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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.

55.76 1.10 +2.01%
Market cap
$27.9B
P/E
22.6×
Fwd P/E
21.5×
Dividend yield
3.31%
F-score
6/9
Altman Z
0.80
Beneish M
−2.73
Dividend safety
24/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.05
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — 1 — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.05%

Capital & Financial Ratios $m

Market Cap 27,930.00
Revenue 8,947.75
Net Income 1,417.23
Free Cash Flow (1,488.74)
Net Debt 25,961.62
Current Ratio 0.56 (below 1: weak)
Debt/Equity 1.32
P/E ratio 22.57
Fwd P/E 21.50
P/S ratio 3.18
P/B ratio 1.52
Past 5Y EPS Growth 4.00%
This Y EPS Growth (1.10%) (below 0%: weak)
Next Y EPS Growth 7.29%
Next Y revenue growth 5.64%
Next 5Y EPS Growth 3.95%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 6.1×, against a ten-year median of 5.3×; over the ten years it ranged from 3.7× in 2016 to 6.2× in 2026.
P/E against its own 10 years 83.82%
10-year low 10-year high
P/S against its own 10 years 95.29%
10-year low 10-year high
P/B against its own 10 years 93.14%
10-year low 10-year high
EV/Sales against its own 10 years 95.83%
10-year low 10-year high

Dividends

Payout Ratio 0.75
Annual Dividend Rate 1.85
Annual Dividend Yield 3.31%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 1.81
0.47
0.47
0.46
2025 1.77
0.43
0.44
0.44
0.46
2024 1.74
0.44
0.43
0.43
0.44
2023 1.69
0.42
0.42
0.42
0.43
2022 1.67
0.42
0.42
0.41
0.42
2021 1.64
0.40
0.42
0.39
0.42
2020 1.45
0.36
0.34
0.36
0.39
2019 1.37
0.34
0.33
0.34
0.36
2018 1.34
0.34
0.33
0.33
0.34
2017 1.25
0.31
0.30
0.32
0.33
2016 1.44
0.27
0.29
0.29
0.59
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 463 161 263 277
Receivables 1,347 1,376 1,213 1,360
Inventory 419 500 464 492
Other 642 601 655 736
2,982 2,770 2,723 3,025
2023 2024 2025 Q'26
Payables 2,202 2,447 2,507 2,563
ST’ Debt 1,789 1,524 2,546 2,480
Other 427 434 323 339
4,418 4,405 5,377 5,382

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%

Revenue $m

Mar Jun Sep Dec Year
’26 2,480 2,117 — — —
’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 — — —
’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) — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 0.72 0.56 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

2.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 24.63 30.53 30.88 32.85 28.59 38.49 34.76 36.30 36.86 40.32

Analyst estimates 2026–2028

Powerpack
High 34.66 38.24 36.76 42.80 44.72 48.39 51.66 46.28 46.06 52.83
People
People Employees 8,425 8,534 8,800 8,970 8,961 9,095 9,200 9,600 9,848 9,926
Revenue/emp, $m 0.61 0.75 0.74 0.74 0.74 0.83 0.92 0.89 0.85 0.88
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
Gross margin, % 36.06 44.32 43.00 43.39 44.05 42.06 39.92 42.17 45.35 45.60
EBT 648 1,321 1,119 1,613 1,209 1,308 1,387 1,533 1,587 1,685
EBT margin, % 12.55 20.64 17.29 24.38 18.13 17.35 16.33 17.97 18.89 19.34
Net income 538 868 992 1,396 1,037 1,121 1,165 1,267 1,334 1,403
Depreciation 742 909 959 1,017 1,066 1,201 1,283 1,313 1,406 1,472
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
Earnings 1.43 1.79 1.97 2.86 2.00 2.09 2.14 2.29 2.36 2.43
Cash flow 4.61 5.12 4.73 4.59 4.34 4.93 4.94 5.40 5.72 5.77
Capex (4.92) (5.60) (5.85) (6.42) (6.49) (5.74) (6.21) (6.35) (7.69) (8.86)
Free cash flow (0.31) (0.49) (1.12) (1.82) (2.15) (0.81) (1.27) (0.95) (1.97) (3.09)
Book value 40.22 31.10 33.53 34.70 32.58 35.44 36.71 35.54 38.12 36.77
Shares, m 309 416 425 437 465 471 479 486 495 504
Valuation, ×
Valuation, × P/E 21.64 20.33 16.60 14.22 20.93 23.32 19.01 17.84 17.61 21.29
P/S 1.84 2.36 2.19 2.74 2.84 3.02 2.28 2.34 2.45 3.00
P/B 0.85 1.30 1.09 1.30 1.36 1.48 1.19 1.24 1.16 1.51
EV/Sales 5.12 4.90 5.07 5.33 5.60 5.74 4.89 4.89 5.36 5.82
EV/FCF (275.46) (155.09) (69.33) (44.29) (37.37) (113.30) (68.26) (90.23) (46.13) (32.60)
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
Capex (1,519) (2,328) (2,483) (2,803) (3,015) (2,702) (2,973) (3,088) (3,808) (4,462)
Free cash flow (96) (202) (474) (797) (999) (382) (608) (462) (975) (1,555)
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)
Total debt 17,130 16,478 18,929 17,420 18,536 20,678 22,308 22,216 24,561 24,784
Net debt 16,927 16,226 18,673 17,141 18,350 20,573 22,147 21,753 24,401 24,521
Shareholders’ equity 12,423 12,920 14,239 15,157 15,142 16,689 17,570 17,284 18,868 18,514
Returns, %
Returns, % ROA 1.50 2.03 2.18 3.07 2.21 2.25 2.14 2.27 2.29 2.29
ROIC 2.38 4.14 3.46 4.43 3.49 3.30 3.32 3.66 3.47 3.63
ROE 4.94 6.50 6.88 9.27 6.48 6.70 6.45 6.89 6.94 7.00
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
WEC WEC Energy Group, Inc. $34.6B 21.0× 20.2× +2.62% (above 0%: growing) +19.48% (above 0%: growing) −1,365.55% (below 0%: shrinking) 73.06% 20.99% Compare
AEE Ameren Corporation $28.7B 18.5× 20.3× −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. $28.5B 9.5× 11.2× +0.07% (above 0%: growing) +37.50% (above 0%: growing) −2.64% (below 0%: shrinking) 84.50% 21.40% Compare
FTS Fortis $27.9B 22.6× 21.5× +4.02% (above 0%: growing) +1.82% (above 0%: growing) +29.48% (above 0%: growing) 45.92% 27.43%
DTE DTE Energy Company $26.7B 20.5× 19.4× −1.46% (below 0%: shrinking) +22.73% (above 0%: growing) −179.77% (below 0%: shrinking) 51.91% 13.59% Compare
FE FirstEnergy Corporation $26.4B 24.6× 16.8× +8.82% (above 0%: growing) +8.70% (above 0%: growing) −143.84% (below 0%: shrinking) 64.30% 18.41% Compare
CNP CenterPoint Energy, Inc. $26.2B 23.9× 22.8× +10.70% (above 0%: growing) +23.33% (above 0%: growing) −4.04% (below 0%: shrinking) 86.94% 24.81% Compare
PPL PPL Corporation $26.0B 20.7× 18.6× +4.25% (above 0%: growing) +24.00% (above 0%: growing) −112.80% (below 0%: shrinking) 71.67% 22.50% Compare
ES Eversource Energy $24.9B 17.3× 15.4× +2.29% (above 0%: growing) −85.42% (below 0%: shrinking) +398.93% (above 0%: growing) 67.64% 18.63% Compare
Median of peers $26.5B 20.6× 19.0× +2.46% +21.11% −82.01% 72.37% 21.20%

All 40 Utilities Regulated Electric stocks →

Fortis (FTS) key facts

  • Strength: Fortis' revenue for fiscal 2025 (year ended December 2025) was $8.7 billion, up 3.71% from fiscal 2024.
  • Fortis (FTS) is an Utilities Regulated Electric company in the Utilities sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, FTS traded at $55.76, a market capitalization of $27.9 billion.
  • Fortis pays an annual dividend of $1.85 per share, a yield of 3.31%, with a payout ratio of 74.8%.
  • Return on equity was 7.00% and debt-to-equity 1.32.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 0.80 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

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stockrow.com/FTS · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com