Maxim Power (MXG) AI Stock Analysis

Maxim Power

(TSX:MXG)

Select Model

Rating:58Neutral

Price Target:CAD 4.50▲(4.41% Upside)

Action:reiterated

Date:08/17/26

The score is anchored by a very strong, low-debt balance sheet and generally solid operating cash flow, but it is pulled down by weaker recent operating trends (declining TTM revenue, sharp margin compression, and slightly negative free cash flow) and bearish-to-neutral technical signals. Valuation is moderate-to-high (P/E 26.45) without a dividend yield to offset it.

Positive Factors

Extremely low leverageMinimal debt reduces interest burden and refinancing risk, preserving financial flexibility through power-market cycles. The large equity base also gives Maxim capacity to fund maintenance or strategic investment without relying heavily on external financing.

Negative Factors

Declining revenue trendRecent revenue contraction indicates weaker realized power prices, lower output, or both, and reduces the base available to absorb fixed operating costs. If the decline persists, it could constrain earnings recovery and reduce internal funding for asset investment.

Maxim Power (MXG) vs. iShares MSCI Canada ETF (EWC)

Market Cap: CAD 273.52M
Dividend Yield: ―
Average Volume (3M): 9,919
Price to Earnings (P/E): 27.8
Beta (1Y): 0.76
Revenue Growth: -9.28%
EPS Growth: -41.90%
Country: Canada
Employees: 51
Sector: Utilities
Sector Strength: 66
Industry: Independent Power Producers

Maxim Power Business Overview & Revenue Model

Company Description

Maxim Power Corp. functions as an independent energy producer, specializing in the creation, possession, and ongoing management of electricity generation sites across Canada. The firm's flagship asset is the Milner 2 power plant, a 204-megawatt facil...

How the Company Makes Money

Maxim Power makes money primarily by generating electricity and selling it into wholesale power markets, where revenue is generally driven by the market price of power and the volume of electricity produced. Key revenue streams typically include (1)...

Maxim Power Financial Statement Overview

Summary

Strong balance sheet strength (very low leverage, stable equity) supports financial resilience, but recent operating results are weaker: TTM revenue is down (-7.8%), margins compressed sharply (gross margin ~42% in 2024 to ~23% TTM), and free cash flow turned slightly negative after being strongly positive. Net margin remains solid (~13.6%), but profitability and FCF are less predictable over the last 18–24 months.

Income Statement

58Neutral

Balance Sheet

86Very Positive

Cash Flow

55Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	72.01M	82.72M	101.48M	38.47M	141.26M	156.01M
Gross Profit	16.72M	7.93M	42.83M	-9.94M	53.50M	77.94M
EBITDA	15.14M	15.39M	50.75M	55.45M	70.59M	113.42M
Net Income	9.78M	16.69M	21.95M	28.30M	42.28M	78.51M
Balance Sheet
Total Assets	375.88M	383.42M	359.10M	425.84M	382.11M	312.44M
Cash, Cash Equivalents and Short-Term Investments	34.77M	56.92M	30.07M	32.26M	51.38M	13.55M
Total Debt	264.00K	285.00K	77.00K	81.31M	82.81M	53.85M
Total Liabilities	45.95M	50.28M	43.08M	128.09M	113.45M	85.25M
Stockholders Equity	329.94M	333.14M	316.02M	297.75M	268.65M	227.18M
Cash Flow
Free Cash Flow	-663.00K	18.34M	76.88M	-3.58M	-4.68M	16.64M
Operating Cash Flow	30.88M	32.14M	84.07M	23.84M	76.41M	105.22M
Investing Cash Flow	-34.90M	-4.61M	7.30M	-32.09M	-57.79M	-85.31M
Financing Cash Flow	-1.50M	-660.00K	-93.64M	-10.86M	19.28M	-18.60M

Maxim Power Technical Analysis

Technical Analysis SentimentPositive

Last Price4.31

Price Trends

50DMA4.15Positive

100DMA4.20Positive

200DMA4.30Positive

Market Momentum

MACD0.03Negative

RSI64.06Neutral

STOCH93.33Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:MXG, the sentiment is Positive. The current price of 4.31 is above the 20-day moving average (MA) of 4.16, above the 50-day MA of 4.15, and above the 200-day MA of 4.30, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 64.06 is Neutral, neither overbought nor oversold. The STOCH value of 93.33 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:MXG.

Maxim Power Peers Comparison

Overall Rating

UnderperformOutperform

Sector (66)

Financial Indicators

TSE:MXG against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	66Neutral	$17.65B	18.10	5.60%	3.62%	6.62%	11.55%
TSE:CPX	62Neutral	CAD 9.90B	117.88	2.31%	4.41%	28.71%	-83.38%
TSE:NPI	60Neutral	CAD 5.66B	-39.36	-3.46%	3.51%	15.39%	-180.64%
TSE:ACO.X	59Neutral	CAD 8.40B	51.38	3.90%	2.48%	4.81%	-58.62%
TSE:TA	59Neutral	CAD 5.73B	-70.72	-1.50%	1.49%	-9.61%	54.17%
TSE:MXG	58Neutral	CAD 273.42M	27.81	2.95%	―	-9.28%	-41.90%

* Utilities Sector Average

Performance Comparison

TSE:MXG and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TSE:MXG	Maxim Power	4.31	-0.47	-9.83%
TSE:TA	TransAlta Corp	18.12	-6.28	-25.74%
TSE:ACO.X	Atco Ltd. Cl I Nv	83.24	32.19	63.07%
TSE:CPX	Capital Power	63.04	-7.43	-10.55%
TSE:NPI	Northland Power (OTC)	21.65	-3.19	-12.86%

Maxim Power Corporate Events

Business Operations and StrategyFinancial Disclosures

Maxim Power Swings to Loss as Alberta Prices Fall and Milner Lease Upside Fades

Negative

Aug 6, 2026

Maxim Power Corp. reported weaker financial and operating results for the second quarter of 2026, as lower Alberta market power prices and reduced generation volumes pushed the company into a net loss and sharply lower Adjusted EBITDA versus a year e...

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

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Aug 17, 2026

Maxim Power AI Stock Analysis