NYSE : TAC
TransAlta Corporation — Financial statements
Utilities · Utilities - Independent Power Producers · Canada
Last price 12.98 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 4.11B
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Financial statements
TransAlta Corporation (TAC) reported revenue of 2.27B CAD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 2.27B | 2.40B | 2.85B | 3.35B | 2.98B | 2.72B |
| Fuel & Purchased Power | 756.00M | 935.00M | 939.00M | 1.06B | 1.26B | 1.05B |
| Operations & Maintenance | 634.00M | 638.00M | 594.00M | 518.00M | 501.00M | 497.00M |
| Depreciation & Amortization | 493.00M | 579.00M | 531.00M | 621.00M | 599.00M | 529.00M |
| Other Operating Expenses | 48.00M | 37.00M | 136.00M | 82.00M | 20.00M | 226.00M |
| Total Operating Expenses | 1.93B | 2.19B | 2.20B | 2.28B | 2.38B | 2.31B |
| Operating Income | 335.00M | 216.00M | 645.00M | 1.07B | 593.00M | 415.00M |
| Interest Expense | -332.00M | -347.00M | -324.00M | -281.00M | -286.00M | -256.00M |
| Interest Income | 56.00M | 51.00M | 44.00M | 71.00M | 43.00M | 36.00M |
| Net Interest Expense | -276.00M | -296.00M | -280.00M | -210.00M | -243.00M | -220.00M |
| Income (Loss) on Equity Investments | 7.00M | 6.00M | 5.00M | 4.00M | 9.00M | 9.00M |
| Currency Exchange Gain (Loss) | 4.00M | -21.00M | 5.00M | -7.00M | 4.00M | 16.00M |
| EBT Excluding Unusual Items | 70.00M | -95.00M | 375.00M | 861.00M | 363.00M | 220.00M |
| Restructuring Charges | -33.00M | -15.00M | -611.00M | |||
| Total Merger & Restructuring Charges | -3.00M | -7.00M | -24.00M | |||
| Gain (Loss) on Sale of Assets | -8.00M | -7.00M | 4.00M | 4.00M | 52.00M | 54.00M |
| Asset Writedown | -8.00M | -31.00M | -22.00M | 14.00M | -62.00M | -43.00M |
| Insurance Settlements | 2.00M | 1.00M | ||||
| Legal Settlements | 12.00M | |||||
| Other Unusual Items | -22.00M | 12.00M | -14.00M | |||
| Pretax Income | 8.00M | -141.00M | 319.00M | 880.00M | 353.00M | -380.00M |
| Income Tax Expense | 33.00M | 17.00M | 80.00M | 84.00M | 192.00M | 45.00M |
| Earnings From Continuing Ops. | -25.00M | -158.00M | 239.00M | 796.00M | 161.00M | -425.00M |
| Minority Interest in Earnings | 2.00M | 20.00M | -10.00M | -101.00M | -111.00M | -112.00M |
| Net Income | -23.00M | -138.00M | 229.00M | 695.00M | 50.00M | -537.00M |
| Preferred Dividends & Other Adjustments | 53.00M | 52.00M | 52.00M | 51.00M | 46.00M | 39.00M |
| Net Income to Common | -76.00M | -190.00M | 177.00M | 644.00M | 4.00M | -576.00M |
| Shares Outstanding (Basic) | 298.50M | 297.00M | 302.00M | 276.00M | 271.00M | 271.00M |
| Shares Outstanding (Diluted) | 298.50M | 297.00M | 302.00M | 276.00M | 271.00M | 271.00M |
| EPS (Basic) | -0.25 | -0.64 | 0.59 | 2.33 | 0.01 | -2.13 |
| EPS (Diluted) | -0.25 | -0.64 | 0.59 | 2.33 | 0.01 | -2.13 |
| Free Cash Flow | 451.00M | 397.00M | 485.00M | 589.00M | -41.00M | 521.00M |
| Free Cash Flow Per Share | 1.51 | 1.34 | 1.61 | 2.13 | -0.15 | 1.92 |
| Dividend Per Share | 0.27 | 0.26 | 0.24 | 0.22 | 0.21 | 0.19 |
| Profit Margin | -3.35% | -7.90% | 6.22% | 19.20% | 0.13% | -21.17% |
| Free Cash Flow Margin | 19.90% | 16.51% | 17.05% | 17.56% | -1.38% | 19.15% |
| EBITDA | 849.00M | 820.00M | 1.20B | 1.71B | 1.24B | 1.17B |
| EBITDA Margin | 37.47% | 34.10% | 42.14% | 50.97% | 41.70% | 42.85% |
| D&A For EBITDA | 514.00M | 604.00M | 554.00M | 636.00M | 648.00M | 751.00M |
| EBIT | 335.00M | 216.00M | 645.00M | 1.07B | 593.00M | 415.00M |
| EBIT Margin | 14.78% | 8.98% | 22.67% | 32.01% | 19.93% | 15.25% |
| Effective Tax Rate | 412.50% | 25.08% | 9.54% | 54.39% |
Balance sheet
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 302.00M | 205.00M | 337.00M | 348.00M | 1.13B | 947.00M |
| Accounts Receivable | 659.00M | 537.00M | 600.00M | 619.00M | 1.22B | 539.00M |
| Other Receivables | 69.00M | 42.00M | 42.00M | 64.00M | 2.00M | |
| Inventory | 126.00M | 111.00M | 134.00M | 157.00M | 157.00M | 167.00M |
| Prepaid Expenses | 85.00M | 51.00M | 68.00M | 48.00M | 55.00M | 29.00M |
| Restricted Cash | 60.00M | 170.00M | 193.00M | 214.00M | 374.00M | 125.00M |
| Loans Receivable Current | 1.00M | 1.00M | 1.00M | 4.00M | 55.00M | |
| Other Current Assets | 195.00M | 192.00M | 398.00M | 151.00M | 709.00M | 333.00M |
| Total Current Assets | 1.43B | 1.34B | 1.77B | 1.58B | 3.71B | 2.20B |
| Property, Plant & Equipment | 5.78B | 5.78B | 6.14B | 5.83B | 5.68B | 5.42B |
| Goodwill | 523.00M | 516.00M | 517.00M | 464.00M | 464.00M | 463.00M |
| Other Intangible Assets | 230.00M | 243.00M | 281.00M | 223.00M | 252.00M | 256.00M |
| Long-Term Investments | 296.00M | 284.00M | 159.00M | 138.00M | 129.00M | 105.00M |
| Long-Term Loans Receivable | 30.00M | 30.00M | 24.00M | 25.00M | 33.00M | |
| Long-Term Deferred Tax Assets | 51.00M | 41.00M | 52.00M | 21.00M | 50.00M | 64.00M |
| Long-Term Deferred Charges | 14.00M | 15.00M | 35.00M | 10.00M | 29.00M | |
| Long-Term Accounts Receivable | 311.00M | 277.00M | 305.00M | 171.00M | 129.00M | 185.00M |
| Other Long-Term Assets | 192.00M | 144.00M | 233.00M | 171.00M | 278.00M | 512.00M |
| Total Assets | 8.84B | 8.66B | 9.50B | 8.66B | 10.74B | 9.23B |
| Accounts Payable | 516.00M | 548.00M | 694.00M | 772.00M | 1.07B | 654.00M |
| Accrued Expenses | 23.00M | 17.00M | 16.00M | 17.00M | 17.00M | |
| Short-Term Debt | 1.00M | 3.00M | 16.00M | |||
| Current Portion of Long-Term Debt | 933.00M | 920.00M | 1.32B | 526.00M | 170.00M | 837.00M |
| Current Unearned Revenue | 17.00M | 12.00M | 3.00M | 8.00M | 19.00M | |
| Current Portion of Leases | 3.00M | 5.00M | 5.00M | 6.00M | 8.00M | 7.00M |
| Current Income Taxes Payable | 11.00M | 23.00M | 9.00M | 73.00M | 8.00M | |
| Other Current Liabilities | 239.00M | 306.00M | 500.00M | 407.00M | 1.53B | 389.00M |
| Total Current Liabilities | 1.69B | 1.83B | 2.57B | 1.74B | 2.89B | 1.93B |
| Long-Term Debt | 3.16B | 3.28B | 3.09B | 3.54B | 4.09B | 3.06B |
| Long-Term Leases | 145.00M | 141.00M | 146.00M | 137.00M | 127.00M | 93.00M |
| Long-Term Unearned Revenue | 28.00M | 26.00M | 24.00M | 10.00M | 12.00M | 13.00M |
| Pension & Post-Retirement Benefits | 165.00M | 143.00M | 146.00M | 155.00M | 150.00M | 228.00M |
| Long-Term Deferred Tax Liabilities | 434.00M | 423.00M | 470.00M | 386.00M | 352.00M | 354.00M |
| Other Long-Term Liabilities | 1.37B | 1.36B | 1.21B | 1.02B | 1.14B | 949.00M |
| Total Liabilities | 6.99B | 7.20B | 7.66B | 7.00B | 8.75B | 6.63B |
| Preferred Stock, Redeemable | 942.00M | 942.00M | 942.00M | 942.00M | 942.00M | 942.00M |
| Common Stock | 3.51B | 3.17B | 3.18B | 3.29B | 2.86B | 2.90B |
| Additional Paid-In Capital | 28.00M | 42.00M | 42.00M | 41.00M | 41.00M | 46.00M |
| Retained Earnings | -2.70B | -2.73B | -2.46B | -2.57B | -2.51B | -2.45B |
| Comprehensive Income & Other | 1.00M | -24.00M | 41.00M | -164.00M | -222.00M | 146.00M |
| Total Common Equity | 839.00M | 457.00M | 804.00M | 595.00M | 168.00M | 640.00M |
| Minority Interest | 68.00M | 66.00M | 97.00M | 127.00M | 879.00M | 1.01B |
| Shareholders' Equity | 1.85B | 1.47B | 1.84B | 1.66B | 1.99B | 2.59B |
| Total Liabilities & Equity | 8.84B | 8.66B | 9.50B | 8.66B | 10.74B | 9.23B |
| Total Debt | 4.24B | 4.34B | 4.56B | 4.21B | 4.41B | 4.00B |
| Net Cash (Debt) | -3.94B | -4.14B | -4.22B | -3.87B | -3.27B | -3.06B |
| Net Cash Per Share | -13.19 | -13.93 | -13.98 | -14.00 | -12.08 | -11.27 |
| Filing Date Shares Outstanding | 316.30M | 296.80M | 297.60M | 307.10M | 268.20M | 271.22M |
| Total Common Shares Outstanding | 316.00M | 296.70M | 297.50M | 306.93M | 268.10M | 271.00M |
| Working Capital | -264.00M | -494.00M | -796.00M | -162.00M | 826.00M | 266.00M |
| Book Value Per Share | 2.66 | 1.54 | 2.70 | 1.94 | 0.63 | 2.36 |
| Tangible Book Value | 86.00M | -302.00M | 6.00M | -92.00M | -548.00M | -79.00M |
| Tangible Book Value Per Share | 0.27 | -1.02 | 0.02 | -0.30 | -2.04 | -0.29 |
| Land | 104.00M | 90.00M | 90.00M | 93.00M | 96.00M | |
| Machinery | 10.74B | 10.63B | 8.90B | 8.60B | 8.23B | |
| Construction In Progress | 152.00M | 120.00M | 1.23B | 963.00M | 184.00M |
Cash flow statement
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -23.00M | -138.00M | 229.00M | 695.00M | 50.00M | -537.00M |
| Depreciation & Amortization | 523.00M | 613.00M | 562.00M | 648.00M | 648.00M | 751.00M |
| Other Amortization | 23.00M | 23.00M | 19.00M | 21.00M | ||
| Loss (Gain) on Sale of Assets | -1.00M | -1.00M | -1.00M | -3.00M | -32.00M | -54.00M |
| Loss (Gain) on Equity Investments | -1.00M | -1.00M | 2.00M | -4.00M | -5.00M | |
| Asset Writedown | -36.00M | -13.00M | 46.00M | -48.00M | 9.00M | 648.00M |
| Change in Accounts Receivable | 156.00M | 75.00M | 155.00M | 715.00M | -869.00M | -28.00M |
| Change in Inventory | 14.00M | 22.00M | 34.00M | -2.00M | 6.00M | 42.00M |
| Change in Accounts Payable | -53.00M | -78.00M | -273.00M | -550.00M | 548.00M | 153.00M |
| Change in Income Taxes | -28.00M | -35.00M | 37.00M | -39.00M | -1.00M | -2.00M |
| Change in Other Net Operating Assets | 11.00M | 19.00M | 85.00M | 9.00M | ||
| Other Operating Activities | 82.00M | 160.00M | -97.00M | 25.00M | 522.00M | 24.00M |
| Operating Cash Flow | 667.00M | 646.00M | 796.00M | 1.46B | 877.00M | 1.00B |
| Capital Expenditures | -216.00M | -249.00M | -311.00M | -875.00M | -918.00M | -480.00M |
| Sale of Property, Plant & Equipment | 8.00M | 8.00M | 4.00M | 29.00M | 66.00M | 39.00M |
| Cash Acquisitions | -105.00M | -217.00M | -10.00M | -120.00M | ||
| Sale (Purchase) of Intangibles | -13.00M | -13.00M | -16.00M | -13.00M | -31.00M | -9.00M |
| Investment in Securities | -41.00M | -152.00M | -5.00M | -13.00M | -10.00M | 128.00M |
| Other Investing Activities | -37.00M | -36.00M | 5.00M | -8.00M | 98.00M | -68.00M |
| Investing Cash Flow | -379.00M | -418.00M | -520.00M | -814.00M | -741.00M | -472.00M |
| Long-Term Debt Issued | 991.00M | 143.00M | 39.00M | 981.00M | 173.00M | |
| Long-Term Debt Repaid | -1.19B | -137.00M | -220.00M | -630.00M | -214.00M | |
| Lease Payments | -4.00M | -4.00M | -6.00M | -10.00M | -9.00M | -8.00M |
| Net Debt Issued (Repaid) | -403.00M | -197.00M | 6.00M | -181.00M | 351.00M | -41.00M |
| Issuance of Common Stock | 353.00M | 3.00M | 12.00M | 5.00M | 3.00M | 8.00M |
| Repurchase of Common Stock | -24.00M | -143.00M | -87.00M | -52.00M | -4.00M | |
| Common Dividends Paid | -77.00M | -74.00M | -71.00M | -58.00M | -54.00M | -48.00M |
| Preferred Dividends Paid | -53.00M | -52.00M | -52.00M | -51.00M | -43.00M | -39.00M |
| Dividends Paid | -130.00M | -126.00M | -123.00M | -109.00M | -97.00M | -87.00M |
| Other Financing Activities | -35.00M | -18.00M | -43.00M | -1.06B | -160.00M | -158.00M |
| Financing Cash Flow | -215.00M | -362.00M | -291.00M | -1.43B | 45.00M | -282.00M |
| Foreign Exchange Rate Adjustments | 7.00M | 2.00M | 4.00M | -4.00M | 6.00M | -3.00M |
| Net Cash Flow | 80.00M | -132.00M | -11.00M | -786.00M | 187.00M | 244.00M |
| Free Cash Flow | 451.00M | 397.00M | 485.00M | 589.00M | -41.00M | 521.00M |
| Free Cash Flow Margin | 19.90% | 16.51% | 17.05% | 17.56% | -1.38% | 19.15% |
| Free Cash Flow Per Share | 1.51 | 1.34 | 1.61 | 2.13 | -0.15 | 1.92 |
| Levered Free Cash Flow | 290.88M | 287.12M | 321.62M | 160.62M | 188.88M | 586.38M |
| Unlevered Free Cash Flow | 498.38M | 504.00M | 524.12M | 336.25M | 367.62M | 746.38M |
| Free Cash Flow After Leases | 447.00M | 393.00M | 479.00M | 579.00M | -50.00M | 513.00M |
| Cash Interest Paid | 259.00M | 282.00M | 269.00M | 277.00M | 229.00M | 220.00M |
| Cash Income Tax Paid | 57.00M | 85.00M | 104.00M | 94.00M | 67.00M | 57.00M |
| Change in Working Capital | 100.00M | 3.00M | 38.00M | 124.00M | -316.00M | 174.00M |
Ratios
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 4.11B | 3.76B | 4.22B | 2.59B | 2.41B | 3.01B |
| Enterprise Value | 7.65B | 7.57B | 7.56B | 6.21B | 6.07B | 6.73B |
| PE Ratio | 34.28 | 5.30 | 817.09 | |||
| PS Ratio | 2.57 | 2.14 | 2.13 | 1.02 | 1.10 | 1.40 |
| PB Ratio | 3.15 | 3.52 | 3.29 | 2.05 | 1.64 | 1.47 |
| P/FCF Ratio | 12.72 | 12.97 | 12.51 | 5.80 | 7.31 | |
| P/OCF Ratio | 8.60 | 7.97 | 7.62 | 2.33 | 3.73 | 3.80 |
| EV/Sales Ratio | 4.80 | 4.31 | 3.83 | 2.44 | 2.76 | 3.13 |
| EV/EBITDA Ratio | 12.80 | 12.65 | 9.07 | 4.79 | 6.62 | 7.30 |
| EV/EBIT Ratio | 32.44 | 48.03 | 16.87 | 7.63 | 13.86 | 20.52 |
| EV/FCF Ratio | 23.70 | 26.13 | 22.43 | 13.92 | 16.35 | |
| Debt / Equity Ratio | 2.29 | 2.96 | 2.47 | 2.53 | 2.22 | 1.54 |
| Debt / EBITDA Ratio | 4.94 | 5.24 | 3.78 | 2.45 | 3.55 | 3.43 |
| Debt / FCF Ratio | 9.40 | 10.94 | 9.40 | 7.15 | 7.68 | |
| Net Debt / Equity Ratio | 2.13 | 2.83 | 2.29 | 2.32 | 1.65 | 1.18 |
| Net Debt / EBITDA Ratio | 4.64 | 5.05 | 3.52 | 2.26 | 2.64 | 2.62 |
| Net Debt / FCF Ratio | 8.73 | 10.42 | 8.71 | 6.56 | -79.85 | 5.86 |
| Quick Ratio | 0.57 | 0.44 | 0.38 | 0.58 | 0.84 | 0.77 |
| Current Ratio | 0.84 | 0.73 | 0.69 | 0.91 | 1.29 | 1.14 |
| Asset Turnover | 0.26 | 0.27 | 0.31 | 0.35 | 0.30 | 0.29 |
| Return on Equity (ROE) | -1.42% | -9.55% | 13.63% | 43.58% | 7.03% | -14.10% |
| Return on Assets (ROA) | 2.35% | 1.49% | 4.44% | 6.92% | 3.71% | 2.73% |
| Return on Capital Employed (ROCE) | 4.70% | 3.20% | 9.30% | 15.50% | 7.60% | 5.70% |
| Earnings Yield | -1.40% | -2.68% | 3.77% | 20.35% | 1.53% | -14.10% |
| FCF Yield | 7.86% | 7.71% | 7.99% | 17.25% | -1.25% | 13.68% |
| Dividend Yield | 1.53% | 1.47% | 1.18% | 1.98% | 1.72% | 1.35% |
| Payout Ratio | 53.71% | 15.68% | 194.00% | |||
| Buyback Yield / Dilution | -0.34% | 1.66% | -9.42% | -1.85% | 1.46% | |
| Total Shareholder Return | 1.20% | 3.12% | -8.24% | 0.13% | 1.72% | 2.81% |