Detailed financial statements for TransAlta Corporation (TAC): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
TransAlta Corporation specializes in the ownership, operation, and expansion of a diverse array of electricity generation facilities, with a geographical presence spanning Canada, the United States, and Australia. The company's activities are organized into four key divisions: Hydro, Wind and Solar, Gas, and Energy Transition. Within its portfolio, TransAlta operates plants powered by hydroelectric, wind, solar, natural gas, and even coal.
Analysis Summary
TransAlta Corporation reported revenue of 2.40B CAD in the most recent fiscal year, growing at a 5-year CAGR of 2.7%.
Trailing-twelve-month margins: gross margin 43.6%, operating margin 3.9%, net margin -1.0%. Free cash flow grew at 14.5% CAGR over 5 years.
At the current price of $12.47, TAC has negative trailing earnings (P/E not meaningful) and an ROE of -1.50%. Market capitalisation stands at $3.7B.
Balance sheet quality for TAC: current ratio of 0.7, net debt of 4.20B CAD. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2.40B CAD | 2.31B CAD | 2.25B CAD | 2.35B CAD | 2.10B CAD | 2.72B CAD | 2.98B CAD | 3.35B CAD | 2.85B CAD | 2.40B CAD |
| Cost of Revenue | 963.0M CAD | 1.02B CAD | 1.10B CAD | 1.09B CAD | 968.0M CAD | 1.23B CAD | 1.34B CAD | 1.17B CAD | 1.05B CAD | 1.62B CAD |
| Gross Profit | 1.43B CAD | 1.29B CAD | 1.15B CAD | 1.26B CAD | 1.13B CAD | 1.49B CAD | 1.64B CAD | 2.18B CAD | 1.79B CAD | 784.4M CAD |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 249.0M CAD | 248.0M CAD | 245.0M CAD | 228.0M CAD | 235.0M CAD | 234.0M CAD | 263.0M CAD | 254.0M CAD | 296.0M CAD | 317.0M CAD |
| Operating Expenses | 930.0M CAD | 1.13B CAD | 916.0M CAD | 926.0M CAD | 1.23B CAD | 1.73B CAD | 1.10B CAD | 1.09B CAD | 1.21B CAD | 1.01B CAD |
| Operating Income | 478.0M CAD | 138.0M CAD | 160.0M CAD | 335.0M CAD | -99.0M CAD | -239.0M CAD | 531.0M CAD | 1.09B CAD | 585.0M CAD | -221.8M CAD |
| EBITDA | 1.18B CAD | 866.0M CAD | 949.0M CAD | 1.09B CAD | 687.0M CAD | 552.0M CAD | 1.16B CAD | 1.71B CAD | 1.10B CAD | 784.4M CAD |
| Interest Expense | 243.0M CAD | 175.6M CAD | 224.0M CAD | 125.7M CAD | 168.0M CAD | 213.0M CAD | 212.0M CAD | 212.0M CAD | 250.0M CAD | 289.8M CAD |
| Pre-tax Income | 314.0M CAD | -54.0M CAD | -96.0M CAD | 193.0M CAD | -303.0M CAD | -380.0M CAD | 353.0M CAD | 880.0M CAD | 319.0M CAD | -140.9M CAD |
| Income Tax | 38.0M CAD | 64.0M CAD | -6.0M CAD | 17.0M CAD | -50.0M CAD | 45.0M CAD | 192.0M CAD | 84.0M CAD | 80.0M CAD | 17.0M CAD |
| Net Income | 169.0M CAD | -160.0M CAD | -198.0M CAD | 82.0M CAD | -287.0M CAD | -537.0M CAD | 50.0M CAD | 695.0M CAD | 229.0M CAD | -137.9M CAD |
| EPS | $0.41 | $-0.56 | $-0.69 | $0.62 | $-0.92 | $-1.57 | $0.59 | $2.33 | $0.60 | $-0.64 |
| EPS (Diluted) | $0.41 | $-0.56 | $-0.69 | $0.62 | $-0.92 | $-1.57 | $0.59 | $2.33 | $0.60 | $-0.64 |
| Shares Outstanding (Diluted) | 288.0M CAD | 288.0M CAD | 287.0M CAD | 283.0M CAD | 275.0M CAD | 271.0M CAD | 271.0M CAD | 276.0M CAD | 296.0M CAD | 297.0M CAD |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 615.0M CAD | 598.5M CAD | 566.5M CAD | 487.0M CAD |
| Gross Profit | 174.0M CAD | 137.9M CAD | 243.6M CAD | 433.0M CAD |
| Operating Income | 11.0M CAD | -89.9M CAD | 24.1M CAD | 143.0M CAD |
| EBITDA | 173.0M CAD | 186.8M CAD | 210.5M CAD | 252.0M CAD |
| Net Income | -49.0M CAD | -36.0M CAD | 13.0M CAD | 49.0M CAD |
| EPS | $-0.21 | $-0.21 | $0.04 | $0.12 |
| EPS (Diluted) | $-0.20 | $-0.21 | $0.04 | $0.12 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 305.0M CAD | 314.0M CAD | 89.0M CAD | 411.0M CAD | 703.0M CAD | 947.0M CAD | 1.13B CAD | 348.0M CAD | 337.0M CAD | 282.8M CAD |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 617.0M CAD | 860.0M CAD | 621.0M CAD | 474.6M CAD | 524.0M CAD | 596.0M CAD | 1.28B CAD | 619.0M CAD | 643.0M CAD | 698.4M CAD |
| Inventory | 213.0M CAD | 219.0M CAD | 242.0M CAD | 251.0M CAD | 238.0M CAD | 167.0M CAD | 157.0M CAD | 157.0M CAD | 134.0M CAD | 110.9M CAD |
| Total Current Assets | 1.55B CAD | 1.71B CAD | 1.31B CAD | 1.34B CAD | 1.90B CAD | 2.20B CAD | 3.71B CAD | 1.58B CAD | 1.77B CAD | 1.33B CAD |
| Property, Plant & Equipment | 6.82B CAD | 6.58B CAD | 6.16B CAD | 6.35B CAD | 5.96B CAD | 5.42B CAD | 5.72B CAD | 5.83B CAD | 6.17B CAD | 5.77B CAD |
| Goodwill | 464.0M CAD | 463.0M CAD | 464.0M CAD | 464.0M CAD | 463.0M CAD | 463.0M CAD | 464.0M CAD | 464.0M CAD | 517.0M CAD | 515.6M CAD |
| Intangible Assets | 355.0M CAD | 364.0M CAD | 373.0M CAD | 318.0M CAD | 313.0M CAD | 256.0M CAD | 252.0M CAD | 223.0M CAD | 281.0M CAD | 242.8M CAD |
| Total Assets | 11.00B CAD | 10.30B CAD | 9.43B CAD | 9.51B CAD | 9.75B CAD | 9.23B CAD | 10.74B CAD | 8.66B CAD | 9.50B CAD | 8.65B CAD |
| Accounts Payable | 413.0M CAD | 595.0M CAD | 496.0M CAD | 413.0M CAD | 599.0M CAD | 654.0M CAD | 1.07B CAD | 772.0M CAD | 694.0M CAD | 547.6M CAD |
| Short-term Debt | 623.0M CAD | 729.0M CAD | 130.0M CAD | 494.0M CAD | 97.0M CAD | 837.0M CAD | 186.0M CAD | 529.0M CAD | 1.32B CAD | 924.2M CAD |
| Total Current Liabilities | 1.22B CAD | 1.61B CAD | 873.0M CAD | 1.12B CAD | 935.0M CAD | 1.93B CAD | 2.89B CAD | 1.74B CAD | 2.57B CAD | 1.83B CAD |
| Long-term Debt | 3.67B CAD | 2.91B CAD | 3.07B CAD | 2.90B CAD | 3.46B CAD | 2.67B CAD | 3.69B CAD | 3.14B CAD | 3.09B CAD | 3.42B CAD |
| Total Liabilities | 6.33B CAD | 5.92B CAD | 5.29B CAD | 5.45B CAD | 6.31B CAD | 6.63B CAD | 8.75B CAD | 7.00B CAD | 7.66B CAD | 7.19B CAD |
| Retained Earnings | -933.0M CAD | -1.21B CAD | -1.50B CAD | -1.46B CAD | -1.83B CAD | -2.45B CAD | -2.51B CAD | -2.57B CAD | -2.46B CAD | -2.73B CAD |
| Total Equity | 3.51B CAD | 3.33B CAD | 3.00B CAD | 2.96B CAD | 2.35B CAD | 1.58B CAD | 1.11B CAD | 1.54B CAD | 1.75B CAD | 1.40B CAD |
| Total Debt | 4.36B CAD | 3.71B CAD | 3.27B CAD | 3.54B CAD | 3.69B CAD | 3.60B CAD | 4.01B CAD | 3.81B CAD | 4.56B CAD | 4.48B CAD |
| Net Debt | 4.06B CAD | 3.39B CAD | 3.18B CAD | 3.13B CAD | 2.99B CAD | 2.65B CAD | 2.87B CAD | 3.46B CAD | 4.22B CAD | 4.20B CAD |
| Working Capital | 337.0M CAD | 101.0M CAD | 439.0M CAD | 224.0M CAD | 967.0M CAD | 266.0M CAD | 826.0M CAD | -162.0M CAD | -796.0M CAD | -493.6M CAD |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 211.0M CAD | 205.0M CAD | 334.9M CAD | 302.0M CAD |
| Total Assets | 8.89B CAD | 8.66B CAD | 8.81B CAD | 8.84B CAD |
| Total Liabilities | 7.28B CAD | 7.20B CAD | 7.33B CAD | 6.99B CAD |
| Total Equity | 1.53B CAD | 1.40B CAD | 1.41B CAD | 1.78B CAD |
| Total Debt | 4.42B CAD | 4.34B CAD | 4.47B CAD | 4.24B CAD |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 276.0M CAD | -118.0M CAD | -90.0M CAD | 176.0M CAD | -253.0M CAD | -425.0M CAD | 161.0M CAD | 796.0M CAD | 239.0M CAD | -137.9M CAD |
| Depreciation & Amortization | 664.0M CAD | 708.0M CAD | 710.0M CAD | 709.0M CAD | 798.0M CAD | 719.0M CAD | 599.0M CAD | 621.0M CAD | 531.0M CAD | 0 |
| Stock-based Compensation | 20.0M CAD | 17.0M CAD | 9.0M CAD | 22.0M CAD | 0 | 0 | 21.0M CAD | 0 | 0 | 0 |
| Change in Working Capital | 73.0M CAD | -114.0M CAD | -44.0M CAD | 121.0M CAD | 89.0M CAD | 174.0M CAD | -316.0M CAD | 124.0M CAD | 38.0M CAD | 3.0M CAD |
| Operating Cash Flow | 744.0M CAD | 626.0M CAD | 820.0M CAD | 849.0M CAD | 702.0M CAD | 1.00B CAD | 877.0M CAD | 1.46B CAD | 796.0M CAD | 645.5M CAD |
| Capital Expenditure | -379.0M CAD | -389.0M CAD | -297.0M CAD | -431.0M CAD | -500.0M CAD | -489.0M CAD | -949.0M CAD | -888.0M CAD | -321.0M CAD | -248.8M CAD |
| Acquisitions | 6.0M CAD | 478.0M CAD | -28.0M CAD | -200.0M CAD | -32.0M CAD | 8.0M CAD | -10.0M CAD | -13.0M CAD | -217.0M CAD | 8.0M CAD |
| Stock Repurchased | 0 | 0 | -23.0M CAD | -68.0M CAD | -57.0M CAD | -4.0M CAD | -52.0M CAD | -87.0M CAD | -143.0M CAD | -24.0M CAD |
| Dividends Paid | -111.0M CAD | -86.0M CAD | -86.0M CAD | -85.0M CAD | -86.0M CAD | -87.0M CAD | -97.0M CAD | -109.0M CAD | -123.0M CAD | -125.9M CAD |
| Free Cash Flow | 365.0M CAD | 237.0M CAD | 523.0M CAD | 418.0M CAD | 202.0M CAD | 512.0M CAD | -72.0M CAD | 576.0M CAD | 475.0M CAD | 396.7M CAD |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 251.0M CAD | 237.8M CAD | 120.3M CAD | 62.0M CAD |
| Capital Expenditure | -55.0M CAD | -90.9M CAD | -27.1M CAD | -45.0M CAD |
| Free Cash Flow | 196.0M CAD | 146.9M CAD | 93.2M CAD | 17.0M CAD |
| Dividends Paid | -33.0M CAD | -31.0M CAD | -32.1M CAD | -34.0M CAD |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -3.8% | -2.5% | +4.4% | -10.5% | +29.5% | +9.4% | +12.7% | -15.2% | -15.5% | |
| Net Income Growth (YoY) | -194.7% | -23.8% | +141.4% | -450.0% | -87.1% | +109.3% | +1,290.0% | -67.1% | -160.2% | |
| EPS Growth (YoY) | -236.6% | -23.2% | +189.9% | -248.4% | -70.7% | +137.6% | +294.9% | -74.2% | -206.7% | |
| Shares Change (YoY) | +0.0% | -0.3% | -1.4% | -2.8% | -1.5% | +0.0% | +1.8% | +7.2% | +0.3% | |
| FCF Growth (YoY) | -35.1% | +120.7% | -20.1% | -51.7% | +153.5% | -114.1% | +900.0% | -17.5% | -16.5% | |
| Gross Margin | 59.8% | 56.0% | 51.1% | 53.7% | 53.9% | 54.7% | 54.9% | 65.1% | 63.1% | 32.6% |
| Operating Margin | 19.9% | 6.0% | 7.1% | 14.3% | -4.7% | -8.8% | 17.8% | 32.5% | 20.6% | -9.2% |
| EBITDA Margin | 49.4% | 37.5% | 42.2% | 46.5% | 32.7% | 20.3% | 39.1% | 51.1% | 38.7% | 32.6% |
| Net Margin | 7.1% | -6.9% | -8.8% | 3.5% | -13.7% | -19.7% | 1.7% | 20.7% | 8.0% | -5.7% |
| FCF Margin | 15.2% | 10.3% | 23.3% | 17.8% | 9.6% | 18.8% | -2.4% | 17.2% | 16.7% | 16.5% |
| Effective Tax Rate | 12.1% | -118.5% | 6.2% | 8.8% | 16.5% | -11.8% | 54.4% | 9.5% | 25.1% | -12.1% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.27 | $0.82 | $1.82 | $1.48 | $0.73 | $1.89 | $-0.27 | $2.09 | $1.60 | $1.34 |
| Dividends Per Share | $0.39 | $0.30 | $0.30 | $0.30 | $0.31 | $0.32 | $0.36 | $0.39 | $0.42 | $0.42 |
| Shares Outstanding (Basic) | 288.0M CAD | 288.0M CAD | 287.0M CAD | 283.0M CAD | 275.0M CAD | 271.0M CAD | 271.0M CAD | 276.0M CAD | 296.0M CAD | 297.0M CAD |
What to look at in Utilities
Regulated businesses with slow growth but reliable dividends. They are bonds on steroids — look at debt, rates, and payout consistency.
- Regulated ROE (8-12%) — Utilities have an "allowed" ROE set by the regulator. Out of range = anomaly
- 5y EPS growth — Stable utilities grow EPS 4-6% annually — more = anomaly, less = dead
- 10y dividend growth — Top utilities ("Dividend Aristocrats") raise dividend 25+ consecutive years
- Net debt / EBITDA — Utilities use a lot of debt — >6x with high rates is an alarm
- Interest coverage — EBIT / interest. If it drops <3x during rate hikes, the dividend is in danger
- Payout Ratio — In utilities it is normally high (60-80%), but >90% indicates stress
Profitability
| Return on Equity | -1.50% |
| Return on Invested Capital | -3.40% |
| Return on Assets | -0.26% |
| Gross Margin | 43.60% |
| Operating Margin | 3.88% |
| Net Margin | -1.02% |
Financial Health
| Debt / Equity | 2.38 |
| Current Ratio | 0.84 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 0.11 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 18.02 | -13.37 | -8.15 | 14.98 | -10.52 | -8.95 | 20.59 | 4.72 | 33.91 | -27.10 |
| P/B | 0.61 | 0.65 | 0.54 | 0.89 | 1.13 | 2.41 | 2.97 | 1.98 | 3.45 | 3.68 |
| P/S | 0.89 | 0.93 | 0.72 | 1.12 | 1.27 | 1.40 | 1.11 | 0.91 | 2.12 | 2.14 |
| Gross Margin | 59.8% | 56.0% | 51.1% | 53.7% | 53.9% | 54.7% | 54.9% | 65.1% | 63.1% | 32.6% |
| Operating Margin | 19.9% | 6.0% | 7.1% | 14.3% | -4.7% | -8.8% | 17.8% | 32.5% | 20.6% | -9.2% |
| Net Margin | 7.1% | -6.9% | -8.8% | 3.5% | -13.7% | -19.7% | 1.7% | 20.7% | 8.0% | -5.7% |
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Explore sector: Utilities · Independent Power Producers
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