Maxim Power Corp. (TSE:MXG)
TSX:MXG
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Maxim Power
(TSX:MXG)
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Rating:60Neutral
Price Target:
C$4.50
▲(1.35% Upside)
Action:Reiterated
Date:05/09/26
The score is driven primarily by strong financial flexibility from a near debt-free balance sheet, partially offset by recent deterioration and volatility in operating profitability and free cash flow. Technicals are neutral-to-slightly positive but lack a clear trend, while valuation is weakened by a negative P/E and no stated dividend yield.
Positive Factors
Near-zero leverage / strong equity base
Extremely low debt and a sizable equity base reduce financial risk and preserve flexibility. This balance-sheet strength supports capital allocation, development opportunities, and resilience through cyclical weak operating periods without relying on external financing.
Negative Factors
Severe free cash flow variability
A collapse in FCF to roughly $0.6M signals material volatility in cash conversion. That constrains reinvestment, potential distributions, and buffers against downturns. Persistent swings in FCF raise uncertainty about sustainable internal funding for growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Near-zero leverage / strong equity base
Extremely low debt and a sizable equity base reduce financial risk and preserve flexibility. This balance-sheet strength supports capital allocation, development opportunities, and resilience through cyclical weak operating periods without relying on external financing.
Read all positive factors
Maxim Power (MXG) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$274.63M
Dividend YieldN/A
Average Volume (3M)11.24K
Price to Earnings (P/E)―
Beta (1Y)0.87
Revenue Growth4.19%
EPS Growth-25.52%
CountryCA
Employees46
SectorUtilities
Sector Strength65
IndustryIndependent Power Producers
Share Statistics
EPS (TTM)0.21
Shares Outstanding63,572,365
10 Day Avg. Volume13,009
30 Day Avg. Volume11,237
Financial Highlights & Ratios
PEG Ratio-0.39
Price to Book (P/B)0.85
Price to Sales (P/S)3.43
P/FCF Ratio15.48
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Maxim Power Business Overview & Revenue Model
Company Description
Maxim Power Corp., an independent power producer, engages in the development, ownership, and operation of power generation facilities in Canada. Its core asset is Milner 2 power plant, a 204 megawatt natural gas-fired turbine generator located in ...
How the Company Makes Money
Maxim Power primarily makes money by producing electricity at its generation facilities and selling that electricity into the market. Key revenue streams typically include (a) energy revenues from selling generated power (often priced hourly or in...
Maxim Power Financial Statement Overview
Summary
Income Statement
60
Neutral
Balance Sheet
86
Very Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 78.09M | 82.72M | 101.48M | 38.47M | 141.26M | 156.01M |
| Gross Profit | 22.80M | 7.93M | 42.83M | -9.94M | 53.50M | 77.94M |
| EBITDA | 13.41M | 15.74M | 51.10M | 55.45M | 70.81M | 113.48M |
| Net Income | 13.23M | 16.69M | 21.95M | 28.30M | 42.28M | 78.51M |
Balance Sheet | ||||||
| Total Assets | 387.32M | 383.42M | 359.10M | 425.84M | 382.11M | 312.44M |
| Cash, Cash Equivalents and Short-Term Investments | 36.85M | 56.92M | 30.07M | 32.26M | 51.38M | 13.55M |
| Total Debt | 0.00 | 0.00 | 77.00K | 81.31M | 82.81M | 53.85M |
| Total Liabilities | 54.29M | 50.28M | 43.08M | 128.09M | 113.45M | 85.25M |
| Stockholders Equity | 333.03M | 333.14M | 316.02M | 297.75M | 268.65M | 227.18M |
Cash Flow | ||||||
| Free Cash Flow | 581.00K | 18.34M | 76.88M | -3.58M | -4.68M | 16.64M |
| Operating Cash Flow | 32.90M | 32.14M | 84.07M | 23.84M | 76.41M | 105.22M |
| Investing Cash Flow | -26.50M | -4.61M | 7.30M | -32.09M | -57.79M | -85.31M |
| Financing Cash Flow | -878.00K | -660.00K | -93.64M | -10.86M | 19.28M | -18.60M |
Maxim Power Technical Analysis
Negative
4.44
Price Trends
4.41
Negative
4.42
Negative
4.47
Negative
Market Momentum
-0.03
Positive
39.28
Neutral
50.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:MXG, the sentiment is Negative. The current price of 4.44 is above the 20-day moving average (MA) of 4.39, above the 50-day MA of 4.41, and below the 200-day MA of 4.47, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 39.28 is Neutral, neither overbought nor oversold. The STOCH value of 50.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:MXG.
Maxim Power 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% | |
61 Neutral | C$6.01B | 17.22 | -3.45% | 6.80% | 14.34% | -157.00% | |
60 Neutral | C$274.63M | -356.47 | 4.02% | ― | 4.19% | -25.52% | |
59 Neutral | C$6.97B | 12.59 | 3.39% | 3.62% | 2.57% | -63.07% | |
58 Neutral | C$9.98B | 171.62 | 0.49% | 4.44% | 29.58% | -101.22% | |
51 Neutral | C$5.23B | 104.46 | -11.56% | 1.46% | -16.72% | -125033.33% | |
50 Neutral | C$3.79B | -104.58 | -2.08% | 2.62% | 9.25% | -391.03% |
* Utilities Sector Average
TSE:MXG
Maxim Power
4.25
0.03
0.71%
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Maxim Power Corporate Events
Business Operations and StrategyFinancial Disclosures
Maxim Power Posts Lower 2025 Earnings but Bolsters Cash for Prairie Lights Expansion
Neutral
Mar 20, 2026
Maxim Power reported 2025 revenue of $86.9 million, down from $101.5 million in 2024, with net income easing to $16.7 million as lower generation volumes from planned maintenance, softer realized prices and unrealized losses on commodity swaps wei...
Business Operations and StrategyFinancial Disclosures
Maxim Power Reserves GE Turbine Slot for Alberta Prairie Lights Project
Positive
Feb 9, 2026
Maxim Power Corp. has reserved a manufacturing slot with GE Vernova for a 7HA.02 gas turbine and generator package, targeting delivery by 2030 for its permitted 400 MW Prairie Lights Power project near Grande Prairie, Alberta. The company will pay...
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.