Brookfield Renewable Partners L.P.

BEPdata completeness 88%11 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

The thesis, from the filings

Brookfield Renewable Partners L.P. earns about -4% on equity, and has bought back 98% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	$4.1B¹	$4.71B²	$5.04B³	$5.88B³	$6.41B³
Net income	−$191M⁴	−$166M⁵	−$91M⁶	−$255M⁶	−$71M⁶
Operating cash flow	$734M⁷	$1.71B⁸	$1.87B⁹	$1.27B⁹	$1.15B⁹
Capital expenditure	$1.97B¹⁰	$2.19B¹¹	$2.81B¹²	$3.73B¹²	$6.59B¹²
Free cash flow (derived)	−$1.23B⁷	−$479M⁸	−$944M⁹	−$2.46B⁹	−$5.44B⁹
Total debt	$21.5B¹³	$24.9B¹³	—	—	—
Cash & equivalents	$900M¹⁴	$998M¹⁵	$1.14B¹⁵	$3.14B¹⁵	$2.09B¹⁵
Diluted shares	275.1M	—	—	6.0M	6.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$6,616.67

your share of equity

Profit it earned you last year

−$118.33

Free cash flow it threw off

−$9,066.67

Debt you’d be carrying

—

10 shares is a claim on $6,616.67 of net worth that earned you −$118.33 and generated −$9,066.67 of cash last year.

iii. Is this a good business?

Moat signal · return on equity

-4% avg · 5y

FY21 -5%FY22 -4%FY23 -2%FY24 -7%FY25 -2%

It earned an average -4% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

−98% shares · 5y

Share count is down 98% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 15% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

DCF · Growth Exit 5Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

20-F · period ending 2021-12-31 · accession 0001533232-24-000005 (Revenue)
20-F · period ending 2022-12-31 · accession 0001533232-25-000006 (Revenue)
20-F · period ending 2023-12-31 · accession 0001533232-26-000011 (Revenue)
20-F · period ending 2021-12-31 · accession 0001533232-24-000005 (ProfitLossAttributableToOwnersOfParent)
20-F · period ending 2022-12-31 · accession 0001533232-25-000006 (ProfitLossAttributableToOwnersOfParent)
20-F · period ending 2023-12-31 · accession 0001533232-26-000011 (ProfitLossAttributableToOwnersOfParent)
20-F · period ending 2021-12-31 · accession 0001533232-24-000005 (CashFlowsFromUsedInOperatingActivities)
20-F · period ending 2022-12-31 · accession 0001533232-25-000006 (CashFlowsFromUsedInOperatingActivities)
20-F · period ending 2023-12-31 · accession 0001533232-26-000011 (CashFlowsFromUsedInOperatingActivities)
20-F · period ending 2021-12-31 · accession 0001533232-24-000005 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
20-F · period ending 2022-12-31 · accession 0001533232-25-000006 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
20-F · period ending 2023-12-31 · accession 0001533232-26-000011 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
20-F · period ending 2021-12-31 · accession 0001533232-23-000009 (Borrowings)
20-F · period ending 2021-12-31 · accession 0001533232-25-000006 (CashAndCashEquivalents)
20-F · period ending 2022-12-31 · accession 0001533232-26-000011 (CashAndCashEquivalents)