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ALE

ALLETE, Inc.

ALE

ALLETE, Inc. • NYSE
$67.62 ▲ 0.06% (+0.04)
Market Cap $3.93 B
52w High $67.64
52w Low $62.38
Dividend Yield 2.19%
P/E 23.73
Volume 348.73K
Outstanding Shares 58.08M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $375M ▲ $16.6M ▼ $27.1M ▼ 7.227% ▼ $0.466 ▼ $114.6M ▲
Q2-2025 $360.3M ▼ $88.8M ▲ $31.9M ▼ 8.854% ▼ $0.55 ▼ $104M ▼
Q1-2025 $400.2M ▲ $87.3M ▲ $56.1M ▲ 14.018% ▲ $0.969 ▲ $135M ▲
Q4-2024 $364.8M ▼ $84.8M ▼ $50.6M ▲ 13.871% ▲ $0.875 ▲ $120.9M ▼
Q3-2024 $407.2M $86.1M $45M 11.051% $0.779 $126.7M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $78.7M ▲ $7.153B ▲ $3.809B ▲ $2.852B ▼
Q2-2025 $55.4M ▼ $6.913B ▲ $3.546B ▲ $2.862B ▼
Q1-2025 $92M ▲ $6.866B ▼ $3.478B ▼ $2.866B ▲
Q4-2024 $52.7M ▼ $7.391B ▲ $4.001B ▲ $2.848B ▲
Q3-2024 $108.5M $6.737B $3.345B $2.831B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-12M ▼ $103.4M ▲ $-290.5M ▼ $210.4M ▲ $25.8M ▲ $-174.2M ▼
Q2-2025 $31.9M ▼ $39.4M ▼ $-105.6M ▲ $29.7M ▼ $-36.6M ▼ $-68.9M ▼
Q1-2025 $56.1M ▲ $110.2M ▲ $-160.2M ▼ $89.2M ▲ $39.2M ▲ $-44.2M ▼
Q4-2024 $50.6M ▲ $89.8M ▼ $-120.8M ▼ $-24.8M ▲ $-55.8M ▼ $-34.8M ▼
Q3-2024 $5.7M $190.8M $-83.1M $-40.4M $67.3M $94.5M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
ALLETE Clean Energy
ALLETE Clean Energy
 $20.00M ▲$20.00M ▲$20.00M ▲$10.00M ▼
New Energy
New Energy
 $0 ▲$20.00M ▲$10.00M ▼$20.00M ▲
Regulated Operations
Regulated Operations
 $310.00M ▲$330.00M ▲$310.00M ▼$320.00M ▲

Five-Year Company Overview

Income Statement

Income Statement ALLETE’s core utility-style earnings look steady but not smooth. Revenue has climbed over the past several years, though it pulled back in the most recent year after a strong jump the year before. Profitability has generally improved over time, with gross margins edging higher, but operating and net income have been more uneven, reflecting changing fuel costs, weather, industrial demand, and project timing. Overall, it looks like a typical regulated utility profile: gradual growth with occasional bumps, not a rapid-growth story but reasonably stable over the long run.

Balance Sheet

Balance Sheet The balance sheet shows the hallmarks of a capital‑intensive utility: large asset base, meaningful debt, and a solid layer of equity that has been building over time. Total assets have grown gradually, reflecting ongoing investment in generation, transmission, and renewables. Debt levels are significant but fairly stable, which is common in this sector, while equity has trended upward, suggesting retained earnings and a stronger capital base. Cash on hand is modest, again typical for regulated utilities that rely more on steady cash inflows and capital markets than on large cash balances.

Cash Flow

Cash Flow Cash generation from operations is consistently positive but has swung from year to year, likely driven by fuel costs, working capital, and regulatory timing. Free cash flow was negative during the heavier investment years as the company spent aggressively on capital projects, then improved to modestly positive more recently as spending eased and new assets began contributing. The pattern fits a company that has been in an investment phase—funding growth and modernization first, then starting to harvest more cash as projects come online.

Competitive Edge

Competitive Edge ALLETE’s core strength is its regulated Minnesota Power utility, which provides a relatively predictable earnings base under regulatory oversight. On top of that, the company has built a meaningful position in wind and solar through its subsidiaries, giving it scale and expertise in renewables across multiple states. Control of important transmission infrastructure, especially the high‑voltage line linking wind resources to customers, is a key differentiator that is not easy for competitors to replicate. The mix of a stable regulated franchise, specialized renewable know‑how, and strategic grid assets gives ALLETE a solid, if regionally focused, competitive footing in the energy transition. The pending move to private ownership could reshape priorities but also underscores that these assets are viewed as strategically valuable.

Innovation and R&D

Innovation and R&D Innovation at ALLETE is very much tied to the energy transition. The company is upgrading its transmission system to better carry wind power, expanding wind generation through ALLETE Clean Energy, and pushing into distributed and community solar via New Energy Equity. It is also involved in advanced carbon capture efforts through Project Tundra, which, if successful, could position it at the forefront of low‑carbon technologies tied to existing fossil assets. The concept of an “energy corridor” that uses existing rights‑of‑way for multiple energy and environmental services shows long‑term vision. The big caveat is that many of these initiatives depend on technology performance, regulatory approvals, and disciplined execution over many years.

Summary

ALLETE looks like a traditional upper‑Midwest utility that has been actively reshaping itself for a cleaner, more modern grid. Financially, it shows the expected traits of a regulated utility: gradual growth, sizeable but manageable debt, and cash flows shaped by heavy capital spending cycles. Strategically, its edge lies in a stable regulated base combined with real capabilities in wind, solar, transmission, and emerging carbon‑capture projects. Execution risk, regulatory outcomes, and the integration of newer businesses will matter a lot, especially as ownership changes hands. Overall, ALLETE appears to be transitioning from a conventional power company toward a diversified, infrastructure‑rich energy platform with a clear focus on decarbonization and grid modernization.

NEWS

October 31, 2025 · 6:30 AM UTC

ALLETE, Inc. Awaits Written Order to Complete Sale to Partners Canada Pension Plan Investment Board and Global Infrastructure Partners; Reports Third Quarter 2025 Earnings

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October 28, 2025 · 6:30 AM UTC

ALLETE to Announce Third Quarter Financial Results October 31

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October 3, 2025 · 1:51 PM UTC

ALLETE Obtains Regulatory Approval from Minnesota Public Utilities Commission for Partnership with CPP Investments and Global Infrastructure Partners

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