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Brookfield Renewable Partners (TSE:BEP.UN)
TSX:BEP.UN
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Brookfield Renewable Partners
(TSX:BEP.UN)
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Rating:58Neutral
Price Target:
C$42.00
▼(-4.13% Downside)
Action:ReiteratedDate:02/01/26
The score is held back primarily by financial risk—very high and rising leverage plus structurally negative free cash flow and recurring net losses. Offsetting factors include constructive technical momentum and a positive earnings-call outlook with solid FFO/unit growth, contracted expansion, and continued distribution increases, while valuation is mixed (high yield but loss-driven negative P/E).
Positive Factors
Contracted Capacity Growth
Signing over 9 GW of contracts and commissioning >8 GW demonstrates durable backlog and revenue visibility from long-term power sales. This contracted pipeline underpins recurring cash flows, supports scale economics across regions, and de-risks growth versus merchant exposure.
Asset Recycling Program
A repeatable asset recycling program that delivered $4.5B of proceeds helps fund new development, recycle capital at attractive returns, and reduce dilution or debt needs. Over time this enhances capital efficiency and supports sustained deployment without relying solely on equity issuance.
Long-term Hydro & Strategic Partnerships
Multi-decade inflation-linked hydro PPAs and large frameworks with hyperscalers secure durable, indexed cash flows and justify long-lived asset investments. Strategic Westinghouse and hyperscaler ties diversify demand sources and lock in lifecycle service and generation revenues.
Negative Factors
Elevated Leverage
Very high and rising leverage materially reduces financial flexibility and increases refinancing and covenant risk, especially for a capital-intensive renewables operator. Elevated debt amplifies exposure to funding shocks and makes sustaining growth or distributions more dependent on market access.
Negative Free Cash Flow
Structural negative free cash flow driven by heavy investment and deployments means operations don't self-fund growth. Persistent negative FCF increases reliance on recycling, financings, and equity raises, raising execution risk if capital markets tighten or asset-sale timing lags.
Recurring Net Losses
Consistent net losses despite strong EBITDA margins indicate heavy depreciation, financing costs, or below-the-line pressures that reduce retained earnings. Over time this limits equity rebuild, contributes to high leverage, and constrains the company’s ability to self-finance growth or improve returns on equity.
Brookfield Renewable Partners (BEP.UN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$29.07B
Dividend Yield5.56%
Average Volume (3M)299.43K
Price to Earnings (P/E)―
Beta (1Y)0.75
Revenue Growth14.78%
EPS Growth-9.37%
CountryCA
Employees5,270
SectorUtilities
Sector Strength65
IndustryRenewable Utilities
Share Statistics
EPS (TTM)0.74
Shares Outstanding305,987,980
10 Day Avg. Volume261,351
30 Day Avg. Volume299,428
Financial Highlights & Ratios
PEG Ratio4.33
Price to Book (P/B)1.68
Price to Sales (P/S)1.19
P/FCF Ratio-1.49
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$47.28Price Target Upside7.93% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)-1.05
Revenue Forecast (FY)C$7.15B
Brookfield Renewable Partners Business Overview & Revenue Model
Company DescriptionBrookfield Renewable Partners L.P. owns a portfolio of renewable power generating facilities primarily in North America, Colombia, Brazil, Europe, India, and China. The company generates electricity through hydroelectric, wind, solar, distributed generation, pumped storage, cogeneration, and biomass sources. Its portfolio consists of approximately 21,000 megawatts of installed capacity. Brookfield Renewable Partners Limited operates as the general partner of Brookfield Renewable Partners L.P. The company was formerly known as Brookfield Renewable Energy Partners L.P. and changed its name to Brookfield Renewable Partners L.P. in May 2016. Brookfield Renewable Partners L.P. was founded in 1999 and is headquartered in Hamilton, Bermuda.
How the Company Makes MoneyBrookfield Renewable Partners generates revenue primarily through the sale of electricity produced from its renewable energy assets. The company operates long-term power purchase agreements (PPAs) with utilities and corporations, which provide stable cash flows by locking in prices for power sold over extended periods. Key revenue streams include hydroelectric power generation, onshore and offshore wind projects, and solar energy installations. Additionally, BEP.UN benefits from government incentives and renewable energy credits that enhance profitability. The company also engages in strategic partnerships and joint ventures to expand its asset base and market reach, further contributing to its earnings.
Brookfield Renewable Partners Earnings Call Summary
Earnings Call Date:Jan 30, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 01, 2026
Earnings Call Sentiment Positive
The call presented a strongly positive operational and financial performance narrative: double-digit FFO growth, record capacity additions and deployments, successful capital recycling, robust liquidity and record financings, and accelerated positioning in batteries, hydro and nuclear. The challenges discussed—weaker U.S. hydrology, some permitting delays for onshore wind, and the need to manage liquidity relative to a growing pipeline—are material but appear manageable given the company's financing activity, asset recycling program, and strategic partnerships. Overall, positive momentum and multiple growth levers outweigh the identified headwinds.Q4-2025 Updates
Positive Updates
FFO Growth and Per-Unit Performance
Full-year FFO of $1.334 billion ($2.01 per unit), up 10% year-over-year; Q4 FFO of $346 million, up 14% year-over-year (51¢ per unit).
Record Deployment and Growth Commitments
Deployed or committed a record $8.9 billion of growth (approximately $1.9 billion net to BEP), highlighted by transactions including the privatization of NioN, the carve-out of Geronimo Power, and increased investment in Isahan.
Strong Capacity Additions and Contracting
Commissioned a record >8 GW of new capacity globally in 2025 and signed contracts on over 9 GW; on track for a ~10 GW per-year new capacity run rate by 2027.
Successful Asset Recycling Program
Reached agreements generating $4.5 billion of proceeds (about $1.3 billion net to BEP) from asset sales at returns above the high end of targets; includes sales of a North American distributed energy platform and a 50% interest in noncore U.S. hydro assets.
Balance Sheet, Liquidity and Financing Strength
Ended the year with $4.6 billion of available liquidity; executed a record >$37 billion of financings in 2025 (including ~$2.2 billion of investment-grade financings). Issued CAD450M 10-year notes and CAD500M 30-year notes at the lowest spreads seen in years; completed a $650 million bought deal equity raise.
Battery / Energy Storage Acceleration
Acquisition of battery platform (NaoN / Nayeon) significantly expanded storage footprint; expect to quadruple battery storage capacity over the next three years to over 10 GW, including a >1 GW standalone battery project advanced with a sovereign wealth fund.
Hydro and Nuclear Strategic Wins
Hydroelectric segment FFO of $607 million, up 19% year-over-year; signed three 20-year inflation-linked PPAs with hyperscalers at strong pricing and a framework with Google to deliver up to 3 GW of U.S. hydro. Investment in Westinghouse and a landmark U.S. government agreement to deliver new reactors provide long-term contracted demand and lifecycle service revenues.
Distribution Increase and Long-Term Return Target
Raised annual distribution by >5% to $1.468 per unit; achieved 15 consecutive years of annual distribution growth of at least 5%; reiterated long-term total return target of 12%–15%.
Exceptional Results in Distributed Energy & Sustainable Solutions
Distributed energy storage and sustainable solutions segments generated record results of $614 million, up ~90% year-over-year, driven by development growth, the battery platform acquisition, and Westinghouse performance.
Negative Updates
Weaker U.S. Hydrology Impacting Near-Term Generation Mix
Management noted weaker hydrology in the U.S. that partially offset hydro performance despite overall hydro FFO growth; realized U.S. hydro realized price was flat year-over-year at about $83, influenced by generation mix (management expects increases as new contracts phase in).
Onshore Wind Permitting Slowdown in U.S.
Onshore wind in the U.S. is progressing slower than solar due to some federal permitting delays—projects still advancing but permitting is a headwind that has been reflected in development timelines.
Liquidity vs. Rapidly Expanding Development Pipeline
Available liquidity relative to the scale of the secured development pipeline has moderated; management targets a comfort level around ~$4 billion of liquidity and will rely on scaled capital recycling and financings to sustain deployment—indicating ongoing funding execution risk if recycling/financing momentum slowed.
Comparability Effects from Prior-Year Gains
Wind and solar combined FFO growth was partly offset by large gains on asset sales recorded in the prior year (e.g., sale of Scieta and partial disposition of Shepherd's Flat), which moderates year-over-year comparability.
Company Guidance
The company guided that its 2025 performance and near‑term outlook remain strong, highlighting full‑year FFO of $1.334 billion or $2.01 per unit (up 10% y/y) and Q4 FFO of $346 million (51¢/unit, up 14% y/y); record growth deployment of $8.9 billion (≈$1.9 billion net to BEP); signed contracts on over 9 GW and commissioned over 8 GW of new capacity with a target run‑rate of roughly 10 GW/year by 2027; plans to quadruple batteries to over 10 GW in three years (including a >1 GW standalone project); asset recycling proceeds of $4.5 billion (≈$1.3 billion net) at returns above the high end of targets; available liquidity of $4.6 billion (with a comfortable minimum around $4 billion) and a BBB+ rating; record financings of over $37 billion in 2025 (including $2.2 billion of investment‑grade financings, CAD450M 10‑yr and CAD500M 30‑yr note issuances, and a $650 million equity raise), Brookfield’s $20+ billion fundraise support, a $400 million BEPC ATM program to repurchase units, a >5% distribution increase to $1.468/unit (15 consecutive years of ≥5% growth), and a long‑term total return objective of 12–15%; management also noted structural tailwinds (battery costs down ~95% since 2010), three 20‑year hydro PPAs, a Google framework to deliver up to 3 GW of U.S. hydro and a Microsoft framework (~10.5 GW) that should accelerate contracted deliveries.Brookfield Renewable Partners Financial Statement Overview
Summary
Steady revenue growth and strong operating-level profitability are positives, but the balance sheet is highly leveraged (debt-to-equity ~7.6x in 2025 with equity down materially) and free cash flow is deeply negative (about -$5.2B in 2025). Persistent net losses and funding intensity increase financial risk despite solid operating cash flow.Income Statement
Revenue has trended upward from 2020 to 2025 (2025 up ~3.5% year over year), indicating steady top-line growth. Profitability is mixed: operating profitability appears strong in several years (EBITDA margin frequently above ~60%), but bottom-line results are consistently weak with net losses in most years (including 2025), suggesting heavy depreciation/financing costs and/or other below-the-line pressures that prevent revenue growth from translating into shareholder earnings.54
Neutral
Balance Sheet
Leverage is the key concern. Total debt is very large and the debt-to-equity ratio has risen sharply, reaching ~7.6x in 2025 versus ~3.7x in 2024 and ~1.0x in 2022. Equity also fell materially in 2025, which amplifies leverage and reduces financial flexibility. Returns on equity are negative in most years, consistent with the recurring net losses and making the balance sheet risk profile elevated for a capital-intensive renewable operator.28
Negative
Cash Flow
Operating cash flow is consistently positive (about $1.5B in 2025 vs. ~$1.2B in 2024), which supports ongoing operations. However, free cash flow is negative in most years and deteriorated significantly in 2025 (about -$5.2B), pointing to heavy capital spending and/or investment outlays that are not being funded internally. Overall cash generation quality is pressured because operating cash flow is not translating into sustainable free cash flow.33
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 6.52B | 5.88B | 5.04B | 4.71B | 4.10B |
| Gross Profit | 1.10B | 3.30B | 3.10B | 3.28B | 2.73B |
| EBITDA | 5.07B | 3.80B | 4.06B | 2.96B | 2.44B |
| Net Income | -19.33M | -218.00M | -50.00M | -122.00M | -136.00M |
Balance Sheet | |||||
| Total Assets | 98.52B | 94.81B | 76.13B | 64.11B | 55.87B |
| Cash, Cash Equivalents and Short-Term Investments | 2.67B | 3.70B | 1.36B | 1.24B | 987.00M |
| Total Debt | 35.73B | 35.90B | 30.92B | 25.73B | 21.99B |
| Total Liabilities | 63.61B | 58.35B | 46.15B | 37.83B | 31.87B |
| Stockholders Equity | 4.60B | 9.75B | 10.53B | 10.96B | 11.08B |
Cash Flow | |||||
| Free Cash Flow | -5.18B | -2.34B | -961.31M | -460.02M | -1.22B |
| Operating Cash Flow | 1.52B | 1.21B | 1.90B | 1.64B | 727.54M |
| Investing Cash Flow | -10.02B | -4.54B | -2.05B | -3.16B | -1.80B |
| Financing Cash Flow | 7.40B | 5.35B | 255.60M | 1.63B | 1.44B |
Brookfield Renewable Partners Technical Analysis
Positive
43.81
Price Trends
40.83
Positive
40.00
Positive
37.35
Positive
Market Momentum
0.47
Negative
64.46
Neutral
90.71
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BEP.UN, the sentiment is Positive. The current price of 43.81 is above the 20-day moving average (MA) of 42.50, above the 50-day MA of 40.83, and above the 200-day MA of 37.35, indicating a bullish trend. The MACD of 0.47 indicates Negative momentum. The RSI at 64.46 is Neutral, neither overbought nor oversold. The STOCH value of 90.71 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:BEP.UN.
Brookfield Renewable Partners Risk Analysis
Brookfield Renewable Partners disclosed 1 risk factors in its most recent earnings report. Brookfield Renewable Partners reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Brookfield Renewable Partners Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
64 Neutral | C$247.60M | -64.76 | -1.09% | 7.11% | 8.26% | -267.17% | |
58 Neutral | C$29.07B | -400.32 | 2.67% | 5.56% | 14.78% | -9.37% | |
58 Neutral | C$5.64B | -28.57 | -7.06% | 6.80% | -4.86% | -86.64% | |
50 Neutral | $6.59B | 25.55 | 3.88% | 4.32% | -4.72% | 96.98% | |
50 Neutral | C$232.09M | -42.15 | 8.61% | ― | -30.92% | ― | |
47 Neutral | C$2.90B | 422.17 | 0.45% | 2.62% | -11.91% | -132.41% |
* Utilities Sector Average
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Brookfield Renewable Partners Corporate Events
Business Operations and StrategyStock BuybackPrivate Placements and Financing
Brookfield Renewable Launches $400 Million At-the-Market Equity Program to Support LP Unit Buybacks
Positive
Jan 13, 2026
Brookfield Renewable has established an at-the-market equity issuance program allowing Brookfield Renewable Corporation to issue up to $400 million of class A exchangeable subordinate voting shares directly into the Canadian and U.S. markets. The proceeds are intended primarily to fund repurchases of Brookfield Renewable Partners’ non-voting limited partnership units under its normal course issuer bid and for general corporate purposes, with the company indicating that the combination of new share issuance and LP unit buybacks is expected to be broadly non-dilutive to the overall equity base while providing flexibility to raise capital when market conditions are favorable.
The most recent analyst rating on ($TSE:BEP.UN) stock is a Buy with a C$34.00 price target. To see the full list of analyst forecasts on Brookfield Renewable Partners stock, see the TSE:BEP.UN Stock Forecast page.
Business Operations and StrategyDividends
Brookfield Renewable to Redeem C$175 Million of Series 7 Preferred Units
Positive
Jan 2, 2026
Brookfield Renewable Partners plans to redeem all of its outstanding Class A Preferred Limited Partnership Units, Series 7, on January 31, 2026, at a cash redemption price of C$25.00 per unit, for a total outlay of C$175 million funded from existing liquidity. Holders of record on January 15, 2026, will receive the previously declared final quarterly distribution, and the transaction will simplify Brookfield Renewable’s capital structure while demonstrating balance-sheet strength and the capacity to manage preferred equity obligations without accessing external financing.
The most recent analyst rating on ($TSE:BEP.UN) stock is a Buy with a C$34.00 price target. To see the full list of analyst forecasts on Brookfield Renewable Partners stock, see the TSE:BEP.UN Stock Forecast page.
M&A TransactionsPrivate Placements and Financing
Brookfield Renewable Partners Announces $650 Million Equity Raise to Fuel Growth
Positive
Nov 11, 2025
Brookfield Renewable Partners announced a US$650 million equity raise through a public offering and a concurrent private placement. The funds will be used to support the company’s recent acquisition of an increased stake in Isagen, future investment opportunities, and general corporate purposes. This move is expected to enhance Brookfield Renewable’s investment capabilities in essential power generation and grid-stabilizing technologies, potentially strengthening its market position and growth prospects.
The most recent analyst rating on ($TSE:BEP.UN) stock is a Hold with a C$46.00 price target. To see the full list of analyst forecasts on Brookfield Renewable Partners stock, see the TSE:BEP.UN Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.