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.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 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) | −$959M7,10 | $437M8,11 | $575M9,12 | −$400M9,12 | −$636M9,12 |
| Total debt | $13.5B13 | $13.7B13 | — | — | — |
| Cash & equivalents | $525M14 | $642M15 | $627M15 | $624M15 | $682M15 |
| Diluted shares | 172.2M | 172.2M | — | — | — |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
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 →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.
Different models answer different questions — which to trust when →
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MeritValue on the App Store →- 20-F filed 2024-03-01 · period ending 2021-12-31 · accession 0001791863-24-000005 (Revenue)
- 20-F filed 2025-02-28 · period ending 2022-12-31 · accession 0001791863-25-000005 (Revenue)
- 20-F filed 2026-02-27 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001791863-26-000004 (Revenue)
- 20-F filed 2024-03-01 · period ending 2021-12-31 · accession 0001791863-24-000005 (ProfitLossAttributableToOwnersOfParent)
- 20-F filed 2025-02-28 · period ending 2022-12-31 · accession 0001791863-25-000005 (ProfitLossAttributableToOwnersOfParent)
- 20-F filed 2026-02-27 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001791863-26-000004 (ProfitLossAttributableToOwnersOfParent)
- 20-F filed 2024-03-01 · period ending 2021-12-31 · accession 0001791863-24-000005 (CashFlowsFromUsedInOperatingActivities)
- 20-F filed 2025-02-28 · period ending 2022-12-31 · accession 0001791863-25-000005 (CashFlowsFromUsedInOperatingActivities)
- 20-F filed 2026-02-27 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001791863-26-000004 (CashFlowsFromUsedInOperatingActivities)
- 20-F filed 2024-03-01 · period ending 2021-12-31 · accession 0001791863-24-000005 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F filed 2025-02-28 · period ending 2022-12-31 · accession 0001791863-25-000005 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F filed 2026-02-27 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001791863-26-000004 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F filed 2023-03-01 · periods ending 2021-12-31, 2022-12-31 · accession 0001791863-23-000006 (Borrowings)
- 20-F filed 2025-02-28 · period ending 2021-12-31 · accession 0001791863-25-000005 (CashAndCashEquivalents)
- 20-F filed 2026-02-27 · periods ending 2022-12-31, 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001791863-26-000004 (CashAndCashEquivalents)