NORTHLAND POWER INC (NPI.CA) Fundamental Analysis & Valuation
TSX:NPI • CA6665111002
21.38 CAD
+0.17 (+0.8%)
Last: Mar 10, 2026, 07:00 PM
This NPI.CA fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.
We assign a fundamental rating of 5 out of 10 to NPI. NPI was compared to 32 industry peers in the Independent Power and Renewable Electricity Producers industry. Both the profitability and the financial health of NPI get a neutral evaluation. Nothing too spectacular is happening here. NPI is not valued too expensively and it also shows a decent growth rate.
1. NPI.CA Profitability Analysis
1.1 Basic Checks
- In the past year NPI was profitable.
- In the past year NPI had a positive cash flow from operations.
- The reported net income has been mixed in the past 5 years: NPI reported negative net income in multiple years.
- In the past 5 years NPI always reported a positive cash flow from operatings.
1.2 Ratios
- NPI has a better Return On Assets (-1.28%) than 62.50% of its industry peers.
- With a decent Return On Equity value of -4.18%, NPI is doing good in the industry, outperforming 62.50% of the companies in the same industry.
- The Return On Invested Capital of NPI (4.39%) is better than 93.75% of its industry peers.
- The Average Return On Invested Capital over the past 3 years for NPI is in line with the industry average of 3.57%.
- The 3 year average ROIC (4.29%) for NPI is below the current ROIC(4.39%), indicating increased profibility in the last year.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -1.28% | ||
| ROE | -4.18% | ||
| ROIC | 4.39% |
ROA(3y)-0.22%
ROA(5y)1.29%
ROE(3y)-0.72%
ROE(5y)4.58%
ROIC(3y)4.29%
ROIC(5y)4.57%
1.3 Margins
- The Operating Margin of NPI (32.99%) is better than 90.63% of its industry peers.
- NPI's Operating Margin has declined in the last couple of years.
- Looking at the Gross Margin, with a value of 90.41%, NPI belongs to the top of the industry, outperforming 100.00% of the companies in the same industry.
- In the last couple of years the Gross Margin of NPI has remained more or less at the same level.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 32.99% | ||
| PM (TTM) | N/A | ||
| GM | 90.41% |
OM growth 3Y-8.06%
OM growth 5Y-4.18%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y0.54%
GM growth 5Y0.05%
2. NPI.CA Health Analysis
2.1 Basic Checks
- With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), NPI is destroying value.
- The number of shares outstanding for NPI has been increased compared to 1 year ago.
- Compared to 5 years ago, NPI has more shares outstanding
- NPI has a better debt/assets ratio than last year.
2.2 Solvency
- Based on the Altman-Z score of 0.58, we must say that NPI is in the distress zone and has some risk of bankruptcy.
- NPI has a better Altman-Z score (0.58) than 84.38% of its industry peers.
- NPI has a debt to FCF ratio of 5.57. This is a neutral value as NPI would need 5.57 years to pay back of all of its debts.
- The Debt to FCF ratio of NPI (5.57) is better than 93.75% of its industry peers.
- A Debt/Equity ratio of 1.53 is on the high side and indicates that NPI has dependencies on debt financing.
- NPI has a Debt to Equity ratio of 1.53. This is in the better half of the industry: NPI outperforms 75.00% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.53 | ||
| Debt/FCF | 5.57 | ||
| Altman-Z | 0.58 |
ROIC/WACC0.78
WACC5.66%
2.3 Liquidity
- NPI has a Current Ratio of 1.07. This is a normal value and indicates that NPI is financially healthy and should not expect problems in meeting its short term obligations.
- Looking at the Current ratio, with a value of 1.07, NPI is in the better half of the industry, outperforming 78.13% of the companies in the same industry.
- A Quick Ratio of 1.07 indicates that NPI should not have too much problems paying its short term obligations.
- With an excellent Quick ratio value of 1.07, NPI belongs to the best of the industry, outperforming 81.25% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.07 | ||
| Quick Ratio | 1.07 |
3. NPI.CA Growth Analysis
3.1 Past
- NPI shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 32.04%, which is quite impressive.
- Measured over the past years, NPI shows a decrease in Earnings Per Share. The EPS has been decreasing by -5.35% on average per year.
- NPI shows a small growth in Revenue. In the last year, the Revenue has grown by 4.20%.
- The Revenue has been growing slightly by 3.48% on average over the past years.
EPS 1Y (TTM)32.04%
EPS 3Y-26.68%
EPS 5Y-5.35%
EPS Q2Q%89.8%
Revenue 1Y (TTM)4.2%
Revenue growth 3Y-0.05%
Revenue growth 5Y3.48%
Sales Q2Q%26.82%
3.2 Future
- The Earnings Per Share is expected to grow by 25.16% on average over the next years. This is a very strong growth
- NPI is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 1.66% yearly.
EPS Next Y9.17%
EPS Next 2Y2.33%
EPS Next 3Y0.17%
EPS Next 5Y25.16%
Revenue Next Year6.56%
Revenue Next 2Y4.53%
Revenue Next 3Y2.63%
Revenue Next 5Y1.66%
3.3 Evolution
- The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
- The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
4. NPI.CA Valuation Analysis
4.1 Price/Earnings Ratio
- A Price/Earnings ratio of 15.72 indicates a correct valuation of NPI.
- NPI's Price/Earnings ratio is rather cheap when compared to the industry. NPI is cheaper than 84.38% of the companies in the same industry.
- Compared to an average S&P500 Price/Earnings ratio of 26.25, NPI is valued a bit cheaper.
- Based on the Price/Forward Earnings ratio of 14.40, the valuation of NPI can be described as correct.
- NPI's Price/Forward Earnings ratio is rather cheap when compared to the industry. NPI is cheaper than 87.50% of the companies in the same industry.
- NPI's Price/Forward Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 24.39.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 15.72 | ||
| Fwd PE | 14.4 |
4.2 Price Multiples
- NPI's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. NPI is cheaper than 87.50% of the companies in the same industry.
- Based on the Price/Free Cash Flow ratio, NPI is valued cheaper than 100.00% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 4.43 | ||
| EV/EBITDA | 7.87 |
4.3 Compensation for Growth
- The PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
- The decent profitability rating of NPI may justify a higher PE ratio.
PEG (NY)1.71
PEG (5Y)N/A
EPS Next 2Y2.33%
EPS Next 3Y0.17%
5. NPI.CA Dividend Analysis
5.1 Amount
- NPI has a Yearly Dividend Yield of 3.36%. Purely for dividend investing, there may be better candidates out there.
- Compared to an average industry Dividend Yield of 3.45, NPI has a dividend in line with its industry peers.
- Compared to an average S&P500 Dividend Yield of 1.82, NPI pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.36% |
5.2 History
- The dividend of NPI decreases each year by -1.56%.
- NPI has paid a dividend for at least 10 years, which is a reliable track record.
- NPI has not decreased its dividend for at least 10 years, so it has a reliable track record of non decreasing dividend.
Dividend Growth(5Y)-1.56%
Div Incr Years0
Div Non Decr Years17
5.3 Sustainability
- NPI has negative earnings and hence a negative payout ratio. The dividend may be in danger.
DP-172.39%
EPS Next 2Y2.33%
EPS Next 3Y0.17%
NPI.CA Fundamentals: All Metrics, Ratios and Statistics
TSX:NPI (3/10/2026, 7:00:00 PM)
21.38
+0.17 (+0.8%)
Chartmill FA Rating
GICS SectorUtilities
GICS IndustryGroupUtilities
GICS IndustryIndependent Power and Renewable Electricity Producers
Earnings (Last)02-25 2026-02-25/amc
Earnings (Next)05-12 2026-05-12
Inst Owners40.64%
Inst Owner ChangeN/A
Ins Owners0.15%
Ins Owner ChangeN/A
Market Cap5.59B
Revenue(TTM)2.44B
Net Income(TTM)-169.57M
Analysts73.33
Price Target23.38 (9.35%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.36% |
Yearly Dividend1.12
Dividend Growth(5Y)-1.56%
DP-172.39%
Div Incr Years0
Div Non Decr Years17
Ex-Date02-27 2026-02-27 (0.06)
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)147.16%
Min EPS beat(2)115.14%
Max EPS beat(2)179.18%
EPS beat(4)2
Avg EPS beat(4)0.49%
Min EPS beat(4)-249.11%
Max EPS beat(4)179.18%
EPS beat(8)4
Avg EPS beat(8)-15.17%
EPS beat(12)5
Avg EPS beat(12)-51.74%
EPS beat(16)9
Avg EPS beat(16)29.61%
Revenue beat(2)2
Avg Revenue beat(2)4.24%
Min Revenue beat(2)1.95%
Max Revenue beat(2)6.54%
Revenue beat(4)2
Avg Revenue beat(4)0.65%
Min Revenue beat(4)-3.22%
Max Revenue beat(4)6.54%
Revenue beat(8)4
Avg Revenue beat(8)1.07%
Revenue beat(12)7
Avg Revenue beat(12)0.89%
Revenue beat(16)11
Avg Revenue beat(16)5.06%
PT rev (1m)0%
PT rev (3m)0%
EPS NQ rev (1m)25%
EPS NQ rev (3m)25%
EPS NY rev (1m)10.17%
EPS NY rev (3m)6.96%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0.91%
Revenue NY rev (3m)0.91%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 15.72 | ||
| Fwd PE | 14.4 | ||
| P/S | 2.29 | ||
| P/FCF | 4.43 | ||
| P/OCF | 3.92 | ||
| P/B | 1.38 | ||
| P/tB | 1.86 | ||
| EV/EBITDA | 7.87 |
EPS(TTM)1.36
EY6.36%
EPS(NY)1.48
Fwd EY6.94%
FCF(TTM)4.83
FCFY22.57%
OCF(TTM)5.45
OCFY25.51%
SpS9.35
BVpS15.53
TBVpS11.47
PEG (NY)1.71
PEG (5Y)N/A
Graham Number21.8
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -1.28% | ||
| ROE | -4.18% | ||
| ROCE | 6.67% | ||
| ROIC | 4.39% | ||
| ROICexc | 4.64% | ||
| ROICexgc | 5.12% | ||
| OM | 32.99% | ||
| PM (TTM) | N/A | ||
| GM | 90.41% | ||
| FCFM | 51.62% |
ROA(3y)-0.22%
ROA(5y)1.29%
ROE(3y)-0.72%
ROE(5y)4.58%
ROIC(3y)4.29%
ROIC(5y)4.57%
ROICexc(3y)4.53%
ROICexc(5y)4.92%
ROICexgc(3y)4.98%
ROICexgc(5y)5.47%
ROCE(3y)6.52%
ROCE(5y)6.94%
ROICexgc growth 3Y-10.38%
ROICexgc growth 5Y-4.39%
ROICexc growth 3Y-9.7%
ROICexc growth 5Y-3.69%
OM growth 3Y-8.06%
OM growth 5Y-4.18%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y0.54%
GM growth 5Y0.05%
F-Score5
Asset Turnover0.18
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.53 | ||
| Debt/FCF | 5.57 | ||
| Debt/EBITDA | 4.09 | ||
| Cap/Depr | 22.95% | ||
| Cap/Sales | 6.72% | ||
| Interest Coverage | 2.57 | ||
| Cash Conversion | 93.7% | ||
| Profit Quality | N/A | ||
| Current Ratio | 1.07 | ||
| Quick Ratio | 1.07 | ||
| Altman-Z | 0.58 |
F-Score5
WACC5.66%
ROIC/WACC0.78
Cap/Depr(3y)57.56%
Cap/Depr(5y)64.84%
Cap/Sales(3y)16.65%
Cap/Sales(5y)18.44%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)32.04%
EPS 3Y-26.68%
EPS 5Y-5.35%
EPS Q2Q%89.8%
EPS Next Y9.17%
EPS Next 2Y2.33%
EPS Next 3Y0.17%
EPS Next 5Y25.16%
Revenue 1Y (TTM)4.2%
Revenue growth 3Y-0.05%
Revenue growth 5Y3.48%
Sales Q2Q%26.82%
Revenue Next Year6.56%
Revenue Next 2Y4.53%
Revenue Next 3Y2.63%
Revenue Next 5Y1.66%
EBIT growth 1Y-4.71%
EBIT growth 3Y-8.11%
EBIT growth 5Y-0.85%
EBIT Next Year94.02%
EBIT Next 3Y33.84%
EBIT Next 5Y18.86%
FCF growth 1Y164.7%
FCF growth 3Y-2.17%
FCF growth 5Y2.88%
OCF growth 1Y38.6%
OCF growth 3Y-8.02%
OCF growth 5Y1.53%
NORTHLAND POWER INC / NPI.CA FAQ
What is the fundamental rating for NPI stock?
ChartMill assigns a fundamental rating of 5 / 10 to NPI.CA.
What is the valuation status of NORTHLAND POWER INC (NPI.CA) stock?
ChartMill assigns a valuation rating of 6 / 10 to NORTHLAND POWER INC (NPI.CA). This can be considered as Fairly Valued.
Can you provide the profitability details for NORTHLAND POWER INC?
NORTHLAND POWER INC (NPI.CA) has a profitability rating of 6 / 10.
What is the valuation of NORTHLAND POWER INC based on its PE and PB ratios?
The Price/Earnings (PE) ratio for NORTHLAND POWER INC (NPI.CA) is 15.72 and the Price/Book (PB) ratio is 1.38.
What is the earnings growth outlook for NORTHLAND POWER INC?
The Earnings per Share (EPS) of NORTHLAND POWER INC (NPI.CA) is expected to grow by 9.17% in the next year.