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Capital Power (CPX) USD

At a glance: strengths & risks
✓Revenue growing (+67% y/y, Q2 2026)✓Margins improving (5%→28%, Q2 2026)✗High leverage (6.5x EBITDA)

Sector: Electricity

COMM_CPX

Price chart

61.3 CADDay -0.29%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
61.3 CAD · -0.29%
Market cap
6.8 bn USD

Growth

Δ revenue y/y
66.9%
Δ EBITDA y/y
-28.7%

Multiples

P/E (LTM)
38.1x
3y avg: 26.1x
P/B (FY)
1.9x
P/E (ann.)
<0
EV/EBITDA (LTM)
13.5x
3y avg: 10.9x
EV/EBITDA (ann.)
17.3x

Cash return

Dividend yield
4.5%
FCF yield (LTM)
-37.7%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-54.1%
↓ details

Liquidity

Daily turnover (listing)
25.4 mln CAD

Shares: connector/market_inputs

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK532.2
y/y 66.9%
34.5
y/y —
133.1
y/y 33.3%
167.6
y/y —
-31.6
y/y —
153.9-148.211015.7
y/y -0.7%
3330.3
y/y -6.6%
-3.7%4797.7Yahoo Finance
2026-03-31Q1 2026 (3M)OK875.9
y/y 27.6%
77.1
y/y -52.0%
118.5
y/y 35.3%
195.5
y/y -21.2%
10.9
y/y -89.6%
226.8-191.911212.8
y/y 25.3%
3448.9
y/y 6.8%
1.2%4819.5Yahoo Finance
2025-12-31Q4 2025 (3M)OK774.6
y/y —
23.7
y/y —
114.2
y/y —
138.0
y/y —
-9.3
y/y —
147.3-204.111277.4
y/y 25.5%
3547.3
y/y 11.5%
3.2%4845.2Yahoo Finance
2025-06-30Q2 2025 (3M)OK318.9
y/y —
-111.4
y/y —
99.8
y/y —
-11.6
y/y —
-95.5
y/y —
103.4-2243.811094.0
y/y —
3567.1
y/y —
-11.2%4850.5Yahoo Finance
2025-03-31Q1 2025 (3M)OK686.7
y/y —
160.6
y/y —
87.6
y/y —
248.1
y/y —
105.0
y/y —
146.0-191.88947.2
y/y —
3230.7
y/y —
13.1%2959.2Yahoo Finance
2024-12-31FY 2024 (12M)OK2748.6
y/y -13.4%
589.6
y/y -23.5%
366.1
y/y -13.9%
955.8
y/y -20.1%
508.8
y/y -7.7%
832.7-1394.78986.7
y/y 6.7%
3180.4
y/y 32.1%
18.2%2867.0Yahoo Finance
2023-12-31FY 2023 (12M)OK3173.1
y/y —
770.7
y/y —
425.4
y/y —
1196.0
y/y —
551.3
y/y —
609.1-598.08419.0
y/y —
2407.4
y/y —
—2497.9Yahoo Finance

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)456
Long-term debt (incl. LT leases)4 449
− Cash & equivalents107
Net debt4 798

Net debt / LTM EBITDA: 5.6x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-1 00001 0002 0003 0002023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Year-over-year change

-25%0%25%50%75%2023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-2 500-2 000-1 500-1 000-50002023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Net debt / cash ($ mln)

01 0002 0003 0004 0005 0002023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodElectricity generation
Gigawatt hours		Generation facility availability
%		Total electricity generation
GWh		Total average availability
%		Canada Flexible Generation
GWh		Canada Renewables
GWh
Q2 2026-0610 137
+12.4%		87
−6.5%		10 137
+12.4%		87
−6.5%		——
H1 2026-0621 605
+16.3%		90
−1.1%		21 605
+16.3%		———
Q4 2025-1212 665
+34.6%		90
+1.1%		————
FY 2025-1244 616
+18.0%		91
−1.1%		——18 721
+17.2%		2 252
−13.9%
Q2 2025-069 022939 02293——
H1 2025-0618 5779118 577———
Q4 2024-129 40889————
FY 2024-1237 82192——15 9762 617

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://www.capitalpower.com/media/media_releases/capital-power-reports-second-quarter-2026-results/; https://www.capitalpower.com/wp-content/uploads/2025/11/Capital-Power-2025-Investor-Day-Presentation.pdf; https://www.capitalpower.com/wp-content/uploads/2026/03/capital-power-2025-annual-information-form.pdf; https://www.capitalpower.com/wp-content/uploads/2026/03/capital-power-2025-q4-report.pdf; https://www.capitalpower.com/wp-content/uploads/2026/07/Capital-Power-2026-Q2-Report.pdf

Key-commodity price — Electricity Spot

Current 117spot vs LTM +51%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -54.1% ▲ +0.1 pp 1d

Main driver: Electricity Spot +51% vs LTM; revenue ×1.20 vs costs ×1.00; EBITDA 512→654; at 12.0× EV/EBITDA → -54%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Electricity Spot (rev)+40%117.4077.9262.56+51%-20%
Henry Hub Gas (input cost) (cost)-25%3.013.383.12-11%-8%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue2 502
LTM EBITDA512
LTM cash costs (revenue − EBITDA)1 990
2 · Revenue projection
Revenue multiplier — spot×1.203 (+20%)
= Spot revenue3 009
Revenue multiplier — 3y price×0.921 (-8%)
= 3-year-price revenue2 304
3 · Costs projection
Cost multiplier — spot×1.003 (+0%)
= Spot cash costs1 995
Cost multiplier — 3y price×1.011 (+1%)
= 3-year-price cash costs2 011
4 · EBITDA projection (revenue − costs)
= Spot EBITDA1 014
= 3-year-price EBITDA293
Conservative EBITDA = min(spot, avg)654
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)12.0x
Target EV = EV/EBITDA × conservative EBITDA7 843
Net debt4 798
Target market cap = EV − net debt3 040
Current market cap6 626

Upside = target market cap ÷ current − 1 = -54.1%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 FY3 1731 754+80.9%1 243335+270.9%
2024 FY2 7493 277-16.1%1 1831 337-11.6%
2025 FY2 6603 221-17.4%7501 410-46.8%

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 8.1x · target 75th pct (3y) 15.9x · LTM avg 14.7x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-290.705 CADEx-dividend: 0.705 CAD per sharePaidYahoo Finance (ex-div)
2026-06-300.691 CADEx-dividend: 0.691 CAD per sharePaidYahoo Finance (ex-div)
2026-03-310.691 CADEx-dividend: 0.691 CAD per sharePaidYahoo Finance (ex-div)
2025-12-310.691 CADEx-dividend: 0.691 CAD per sharePaidYahoo Finance (ex-div)
2025-09-290.691 CADEx-dividend: 0.691 CAD per sharePaidYahoo Finance (ex-div)
2025-06-300.652 CADEx-dividend: 0.652 CAD per sharePaidYahoo Finance (ex-div)
2025-03-310.652 CADEx-dividend: 0.652 CAD per sharePaidYahoo Finance (ex-div)
2024-12-310.652 CADEx-dividend: 0.652 CAD per sharePaidYahoo Finance (ex-div)
2024-09-270.652 CADEx-dividend: 0.652 CAD per sharePaidYahoo Finance (ex-div)
2024-06-280.615 CADEx-dividend: 0.615 CAD per sharePaidYahoo Finance (ex-div)
2024-03-270.615 CADEx-dividend: 0.615 CAD per sharePaidYahoo Finance (ex-div)
2023-12-280.615 CADEx-dividend: 0.615 CAD per sharePaidYahoo Finance (ex-div)
2023-09-280.615 CADEx-dividend: 0.615 CAD per sharePaidYahoo Finance (ex-div)
2023-06-290.58 CADEx-dividend: 0.58 CAD per sharePaidYahoo Finance (ex-div)
2023-03-300.58 CADEx-dividend: 0.58 CAD per sharePaidYahoo Finance (ex-div)
2022-12-290.58 CADEx-dividend: 0.58 CAD per sharePaidYahoo Finance (ex-div)
2022-09-280.58 CADEx-dividend: 0.58 CAD per sharePaidYahoo Finance (ex-div)
2022-06-290.548 CADEx-dividend: 0.548 CAD per sharePaidYahoo Finance (ex-div)
2022-03-300.548 CADEx-dividend: 0.548 CAD per sharePaidYahoo Finance (ex-div)
2021-12-300.548 CADEx-dividend: 0.548 CAD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Capital Power (CPX) — from primary filings.

Frequently asked questions

What is Capital Power (CPX)'s P/E ratio?
Capital Power (CPX) trades at a P/E of 38.1x (price to trailing 12-month earnings).
What is Capital Power (CPX)'s EV/EBITDA?
Capital Power (CPX) trades at 13.5x EV/EBITDA.
What is Capital Power (CPX)'s P/B ratio?
Capital Power (CPX) trades at a P/B of 1.9x.
What is Capital Power (CPX)'s dividend yield?
Capital Power (CPX)'s trailing 12-month dividend yield is 4.5%.
What is Capital Power (CPX)'s return on equity (ROE)?
Capital Power (CPX)'s ROE is -3.7%.
What is Capital Power (CPX)'s market capitalization?
Capital Power (CPX)'s market cap is 6.8 bn USD.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map