This company has been marked as potentially delisted and may not be actively trading.

Allete (ALE) Financials

Annual Income Statements for Allete

This table shows Allete's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	3/31/2017	3/31/2018	3/31/2019	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	125	141	289	427	308	186	165	169	189	247	179
Consolidated Net Income / (Loss)	126	142	283	427	289	186	153	138	131	179	122
Net Income / (Loss) Continuing Operations	126	142	289	423	308	186	153	138	131	179	122
Total Pre-Tax Income	162	167	378	613	374	179	109	111	100	207	126
Total Operating Income	189	211	390	653	405	180	138	151	134	181	160
Total Gross Profit	657	802	1,360	1,769	1,449	769	744	788	842	923	923
Total Revenue	1,137	1,486	6,757	8,079	7,650	1,241	1,169	1,419	1,571	1,880	1,530
Operating Revenue	1,137	1,486	6,757	8,079	7,650	1,241	1,169	1,419	1,571	1,880	1,530
Total Cost of Revenue	480	685	5,387	6,299	6,189	471	425	631	728	956	607
Operating Cost of Revenue	480	685	5,387	6,299	6,189	471	425	631	728	956	607
Total Operating Expenses	468	591	970	1,116	1,044	589	606	637	708	743	763
Selling, General & Admin Expense	287	334	970	1,116	1,044	264	252	259	319	345	361
Depreciation Expense	136	170	-	-	-	202	218	232	242	252	272
Other Operating Expenses / (Income)	46	88	-	-	-	123	123	146	147	145	130
Total Other Income / (Expense), net	-27	-44	-12	-40	-31	-0.90	-29	-40	-34	26	-34
Interest Expense	55	65	-	-	-	65	66	69	75	81	82
Interest & Investment Income	20	16	-	-	-	22	22	20	19	22	25
Other Income / (Expense), net	8.60	4.70	-12	-40	-31	42	15	8.70	22	85	23
Income Tax Expense	37	25	89	190	66	-6.60	-43	-27	-31	28	4.70
Net Income / (Loss) Attributable to Noncontrolling Interest	0.70	0.40	-	-	-	-0.10	-13	-31	-58	-68	-58
Basic Earnings per Share	$2.91	$2.92	-	-	-	$3.59	$3.18	$3.23	$3.38	$4.31	$3.11
Weighted Average Basic Shares Outstanding	42.90M	48.30M	-	-	211.02M	51.60M	51.90M	52.40M	55.90M	57.30M	57.70M
Diluted Earnings per Share	$2.90	$2.92	-	-	-	$3.59	$3.18	$3.23	$3.38	$4.30	$3.10
Weighted Average Diluted Shares Outstanding	43.10M	48.40M	-	-	211.02M	51.70M	51.90M	52.50M	56M	57.40M	57.80M
Weighted Average Basic & Diluted Shares Outstanding	42.90M	48.30M	-	-	211.02M	51.70M	104.23M	106.49M	114.51M	115.16M	57.90M
Cash Dividends to Common per Share	$1.96	$2.02	-	-	-	$2.35	$2.47	$2.52	$2.60	$2.71	$2.82

This table shows Allete's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025
Net Income / (Loss) Attributable to Common Shareholders	58	52	86	52	51	33	45	51	56	32	27
Consolidated Net Income / (Loss)	38	41	70	31	37	20	33	32	35	6.60	13
Net Income / (Loss) Continuing Operations	38	41	70	31	37	20	33	32	35	6.60	13
Total Pre-Tax Income	39	40	89	39	41	21	36	29	42	6.00	15
Total Operating Income	48	54	36	43	47	29	45	38	53	18	30
Total Gross Profit	236	233	221	234	245	215	244	219	252	223	229
Total Revenue	565	533	379	403	403	355	407	365	400	360	375
Operating Revenue	565	533	379	403	403	355	407	365	400	360	375
Total Cost of Revenue	329	301	158	169	158	139	164	146	148	138	146
Operating Cost of Revenue	329	301	158	169	158	139	164	146	148	138	146
Total Operating Expenses	188	179	185	191	198	186	198	180	199	205	199
Selling, General & Admin Expense	86	85	84	91	92	102	93	75	93	97	91
Depreciation Expense	62	63	63	64	65	66	71	70	70	73	73
Other Operating Expenses / (Income)	40	32	38	36	41	18	35	36	37	35	36
Total Other Income / (Expense), net	-9.20	-13	53	-4.60	-6.30	-8.30	-9.70	-9.40	-11	-12	-15
Interest Expense	19	21	21	20	20	20	20	21	21	23	26
Interest & Investment Income	6.00	5.40	4.70	5.60	5.50	5.90	5.10	8.50	6.00	5.90	5.60
Other Income / (Expense), net	4.10	2.50	69	9.70	8.60	5.90	5.50	3.00	4.60	5.20	5.30
Income Tax Expense	1.50	-0.40	19	7.50	4.00	1.40	2.90	-3.60	7.50	-0.60	1.60
Net Income / (Loss) Attributable to Noncontrolling Interest	-21	-11	-16	-21	-14	-13	-12	-18	-21	-25	-14
Basic Earnings per Share	$1.02	$0.90	$1.50	$0.89	$0.88	$0.57	$0.78	$0.88	$0.97	$0.55	$0.47
Weighted Average Basic Shares Outstanding	57.30M	57.30M	57.40M	57.30M	57.60M	57.70M	57.80M	57.70M	57.90M	58M	58.10M
Diluted Earnings per Share	$1.02	$0.90	$1.49	$0.89	$0.88	$0.57	$0.78	$0.87	$0.97	$0.55	$0.46
Weighted Average Diluted Shares Outstanding	57.30M	57.40M	57.50M	57.40M	57.70M	57.80M	57.90M	57.80M	58M	58.10M	58.20M
Weighted Average Basic & Diluted Shares Outstanding	114.63M	114.80M	114.95M	115.16M	57.67M	57.75M	57.82M	57.90M	57.96M	58.04M	58.10M
Cash Dividends to Common per Share	$0.68	$0.68	$0.68	-	$0.71	$0.71	$0.71	-	$0.73	$0.73	$0.73

This table details how cash moves in and out of Allete's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	3/31/2017	3/31/2018	3/31/2019	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	70	-49	300	16	407	14	-27	-18	-7.50	39	-24
Net Cash From Operating Activities	270	340	300	668	407	247	300	264	221	585	457
Net Cash From Continuing Operating Activities	341	341	300	664	407	247	300	264	221	585	457
Net Income / (Loss) Continuing Operations	126	142	0.00	617	0.00	186	153	138	131	179	122
Consolidated Net Income / (Loss)	126	142	-	617	-	186	153	138	131	179	122
Depreciation Expense	136	172	300	347	407	212	228	242	250	259	278
Amortization Expense	-13	-23	-	-	-	-12	-11	-11	-7.60	-5.20	-5.00
Non-Cash Adjustments To Reconcile Net Income	52	31	-	-23	-	-74	22	-44	41	29	77
Changes in Operating Assets and Liabilities, net	40	21	-	-278	-	-66	-92	-61	-194	124	-15
Net Cash From Investing Activities	-626	-619	0.00	-645	0.00	-343	-813	-485	-384	-284	-341
Net Cash From Continuing Investing Activities	-631	-619	0.00	-645	0.00	-343	-813	-485	-384	-284	-341
Purchase of Property, Plant & Equipment	-573	-287	-	-576	-	-597	-725	-480	-221	-271	-355
Acquisitions	-64	-335	-	-	-	-38	-99	-18	-161	-8.20	-5.80
Purchase of Investments	-5.00	-2.30	-	-76	-	-12	-8.70	-3.60	-2.40	-1.20	-2.40
Sale and/or Maturity of Investments	3.60	1.70	-	0.01	-	20	13	6.40	2.20	1.00	2.00
Other Investing Activities, net	7.30	3.10	-	7.89	-	16	6.90	9.10	-2.40	-4.00	20
Net Cash From Financing Activities	404	230	0.00	-27	0.00	109	486	204	155	-263	-141
Net Cash From Continuing Financing Activities	354	230	0.00	-27	0.00	109	486	204	155	-263	-141
Repayment of Debt	-135	-154	-	-50	-	-73	-491	-555	-878	-568	-651
Repurchase of Common Equity	-	-	-	-	-	-	0.00	0.00	-8.10	0.00	0.00
Payment of Dividends	-84	-98	-	-78	-	-121	-128	-135	-148	-164	-164
Issuance of Debt	375	325	-	101	-	202	672	733	785	437	658
Issuance of Common Equity	201	161	-	-	-	106	433	161	404	33	17

This table details how cash moves in and out of Allete's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025
Net Change in Cash & Equivalents	-0.60	12	80	-52	-39	3.40	67	-56	39	-37	23
Net Cash From Operating Activities	92	239	188	65	60	116	191	90	110	39	103
Net Cash From Continuing Operating Activities	92	239	188	65	60	116	191	90	110	39	103
Net Income / (Loss) Continuing Operations	38	41	70	31	37	20	33	32	35	6.60	13
Consolidated Net Income / (Loss)	38	41	70	31	37	20	33	32	35	6.60	13
Depreciation Expense	64	64	65	65	67	68	73	71	71	75	74
Amortization Expense	-1.30	-1.30	-1.30	-1.30	-1.30	-1.20	-1.30	-1.20	-1.50	-1.40	-1.50
Non-Cash Adjustments To Reconcile Net Income	5.80	48	25	-50	3.60	30	33	5.80	24	-21	5.60
Changes in Operating Assets and Liabilities, net	-14	88	30	20	-46	0.20	54	-18	-19	-19	12
Net Cash From Investing Activities	-75	-57	-69	-83	-61	-76	-83	-121	-160	-114	-283
Net Cash From Continuing Investing Activities	-75	-57	-69	-83	-61	-76	-83	-121	-160	-114	-283
Purchase of Property, Plant & Equipment	-70	-51	-64	-87	-61	-73	-96	-125	-154	-108	-278
Acquisitions	-0.80	-3.50	-2.30	-1.60	-1.60	-2.30	-1.90	-	-5.50	-5.80	-7.00
Purchase of Investments	0.00	-0.40	-0.40	-0.40	-1.50	-0.10	-0.30	-0.50	-1.30	-0.10	-1.30
Sale and/or Maturity of Investments	0.00	0.20	0.30	0.50	1.40	-	0.30	0.30	1.40	1.10	0.50
Other Investing Activities, net	-3.90	-2.40	-3.30	5.60	1.50	-0.20	15	4.00	-0.40	-0.40	2.80
Net Cash From Financing Activities	-18	-171	-39	-34	-38	-37	-40	-25	89	38	203
Net Cash From Continuing Financing Activities	-18	-171	-39	-34	-38	-37	-40	-25	89	38	203
Repayment of Debt	-228	-305	-1.90	-34	-158	-152	-325	-16	-113	-32	-104
Payment of Dividends	-39	-39	-47	-39	-41	-41	-41	-41	-43	-43	-44
Issuance of Debt	239	165	6.10	27	156	150	322	30	240	100	345
Issuance of Common Equity	10	7.60	3.70	11	4.70	5.80	3.50	3.00	4.50	12	5.30

This table presents Allete's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	3/31/2018	3/31/2019	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	4,361	4,895	4,877	6,597	6,388	5,483	6,085	6,422	6,846	6,656	6,754
Total Current Assets	419	371	295	3,627	3,605	270	255	291	718	468	435
Cash & Equivalents	146	97	28	1,129	1,069	69	44	45	36	72	33
Accounts Receivable	103	121	123	1,563	1,444	96	112	124	138	137	148
Inventories, net	81	117	104	922	887	73	74	98	456	175	155
Other Current Assets	82	36	40	-	137	31	25	25	88	84	100
Plant, Property, & Equipment, net	3,285	3,669	3,741	1,766	1,703	4,377	4,841	5,088	5,004	5,013	5,182
Total Noncurrent Assets	657	854	841	1,204	1,080	836	989	1,044	1,124	1,175	1,138
Long-Term Investments	236	199	191	-	40	198	301	318	323	331	340
Goodwill	4.80	215	213	-	-	-	-	0.80	156	155	155
Other Noncurrent Operating Assets	417	440	437	759	574	639	688	725	645	688	642
Total Liabilities & Shareholders' Equity	4,361	4,895	4,877	10,603	6,388	5,483	6,085	6,422	6,846	6,656	6,754
Total Liabilities	2,750	3,072	2,984	2,591	2,697	3,147	3,284	3,485	3,497	3,249	3,364
Total Current Liabilities	416	275	400	1,566	1,763	507	460	543	716	378	404
Short-Term Debt	104	37	188	-	343	213	204	214	273	111	95
Accounts Payable	134	89	74	1,147	1,014	165	110	111	103	102	114
Current Deferred & Payable Income Tax Liabilities	39	44	47	72	-	51	59	65	69	51	55
Other Current Liabilities	121	86	74	346	364	60	67	133	251	92	118
Other Current Nonoperating Liabilities	18	19	18	-	-	18	20	20	21	21	23
Total Noncurrent Liabilities	2,334	2,797	2,584	1,025	933	2,640	2,825	2,941	2,781	2,872	2,960
Long-Term Debt	1,273	1,557	1,370	661	632	1,401	1,593	1,763	1,648	1,680	1,705
Asset Retirement Reserve & Litigation Obligation	94	105	126	-	-	560	525	536	526	574	571
Noncurrent Deferred & Payable Income Tax Liabilities	511	580	555	86	42	213	196	182	158	193	253
Noncurrent Employee Benefit Liabilities	191	207	211	162	175	173	226	180	180	161	118
Other Noncurrent Operating Liabilities	265	349	323	117	84	293	285	281	269	264	313
Commitments & Contingencies	0.00	0.00	0.00	-	-	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	-	-	-	-	-	0.00	0.50	0.40
Total Equity & Noncontrolling Interests	1,611	1,822	1,893	8,012	3,692	2,336	2,800	2,938	3,348	3,407	3,390
Total Preferred & Common Equity	1,609	1,820	1,893	6,834	7,129	2,232	2,295	2,404	2,692	2,810	2,848
Total Common Equity	1,609	1,820	1,893	2,828	2,223	2,232	2,295	2,404	2,692	2,810	2,848
Common Stock	1,108	1,271	1,295	888	348	1,437	1,461	1,537	1,782	1,804	1,823
Retained Earnings	530	573	626	1,973	2,014	819	865	891	935	1,026	1,043
Accumulated Other Comprehensive Income / (Loss)	-21	-25	-28	-	-	-24	-31	-24	-24	-21	-18
Noncontrolling Interest	1.80	2.20	-	1,179	255	104	506	533	656	597	542

This table presents Allete's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	6,858	6,705	6,568	6,645	6,605	6,661	6,737	6,866	6,913	7,153
Total Current Assets	722	570	446	503	433	432	483	478	453	485
Cash & Equivalents	42	30	48	126	32	38	102	92	55	79
Accounts Receivable	121	120	123	120	142	133	137	143	130	146
Inventories, net	472	347	194	180	183	184	167	171	178	185
Other Current Assets	87	73	81	78	76	77	78	72	90	75
Plant, Property, & Equipment, net	5,011	4,979	4,974	4,997	5,009	5,080	5,113	5,256	5,324	5,529
Total Noncurrent Assets	1,125	1,156	1,148	1,145	1,162	1,150	1,141	1,133	1,136	1,139
Long-Term Investments	320	324	328	330	333	336	338	344	351	358
Goodwill	156	156	156	156	155	155	155	155	155	155
Other Noncurrent Operating Assets	649	676	665	660	674	658	648	634	631	626
Total Liabilities & Shareholders' Equity	6,858	6,705	6,568	6,645	6,605	6,661	6,737	6,866	6,913	7,153
Total Liabilities	3,504	3,347	3,199	3,248	3,196	3,266	3,345	3,478	3,546	3,809
Total Current Liabilities	706	464	380	414	261	298	334	381	338	413
Short-Term Debt	309	176	107	111	17	42	42	94	64	138
Accounts Payable	124	85	89	112	84	94	111	106	124	117
Current Deferred & Payable Income Tax Liabilities	70	81	50	64	63	47	60	65	43	57
Other Current Liabilities	189	107	113	111	80	93	103	97	82	75
Other Current Nonoperating Liabilities	15	15	21	16	16	22	19	19	25	26
Total Noncurrent Liabilities	2,798	2,882	2,819	2,835	2,935	2,968	3,010	3,097	3,208	3,396
Long-Term Debt	1,653	1,756	1,686	1,686	1,772	1,746	1,744	1,833	1,932	2,099
Asset Retirement Reserve & Litigation Obligation	527	526	538	549	564	561	562	581	587	594
Noncurrent Deferred & Payable Income Tax Liabilities	177	156	154	171	195	216	256	270	279	292
Noncurrent Employee Benefit Liabilities	172	174	174	164	135	135	135	99	99	100
Other Noncurrent Operating Liabilities	269	270	268	264	268	311	314	315	311	312
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	-	0.50	0.90	0.70	0.50	0.80	0.70
Total Equity & Noncontrolling Interests	3,354	3,358	3,369	3,397	3,409	3,395	3,392	3,388	3,366	3,343
Total Preferred & Common Equity	2,683	2,716	2,734	2,787	2,823	2,822	2,831	2,866	2,862	2,852
Total Common Equity	2,683	2,716	2,734	2,787	2,823	2,822	2,831	2,866	2,862	2,852
Common Stock	1,777	1,786	1,792	1,797	1,807	1,814	1,819	1,827	1,834	1,839
Retained Earnings	929	954	967	1,014	1,037	1,029	1,033	1,057	1,046	1,031
Accumulated Other Comprehensive Income / (Loss)	-24	-24	-24	-25	-21	-21	-21	-18	-18	-18
Noncontrolling Interest	671	642	634	610	586	573	561	522	504	491

This table displays calculated financial ratios and metrics derived from Allete's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	3/31/2017	3/31/2018	3/31/2019	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.63%	30.75%	0.00%	19.56%	-5.31%	-17.22%	-5.76%	21.39%	10.68%	19.68%	-18.62%
EBITDA Growth	14.27%	13.27%	0.00%	41.66%	-18.60%	7.01%	-12.56%	5.52%	2.36%	30.10%	-12.17%
EBIT Growth	20.81%	9.12%	0.00%	62.06%	-38.89%	6.27%	-31.16%	4.64%	-2.13%	69.80%	-31.14%
NOPAT Growth	20.78%	22.36%	0.00%	50.91%	-25.83%	-15.59%	3.54%	-2.60%	-6.37%	-11.10%	-1.50%
Net Income Growth	19.87%	12.75%	0.00%	50.57%	-32.21%	6.55%	-17.63%	-9.82%	-4.72%	36.25%	-31.97%
EPS Growth	10.27%	0.69%	0.00%	0.00%	0.00%	6.21%	-11.42%	1.57%	4.64%	27.22%	-27.91%
Operating Cash Flow Growth	12.70%	26.06%	0.00%	123.04%	-39.09%	-42.75%	21.43%	-12.11%	-16.02%	164.48%	-21.90%
Free Cash Flow Firm Growth	-325.65%	9.05%	0.00%	0.00%	110.99%	-177.14%	-346.19%	70.22%	-62.28%	248.21%	-51.90%
Invested Capital Growth	24.38%	19.57%	0.00%	0.00%	-0.16%	7.90%	15.42%	7.04%	7.84%	-2.31%	0.50%
Revenue Q/Q Growth	2.04%	6.44%	0.00%	0.00%	0.00%	-10.38%	1.37%	5.86%	1.74%	-1.21%	-2.42%
EBITDA Q/Q Growth	2.33%	-4.21%	0.00%	0.00%	0.00%	-1.61%	-5.21%	6.76%	-2.30%	3.12%	-1.21%
EBIT Q/Q Growth	2.81%	-9.76%	0.00%	0.00%	0.00%	-3.98%	-15.29%	17.04%	-7.61%	5.18%	-6.01%
NOPAT Q/Q Growth	1.77%	-5.11%	0.00%	0.00%	0.00%	-9.32%	-3.34%	7.30%	-5.17%	-4.51%	5.62%
Net Income Q/Q Growth	0.16%	-9.24%	0.00%	0.00%	0.00%	-5.84%	-10.01%	13.14%	-7.99%	-3.35%	1.08%
EPS Q/Q Growth	-3.01%	-10.70%	0.00%	0.00%	0.00%	-6.02%	-6.74%	16.19%	-8.15%	0.23%	-0.64%
Operating Cash Flow Q/Q Growth	2.74%	8.90%	0.00%	0.00%	0.00%	-20.25%	-4.03%	-1.35%	63.32%	-11.33%	5.66%
Free Cash Flow Firm Q/Q Growth	9.29%	9.45%	0.00%	0.00%	0.00%	-1,106.71%	-8.99%	53.42%	30.52%	-28.28%	-9.21%
Invested Capital Q/Q Growth	3.55%	1.47%	0.00%	0.00%	0.00%	4.04%	4.10%	1.15%	-0.76%	1.30%	1.74%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	57.81%	53.95%	20.13%	21.90%	18.95%	62.01%	63.62%	55.52%	53.63%	49.12%	60.33%
EBITDA Margin	28.25%	24.47%	10.03%	11.89%	10.22%	34.08%	31.62%	27.49%	25.42%	27.64%	29.83%
Operating Margin	16.61%	14.18%	5.77%	8.08%	5.30%	14.49%	11.82%	10.66%	8.54%	9.62%	10.47%
EBIT Margin	17.36%	14.49%	5.60%	7.59%	4.89%	17.90%	13.08%	11.27%	9.97%	14.15%	11.97%
Profit (Net Income) Margin	11.04%	9.52%	4.19%	5.28%	3.78%	14.95%	13.07%	9.71%	8.36%	9.52%	7.96%
Tax Burden Percent	77.37%	84.83%	74.95%	69.63%	77.25%	103.69%	139.67%	124.26%	131.17%	86.51%	96.28%
Interest Burden Percent	82.17%	77.44%	100.00%	100.00%	100.00%	80.55%	71.55%	69.31%	63.92%	77.77%	69.03%
Effective Tax Rate	22.63%	15.17%	23.55%	31.04%	17.63%	-3.69%	-39.67%	-24.26%	-31.17%	13.49%	3.72%
Return on Invested Capital (ROIC)	6.17%	6.20%	0.00%	25.44%	9.44%	5.23%	4.84%	4.25%	3.70%	3.21%	3.19%
ROIC Less NNEP Spread (ROIC-NNEP)	3.86%	3.01%	0.00%	26.48%	11.36%	5.16%	2.01%	1.02%	0.92%	4.71%	0.92%
Return on Net Nonoperating Assets (RNNOA)	2.33%	2.04%	0.00%	-14.79%	-4.50%	3.03%	1.11%	0.55%	0.47%	2.09%	0.39%
Return on Equity (ROE)	8.50%	8.24%	0.00%	10.65%	4.94%	8.26%	5.95%	4.80%	4.18%	5.30%	3.58%
Cash Return on Invested Capital (CROIC)	-15.56%	-11.63%	0.00%	-174.56%	9.60%	-2.37%	-9.48%	-2.54%	-3.84%	5.55%	2.70%
Operating Return on Assets (OROA)	5.04%	4.65%	0.00%	9.29%	5.77%	4.17%	2.64%	2.56%	2.36%	3.94%	2.73%
Return on Assets (ROA)	3.20%	3.06%	0.00%	6.47%	4.46%	3.48%	2.64%	2.20%	1.98%	2.65%	1.82%
Return on Common Equity (ROCE)	8.49%	8.23%	0.00%	3.76%	2.13%	8.07%	5.24%	3.93%	3.39%	4.31%	2.98%
Return on Equity Simple (ROE_SIMPLE)	7.80%	7.77%	0.00%	6.24%	4.06%	8.31%	6.66%	5.73%	4.88%	6.37%	4.27%
Net Operating Profit after Tax (NOPAT)	146	179	298	450	334	186	193	188	176	156	154
NOPAT Margin	12.85%	12.03%	4.41%	5.57%	4.36%	15.03%	16.51%	13.25%	11.21%	8.33%	10.08%
Net Nonoperating Expense Percent (NNEP)	2.31%	3.20%	0.00%	-1.04%	-1.92%	0.07%	2.84%	3.23%	2.78%	-1.50%	2.27%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	3.34%	3.01%	2.97%
Cost of Revenue to Revenue	42.19%	46.05%	79.73%	77.97%	80.90%	37.99%	36.38%	44.48%	46.37%	50.88%	39.67%
SG&A Expenses to Revenue	25.26%	22.44%	14.35%	13.82%	13.65%	21.31%	21.56%	18.26%	20.30%	18.37%	23.62%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	41.20%	39.77%	14.35%	13.82%	13.65%	47.51%	51.80%	44.86%	45.09%	39.50%	49.87%
Earnings before Interest and Taxes (EBIT)	197	215	378	613	374	222	153	160	157	266	183
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	321	364	678	960	782	423	370	390	399	520	456
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.99	0.00	0.00	3.99	1.53	1.19	1.28	1.25	1.20	1.32
Price to Tangible Book Value (P/TBV)	0.00	1.12	0.00	0.00	4.46	1.53	1.19	1.28	1.33	1.27	1.39
Price to Revenue (P/Rev)	0.00	1.21	0.00	0.00	1.16	2.76	2.34	2.17	2.14	1.79	2.45
Price to Earnings (P/E)	0.00	12.71	0.00	0.00	28.77	18.45	16.56	18.21	17.76	13.59	20.90
Dividend Yield	5.13%	5.52%	0.00%	0.00%	0.00%	3.55%	4.69%	4.30%	4.42%	4.64%	4.35%
Earnings Yield	0.00%	7.87%	0.00%	0.00%	3.48%	5.42%	6.04%	5.49%	5.63%	7.36%	4.79%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.99	0.00	0.00	2.89	1.32	1.10	1.14	1.13	1.11	1.18
Enterprise Value to Revenue (EV/Rev)	0.00	2.08	0.00	0.00	1.33	3.93	4.02	3.68	3.55	2.84	3.74
Enterprise Value to EBITDA (EV/EBITDA)	0.00	8.51	0.00	0.00	13.06	11.53	12.70	13.40	13.98	10.29	12.53
Enterprise Value to EBIT (EV/EBIT)	0.00	14.36	0.00	0.00	27.27	21.95	30.71	32.67	35.63	20.10	31.22
Enterprise Value to NOPAT (EV/NOPAT)	0.00	17.31	0.00	0.00	30.59	26.15	24.33	27.81	31.70	34.15	37.08
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	9.10	0.00	0.00	25.08	19.74	15.66	19.84	25.22	9.13	12.50
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	30.08	0.00	0.00	0.00	0.00	19.75	43.92
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.85	0.87	0.00	0.08	0.26	0.69	0.64	0.67	0.57	0.53	0.53
Long-Term Debt to Equity	0.79	0.85	0.00	0.08	0.17	0.60	0.57	0.60	0.49	0.49	0.50
Financial Leverage	0.60	0.68	0.00	-0.56	-0.40	0.59	0.55	0.54	0.51	0.44	0.42
Leverage Ratio	2.65	2.70	0.00	0.82	1.11	2.37	2.25	2.18	2.11	2.00	1.97
Compound Leverage Factor	2.18	2.09	0.00	0.82	1.11	1.91	1.61	1.51	1.35	1.55	1.36
Debt to Total Capital	46.08%	46.66%	0.00%	7.62%	20.90%	40.86%	39.09%	40.23%	36.45%	34.46%	34.67%
Short-Term Debt to Total Capital	3.49%	1.09%	0.00%	0.00%	7.36%	5.39%	4.43%	4.36%	5.17%	2.14%	1.82%
Long-Term Debt to Total Capital	42.59%	45.57%	0.00%	7.62%	13.54%	35.47%	34.66%	35.87%	31.28%	32.32%	32.85%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	26.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.06%	0.06%	0.00%	13.59%	5.46%	2.63%	11.00%	10.85%	12.46%	11.49%	10.45%
Common Equity to Total Capital	53.85%	53.28%	0.00%	32.60%	47.63%	56.51%	49.91%	48.92%	51.09%	54.05%	54.88%
Debt to EBITDA	4.29	4.38	0.00	0.69	1.25	3.82	4.86	5.07	4.81	3.45	3.94
Net Debt to EBITDA	3.10	3.57	0.00	-0.49	-0.17	3.19	3.93	4.14	3.91	2.67	3.13
Long-Term Debt to EBITDA	3.96	4.28	0.00	0.69	0.81	3.31	4.31	4.52	4.13	3.23	3.74
Debt to NOPAT	9.43	8.92	0.00	1.47	2.92	8.66	9.31	10.52	10.91	11.45	11.67
Net Debt to NOPAT	6.82	7.26	0.00	-1.04	-0.40	7.22	7.52	8.59	8.87	8.87	9.25
Long-Term Debt to NOPAT	8.71	8.71	0.00	1.47	1.89	7.51	8.25	9.38	9.36	10.73	11.06
Altman Z-Score	0.00	0.99	0.00	0.00	4.15	1.17	0.93	0.98	1.07	1.27	1.21
Noncontrolling Interest Sharing Ratio	0.06%	0.12%	0.00%	64.71%	56.85%	2.31%	11.86%	18.10%	18.93%	18.56%	16.77%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.01	1.35	0.00	2.32	2.04	0.53	0.55	0.54	1.00	1.24	1.08
Quick Ratio	0.60	0.79	0.00	1.72	1.42	0.33	0.34	0.31	0.24	0.55	0.45
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-368	-335	0.00	-3,088	339	-85	-378	-113	-183	271	130
Operating Cash Flow to CapEx	47.10%	118.75%	0.00%	116.03%	0.00%	75.16%	41.37%	54.95%	100.36%	215.82%	128.80%
Free Cash Flow to Firm to Interest Expense	-6.72	-5.16	0.00	0.00	0.00	-1.30	-5.76	-1.63	-2.43	3.35	1.59
Operating Cash Flow to Interest Expense	4.92	5.24	0.00	0.00	0.00	3.80	4.57	3.81	2.94	7.24	5.59
Operating Cash Flow Less CapEx to Interest Expense	-5.53	0.83	0.00	0.00	0.00	-1.26	-6.48	-3.13	0.01	3.89	1.25
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.29	0.32	0.00	1.22	1.18	0.23	0.20	0.23	0.24	0.28	0.23
Accounts Receivable Turnover	11.41	13.26	0.00	5.17	5.09	10.30	11.23	12.05	12.01	13.67	10.72
Inventory Turnover	6.86	6.93	0.00	6.83	6.84	5.91	5.79	7.34	2.63	3.03	3.68
Fixed Asset Turnover	0.39	0.43	0.00	4.57	4.41	0.30	0.25	0.29	0.31	0.38	0.30
Accounts Payable Turnover	4.10	6.14	0.00	5.49	5.73	2.99	3.09	5.71	6.81	9.32	5.62
Days Sales Outstanding (DSO)	32.00	27.53	0.00	70.62	71.74	35.43	32.52	30.30	30.40	26.71	34.04
Days Inventory Outstanding (DIO)	53.20	52.68	0.00	53.45	53.37	61.76	63.08	49.70	138.72	120.46	99.25
Days Payable Outstanding (DPO)	89.04	59.43	0.00	66.47	63.74	121.98	118.09	63.90	53.62	39.16	64.90
Cash Conversion Cycle (CCC)	-3.85	20.78	0.00	57.60	61.36	-24.79	-22.50	16.10	115.49	108.02	68.38
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,625	3,139	0.00	3,538	3,533	3,701	4,271	4,572	4,931	4,816	4,840
Invested Capital Turnover	0.48	0.52	0.00	4.57	2.16	0.35	0.29	0.32	0.33	0.39	0.32
Increase / (Decrease) in Invested Capital	515	514	0.00	3,538	-5.65	271	571	301	359	-114	24
Enterprise Value (EV)	0.00	3,093	0.00	0.00	10,211	4,874	4,696	5,228	5,580	5,344	5,716
Market Capitalization	0.00	1,793	0.00	0.00	8,875	3,424	2,739	3,080	3,362	3,359	3,747
Book Value per Share	$37.52	$37.17	$0.00	$0.00	$10.54	$43.20	$44.15	$45.73	$47.09	$48.88	$49.26
Tangible Book Value per Share	$37.40	$32.78	$0.00	$0.00	$9.44	$43.20	$44.15	$45.72	$44.37	$46.18	$46.57
Total Capital	2,988	3,416	0.00	8,673	4,667	3,949	4,597	4,915	5,269	5,198	5,190
Total Debt	1,377	1,594	0.00	661	976	1,614	1,797	1,977	1,921	1,791	1,799
Total Long-Term Debt	1,273	1,557	0.00	661	632	1,401	1,593	1,763	1,648	1,680	1,705
Net Debt	996	1,298	0.00	-468	-133	1,347	1,451	1,614	1,562	1,388	1,427
Capital Expenditures (CapEx)	573	286	0.00	576	0.00	329	725	480	221	271	355
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-39	37	0.00	933	1,117	-94	-45	-83	238	130	93
Debt-free Net Working Capital (DFNWC)	107	134	0.00	2,062	2,186	-25	-1.00	-38	274	202	126
Net Working Capital (NWC)	2.80	96	0.00	2,062	1,842	-238	-205	-252	1.80	91	31
Net Nonoperating Expense (NNE)	21	37	15	23	45	0.93	40	50	45	-22	32
Net Nonoperating Obligations (NNO)	1,014	1,317	0.00	-4,474	-159	1,365	1,471	1,634	1,582	1,409	1,450
Total Depreciation and Amortization (D&A)	124	148	300	347	407	201	217	230	243	254	273
Debt-free, Cash-free Net Working Capital to Revenue	-3.40%	2.46%	0.00%	11.54%	14.60%	-7.60%	-3.87%	-5.85%	15.15%	6.92%	6.07%
Debt-free Net Working Capital to Revenue	9.43%	8.98%	0.00%	25.52%	28.57%	-2.02%	-0.09%	-2.67%	17.47%	10.74%	8.22%
Net Working Capital to Revenue	0.25%	6.47%	0.00%	25.52%	24.08%	-19.18%	-17.51%	-17.76%	0.11%	4.81%	2.03%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.91	$2.92	$0.00	$0.00	$0.00	$3.59	$3.36	$3.23	$3.38	$4.31	$3.11
Adjusted Weighted Average Basic Shares Outstanding	42.90M	48.30M	0.00	0.00	211.02M	51.60M	51.90M	52.40M	55.90M	57.30M	57.70M
Adjusted Diluted Earnings per Share	$2.90	$2.92	$0.00	$0.00	$0.00	$3.59	$3.35	$3.23	$3.38	$4.30	$3.10
Adjusted Weighted Average Diluted Shares Outstanding	43.10M	48.40M	0.00	0.00	211.02M	51.70M	51.90M	52.50M	56M	57.40M	57.80M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	41.82M	49.11M	0.00	0.00	211.02M	51.70M	104.23M	106.49M	114.51M	115.16M	57.90M
Normalized Net Operating Profit after Tax (NOPAT)	146	179	298	450	334	126	106	106	94	156	154
Normalized NOPAT Margin	12.85%	12.03%	4.41%	5.57%	4.36%	10.15%	9.04%	7.46%	5.98%	8.33%	10.08%
Pre Tax Income Margin	14.27%	11.22%	5.60%	7.59%	4.89%	14.42%	9.36%	7.81%	6.37%	11.00%	8.26%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.60	3.32	0.00	0.00	0.00	3.42	2.33	2.32	2.08	3.29	2.24
NOPAT to Interest Expense	2.67	2.75	0.00	0.00	0.00	2.87	2.94	2.72	2.34	1.94	1.89
EBIT Less CapEx to Interest Expense	-6.85	-1.09	0.00	0.00	0.00	-1.64	-8.72	-4.62	-0.85	-0.07	-2.10
NOPAT Less CapEx to Interest Expense	-7.79	-1.66	0.00	0.00	0.00	-2.19	-8.10	-4.22	-0.59	-1.42	-2.46
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	66.77%	69.19%	0.00%	18.29%	0.00%	65.44%	83.90%	97.97%	112.41%	91.67%	135.00%
Augmented Payout Ratio	66.77%	69.19%	0.00%	18.29%	0.00%	65.44%	83.90%	97.97%	118.58%	91.67%	135.00%

This table displays calculated financial ratios and metrics derived from Allete's official financial filings.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	47.30%	42.96%	-2.45%	-5.43%	-28.61%	-33.54%	7.50%	-9.41%	-0.77%	1.64%	-7.91%
EBITDA Growth	-0.95%	37.25%	77.08%	15.53%	5.12%	-14.54%	-27.43%	-4.79%	5.20%	-4.92%	-12.11%
EBIT Growth	-5.42%	117.05%	193.28%	33.00%	6.68%	-36.96%	-51.48%	-22.16%	3.04%	-34.28%	-31.30%
NOPAT Growth	-20.32%	137.01%	-38.29%	-29.69%	-8.10%	-49.20%	47.63%	23.56%	2.10%	-27.87%	-36.50%
Net Income Growth	-19.14%	95.67%	159.70%	-16.67%	-1.60%	-51.60%	-53.02%	4.19%	-6.22%	-66.50%	-59.33%
EPS Growth	-17.74%	34.33%	152.54%	1.14%	-13.73%	-36.67%	-47.65%	-2.25%	10.23%	-3.51%	-41.03%
Operating Cash Flow Growth	2,025.00%	7,816.13%	111.45%	-53.39%	-34.96%	-51.34%	1.27%	37.52%	83.36%	-66.15%	-45.81%
Free Cash Flow Firm Growth	43.32%	149.30%	159.99%	148.12%	180.37%	-98.82%	-83.85%	-87.31%	-103.77%	-5,207.31%	-1,091.49%
Invested Capital Growth	4.76%	-3.25%	-4.30%	-2.31%	-2.04%	0.52%	0.05%	0.50%	1.01%	3.10%	8.69%
Revenue Q/Q Growth	32.67%	-5.58%	-28.98%	6.31%	0.15%	-12.10%	14.87%	-10.41%	9.70%	-9.97%	4.08%
EBITDA Q/Q Growth	14.05%	3.21%	41.51%	-30.64%	3.77%	-16.09%	20.16%	-9.00%	14.66%	-24.16%	11.07%
EBIT Q/Q Growth	31.99%	6.87%	86.96%	-49.57%	5.87%	-36.85%	43.91%	-19.09%	40.15%	-59.72%	50.43%
NOPAT Q/Q Growth	-5.89%	16.33%	-47.84%	23.13%	23.00%	-35.69%	51.59%	3.05%	1.64%	-54.57%	33.44%
Net Income Q/Q Growth	1.08%	8.24%	71.01%	-55.46%	19.35%	-46.76%	65.99%	-1.22%	7.43%	-80.98%	101.52%
EPS Q/Q Growth	15.91%	-11.76%	65.56%	-40.27%	-1.12%	-35.23%	36.84%	11.54%	11.49%	-43.30%	-16.36%
Operating Cash Flow Q/Q Growth	-34.05%	158.87%	-21.24%	-65.34%	-7.96%	93.68%	63.92%	-52.94%	22.72%	-64.25%	162.44%
Free Cash Flow Firm Q/Q Growth	42.23%	220.75%	11.98%	-38.41%	-3.51%	-98.22%	1,430.22%	-51.60%	-128.71%	-2,302.47%	-197.06%
Invested Capital Q/Q Growth	0.41%	-2.90%	-1.09%	1.30%	0.69%	-0.37%	-1.54%	1.74%	1.21%	1.70%	3.79%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	41.74%	43.66%	58.32%	58.06%	60.85%	60.76%	59.85%	59.90%	63.04%	61.81%	60.96%
EBITDA Margin	20.41%	22.31%	44.46%	29.00%	30.05%	28.69%	30.01%	30.48%	31.86%	26.84%	28.64%
Operating Margin	8.55%	10.03%	9.50%	10.70%	11.73%	8.29%	11.12%	10.44%	13.24%	5.00%	7.89%
EBIT Margin	9.28%	10.50%	27.64%	13.11%	13.86%	9.96%	12.48%	11.27%	14.39%	6.44%	9.31%
Profit (Net Income) Margin	6.66%	7.63%	18.37%	7.70%	9.17%	5.56%	8.03%	8.85%	8.67%	1.83%	3.55%
Tax Burden Percent	96.16%	100.99%	78.29%	80.52%	90.24%	93.36%	91.85%	112.54%	82.23%	110.00%	89.26%
Interest Burden Percent	74.62%	71.96%	84.91%	72.92%	73.35%	59.77%	70.08%	69.83%	73.26%	25.86%	42.69%
Effective Tax Rate	3.84%	-0.99%	21.71%	19.48%	9.76%	6.64%	8.15%	-12.54%	17.77%	-10.00%	10.74%
Return on Invested Capital (ROIC)	2.98%	3.96%	2.91%	3.32%	3.71%	2.47%	3.37%	3.72%	3.41%	1.72%	2.13%
ROIC Less NNEP Spread (ROIC-NNEP)	2.42%	3.09%	5.70%	3.08%	3.34%	1.93%	2.71%	2.98%	2.81%	0.85%	1.31%
Return on Net Nonoperating Assets (RNNOA)	1.18%	1.40%	2.51%	1.36%	1.50%	0.82%	1.09%	1.26%	1.22%	0.38%	0.62%
Return on Equity (ROE)	4.16%	5.36%	5.42%	4.69%	5.21%	3.30%	4.46%	4.98%	4.63%	2.10%	2.75%
Cash Return on Invested Capital (CROIC)	-1.27%	7.26%	7.76%	5.55%	5.20%	2.17%	3.01%	2.70%	2.18%	-0.08%	-5.68%
Operating Return on Assets (OROA)	2.45%	3.00%	7.79%	3.65%	3.58%	2.32%	2.92%	2.57%	3.26%	1.45%	2.01%
Return on Assets (ROA)	1.76%	2.18%	5.18%	2.14%	2.37%	1.29%	1.88%	2.02%	1.97%	0.41%	0.77%
Return on Common Equity (ROCE)	3.30%	4.32%	4.39%	3.82%	4.26%	2.71%	3.69%	4.14%	3.87%	1.77%	2.32%
Return on Equity Simple (ROE_SIMPLE)	4.51%	5.20%	6.64%	0.00%	6.32%	5.57%	4.25%	0.00%	4.17%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	46	54	28	35	43	27	42	43	44	20	26
NOPAT Margin	8.22%	10.13%	7.44%	8.62%	10.58%	7.74%	10.22%	11.75%	10.89%	5.50%	7.05%
Net Nonoperating Expense Percent (NNEP)	0.56%	0.87%	-2.79%	0.25%	0.37%	0.54%	0.65%	0.74%	0.60%	0.87%	0.82%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	0.67%	-	-	-	0.83%	0.82%	0.37%	0.47%
Cost of Revenue to Revenue	58.26%	56.34%	41.68%	41.94%	39.15%	39.24%	40.15%	40.10%	36.96%	38.19%	39.04%
SG&A Expenses to Revenue	15.17%	15.92%	22.07%	22.62%	22.74%	28.80%	22.77%	20.53%	23.24%	26.81%	24.19%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	33.19%	33.63%	48.81%	47.36%	49.12%	52.47%	48.72%	49.45%	49.80%	56.81%	53.07%
Earnings before Interest and Taxes (EBIT)	52	56	105	53	56	35	51	41	58	23	35
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	115	119	168	117	121	102	122	111	128	97	107
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.27	1.15	1.04	1.20	1.19	1.26	1.31	1.32	1.33	1.30	1.35
Price to Tangible Book Value (P/TBV)	1.34	1.21	1.10	1.27	1.26	1.33	1.39	1.39	1.40	1.37	1.43
Price to Revenue (P/Rev)	1.96	1.64	1.52	1.79	1.95	2.31	2.36	2.45	2.49	2.42	2.57
Price to Earnings (P/E)	18.96	16.05	11.69	13.59	13.99	16.08	20.57	20.90	20.60	20.23	23.26
Dividend Yield	4.38%	4.86%	5.33%	4.64%	4.69%	4.48%	4.35%	4.35%	4.33%	4.48%	4.36%
Earnings Yield	5.27%	6.23%	8.56%	7.36%	7.15%	6.22%	4.86%	4.79%	4.86%	4.94%	4.30%
Enterprise Value to Invested Capital (EV/IC)	1.14	1.08	1.02	1.11	1.11	1.15	1.18	1.18	1.19	1.17	1.19
Enterprise Value to Revenue (EV/Rev)	3.23	2.71	2.54	2.84	3.12	3.60	3.58	3.74	3.81	3.79	4.10
Enterprise Value to EBITDA (EV/EBITDA)	14.20	12.04	9.61	10.29	10.21	10.91	12.15	12.53	12.58	12.69	13.88
Enterprise Value to EBIT (EV/EBIT)	36.82	28.20	19.16	20.10	19.91	22.29	28.82	31.22	31.48	33.63	39.20
Enterprise Value to NOPAT (EV/NOPAT)	34.58	26.83	29.55	34.15	34.90	42.87	38.47	37.08	37.50	39.81	46.81
Enterprise Value to Operating Cash Flow (EV/OCF)	17.76	9.24	7.34	9.13	9.70	12.89	12.98	12.50	11.47	13.50	17.93
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	14.60	12.83	19.75	21.07	53.10	39.17	43.92	54.81	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.58	0.53	0.53	0.53	0.53	0.53	0.53	0.53	0.57	0.59	0.67
Long-Term Debt to Equity	0.52	0.50	0.50	0.49	0.52	0.51	0.51	0.50	0.54	0.57	0.63
Financial Leverage	0.49	0.45	0.44	0.44	0.45	0.43	0.40	0.42	0.43	0.45	0.47
Leverage Ratio	2.04	1.99	2.00	2.00	1.97	1.96	1.97	1.97	1.98	2.01	2.06
Compound Leverage Factor	1.52	1.43	1.70	1.46	1.44	1.17	1.38	1.38	1.45	0.52	0.88
Debt to Total Capital	36.52%	34.73%	34.60%	34.46%	34.42%	34.49%	34.48%	34.67%	36.25%	37.21%	40.08%
Short-Term Debt to Total Capital	3.33%	2.07%	2.14%	2.14%	0.33%	0.81%	0.81%	1.82%	1.77%	1.19%	2.47%
Long-Term Debt to Total Capital	33.19%	32.67%	32.46%	32.32%	34.09%	33.68%	33.67%	32.85%	34.48%	36.02%	37.61%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	12.14%	12.29%	11.75%	11.49%	11.27%	11.07%	10.84%	10.45%	9.83%	9.42%	8.82%
Common Equity to Total Capital	51.34%	52.98%	53.65%	54.05%	54.30%	54.43%	54.68%	54.88%	53.91%	53.37%	51.10%
Debt to EBITDA	4.85	4.16	3.57	3.45	3.41	3.52	3.87	3.94	4.17	4.36	5.05
Net Debt to EBITDA	3.96	3.29	2.66	2.67	2.71	2.78	2.91	3.13	3.22	3.47	4.07
Long-Term Debt to EBITDA	4.41	3.92	3.35	3.23	3.37	3.44	3.78	3.74	3.96	4.22	4.74
Debt to NOPAT	11.81	9.28	10.97	11.45	11.64	13.83	12.23	11.67	12.42	13.68	17.04
Net Debt to NOPAT	9.65	7.34	8.19	8.87	9.27	10.94	9.22	9.25	9.61	10.90	13.71
Long-Term Debt to NOPAT	10.73	8.73	10.29	10.73	11.53	13.50	11.95	11.06	11.81	13.24	15.99
Altman Z-Score	1.12	1.12	1.10	1.16	1.17	1.14	1.16	1.14	1.14	1.09	1.05
Noncontrolling Interest Sharing Ratio	20.56%	19.52%	18.98%	18.56%	18.15%	17.86%	17.26%	16.77%	16.31%	15.96%	15.64%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.23	1.17	1.22	1.24	1.66	1.45	1.45	1.08	1.26	1.34	1.17
Quick Ratio	0.32	0.45	0.59	0.55	0.67	0.57	0.71	0.45	0.62	0.55	0.54
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-179	216	242	149	144	2.55	39	19	-5.42	-130	-387
Operating Cash Flow to CapEx	132.00%	473.66%	296.23%	74.97%	99.17%	158.58%	198.13%	72.07%	71.37%	36.38%	37.25%
Free Cash Flow to Firm to Interest Expense	-9.26	10.22	11.78	7.48	7.04	0.13	1.92	0.90	-0.25	-5.64	-15.11
Operating Cash Flow to Interest Expense	4.79	11.34	9.19	3.28	2.95	5.79	9.40	4.30	5.15	1.71	4.04
Operating Cash Flow Less CapEx to Interest Expense	1.16	8.94	6.09	-1.10	-0.02	2.14	4.66	-1.67	-2.07	-2.98	-6.80
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.26	0.29	0.28	0.28	0.26	0.23	0.23	0.23	0.23	0.23	0.22
Accounts Receivable Turnover	14.68	15.98	15.85	13.67	13.09	12.02	12.23	10.72	10.70	11.67	10.61
Inventory Turnover	3.32	3.70	3.07	3.03	2.97	3.30	3.63	3.68	3.37	3.28	3.29
Fixed Asset Turnover	0.35	0.38	0.38	0.38	0.34	0.31	0.31	0.30	0.30	0.29	0.28
Accounts Payable Turnover	11.23	9.09	8.47	9.32	9.29	6.80	5.64	5.62	6.28	5.46	5.08
Days Sales Outstanding (DSO)	24.86	22.85	23.03	26.71	27.88	30.38	29.85	34.04	34.12	31.28	34.41
Days Inventory Outstanding (DIO)	109.84	98.54	118.90	120.46	123.09	110.76	100.59	99.25	108.19	111.13	110.95
Days Payable Outstanding (DPO)	32.50	40.14	43.11	39.16	39.30	53.66	64.69	64.90	58.16	66.86	71.81
Cash Conversion Cycle (CCC)	102.21	81.24	98.82	108.02	111.67	87.48	65.75	68.38	84.14	75.55	73.55
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,951	4,807	4,755	4,816	4,850	4,832	4,757	4,840	4,899	4,982	5,171
Invested Capital Turnover	0.36	0.39	0.39	0.39	0.35	0.32	0.33	0.32	0.31	0.31	0.30
Increase / (Decrease) in Invested Capital	225	-162	-213	-114	-101	25	2.60	24	49	150	413
Enterprise Value (EV)	5,656	5,183	4,842	5,344	5,363	5,545	5,614	5,716	5,818	5,808	6,146
Market Capitalization	3,436	3,132	2,890	3,359	3,353	3,556	3,707	3,747	3,804	3,714	3,854
Book Value per Share	$47.43	$47.70	$48.55	$48.88	$49.01	$48.93	$49.02	$49.26	$49.50	$49.37	$49.14
Tangible Book Value per Share	$44.71	$44.99	$45.84	$46.18	$46.31	$46.24	$46.33	$46.57	$46.82	$46.69	$46.47
Total Capital	5,290	5,161	5,194	5,198	5,199	5,184	5,178	5,190	5,316	5,363	5,581
Total Debt	1,932	1,793	1,797	1,791	1,790	1,788	1,786	1,799	1,927	1,995	2,237
Total Long-Term Debt	1,756	1,686	1,686	1,680	1,772	1,746	1,744	1,705	1,833	1,932	2,099
Net Debt	1,578	1,417	1,342	1,388	1,425	1,415	1,346	1,427	1,491	1,590	1,801
Capital Expenditures (CapEx)	70	51	64	87	61	73	96	125	154	108	278
Debt-free, Cash-free Net Working Capital (DFCFNWC)	252	125	75	130	158	139	89	93	100	123	131
Debt-free Net Working Capital (DFNWC)	282	173	201	202	190	177	191	126	192	179	210
Net Working Capital (NWC)	105	66	90	91	172	135	149	31	97	115	72
Net Nonoperating Expense (NNE)	8.85	13	-41	3.70	5.69	7.75	8.91	11	8.88	13	13
Net Nonoperating Obligations (NNO)	1,593	1,439	1,358	1,409	1,441	1,436	1,365	1,450	1,510	1,615	1,827
Total Depreciation and Amortization (D&A)	63	63	64	64	65	66	71	70	70	74	73
Debt-free, Cash-free Net Working Capital to Revenue	14.37%	6.52%	3.95%	6.92%	9.17%	9.04%	5.67%	6.07%	6.52%	8.04%	8.74%
Debt-free Net Working Capital to Revenue	16.08%	9.03%	10.55%	10.74%	11.03%	11.48%	12.17%	8.22%	12.54%	11.65%	13.99%
Net Working Capital to Revenue	6.01%	3.45%	4.71%	4.81%	10.03%	8.74%	9.50%	2.03%	6.37%	7.50%	4.79%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.02	$0.90	$1.50	$0.89	$0.88	$0.57	$0.78	$0.88	$0.97	$0.55	$0.47
Adjusted Weighted Average Basic Shares Outstanding	57.30M	57.30M	57.40M	57.30M	57.60M	57.70M	57.80M	57.70M	57.90M	58M	58.10M
Adjusted Diluted Earnings per Share	$1.02	$0.90	$1.49	$0.89	$0.88	$0.57	$0.78	$0.87	$0.97	$0.55	$0.46
Adjusted Weighted Average Diluted Shares Outstanding	57.30M	57.40M	57.50M	57.40M	57.70M	57.80M	57.90M	57.80M	58M	58.10M	58.20M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	114.63M	114.80M	114.95M	115.16M	57.67M	57.75M	57.82M	57.90M	57.96M	58.04M	58.10M
Normalized Net Operating Profit after Tax (NOPAT)	46	37	28	35	43	27	42	27	44	13	26
Normalized NOPAT Margin	8.22%	7.02%	7.44%	8.62%	10.58%	7.74%	10.22%	7.31%	10.89%	3.50%	7.05%
Pre Tax Income Margin	6.92%	7.56%	23.47%	9.56%	10.17%	5.95%	8.74%	7.87%	10.54%	1.67%	3.97%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.72	2.65	5.11	2.65	2.74	1.76	2.50	1.97	2.69	1.00	1.36
NOPAT to Interest Expense	2.41	2.56	1.37	1.74	2.09	1.37	2.05	2.05	2.04	0.86	1.03
EBIT Less CapEx to Interest Expense	-0.91	0.26	2.00	-1.72	-0.23	-1.90	-2.24	-4.00	-4.52	-3.68	-9.48
NOPAT Less CapEx to Interest Expense	-1.22	0.17	-1.73	-2.63	-0.88	-2.29	-2.69	-3.91	-5.18	-3.83	-9.81
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	124.35%	108.36%	88.60%	91.67%	93.10%	106.74%	134.47%	135.00%	138.86%	157.48%	196.20%
Augmented Payout Ratio	124.35%	108.36%	88.60%	91.67%	93.10%	106.74%	134.47%	135.00%	138.86%	157.48%	196.20%

Financials Breakdown Chart

Key Financial Trends

Here is a concise, investor-focused look at ALLETE Inc. (ALE) using the last four years of quarterly statements provided. The trend suggests steady earnings and cash flow, ongoing asset investment, and a leveraged balance sheet common to regulated utilities.

Consistent net income in continuing operations. The company has reported positive net income in the quarters shown (e.g., 2025 Q1 $34.7m; 2025 Q3 $13.3m; 2024 Q4 $32.3m; 2023 Q3 restated $32.7m), indicating ongoing profitability.
Robust operating cash flow generation. Net cash from continuing operating activities is consistently positive and sizable (e.g., 2025 Q1 $110.2m; 2025 Q3 $103.4m; 2024 Q4 $89.8m; 2023 Q3 $88.9m), supporting liquidity and potential for dividends.
Healthy gross margins in recent quarters. For example, 2025 Q3 shows Total Gross Profit of $228.6m on revenue of $375m, implying gross margins near 61%.
Steady dividend per share. Cash dividends per share around $0.73 (e.g., 2025 Q2 and Q3 show the same quarterly dividend per share), highlighting a reliable shareholder return.
Access to capital markets to fund growth. Debt issuance of $345m in 2025 Q3 and a solid net financing amount ($202.5m) demonstrate continued access to external financing for capex and growth projects.

Ongoing sizable capital expenditures. Consistent negative investing cash flows (PPE purchases, acquisitions, investments) indicate continued asset investment to support reliability and growth (e.g., 2025 Q3 PPE spend around $277.6m; 2025 Q2 around $108.3m; 2025 Q1 around $154.4m).
Leverage remains meaningful. Long-term debt around the early-to-mid billions and total liabilities well above equity in multiple periods, which is typical for utilities but introduces interest-rate sensitivity and refinancing risk.

Large negative free cash flow pressure from investing activities. The heavy capex cadence often leads to negative free cash flow in the near term (for example, 2025 Q3 Net cash from investing activities roughly -$282.6m).
Cash balance and quarterly cash swings. Net change in cash and equivalents has been volatile, with quarters showing net decreases (e.g., 2025 Q2 net change in cash about -$36.5m; 2024 Q4 about -$55.8m), reflecting reliance on financing to fund investing needs.
Debt service risk in a rising-rate environment. The company carries sizable debt (long-term debt in the range of $1.7–2.1b across periods) which can pressure interest costs and refinancing if rates rise.

05/22/26 10:52 AM ETAI Generated. May Contain Errors.

Allete Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Allete's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

Allete's net income appears to be on a downward trend, with a most recent value of $121.70 million in 2024, falling from $125.50 million in 2014. The previous period was $178.90 million in 2023. Check out Allete's forecast to explore projected trends and price targets.

Allete's total operating income in 2024 was $160.10 million, based on the following breakdown:

Total Gross Profit: $923 million
Total Operating Expenses: $762.90 million

Over the last 10 years, Allete's total revenue changed from $1.14 billion in 2014 to $1.53 billion in 2024, a change of 34.6%.

Allete's total liabilities were at $3.36 billion at the end of 2024, a 3.5% increase from 2023, and a 22.3% increase since 2014.

In the past 10 years, Allete's cash and equivalents has ranged from $27.50 million in 2016 to $1.13 billion in 2017, and is currently $32.80 million as of their latest financial filing in 2024.

Over the last 10 years, Allete's book value per share changed from 37.52 in 2014 to 49.26 in 2024, a change of 31.3%.

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Financial statements for NYSE:ALE last updated on 11/24/2025 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Allete (ALE) Financials

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Allete (ALE) Financials

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How has Allete's revenue changed over the last 10 years?

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How has Allete's book value per share changed over the last 10 years?

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