Algonquin Power & Utilities Corp. (AQN) — RQD Stock Rating Cockpit

Per the Roarable RQD rating, AQN scores 62 out of 100, a letter grade of C, with the verdict "Roarable Hold — Fair / Balanced Risk-Reward." The five pillars are: Fundamental Cash Engine at 13/20 (ROIC 3.7%; FCF yield 14.2%), Whale 13F Flow at 9/20 (institutional accumulation and options positioning), Insider Conviction at 16/20 (SEC Form 4 and Congressional PTR cluster flow), Macro Regime Fit at 9/20 (Beta 1.0; sector sensitivity), and Forensic Balance Sheet at 15/20 (Altman Z 2.5; Piotroski F 7/9; Debt/Equity 1.33).

For a prospective investor, the strongest pillar is insider conviction, which sits at 16/20 and is the highest-weighted signal in the rating. The cash engine is the most attractive fundamental feature, with a 14.2% FCF yield, but it is tempered by a low 3.7% ROIC, which suggests that the cash generated is not compounding efficiently on invested capital. Institutional flow (9/20) and macro regime fit (9/20) are the weakest pillars, indicating limited whale accumulation and a beta of 1.0 that means the stock moves in line with the market rather than providing defensive or asymmetric exposure. The forensic balance sheet at 15/20 supports the view that leverage and solvency metrics are serviceable but not pristine. Valuation tradeoffs are visible in the multiples: a P/E (TTM) of 23.1 and EV/EBITDA of 20.4 are elevated relative to the EPS (TTM) of 0.23, so upside depends on earnings growth or multiple stability rather than current earnings support. The overall rating reads as balanced: a cash-generative business with a meaningful dividend yield, offset by weak capital efficiency, middling macro positioning, and valuation that leaves limited margin for error. This is an analytical framing, not personalized financial advice.

Per the market data, operating margin is 20.7%, net margin is 7.4%, and gross margin is 0%, with ROIC at 3.7%. Per the Roarable RQD rating, the Altman Z-Score is 2.5, the Piotroski F-Score is 7/9, and Debt/Equity is 1.33, which together describe a balance sheet that is serviceable but carries meaningful leverage. Net income swung from $28.7M in FY 2023 to $-1380.5M in FY 2024 before recovering to $180.8M in FY 2025, a volatility pattern the source data does not explain. Debt has remained above $6.1B across reported years, and cash is modest at $32.7M in FY 2025.

• Earnings call (MARKET WIRE, YELLOW): An 8:30 a.m. ET earnings call is scheduled for November 6, 2026.
• Risk Watch (RISK WATCH, RED): A MarketWatch report notes the stock fell on a Monday and underperformed the market.
• Institutional trim (MARKET WIRE, YELLOW): A GuruFocus report states that EdgePoint Investment Group Inc. trimmed its AQN position.
• Positive catalyst (CATALYST, GREEN): A MarketWatch report notes the stock rose on a Friday and outperformed the market.
• Dividend sustainability (MARKET WIRE, YELLOW): A kalkine.ca report asks whether AQN can sustain its dividend payout and strengthen its income investment case.
• General market wire (MARKET WIRE, YELLOW): A Yahoo Finance UK feed covers market action and institutional positioning.

Per the Butterfly Supply-Chain Graph, supply chain is listed as NONE, with no butterfly links and no proprietary signals.

• What drove the net loss of $-1380.5M in FY 2024 and the swing to $180.8M net income in FY 2025, and are those items recurring or one-time?
• Why is gross margin reported at 0%, and what cost structure underlies that figure?
• What is the composition and maturity profile of the $6168.9M in debt, and how is it serviced relative to the $593.6M FCF?
• What is the current 13F institutional ownership breakdown, and who is driving the accumulation or trimming signals?
• What are the EPS figures for each reported fiscal year, given that the source lists EPS as N/A for all periods?