Latest Ratios: P/E Ratio 22.6x · EV/EBITDA 15.6x · 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 | $16.3B | $14.8B | $10.8B | $10.3B | $10.2B | $12.9B | $10.6B | $10.3B | $7.5B | $8.0B | $5.8B |
| Enterprise Value | $31.3B | $36.0B | $30.4B | $29.6B | $29.0B | $28.9B | $25.7B | $22.3B | $23.8B | $22.7B | $21.1B |
| P/E Ratio → | 22.59 | 14.57 | 21.86 | 10.59 | 10.85 | 25.24 | 11.25 | 15.57 | 10.04 | 30.20 | 25.71 |
| P/S Ratio | 2.79 | 1.78 | 1.50 | 1.37 | 1.35 | 2.23 | 1.92 | 1.69 | 1.15 | 1.29 | 1.36 |
| P/B Ratio | 1.71 | 1.10 | 0.81 | 0.86 | 0.90 | 1.27 | 1.14 | 1.56 | 0.90 | 1.12 | 0.86 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | 12.85 | 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 | 15.57 | 12.63 | 13.55 | 10.36 | 11.20 | 15.65 | 12.58 | 9.89 | 10.24 | 10.01 | 18.42 |
| EV / EBIT | 28.55 | 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 | 2.5% | 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 | 4.4% | 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 | 2.5% | 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 |
Regulatory lag and leverage
According to current market data, Emera trades at a forward P/E of 20.52, which appears to reflect a conglomerate discount relative to U.S. pure-play peers, as investors weigh the stability of Florida operations against the political friction inherent in the company's Atlantic Canadian and Caribbean asset base.
The valuation multiple suggests that the market is applying a risk premium to Emera's non-U.S. segments, potentially underestimating the earnings quality improvement driven by the TECO expansion. Investors should monitor whether the current 2.5% dividend yield remains competitive against risk-free alternatives, as the company's high payout ratio may limit future dividend growth capacity.
Based on reported quarterly figures, Emera's ROE has experienced significant volatility, bottoming at 0.2% in 2024Q3 and peaking at 4.9% in 2026Q1, which suggests that the company is struggling to consistently achieve its authorized returns due to persistent regulatory lag and rising operational cost pressures.
The wide variance in earned ROE indicates that the regulatory compact is currently under stress, likely exacerbated by the timing of rate case outcomes in Nova Scotia. This inconsistency warrants further investigation into whether the company's capital deployment is effectively translating into authorized earnings or if inflationary O&M costs are eroding the allowed profit ceiling.
As reported in recent financial statements, Emera maintains a debt-to-capital ratio consistently near 0.60, a level that appears to strain the balance sheet and limits the company's capacity to absorb further interest rate volatility without compromising its credit quality or dividend sustainability.
The elevated leverage profile suggests that the company is heavily reliant on debt to fund its aggressive capital expenditure program, leaving little room for operational missteps. Analysts should monitor the interest coverage ratio, which has shown concerning weakness in recent periods, potentially signaling that the cost of servicing this debt is beginning to outpace the growth in regulated earnings.
Based on the provided financial data, the dividend payout ratio has exhibited extreme fluctuations, reaching as high as 175.9% in 2025Q4, which indicates that the dividend is not consistently covered by operating cash flow and may be increasingly reliant on external financing to maintain current distribution levels.
The high payout volatility suggests that the dividend policy is currently disconnected from the underlying cash generation of the regulated assets. Investors should be cautious, as the necessity of external capital to fund both the massive CAPEX program and the dividend may lead to further equity dilution or increased debt burdens.
Market participants frequently misapply standard P/E multiples to Emera by ignoring the distortive impact of AFUDC and regulatory deferrals, which can artificially inflate reported earnings and obscure the true cash-generating capability of the utility's regulated infrastructure assets.
Comparing Emera's P/E to non-utility industrials is fundamentally flawed because it ignores the regulatory compact that anchors utility valuations to interest rates rather than growth expectations. A more appropriate metric for assessing this utility would be the Price-to-Rate-Base or an adjusted cash-flow-based valuation that strips out non-cash accounting credits like AFUDC.
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 22.6x. The historical average is 17.0x. This places it at the 81th percentile of its historical range.
Emera Incorporated's current EV/EBITDA is 15.6x. 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 22.6x. This is at the 81th 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 2.52% 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.