# Boralex Inc. (BLX.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Utilities / Independent Power and Renewable Electricity Producers. Price C$37.24, market value C$3.8 billion.

## Valuation
- **P/E (trailing): n/a** (negative earnings). Boralex Inc. reported negative earnings over the last twelve months, so the P/E is not meaningful; use price-to-sales, EV/EBITDA and free-cash-flow yield instead.
- **Price / sales: 4.3×**. Each dollar of revenue is priced at 4.3×.
- **Price / book: 2.5×**. The shares trade at 2.5× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 15.0×**. Enterprise value is 15.0× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: -2.7%** (5-yr avg 0.1%). Free cash flow is negative: the business is consuming cash, which is normal for heavy investment phases but a warning otherwise.

## Profitability
- **Gross margin: 38.3%**. Boralex Inc. keeps 38.3% of revenue after the direct cost of what it sells.
- **Operating margin: 22.9%**. 22.9% of revenue is left after running the business, a healthy level in most sectors.
- **Net margin: 0.8%**. 0.8% of each dollar of sales reaches the bottom line.
- **Return on equity: 0.5%**. 0.5% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 1.8%**. Return on all capital, debt included, is 1.8%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: -0.4%**. Each dollar of assets produces -0.4% of profit.

## Growth
- **Revenue growth (1 yr): -0.5%** (3-yr 0.5%/yr, 5-yr 6.0%/yr). Revenue fell 0.5% over the last year, against 6.0% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -80.5%** (3-yr -38.3%/yr, 5-yr -34.4%/yr). Earnings per share fell 80.5%, slower than revenue, so margins compressed.

## Financial health
- **Debt to equity: 3.02**. Debt is 3.02 times equity, a leveraged balance sheet, which is normal for utilities.
- **Net debt / EBITDA: 7.9×**. It would take 7.9 years of operating earnings to repay net borrowings, above the 3× level most lenders treat as comfortable.
- **Interest coverage: 1.1×**. Operating profit covers interest only 1.1×: fragile.
- **Current ratio: 1.29** (quick 1.29). Current assets cover the next year's liabilities 1.29 times.
- **Piotroski F-score: 4/9**. 4 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 1.77%** (C$0.66 per share, trailing). Boralex Inc. yields 1.77%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 971%**. The dividend exceeds earnings (971% payout), which is rarely sustainable outside REITs and one-off years.
- **Consecutive years of increases: 12**. 12 straight years of increases, a record that survived at least one recession.
- **Dividend growth (5 yr): 0.0%/yr** (1-yr 0.0%). The dividend has not grown over five years.
- **Shareholder yield: 1.8%**. Dividends plus net buybacks return 1.8% of the market value a year.

## Analyst view
- **Analyst consensus: hold** (1 analyst). 1 analysts cover Boralex Inc.; the consensus is hold, with an average price target of C$37.25 (+0% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 28.2%** (YTD 48.6%, 3-mo 1.5%). The shares are up 28.2% over twelve months including dividends.
- **From 52-week high: -0.0%** (58.6% above the low). Trading within 5% of its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 67**. An RSI of 67 is neutral.
- **Beta (1 yr): 0.44** (volatility 25%). Beta of 0.44 against the S&P/TSX Composite: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=BLX.TO · Page: https://foliofundamentals.com/stocks/blx.to

Not investment advice.