Fortis

FTS Utilities Utilities Regulated Electric

Fortis' revenue for fiscal 2025 (year ended December 2025) was $8.7 billion, up 3.71% from fiscal 2024.

Revenue
+4.39%
EPS
+28.7%
Free cash flow
−10.2%
Total debt
+14.0%

Quarter to September 2026, against a year earlier

61.19 0.26 +0.43%
Market cap
$31.3B
P/E
23.2×
Fwd P/E
22.6×
Dividend yield
3.02%
F-score
6/9
Altman Z
0.80
Beneish M
−2.73
Dividend safety
24/100

Insider Decisions last twelve months

Bought, $m 0.05
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — 1 — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.66%

Capital & Financial Ratios $m

Size
Market Cap 31,260.00
Revenue ttm 9,041.35
Net income ttm 1,452.00
Free cash flow ttm (1,520.59)
Net debt Q 25,752.78
Valuation
P/E 23.19
Forward P/E 22.60
Price / sales 3.47
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.66
Financial health
Current ratio Q 0.69 (below 1: weak)
Debt / equity Q 1.35
Interest coverage Q 2.37
Growth
Revenue growth Q +4.39% (above 0%: growing)
Operating income growth Q +5.92% (above 0%: growing)
EPS, this year −0.47% (below 0%: weak)
EPS, next year A +7.20%
Revenue, next year A +7.87%
EPS, past 5 yrs +4.00%
EPS, next 5 yrs A +4.16%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 91.20%
10-year low 10-year high
P/S against its own 10 years 100.00%
10-year low 10-year high
P/B against its own 10 years 99.52%
10-year low 10-year high
EV/Sales against its own 10 years 100.00%
10-year low 10-year high

Dividends raised every year since 2017

Yield
3.02%
Annual rate
1.85
Payout ratio
70.0%
Growth, 2017–25
+4.45%/yr
  1. 1.25 ’17
  2. 1.34 ’18 +7
  3. 1.37 ’19 +3
  4. 1.45 ’20 +6
  5. 1.64 ’21 +13
  6. 1.67 ’22 +2
  7. 1.69 ’23 +1
  8. 1.74 ’24 +3
  9. 1.77 ’25 +2
  10. 1.85 ’26e +4
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 463 161 263 1,346
Receivables 1,347 1,376 1,213 1,459
Inventory 419 500 464 517
Other 642 601 655 653
2,982 2,770 2,723 4,163
2023 2024 2025 Q'26
Payables 2,202 2,447 2,507 2,796
ST’ Debt 1,789 1,524 2,546 2,855
Other 427 434 323 364
4,418 4,405 5,377 6,015

Compound Annual Growth %

10y 5y 3y
Sales 5.16% 5.48% 0.84%
Cash Flow 8.30% 7.59% 7.13%
Earnings 7.97% 6.33% 6.24%
Book Value 8.61% 4.10% 1.76%

Earnings Trends EPS, adjusted, against the consensus

EPS $

Mar Jun Sep Dec Year
’26 0.72 0.56 0.76 — —
’25 0.70 0.55 0.59 0.60 2.43
’24 0.69 0.49 0.62 0.56 2.36
’23 0.67 0.45 0.60 0.58 2.29
’22 0.58 0.46 0.52 0.57 2.14
’21 0.58 0.44 0.49 0.55 2.08
’20 0.50 0.42 0.47 0.55 2.00
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,480 2,117 2,226 — —
’25 2,325 2,035 2,133 2,218 8,710
’24 2,311 1,951 2,031 2,105 8,399
’23 2,453 1,929 2,026 2,123 8,532
’22 2,239 1,948 1,956 2,352 8,494
’21 2,005 1,734 1,745 2,055 7,539
’20 1,783 1,499 1,592 1,796 6,670
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 804 808 913 — —
’25 845 614 751 698 2,907
’24 569 587 984 693 2,833
’23 676 706 703 540 2,626
’22 642 589 458 675 2,365
’21 584 621 536 580 2,319
’20 440 509 553 514 2,016
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (324) (383) (344) — —
’25 (230) (544) (312) (469) (1,555)
’24 (256) (214) 26 (532) (975)
’23 (29) (28) (32) (373) (462)
’22 (81) (98) (240) (190) (608)
’21 (51) (42) (83) (206) (382)
’20 (427) (22) (150) (401) (999)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 5,164 6,403 6,473 6,619 6,670 7,539 8,494 8,532 8,399 8,710 9,041 +6.0% 9,396 10,020 10,564 +6.6%
Gross margin, % 36.06 44.32 43.00 43.39 44.05 42.06 39.92 42.17 45.35 45.60 45.49 +9.5 pt
EBT 648 1,321 1,119 1,613 1,209 1,308 1,387 1,533 1,587 1,685 1,741 +11.2%
EBT margin, % 12.55 20.64 17.29 24.38 18.13 17.35 16.33 17.97 18.89 19.34 19.26 +6.8 pt
Net income 538 868 992 1,396 1,037 1,121 1,165 1,267 1,334 1,403 1,452 +11.2%
Per share, $
Per share, $ Revenue 16.72 15.41 15.24 15.15 14.35 16.01 17.75 17.54 16.97 17.30 17.62 +0.4%
Earnings 1.43 1.79 1.97 2.86 2.00 2.09 2.14 2.29 2.36 2.43 2.64 +6.1%
Cash flow 4.61 5.12 4.73 4.59 4.34 4.93 4.94 5.40 5.72 5.77 6.28 +2.5%
Capex (4.92) (5.60) (5.85) (6.42) (6.49) (5.74) (6.21) (6.35) (7.69) (8.86) (9.24) +6.8%
Free cash flow (0.31) (0.49) (1.12) (1.82) (2.15) (0.81) (1.27) (0.95) (1.97) (3.09) (2.96) +29.1%
Book value 40.22 31.10 33.53 34.70 32.58 35.44 36.71 35.54 38.12 36.77 39.11 (1.0%)
Shares, m 309 416 425 437 465 471 479 486 495 504 509 +5.6%
Valuation, ×
Valuation, × P/E 21.64 20.33 16.60 14.22 20.93 23.32 19.01 17.84 17.61 21.29 23.19 19.3
P/S 1.84 2.36 2.19 2.74 2.84 3.02 2.28 2.34 2.45 3.00 3.47 2.5
P/B 0.85 1.30 1.09 1.30 1.36 1.48 1.19 1.24 1.16 1.51 1.66 1.2
EV/Sales 5.12 4.90 5.07 5.33 5.60 5.74 4.89 4.89 5.36 5.82 6.32 5.3
EV/FCF (275.46) (155.09) (69.33) (44.29) (37.37) (113.30) (68.26) (90.23) (46.13) (32.60) (37.58) (93.2)
Cash, $m
Cash, $m Operating cash flow 1,423 2,126 2,009 2,007 2,016 2,319 2,365 2,626 2,833 2,907 3,223 +8.3%
Capex (1,519) (2,328) (2,483) (2,803) (3,015) (2,702) (2,973) (3,088) (3,808) (4,462) (4,743) +12.7%
Free cash flow (96) (202) (474) (797) (999) (382) (608) (462) (975) (1,555) (1,521) +36.3%
Balance, $m
Balance, $m Working capital (1,343) (1,001) (765) (1,207) (1,147) (1,655) (1,806) (1,436) (1,635) (2,654) (1,852) +7.9%
Net debt 16,927 16,226 18,673 17,141 18,350 20,573 22,147 21,753 24,401 24,521 25,753 +4.2%
Shareholders’ equity 12,423 12,920 14,239 15,157 15,142 16,689 17,570 17,284 18,868 18,514 20,067 +4.5%
Returns, %
Returns, % ROA 1.50 2.03 2.18 3.07 2.21 2.25 2.14 2.27 2.29 2.29 2.30 +0.8 pt
ROIC 2.38 4.14 3.46 4.43 3.49 3.30 3.32 3.66 3.47 3.63 3.51 +1.2 pt
ROE 4.94 6.50 6.88 9.27 6.48 6.70 6.45 6.89 6.94 7.00 7.04 +2.1 pt
People
People Employees 8,425 8,534 8,800 8,970 8,961 9,095 9,200 9,600 9,848 9,926 — +1.8%
Revenue/emp, $m 0.61 0.75 0.74 0.74 0.74 0.83 0.92 0.89 0.85 0.88 — +4.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Fortis vs peers in Utilities Regulated Electric (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
PEG Public Service Enterprise Group Incorporated $36.4B 20.7× 17.6× −6.39% (below 0%: shrinking) −39.11% (below 0%: shrinking) −139.44% (below 0%: shrinking) 62.75% 20.60% Compare
FTS Fortis $31.3B 23.2× 22.6× +4.39% (above 0%: growing) +28.66% (above 0%: growing) −10.20% (below 0%: shrinking) 47.83% 30.08%
AEE Ameren Corporation $31.2B 19.7× 20.5× −5.81% (below 0%: shrinking) +11.76% (above 0%: growing) −51.22% (below 0%: shrinking) 73.90% 21.94% Compare
PCG Pacific Gas & Electric Co. $29.1B 9.8× 11.2× −0.99% (below 0%: shrinking) −8.11% (below 0%: shrinking) −892.50% (below 0%: shrinking) 83.63% 20.18% Compare
DTE DTE Energy Company $28.1B 20.5× 18.8× +5.67% (above 0%: growing) +11.88% (above 0%: growing) +230.17% (above 0%: growing) 0.00% 16.18% Compare
FE FirstEnergy Corporation $27.3B 22.6× 17.1× +9.86% (above 0%: growing) +26.32% (above 0%: growing) −44.47% (below 0%: shrinking) 63.57% 20.52% Compare
PPL PPL Corporation $27.1B 21.2× 18.7× +4.25% (above 0%: growing) +24.00% (above 0%: growing) −112.80% (below 0%: shrinking) 71.67% 22.50% Compare
ES Eversource Energy $27.1B 18.6× 15.6× +2.29% (above 0%: growing) −85.42% (below 0%: shrinking) +398.93% (above 0%: growing) 67.64% 18.63% Compare
CNP CenterPoint Energy, Inc. $26.5B 22.8× 23.3× +10.21% (above 0%: growing) +11.29% (above 0%: growing) −27.29% (below 0%: shrinking) 91.42% 30.44% Compare
Median of peers $27.7B 20.6× 18.2× +3.27% +11.52% −47.84% 69.66% 20.56%

All 39 Utilities Regulated Electric stocks →

Fortis (FTS) Latest News

4 Nov

7 Aug

Impact 3 · · The Motley Fool transcript

10 May

Impact 3 · · MarketBeat

12 Mar

Impact 3 · · Zacks

20 Feb

Impact 3 · · power-technology.com

12 Feb

Impact 4 · · MarketBeat transcript

FTS metrics, ten years each

stockrow.com/FTS · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com