AQN
Algonquin Power & Utilities Corp.
AQN's fundamentals are mixed, but it looks expensive: trading at 30x earnings, above its usual 20x. Analysts expect strong earnings growth, though they disagree widely on how much.
AQN Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Under pressure | |
| Weak |
AQN's revenue and profitability are currently healthy, but its cash flow and balance sheet are under pressure.
AQN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 13x | $2.40 | -57% |
| Forward | 15x | $5.53 | — |
| Fair | 19x | $3.49 | -37% |
| Current | 30x | $5.53 | — |
| Expensive | 35x | $6.22 | +12% |
Historical ranges are pointers, not guarantees.
AQN's PE is in its expensive range at 30x. If earnings grow as analysts expect, today's price would be 15x next year's earnings, in its cheap range.
AQN Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Stable | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for AQN, with profitability holding steady. However, they disagree widely on these estimates.
AQN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.38 | +112% |
| Q2 2026 | $0.18 | +$1.96 |
| Q1 2026 | $0.21 | +$1.74 |
| Q4 2025 | $0.22 | +$2.00 |
| Q3 2025 | -$0.03 | +$1.25 |
| Q2 2025 | -$1.78 | -1213% |
| Q1 2025 | -$1.53 | -$1.04 |
| Q4 2024 | -$1.78 | -6033% |
| Q3 2024 | -$1.28 | -$0.91 |
AQN has returned to profit: it earned $0.18 per share over the past year, after losing money the year before.
AQN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $543.9M | +3.1% |
| Q1 2026 | $792.4M | +14% |
| Q4 2025 | $630.7M | +7.8% |
| Q3 2025 | $582.7M | +1.7% |
| Q2 2025 | $527.8M | +2.4% |
| Q1 2025 | $692.4M | +7.1% |
| Q4 2024 | $584.8M | -12% |
| Q3 2024 | $573.2M | +1.5% |
AQN's revenue has grown year over year for six quarters in a row: $544M last quarter, up 3.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 15% | +3.1 points |
| Q1 2026 | 23% | -3 points |
| Q4 2025 | 18% | 0 points |
| Q3 2025 | 26% | +6.3 points |
| Q2 2025 | 12% | -4.3 points |
| Q1 2025 | 26% | +3.6 points |
| Q4 2024 | 18% | +3.7 points |
| Q3 2024 | 19% | -2.8 points |
AQN's operating margin was 15% last quarter, up 3.1 points from the same quarter a year ago.
AQN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $123.7M | +72% |
| Q1 2026 | -$85.1M | +$63.1M |
| Q4 2025 | -$44.8M | +$170.9M |
| Q3 2025 | -$52.2M | +$63.9M |
| Q2 2025 | $71.8M | +133% |
| Q1 2025 | -$148.3M | -$66.9M |
| Q4 2024 | -$215.6M | -$81.3M |
| Q3 2024 | -$116.1M | +$29M |
AQN has burned cash in most quarters: −$58M over the past year, against −$408M the year before.
AQN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -30K shares |
| 1 year | +0.1% | +466K shares |
| 3 years | +12% | +85M shares |
| 5 years | +25% | +153M shares |
| Available history | +54% | +272M shares |
AQN has 773M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
AQN hasn't bought back shares in the past year.
AQN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 7.0x | High |
| Q1 2026 | 6.9x | High |
| Q4 2025 | 6.8x | High |
| Q3 2025 | 6.9x | High |
| Q2 2025 | 6.8x | High |
| Q1 2025 | 5.4x | High |
| Q4 2024 | 6.4x | High |
| Q3 2024 | 6.0x | High |
AQN's net debt is about 7.0 years of its operating earnings (EBITDA), up from 6.8 years a year ago.
AQN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 47.7 | Neutral |
| Stochastic | 56.2 | Neutral |
AQN's weekly RSI is 48 (neutral) and its Stochastic is 56 (neutral).
AQN PE vs Utilities Sector
| Metric | AQN | Sector median | Relative |
|---|---|---|---|
| PE | 30x | 20x | 49% above |
| PE % | 73 | 44 | 29 pts above |
AQN is trading at 30x earnings, a 49% premium to the Utilities sector's median of 20x.
AQN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $5.30 | 4.3% above |
| 20 week MA | $5.53 | 0% above |
| 50 week MA | $5.95 | 7.1% below |
| 100 week MA | $5.68 | 2.6% below |
| 200 week MA | $6.11 | 9.5% below |
AQN has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 9.5% below its 200-week average.
AQN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $14.3 | $16.2 | +14% |
| 2021 | $16.2 | $14.3 | -12% |
| 2022 | $14.3 | $6.76 | -53% |
| 2023 | $6.76 | $6.32 | -6.5% |
| 2024 | $6.32 | $4.48 | -29% |
| 2025 | $4.48 | $6.19 | +38% |
| 2026 YTD | $6.19 | $5.53 | -11% |
AQN has finished lower in four of the last six years. It's down 11% so far in 2026.