Maxim Power (MXG) AI Stock Analysis

• Market Cap: C$281.07M
• Dividend Yield: N/A
• Average Volume (3M): 11.24K
• Price to Earnings (P/E): 20.2
• Beta (1Y): 0.98
• Revenue Growth: -28.65%
• EPS Growth: -73.50%
• Country: CA
• Employees: 46
• Sector: Utilities
• Sector Strength: 65
• Industry: Independent Power Producers
• EPS (TTM): 0.17
• Shares Outstanding: 63,590,440
• 10 Day Avg. Volume: 13,009
• 30 Day Avg. Volume: 11,237
• PEG Ratio: -0.80
• Price to Book (P/B): 0.99
• Price to Sales (P/S): 3.09
• P/FCF Ratio: 4.07
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 65 Neutral
• Price Target: C$5.00 ▲(12.61% Upside)

The score is primarily supported by an exceptionally strong, low-debt balance sheet and positive profitability/cash generation. It is held back by uneven earnings and free-cash-flow consistency versus 2024, and neutral technical momentum with a mid-range P/E and no stated dividend yield.

Positive Factors

Revenue Growth

The significant increase in revenue indicates strong market demand and effective business strategies, contributing to long-term growth prospects.

Balance Sheet Health

A low debt-to-equity ratio and high equity position provide financial stability and flexibility, supporting sustainable operations and growth.

Cash Generation

Strong cash flow generation enhances the company's ability to invest in growth opportunities, reduce debt, and improve shareholder value over time.

Negative Factors

Revenue Decline

A decline in revenue growth rate suggests potential challenges in maintaining sales momentum, which could impact future profitability and market position.

Earnings Volatility

Significant volatility in earnings per share growth indicates potential instability in profit generation, which may affect investor confidence and valuation.

Profitability Concerns

While profitability has improved, the recent positive net income follows a period of losses, highlighting the need for consistent profit generation to ensure long-term financial health.

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 Grande Cache, Alberta. Maxim Power Corp. is headquartered in Calgary, Canada.

How the Company Makes Money

Maxim Power generates revenue primarily through the sale of electricity produced by its power generation facilities. The company operates in various markets, including wholesale power markets, where it sells electricity to utilities and large industrial customers. Additionally, Maxim Power may benefit from long-term power purchase agreements (PPAs) that provide stable revenue streams. The company also explores opportunities in renewable energy, allowing it to diversify its revenue sources. Strategic partnerships with other energy companies and participation in energy trading markets can further enhance its earnings potential.

Maxim Power Financial Statement Overview

Summary

Strong balance sheet with effectively negligible debt (very low financial risk) and positive profitability supported by solid TTM margins. Offsetting this, revenue/margins and free cash flow have been volatile, with TTM earnings power and free cash flow weaker than 2024 and cash conversion only moderate.

Income Statement

TTM (Trailing-Twelve-Months) profitability remains solid (about 67% gross margin and ~15% net margin), but earnings power is down versus 2024 as margins compressed and revenue declined from the 2024 annual level. The multi-year revenue path is volatile (large swings from year to year), which is typical for the sector but still reduces earnings visibility. Positives include consistently positive net income in the periods shown and strong margins in the best years (2021–2022), while the key weakness is the uneven operating trend and lower recent profitability versus peak levels.

Balance Sheet

The balance sheet is a major strength: debt is effectively negligible in TTM (Trailing-Twelve-Months) and also very low in 2024, resulting in minimal financial risk and high flexibility. Equity is substantial relative to assets (TTM equity of ~$331M vs. assets of ~$375M), and returns on equity are positive, though they have moderated versus earlier years. The primary drawback is that returns are not consistently high year-to-year (reflecting earnings volatility), but overall leverage and solvency profile are exceptionally strong.

Cash Flow

Cash generation is healthy in TTM (Trailing-Twelve-Months) with positive operating cash flow (~$27M) and positive free cash flow (~$14M). However, free cash flow declined versus the prior annual period (negative growth), and free cash flow is only about half of net income in TTM, suggesting earnings are not fully translating into free cash after investment needs. Historically, cash flow has been choppy (including negative free cash flow in several years), but 2024 was very strong and the company remains free-cash-flow positive in the latest TTM period.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	92.95M	101.48M	38.47M	141.26M	156.01M	46.73M
Gross Profit	62.64M	42.83M	-9.94M	53.50M	77.94M	6.18M
EBITDA	31.43M	51.10M	55.45M	70.81M	113.48M	11.93M
Net Income	13.93M	21.95M	28.30M	42.28M	78.51M	9.26M
Balance Sheet
Total Assets	375.28M	359.10M	425.84M	382.11M	312.44M	239.31M
Cash, Cash Equivalents and Short-Term Investments	53.03M	30.07M	32.26M	51.38M	13.55M	12.26M
Total Debt	0.00	77.00K	81.31M	82.81M	53.85M	66.98M
Total Liabilities	44.43M	43.08M	128.09M	113.45M	85.25M	91.40M
Stockholders Equity	330.85M	316.02M	297.75M	268.65M	227.18M	147.91M
Cash Flow
Free Cash Flow	14.24M	76.88M	-3.58M	-4.68M	16.64M	-13.21M
Operating Cash Flow	27.39M	84.07M	23.84M	76.41M	105.22M	6.96M
Investing Cash Flow	11.36M	7.30M	-32.09M	-57.79M	-85.31M	-25.89M
Financing Cash Flow	-84.76M	-93.64M	-10.86M	19.28M	-18.60M	10.35M

Maxim Power Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 4.44
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: 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 below the 20-day moving average (MA) of 4.45, above the 50-day MA of 4.41, and above the 200-day MA of 4.43, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 47.95 is Neutral, neither overbought nor oversold. The STOCH value of 51.35 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	66 Neutral	$17.65B	18.10	5.60%	3.62%	6.62%	11.55%
MXG	65 Neutral	C$281.07M	20.21	4.47%	―	-28.65%	-73.50%
ACO.X	65 Neutral	C$5.96B	15.40	9.32%	3.62%	7.75%	11.25%
CPX	64 Neutral	C$9.32B	21.22	9.40%	4.44%	-2.99%	-32.11%
NPI	53 Neutral	$4.91B	-17.24	-7.06%	6.80%	-4.86%	-86.64%
TA	49 Neutral	C$5.16B	-26.79	-8.42%	1.46%	-11.00%	-227.07%
BLX	47 Neutral	C$2.59B	-112.77	-1.47%	2.62%	-11.91%	-132.41%

Maxim Power Corporate Events

Maxim Power Corp. Reports Third Quarter 2025 Financial Results

Maxim Power Corp. reported its third-quarter financial results for 2025, showing an increase in revenue compared to 2024 due to higher realized power prices, despite a decrease in generation volumes. However, the company’s net income remained comparable to the previous year, while Adjusted EBITDA decreased due to lower net realized gains on commodity swaps. Over the first nine months of 2025, both revenue and net income saw a decline, attributed to lower power prices and generation volumes, as well as unrealized losses on commodity swaps.

The most recent analyst rating on (TSE:MXG) stock is a Hold with a C$5.00 price target. To see the full list of analyst forecasts on Maxim Power stock, see the TSE:MXG Stock Forecast page.