Boralex - Public Comps and Valuation Multiples

Boralex Overview

About Boralex

Boralex is a power producer whose core business is dedicated to the development and operation of renewable energy power stations in Canada, France, the United States, and the United Kingdom. Boralex owns power generation assets across four technologies: wind, solar, hydroelectric, and thermal. Substantially all of its operating assets are subject to indexed fixed-price energy sales contracts.

Founded

1982

HQ

Employees

822

Website

boralex.com

Sectors

Energy Exploration & Generation
Wind
Solar
Water
Energy Exploration & Generation
ClimateTech

Financials

LTM Revenue $621M

LTM EBITDA $495M

EV

$5.1B

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Boralex Financials

As of September 2025, Boralex reported last 12-month revenue of $621M and EBITDA of $495M.

In the same period, Boralex generated $476M in LTM gross profit and $46.4M in net income.

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Boralex P&L

In the most recent fiscal year, Boralex reported revenue of $608M and EBITDA of $380M.

Boralex expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$621M	XXX	$608M	XXX	XXX	XXX
Gross Profit	$476M	XXX	n/a	XXX	XXX	XXX
Gross Margin	77%	XXX	n/a	XXX	XXX	XXX
EBITDA	$495M	XXX	$380M	XXX	XXX	XXX
EBITDA Margin	80%	XXX	63%	XXX	XXX	XXX
EBIT	$196M	XXX	$161M	XXX	XXX	XXX
EBIT Margin	32%	XXX	26%	XXX	XXX	XXX
Net Profit	$46.4M	XXX	$25.6M	XXX	XXX	XXX
Net Margin	7%	XXX	4%	XXX	XXX	XXX
Net Debt	XXX	XXX	$2.4B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Boralex including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $621M. EBITDA for the last twelve months was $495M. In the most recent fiscal year, Boralex achieved $608M in revenue and $380M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$621M	Analyst estimates available to subscribers	$608M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$476M	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	76.7% gross margin	Analyst estimates available to subscribers	NaN% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$495M	Analyst estimates available to subscribers	$380M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	79.7% EBITDA margin	Analyst estimates available to subscribers	62.6% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$196M	Analyst estimates available to subscribers	$161M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	31.6% EBIT margin	Analyst estimates available to subscribers	26.5% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$46.4M	Analyst estimates available to subscribers	$25.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	7.5% net profit margin	Analyst estimates available to subscribers	4.2% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$2.4B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Boralex

This financial data table provides comprehensive performance metrics for Boralex, a company based in Canada. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Boralex generated $621M in revenue over the last twelve months.
The company achieved $495M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $476M.
Net income over the last twelve months reached $46.4M.

Fiscal Year Performance

In the most recent fiscal year, Boralex reported $608M in total revenue.
Fiscal year EBITDA was $380M.
The company maintained a gross profit margin of NaN% in the most recent fiscal year.
EBITDA margin for the fiscal year was 62.6%.
Net profit margin reached 4.2% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Boralex. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Boralex Stock Performance

Boralex has current market cap of CAD 2.9B (or $2.1B), and EV of CAD 7.1B (or $5.1B).

Market Cap Evolution

Boralex Stock Data

As of October 17, 2025, Boralex's stock price is CAD 28 (or $20).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$5.1B	$2.1B	XXX	XXX	XXX	XXX	$0.44

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Boralex Valuation Multiples

Boralex's trades at 8.3x EV/Revenue multiple, and 13.3x EV/EBITDA.

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Boralex Financial Valuation Multiples

As of October 17, 2025, Boralex has market cap of $2.1B and EV of $5.1B.

Equity research analysts estimate Boralex's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Boralex has a P/E ratio of 44.9x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$2.1B	XXX	$2.1B	XXX	XXX	XXX
EV (current)	$5.1B	XXX	$5.1B	XXX	XXX	XXX
EV/Revenue	8.2x	XXX	8.3x	XXX	XXX	XXX
EV/EBITDA	10.2x	XXX	13.3x	XXX	XXX	XXX
EV/EBIT	25.8x	XXX	31.5x	XXX	XXX	XXX
EV/Gross Profit	10.6x	XXX	n/a	XXX	XXX	XXX
P/E	44.9x	XXX	81.2x	XXX	XXX	XXX
EV/FCF	40.9x	XXX	-30.0x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Boralex Margins & Growth Rates

Boralex's last 12 month revenue growth is 13%

Boralex's revenue per employee in the last FY averaged $0.7M, while opex per employee averaged $0.5M for the same period.

Boralex's rule of 40 is 68% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Boralex's rule of X is 111% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Boralex Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	13%	XXX	9%	XXX	XXX	XXX
EBITDA Margin	80%	XXX	63%	XXX	XXX	XXX
EBITDA Growth	10%	XXX	11%	XXX	XXX	XXX
Rule of 40	68%	XXX	75%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	111%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.7M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.5M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	7%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	74%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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