AQN vs BIP: Algonquin Power & Utilities and Brookfield Infrastructure Partners LP compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Brookfield Infrastructure Partners LP is the larger company, worth $16.9B, about 4.4 times Algonquin Power & Utilities.
- Brookfield Infrastructure Partners LP grew revenue faster over the last year (+9.8% vs +4.9%).
- Brookfield Infrastructure Partners LP keeps more of each dollar of revenue as operating profit (25.1% vs 20.7%).
- On earnings, Algonquin Power & Utilities is the cheaper stock (23.2x vs 41.2x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | AQN | BIP |
|---|---|---|
| Market cap | $3.9B | $16.9B |
| Share price | $5.11 | $37.10 |
| Revenue (last fiscal year) | $2.4B | $23.1B |
| Free cash flow (last fiscal year) | -$178M | -$53M |
| Revenue growth, last year | +4.9% | +9.8% |
| Revenue growth per year, last 5 fiscal years | +1.7% | +19.0% |
| Operating margin | 20.7% | 25.1% |
| Net margin | 7.4% | 11.0% |
| Return on equity | 3.9% | 8.5% |
| P/E (trailing) | 23.2x | 41.2x |
| Price / free cash flow | — | 63.2x |
| EV / EBITDA | 12.2x | 7.13x |
| FCF growth the price implies | — | — |
| Dividend yield | 5.2% | 5.0% |
| Debt / equity | 1.83x | 2.67x |
| Fundamental grade | D | D |
| Superinvestors holding it | 4 | 0 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Algonquin Power & Utilities
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.3B | -$1.2B | 18.2% |
| 2022 | $2.8B | -$470M | 14.5% |
| 2023 | $2.4B | -$398M | 19.4% |
| 2024 | $2.3B | -$391M | 19.2% |
| 2025 | $2.4B | -$178M | 20.7% |
Brookfield Infrastructure Partners LP
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $11.5B | $705M | 25.0% |
| 2022 | $14.4B | $356M | 24.1% |
| 2023 | $17.9B | $1.6B | 22.6% |
| 2024 | $21.0B | -$322M | 23.6% |
| 2025 | $23.1B | -$53M | 25.1% |
Where the revenue comes from
Algonquin Power & Utilities · by segments, 2020
Brookfield Infrastructure Partners LP · by segments, 2025
Questions
Which is bigger, Algonquin Power & Utilities or Brookfield Infrastructure Partners LP?
Brookfield Infrastructure Partners LP (BIP), at $16.9B against $3.9B.
Is AQN or BIP cheaper?
By trailing P/E, Algonquin Power & Utilities (23.2x) is cheaper than Brookfield Infrastructure Partners LP (41.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, AQN or BIP?
Brookfield Infrastructure Partners LP: revenue grew +9.8% over the last year, against +4.9%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.