The business behind the dividend
| Measure | AQN | Median | Formula |
|---|---|---|---|
| Return on equity | 3.9% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 4.5% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-190.80m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-178.30m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 20.7% | 15.0% | Operating income ÷ revenue |
| Net margin | 7.4% | 10.2% | Net income ÷ revenue |
| Debt to equity | 1.41x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 1.79x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 1.00x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 3.28x | 1.78x | Operating cash flow ÷ net income |
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | Median |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 3.9% | -29.3% | 0.6% | -4.1% | 4.5% | 15.0% | 13.7% | 5.8% | 5.5% | 4.5% |
| Return on capital employed | 4.5% | 3.9% | 3.7% | 3.2% | 3.4% | 3.9% | 4.7% | 5.8% | 6.5% | 3.9% |
| Operating margin | 20.7% | 19.2% | 19.4% | 14.5% | 18.2% | 22.9% | 22.6% | 23.0% | 24.8% | 20.7% |
| Net margin | 7.4% | -59.5% | 1.2% | -7.7% | 11.6% | 46.7% | 32.6% | 11.2% | 9.8% | 9.8% |
| Debt to equity | 1.41x | 1.42x | 1.49x | 1.44x | 1.06x | 0.87x | 1.01x | 1.05x | 1.13x | 1.13x |
| Current ratio | 1.00x | 0.76x | 0.63x | 0.71x | 0.69x | 0.73x | 0.59x | 0.99x | 0.88x | 0.73x |
| Cash conversion | 3.28x | — | 21.90x | — | 0.59x | 0.65x | 1.15x | 2.87x | 2.18x | 2.18x |
How it compares in utilities
Among the 57 utilities companies here measured on GAAP earnings, Algonquin Power & Utilities pays out less than 0 of them. The median for that group is 61.5%, against this company’s 118.2%.
Closest on GAAP earnings
- Sempra (SRE) 93.8%
- Firstenergy (FE) 100.6%
- Antero Midstream (AM) 105.9%
- TXNM Energy (TXNM) 111.5%
Same sector and same denominator, so the figures are comparable. All 58 in utilities →