Maxim Power (MXG) AI Stock Analysis

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Maxim Power

(TSX:MXG)

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Rating:58Neutral

Price Target:CAD 4.50▲(1.81% Upside)

Action:reiterated

Date:11/13/26

The score is primarily supported by the debt-free balance sheet and positive technical momentum. These strengths are offset by sharply weaker operating profitability, negative free cash flow, and an extremely elevated P/E ratio.

Positive Factors

Balance Sheet StrengthMinimal debt and a predominantly equity-funded capital base reduce refinancing exposure and preserve financial flexibility. That gives Maxim greater capacity to maintain generation assets, pursue development opportunities, or withstand weaker power-market conditions without heavy interest obligations.

Negative Factors

Revenue ContractionRevenue contraction signals weaker scale and demand capture across the operating portfolio, reducing the base available to absorb fixed generation and corporate costs. If the decline persists, it can limit reinvestment capacity and make earnings recovery more dependent on market or asset-specific improvements.

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

Market Cap: CAD 280.50M
Dividend Yield: ―
Average Volume (3M): 9,202
Price to Earnings (P/E): 884.0
Beta (1Y): 0.68
Revenue Growth: -19.53%
EPS Growth: -95.11%
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...

Maxim Power Financial Statement Overview

Summary

Financial performance is mixed: the debt-free balance sheet is a major strength, while declining revenue and margins, negative EBIT, and negative free cash flow constrain the score. The score reflects the average of the supplied income statement, balance sheet, and cash flow scores, adjusted to the required 37–99 range.

Income Statement

35Negative

Balance Sheet

88Very Positive

Cash Flow

55Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	66.69M	82.72M	101.48M	38.47M	141.26M	156.01M
Gross Profit	7.84M	7.93M	42.83M	-9.94M	53.50M	77.94M
EBITDA	5.04M	15.39M	50.75M	55.45M	70.59M	113.42M
Net Income	679.00K	16.69M	21.95M	28.30M	42.28M	78.51M
Balance Sheet
Total Assets	378.01M	383.42M	359.10M	425.84M	382.11M	312.44M
Cash, Cash Equivalents and Short-Term Investments	41.17M	56.92M	30.07M	32.26M	51.38M	13.55M
Total Debt	0	285.00K	77.00K	81.31M	82.81M	53.85M
Total Liabilities	46.72M	50.28M	43.08M	128.09M	113.45M	85.25M
Stockholders Equity	331.30M	333.14M	316.02M	297.75M	268.65M	227.18M
Cash Flow
Free Cash Flow	-6.07M	18.34M	76.88M	-3.58M	-4.68M	16.64M
Operating Cash Flow	21.30M	32.14M	84.07M	23.84M	76.41M	105.22M
Investing Cash Flow	-33.86M	-4.61M	7.30M	-32.09M	-57.79M	-85.31M
Financing Cash Flow	-1.59M	-660.00K	-93.64M	-10.86M	19.28M	-18.60M

Maxim Power Technical Analysis

Technical Analysis SentimentPositive

Last Price4.42

Price Trends

50DMA4.22Positive

100DMA4.21Positive

200DMA4.30Positive

Market Momentum

MACD0.09Negative

RSI57.84Neutral

STOCH48.35Neutral

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 4.42 is above the 20-day moving average (MA) of 4.33, above the 50-day MA of 4.22, and above the 200-day MA of 4.30, indicating a bullish trend. The MACD of 0.09 indicates Negative momentum. The RSI at 57.84 is Neutral, neither overbought nor oversold. The STOCH value of 48.35 is Neutral, 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
TSE:NPI	75Outperform	CAD 6.24B	13.71	11.06%	3.19%	12.61%	―
Sector *	66Neutral	$17.65B	18.10	5.60%	3.62%	6.62%	11.55%
TSE:TA	62Neutral	CAD 5.95B	122.37	6.38%	1.43%	-11.96%	―
TSE:ACO.X	59Neutral	CAD 8.89B	55.02	3.86%	2.34%	6.36%	-58.33%
TSE:MXG	58Neutral	CAD 280.21M	884.00	0.20%	―	-19.53%	-95.11%
TSE:CPX	57Neutral	CAD 10.16B	-2559.92	0.52%	4.31%	25.16%	-101.19%

* Utilities Sector Average

Performance Comparison

TSE:MXG and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TSE:MXG	Maxim Power	4.42	0.13	3.03%
TSE:TA	TransAlta Corp	18.82	-0.89	-4.51%
TSE:ACO.X	Atco Ltd. Cl I Nv	88.04	33.56	61.59%
TSE:CPX	Capital Power	64.51	4.86	8.14%
TSE:NPI	Northland Power (OTC)	23.86	6.05	33.98%

Maxim Power Corporate Events

Stock BuybackFinancial Disclosures

Maxim Power’s Third-Quarter Profit Slumps on Lower Power Prices

Negative

Nov 5, 2026

Maxim Power, an Alberta-focused electricity generator, reported third-quarter 2026 revenue of $20.4 million, net income of $1.5 million and Adjusted EBITDA of $6.4 million, down from $27.2 million, $10.6 million and $11.4 million, respectively, a yea...

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: Nov 13, 2026

Maxim Power AI Stock Analysis