Northland Power Inc.

TSX:NPI Stock Report

Market Cap: CA$5.6b

Northland Power Valuation

Is NPI undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

What is the Fair Price of NPI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: NPI (CA$21.42) is trading above our estimate of future cash flow value (CA$15.21)

Significantly Below Future Cash Flow Value: NPI is trading above our estimate of future cash flow value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for NPI?

Key metric: As NPI is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for NPI. This is calculated by dividing NPI's market cap by their current revenue.
What is NPI's PS Ratio?
PS Ratio2.3x
SalesCA$2.44b
Market CapCA$5.61b

Price to Sales Ratio vs Peers

How does NPI's PS Ratio compare to its peers?

The above table shows the PS ratio for NPI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average3.3x
BLX Boralex
3.3x8.48%CA$2.8b
BEP.UN Brookfield Renewable Partners
3.2x9.69%CA$28.8b
PIF Polaris Renewable Energy
2.3x3.57%CA$252.0m
BITZ.U Bitzero Holdings
4.6xn/aUS$125.1m
NPI Northland Power
2.3x2.06%CA$5.6b

Price-To-Sales vs Peers: NPI is good value based on its Price-To-Sales Ratio (2.3x) compared to the peer average (3.3x).

Historical Price to Sales Ratio

Historical Price to Sales Ratio compares a stock's price to its sales over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Sales Ratio vs Industry

How does NPI's PS Ratio compare vs other companies in the CA Renewable Energy Industry?

1 CompanyPrice / SalesEstimated GrowthMarket Cap
SPG Spark Power Group
0.3xn/aUS$54.14m
No more companies available in this PS range
NPI 2.3xIndustry Avg. 3.0xNo. of Companies3PS01.63.24.86.48+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: NPI is good value based on its Price-To-Sales Ratio (2.3x) compared to the North American Renewable Energy industry average (3x).

Price to Sales Ratio vs Fair Ratio

What is NPI's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

NPI PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio2.3x
Fair PS Ratio3.1x

Price-To-Sales vs Fair Ratio: NPI is good value based on its Price-To-Sales Ratio (2.3x) compared to the estimated Fair Price-To-Sales Ratio (3.1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst NPI forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$21.42
CA$23.50
+9.71%
6.98%CA$27.00CA$21.00n/a13
Mar ’27CA$21.86
CA$23.50
+7.50%
6.98%CA$27.00CA$21.00n/a13
Feb ’27CA$18.77
CA$22.15
+18.03%
9.67%CA$27.00CA$18.00n/a13
Jan ’27CA$17.85
CA$22.15
+24.11%
10.30%CA$27.00CA$18.00n/a13
Dec ’26CA$17.32
CA$22.31
+28.80%
10.16%CA$27.00CA$18.00n/a13
Nov ’26CA$25.63
CA$27.62
+7.75%
7.85%CA$31.00CA$23.00n/a13
Oct ’26CA$23.70
CA$27.62
+16.52%
7.72%CA$31.00CA$23.00n/a13
Sep ’26CA$22.25
CA$27.31
+22.73%
6.64%CA$30.00CA$23.00n/a13
Aug ’26CA$22.35
CA$27.32
+22.24%
9.47%CA$30.00CA$20.50n/a14
Jul ’26CA$21.37
CA$26.89
+25.84%
9.99%CA$30.00CA$20.50n/a14
Jun ’26CA$20.46
CA$26.96
+31.79%
9.92%CA$30.00CA$20.50n/a14
May ’26CA$18.47
CA$27.11
+46.76%
10.16%CA$30.00CA$20.50n/a14
Apr ’26CA$19.57
CA$27.82
+42.16%
11.28%CA$35.00CA$23.50n/a14
Mar ’26CA$19.87
CA$27.82
+40.02%
11.28%CA$35.00CA$23.50CA$21.8614
Feb ’26CA$17.01
CA$28.14
+65.45%
12.44%CA$35.00CA$23.00CA$18.7714
Jan ’26CA$17.90
CA$29.14
+62.81%
11.66%CA$35.00CA$23.00CA$17.8514
Dec ’25CA$20.31
CA$29.36
+44.55%
11.41%CA$35.00CA$23.00CA$17.3214
Nov ’25CA$20.75
CA$29.77
+43.47%
10.64%CA$35.00CA$23.00CA$25.6313
Oct ’25CA$23.15
CA$29.21
+26.20%
8.98%CA$35.00CA$23.00CA$23.7014
Sep ’25CA$20.63
CA$29.69
+43.93%
6.91%CA$35.00CA$27.00CA$22.2513
Aug ’25CA$23.05
CA$29.85
+29.48%
6.42%CA$35.00CA$28.00CA$22.3513
Jul ’25CA$23.52
CA$29.77
+26.57%
5.77%CA$34.00CA$28.00CA$21.3713
Jun ’25CA$23.30
CA$29.46
+26.44%
6.47%CA$34.00CA$27.00CA$20.4613
May ’25CA$21.37
CA$29.08
+36.06%
5.95%CA$32.00CA$27.00CA$18.4713
Apr ’25CA$22.61
CA$29.83
+31.95%
6.68%CA$34.00CA$27.00CA$19.5712
Mar ’25CA$22.90
CA$29.83
+30.28%
6.68%CA$34.00CA$27.00CA$19.8712
CA$23.5
Fair Value
8.9% undervalued intrinsic discount
13
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/03/13 04:39
End of Day Share Price 2026/03/13 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Northland Power Inc. is covered by 22 analysts. 10 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Harshit GuptaAccountability Research Corporation
Nathan HeywoodATB Cormark
Benjamin PhamBMO Capital Markets Equity Research