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. In the quarter to June 2026, revenue grew 4.02%, EPS grew 1.82%, free cash flow grew 29.5% and total debt rose 7.34%, each against the same quarter a year earlier. Operating cash flow growth for five consecutive years; insiders bought in the last twelve months.
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Fortis (FTS) Altman Z-score
Fortis's Altman Z-score for fiscal 2025 is 0.80, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 0.80 | 0.09 |
| FY2024 | 0.71 | (0.05) |
| FY2023 | 0.76 | 0.05 |
| FY2022 | 0.71 | (0.10) |
| FY2021 | 0.81 | 0.02 |
| FY2020 | 0.79 | (0.04) |
| FY2019 | 0.83 | 0.17 |
| FY2018 | 0.66 | (0.09) |
| FY2017 | 0.75 | 0.26 |
| FY2016 | 0.48 | (0.26) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.05) | — | −0.06 | |
| Retained earnings / total assets | 0.07 | — | 0.09 | |
| EBIT / total assets | 0.05 | — | 0.15 | |
| Market value of equity / total liabilities | 0.75 | — | 0.45 | |
| Sales / total assets | 0.16 | — | 0.16 | |
| Altman Z-score | Distress zone | 0.80 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.76 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| WEC WEC Energy Group, Inc. compare | 1.1× |
| PPL PPL Corporation compare | 0.9× |
| DTE DTE Energy Company compare | 0.9× |
| AEE Ameren Corporation compare | 0.9× |
| CNP CenterPoint Energy, Inc. compare | 0.8× |
| FTS Fortis | 0.8× |
| ES Eversource Energy compare | 0.7× |
| FE FirstEnergy Corporation compare | 0.7× |
| PCG Pacific Gas & Electric Co. compare | 0.5× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets