Cash flow Boralex Inc.

Equities

BLX

CA09950M3003

Electric Utilities

Market Closed - Toronto S.E. Other stock markets 04:00:00 2026-01-19 pm EST			5-day change	1st Jan Change
26.96 ^CAD	+0.30%		+2.12%	+6.44%

Jan. 06	Boralex Inc. in Partnership with Walpole Island First Nation, Announces the Commercial Commissioning of Sanjgon Battery Energy Storage	CI
Jan. 06	Boralex Commissions First Operational Energy Storage Facility in North America	MT

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Published financial data: BORALEX INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues - (Utility Template)	619M	671M	818M	994M	817M
Other Revenues, Total	14M	20M	18M	28M	36M
Total Revenues	633M	691M	836M	1.02B	853M
Selling General & Admin Expenses, Total	44M	37M	55M	64M	75M
Depreciation & Amortization - (IS) - (Collected)	-	-	295M	-	-
Amortization of Goodwill and Intangible Assets - (IS)	237M	297M	-	293M	297M
R&D Expenses	23M	24M	33M	40M	57M
Other Operating Expenses	152M	150M	256M	379M	193M
Total Operating Expenses	456M	508M	639M	776M	622M
Operating Income (REIT / Utility Template)	177M	183M	197M	246M	231M
Interest Expense, Total	-122M	-137M	-130M	-135M	-133M
Interest and Investment Income	-	-	-	16M	19M
Net Interest Expenses	-122M	-137M	-130M	-119M	-114M
Income (Loss) on Equity Invest.	25M	9M	37M	59M	46M
Currency Exchange Gains (Loss)	-	-	-	-	-
Other Non Operating Income (Expenses)	-8M	-3M	3M	-9M	-12M
EBT, Excl. Unusual Items	72M	52M	107M	177M	151M
Total Merger & Related Restructuring Charges	-4M	-4M	-4M	-3M	-1M
Impairment of Goodwill	-	-	-4M	-	-
Gain (Loss) on Sale of Investments	-7M	-	-	-	-35M
Asset Writedown	-7M	-4M	-81M	-20M	-5M
Other Unusual Items	12M	-	-	-	-
EBT, Incl. Unusual Items	66M	44M	18M	154M	110M
Income Tax Expense	5M	18M	10M	39M	36M
Earnings From Continuing Operations	61M	26M	8M	115M	74M
Net Income to Company	61M	26M	8M	115M	74M
Minority Interest	-6M	-9M	22M	-37M	-38M
Net Income - (IS)	55M	17M	30M	78M	36M
Net Income to Common Incl Extra Items	55M	17M	30M	78M	36M
Net Income to Common Excl. Extra Items	55M	17M	30M	78M	36M
Per Share Items
Net EPS - Basic	0.56	0.17	0.29	0.76	0.35
Basic EPS - Continuing Operations	0.56	0.17	0.29	0.76	0.35
Basic Weighted Average Shares Outstanding	98.55M	103M	103M	103M	103M
Net EPS - Diluted	0.55	0.16	0.29	0.76	0.35
Diluted EPS - Continuing Operations	0.55	0.16	0.29	0.76	0.35
Diluted Weighted Average Shares Outstanding	98.67M	103M	103M	103M	103M
Normalized Basic EPS	0.4	0.23	0.87	0.72	0.55
Normalized Diluted EPS	0.4	0.23	0.86	0.72	0.55
Dividend Per Share	0.66	0.66	0.66	0.66	0.66
Payout Ratio	120	400	226.67	87.18	188.89
Supplemental Items
Utility Revenues	596M	679M	923M	994M	817M
Non Utility Revenues	14M	20M	18M	28M	36M
EBITDA	395M	458M	467M	516M	503M
EBITA	231M	275M	296M	324M	316M
EBIT	177M	183M	197M	246M	231M
Total Revenues (As Reported)	633M	691M	836M	1.02B	853M
Effective Tax Rate - (Ratio)	7.58	40.91	55.56	25.32	32.73
Total Current Taxes	9M	9M	17M	21M	26M
Total Deferred Taxes	-4M	9M	-7M	18M	10M
Normalized Net Income	39M	23.5M	88.88M	73.62M	56.38M
Interest Capitalized	3M	1M	2M	9M	19M
Interest on Long-Term Debt	128M	138M	21M	21M	20M
Supplemental Operating Expense Items
General and Administrative Expenses	44M	37M	55M	64M	75M
Research And Development Expense From Footnotes	23M	24M	33M	40M	57M
Maintenance & Repair Expenses, Total	53M	58M	52M	61M	65M
Stock-Based Comp., G&A Exp. (Total)	-	-	-	-	-
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	-	-	-	-	-

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	275M	256M	361M	478M	592M
Short Term Investments - (Utility / Insurance Templates)	-	-	-	-	-
Accounts Receivable, Total	157M	148M	234M	236M	264M
Other Receivables	-	-	-	-	-
Accounts Receivable (Summary Subtotal)	157M	148M	234M	236M	264M
Inventory - (Utility Template)	-	-	-	-	-
Prepaid Expenses	-	-	-	-	-
Restricted Cash	2M	3M	13M	22M	19M
Other Current Assets, Total	38M	53M	30M	35M	48M
Total Current Assets	472M	460M	638M	771M	923M
Gross Property Plant And Equipment	4.56B	4.91B	5.15B	5.38B	6.33B
Accumulated Depreciation	-1.13B	-1.28B	-1.47B	-1.66B	-1.89B
Net Property Plant And Equipment	3.43B	3.63B	3.68B	3.72B	4.45B
Goodwill	222M	218M	233M	234M	237M
Other Intangibles, Total	1.03B	1.15B	1.06B	986M	963M
Long-Term Investments - (Utility Template)	81M	144M	827M	721M	754M
Deferred Tax Assets Long-Term (Collected)	-	-	-	-	-
Deferred Charges Long-Term	-	-	-	-	-
Other Long-Term Assets, Total	84M	148M	107M	137M	281M
Total Assets	5.31B	5.75B	6.54B	6.57B	7.6B
Liabilities
Accounts Payable, Total	151M	127M	57M	38M	7M
Accrued Expenses, Total	-	-	285M	324M	155M
Short-Term Borrowings	-	-	12M	6M	5M
Current Portion of Long-Term Debt	229M	220M	404M	271M	339M
Current Portion of Leases	13M	16M	18M	20M	22M
Current Income Taxes Payable	-	-	-	-	-
Other Current Liabilities - (Bank / Utility Template)	10M	32M	45M	56M	437M
Total Current Liabilities	403M	395M	821M	715M	965M
Long-Term Debt	3.37B	3.41B	2.89B	3B	3.64B
Long-Term Leases	243M	290M	300M	327M	318M
Deferred Tax Liability Non-Current	137M	174M	267M	260M	256M
Other Non Current Liabilities, Total	171M	267M	236M	244M	402M
Total Liabilities	4.32B	4.54B	4.51B	4.55B	5.58B
Common Stock, Total	1.32B	1.32B	1.32B	1.32B	1.32B
Additional Paid In Capital	9M	9M	10M	11M	12M
Retained Earnings	-249M	-299M	174M	183M	151M
Comprehensive Income and Other	-91M	-29M	174M	112M	115M
Total Common Equity	989M	1B	1.68B	1.63B	1.6B
Minority Interest	2M	210M	345M	395M	424M
Total Equity	991M	1.21B	2.03B	2.02B	2.02B
Total Liabilities And Equity	5.31B	5.75B	6.54B	6.57B	7.6B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	103M	103M	103M	103M	103M
ECS Total Common Shares Outstanding	103M	103M	103M	103M	103M
Book Value / Share	9.64	9.75	16.36	15.85	15.58
Tangible Book Value	-260M	-364M	389M	409M	401M
Tangible Book Value Per Share	-2.53	-3.55	3.79	3.98	3.9
Total Debt	3.85B	3.94B	3.62B	3.63B	4.32B
Net Debt	3.58B	3.68B	3.26B	3.15B	3.73B
Minority Interest, Total (Incl. Fin. Div)	2M	210M	345M	395M	424M
Equity Method Investments, Total	74M	107M	536M	510M	580M
Account Code - Inventory Valuation	6	6	3	3	3
Inventories - Raw Materials, Total	-	-	-	-	-
Inventories - Others	-	-	-	-	-
Machinery, Total	4.15B	4.4B	4.68B	4.85B	4.97B
Full Time Employees	527	562	626	753	822

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	55M	17M	30M	78M	36M
Depreciation, Depletion & Amortization	183M	205M	196M	215M	212M
Amortization of Goodwill and Intangible Assets - (CF)	54M	92M	99M	78M	85M
Total Depreciation, Depletion & Amortization	237M	297M	295M	293M	297M
Amortization of Deferred Charges, Total	15M	14M	14M	12M	11M
(Gain) Loss on Sale of Investments - (CF)	7M	-	-	-	35M
Total Asset Writedown	7M	4M	85M	20M	5M
(Income) Loss On Equity Investments - (CF)	7M	11M	-20M	-22M	-7M
Change in Accounts Receivable	25M	-7M	-83M	21M	-10M
Change In Inventories	-	-	-	-	-
Change in Accounts Payable	12M	-5M	194M	36M	-188M
Change in Other Net Operating Assets (Collected)	-13M	-6M	-1M	-6M	-2M
Other Operating Activities	10M	20M	-1M	64M	38M
Cash from Operations	362M	345M	513M	496M	215M
Capital Expenditure	-145M	-167M	-246M	-260M	-398M
Sale of Property, Plant, and Equipment	-	-	-	-	-
Cash Acquisitions	-98M	-274M	-8M	-	-
Purchase / Sale of Intangible Assets	-11M	-12M	-10M	-12M	-3M
Investment in Marketable and Equity Securities, Total	-	-6M	-401M	22M	-119M
Deferred Charges	-	-	-	-20M	-54M
Other Investing Activities, Total	7M	26M	-19M	2M	-4M
Cash from Investing	-247M	-433M	-684M	-268M	-578M
Long-Term Debt Issued, Total	413M	553M	184M	418M	955M
Total Debt Issued	413M	553M	184M	418M	955M
Long-Term Debt Repaid, Total	-520M	-390M	-566M	-459M	-372M
Total Debt Repaid	-520M	-390M	-566M	-459M	-372M
Issuance of Common Stock	201M	-	-	-	-
Common Dividends Paid	-66M	-68M	-68M	-68M	-68M
Common & Preferred Stock Dividends Paid	-66M	-68M	-68M	-68M	-68M
Other Financing Activities, Total	-28M	-20M	711M	0	-36M
Cash from Financing	0	75M	261M	-109M	479M
Foreign Exchange Rate Adjustments	7M	-6M	3M	4M	-1M
Net Change in Cash	122M	-19M	93M	123M	115M
Supplemental Items
Cash Interest Paid	102M	123M	105M	122M	132M
Cash Income Tax Paid (Refund)	5M	14M	7M	26M	30M
Net Debt Issued / Repaid	-107M	163M	-382M	-41M	583M
Levered Free Cash Flow	183M	152M	253M	117M	111M
Unlevered Free Cash Flow	245M	223M	320M	190M	183M
Change In Net Working Capital	-53M	9M	-158M	-15M	-143M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	2.24	2.07	2	2.34	2.04
Return on Total Capital	2.45	2.29	2.28	2.72	2.41
Return On Equity %	6.54	2.36	0.49	5.68	3.66
Return on Common Equity	5.95	1.71	2.24	4.71	2.23
Margin Analysis
Gross Profit Margin %	76.15	77.86	69.14	62.82	76.79
SG&A Margin	6.95	5.35	6.58	6.26	8.79
EBITDA Margin %	62.4	66.28	55.86	50.49	58.97
EBITA Margin %	36.49	39.8	35.41	31.7	37.05
EBIT Margin %	27.96	26.48	23.56	24.07	27.08
Income From Continuing Operations Margin %	9.64	3.76	0.96	11.25	8.68
Net Income Margin %	8.69	2.46	3.59	7.63	4.22
Net Avail. For Common Margin %	8.69	2.46	3.59	7.63	4.22
Normalized Net Income Margin	6.16	3.4	10.63	7.2	6.61
Levered Free Cash Flow Margin	28.97	21.96	30.25	11.48	13.04
Unlevered Free Cash Flow Margin	38.65	32.33	38.29	18.57	21.5
Asset Turnover
Asset Turnover	0.13	0.12	0.14	0.16	0.12
Fixed Assets Turnover	0.2	0.2	0.23	0.28	0.21
Receivables Turnover (Average Receivables)	3.99	4.4	4.28	4.23	3.27
Inventory Turnover (Average Inventory)	-	-	-	-	-
Short Term Liquidity
Current Ratio	1.17	1.16	0.78	1.08	0.96
Quick Ratio	1.07	1.02	0.72	1	0.89
Operating Cash Flow to Current Liabilities	0.9	0.87	0.62	0.69	0.22
Days Sales Outstanding (Average Receivables)	91.65	82.95	85.23	86.29	111.99
Days Outstanding Inventory (Average Inventory)	-	-	-	-	-
Average Days Payable Outstanding	300.56	331.6	72.15	45.62	26.8
Cash Conversion Cycle (Average Days)	-	-	-	-	-
Long Term Solvency
Total Debt/Equity	388.9	325.35	178.83	179.25	213.43
Total Debt / Total Capital	79.55	76.49	64.14	64.19	68.1
LT Debt/Equity	364.48	305.86	157.4	164.58	195.36
Long-Term Debt / Total Capital	74.55	71.91	56.45	58.93	62.33
Total Liabilities / Total Assets	81.35	78.94	69.02	69.21	73.37
EBIT / Interest Expense	1.45	1.34	1.52	1.82	1.74
EBITDA / Interest Expense	3.39	3.5	3.78	3.99	3.97
(EBITDA - Capex) / Interest Expense	2.2	2.28	1.89	2.07	0.98
Total Debt / EBITDA	9.31	8.21	7.36	6.73	8.19
Net Debt / EBITDA	8.64	7.68	6.63	5.84	7.06
Total Debt / (EBITDA - Capex)	14.33	12.59	14.73	13	33.25
Net Debt / (EBITDA - Capex)	13.3	11.77	13.26	11.29	28.69
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	10.28	9.16	20.98	22.25	-16.54
Gross Profit, 1 Yr. Growth %	7.83	11.62	7.43	11.07	0.15
EBITDA, 1 Yr. Growth %	6.18	15.95	1.3	10.49	-2.52
EBITA, 1 Yr. Growth %	18.46	19.05	6.47	9.46	-2.47
EBIT, 1 Yr. Growth %	23.78	3.39	5.91	24.87	-6.1
Earnings From Cont. Operations, 1 Yr. Growth %	-241.86	-57.38	-69.23	1.34K	-35.65
Net Income, 1 Yr. Growth %	-241.03	-69.09	76.47	160	-53.85
Diluted EPS Before Extra, 1 Yr. Growth %	-227.78	-70.91	82.52	159.9	-53.89
Normalized Net Income, 1 Yr. Growth %	136.36	-39.74	278.19	-17.16	-23.43
Net Property, Plant and Equip., 1 Yr. Growth %	15.23	6.01	1.13	1.36	19.36
Inventory, 1 Yr. Growth %	-	-	-	-	-
Accounts Receivable, 1 Yr. Growth %	2.61	-5.73	58.11	0.85	11.86
Total Assets, 1 Yr. Growth %	16.61	8.22	13.7	0.54	15.67
Tangible Book Value, 1 Yr. Growth %	828.57	40	-206.87	5.14	-1.96
Cash From Operations, 1 Yr. Growth %	23.13	-4.7	48.7	-3.31	-56.65
Capital Expenditures, 1 Yr. Growth %	-8.81	15.17	47.31	5.69	53.08
Levered Free Cash Flow, 1 Yr. Growth %	68.81	-17.25	67.88	-53.58	-5.22
Unlevered Free Cash Flow, 1 Yr. Growth %	34.13	-8.69	44.04	-40.73	-3.36
Dividend Per Share, 1 Yr. Growth %	0	0	0	0	0
Common Equity, 1 Yr. Growth %	15	1.21	67.93	-3.09	-1.72
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	14.96	9.72	14.92	21.61	1.01
Gross Profit, 2 Yr. CAGR %	18.03	9.71	9.51	9.24	6.45
EBITDA, 2 Yr. CAGR %	16.71	10.96	8.73	5.8	3.78
EBITA, 2 Yr. CAGR %	35.94	18.75	13.2	7.96	3.32
EBIT, 2 Yr. CAGR %	48.74	13.12	5.5	15	8.29
Earnings From Cont. Operations, 2 Yr. CAGR %	26.7	-22.24	-63.79	110.31	204.14
Net Income, 2 Yr. CAGR %	35.4	-33.98	-26.15	114.2	9.54
Diluted EPS Before Extra, 2 Yr. CAGR %	21.18	-39.03	-27.13	117.8	9.47
Normalized Net Income, 2 Yr. CAGR %	80.28	19.34	50.96	77	-20.36
Net Property, Plant and Equip., 2 Yr. CAGR %	8.39	10.52	3.54	1.24	9.99
Inventory, 2 Yr. CAGR %	-	-	-	-	-
Accounts Receivable, 2 Yr. CAGR %	32.82	-1.65	22.08	26.28	6.22
Total Assets, 2 Yr. CAGR %	5.61	12.34	10.93	6.92	7.84
Common Equity, 2 Yr. CAGR %	6.25	7.89	30.37	27.57	-2.41
Tangible Book Value, 2 Yr. CAGR %	49.07	260.56	22.32	6	1.53
Cash From Operations, 2 Yr. CAGR %	33.87	8.33	19.04	19.9	-35.26
Capital Expenditures, 2 Yr. CAGR %	-28.29	2.48	30.25	24.78	27.2
Levered Free Cash Flow, 2 Yr. CAGR %	0.24	18.2	17.43	-11.72	-33.67
Unlevered Free Cash Flow, 2 Yr. CAGR %	48.45	10.67	14.4	-7.6	-24.31
Dividend Per Share, 2 Yr. CAGR %	2.35	0	0	0	0
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	14.74	12.99	13.35	17.31	7.27
Gross Profit, 3 Yr. CAGR %	15.73	15.85	8.94	10.03	6.78
EBITDA, 3 Yr. CAGR %	13.52	16.45	7.88	9.32	2.95
EBITA, 3 Yr. CAGR %	20.81	30.06	14.93	11.94	4.36
EBIT, 3 Yr. CAGR %	22.2	31.76	11.27	11.6	7.49
Earnings From Cont. Operations, 3 Yr. CAGR %	82.72	-11.88	-42.91	23.53	41.72
Net Income, 3 Yr. CAGR %	35.72	-17.25	-8.37	12.35	28.42
Diluted EPS Before Extra, 3 Yr. CAGR %	23.78	-24.69	-12.13	11.33	29.81
Normalized Net Income, 3 Yr. CAGR %	48.12	25.11	75.29	23.59	33.87
Net Property, Plant and Equip., 3 Yr. CAGR %	9.36	7.59	7.3	2.81	6.95
Inventory, 3 Yr. CAGR %	-	-	-	-	-
Accounts Receivable, 3 Yr. CAGR %	19.5	18.47	15.21	14.55	21.28
Total Assets, 3 Yr. CAGR %	10.62	6.48	12.79	7.35	9.76
Common Equity, 3 Yr. CAGR %	13.02	4.55	25.03	18.1	16.95
Tangible Book Value, 3 Yr. CAGR %	19.59	45.98	140.4	16.3	3.28
Cash From Operations, 3 Yr. CAGR %	35.66	19.53	20.39	11.07	-14.58
Capital Expenditures, 3 Yr. CAGR %	-14.38	-16.02	15.66	21.49	33.57
Levered Free Cash Flow, 3 Yr. CAGR %	1.96	-5.97	32.53	-13.82	-9.61
Unlevered Free Cash Flow, 3 Yr. CAGR %	29.6	26.25	20.63	-8.12	-6.21
Dividend Per Share, 3 Yr. CAGR %	3.23	1.56	0	0	0
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	18.76	18	14.81	16.37	8.24
Gross Profit, 5 Yr. CAGR %	20.59	20.13	13.2	13.16	7.94
EBITDA, 5 Yr. CAGR %	19.81	20.27	11.58	12.21	6.22
EBITA, 5 Yr. CAGR %	22.72	25.59	17.71	20.98	10.14
EBIT, 5 Yr. CAGR %	22.95	22.63	15.22	25.19	10.07
Earnings From Cont. Operations, 5 Yr. CAGR %	50.12	67.03	-4.36	24.79	11.47
Net Income, 5 Yr. CAGR %	37.97	53.42	6.4	21.06	-1.59
Diluted EPS Before Extra, 5 Yr. CAGR %	21.23	39.14	0.14	15.17	-4.05
Normalized Net Income, 5 Yr. CAGR %	42.02	22.92	49.25	43.74	27.86
Net Property, Plant and Equip., 5 Yr. CAGR %	17.11	16.85	6.99	5	8.37
Inventory, 5 Yr. CAGR %	-	-	-	-	-
Accounts Receivable, 5 Yr. CAGR %	30.8	29.27	20.53	21.54	11.53
Total Assets, 5 Yr. CAGR %	16.76	16.31	10.74	6.65	10.78
Common Equity, 5 Yr. CAGR %	12.66	15.08	19.67	13.21	13.23
Tangible Book Value, 5 Yr. CAGR %	82.06	46.47	20.68	28.44	70.29
Cash From Operations, 5 Yr. CAGR %	26	18.44	28.75	19.68	-6.07
Capital Expenditures, 5 Yr. CAGR %	-15.17	-5.62	1.27	-1.61	20.14
Levered Free Cash Flow, 5 Yr. CAGR %	-3.5	7.62	7.89	-8.45	0.48
Unlevered Free Cash Flow, 5 Yr. CAGR %	6.62	27.71	23.29	11.32	0.11
Dividend Per Share, 5 Yr. CAGR %	4.88	3.71	1.92	0.93	0