AltaGas Ltd. ALA

UtilitiesNatural Gas UtilitiesCanada

Last close 55.52 CAD on Nov 1, 2026, +35.3% year to date

Quant rating

Quant rating C Rank 11 of 16 in Utilities

Growth D 15 of 16
Valuation D 14 of 16
Quality A 2 of 16
Revisions D 15 of 16
Momentum A 2 of 16

Wall Street consensus Buy (2.00)Average target 60.44 CAD +8.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 17.3B
Enterprise value: 28.8B
52-week range: 39.45 – 58.14
3-year range: 26.30 – 58.14
Dividend yield: 2.41%
Beta (5 years): 0.50
Shares outstanding: 312M
Next earnings: Mar 6, 2027

About the company

AltaGas Ltd. is a Canada-based North American energy infrastructure company. The Company’s core business includes Midstream and Utilities. Midstream business consists of export facilities and locates processing, fractionation, and logistics infrastructure, as well as hydrocarbon storage in North America that connects North American producers from wellhead to offshore global export and domestic markets. It also includes integrated hydrocarbon handling services, comprised of storage, rail logistics, pipeline, transportation services, and wellsite fluids; natural gas and NGL marketing initiatives that support the Midstream infrastructure; and three gas-fired cogeneration plants. The utility business is offered through its regulated natural gas utilities - Washington Gas and SEMCO. It serves over 1.6 million residential, commercial and industrial customers in four jurisdictions in the United States. The Utilities business also comprises interests in natural gas storage facilities.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	12,705	12,448	12,997	14,087	10,573	–
Revenue growth	2.1%	−4.2%	−7.7%	33.2%	89.2%	17.9%
EPS (basic, normalized)	2.22	2.17	1.89	1.87	1.76	–
EPS growth	2.3%	14.8%	1.1%	6.2%	–	–
Gross margin	29.0%	26.1%	22.2%	20.9%	27.1%	25.1%
Net margin	5.9%	4.6%	4.9%	2.8%	2.2%	4.1%
ROE	8.7%	7.2%	8.9%	7.3%	4.0%	7.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	219
Current ratio	0.85x
Long-term debt (mil)	10,278
Net debt (mil)	11,503
Total equity (mil)	9,373
Net debt / equity	1.23x
Net debt / EBITDA	6.17x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	12,705	+2.1%	2.3x	1,863	+5.9%	15.5x	2.22	+2.3%	25.0x
2026	14,813	+16.6%	1.9x	2,131	+14.4%	13.5x	2.56	+15.4%	21.7x
2027	15,279	+3.1%	1.9x	2,230	+4.7%	12.9x	2.61	+1.8%	21.3x
2028	15,899	+4.1%	1.8x	2,370	+6.3%	12.2x	2.88	+10.3%	19.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	14,813	+5.5%	+5.5%	+12.3%	2.56	+2.8%	+2.9%	+5.6%
2027	15,279	+0.8%	+0.8%	+4.7%	2.61	−4.7%	−5.5%	−5.5%
2028	15,899	+1.4%	+1.4%	+5.3%	2.88	−5.2%	−5.9%	−6.4%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	3,655	2,775	2,759	3,259	3,969	2,844	2,598	3,294	3,970	3,979
Sales mean (mil)	4,126	2,536	3,188	3,441	3,638	2,933	2,842	3,429	3,888	2,742
Surprise	−11.4%	+9.4%	−13.5%	−5.3%	+9.1%	−3.0%	−8.6%	−3.9%	+2.1%	+45.1%
EPS reported	1.14	0.14	0.14	0.76	1.14	0.27	0.04	0.77	1.33	0.31
EPS mean	1.04	0.11	0.09	0.71	1.13	0.23	0.05	0.76	1.24	0.22
Surprise	+9.2%	+24.6%	+56.1%	+7.2%	+0.5%	+15.9%	−26.3%	+1.4%	+6.9%	+43.2%

Peer comparison Natural Gas Utilities

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ALA AltaGas Ltd.	17.3B	6.17x	5.9%	1.85x	21.7x	21.3x	13.5x	12.9x
ATO Atmos Energy Corporation	40.8B	4.27x	25.5%	1.91x	20.4x	19.1x	14.5x	12.9x
HOKCY Hong Kong and China Gas Co Ltd	24.2B	–	10.5%	1.99x	–	–	–	–
UGI UGI Corporation	11.6B	3.80x	9.3%	1.60x	13.8x	12.0x	8.5x	7.8x
NFG National Fuel Gas Company	10.6B	1.65x	22.8%	1.93x	10.8x	10.7x	6.6x	5.8x
SWX Southwest Gas Holdings, Inc.	9.4B	5.02x	12.1%	1.63x	21.6x	18.5x	11.0x	10.0x
Mean		4.18x	14.3%	1.82x	17.6x	16.3x	10.8x	9.9x
Median		4.27x	11.3%	1.88x	20.4x	18.5x	11.0x	10.0x

Technical analysis

1M+5.2%
3M+0.7%
1Y+35.2%
3Y+146.5%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, AltaGas Ltd., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	12,705	12,448	12,997	14,087	10,573	5,587
Cost of revenue	9,018	9,201	10,112	11,138	7,708	3,178
Gross profit	3,687	3,247	2,885	2,949	2,865	2,409
Selling, general & administrative expenses	1,858	1,726	1,579	1,568	1,475	1,267
Research & development	–	–	–	–	–	–
Depreciation/amortization	517	475	441	439	422	414
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	15.0	66.0	−319	−3.0	−5.0	−245
Other operating expenses	9.0	25.0	11.0	13.0	70.0	114
Operating income	1,288	955	1,173	932	903	859
Net interest income (expense)	−401	−369	−332	−290	−521	−212
Gain (loss) on sale of assets	−3.0	12.0	–	–	–	9.0
Other non-operating income (expense)	145	148	71.0	74.0	64.0	43.0
Net income before taxes	1,029	746	912	716	446	699
Provision for taxes	250	138	223	143	106	127
Minority interest	−11.0	−12.0	−16.0	−50.0	−57.0	−20.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	768	596	673	523	283	552
Extraordinary items	–	–	–	–	–	–
Net income	768	596	673	523	283	552
EBIT, normalized	1,314	1,032	890	935	931	686
EBITDA, normalized	1,831	1,507	1,331	1,374	1,353	1,100
Basic EPS, normalized	2.22	2.17	1.89	1.87	1.76	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, AltaGas Ltd., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	99.0	85.0	95.0	53.0	63.0	32.0
Receivables	1,864	1,766	1,844	2,091	1,427	1,444
Total inventory	633	676	847	1,060	782	636
Prepaid expenses	188	173	144	166	180	234
Other current assets	123	119	115	1,268	172	151
Total current assets	2,907	2,819	3,045	4,638	2,624	2,497
Property, plant & equipment	15,943	15,144	13,065	11,967	11,634	11,260
Goodwill	5,448	5,691	5,270	5,250	5,153	5,039
Intangibles	110	107	122	120	171	539
Long-term investments	820	769	816	787	712	1,132
Note receivable	58.0	68.0	51.0	53.0	56.0	–
Other long-term assets	1,484	1,494	1,102	1,150	1,243	1,065
Total assets	26,770	26,092	23,471	23,965	21,593	21,532
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	2,300	2,089	1,863	1,902	1,544	1,561
Accrued expenses	126	124	92.0	92.0	91.0	95.0
Short-term debt	231	263	129	293	169	256
Current portion of long-term debt	493	628	1,010	334	511	360
Other current liabilities	409	396	319	786	342	335
Total current liabilities	3,559	3,500	3,413	3,407	2,657	2,607
Long-term debt	9,293	9,140	8,390	9,238	7,684	7,626
Minority interest	633	294	150	162	652	620
Other liabilities	4,370	4,406	3,805	3,702	3,651	3,638
Total liabilities	17,855	17,340	15,758	16,509	14,644	14,491
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	7,661	7,180	7,120	6,761	6,735	6,723
Additional paid-in capital	613	618	624	625	388	383
Retained earnings (accumulated deficit)	−226	−592	−817	−1,142	−1,243	−1,192
Treasury stock	–	–	–	–	–	–
Other equity	867	1,546	786	1,212	1,069	1,127
Total equity	8,915	8,752	7,713	7,456	6,949	7,041
Total liabilities & shareholders' equity	26,770	26,092	23,471	23,965	21,593	21,532

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, AltaGas Ltd., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	779	608	689	573	340	572
Depreciation, depletion & amortization	517	475	441	439	422	414
Deferred taxes	192	97.0	180	120	47.0	126
Non-cash items	−224	−72.0	−289	56.0	339	−136
Changes in working capital	−29.0	430	100	−650	−410	−203
Cash from operations	1,235	1,538	1,121	538	738	773
Investing activities
Capital expenditures	−1,621	−1,389	−943	−958	−814	−843
Other investing cash flows	−13.0	14.0	744	−39.0	331	−368
Cash from investing	−1,634	−1,375	−199	−997	−483	−1,211
Financing activities
Financing cash flow items	338	96.0	−211	−21.0	−31.0	−21.0
Cash dividends paid	−398	−371	−343	−338	−356	−334
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	469	100	−328	794	142	747
Cash from financing	409	−175	−882	435	−245	392
Foreign exchange effects	–	–	0	4.0	0	−2.0
Net change in cash	10.0	−12.0	40.0	−20.0	10.0	−48.0
Free cash flow	−386	149	178	−420	−76.0	−70.0

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.