Boralex Inc. (BRLXF)
合理估值基本面
40
价格
$-
市值
$3.83B
第一部分 · 这家公司值多少
概览
Boralex develops, builds and operates renewable power plants — mostly onshore wind, plus hydroelectric dams, solar farms and battery storage — in Canada, France, the United Kingdom and the United States. It is France's largest independent onshore wind producer and one of Canada's larger renewable operators. The company does not sell electricity to households directly; it sells the power its plants generate into wholesale markets or under long-term contracts with utilities and large corporate buyers.
盈利方式
Boralex earns revenue from selling the electricity its wind, hydro, solar and battery assets generate, either at a market price, a government feed-in premium, or a fixed price locked in under a long-term power purchase agreement signed years before a plant is built. Because output depends on how much the wind blows or the sun shines, revenue swings with weather from quarter to quarter even when installed capacity stays flat; 2025 revenue fell 3% despite 8% more electricity produced, mainly on weaker French contract prices.
护城河
未发现护城河 · 无Electricity is a commodity: a megawatt-hour from Boralex's wind farm is indistinguishable from one produced by a competitor next door, and long-term power contracts are available to any developer with capital, permits and grid access. Boralex's edge is operational — decades of site selection and construction experience — rather than a structural barrier that keeps rivals out.
需求驱动因素
防御型Most of Boralex's output is sold under long-term contracts or government feed-in tariffs that are largely insulated from the broader economic cycle, so revenue depends far more on wind speeds, rainfall and sunshine than on GDP growth or consumer spending. The main swing factor in 2025 was weather-driven production and softer short-term power prices in France, not a change in underlying demand.
看多理由
Buyers argue that Boralex's 2030 strategy, backed by $8 billion in planned investment and a project pipeline of 8.2 GW, positions it to double installed capacity by 2030, and that six new plants commissioned in 2025 already show the growth engine is running.
看空理由
Sellers fear that falling short-term power prices in France already cut 2025 net earnings by more than half, that renewable projects depend on financing conditions and government contract auctions the company does not control, and that debt taken on to fund $8 billion of growth adds financial risk if power prices stay soft.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月18日 with claude-haiku-4-5 — shared with all users
The closest match to Boralex: a Quebec-based independent producer of wind, solar and hydro power bidding for the same long-term utility power contracts in Canada and France, now privately held by La Caisse after its July 2025 take-private.
Another Canadian independent power producer that develops and operates wind and solar capacity under long-term contracts, competing with Boralex for the same provincial tenders and project pipelines.
A French developer of onshore wind, solar and battery storage that bids against Boralex in the same French government renewable-energy tenders; it was delisted from Euronext Paris in April 2025 after Brookfield's buyout.
A French independent producer of wind and solar electricity that competes with Boralex for grid connections, land and public tenders in its core French market.
A far larger owner of hydro, wind and solar plants that competes with Boralex both for renewable project acquisitions and for the same corporate and utility power-purchase agreements in Canada, the US and Europe.
资产负债表与流动性
营收
$898M
最近12个月（截至2026/3/31）
净利润
$-32M
最近12个月（截至2026/3/31）
自由现金流
$-224M
股东权益合计
$1.52B
负债合计
$4.73B
流动比率
1.24
利息覆盖率
-
债务/EBITDA
9.23
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$31.97
当前价格
-
安全边际
-
公允价值区间
$22.83 - $41.11
所用估值方法之间的离散区间，并非经过统计校准的置信区间。
估算方法
估值指标
市盈率（P/E）
-
ROE
0.1%
市净率（P/B）
2.51
P/FCF
-
毛利率
75.6%
ROIC
3.6%
盈利能力雷达图
价值创造（经济护城河）
ROIC
3.6%
WACC
3.6%
ROIC − WACC
+0.1 pp
ROIC 与资本成本大致持平：公司仅仅覆盖了资本成本。
基本面分析标准
通过（6）
- Gross Margin 75.6%
- P/B Ratio 2.51
- Debt/Equity ratio
- Current Ratio
- Revenue Growth 5Y 6.0%
- Earnings Quality (OCF/NI) 49.00
未通过（9）
- ROIC 3.7%
- Positive Free Cash Flow
- Debt/EBITDA
- DCF valuation (Unknown)
- ROE -2.1%
- Analyst Consensus 9% Buy
- Earnings Surprise avg -107.8%
- Net Margin Trend 0.9% vs 4.4%
- Piotroski F-Score 2/9
不可用（12）
- EPS data insufficient
- Historical price data insufficient
- P/FCF NaN
- Dividend Payout NaN%
- Operating Margin NaN%
- CapEx intensity
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
- Share Dilution (missing shares data)
Piotroski F-评分
存在严重财务隐患
盈利质量
高质量：盈利有现金流支撑
股权稀释
正在回购股份，对股东友好
机构持股
该公司暂无机构申报数据。
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Mr. Patrick Decostre | President, CEO & Director | 52 |
| Mr. Stéphane Milot | Vice President of Investor Relations and Financial Planning & Analysis | - |
| Mr. Pascal Hurtubise | Executive VP & Chief Legal Officer | - |
| Eric Cantin | Vice President of Corporate Finance | - |
| Ms. Marie-Josée Arsenault | Executive VP and Chief People & Culture Officer | - |
| Mr. Rabindra Nath Mishra | Deputy Managing Director of Development Europe | - |
| Mr. Pascal Laprise-Demers | Senior Vice President of Corporate Strategy & Business Performance | - |
| Mr. Nicolas Mabboux | Senior Vice President of IT and Digital Transformation | - |
| David Lett | Head of Projects | - |
| Egbert De Groot | Senior Vice President of Merger, Acquisitions & Energy Commercialisation of North America | - |
审计风险
9
董事会风险
4
薪酬风险
2
股东权利风险
8
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
Latest News
Recent headlines for BRLXF, sourced from Markets Gazette.