MeritValue

Brookfield Renewable Corp

BEPCdata completeness 75%8 fiscal years on file

Data notes: no data for concept 'epsDiluted'; no data for concept 'pretaxIncome'

The thesis, from the filings

Brookfield Renewable Corp earns about 16% on equity, with a roughly flat share count. 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
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$3.37B1$3.78B2$3.97B3$4.14B3$3.73B3
Net income$946M4$1.5B5−$181M6$236M6−$2.34B6
Operating cash flow$395M7$1.28B8$1.6B9$549M9$502M9
Capital expenditure$1.35B10$847M11$1.03B12$949M12$1.14B12
Free cash flow (derived)−$959M7$437M8$575M9−$400M9−$636M9
Total debt$13.5B13$13.7B13———
Cash & equivalents$525M14$642M15$627M15$624M15$682M15
Diluted shares172.2M172.2M———

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

iii. Is this a good business?
Moat signal · return on equity
16% avg · 5y
FY21 26%FY22 26%FY23 -3%FY24 18%FY25 —

It earned an average 16% 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
+0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has held roughly steady.

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
no diluted share count
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
  1. 20-F · period ending 2021-12-31 · accession 0001791863-24-000005 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001791863-25-000005 (Revenue)
  3. 20-F · period ending 2023-12-31 · accession 0001791863-26-000004 (Revenue)
  4. 20-F · period ending 2021-12-31 · accession 0001791863-24-000005 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2022-12-31 · accession 0001791863-25-000005 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F · period ending 2023-12-31 · accession 0001791863-26-000004 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F · period ending 2021-12-31 · accession 0001791863-24-000005 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001791863-25-000005 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001791863-26-000004 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001791863-24-000005 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2022-12-31 · accession 0001791863-25-000005 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2023-12-31 · accession 0001791863-26-000004 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2021-12-31 · accession 0001791863-23-000006 (Borrowings)
  14. 20-F · period ending 2021-12-31 · accession 0001791863-25-000005 (CashAndCashEquivalents)
  15. 20-F · period ending 2022-12-31 · accession 0001791863-26-000004 (CashAndCashEquivalents)