Brookfield Renewable Corp (BEPC)

Price$31.75Cached quoteAs of 2026-09-04 23:56 UTC

AI: Fair-priced

Price checkThe shares look fairly priced: the yield is attractive, but cash generation still needs proof.

At the observed quote, BEPC trades at about 15 times Brookfield Renewable’s trailing $2.14 per-unit funds from operations, a cash-oriented measure that removes some non-cash accounting charges. The annualized $1.568 dividend yields about 5% and consumes roughly 73% of that measure. Per-unit funds from operations rose 11% year over year, supporting the valuation. But supplied 2025 cash from operations was $502 million against $1.138 billion of capital spending, preventing a clear bargain verdict.

Big pictureGrowth is real, but the reported earnings and cash history are much less steady.

Revenue increased from $3.087 billion in 2020 to $3.728 billion in 2025, about 4% annualized growth, but 2025 revenue fell 10% from 2024. Net income swung from a $2.819 billion loss in 2020 to a $1.850 billion profit in 2022 and a $2.343 billion loss in 2025. Operating cash flow also dropped from $1.603 billion in 2023 to $502 million in 2025. Exchangeable-share remeasurement creates large non-cash earnings swings, so accounting profit alone is a poor durability test.

Business strengthDiversified assets support growth, yet the balance sheet leaves little room for weak execution.

Second-quarter 2026 funds from operations reached $421 million, up 13%, despite generation running 8% below its long-term average because of weaker U.S. hydrology and wind resources. Diversification across hydro, wind, solar, storage and nuclear helped offset that variability. The supplied 2025 balance sheet is less comfortable: current assets were $3.943 billion versus $15.453 billion of current liabilities, while stockholders’ equity was negative. Exchangeable shares are classified as liabilities, so those figures partly reflect structure rather than ordinary insolvency risk.

What could change the storyBattery storage and nuclear could lift value, while heavy investment and share issuance could restrain returns.

Aypa adds roughly 6.5 gigawatts of operating or contracted battery capacity plus more than 20 gigawatts of development pipeline, with about $420 million of acquisition capital net to Brookfield Renewable. Federal financing could also accelerate Westinghouse reactor deployment. Against that upside, Brookfield issued about 6.0 million BEPC shares for $237 million during the first half of 2026, although it simultaneously retired economically equivalent BEP units. The bull case needs continued per-unit growth; persistent negative cash after capital spending would weaken it materially.

AI: News

Record second-quarter resultsCash-oriented operating earnings reached a record, showing recent development and asset sales are supporting per-share growth.

On July 31, Brookfield Renewable reported second-quarter funds from operations of $421 million, up 13% from a year earlier, while the per-unit figure increased 11% to $0.62. The trailing twelve-month total reached $1.444 billion. Development additions, operating performance and asset recycling contributed. The quarter still produced a $213 million accounting loss attributable to unitholders, highlighting the continuing gap between management’s preferred operating measure and reported net income.

Aypa battery acquisitionBrookfield agreed to buy a major battery-storage platform, adding growth potential alongside another substantial capital commitment.

On July 22, Brookfield agreed to acquire Aypa Power for about $7 billion of enterprise value and $3 billion of equity value. Brookfield Renewable’s net investment is expected to be roughly $420 million. Aypa brings about 3,000 megawatts operating or under construction, another 3,500 megawatts of contracted projects and more than 20 gigawatts of development opportunities. The deal expands integrated power capabilities, but returns must justify the additional capital required.

Corporate structure simplificationBrookfield plans to combine its public securities, potentially improving liquidity, index demand and access for investors.

On July 21, Brookfield proposed converting BEP and BEPC into one publicly traded Canadian corporation. BEPC shareholders would receive one new corporate share for each exchangeable share, subject to approvals. Meetings are scheduled for October 14, with completion targeted for the fourth quarter. Management expects better liquidity, easier index inclusion and simpler reporting. Those benefits could reduce a structural valuation discount, but the transaction does not itself improve the underlying assets or cash generation.

Westinghouse financing supportFederal financing could accelerate Westinghouse reactor orders, expanding nuclear earnings if customers commit to construction.

On June 23, the U.S. Department of Energy announced conditional loan facilities totaling $17.5 billion to support long-lead equipment for as many as ten large Westinghouse AP1000 reactors. The financing can shorten procurement timelines and reduce early execution risk, which matters because Brookfield Renewable has economic exposure to Westinghouse. The opportunity is potentially large, but the financing is conditional and does not by itself guarantee reactor orders, construction completion or attractive project economics.

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Revenue

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2025

Net income

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2025

Free cash flow

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018
Revenue	$3.73B	$4.14B	$3.97B	$3.78B	$3.37B	$3.09B	$3.23B	$2.98B
Operating expenses	$1.50B	$1.77B	$1.47B	$1.17B	$1.19B	$1.06B	$1.05B	$1.05B
Operating income	$883.0M	$1.01B	$1.06B	$1.25B	—	—	—	—
Operating margin	23.69%	24.31%	26.72%	32.98%	—	—	—	—
EBITDA	$556.0M	$3.53B	$2.99B	$4.19B	—	—	—	—
EBITDA margin	14.91%	85.20%	75.42%	110.88%	—	—	—	—
Net income	−$2.34B	$433.0M	$308.0M	$1.85B	$930.0M	−$2.82B	$212.0M	$578.0M
Net profit margin	−62.85%	10.45%	7.76%	48.97%	27.62%	−91.32%	6.57%	19.40%
Basic EPSper basic share	-$13.05	$1.31	-$1.01	$8.73	—	—	—	—
Diluted EPSper diluted share	-$13.05	$1.31	-$1.01	$8.73	—	—	—	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of BEPC
Holder	Shares held
Clearbridge Investments, LLC	10.34M
Brookfield Corp /ON/	10.09M
PARNASSUS INVESTMENTS, LLC	5.03M
Legal & General Group Plc	4.59M
CANADA PENSION PLAN INVESTMENT BOARD	4.58M
VANGUARD CAPITAL MANAGEMENT LLC	3.97M
BlackRock, Inc.	3.46M
Baird Financial Group, Inc.	3.34M
D. E. Shaw & Co., Inc.	3.02M
CIBC Bancorp USA Inc.	2.7M
GEODE CAPITAL MANAGEMENT, LLC	2.22M
GOLDMAN SACHS GROUP INC	2.19M
MORGAN STANLEY	2M
Advisors Capital Management, LLC	1.81M
NORGES BANK	1.8M
PRINCIPAL FINANCIAL GROUP INC	1.67M
BANK OF AMERICA CORP /DE/	1.63M
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	1.55M
ROYAL BANK OF CANADA	1.5M
STATE STREET CORP	1.4M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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