income Tax	$7.0M-72.3%	$25.3M	N/A	-$56.0M	N/A	-$22.8M	N/A	-$4.2M
Net Income	$24.1M-88.0%	$200.7M	N/A	-$253.2M	N/A	-$33.4M	N/A	$103.2M
EPS (Diluted)	$0.03-89.3%	$0.28	N/A	$-0.37	N/A	$-0.05	N/A	$0.16

AQNB Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$17.0B-7.7%	$18.4B+4.2%	$17.6B+4.9%	$16.8B+27.0%	$13.2B+21.1%	$10.9B
Current Assets	$1.1B+6.4%	$1.1B-2.6%	$1.1B+16.6%	$938.7M+35.0%	$695.2M+35.5%	$513.2M
Cash & Equivalents	$34.8M+38.9%	$25.1M-56.5%	$57.6M-54.0%	$125.2M+23.2%	$101.6M+62.6%	$62.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	$325.9M+25.8%	$259.1M
Goodwill	$1.3B-0.9%	$1.3B+0.3%	$1.3B+9.9%	$1.2B-0.6%	$1.2B+17.1%	$1.0B
Total Liabilities	$12.3B-8.1%	$13.3B+7.5%	$12.4B+36.6%	$9.1B+25.6%	$7.2B+17.0%	$6.2B
Current Liabilities	$1.5B-11.1%	$1.7B+9.8%	$1.5B+12.4%	$1.4B+42.8%	$955.4M+9.6%	$872.1M
Long-Term Debt	$6.2B-9.8%	$6.9B-3.0%	$7.1B+21.1%	$5.9B+33.1%	$4.4B+18.7%	$3.7B
Total Equity	$4.7B-6.6%	$5.0B-3.5%	$5.2B-10.9%	$5.9B+12.6%	$5.2B+34.3%	$3.9B
Retained Earnings	-$2.9B-129.0%	-$1.3B-28.2%	-$997.9M-246.0%	-$288.4M-730.4%	$45.8M+112.5%	-$367.1M

Metric	Q2'25	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21	Q2'21
Total Assets	$13.7B-19.3%	$17.0B-7.7%	$18.4B+2.3%	$18.0B+1.9%	$17.6B-0.6%	$17.7B+5.6%	$16.8B+2.1%	$16.5B
Current Assets	$1.0B-10.8%	$1.1B+6.4%	$1.1B+1.7%	$1.0B-4.2%	$1.1B+15.8%	$945.1M+0.7%	$938.7M+11.6%	$841.5M
Cash & Equivalents	$54.3M+56.0%	$34.8M+38.9%	$25.1M-75.0%	$100.3M+74.0%	$57.6M-32.2%	$85.0M-32.1%	$125.2M-38.5%	$203.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$324.9M
Goodwill	$1.3B+0.5%	$1.3B-0.9%	$1.3B-0.5%	$1.3B+0.8%	$1.3B+1.8%	$1.3B+8.0%	$1.2B-0.8%	$1.2B
Total Liabilities	$9.0B-26.5%	$12.3B-8.1%	$13.3B+4.3%	$12.8B+3.0%	$12.4B+19.4%	$10.4B+14.4%	$9.1B-4.2%	$9.5B
Current Liabilities	$926.8M-38.1%	$1.5B-11.1%	$1.7B+14.5%	$1.5B-4.1%	$1.5B+25.6%	$1.2B-10.5%	$1.4B+0.4%	$1.4B
Long-Term Debt	$6.0B-3.0%	$6.2B-9.8%	$6.9B-9.1%	$7.6B+6.8%	$7.1B-2.5%	$7.3B+24.2%	$5.9B-4.1%	$6.1B
Total Equity	$4.7B-0.6%	$4.7B-6.6%	$5.0B-2.8%	$5.2B-0.7%	$5.2B-6.9%	$5.6B-4.3%	$5.9B+13.2%	$5.2B
Retained Earnings	-$2.9B+0.5%	-$2.9B-129.0%	-$1.3B-12.6%	-$1.1B-13.9%	-$997.9M-109.9%	-$475.4M-64.8%	-$288.4M-40.2%	-$205.8M

AQNB Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$481.7M-23.3%	$628.0M+1.4%	$619.1M+293.2%	$157.5M-68.8%	$505.2M-17.3%	$611.3M
Capital Expenditures	$872.4M-15.0%	$1.0B-5.8%	$1.1B-19.0%	$1.3B+71.1%	$786.0M+35.2%	$581.3M
Free Cash Flow	-$390.7M+1.9%	-$398.1M+15.3%	-$469.9M+60.4%	-$1.2B-322.9%	-$280.8M-1038.3%	$29.9M
Investing Cash Flow	$132.7M+112.1%	-$1.1B+38.7%	-$1.8B+0.5%	-$1.8B-46.2%	-$1.2B+7.1%	-$1.3B
Financing Cash Flow	-$556.4M-225.7%	$442.8M-60.1%	$1.1B-33.7%	$1.7B+118.3%	$766.9M+4.6%	$733.4M
Dividends Paid	$285.1M-11.6%	$322.5M-14.8%	$378.6M+23.3%	$307.1M+21.0%	$253.8M+29.2%	$196.4M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'25	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21	Q2'21
Operating Cash Flow	$249.9M+5.8%	$236.1M	N/A	$261.4M	N/A	$135.3M	N/A	$103.3M
Capital Expenditures	$185.8M-9.1%	$204.4M	N/A	$245.2M	N/A	$247.5M	N/A	$407.7M
Free Cash Flow	$64.1M+102.2%	$31.7M	N/A	$16.2M	N/A	-$112.2M	N/A	-$304.5M
Investing Cash Flow	-$198.8M+22.5%	-$256.4M	N/A	-$275.4M	N/A	-$306.9M	N/A	-$636.3M
Financing Cash Flow	-$59.5M-199.8%	$59.6M	N/A	$37.3M	N/A	$177.9M	N/A	$600.7M
Dividends Paid	$50.4M-34.6%	$77.1M	N/A	$75.5M	N/A	$94.2M	N/A	$70.8M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

AQNB Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	69.0%-2.0pp	71.0%
Operating Margin	19.2%-0.2pp	19.4%+4.9pp	14.5%-3.6pp	18.2%-4.7pp	22.9%+0.3pp	22.6%
Net Margin	-59.5%-60.7pp	1.2%+8.9pp	-7.7%-19.3pp	11.7%-35.0pp	46.7%+14.0pp	32.6%
Return on Equity	N/A	0.6%	N/A	4.5%-10.5pp	15.0%+1.3pp	13.7%
Return on Assets	-8.1%-8.3pp	0.2%+1.4pp	-1.2%-2.8pp	1.6%-4.3pp	5.9%+1.1pp	4.9%
Current Ratio	0.76+0.1	0.63-0.1	0.71+0.0	0.69-0.0	0.73+0.1	0.59
Debt-to-Equity	1.32-0.0	1.360.0	1.36+0.4	1.00+0.2	0.85-0.1	0.96
FCF Margin	-16.8%-0.3pp	-16.6%+0.4pp	-17.0%+35.2pp	-52.2%-35.5pp	-16.8%-18.6pp	1.8%

Metric	Q2'25	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21	Q2'21
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	67.8%
Operating Margin	12.3%-4.3pp	16.6%	N/A	14.9%	N/A	17.3%	N/A	16.2%
Net Margin	4.6%-34.4pp	39.0%	N/A	-40.3%	N/A	-5.4%	N/A	19.6%
Return on Equity	0.5%-2.7pp	3.3%	N/A	N/A	N/A	N/A	N/A	2.0%
Return on Assets	0.2%-0.9pp	1.1%	N/A	-1.4%	N/A	-0.2%	N/A	0.6%
Current Ratio	1.09+0.3	0.76+0.1	0.63-0.1	0.710.0	0.71-0.1	0.77+0.1	0.69+0.1	0.62
Debt-to-Equity	1.29-0.0	1.32-0.0	1.36-0.1	1.46+0.1	1.36+0.1	1.30+0.3	1.00-0.2	1.18
FCF Margin	12.1%+6.0pp	6.2%	N/A	2.6%	N/A	-18.1%	N/A	-57.7%

Note: The current ratio is below 1.0 (0.76), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Frequently Asked Questions

What is Algonquin Power & Utilities Corp's annual revenue?

Algonquin Power & Utilities Corp (AQNB) reported $2.3B in total revenue for fiscal year 2024. This represents a -3.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Algonquin Power & Utilities Corp's revenue growing?

Algonquin Power & Utilities Corp (AQNB) revenue declined by 3.5% year-over-year, from $2.4B to $2.3B in fiscal year 2024.

Is Algonquin Power & Utilities Corp profitable?

No, Algonquin Power & Utilities Corp (AQNB) reported a net income of -$1.4B in fiscal year 2024, with a net profit margin of -59.5%.

What is Algonquin Power & Utilities Corp's earnings per share (EPS)?

Algonquin Power & Utilities Corp (AQNB) reported diluted earnings per share of $-1.90 for fiscal year 2024. This represents a -6433.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Algonquin Power & Utilities Corp's EBITDA?

Algonquin Power & Utilities Corp (AQNB) had EBITDA of $841.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Algonquin Power & Utilities Corp have?

As of fiscal year 2024, Algonquin Power & Utilities Corp (AQNB) had $34.8M in cash and equivalents against $6.2B in long-term debt.

What is Algonquin Power & Utilities Corp's operating margin?

Algonquin Power & Utilities Corp (AQNB) had an operating margin of 19.2% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Algonquin Power & Utilities Corp's net profit margin?

Algonquin Power & Utilities Corp (AQNB) had a net profit margin of -59.5% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Algonquin Power & Utilities Corp pay dividends?

Yes, Algonquin Power & Utilities Corp (AQNB) paid $0.35 per share in dividends during fiscal year 2024.

What is Algonquin Power & Utilities Corp's free cash flow?

Algonquin Power & Utilities Corp (AQNB) generated -$390.7M in free cash flow during fiscal year 2024. This represents a 1.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Algonquin Power & Utilities Corp's operating cash flow?

Algonquin Power & Utilities Corp (AQNB) generated $481.7M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Algonquin Power & Utilities Corp's total assets?

Algonquin Power & Utilities Corp (AQNB) had $17.0B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Algonquin Power & Utilities Corp's capital expenditures?

Algonquin Power & Utilities Corp (AQNB) invested $872.4M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How many shares does Algonquin Power & Utilities Corp have outstanding?

Algonquin Power & Utilities Corp (AQNB) had 767M shares outstanding as of fiscal year 2024.

What is Algonquin Power & Utilities Corp's current ratio?

Algonquin Power & Utilities Corp (AQNB) had a current ratio of 0.76 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

What is Algonquin Power & Utilities Corp's debt-to-equity ratio?

Algonquin Power & Utilities Corp (AQNB) had a debt-to-equity ratio of 1.32 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Algonquin Power & Utilities Corp's return on assets (ROA)?

Algonquin Power & Utilities Corp (AQNB) had a return on assets of -8.1% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Algonquin Power & Utilities Corp's Piotroski F-Score?

Algonquin Power & Utilities Corp (AQNB) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Algonquin Power & Utilities Corp's earnings high quality?

Algonquin Power & Utilities Corp (AQNB) has an earnings quality ratio of -0.35x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Algonquin Power & Utilities Corp cover its interest payments?

Algonquin Power & Utilities Corp (AQNB) has an interest coverage ratio of 1.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Algonquin Power & Utilities Corp?

Algonquin Power & Utilities Corp (AQNB) scores 37 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.