Hydro One Ltd
HRNNF, HYNLY · Electric Services · EDGAR filings ↗
Grade
B73Regulated Ontario transmission utility with durable returns and high-quality margins.
Strengths
- ROA 86th pct, net margin 80th pct, operating margin 81st pct; ROE 10.7% (69th pct) above sector median
- Regulated monopoly transmission franchise with stable, growing earnings (net income +16%)
Risks
- Leverage elevated (D/E 1.43) and low current ratio; negative FCF from rate-base capex
- Rate-regulation and government-ownership overhang cap upside
Notable findings
- Cash burnNegative free cash flow (-200.9M)
- Weak liquidityCurrent ratio 0.61 (<1)
- Strong balance sheetStrong balance sheet — $401M cash & investments, ~8 quarters of runway
Key metrics
Gross margin
50.4%
Operating margin
24.8%
Net margin
14.9%
Return on equity
10.7%
Return on assets
3.4%
ROIC
5.8%
Revenue growth (QoQ)
11.9%
Net-income growth
21.6%
Debt / equity
1.4×
Net debt / EBITDA
5.5×
Current ratio
0.6×
Free cash flow
-$201M
EBITDA
$2.3B
Tangible book value
$8.5B
Cash & investments
$401M
Cash runway
8q
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 40-F | 2026-02-13 | 2025-12-31 | 0001628280-26-008009 ↗ |
| 40-F | 2025-02-20 | 2024-12-31 | 0001712356-25-000012 ↗ |
| 40-F | 2024-02-13 | 2023-12-31 | 0001712356-24-000011 ↗ |
| 40-F | 2023-02-14 | 2022-12-31 | 0001712356-23-000016 ↗ |
| 40-F | 2022-02-25 | 2021-12-31 | 0001712356-22-000018 ↗ |
| 40-F | 2021-02-25 | 2020-12-31 | 0001712356-21-000007 ↗ |
| 40-F | 2020-02-12 | 2019-12-31 | 0001712356-20-000009 ↗ |
| 40-F | 2019-03-28 | 2018-12-31 | 0001712356-19-000013 ↗ |