Polaris Infras J (TSE:PIF)
TSX:PIF
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Polaris Infrastructure
(TSX:PIF)
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Rating:64Neutral
Price Target:
C$13.00
▲(11.40% Upside)
Action:ReiteratedDate:02/21/26
The score is driven primarily by solid operating profitability and reliable cash generation, balanced against inconsistent bottom-line earnings and meaningful leverage. Technical signals are neutral-to-soft, while valuation is supported by a high dividend yield but weakened by a negative P/E. Earnings call factors are moderately positive due to strong liquidity and pipeline momentum, but tempered by lower near-term production guidance and ongoing curtailment risk.
Polaris Infrastructure (PIF) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$266.41M
Dividend Yield7.11%
Average Volume (3M)52.49K
Price to Earnings (P/E)―
Beta (1Y)0.57
Revenue Growth8.26%
EPS Growth-267.17%
CountryCA
Employees205
SectorN/A
Sector StrengthN/A
IndustryRenewable Utilities
Share Statistics
EPS (TTM)0.36
Shares Outstanding20,894,533
10 Day Avg. Volume37,569
30 Day Avg. Volume52,494
Financial Highlights & Ratios
PEG Ratio0.34
Price to Book (P/B)0.75
Price to Sales (P/S)2.21
P/FCF Ratio5.38
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$18.25Price Target Upside56.38% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Polaris Infrastructure Business Overview & Revenue Model
Company Description
Polaris Infrastructure Inc. (PIF) is a Canadian-based renewable energy company that focuses on the development, operation, and acquisition of renewable energy projects, primarily in the geothermal sector. The company operates several geothermal po...
How the Company Makes Money
Polaris Infrastructure generates revenue primarily through the sale of electricity produced by its geothermal power plants. The company enters into long-term power purchase agreements (PPAs) with utilities and other energy buyers, ensuring stable ...
Polaris Infrastructure Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call conveyed a constructive and proactive tone: Polaris delivered measurable operational and financial progress in 2025 (6% production growth, +3% adjusted EBITDA), maintained dividends and a strong cash position, and has a growing, diversified development pipeline (Puerto Rico RFP, ASAP progress, Mexico exclusivity ~1,000 MW). Key near-term challenges — most notably curtailments in the Dominican Republic, a modest production decline expected due to scheduled maintenance and curtailment, and prior approval delays at PREPA (now largely resolved) — add execution and timing risk but appear manageable. Management emphasized balance sheet strength, disciplined capital allocation, and multiple avenues for growth, which leaves the overall tone positive with risks being monitored and mitigated.Positive Updates
Consolidated Energy Production Growth
Full year 2025 consolidated energy production of 810,731 MWh versus 764,756 MWh in 2024, representing a 6% year-over-year increase driven by new assets and strong hydrology.
Negative Updates
Curtailment and Grid Constraints in the Dominican Republic
Curtailments materially impacted generation: 3,500 MWh in the quarter and 5,900 MWh for the year (management noted ~6,000 MWh last year). Company is conservatively budgeting ~10,000 MWh curtailment for the coming year until storage solutions are deployed, reducing short-term producible energy and revenue.
Read all updates
Q4-2025 Updates
Positive
Negative
Consolidated Energy Production Growth
Full year 2025 consolidated energy production of 810,731 MWh versus 764,756 MWh in 2024, representing a 6% year-over-year increase driven by new assets and strong hydrology.
Read all positive updates
Company Guidance
Management guided consolidated 2026 production (on a no‑acquisition basis) of about 775–790 GWh (775,000–790,000 MWh), assuming a conservative ~10,000 MWh of curtailment this year (versus ~6,000 MWh the prior year and company‑reported curtailments of 3,500 MWh in Q4 / 5,900 MWh for 2025); for context, 2025 production was 810,731 MWh (+6% YoY vs. 764,756 MWh). They reiterated financial strength with adjusted EBITDA of $56.5M (+3% YoY), consolidated cash of $93.2M, a quarterly dividend of $0.15 per share payable Feb 27 (record Feb 17), ~$105M returned to shareholders over 10 years, and NCIB repurchases of 169,800 shares (~$1.5M) in 2025 (80,000 shares for ~$0.8M in Q4). On growth, Punta Lima (26 MW) contributed 42,056 MWh in 2025, the company has exclusivity on ~1,000 MW in Mexico, expects PPA tenors of ~15–25 years with ~70/30 energy/capacity economics and 30% storage (3‑hour) coverage, sees target IRRs in the mid‑teens (roughly 12–16%, ~14% typical), anticipates construction timelines of ~12–15 months, and flagged the ASAP project (PREPA approval pending) as the likely near‑term CapEx with other projects 12–24 months behind.Polaris Infrastructure Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
58
Neutral
Cash Flow
74
Positive
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Polaris Infrastructure Technical Analysis
Positive
11.67
Price Trends
12.12
Positive
11.97
Positive
12.16
Positive
Market Momentum
0.10
Negative
68.86
Neutral
85.45
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:PIF, the sentiment is Positive. The current price of 11.67 is below the 20-day moving average (MA) of 12.15, below the 50-day MA of 12.12, and below the 200-day MA of 12.16, indicating a bullish trend. The MACD of 0.10 indicates Negative momentum. The RSI at 68.86 is Neutral, neither overbought nor oversold. The STOCH value of 85.45 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:PIF.
Polaris Infrastructure Peers Comparison
UnderperformOutperform
Sector (―)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| ― | ― | ― | ― | ― | ― | ― | |
64 Neutral | C$266.41M | -64.76 | -1.09% | 7.11% | 8.26% | -267.17% | |
61 Neutral | C$6.28B | -28.57 | -3.92% | 6.80% | -4.86% | -86.64% | |
58 Neutral | C$31.88B | -400.32 | 2.67% | 5.56% | 14.78% | -9.37% | |
57 Neutral | C$267.80M | 44.20 | 8.61% | ― | -30.92% | ― | |
51 Neutral | C$6.65B | 25.55 | 3.88% | 4.32% | -4.72% | 96.98% | |
46 Neutral | C$3.76B | 422.17 | 0.45% | 2.62% | -11.91% | -132.41% |
* Sector Average
TSE:PIF
Polaris Infrastructure
12.75
2.29
21.93%
TSE:BEP.UN
Brookfield Renewable Partners
46.60
18.95
68.54%
TSE:BLX
Boralex Inc Cl A
36.60
11.05
43.25%
TSE:AQN
Algonquin Power & Utilities
8.65
2.25
35.22%
TSE:NPI
Northland Power
24.00
6.60
37.95%
TSE:LCFS
Tidewater Renewables Ltd.
7.35
4.34
144.19%
Polaris Infrastructure Corporate Events
Business Operations and StrategyDividendsFinancial DisclosuresPrivate Placements and Financing
Polaris Renewable Energy Lifts 2025 Revenue, Expands Puerto Rico Platform Despite Net Loss
Positive
Feb 19, 2026
Polaris Renewable Energy reported higher 2025 revenue of $80.5 million and a modest rise in adjusted EBITDA to $56.5 million, driven largely by the addition of the Punta Lima wind farm, while consolidated energy production grew to 810,731 MWh. Des...
Business Operations and StrategyDividends
Polaris Renewable Energy Declares US$0.15 Quarterly Dividend
Positive
Jan 20, 2026
Polaris Renewable Energy Inc. has declared a quarterly dividend of US$0.15 per common share, payable on February 27 to shareholders of record as of February 17, and designated it as an eligible dividend for Canadian income tax purposes. The board ...
Business Operations and StrategyFinancial Disclosures
Polaris Renewable Energy Sets Date for Q4 and 2025 Earnings Call
Neutral
Jan 13, 2026
Polaris Renewable Energy Inc. has scheduled its earnings conference call and webcast to discuss fourth-quarter and full-year 2025 results on Thursday, February 19, 2026, at 10:00 a.m. EST, with a digital replay to be made available shortly after t...
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
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