AltaGas Ltd (ALA) - Net Assets
Based on the latest financial reports, AltaGas Ltd (ALA) has net assets worth CA$10.28 Billion CAD (≈ $7.44 Billion USD) as of June 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (CA$27.71 Billion ≈ $20.05 Billion USD) and total liabilities (CA$17.43 Billion ≈ $12.61 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check how strategically is AltaGas Ltd's equity deployed to assess the company's strategic physical and investment asset allocation.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | CA$10.28 Billion |
| % of Total Assets | 37.1% |
| Annual Growth Rate | 17.29% |
| 5-Year Change | 25.62% |
| 10-Year Change | 106.87% |
| Growth Volatility | 21.75 |
AltaGas Ltd - Net Assets Trend (1998–2025)
This chart illustrates how AltaGas Ltd's net assets have evolved over time, based on quarterly financial data. For live market cap and overall valuation, see ALA company net worth.
Annual Net Assets for AltaGas Ltd (1998–2025)
The table below shows the annual net assets of AltaGas Ltd from 1998 to 2025. Also explore ALA year-over-year net asset growth to track the company's year-over-year net asset growth rate.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | CA$9.55 Billion ≈ $6.91 Billion |
+5.55% |
| 2024-12-31 | CA$9.05 Billion ≈ $6.54 Billion |
+15.05% |
| 2023-12-31 | CA$7.86 Billion ≈ $5.69 Billion |
+3.22% |
| 2022-12-31 | CA$7.62 Billion ≈ $5.51 Billion |
+0.22% |
| 2021-12-31 | CA$7.60 Billion ≈ $5.50 Billion |
-0.78% |
| 2020-12-31 | CA$7.66 Billion ≈ $5.54 Billion |
+3.97% |
| 2019-12-31 | CA$7.37 Billion ≈ $5.33 Billion |
-3.55% |
| 2018-12-31 | CA$7.64 Billion ≈ $5.53 Billion |
+64.69% |
| 2017-12-31 | CA$4.64 Billion ≈ $3.36 Billion |
+0.52% |
| 2016-12-31 | CA$4.62 Billion ≈ $3.34 Billion |
+9.81% |
| 2015-12-31 | CA$4.20 Billion ≈ $3.04 Billion |
+17.59% |
| 2014-12-31 | CA$3.57 Billion ≈ $2.59 Billion |
+26.32% |
| 2013-12-31 | CA$2.83 Billion ≈ $2.05 Billion |
+41.49% |
| 2012-12-31 | CA$2.00 Billion ≈ $1.45 Billion |
+46.81% |
| 2011-12-31 | CA$1.36 Billion ≈ $985.35 Million |
+12.48% |
| 2010-12-31 | CA$1.21 Billion ≈ $876.04 Million |
+15.46% |
| 2009-12-31 | CA$1.05 Billion ≈ $758.73 Million |
+9.55% |
| 2008-12-31 | CA$957.44 Million ≈ $692.60 Million |
+63.75% |
| 2007-12-31 | CA$584.69 Million ≈ $422.95 Million |
+10.44% |
| 2006-12-31 | CA$529.42 Million ≈ $382.97 Million |
+10.62% |
| 2005-12-31 | CA$478.59 Million ≈ $346.20 Million |
-1.02% |
| 2004-12-31 | CA$483.51 Million ≈ $349.77 Million |
+33.08% |
| 2003-12-31 | CA$363.33 Million ≈ $262.83 Million |
+8.05% |
| 2002-12-31 | CA$336.26 Million ≈ $243.25 Million |
+29.23% |
| 2001-12-31 | CA$260.20 Million ≈ $188.23 Million |
+4.35% |
| 2000-12-31 | CA$249.35 Million ≈ $180.37 Million |
+8.36% |
| 1999-12-31 | CA$230.10 Million ≈ $166.45 Million |
+78.65% |
| 1998-12-31 | CA$128.80 Million ≈ $93.17 Million |
-- |
Equity Component Analysis
This analysis shows how different components contribute to AltaGas Ltd's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 1548.7% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | CA$7.66 Billion | 85.93% |
| Other Comprehensive Income | CA$672.00 Million | 7.54% |
| Other Components | CA$808.00 Million | 9.06% |
| Total Equity | CA$8.91 Billion | 100.00% |
AltaGas Ltd Competitors by Market Cap
The table below lists competitors of AltaGas Ltd ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Gaming & Leisure Properties
NASDAQ:GLPI
|
$11.86 Billion |
|
Washington H Soul Pattinson & Company Ltd
AU:SOL
|
$11.89 Billion |
|
Madrigal Pharmaceuticals Inc
NASDAQ:MDGL
|
$11.90 Billion |
|
Penske Automotive Group Inc
NYSE:PAG
|
$11.90 Billion |
|
Jazz Pharmaceuticals plc
F:J7Z
|
$11.86 Billion |
|
Hormel Foods Corporation
NYSE:HRL
|
$11.85 Billion |
|
DocuSign Inc
NASDAQ:DOCU
|
$11.85 Billion |
|
Amkor Technology Inc
NASDAQ:AMKR
|
$11.84 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in AltaGas Ltd's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 8,752,000,000 to 8,915,000,000, a change of 163,000,000 (1.9%).
- Net income of 768,000,000 contributed positively to equity growth.
- Dividend payments of 398,000,000 reduced retained earnings.
- Share repurchases of 200,000,000 reduced equity.
- New share issuances of 441,000,000 increased equity.
- Other comprehensive income decreased equity by 483,000,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | CA$768.00 Million | +8.61% |
| Dividends Paid | CA$398.00 Million | -4.46% |
| Share Repurchases | CA$200.00 Million | -2.24% |
| Share Issuances | CA$441.00 Million | +4.95% |
| Other Comprehensive Income | CA$-483.00 Million | -5.42% |
| Other Changes | CA$35.00 Million | +0.39% |
| Total Change | CA$- | 1.86% |
Book Value vs Market Value Analysis
This analysis compares AltaGas Ltd's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 1.78x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 12.24x to 1.78x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1998-12-31 | CA$4.29 | CA$52.54 | x |
| 1999-12-31 | CA$7.11 | CA$52.54 | x |
| 2000-12-31 | CA$6.30 | CA$52.54 | x |
| 2001-12-31 | CA$6.85 | CA$52.54 | x |
| 2002-12-31 | CA$7.85 | CA$52.54 | x |
| 2003-12-31 | CA$7.96 | CA$52.54 | x |
| 2004-12-31 | CA$9.64 | CA$52.54 | x |
| 2005-12-31 | CA$8.85 | CA$52.54 | x |
| 2006-12-31 | CA$9.54 | CA$52.54 | x |
| 2007-12-31 | CA$10.18 | CA$52.54 | x |
| 2008-12-31 | CA$13.74 | CA$52.54 | x |
| 2009-12-31 | CA$13.21 | CA$52.54 | x |
| 2010-12-31 | CA$14.79 | CA$52.54 | x |
| 2011-12-31 | CA$15.92 | CA$52.54 | x |
| 2012-12-31 | CA$20.35 | CA$52.54 | x |
| 2013-12-31 | CA$23.36 | CA$52.54 | x |
| 2014-12-31 | CA$27.54 | CA$52.54 | x |
| 2015-12-31 | CA$30.05 | CA$52.54 | x |
| 2016-12-31 | CA$29.06 | CA$52.54 | x |
| 2017-12-31 | CA$26.70 | CA$52.54 | x |
| 2018-12-31 | CA$31.53 | CA$52.54 | x |
| 2019-12-31 | CA$26.01 | CA$52.54 | x |
| 2020-12-31 | CA$25.17 | CA$52.54 | x |
| 2021-12-31 | CA$24.67 | CA$52.54 | x |
| 2022-12-31 | CA$26.32 | CA$52.54 | x |
| 2023-12-31 | CA$27.19 | CA$52.54 | x |
| 2024-12-31 | CA$29.34 | CA$52.54 | x |
| 2025-12-31 | CA$29.57 | CA$52.54 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently AltaGas Ltd utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 8.61%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 6.12%
- • Asset Turnover: 0.47x
- • Equity Multiplier: 3.00x
- Recent ROE (8.61%) is above the historical average (8.39%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1998 | 5.43% | 5.76% | 0.38x | 2.51x | CA$-5.88 Million |
| 1999 | 4.78% | 4.28% | 0.60x | 1.87x | CA$-12.01 Million |
| 2000 | 6.99% | 3.45% | 0.88x | 2.29x | CA$-7.51 Million |
| 2001 | 7.15% | 3.80% | 0.69x | 2.72x | CA$-7.42 Million |
| 2002 | 8.53% | 5.93% | 0.54x | 2.64x | CA$-4.94 Million |
| 2003 | 10.55% | 5.41% | 0.77x | 2.53x | CA$1.99 Million |
| 2004 | 13.61% | 7.66% | 0.78x | 2.29x | CA$17.45 Million |
| 2005 | 18.87% | 6.01% | 1.41x | 2.23x | CA$42.43 Million |
| 2006 | 21.63% | 8.40% | 1.23x | 2.10x | CA$61.57 Million |
| 2007 | 18.61% | 7.65% | 1.19x | 2.05x | CA$50.33 Million |
| 2008 | 17.08% | 9.00% | 0.84x | 2.26x | CA$67.83 Million |
| 2009 | 13.47% | 11.14% | 0.48x | 2.51x | CA$36.42 Million |
| 2010 | 8.36% | 7.48% | 0.49x | 2.27x | CA$-19.84 Million |
| 2011 | 6.83% | 7.25% | 0.36x | 2.61x | CA$-42.94 Million |
| 2012 | 5.96% | 8.18% | 0.24x | 3.02x | CA$-79.21 Million |
| 2013 | 7.20% | 9.80% | 0.28x | 2.61x | CA$-78.07 Million |
| 2014 | 3.67% | 5.42% | 0.29x | 2.38x | CA$-224.01 Million |
| 2015 | 1.23% | 2.35% | 0.22x | 2.42x | CA$-365.70 Million |
| 2016 | 4.44% | 9.25% | 0.22x | 2.23x | CA$-254.56 Million |
| 2017 | 2.00% | 3.50% | 0.26x | 2.19x | CA$-365.74 Million |
| 2018 | -6.20% | -10.39% | 0.18x | 3.35x | CA$-1.14 Billion |
| 2019 | 11.55% | 15.14% | 0.28x | 2.74x | CA$112.01 Million |
| 2020 | 7.84% | 9.78% | 0.26x | 3.06x | CA$-152.10 Million |
| 2021 | 4.07% | 2.66% | 0.49x | 3.11x | CA$-411.90 Million |
| 2022 | 7.01% | 3.63% | 0.60x | 3.21x | CA$-222.60 Million |
| 2023 | 8.73% | 5.22% | 0.55x | 3.04x | CA$-98.30 Million |
| 2024 | 6.81% | 4.79% | 0.48x | 2.98x | CA$-279.20 Million |
| 2025 | 8.61% | 6.12% | 0.47x | 3.00x | CA$-123.50 Million |
Industry Comparison
This section compares AltaGas Ltd's net assets metrics with peer companies in the Oil & Gas Midstream industry.
Industry Context
- Industry: Oil & Gas Midstream
- Average net assets among peers: $3,352,788,266
- Average return on equity (ROE) among peers: 3.20%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| AltaGas Ltd (ALA) | CA$10.28 Billion | 5.43% | 1.70x | $11.86 Billion |
| Enbridge Inc (ENB) | $1.33 Billion | 9.77% | 2.88x | $109.52 Billion |
| Gibson Energy Inc. (GEI) | $1.31 Billion | 8.89% | 1.14x | $3.90 Billion |
| Keyera Corp. (KEY) | $2.73 Billion | 14.44% | 1.48x | $9.34 Billion |
| Pembina Pipeline Corp (PPL) | $13.85 Billion | 6.38% | 0.85x | $28.16 Billion |
| South Bow Corporation (SOBO) | $2.70 Billion | 16.29% | 3.13x | $7.74 Billion |
| Source Rock Royalties Ltd (SRR) | $23.42 Million | 5.65% | 0.02x | $34.62 Million |
| Topaz Energy Corp (TPZ) | $1.52 Billion | 8.47% | 0.48x | $3.55 Billion |
| TC Energy Corp (TRP) | $6.49 Billion | 10.57% | 2.07x | $65.21 Billion |
| Tidewater Midstream and Infrastructure Ltd (TWM) | $217.10 Million | -51.68% | 4.09x | $323.95 Million |
About AltaGas Ltd
AltaGas Ltd. operates as an energy infrastructure company in North America. It operates through the Utilities and Midstream segments. The Utilities segment owns and operates franchised, cost-of-service, and rate-regulated natural gas distribution and storage utilities for residential and commercial customers. This segment also offers storage facilities and contracts for interstate natural gas tra… Read more