Northland Power

L'entreprise

Northland Power develops, owns and operates clean and green power globally — offshore wind in Europe and Taiwan, onshore renewables, natural gas, and a regulated utility in Colombia.

It is mid-construction on major offshore wind projects, a capital-intensive, execution-heavy phase.

Trailing-twelve-month revenue was ~C$2.57B (period ended Mar 31, 2026), up ~5% year over year.

Les avantages concurrentiels

Deep offshore-wind development expertise and a global operating platform are difficult to replicate and command scarcity value.

Long-term contracted/regulated revenue on operating assets provides a stable cash base beneath the development pipeline.

However, the moat is offset by heavy leverage and construction risk during the current build phase.

Aperçu financier

Période déclarée la plus récente : Q1 FY2026 (TTM ended Mar 31, 2026); FY2025 ended Dec 31, 2025. Les chiffres reflètent la date de révision — confirmez les chiffres actuels avant d'agir.

Rendement du flux de trésorerie disponible et croissance durable

Rendement du flux de trésorerie disponible : ≈24.8% (est.)Reported FCF yield ≈ 24.8% (TTM FCF ~C$1.42B on ~C$5.7B market cap) is MISLEADING and overstated: the ~C$160M reported capex excludes multi-billion offshore-wind construction financed at the project level. On a true growth-inclusive basis Northland is a heavy net consumer of capital, so this figure should not be read as sustainable free cash generation.

Reported free cash flow looks very large (~C$1.42B TTM), but this dramatically overstates true self-funding: the ~C$160M reported capex excludes the multi-billion offshore-wind construction spend, which is financed at the project level and flows through investing/financing rather than maintenance capex.

On a genuine, growth-inclusive basis Northland is a heavy net consumer of capital while its projects are being built.

Sustainable growth therefore depends on completing offshore wind projects on time and on budget and converting them to contracted operating cash flow — an execution story, not a current-FCF story.

Voir le classement complet du rendement du flux de trésorerie disponible →

Valorisation et points à surveiller

At ~C$21.70 the market cap is ~C$5.7B; there is no meaningful PE because the company is loss-making at the GAAP level.

Valuation hinges on the future cash flows of offshore wind projects under construction rather than current earnings, making it the most speculative name in this group.

The ~3.4% dividend yield provides some current return while investors wait for projects to commission.

Dividende

Annualized dividend of ~C$0.72 per share, a yield of roughly 3.4%. This sits well below Northland's historical rate, indicating a reset to preserve capital for its build-out. With GAAP losses and heavy project spending, dividend sustainability is a genuine question and depends on project commissioning and deleveraging.

Risques et scénario baissier

• Offshore wind construction carries significant execution, supply-chain and cost-overrun risk; delays directly hit future cash flows.
• GAAP net losses and high leverage make the company sensitive to interest rates and financing conditions.
• Reported free cash flow is misleading; true growth capital needs are far larger, so the balance sheet, not the FCF line, is the thing to watch.
• Dividend coverage is uncertain given ongoing losses and the apparent reduction from historical levels.

Faits récents

FY2025 swung to a net loss of ~C$163M (from a ~C$272M profit in 2024), with the loss continuing on a trailing basis (-C$141M).

Operating cash flow rose to ~C$1.58B, but this precedes the large project-construction outflows recorded elsewhere.

The annualized dividend stands at ~C$0.72, below historical levels, reflecting a capital-preservation stance during the build phase.

Verdict

Northland Power is the most speculative name in this utility group — a global offshore-wind developer whose value depends on executing multi-billion-dollar construction projects, not on current earnings (it is loss-making) or its optically large but misleading reported free cash flow. Between GAAP losses, heavy leverage, construction risk and an apparently reduced dividend, it is a higher-risk, project-execution bet rather than a defensive income holding. Investors should scrutinize the balance sheet and project timelines closely. CoinCompass publishes analysis, not advice.