EverGen Infrastructure Corp. (EVGN) AI Stock Analysis

• Market Cap: C$9.46M
• Dividend Yield: N/A
• Average Volume (3M): 58.46K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.87
• Revenue Growth: -20.29%
• EPS Growth: -326.08%
• Country: CA
• Employees: 35
• Sector: Energy
• Sector Strength: 52
• Industry: Regulated Gas
• EPS (TTM): -0.05
• Shares Outstanding: 25,580,498
• 10 Day Avg. Volume: 118,375
• 30 Day Avg. Volume: 58,458
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.51
• Price to Sales (P/S): 1.43
• P/FCF Ratio: 49.37
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -0.01
• Revenue Forecast (FY): C$16.10M

• Rating: 48 Neutral
• Price Target: C$0.44 ▼(-20.73% Downside)
• Action: Upgraded Date: 01/07/26
• Date: Action: Upgraded 01/07/26

The score is primarily weighed down by weak financial performance (declining revenue, negative profitability, and negative operating/free cash flow). Technical indicators are somewhat supportive near-term (price above 20/50DMA with relatively strong RSI), but longer-term trend levels and a near-flat/negative MACD temper that support. Valuation is constrained by a negative P/E and no provided dividend yield.

Positive Factors

Long-term contracts

Securing long-dated offtake and service contracts with utilities and industrial customers creates predictable revenue streams and reduces spot-price exposure. That contractual predictability supports project financing, underpins capital planning for new facilities, and stabilizes cash flow over multiple years.

Multiple revenue sources & partnerships

A business model that combines RNG sales, tipping fees, and municipal partnerships diversifies revenue and strengthens feedstock security. Combined with regulatory incentives for decarbonization, these structural supports enhance output visibility and lower project risk across multi-year horizons.

Moderate leverage

A moderate debt-to-equity ratio indicates balance between leverage and equity, giving the company financing flexibility for capital-intensive projects while limiting default risk. This conservatism supports ability to raise project financing and absorb operational variability over the medium term.

Negative Factors

Declining revenue

Sustained revenue shrinkage undermines scale economics in capital-intensive RNG operations, pressuring unit margins and return on invested capital. Without a clear reversal, declining top-line trends impair financing capacity for new projects and limit ability to amortize fixed plant costs over time.

Negative profitability

Persistent negative operating and profitability metrics signal structural cost or pricing gaps versus peers. Ongoing losses reduce retained earnings, constrain reinvestment in projects and technology, and increase reliance on external capital, making sustainable margin recovery a key long-term risk.

Weak cash generation

Negative operating and free cash flows limit the firm's ability to self-fund maintenance and expansion of biogas facilities. Over several quarters this necessitates external financing for capex and debt service, raising dilution or refinancing risk and hampering durable operational scaling.

EverGen Infrastructure Corp. Business Overview & Revenue Model

Company Description

EverGen Infrastructure Corp. (EVGN) is a Canadian company focused on the development and operation of renewable energy infrastructure, primarily in the biogas and organic waste management sectors. The company aims to facilitate the transition to a sustainable energy future by producing renewable natural gas (RNG) and managing organic waste through its innovative facilities. EverGen's core services include the generation of RNG from organic waste sources, as well as providing waste management solutions that contribute to reducing greenhouse gas emissions.

How the Company Makes Money

EverGen Infrastructure generates revenue primarily through the sale of renewable natural gas (RNG) produced from its biogas facilities. The company enters into long-term contracts with customers, including utilities and industrial users, providing a steady income stream. Additionally, EverGen may earn revenue from tipping fees associated with organic waste management services, where businesses and municipalities pay to dispose of organic waste. Partnerships with local governments and other stakeholders enhance the company’s ability to secure organic waste sources and expand its operational footprint. Furthermore, incentives and subsidies from government programs aimed at promoting renewable energy can also contribute to its earnings.

EverGen Infrastructure Corp. Financial Statement Overview

Summary

Weak fundamentals: declining revenue growth (-6.88% TTM), negative profitability (gross, EBIT, EBITDA, and net margins), rising leverage with negative ROE, and negative operating/free cash flow indicate ongoing operating and funding pressure.

Income Statement

EverGen Infrastructure Corp. has faced declining revenue growth, with a negative growth rate of -6.88% in the TTM period. The company struggles with profitability, as evidenced by negative gross profit, net profit, EBIT, and EBITDA margins. These metrics indicate significant challenges in generating profits from its operations.

Balance Sheet

The company's debt-to-equity ratio has increased over time, indicating rising leverage, though it remains moderate at 0.66 in the TTM period. Return on equity is negative, reflecting ongoing losses. The equity ratio suggests a reasonable level of equity financing, but the overall financial health is weakened by persistent losses.

Cash Flow

EverGen's cash flow position is concerning, with negative operating and free cash flows in the TTM period. The free cash flow growth rate is positive, but this is due to a low base effect. The operating cash flow to net income ratio is low, indicating challenges in converting income to cash.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Dec 2020
Income Statement
Total Revenue	10.66M	14.23M	8.44M	7.46M	9.56M	0.00
Gross Profit	-272.00K	994.00K	-1.46M	-2.49M	6.79M	0.00
EBITDA	-15.05M	-11.23M	-1.87M	-1.51M	770.00K	149.00K
Net Income	-18.03M	-16.73M	-4.42M	-4.10M	-1.95M	-2.23M
Balance Sheet
Total Assets	76.54M	77.70M	93.53M	85.96M	80.61M	50.51M
Cash, Cash Equivalents and Short-Term Investments	2.91M	414.00K	585.00K	8.85M	19.60M	4.68M
Total Debt	27.39M	26.63M	24.16M	11.54M	9.76M	3.45M
Total Liabilities	32.76M	35.70M	35.95M	24.57M	19.24M	18.60M
Stockholders Equity	41.32M	39.43M	55.32M	58.92M	61.37M	31.91M
Cash Flow
Free Cash Flow	-3.61M	411.00K	-16.77M	-9.02M	-3.51M	-46.00K
Operating Cash Flow	-2.02M	4.06M	307.00K	-1.35M	-1.92M	-46.00K
Investing Cash Flow	810.00K	-3.65M	-16.66M	-7.47M	-14.99M	-23.53M
Financing Cash Flow	2.78M	-582.00K	8.08M	-1.92M	34.19M	28.58M

EverGen Infrastructure Corp. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.55
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:EVGN, the sentiment is Negative. The current price of 0.55 is above the 20-day moving average (MA) of 0.44, above the 50-day MA of 0.42, and above the 200-day MA of 0.46, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 34.71 is Neutral, neither overbought nor oversold. The STOCH value of <0.01 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:EVGN.

EverGen Infrastructure Corp. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
ALA	64 Neutral	C$14.54B	18.56	9.01%	2.99%	-0.68%	49.61%
BIPC	59 Neutral	C$8.97B	-28.28	―	4.56%	3.29%	76.89%
WRG	55 Neutral	C$85.96M	-3.31	-2.38%	―	-0.38%	6.98%
SPB	54 Neutral	C$1.44B	17.56	2.49%	2.54%	6.58%	9.33%
HWO	49 Neutral	C$11.17M	-52.07	-0.80%	―	-75.46%	-100.66%
EVGN	48 Neutral	C$9.46M	-0.30	-38.52%	―	-20.29%	-326.08%

EverGen Infrastructure Corp. Corporate Events

EverGen Sets Record RNG Output in Q4 2025 and Issues New RSU Grants

EverGen Infrastructure Corp. reported a record quarterly renewable natural gas production of 54,480 GJ in the fourth quarter of 2025, reflecting strong performance from its Fraser Valley Biogas and GrowTEC facilities and underscoring the growing momentum of its operating portfolio. The company also granted a total of 1,240,000 restricted share units to officers and directors under its equity incentive plan, a move that further aligns management and board incentives with long-term shareholder value as EverGen seeks to solidify its position in the RNG and waste-to-energy sector.

The most recent analyst rating on (TSE:EVGN) stock is a Hold with a C$0.46 price target. To see the full list of analyst forecasts on EverGen Infrastructure Corp. stock, see the TSE:EVGN Stock Forecast page.

EverGen Secures 20-Year RNG Offtake Deal with FortisBC

EverGen Infrastructure Corp., through its wholly owned subsidiary Fraser Valley Biogas, has brought into effect a new 20-year Biomethane Purchase Agreement with FortisBC Energy Inc. for the sale of renewable natural gas produced at its Fraser Valley facility. Under the deal, FortisBC will purchase RNG for injection into its natural gas system, supporting its strategy to expand renewable and lower-carbon gas supplies while securing a long-term, contracted revenue stream for EverGen and reinforcing one of British Columbia’s earliest RNG supply relationships, thereby strengthening EverGen’s platform stability and its role in the province’s lower-carbon energy transition.

The most recent analyst rating on (TSE:EVGN) stock is a Hold with a C$0.43 price target. To see the full list of analyst forecasts on EverGen Infrastructure Corp. stock, see the TSE:EVGN Stock Forecast page.

EverGen Reshapes Balance Sheet With FCC Debt Deal and $1.9 Million Equity Raise

EverGen Infrastructure Corp. has strengthened its balance sheet by closing a $13 million asset-level term loan and operating line with Farm Credit Canada through its Fraser Valley Biogas subsidiary, using the proceeds primarily to repay $12 million of higher-cost corporate debt and significantly reduce annual debt service. The company also completed a second tranche of its non-brokered private placement, raising approximately $1.9 million at $0.60 per share, which, together with the new facility, enhances financing alignment with project cash flows, lowers corporate leverage and provides additional capital flexibility to support organic growth, optimization projects and general corporate purposes, while signalling institutional and insider confidence in the platform’s future performance.

The most recent analyst rating on (TSE:EVGN) stock is a Hold with a C$0.43 price target. To see the full list of analyst forecasts on EverGen Infrastructure Corp. stock, see the TSE:EVGN Stock Forecast page.

EverGen Secures New Credit Facility and Extends Private Placement to Bolster 2026 Outlook

EverGen Infrastructure Corp. has strengthened its balance sheet strategy by entering into a Credit Agreement, through its Fraser Valley Biogas subsidiary, with Farm Credit Canada for a $13 million term loan and a $250,000 operating line of credit, intended largely to refinance existing corporate debt on terms better aligned with its current operations and strategic focus. In parallel, the company is extending the second tranche of its non-brokered private placement of up to 3,333,334 common shares at $0.60 per share for gross proceeds of up to $2 million, following a first tranche that raised $5 million in May 2025; proceeds will be used primarily to pay down indebtedness and support working capital and general corporate purposes, moves that collectively aim to improve financial flexibility and support EverGen’s growth outlook for 2026 in the renewable natural gas sector.

The most recent analyst rating on (TSE:EVGN) stock is a Hold with a C$0.40 price target. To see the full list of analyst forecasts on EverGen Infrastructure Corp. stock, see the TSE:EVGN Stock Forecast page.