Latest Ratios: P/E Ratio 20.2x · EV/EBITDA 14.8x · ROE 8.2%. (1999–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $14.7B | $14.8B | $10.8B | $10.3B | $10.2B | $12.9B | $10.6B | $10.3B | $7.5B | $8.0B | $5.8B |
| Enterprise Value | $29.6B | $36.0B | $30.4B | $29.6B | $29.0B | $28.9B | $25.7B | $22.3B | $23.8B | $22.7B | $21.1B |
| P/E Ratio → | 20.25 | 14.57 | 21.86 | 10.59 | 10.85 | 25.24 | 11.25 | 15.57 | 10.04 | 30.20 | 25.71 |
| P/S Ratio | 2.52 | 1.78 | 1.50 | 1.37 | 1.35 | 2.23 | 1.92 | 1.69 | 1.15 | 1.29 | 1.36 |
| P/B Ratio | 1.53 | 1.10 | 0.81 | 0.86 | 0.90 | 1.27 | 1.14 | 1.56 | 0.90 | 1.12 | 0.86 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | 11.63 | 8.20 | 4.08 | 4.62 | 11.22 | 10.86 | 6.45 | 6.78 | 4.44 | 6.72 | 5.54 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.34 | 4.22 | 3.91 | 3.82 | 5.01 | 4.67 | 3.65 | 3.65 | 3.65 | 4.94 |
| EV / EBITDA | 14.79 | 12.63 | 13.55 | 10.36 | 11.20 | 15.65 | 12.58 | 9.89 | 10.24 | 10.01 | 18.42 |
| EV / EBIT | 27.14 | 16.35 | 22.70 | 16.17 | 16.79 | 30.79 | 21.80 | 16.17 | 17.38 | 16.01 | 38.10 |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 24.6% | 24.6% | 40.3% | 43.4% | 39.9% | 37.6% | 43.2% | 42.9% | 40.7% | 41.8% | 31.3% |
| Operating Margin | 18.7% | 18.7% | 15.0% | 23.7% | 21.5% | 16.1% | 20.8% | 22.0% | 21.4% | 22.8% | 13.0% |
| Net Profit Margin | 13.1% | 13.1% | 7.9% | 13.8% | 13.3% | 9.7% | 17.9% | 11.6% | 11.4% | 4.7% | 6.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.2% | 8.2% | 4.5% | 8.9% | 9.3% | 5.8% | 12.4% | 9.4% | 9.6% | 4.2% | 4.6% |
| ROA | 2.5% | 2.5% | 1.4% | 2.6% | 2.7% | 1.7% | 3.5% | 2.5% | 2.4% | 1.0% | 1.2% |
| ROIC | 3.5% | 3.5% | 2.5% | 4.4% | 4.3% | 2.8% | 4.0% | 4.7% | 4.5% | 4.8% | 2.8% |
| ROCE | 4.1% | 4.1% | 3.0% | 5.3% | 5.3% | 3.3% | 4.8% | 5.5% | 5.3% | 5.6% | 3.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.62 | 1.62 | 1.49 | 1.64 | 1.66 | 1.62 | 1.67 | 1.84 | 1.99 | 2.11 | 2.31 |
| Debt / EBITDA | 7.58 | 7.58 | 8.82 | 6.94 | 7.36 | 8.89 | 7.53 | 5.40 | 7.14 | 6.66 | 13.69 |
| Net Debt / Equity | — | 1.59 | 1.48 | 1.59 | 1.64 | 1.58 | 1.64 | 1.80 | 1.95 | 2.04 | 2.25 |
| Net Debt / EBITDA | 7.45 | 7.45 | 8.74 | 6.74 | 7.24 | 8.68 | 7.42 | 5.31 | 7.02 | 6.47 | 13.34 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | 2.13 | 2.13 | 1.37 | 1.97 | 2.43 | 1.54 | 1.74 | 1.87 | 1.92 | 2.03 | 1.26 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.66 | 0.66 | 0.72 | 0.82 | 0.67 | 0.64 | 0.45 | 0.60 | 0.62 | 0.64 | 0.67 |
| Quick Ratio | 0.54 | 0.54 | 0.57 | 0.64 | 0.57 | 0.53 | 0.35 | 0.48 | 0.52 | 0.53 | 0.55 |
| Cash Ratio | 0.06 | 0.06 | 0.04 | 0.12 | 0.04 | 0.08 | 0.05 | 0.07 | 0.07 | 0.11 | 0.11 |
| Asset Turnover | — | 0.19 | 0.17 | 0.19 | 0.19 | 0.17 | 0.18 | 0.25 | 0.20 | 0.22 | 0.15 |
| Inventory Turnover | 7.63 | 7.63 | 5.50 | 5.42 | 5.93 | 6.68 | 6.90 | 9.69 | 8.16 | 8.67 | 6.23 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.8% | 3.9% | 5.0% | 4.7% | 4.6% | 3.4% | 3.9% | 3.7% | 4.6% | 3.6% | 3.8% |
| Payout Ratio | 52.9% | 52.9% | 94.9% | 46.7% | 46.8% | 79.1% | 41.6% | 53.4% | 46.4% | 97.6% | 86.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.9% | 6.9% | 4.6% | 9.4% | 9.2% | 4.0% | 8.9% | 6.4% | 10.0% | 3.3% | 3.9% |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.8% | 3.9% | 5.0% | 4.7% | 4.6% | 3.4% | 3.9% | 3.7% | 4.6% | 3.6% | 3.8% |
| Shares Outstanding | — | $300M | $289M | $274M | $266M | $258M | $248M | $241M | $234M | $214M | $172M |
Includes 30+ ratios · 27 years · Updated daily
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Quick answers to the most common questions about buying EMA stock.
Emera Incorporated's current P/E ratio is 20.2x. The historical average is 17.0x. This places it at the 75th percentile of its historical range.
Emera Incorporated's current EV/EBITDA is 14.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.1x.
Emera Incorporated's return on equity (ROE) is 8.2%. The historical average is 8.9%.
Based on historical data, Emera Incorporated is trading at a P/E of 20.2x. This is at the 75th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Emera Incorporated's current dividend yield is 2.81% with a payout ratio of 52.9%.
Emera Incorporated has 24.6% gross margin and 18.7% operating margin. Operating margin between 10-20% is typical for established companies.
Emera Incorporated's Debt/EBITDA ratio is 7.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Nova Scotia regulatory intervention
Premium Multiple Anchored to Regulated Returns
EMA trades at 21.1x trailing earnings, a premium to the 20.1x peer median, with a 2.7% dividend yield that appears competitive against Treasury alternatives, according to recent market data.
The P/E premium likely reflects the market's confidence in Florida's constructive regulatory environment and the stability of the regulated asset base, though it may also embed expectations of continued rate base growth. The dividend yield, while lower than some peers like AES at 4.8%, is supported by a payout ratio that, despite quarterly volatility, has averaged near 70% over the last ten quarters, suggesting a sustainable return component. Investors should monitor whether the premium can be justified by earned ROE relative to authorized levels, as any shortfall could compress the multiple.
Earned ROE Trails Authorized Levels
Emera's trailing twelve-month ROE of 8.2% appears below typical authorized returns of 9-10%, as per financial data, suggesting regulatory lag or cost pressures that may compress margins.
The gap between earned and allowed ROE is a critical indicator of regulatory constructiveness. With quarterly ROE fluctuating between 0.2% and 4.9%, the annualized figure of 8.2% suggests that the company is not fully recovering its allowed return, possibly due to timing lags in rate cases or higher operating costs. This under-earning may be temporary if rate relief is granted, but it also highlights the risk that Nova Scotia's political environment could lead to more permanent disallowances. Investors should track the progression of rate case outcomes and the pace of regulatory lag to assess whether the gap narrows.
Operating Margin Volatility Reflects Recovery Timing
Operating margin swung from 34.6% in 2025Q1 to 10.5% in 2025Q4, per reported figures, indicating that cost recovery mechanisms are subject to significant timing effects, though the 18.7% average appears stable.
The wide quarterly swings in operating margin are typical for utilities with fuel pass-through mechanisms, where timing differences between cost incurrence and recovery can distort interim results. The average margin of 18.7% over the period suggests that, on a normalized basis, the company is recovering its costs adequately, but the volatility underscores the importance of regulatory lag. If inflationary pressures on O&M persist, the company may need more frequent rate adjustments to maintain margins, which could be a challenge in jurisdictions like Nova Scotia where political intervention is a risk.
Leverage Creeps Higher Despite Asset Sales
Debt-to-capital rose from 0.60 to 0.61 over the last ten quarters, per financial data, while interest coverage averaged 1.8x, indicating that leverage remains manageable but leaves limited headroom for additional debt.
The slight increase in debt-to-capital, combined with interest coverage that dipped to 0.81x in 2024Q2, suggests that the company is operating near the upper end of its target leverage range. The FFO-to-debt ratio, averaging around 2.7%, is low relative to investment-grade thresholds, which may indicate that cash flow generation is not keeping pace with debt growth. Management's focus on asset recycling appears aimed at stabilizing leverage, but the success of this strategy will be critical to maintaining credit ratings and access to capital at reasonable costs.
Dividend Coverage Adequate but Payout Volatile
Dividend payout ratio averaged 72% over the last ten quarters, per financial statements, but spiked to 176% in 2025Q4, indicating that coverage is adequate on average but vulnerable to seasonal cash flow dips.
The average payout ratio of 72% is within the typical range for utilities, but the quarterly volatility—ranging from 6% to 176%—reflects the lumpy nature of earnings recognition, often due to regulatory deferrals and seasonal factors. The cash flow statement analysis shows OCF-to-dividend coverage of 3.7x on average, which is healthy, but the low point of 0.6x in 2025Q2 highlights the risk of temporary shortfalls. Given the company's aggressive capex program, the dividend appears to be funded more from external sources than internal cash flow, which may limit future dividend growth if asset sales or equity issuance become more difficult.
Misapplied Ratio: Standard Debt-to-Equity
The most commonly misapplied ratio for Emera is the standard debt-to-equity, which ignores the regulated nature of its debt, as per financial analysis, and may overstate financial risk.
Analysts often compare Emera's debt-to-equity ratio of 1.62x to non-utility corporates, but this fails to account for the fact that a significant portion of the debt is recovered through regulated rates, making it structurally safer. A more appropriate metric is the FFO-to-debt ratio, which, despite being low at around 2.7%, should be evaluated in the context of regulatory support and the stability of cash flows. Additionally, the use of AFUDC can inflate reported ROE, so investors should adjust for non-cash items to assess true cash-generating ability. By focusing on these adjusted metrics, the market may better appreciate the actual credit quality and earnings power of the company.