Emera (EMA)
Market Price (3/30/2026): $51.36 | Market Cap: $15.5 BilSector: Utilities | Industry: Electric Utilities
Emera (EMA)
Market Price (3/30/2026): $51.36Market Cap: $15.5 BilSector: UtilitiesIndustry: Electric Utilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.8%, Dividend Yield is 2.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.0% | Trading close to highsDist 52W High is -4.3%, Dist 3Y High is -4.3% | Key risksEMA key risks include [1] a highly leveraged balance sheet with a substantial refinancing challenge for debt maturing in 2026, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 22% | Weak multi-year price returns3Y Excs Rtn is -7.1% | |
| Low stock price volatilityVol 12M is 16% | ||
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, Smart Grids & Grid Modernization, and Electrification of Everything. Themes include Battery Storage & Grid Modernization, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.8%, Dividend Yield is 2.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.0% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 22% |
| Low stock price volatilityVol 12M is 16% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, Smart Grids & Grid Modernization, and Electrification of Everything. Themes include Battery Storage & Grid Modernization, Show more. |
| Trading close to highsDist 52W High is -4.3%, Dist 3Y High is -4.3% |
| Weak multi-year price returns3Y Excs Rtn is -7.1% |
| Key risksEMA key risks include [1] a highly leveraged balance sheet with a substantial refinancing challenge for debt maturing in 2026, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Emera (EMA) stock has gained about 5% since 11/30/2025 because of the following key factors:
1. Emera reported strong financial results for 2025, including a record adjusted earnings per share (EPS) of $3.49, marking a 19% increase year-over-year. This performance allowed the company to exceed $1 billion in annual adjusted net income for the first time.
2. The company extended its average adjusted EPS growth target of 5-7% through 2030 and unveiled a significant capital investment program. This plan includes investing CAD 20.4 billion from 2026 to 2030, with a focus on grid reliability, modernization, and clean energy, which is expected to drive 7-8% rate base growth.
Show more
1. Emera reported strong financial results for 2025, including a record adjusted earnings per share (EPS) of $3.49, marking a 19% increase year-over-year. This performance allowed the company to exceed $1 billion in annual adjusted net income for the first time.
2. The company extended its average adjusted EPS growth target of 5-7% through 2030 and unveiled a significant capital investment program. This plan includes investing CAD 20.4 billion from 2026 to 2030, with a focus on grid reliability, modernization, and clean energy, which is expected to drive 7-8% rate base growth.
Show more
Stock Movement Drivers
Fundamental Drivers
The 6.3% change in EMA stock from 11/30/2025 to 3/29/2026 was primarily driven by a 15.2% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 48.34 | 51.38 | 6.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,533 | 8,776 | 2.8% |
| Net Income Margin (%) | 13.8% | 12.4% | -9.9% |
| P/E Multiple | 12.3 | 14.2 | 15.2% |
| Shares Outstanding (Mil) | 300 | 301 | -0.5% |
| Cumulative Contribution | 6.3% |
Market Drivers
11/30/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| EMA | 6.3% | |
| Market (SPY) | -5.3% | -31.6% |
| Sector (XLU) | 1.4% | 44.8% |
Fundamental Drivers
The 10.0% change in EMA stock from 8/31/2025 to 3/29/2026 was primarily driven by a 7.5% change in the company's Net Income Margin (%).| (LTM values as of) | 8312025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 46.70 | 51.38 | 10.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,229 | 8,776 | 6.6% |
| Net Income Margin (%) | 11.5% | 12.4% | 7.5% |
| P/E Multiple | 14.7 | 14.2 | -3.2% |
| Shares Outstanding (Mil) | 299 | 301 | -0.9% |
| Cumulative Contribution | 10.0% |
Market Drivers
8/31/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| EMA | 10.0% | |
| Market (SPY) | 0.6% | -29.1% |
| Sector (XLU) | 9.7% | 35.3% |
Fundamental Drivers
The 34.4% change in EMA stock from 2/28/2025 to 3/29/2026 was primarily driven by a 57.6% change in the company's Net Income Margin (%).| (LTM values as of) | 2282025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.22 | 51.38 | 34.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,200 | 8,776 | 21.9% |
| Net Income Margin (%) | 7.9% | 12.4% | 57.6% |
| P/E Multiple | 19.8 | 14.2 | -28.2% |
| Shares Outstanding (Mil) | 294 | 301 | -2.5% |
| Cumulative Contribution | 34.4% |
Market Drivers
2/28/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| EMA | 34.4% | |
| Market (SPY) | 9.8% | -11.9% |
| Sector (XLU) | 18.4% | 35.6% |
Fundamental Drivers
The 53.3% change in EMA stock from 2/28/2023 to 3/29/2026 was primarily driven by a 63.8% change in the company's P/E Multiple.| (LTM values as of) | 2282023 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 33.51 | 51.38 | 53.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,588 | 8,776 | 15.7% |
| Net Income Margin (%) | 13.7% | 12.4% | -9.4% |
| P/E Multiple | 8.7 | 14.2 | 63.8% |
| Shares Outstanding (Mil) | 269 | 301 | -10.7% |
| Cumulative Contribution | 53.3% |
Market Drivers
2/28/2023 to 3/29/2026| Return | Correlation | |
|---|---|---|
| EMA | 53.3% | |
| Market (SPY) | 69.4% | 8.5% |
| Sector (XLU) | 53.8% | 31.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| EMA Return | 23% | -19% | 3% | 6% | 38% | 6% | 60% |
| Peers Return | 16% | -1% | -11% | 20% | 16% | 11% | 56% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -5% | 72% |
Monthly Win Rates [3] | |||||||
| EMA Win Rate | 58% | 33% | 50% | 50% | 92% | 67% | |
| Peers Win Rate | 58% | 60% | 53% | 58% | 63% | 67% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| EMA Max Drawdown | -6% | -25% | -12% | -11% | -4% | -3% | |
| Peers Max Drawdown | -8% | -16% | -24% | -6% | -4% | -2% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -5% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NEE, DUK, SO, AEP, D.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/27/2026 (YTD)
How Low Can It Go
| Event | EMA | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -37.3% | -25.4% |
| % Gain to Breakeven | 59.5% | 34.1% |
| Time to Breakeven | 861 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -35.9% | -33.9% |
| % Gain to Breakeven | 56.1% | 51.3% |
| Time to Breakeven | 394 days | 148 days |
| 2018 Correction | ||
| % Loss | -25.4% | -19.8% |
| % Gain to Breakeven | 34.1% | 24.7% |
| Time to Breakeven | 236 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -31.7% | -56.8% |
| % Gain to Breakeven | 46.4% | 131.3% |
| Time to Breakeven | 225 days | 1,480 days |
Compare to NEE, DUK, SO, AEP, D
In The Past
Emera's stock fell -37.3% during the 2022 Inflation Shock from a high on 4/6/2022. A -37.3% loss requires a 59.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Emera (EMA)
Emera Incorporated, an energy and services company, through its subsidiaries, engages in the generation, transmission, and distribution of electricity to various customers. The company operates through Florida Electric Utility, Canadian Electric Utilities, Other Electric Utilities, Gas Utilities and Infrastructure, and Other segments. It generates electricity through coal-fired, natural gas and/or oil, hydro, wind, solar, petcoke, and biomass-fueled power plants. The company is also involved in the purchase, transmission, distribution, and sale of natural gas; and the provision of energy marketing, trading, and other energy asset management services. In addition, it transports re-gasified liquefied natural gas from Saint John, New Brunswick to consumers in the northeastern United States through its 145-kilometer pipeline. As of December 31, 2020, the company's electric utilities served approximately 792,500 customers in West Central Florida; 529,000 customers in Nova Scotia; 131,000 customers in the island of Barbados; 19,000 customers in the Grand Bahama Island; and 34,000 customers in the island of Dominica, as well as gas utilities and infrastructure served approximately 426,000 customers across Florida and 540,000 customers in New Mexico. It also provides insurance and reinsurance services to Emera and its affiliates, as well as offers financing services. The company was incorporated in 1998 and is headquartered in Halifax, Canada.
AI Analysis | Feedback
Emera is like a Duke Energy for North America and the Caribbean, delivering electricity and natural gas services across multiple regions.
Emera is a multi-national utility provider, similar to a Southern Company or Dominion Energy, powering diverse communities with electricity and natural gas.
AI Analysis | Feedback
Emera (EMA) offers the following major products and services:
- Electricity Generation, Transmission, and Distribution: The company generates power from various sources and delivers electricity to customers across multiple regions.
- Natural Gas Transmission, Distribution, and Sale: Emera is involved in the purchase, transmission, distribution, and direct sale of natural gas to its customers.
- Natural Gas Pipeline Transportation: It operates a pipeline for the transportation of re-gasified liquefied natural gas to consumers.
- Energy Marketing, Trading, and Asset Management: Emera provides services related to energy market activities and the management of energy assets.
AI Analysis | Feedback
Emera (EMA) primarily sells electricity and natural gas services directly to a large number of end-users. Therefore, it serves primarily individuals and businesses rather than major corporate customers. The company's customer base can be categorized as:
- Residential Customers: Individual households that use electricity and natural gas for domestic purposes.
- Commercial Customers: Businesses, offices, retail establishments, and other non-industrial enterprises.
- Industrial Customers: Large manufacturing plants, factories, and other industrial operations that require significant amounts of electricity and natural gas.
AI Analysis | Feedback
nullAI Analysis | Feedback
Here is the management team for Emera (symbol: EMA):Scott Balfour, President & Chief Executive Officer
Scott Balfour became President & CEO of Emera in 2018, having previously served as Chief Financial Officer (2012-2016) and Chief Operating Officer (2016-2018). He played a lead role in Emera's $10.4 billion USD acquisition of TECO Energy in 2016. Before joining Emera, Mr. Balfour spent nearly two decades in Canada's finance and construction sectors, serving as President and Chief Financial Officer of Aecon Group Inc., a publicly traded construction and infrastructure development company, where he led its growth from $60 million to $2.8 billion. He was also President of Ensimian Capital Corporation.
Jared Green, Chief Financial Officer
Jared Green was appointed Chief Financial Officer of Emera, effective December 15, 2025. He is responsible for Finance, Investor Relations, Treasury, and Commercial Investments. Prior to Emera, Mr. Green served as President and CEO of TriSummit Utilities (formerly AltaGas Canada), a regulated natural gas utility and renewable power business, from 2018 to 2025. He also held various senior leadership roles at AltaGas Ltd., including President of Canadian Utilities, President of ENSTAR Natural Gas Company, and Vice President and Corporate Controller. Additionally, Mr. Green was a co-owner of SpeedTheory, a specialty retail store, from 2007 to 2019.
Karen Hutt, Executive Vice President, Corporate Development
Karen Hutt leads Emera's corporate development, focusing on new growth opportunities, strategic partnerships, and mergers and acquisitions. She joined Emera in 2001 and has held progressively senior roles, including Chief Strategy & Growth Officer and President & CEO of Nova Scotia Power Inc. As Emera's Vice President, Mergers and Acquisitions, she was part of the team that executed the transformational TECO Energy transaction. Her previous roles also include Executive Vice President, Commercial, and President, Northeast Wind at Emera Energy.
Mike Barrett, Executive Vice President & General Counsel
Mike Barrett joined Emera as General Counsel in 2017 and was appointed Executive Vice President, Legal & General Counsel in July 2022. In this role, he oversees Legal, Corporate Compliance, Audit Services, Regulatory Affairs, and the Office of the Corporate Secretary. Before joining Emera, Mr. Barrett had a successful career in private legal practice, including serving as a Senior Partner and head of the power and climate change practice groups at Bennett Jones LLP in Toronto.
Mike Roberts, Chief Human Resources Officer
Mike Roberts was appointed Chief Human Resources Officer at Emera in 2014. He is responsible for the company's human capital strategy, including talent management, leadership development, inclusion and diversity, and total rewards, and also oversees the Office of the Chief Digital Officer. Prior to Emera, he served as Vice President, Corporate Development for Irving Shipbuilding. Earlier in his career, Mr. Roberts held senior positions with Bell Aliant, including Vice President, Human Resources and Vice President, Regulatory and Government Affairs, and also served as President of Optimum Talent Atlantic.
AI Analysis | Feedback
The key risks to Emera's business are primarily its financial leverage, regulatory landscape, and environmental exposures.
1. Financial Leverage and Refinancing Risk
Emera faces an aggressive financial risk profile characterized by a persistently weak consolidated financial performance and an above-average debt load. The company's FFO (Funds from Operations) to debt has been noted to be below the downgrade threshold in recent years, indicating potential difficulties in servicing its debt obligations. Concerns exist regarding the company's ability to successfully execute its deleveraging plan, which includes asset sales, and the challenge of refinancing significant debt maturities, particularly in 2026, in an environment of elevated interest rates. This could lead to increased financing costs and impact the company's capital investment plans.
2. Regulatory and Political Risk
As a utility operating in highly regulated environments across the U.S., Canada, and the Caribbean, Emera is significantly exposed to regulatory and political decisions. This includes risks related to regulatory lag in recovering rising fuel costs, the need for timely rate case approvals to recover prudently incurred operating and capital costs, and potential political interference in regulatory processes, as seen in Nova Scotia. Changes in environmental legislation or other regulatory frameworks could also impact operations and financial performance. The success of capital expenditure plans and asset sales is often contingent on favorable regulatory approvals.
3. Environmental and Climate-Related Risks
Emera's diverse generation portfolio, which includes coal-fired and natural gas power plants, exposes it to energy transition risks and the potential for more stringent environmental regulations in both the U.S. and Canada. The company is also vulnerable to physical risks associated with climate change, such as severe storms, hurricanes, and wildfires, particularly in its operating regions like Florida and the Caribbean. These events can lead to significant storm-related costs, infrastructure damage, operational disruptions, and increased capital spending for grid modernization and resilience.AI Analysis | Feedback
Emera's core business relies on a traditional centralized model of electricity generation, transmission, and distribution. An emerging threat is the rapid advancement and declining cost of decentralized renewable energy technologies (such as rooftop solar and community solar) combined with battery storage systems. This enables customers to become "prosumers" – generating and storing their own electricity and reducing their reliance on the traditional utility grid, or potentially even achieving grid defection. This shift directly threatens the demand for Emera's services and the long-term viability of its centralized asset-heavy business model.
AI Analysis | Feedback
Emera Incorporated (symbol: EMA) operates across several energy markets. The addressable markets for its main products and services, by region, are detailed below.- Electricity Generation, Transmission, and Distribution
- Florida (West Central Florida): The total retail electricity sales for Florida in 2024 were 255,095,458 megawatt-hours (MWh). Florida ranks as the second-largest producer of electricity in the United States.
- Nova Scotia, Canada: The total electricity supply in Nova Scotia was 10,792,131 MWh in 2022. Nova Scotia Power, an Emera subsidiary, generates most of the province's electricity.
- Barbados: Electricity consumption in Barbados was 1,010,000 MWh as of 2016.
- Grand Bahama Island, The Bahamas: The Grand Bahama Power Company (GBPC), which is Emera's subsidiary, is the sole electricity provider on Grand Bahama Island. The Bahamas' total annual electricity consumption is approximately two billion kilowatt-hours (2,000,000 MWh). Given that GBPC manages around 20,000 accounts out of approximately 135,000 active electricity accounts in The Bahamas, the estimated addressable market for Grand Bahama Island is approximately 296,000 MWh per year.
- Dominica: Electricity consumption in Dominica was 111,400 MWh as of 2016.
- Natural Gas Purchase, Transmission, Distribution, and Sale
- Florida: Customers in Florida consume approximately 1,679 billion cubic feet (Bcf) of natural gas each year (based on 4.6 Bcf/d consumption by 2024-2025). Florida is the nation's fourth-largest consumer of natural gas.
- New Mexico: The market size of the natural gas distribution industry in New Mexico is projected to be $519.4 million in 2026.
- Re-gasified Liquefied Natural Gas (LNG) Transport
- Northeastern United States: The annual natural gas consumption for the Northeastern U.S. states of New England, New Jersey, New York, and Pennsylvania was approximately 4,325 Bcf in 2021. This region is characterized by high demand and limited pipeline capacity.
AI Analysis | Feedback
Emera (symbol: EMA) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:
- Significant Capital Investment Program: Emera plans to invest a record CAD 4 billion in 2026 as part of its CAD 20 billion, five-year capital plan through 2030. This substantial investment is projected to result in a 7-8% annual growth in the rate base, which is a primary driver for regulated utility revenue. Approximately 80% of this capital is directed towards its operations in Florida.
- Growth in Florida Electric and Gas Utilities: Emera's Florida-based operations, including Tampa Electric and Peoples Gas, are a significant revenue driver, contributing approximately 70-72% of adjusted net income. This growth is supported by strong economic conditions and population migration in Florida, leading to increased demand for energy and customer growth.
- Grid Modernization, Resiliency, and Clean Energy Investments: A substantial portion of the capital plan is allocated to enhancing grid reliability and modernization, including transmission, distribution, and gas infrastructure expansion, storm hardening, vegetation management, and the integration of clean energy sources such as solar generation and battery storage. These investments support rate base expansion and enable the company to meet evolving customer needs.
- Favorable Regulatory Outcomes: Emera has secured favorable regulatory outcomes in Florida, including rate base adjustments for Tampa Electric and positive results for Peoples Gas, which provide regulatory clarity and support the recovery of investments through rates. Additionally, a consensus agreement in Nova Scotia aims to limit average rate increases while supporting investment, allowing Nova Scotia Power the opportunity to earn its allowed return on equity.
- Consistent Performance from Emera Energy Services: Emera Energy Services experienced favorable market conditions in 2025, contributing positively to earnings. The company anticipates that the performance of this segment in 2026 will be consistent with the strong results seen in 2025.
AI Analysis | Feedback
Here is a summary of Emera's capital allocation decisions over the last 3-5 years:
Share Repurchases
There is no information available regarding significant share repurchases made or authorized by Emera Inc. during the last 3-5 years.
Share Issuance
- Emera renewed an at-the-market equity program, authorizing the issuance of up to C$600,000,000 of common shares from treasury. This program is effective until January 5, 2029.
- The company's CFO has indicated a willingness to issue equity to fund accretive capital projects.
Inbound Investments
There is no information available regarding large inbound investments made in Emera Inc. by third-parties during the last 3-5 years.
Outbound Investments
- Emera completed the sale of its equity interest in the Labrador Island Link (LIL) in the second quarter of 2024.
- The company has a pending sale of New Mexico Gas, which is anticipated to close in the first half of 2026.
Capital Expenditures
- Emera executed its largest ever annual capital plan of $3.6 billion in 2025, contributing to an 8% year-over-year rate base growth.
- The company has unveiled a $20 billion five-year capital plan for 2026-2030, with approximately 80% of these investments directed towards its Florida operations.
- For 2026, Emera plans a record capital investment of $4 billion. These expenditures are primarily focused on enhancing system reliability, modernizing the grid, integrating renewable energy sources (such as 150 megawatts of solar generation installed at Tampa Electric in 2025), and expanding gas infrastructure.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| How Low Can Emera Stock Really Go? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to EMA.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 12122025 | CTRI | Centuri | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 16.6% | 16.6% | -5.5% |
| 11212025 | PEG | Public Service Enterprise | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 6.8% | 6.8% | -4.0% |
| 09262025 | PCG | PG&E | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 27.5% | 27.5% | -0.8% |
| 09052025 | AES | AES | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 36.9% | 36.9% | -3.2% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 93.47 |
| Mkt Cap | 85.3 |
| Rev LTM | 24,644 |
| Op Inc LTM | 6,335 |
| FCF LTM | -1,694 |
| FCF 3Y Avg | -1,457 |
| CFO LTM | 9,802 |
| CFO 3Y Avg | 9,048 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.8% |
| Rev Chg 3Y Avg | 3.9% |
| Rev Chg Q | 13.5% |
| QoQ Delta Rev Chg LTM | 2.9% |
| Op Mgn LTM | 25.6% |
| Op Mgn 3Y Avg | 25.2% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 33.2% |
| CFO/Rev 3Y Avg | 37.6% |
| FCF/Rev LTM | -7.5% |
| FCF/Rev 3Y Avg | -4.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 85.3 |
| P/S | 3.2 |
| P/EBIT | 11.5 |
| P/E | 19.9 |
| P/CFO | 10.0 |
| Total Yield | 7.5% |
| Dividend Yield | 2.8% |
| FCF Yield 3Y Avg | -1.8% |
| D/E | 0.7 |
| Net D/E | 0.7 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -2.2% |
| 3M Rtn | 11.2% |
| 6M Rtn | 9.4% |
| 12M Rtn | 20.8% |
| 3Y Rtn | 49.8% |
| 1M Excs Rtn | 7.1% |
| 3M Excs Rtn | 19.2% |
| 6M Excs Rtn | 13.7% |
| 12M Excs Rtn | 12.3% |
| 3Y Excs Rtn | -5.9% |
Segment Financials
Assets by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Florida Electric Utility | 24,375 | 21,119 | 21,053 | 17,903 | 16,889 |
| Gas Utilities and Infrastructure | 8,439 | 7,735 | 7,737 | 6,666 | 6,067 |
| Canadian Electric Utilities | 7,609 | 8,634 | 8,223 | 7,418 | 6,752 |
| Other | 1,810 | 1,938 | 2,835 | 2,034 | 1,234 |
| Other Electric Utilities | 1,444 | 1,311 | 1,337 | 1,402 | 1,365 |
| Inter-segment Eliminations | -726 | -1,443 | |||
| Eliminations | -1,257 | -1,179 | -1,073 | ||
| Total | 42,951 | 39,480 | 39,742 | 34,244 | 31,234 |
Price Behavior
Price Behavior
| Market Price | $51.38 | |
| Market Cap ($ Bil) | 15.5 | |
| First Trading Date | 07/12/2007 | |
| Distance from 52W High | -4.3% | |
| 50 Days | 200 Days | |
| DMA Price | $49.61 | $46.80 |
| DMA Trend | up | up |
| Distance from DMA | 3.6% | 9.8% |
| 3M | 1YR | |
| Volatility | 16.7% | 16.4% |
| Downside Capture | -0.28 | -0.20 |
| Upside Capture | -27.26 | 3.20 |
| Correlation (SPY) | -32.6% | -11.1% |
EMA Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.80 | -0.81 | -0.70 | -0.43 | -0.10 | 0.15 |
| Up Beta | -1.30 | -1.22 | -0.90 | -0.25 | -0.06 | 0.05 |
| Down Beta | -1.06 | -0.94 | -0.90 | -0.84 | -0.21 | -0.07 |
| Up Capture | -37% | -31% | -27% | -8% | 7% | 13% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 11 | 21 | 33 | 66 | 133 | 387 |
| Down Capture | -84% | -103% | -91% | -58% | -38% | 52% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 10 | 20 | 28 | 58 | 113 | 338 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EMA | |
|---|---|---|---|---|
| EMA | 22.6% | 15.6% | 1.13 | - |
| Sector ETF (XLU) | 20.4% | 15.8% | 0.98 | 35.8% |
| Equity (SPY) | 14.5% | 18.9% | 0.59 | -15.7% |
| Gold (GLD) | 50.2% | 27.7% | 1.46 | 22.1% |
| Commodities (DBC) | 17.8% | 17.6% | 0.85 | -3.2% |
| Real Estate (VNQ) | 0.4% | 16.4% | -0.15 | 11.4% |
| Bitcoin (BTCUSD) | -23.7% | 44.2% | -0.49 | -5.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EMA | |
|---|---|---|---|---|
| EMA | 8.2% | 24.4% | 0.32 | - |
| Sector ETF (XLU) | 11.3% | 17.2% | 0.51 | 39.4% |
| Equity (SPY) | 11.8% | 17.0% | 0.54 | 18.4% |
| Gold (GLD) | 20.7% | 17.7% | 0.96 | 17.2% |
| Commodities (DBC) | 11.6% | 18.9% | 0.50 | 10.5% |
| Real Estate (VNQ) | 3.0% | 18.8% | 0.07 | 33.0% |
| Bitcoin (BTCUSD) | 4.0% | 56.6% | 0.29 | 6.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EMA | |
|---|---|---|---|---|
| EMA | 7.7% | 23.9% | 0.34 | - |
| Sector ETF (XLU) | 9.9% | 19.2% | 0.44 | 44.4% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 30.7% |
| Gold (GLD) | 13.3% | 15.8% | 0.70 | 15.4% |
| Commodities (DBC) | 8.2% | 17.6% | 0.39 | 16.6% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 42.4% |
| Bitcoin (BTCUSD) | 66.4% | 66.8% | 1.06 | 8.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/23/2026 | 40-F |
| 09/30/2025 | 11/10/2025 | 6-K |
| 06/30/2025 | 08/08/2025 | 6-K |
| 03/31/2025 | 05/09/2025 | 6-K |
| 12/31/2024 | 02/21/2025 | 40-F |
| 09/30/2024 | 11/12/2024 | 6-K |
| 06/30/2024 | 08/12/2024 | 6-K |
| 03/31/2024 | 05/15/2024 | 6-K |
| 12/31/2023 | 02/26/2024 | 40-F |
| 09/30/2023 | 11/14/2023 | 6-K |
| 06/30/2023 | 08/15/2023 | 6-K |
| 03/31/2023 | 05/17/2023 | 6-K |
| 12/31/2022 | 02/24/2023 | 40-F |
| 09/30/2022 | 11/16/2022 | 6-K |
| 06/30/2022 | 08/11/2022 | 6-K |
| 03/31/2022 | 05/17/2022 | 6-K |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.