Maxim Power Corp MXG

UtilitiesElectric Utilities & IPPsCanada

Last close 4.28 CAD on Nov 1, 2026, −3.4% year to date

Quant rating

Quant rating D Rank 16 of 16 in Utilities

Growth D 16 of 16
Valuation B 6 of 16
Quality C 11 of 16
Revisions D 16 of 16
Momentum C 11 of 16

Wall Street consensus Buy (2.00)Average target 5.50 CAD +28.5%

Historical valuation

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

Key data

Market cap: 273M
Enterprise value: 238M
52-week range: 3.83 – 4.82
3-year range: 3.39 – 6.35
Dividend yield: –
Beta (5 years): 0.61
Shares outstanding: 63.4M
Next earnings: Nov 4, 2026

About the company

Maxim Power Corp. is a Canada-based independent power producer, which is focused entirely on power projects in Alberta. The Company is engaged in the acquisition, development, ownership and operation of power generation facilities and the resultant sale of generating capacity and electricity. The Company’s core asset is the 300-megawatt (MW) H.R. Milner Plant, M2, in Grande Cache, AB, which is a combined cycle gas-fired power plant. It also explores additional development options in Alberta, including its permitted gas-fired generation project and the permitting of its wind power generation project. The Combined Cycle Gas Turbine (CCGT) expansion of M2 captures waste heat that would otherwise exhaust into the atmosphere and converts it into low-carbon dispatchable electricity for the Alberta power grid. In total, it has about 600 MW of natural gas and wind development projects at various stages.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	86.9	101	41.5	141	156	–
Revenue growth	−14.4%	144.8%	−70.7%	−9.5%	233.9%	13.2%
EPS (basic, normalized)	–	–	–	–	–	–
EPS growth	–	–	–	–	–	–
Gross margin	–	–	–	–	–	–
Net margin	19.2%	21.6%	68.2%	29.9%	50.3%	37.9%
ROE	5.1%	7.2%	10.0%	17.1%	41.9%	16.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	34.8
Current ratio	5.71x
Long-term debt (mil)	0
Net debt (mil)	−34.8
Total equity (mil)	330
Net debt / equity	−0.11x
Net debt / EBITDA	–

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	86.9	−14.4%	2.7x	–	–	–	–	–	–
2026	79.0	−9.1%	3.0x	10.4	–	22.9x	−0.05	–	−85.6x
2027	92.0	+16.5%	2.6x	16.6	+59.6%	14.4x	0.02	+140.0%	214.0x
2028	119	+29.3%	2.0x	35.0	+110.8%	6.8x	0.24	+1,100.0%	17.8x

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	79.0	–	–	–	−0.05	–	–	–
2027	92.0	–	–	–	0.02	–	–	–
2028	119	–	–	–	0.24	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Electric Utilities & IPPs

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
MXG Maxim Power Corp	273M	–	19.2%	0.83x	−85.6x	214.0x	22.9x	14.4x
VST Vistra Corp.	65.0B	3.86x	4.2%	8.48x	15.5x	13.3x	9.5x	8.6x
DNNGY Oersted A/S	36.5B	1.31x	2.4%	1.21x	11.6x	12.0x	5.8x	5.7x
TLN Talen Energy Corporation	22.7B	9.05x	−8.5%	10.17x	18.5x	11.1x	12.1x	9.6x
AES The AES Corporation	14.8B	13.29x	7.7%	2.14x	6.6x	6.3x	14.7x	13.2x
BEP Brookfield Renewable Partners LP	12.0B	24.92x	−0.6%	1.96x	−56.9x	−52.8x	22.9x	21.0x
Mean		10.49x	4.1%	4.13x	−15.0x	34.0x	14.6x	12.1x
Median		9.05x	3.3%	2.05x	9.1x	11.6x	13.4x	11.4x

Technical analysis

1M+3.9%
3M+6.7%
1Y−6.5%
3Y+18.8%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Maxim Power Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	86.9	101	41.5	141	156	46.7
Cost of revenue	58.8	58.7	38.4	80.0	70.0	35.0
Gross profit	28.0	42.8	3.1	61.3	86.0	11.7
Selling, general & administrative expenses	8.2	7.5	6.7	5.5	5.1	4.1
Research & development	–	–	–	–	–	–
Depreciation/amortization	15.6	14.6	9.7	10.6	8.0	5.5
Interest expense (income), operating	−3.1	−8.3	6.4	−10.1	10.7	−0.3
Unusual expense (income)	−7.9	0	−62.5	7.9	−42.9	−5.4
Other operating expenses	−1.5	−3.0	0	−11.4	−0.2	−0.3
Operating income	16.8	32.0	42.8	59.0	105	8.2
Net interest income (expense)	1.3	−3.5	−5.1	−6.1	−7.0	−5.3
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0.1	−0.3	−0.3	−0.2	−0.1	−0.1
Net income before taxes	18.2	28.1	37.4	52.6	98.1	2.8
Provision for taxes	1.5	6.2	9.1	10.3	19.6	−6.5
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	16.7	21.9	28.3	42.3	78.5	9.3
Extraordinary items	–	–	–	–	–	–
Net income	16.7	21.9	28.3	42.3	78.5	9.3
EBIT, normalized	5.7	23.7	−13.3	56.7	73.0	2.5
EBITDA, normalized	21.4	38.3	−3.6	67.3	81.0	8.0
Basic EPS, normalized	–	–	–	–	–	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Maxim Power Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	56.9	30.1	32.3	51.4	13.6	12.3
Receivables	7.6	4.4	51.1	0.7	20.3	6.0
Total inventory	–	–	–	–	–	–
Prepaid expenses	4.1	4.7	5.9	4.1	1.3	1.4
Other current assets	1.8	2.3	3.0	14.4	1.2	1.0
Total current assets	70.4	41.5	92.3	70.6	36.3	20.6
Property, plant & equipment	299	306	313	297	261	184
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	2.2	–	–	–	–	–
Note receivable	2.5	–	–	–	–	–
Other long-term assets	9.4	11.6	20.1	14.9	15.6	34.8
Total assets	383	359	426	382	312	239
Liabilities
Accounts payable	3.0	2.7	3.3	4.1	8.3	2.7
Payable/accrued	8.5	8.3	9.2	5.9	10.4	4.7
Accrued expenses	–	–	–	–	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	0	4.8	1.5	0	1.7
Other current liabilities	2.5	0.6	9.2	4.8	0.9	6.0
Total current liabilities	14.1	11.5	26.5	16.3	19.7	15.1
Long-term debt	0	0.1	76.5	81.3	53.9	65.3
Minority interest	–	–	–	–	–	–
Other liabilities	36.2	31.5	25.1	15.9	11.7	11.0
Total liabilities	50.3	43.1	128	113	85.3	91.4
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	172	172	144	143	144	144
Additional paid-in capital	14.1	13.3	13.2	12.8	12.7	12.4
Retained earnings (accumulated deficit)	147	130	141	112	70.4	−8.1
Treasury stock	–	–	–	–	–	–
Other equity	0	0	0	0	0	0
Total equity	333	316	298	269	227	148
Total liabilities & shareholders' equity	383	359	426	382	312	239

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Maxim Power Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	16.7	21.9	28.3	42.3	78.5	9.3
Depreciation, depletion & amortization	15.6	14.6	9.7	10.6	8.0	5.5
Deferred taxes	–	–	–	–	–	–
Non-cash items	−2.1	0.7	24.1	25.2	28.6	1.2
Changes in working capital	0.7	46.9	−38.3	−1.6	−9.9	−8.9
Cash from operations	30.9	84.1	23.8	76.4	105	7.0
Investing activities
Capital expenditures	−13.8	−7.2	−27.4	−81.1	−88.6	−20.2
Other investing cash flows	10.6	14.5	−4.7	23.3	3.3	−5.7
Cash from investing	−3.2	7.3	−32.1	−57.8	−85.3	−25.9
Financing activities
Financing cash flow items	−0.2	−7.1	−8.1	−7.3	−8.2	−2.8
Cash dividends paid	0	−31.8	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−0.7	−54.7	−2.7	26.6	−10.4	13.2
Cash from financing	−0.9	−93.6	−10.9	19.3	−18.6	10.3
Foreign exchange effects	0	0.1	0	−0.1	0	−0.1
Net change in cash	26.8	−2.2	−19.1	37.8	1.3	−8.7
Free cash flow	17.1	76.9	−3.6	−4.7	16.6	−13.2

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.