Hammond Power Solutions: High Voltage Fundamentals, Low Voltage Multiple

  • Hammond Power Solutions is North America's top dry-type transformer maker, serving long-cycle markets like EV charging, data centers, and grid upgrades. HPS.A:CA trades at just 15.05x earnings and 9.87x EBITDA, well below peer averages despite consistent execution and improving margin profile. Backlog hit a record C$205.8 million in Q1, driven by custom orders and long-cycle infrastructure demand with strong visibility into FY2026.