10 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 7.7% per year over the past 5 years.
Net income has grown slower than revenue (-25.4% vs 7.7% per year).
Operating margin has contracted, at 20.7% in the latest year.
Financial health
Total debt ($7.7B) exceeds cash ($33M); net debt is $7.7B.
Total debt has grown in line with revenue (10.4% vs 7.7% per year).
Operating income covered interest expense 1.8× in the latest year, down from 2.1× 5 years ago.
Total debt is 8.6× EBITDA.
Shareholder returns
Dividends have been paid for 10 consecutive years, consuming 111.3% of earnings.
The dividend has declined 4.5% per year over the past 5 years.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Return on equity & assets (ROE / ROA)
ROEROA
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
ROE
ROA
FCF
Total debt
Cash
2025
$2.4B
$181M
0.0%
20.7%
3.9%
1.3%
-$178M
$7.7B
$33M
2024
$2.3B
-$1.4B
0.0%
19.2%
-29.3%
-8.1%
-$391M
$6.8B
$35M
2023
$2.4B
$29M
0.0%
19.4%
0.6%
0.2%
-$398M
$8.3B
$25M
2022
$2.8B
-$212M
0.0%
14.5%
-4.1%
-1.2%
-$470M
$8.2B
$58M
2021
$2.3B
$265M
0.0%
18.2%
4.5%
1.6%
-$1.2B
$6.7B
$125M
2020
$1.7B
$782M
69.0%
22.9%
15.0%
5.9%
-$281M
$4.7B
$102M
2019
$1.6B
$531M
71.0%
22.6%
13.7%
4.9%
$30M
$4.3B
$62M
2018
$1.6B
$185M
71.3%
23.0%
5.8%
2.0%
$64M
$3.7B
$47M
2017
$1.5B
$149M
70.4%
24.8%
5.5%
1.8%
-$239M
$3.3B
$43M
2016
—
$98M
—
—
6.8%
1.6%
—
$2.9B
$82M
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Return on equity & assets (ROE / ROA)
ROEROA
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
ROE
ROA
FCF
Total debt
Cash
Jun '25
$528M
$24M
0.0%
12.3%
0.5%
0.2%
$64M
$7.6B
$54M
Jun '24
$515M
$201M
0.0%
16.6%
3.2%
1.1%
$32M
$9.2B
$132M
Jun '23
$628M
-$253M
0.0%
14.9%
-4.9%
-1.4%
$16M
$8.8B
$100M
Jun '22
$619M
-$33M
0.0%
17.3%
-0.6%
-0.2%
-$112M
$8.3B
$85M
Jun '21
$528M
$103M
67.8%
16.2%
2.0%
0.6%
-$304M
$7.0B
$204M
Jun '20
$344M
$286M
64.2%
17.2%
7.1%
2.6%
-$43M
$4.8B
$60M
Jun '19
$344M
$157M
65.0%
18.2%
4.7%
1.6%
$28M
$4.1B
$65M
Jun '18
$366M
$65M
67.2%
20.5%
2.1%
0.7%
$50M
$4.0B
$38M
Jun '17
—
$35M
—
—
—
—
—
—
—
Valuation over time
How the market has priced AQN against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has fallen from 158.9× (Jan '24) to 23.5× (Nov '26).
The price-to-sales ratio has fallen from 2.3× (Mar '23) to 1.7× (Nov '26).
The dividend yield has fallen from 5.9% (Mar '23) to 4.7% (Nov '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Dividend yield (%)
Dividend yield %
Frequently asked questions
Is AQN growing its revenue and profit?
Over the past 5 years, Algonquin Power & Utilities Corp.'s revenue has grown 7.7% per year, and net income declined 25.4% per year. These are computed facts, not advice.
How much debt does AQN have?
As of FY2025, Algonquin Power & Utilities Corp. reported $7.7B of total debt against $33M of cash; operating income covered interest expense 1.8×.
What is AQN's profit margin?
In FY2025, gross margin was —, operating margin 20.7%, and net margin 7.4%.
What is AQN's P/E ratio?
Algonquin Power & Utilities Corp.'s P/E (TTM) is 23.50 as of the 2026-11-03 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the AQN stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 23.5× as of Nov '26) can differ. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.