Edp Renewables SA EDRVY

UtilitiesElectric Utilities & IPPsSpain

Last close 28.06 USD on Nov 2, 2026, −6.3% year to date

Quant rating

Quant rating D Rank 63 of 89 in Utilities

Growth A 6 of 89
Valuation D 80 of 89
Quality C 61 of 89
Revisions A 12 of 89
Momentum D 75 of 89

Wall Street consensus Buy (2.25)Average target 16.45 USD −41.4%

Historical valuation

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

Key data

Market cap: 14.9B
Enterprise value: 27.8B
52-week range: 26.35 – 36.18
3-year range: 13.65 – 36.18
Dividend yield: –
Beta (5 years): –
Shares outstanding: 1,060M
Next earnings: Nov 5, 2026

About the company

EDP Renovaveis SA, also known as EDPR, is a Spain-based company active in the renewable energy sector. The Company concentrates on the production of energy from renewable resources. The Company develops, operates, and maintains a diverse portfolio of renewable energy assets, including onshore and offshore wind farms, utility-scale and distributed solar installations, and emerging technologies such as battery storage and green hydrogen. Headquartered in Madrid, it operates across 28 markets in Europe, North America, South America, and Asia-Pacific, including countries such as Spain, Portugal, Belgium, France, Italy, Poland, Romania, the United Kingdom, Brasil, the United States, as well as Canada.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,157	2,402	2,471	2,538	1,998	–
Revenue growth	31.5%	−2.8%	−2.6%	27.0%	−5.5%	8.4%
EPS (basic, normalized)	0.25	0.22	0.33	0.66	0.78	–
EPS growth	12.6%	−33.4%	−50.4%	−15.0%	–	–
Gross margin	–	–	–	–	–	–
Net margin	8.1%	−23.9%	13.9%	26.1%	37.5%	12.4%
ROE	2.1%	−5.1%	3.1%	7.0%	8.2%	3.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
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	3,157	+31.5%	8.8x	2,331	+34.0%	11.9x	0.25	+12.6%	114.2x
2026	3,059	−3.1%	9.1x	2,432	+4.3%	11.4x	0.54	+117.7%	52.4x
2027	3,106	+1.5%	9.0x	2,434	+0.1%	11.4x	0.56	+5.2%	49.9x
2028	3,194	+2.9%	8.7x	2,501	+2.8%	11.1x	0.61	+8.9%	45.8x

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	3,059	−0.2%	0.0%	+1.1%	0.54	+1.2%	+4.2%	+18.6%
2027	3,106	−1.2%	−1.4%	−0.8%	0.56	+2.3%	+4.2%	+10.2%
2028	3,194	−1.8%	−2.3%	−2.5%	0.61	+0.5%	+1.3%	+5.0%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	FQ-7	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	632	577	522	589	763	661	588	676	711	697
Sales mean (mil)	633	559	469	619	696	661	591	627	721	671
Surprise	−0.2%	+3.3%	+11.3%	−4.8%	+9.7%	0.0%	−0.6%	+7.7%	−1.4%	+3.9%
EPS reported	0.06	0.13	–	0.01	0.05	0.04	0.01	0.11	0.07	0.11
EPS mean	0.06	0.04	0.16	−0.09	0.12	0.07	0.05	0.13	0.06	0.07
Surprise	−4.0%	+256.1%	–	−111.4%	−58.0%	−42.0%	−79.0%	−16.3%	+19.7%	+60.4%

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
EDRVY Edp Renewables SA	14.9B	–	8.1%	1.26x	52.4x	49.9x	11.4x	11.4x
TLN Talen Energy Corporation	15.8B	9.05x	−8.5%	9.87x	17.9x	10.8x	11.8x	9.5x
EMA Emera Inc	15.4B	6.58x	11.6%	1.49x	18.9x	19.3x	12.0x	11.6x
OGFGY Origin Energy Limited	14.8B	–	1.7%	–	16.4x	19.0x	6.0x	6.5x
KEP Korea Electric Power Corporation	14.1B	4.45x	8.8%	0.36x	3.4x	3.7x	6.8x	6.9x
CLPXY China Longyuan Power Group Corporation Limited	13.2B	7.42x	15.3%	0.48x	93.2x	75.8x	11.3x	10.2x
Mean		6.87x	6.2%	2.69x	33.7x	29.7x	9.9x	9.3x
Median		7.00x	8.4%	1.26x	18.4x	19.1x	11.4x	9.8x

Technical analysis

1M−5.4%
3M−11.1%
1Y+0.9%
3Y−13.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Edp Renewables SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	3,157	2,402	2,471	2,538	1,998	2,114
Cost of revenue	532	467	487	429	349	344
Gross profit	2,625	1,935	1,984	2,109	1,649	1,770
Selling, general & administrative expenses	398	312	307	301	230	201
Research & development	–	–	–	–	–	–
Depreciation/amortization	1,097	896	855	767	709	752
Interest expense (income), operating	−60.6	124	−15.2	−192	−46.8	7.5
Unusual expense (income)	12.5	409	−341	−361	−566	−543
Other operating expenses	53.2	202	213	84.3	14.4	64.8
Operating income	1,126	−9.5	965	1,511	1,309	1,287
Net interest income (expense)	−405	−261	−219	−345	−177	−215
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−161	−125	−126	−136	−106	−133
Net income before taxes	559	−395	619	1,030	1,026	939
Provision for taxes	195	19.3	109	152	102	101
Minority interest	−108	−158	−166	−215	−175	−155
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	257	−573	344	663	749	683
Extraordinary items	−3.1	−3.0	−3.3	−3.3	−3.6	−3.9
Net income	253	−576	341	659	745	679
EBIT, normalized	1,077	524	609	957	696	752
EBITDA, normalized	2,174	1,420	1,464	1,724	1,405	1,505
Basic EPS, normalized	0.25	0.22	0.33	0.66	0.78	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Edp Renewables SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,408	1,236	1,511	1,253	1,141	537
Receivables	1,801	1,436	1,297	1,957	1,537	1,060
Total inventory	311	326	320	319	255	73.1
Prepaid expenses	–	–	–	–	–	–
Other current assets	238	259	849	277	717	201
Total current assets	3,758	3,259	3,976	3,805	3,650	1,871
Property, plant & equipment	25,509	23,791	23,383	20,205	17,315	17,301
Goodwill	2,522	2,358	2,467	2,451	1,442	1,493
Intangibles	379	366	419	408	181	384
Long-term investments	1,360	1,195	1,219	1,285	1,141	596
Note receivable	1,213	961	974	533	914	361
Other long-term assets	953	849	721	694	404	176
Total assets	35,693	32,779	33,159	29,380	25,046	22,182
Liabilities
Accounts payable	219	182	271	266	201	81.6
Payable/accrued	–	–	–	–	–	–
Accrued expenses	178	113	246	197	225	153
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	2,473	1,650	1,331	1,426	833	691
Other current liabilities	2,217	2,801	4,133	3,949	2,840	1,672
Total current liabilities	5,088	4,745	5,981	5,838	4,098	2,597
Long-term debt	9,425	9,175	7,775	6,335	4,688	5,177
Minority interest	2,238	1,317	1,755	1,654	1,601	1,559
Other liabilities	6,875	6,461	5,440	5,894	4,692	3,876
Total liabilities	23,626	21,698	20,951	19,721	15,079	13,208
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	6,172	5,383	5,650	5,140	5,460	5,327
Additional paid-in capital	2,551	2,310	2,555	1,776	1,887	748
Retained earnings (accumulated deficit)	4,156	3,485	4,456	3,997	3,655	3,198
Treasury stock	–	–	–	–	–	–
Other equity	−812	−96.4	−453	−1,254	−1,035	−299
Total equity	12,067	11,081	12,208	9,659	9,966	8,974
Total liabilities & shareholders' equity	35,693	32,779	33,159	29,380	25,046	22,182

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Edp Renewables SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	–	–	–	–	–	–
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	–	–	–	–	–	–
Changes in working capital	–	−1,388	−1,347	−1,388	−909	−672
Cash from operations	−142	698	932	1,122	923	1,109
Investing activities
Capital expenditures	−3,291	−4,327	−4,540	−2,515	−2,697	−1,890
Other investing cash flows	968	659	1,515	461	467	−110
Cash from investing	−2,323	−3,668	−3,025	−2,053	−2,230	−2,000
Financing activities
Financing cash flow items	1,143	596	72.5	−604	2,236	34.3
Cash dividends paid	−47.4	−52.9	−73.3	−166	−130	−130
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	94.7	2,242	2,355	1,804	−204	920
Cash from financing	1,191	2,786	2,354	1,034	1,902	824
Foreign exchange effects	−85.2	2.6	−40.5	77.3	7.3	−63.7
Net change in cash	3.8	−182	221	180	602	−131
Free cash flow	−3,434	−3,629	−3,608	−1,392	−1,774	−781

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 2, 2026 after market close.