Emera (EMA)
Market Price (3/14/2026): $53.5 | Market Cap: $16.1 BilSector: Utilities | Industry: Electric Utilities
Emera (EMA)
Market Price (3/14/2026): $53.5Market Cap: $16.1 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 9.4%, Dividend Yield is 2.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.4% | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% | |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 22% | Weak multi-year price returns3Y Excs Rtn is -8.1% | |
| 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 9.4%, Dividend Yield is 2.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.4% |
| 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 0.0%, Dist 3Y High is 0.0% |
| Weak multi-year price returns3Y Excs Rtn is -8.1% |
Qualitative Assessment
AI Analysis | Feedback
Emera (EMA) stock has gained about 10% 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.
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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 $1 billion in annual adjusted net income for the first time.
2. The company extended its average adjusted EPS growth target of 5-7% through 2030 and unveiled a significant capital investment program. This plan includes investing CAD 20.4 billion from 2026 to 2030, with a focus on grid reliability, modernization, and clean energy, which is expected to drive 7-8% rate base growth.
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Stock Movement Drivers
Fundamental Drivers
The 10.7% change in EMA stock from 11/30/2025 to 3/13/2026 was primarily driven by a 20.0% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 3132026 | Change |
|---|---|---|---|
| Stock Price ($) | 48.34 | 53.50 | 10.7% |
| 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 | 14.8 | 20.0% |
| Shares Outstanding (Mil) | 300 | 301 | -0.5% |
| Cumulative Contribution | 10.7% |
Market Drivers
11/30/2025 to 3/13/2026| Return | Correlation | |
|---|---|---|
| EMA | 10.7% | |
| Market (SPY) | -3.1% | -45.5% |
| Sector (XLU) | 3.6% | 39.7% |
Fundamental Drivers
The 14.6% change in EMA stock from 8/31/2025 to 3/13/2026 was primarily driven by a 7.5% change in the company's Net Income Margin (%).| (LTM values as of) | 8312025 | 3132026 | Change |
|---|---|---|---|
| Stock Price ($) | 46.70 | 53.50 | 14.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,229 | 8,776 | 6.6% |
| Net Income Margin (%) | 11.5% | 12.4% | 7.5% |
| P/E Multiple | 14.7 | 14.8 | 0.8% |
| Shares Outstanding (Mil) | 299 | 301 | -0.9% |
| Cumulative Contribution | 14.6% |
Market Drivers
8/31/2025 to 3/13/2026| Return | Correlation | |
|---|---|---|
| EMA | 14.6% | |
| Market (SPY) | 3.0% | -36.5% |
| Sector (XLU) | 12.1% | 30.7% |
Fundamental Drivers
The 40.0% change in EMA stock from 2/28/2025 to 3/13/2026 was primarily driven by a 57.6% change in the company's Net Income Margin (%).| (LTM values as of) | 2282025 | 3132026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.22 | 53.50 | 40.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,200 | 8,776 | 21.9% |
| Net Income Margin (%) | 7.9% | 12.4% | 57.6% |
| P/E Multiple | 19.8 | 14.8 | -25.3% |
| Shares Outstanding (Mil) | 294 | 301 | -2.5% |
| Cumulative Contribution | 40.0% |
Market Drivers
2/28/2025 to 3/13/2026| Return | Correlation | |
|---|---|---|
| EMA | 40.0% | |
| Market (SPY) | 12.4% | -13.4% |
| Sector (XLU) | 21.0% | 33.9% |
Fundamental Drivers
The 59.7% change in EMA stock from 2/28/2023 to 3/13/2026 was primarily driven by a 70.6% change in the company's P/E Multiple.| (LTM values as of) | 2282023 | 3132026 | Change |
|---|---|---|---|
| Stock Price ($) | 33.51 | 53.50 | 59.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,588 | 8,776 | 15.7% |
| Net Income Margin (%) | 13.7% | 12.4% | -9.4% |
| P/E Multiple | 8.7 | 14.8 | 70.6% |
| Shares Outstanding (Mil) | 269 | 301 | -10.7% |
| Cumulative Contribution | 59.7% |
Market Drivers
2/28/2023 to 3/13/2026| Return | Correlation | |
|---|---|---|
| EMA | 59.7% | |
| Market (SPY) | 73.4% | 8.4% |
| Sector (XLU) | 57.3% | 31.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| EMA Return | 23% | -19% | 3% | 6% | 38% | 8% | 63% |
| Peers Return | 16% | -1% | -11% | 20% | 16% | 12% | 58% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -1% | 80% |
Monthly Win Rates [3] | |||||||
| EMA Win Rate | 58% | 33% | 50% | 50% | 92% | 100% | |
| 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% | -2% | |
[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 3/13/2026 (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.
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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
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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.
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nullLatest 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 | 95.40 |
| Mkt Cap | 87.5 |
| 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 | 87.5 |
| P/S | 3.3 |
| P/EBIT | 11.8 |
| P/E | 20.4 |
| P/CFO | 10.3 |
| Total Yield | 7.3% |
| Dividend Yield | 2.7% |
| FCF Yield 3Y Avg | -1.8% |
| D/E | 0.7 |
| Net D/E | 0.7 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 7.1% |
| 3M Rtn | 15.4% |
| 6M Rtn | 14.0% |
| 12M Rtn | 26.8% |
| 3Y Rtn | 58.4% |
| 1M Excs Rtn | 9.5% |
| 3M Excs Rtn | 17.8% |
| 6M Excs Rtn | 11.3% |
| 12M Excs Rtn | 6.1% |
| 3Y Excs Rtn | -9.9% |
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 | $53.50 | |
| Market Cap ($ Bil) | 16.1 | |
| First Trading Date | 07/12/2007 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $48.59 | $46.41 |
| DMA Trend | up | up |
| Distance from DMA | 10.1% | 15.3% |
| 3M | 1YR | |
| Volatility | 15.5% | 16.1% |
| Downside Capture | -83.65 | -36.55 |
| Upside Capture | -20.48 | 2.92 |
| Correlation (SPY) | -46.8% | -12.5% |
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 | 28.0% | 15.4% | 1.44 | - |
| Sector ETF (XLU) | 24.4% | 15.4% | 1.21 | 32.9% |
| Equity (SPY) | 19.6% | 18.9% | 0.81 | -17.5% |
| Gold (GLD) | 71.9% | 26.3% | 2.05 | 19.6% |
| Commodities (DBC) | 19.3% | 17.3% | 0.89 | -3.4% |
| Real Estate (VNQ) | 6.2% | 16.3% | 0.19 | 8.4% |
| Bitcoin (BTCUSD) | -15.0% | 44.2% | -0.24 | -7.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EMA | |
|---|---|---|---|---|
| EMA | 10.5% | 24.4% | 0.41 | - |
| Sector ETF (XLU) | 12.4% | 17.1% | 0.57 | 39.2% |
| Equity (SPY) | 13.1% | 17.0% | 0.61 | 18.5% |
| Gold (GLD) | 24.1% | 17.3% | 1.14 | 16.9% |
| Commodities (DBC) | 11.2% | 19.0% | 0.47 | 10.6% |
| Real Estate (VNQ) | 4.8% | 18.8% | 0.16 | 33.0% |
| Bitcoin (BTCUSD) | 6.4% | 56.7% | 0.33 | 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 | 8.4% | 23.9% | 0.37 | - |
| Sector ETF (XLU) | 10.5% | 19.1% | 0.48 | 44.3% |
| Equity (SPY) | 14.5% | 17.9% | 0.70 | 30.7% |
| Gold (GLD) | 14.4% | 15.6% | 0.77 | 15.1% |
| Commodities (DBC) | 8.6% | 17.6% | 0.40 | 16.7% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 42.5% |
| Bitcoin (BTCUSD) | 67.5% | 66.8% | 1.07 | 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
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| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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