Northland Power Inc.

NPI.TOTSXUtilities● Active

$22.78

$-0.54(-2.32%)

Market Cap$6.0B

P/E Ratio—

52W High$25.99

52W Low$15.96

Avg Volume1.0M

Open$23.13

Beta0.61

Free Cash Flow Financials Revenue

Northland Power Inc. (NPI.TO) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

NPI.TO · free cash flow · updated Jun 8, 2026

Core FCF metrics

NPI.TO · FCF · TTM · margin & CAGR

Free cash flow was $976.5M for FY2025 (fiscal year ending 2025-12-31), up 645.6% year-over-year The FCF margin was 40.1%. Five-year CAGR stands at +4.4%.

FY2025 Free Cash Flow$976.5M▲ +645.6% YoY

Trailing 12M (TTM)$1.10Btrailing 4 quarters sum

FCF Margin40.1%$976.5M ÷ revenue

3-Year CAGR-2.2%FY2022 → FY2025

5-Year CAGR+4.4%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

NPI.TO · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$1.11B(136M)$976.5M▲ +645.6%40.1%

FY2024$683.2M(552M)$131.0M▲ +617.2%5.6%

FY2023$459.4M(441M)$18.3M▼ 98.3%0.8%

FY2022$1.50B(453M)$1.04B▲ +21.7%42.6%

FY2021$1.33B(470M)$858.0M▲ +9.2%41.0%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

NPI.TO · P/FCF · FCF yield · FCF per share

Northland Power Inc. (NPI.TO) trades at a FCF yield of 18.39% and a price-to-free-cash-flow ratio of 5.4x. FCF per share stands at $4.19, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

18.39%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$4.19

TTM FCF ÷ Shares Outstanding

Price / FCF

x5.4

Share Price ÷ FCF per Share

EV / FCF (TTM)

x10.9

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

NPI.TO · cash flow statement · operating / investing / financing

For FY2025, Northland Power Inc. generated $1.11B in operating cash flow and spent 136M in capital expenditures, yielding $976.5M in free cash flow.

Operating Activities

+$1.11B

Cash from core business operations

2025-12-31

Investing Activities

−$94.2M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$1.01B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($1.11B) − |CapEx| (136M) = FCF ($976.5M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Utilities)

NPI.TO vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Northland Power Inc.YOU

NPI.TO

$976.5M+645.6%40.1%

26%

Constellation Energy Corporation

CEG

$1.29B+125.6%5.0%

35%

Duke Energy Corporation

Utilities · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Northland Power Inc. (NPI.TO) reported free cash flow of $976.5M for FY2025 (fiscal year ending 2025-12-31), up 645.6% year-over-year. The FCF margin was 40.1%.

Based on available data, Northland Power Inc. has maintained positive free cash flow for at least 8 fiscal year(s). FCF peaked at $1.04B in FY2022. The 5-year CAGR stands at +4.4%.

Northland Power Inc.'s FCF yield is 18.39% and price-to-FCF ratio is 5.4x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

NPI.TO free cash flow · 8 questions

Northland Power Inc. free cash flow was $976.5M for FY2025, up 645.6% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $1.10B.

NPI.TO free cash flowNPI.TO FCFNPI.TO FCF 2025NPI.TO free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Northland Power Inc. · Northland Power Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026