FTS Utilities

Fortis Inc.

$59.72+0.73%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Utilities
Industry: Utilities - Regulated Electric
Country: Canada
Market cap: 30.5B USD
Enterprise value: 52.3B USD
Full-time employees: 9,900

Overall health

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.51 vs a peer median of 1.03)higher risk: less liquidity (current ratio 0.51 vs peers 1.03)
About average: profitability and growth

Ranks #211 of 348 utilities companies (bottom 40%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.
Fortis reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.
Paying shareholders without free cash flow. Paid out CAD 2.2B over the 3 fiscal years to 2025 with -CAD 3.5B of free cash flow.
Fortis returned CAD 2.2B in buybacks and dividends over three fiscal years while its free cash flow totalled -CAD 3.5B. The money came from its cash pile or from borrowing.
Investment surge. Capital spending 49% of revenue, up from 32% in 2022.
Fortis is spending 49% of revenue on facilities and equipment, up from 32% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.
Financials may be out of date. Latest financial period ended 10 months ago.
The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.

StockQuotient Score

45/ 100

Oct 5 46 → Nov 4 45 (-1)

Valuation

Is the price right?

37/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield4.6%

SEC filings · 12 months to Dec 2025 · CAD→USD at the current rateReported value30% base weight · Z-score -0.08Sector median: 0.0485 · MAD: 0.0319

EBITDA yield7.2%

SEC filings · 12 months to Dec 2025 · CAD→USD at the current rateReported value50% base weight · Z-score -0.54Sector median: 0.0859 · MAD: 0.0250

Free cash flow yield-4.4%

SEC filings · 12 months to Dec 2025 · CAD→USD at the current rate · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield55.7%

SEC filings · latest balance sheet · CAD→USD at the current rateReported valueInformational · 0% composite weightSector median: 0.6310 · MAD: 0.2684

Growth

Is it growing?

57/100

Moderate▲ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 2.5%

Why it changed since the Oct 27, 2026 close: Score 56 → 57

Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Helped by:

▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth5.6%

SEC filings · 12 months to Dec 2025Reported value33% base weight · Z-score 0.22Sector median: 0.0172 · MAD: 0.1791

3-year revenue growth3.3%

SEC filings · 3 years to Dec 2025Reported value33% base weight · Z-score 0.25Sector median: 0.0196 · MAD: 0.0523

Revenue growth5.8%

SEC filings · 12 months to Dec 2025Reported value33% base weight · Z-score 0.47Sector median: 0.0254 · MAD: 0.0681

Profitability

Does it earn well?

59/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Helped by:

▲ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin28.7%

SEC filings · 12 months to Dec 2025Reported value33% base weight · Z-score 1.16Sector median: 0.1864 · MAD: 0.0865

Return on assets2.6%

SEC filings · 12 months to Dec 2025Reported value33% base weight · Z-score -0.03Sector median: 0.0266 · MAD: 0.0124

Return on invested capital4.8%

SEC filings · 12 months to Dec 2025Reported value33% base weight · Z-score -0.19Sector median: 0.0524 · MAD: 0.0237

Other data (not scored)

Gross margin72.3%

SEC filings · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.3581 · MAD: 0.1545

Return on equity8.2%

SEC filings · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.0807 · MAD: 0.0381

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Safety percentile 28 → 29

Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Current ratio
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.41

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score 0.26Sector median: 0.4590 · MAD: 0.1730

Current ratio0.51×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.45Sector median: 1.0330 · MAD: 0.3620

Debt / equity1.44×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.47Sector median: 1.1925 · MAD: 0.5265

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Fortis

Is Fortis getting weaker?: Its latest SEC filing (Feb 12, 2026) showed no major changes. Its overall score is unchanged at 45/100 since Oct 28, 2026.
How is Fortis valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 37/100 against 360 utilities peers. EBITDA yield 7.2% vs a peer median of 8.6% (weaker than 68% of peers).EBITDA yield 7.2% vs peers 8.6% (weaker than 68% of peers).
Is Fortis growing?: At about the same pace as its peers. Growth scores 57/100 against 360 utilities peers. Revenue growth 5.8% vs a peer median of 2.5% (stronger than 61% of peers).Revenue growth 5.8% vs peers 2.5% (stronger than 61% of peers).
How profitable is Fortis?: About as profitable as its peers. Profitability scores 59/100 against 360 utilities peers. Operating margin 28.7% vs a peer median of 18.6% (stronger than 80% of peers).Operating margin 28.7% vs peers 18.6% (stronger than 80% of peers).
How risky is Fortis?: Higher risk relative to 360 utilities peers, judged on debt, liquidity and share-price swings. Current ratio 0.51× vs a peer median of 1.03× (weaker than 91% of peers).Current ratio 0.51× vs peers 1.03× (weaker than 91% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Dec 31, 2025 · filed Feb 12, 2026 · compared with the quarter ended Jun 30, 2025

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	11.9B CAD	12.2B CAD	+2.5%
Net income (12 months)	1.9B CAD	2.0B CAD	+1.6%
Operating margin	28.9%	28.7%	−0.2 pts
Free cash flow (12 months)	−1.5B CAD	−1.9B CAD	+23.5%
Debt	33.5B CAD	34.3B CAD	+2.4%
Cash	221.0M CAD	367.0M CAD	+66.1%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year · amounts in CAD, as reported

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	68.8%	64.2%	67.3%	71.8%	72.3%	▲ 0.5 pts
Operating margin	26.1%	24.8%	26.8%	28.6%	28.7%	▲ 0.1 pts
Net margin	14.9%	13.7%	14.8%	15.9%	16.1%	▲ 0.2 pts
Return on assets (ROA)	2.4%	2.4%	2.6%	2.5%	2.6%	▲ 0.1 pts
Return on equity (ROE)	7.3%	7.2%	8.0%	7.7%	8.2%	▲ 0.6 pts
Free cash flow margin	-3.0%	-4.6%	-3.8%	-9.8%	-15.4%	▼ 5.6 pts
Current ratio	0.57×	0.65×	0.67×	0.63×	0.51×	▼ 19%
Debt to equity	1.33×	1.36×	1.38×	1.40×	1.44×	▲ 2.9%
Interest coverage	2.46×	2.49×	2.36×	2.34×	2.36×	▲ 0.9%

FTS price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.51 vs a peer median of 1.03)higher risk: less liquidity (current ratio 0.51 vs peers 1.03)

About average: profitability and growth

Ranks #211 of 348 utilities companies (bottom 40%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.

Fortis reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.

Paying shareholders without free cash flow. Paid out CAD 2.2B over the 3 fiscal years to 2025 with -CAD 3.5B of free cash flow.

Fortis returned CAD 2.2B in buybacks and dividends over three fiscal years while its free cash flow totalled -CAD 3.5B. The money came from its cash pile or from borrowing.

Investment surge. Capital spending 49% of revenue, up from 32% in 2022.

Fortis is spending 49% of revenue on facilities and equipment, up from 32% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.

Financials may be out of date. Latest financial period ended 10 months ago.

The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.

Questions investors ask about Fortis

Is Fortis getting weaker?

Its latest SEC filing (Feb 12, 2026) showed no major changes. Its overall score is unchanged at 45/100 since Oct 28, 2026.

How is Fortis valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 37/100 against 360 utilities peers. EBITDA yield 7.2% vs a peer median of 8.6% (weaker than 68% of peers).EBITDA yield 7.2% vs peers 8.6% (weaker than 68% of peers).

Is Fortis growing?

At about the same pace as its peers. Growth scores 57/100 against 360 utilities peers. Revenue growth 5.8% vs a peer median of 2.5% (stronger than 61% of peers).Revenue growth 5.8% vs peers 2.5% (stronger than 61% of peers).

How profitable is Fortis?

About as profitable as its peers. Profitability scores 59/100 against 360 utilities peers. Operating margin 28.7% vs a peer median of 18.6% (stronger than 80% of peers).Operating margin 28.7% vs peers 18.6% (stronger than 80% of peers).

How risky is Fortis?

Higher risk relative to 360 utilities peers, judged on debt, liquidity and share-price swings. Current ratio 0.51× vs a peer median of 1.03× (weaker than 91% of peers).Current ratio 0.51× vs peers 1.03× (weaker than 91% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

11.9B CAD

12.2B CAD

+2.5%

Net income (12 months)

1.9B CAD

2.0B CAD

+1.6%

Operating margin

28.9%

28.7%

−0.2 pts

Free cash flow (12 months)

−1.5B CAD

−1.9B CAD

+23.5%

Debt

33.5B CAD

34.3B CAD

+2.4%

Cash

221.0M CAD

367.0M CAD

+66.1%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

68.8%

64.2%

67.3%

71.8%

72.3%

▲ 0.5 pts

Operating margin

26.1%

24.8%

26.8%

28.6%

28.7%

▲ 0.1 pts

Net margin

14.9%

13.7%

14.8%

15.9%

16.1%

▲ 0.2 pts

Return on assets (ROA)

2.4%

2.6%

2.5%

2.6%

▲ 0.1 pts

Return on equity (ROE)

7.3%

7.2%

8.0%

7.7%

8.2%

▲ 0.6 pts

Free cash flow margin

-3.0%

-4.6%

-3.8%

-9.8%

-15.4%

▼ 5.6 pts

Current ratio

0.57×

0.65×

0.67×

0.63×

0.51×

▼ 19%

Debt to equity

1.33×

1.36×

1.38×

1.40×

1.44×

▲ 2.9%

Interest coverage

2.46×

2.49×

2.36×

2.34×

2.36×

▲ 0.9%