Fortis Inc. (FTS) 10-Year Financial Performance & Capital Metrics

FTS • • Utilities

UtilitiesElectric UtilitiesInternational Electric UtilitiesAsian & European Electric Utilities

AboutFortis Inc. operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 438,000 retail customers in southeastern Arizona; and 100,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,485 megawatts (MW), including 53 MW of solar capacity and 252 MV of wind capacity. The company also sells wholesale electricity to other entities in the western United States; owns gas-fired and hydroelectric generating capacity totaling 65 MW; and distributes natural gas to approximately 1,065,000 residential, commercial, and industrial customers in British Columbia, Canada. In addition, it owns and operates the electricity distribution system that serves approximately 577,000 customers in southern and central Alberta; owns 4 hydroelectric generating facilities with a combined capacity of 225 MW; and provides operation, maintenance, and management services to five hydroelectric generating facilities. Further, the company distributes electricity in the island portion of Newfoundland and Labrador with an installed generating capacity of 143 MW; and on Prince Edward Island with a generating capacity of 130 MW. Additionally, it provides integrated electric utility service to approximately 68,000 customers in Ontario; approximately 272,000 customers in Newfoundland and Labrador; approximately 32,000 customers on Grand Cayman, Cayman Islands; and approximately 16,000 customers on certain islands in Turks and Caicos. The company also holds long-term contracted generation assets in Belize consisting of 3 hydroelectric generating facilities with a combined capacity of 51 MW; and the Aitken Creek natural gas storage facility. It also owns and operates approximately 90,200 circuit Kilometers (km) of distribution lines; and approximately 50,500 km of natural gas pipelines. Fortis Inc. was founded in 1885 and is headquartered in St. John's, Canada.Show more

Revenue $11.51B
EBITDA $5.22B +7.5%
Net Income $1.68B +6.8%
Free Cash Flow -$1.34B -114.1%
EBITDA Margin 45.35% +7.5%
Net Margin 14.6% +6.9%
ROE 6.83% +0.3%
Interest Coverage 2.34 -0.9%
Debt/Equity 1.30 +1.3%
Net Debt/EBITDA 6.42 +6.0%
CapEx / Revenue 43.55% +25.8%
CapEx Coverage 0.77 -12.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Healthy dividend yield of 2.9%
✓Trading near 52-week high
✓Trading at only 1.0x book value

✗Weaknesses

✗High leverage: 6.5x Debt/EBITDA

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.86%

5Y5.55%

3Y6.8%

TTM-2.03%

Profit (Net Income) CAGR

10Y16.06%

5Y-0.49%

3Y9.09%

TTM-0.87%

EPS CAGR

10Y8.75%

5Y-2.3%

3Y7.47%

TTM-2.48%

ROCE

10Y Avg5.2%

5Y Avg5.02%

3Y Avg5.12%

Latest5.17%

Peer Comparison

Asian & European Electric Utilities

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
EMAEmera Incorporated	14.48B	47.98	28.06	-4.8%	13.77%	8.71%		1.49
NGGNational Grid plc	77.59B	78.08	26.47	-7.42%	12.72%	12.58%		1.26
FTSFortis Inc.	25.95B	51.34	15.85	-0.08%	14.7%	6.28%		1.30
KEPKorea Electric Power Corporation	24.56B	19.13	0.01	6.77%	6.66%	14.5%	100%	0.59

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	6.76B	6.84B	8.3B	8.39B	8.78B	8.94B	9.45B	11.04B	11.52B	11.51B
Revenue Growth %	0.25%	0.01%	0.21%	0.01%	0.05%	0.02%	0.06%	0.17%	0.04%	-0%
Cost of Revenue	2.59B	2.34B	2.36B	4.78B	2.52B	2.56B	2.95B	3.95B	3.77B	3.25B
Gross Profit+	4.17B	4.5B	5.94B	3.61B	6.26B	6.37B	6.5B	7.09B	7.75B	8.26B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.3%	0.08%	0.32%	-0.39%	0.74%	0.02%	0.02%	0.09%	0.09%	0.07%
Operating Expenses+	2.74B	3.01B	3.43B	3.53B	3.23B	3.87B	4.03B	4.35B	4.66B	4.97B
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	2.29B	2.47B	3.69B	3.61B	4.39B	3.94B	3.97B	4.41B	4.86B	5.22B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	0.34%	0.08%	0.5%	-0.02%	0.22%	-0.1%	0.01%	0.11%	0.1%	0.07%
Depreciation & Amortization+	873M	983M	1.18B	1.24B	1.35B	1.43B	1.5B	1.67B	1.77B	1.93B
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	1.42B	1.48B	2.51B	2.37B	3.04B	2.51B	2.47B	2.74B	3.08B	3.29B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.39%	0.05%	0.69%	-0.06%	0.28%	-0.17%	-0.02%	0.11%	0.13%	0.07%
Interest Expense+	553M	678M	914M	974M	1.03B	1.04B	1B	1.1B	1.3B	1.41B
Interest Coverage	2.57x	2.19x	2.75x	2.43x	2.94x	2.41x	2.46x	2.49x	2.36x	2.34x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income+	1.06B	858M	1.71B	1.45B	2.14B	1.62B	1.64B	1.8B	2.07B	2.17B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	223M	145M	588M	165M	289M	231M	234M	289M	360M	346M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	805M	660M	1.03B	1.17B	1.72B	1.27B	1.29B	1.39B	1.57B	1.68B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	1.12%	-0.18%	0.56%	0.13%	0.48%	-0.26%	0.02%	0.08%	0.13%	0.07%
EPS (Diluted)+	2.59	1.89	2.31	2.74	3.64	2.66	2.61	2.78	3.10	3.24
EPS Growth %	0.85%	-0.27%	0.22%	0.19%	0.33%	-0.27%	-0.02%	0.07%	0.12%	0.05%
EPS (Basic)	2.61	1.89	2.32	2.75	3.53	2.58	2.61	2.78	3.10	3.24
Diluted Shares Outstanding	284.7M	313.4M	416.2M	425.2M	454.7M	454.7M	471.4M	479M	486.5M	495.2M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	28.8B	47.9B	47.82B	53.05B	53.4B	55.48B	57.66B	64.25B	65.92B	73.49B
Asset Growth %	0.1%	0.66%	-0%	0.11%	0.01%	0.04%	0.04%	0.11%	0.03%	0.11%
PP&E (Net)+	19.59B	29.34B	29.67B	32.76B	34.03B	36.04B	37.86B	41.71B	43.44B	49.52B
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	1.86B	2.17B	2.21B	3.26B	2.57B	2.61B	2.73B	4.27B	4.03B	3.8B
Cash & Equivalents	242M	269M	327M	332M	370M	249M	131M	209M	625M	220M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	337M	372M	367M	398M	394M	422M	478M	661M	566M	685M
Other Current Assets	355M	389M	443M	1.28B	617M	737M	734M	1.49B	1.06B	1.04B
Long-Term Investments	125M	99M	124M	153M	126M	158M	178M	316M	417M	484M
Goodwill	4.17B	12.36B	11.64B	12.53B	12B	11.79B	11.72B	12.46B	12.18B	13.11B
Intangible Assets	541M	1.01B	1.08B	1.2B	1.26B	1.29B	1.34B	1.55B	1.51B	1.66B
Other Assets	2.51B	2.93B	3.1B	3.15B	3.41B	3.59B	3.83B	3.95B	4.35B	4.91B
Total Liabilities	18.45B	31.45B	31.07B	34.59B	33.29B	35.2B	36.74B	41.41B	42.59B	47.63B
Total Debt+	12.25B	22.82B	22.13B	24.79B	23.22B	24.87B	25.95B	29.04B	30.03B	33.7B
Net Debt	12.01B	22.55B	21.8B	24.45B	22.85B	24.62B	25.82B	28.83B	29.4B	33.48B
Long-Term Debt	10.84B	20.88B	20.75B	23.16B	21.5B	23.11B	23.71B	25.93B	27.23B	31.22B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	513M	536M	461M	642M	489M	373M	365M	370M	378M	390M
Total Current Liabilities+	2.64B	3.94B	3.5B	4.25B	4.18B	4.15B	4.8B	6.62B	5.96B	6.04B
Accounts Payable	414M	554M	696M	679M	754M	707M	774M	886M	990M	1.12B
Accrued Expenses	127M	218M	223M	230M	253M	901M	218M	254M	274M	305M
Deferred Revenue	160M	287M	204M	267M	226M	0	288M	401M	263M	360M
Other Current Liabilities	703M	716M	1.27B	1.84B	1.5B	1.15B	567M	912M	952M	1.02B
Deferred Taxes	0	0	0	0	0	0	1000K	1000K	1000K	1000K
Other Liabilities	4.49B	6.17B	6.4B	6.79B	7.13B	7.57B	4.14B	4.33B	4.44B	4.83B
Total Equity+	10.35B	16.45B	16.75B	18.46B	20.11B	20.28B	20.92B	22.84B	23.33B	25.85B
Equity Growth %	0.14%	0.59%	0.02%	0.1%	0.09%	0.01%	0.03%	0.09%	0.02%	0.11%
Shareholders Equity	9.88B	14.6B	15B	16.53B	18.53B	18.7B	19.29B	21.03B	21.5B	23.81B
Minority Interest	473M	1.85B	1.75B	1.92B	1.58B	1.59B	1.63B	1.81B	1.83B	2.04B
Common Stock	5.87B	10.76B	11.58B	11.89B	13.64B	13.82B	14.24B	14.66B	15.11B	15.59B
Additional Paid-in Capital	14M	12M	10M	11M	11M	11M	10M	10M	9M	8M
Retained Earnings	1.39B	1.46B	1.73B	2.08B	2.92B	3.21B	3.46B	3.73B	4.11B	4.52B
Accumulated OCI	791M	745M	61M	928M	336M	34M	-40M	1.01B	653M	2.07B
Return on Assets (ROA)	0.03%	0.02%	0.02%	0.02%	0.03%	0.02%	0.02%	0.02%	0.02%	0.02%
Return on Equity (ROE)	0.08%	0.05%	0.06%	0.07%	0.09%	0.06%	0.06%	0.06%	0.07%	0.07%
Debt / Equity	1.18x	1.39x	1.32x	1.34x	1.15x	1.23x	1.24x	1.27x	1.29x	1.30x
Debt / Assets	0.43%	0.48%	0.46%	0.47%	0.43%	0.45%	0.45%	0.45%	0.46%	0.46%
Net Debt / EBITDA	5.24x	9.14x	5.91x	6.78x	5.21x	6.26x	6.50x	6.54x	6.05x	6.42x
Book Value per Share	36.36	52.49	40.24	43.41	44.23	44.61	44.37	47.69	47.96	52.21

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.67B	1.88B	2.76B	2.6B	2.05B	2.7B	2.91B	3.07B	3.54B	3.88B
Operating CF Growth %	0.7%	0.13%	0.46%	-0.06%	-0.21%	0.32%	0.08%	0.06%	0.15%	0.1%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	805M	713M	1.13B	1.29B	1.33B	1.39B	1.41B	1.51B	1.57B	1.83B
Depreciation & Amortization	873M	983M	1.18B	1.24B	1.04B	1.43B	1.5B	1.67B	1.77B	1.93B
Deferred Taxes	164M	98M	544M	136M	190.48M	226M	147M	182M	272M	154M
Other Non-Cash Items	-121M	88M	-35M	28M	-376.33M	14M	-106M	-14M	108M	-96M
Working Capital Changes	-48M	-20M	-97M	-89M	-129.55M	-434M	-144M	-317M	-181M	69M
Capital Expenditures+	-2.24B	-6.89B	-3.02B	-3.22B	-2.7B	-4.04B	-3.39B	-3.87B	-4.17B	-5.22B
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-1.37B	-6.89B	-3.02B	-3.25B	-2.13B	-4.13B	-3.49B	-4.06B	-3.74B	-5.39B
Acquisitions	-38M	-4.84B	0	0	767.3M	0	0	-100M	430M	0
Purchase of Investments	0	0	0	0	0	0	0	0	0	0
Sale of Investments	0	0	0	0	0	0	0	0	0	0
Other Investing	913M	11M	-1M	-34M	-33.16M	-275M	-299M	-372M	-186M	-383M
Cash from Financing+	-346M	5.05B	339M	644M	118.76M	1.33B	451M	1.03B	613M	1.06B
Dividends Paid	-309M	-388M	-484M	-525M	-432.62M	-851M	-671M	-737M	-768M	-818M
Dividend Payout Ratio %	0.29%	0.48%	0.41%	0.39%	0.22%	0.62%	0.47%	0.48%	0.45%	0.44%
Debt Issuance (Net)	-1000K	1000K	1000K	1000K	-1000K	1000K	1000K	1000K	1000K	1000K
Stock Issued	40M	45M	561M	34M	1.11B	58M	60M	53M	43M	46M
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	145M	1.15B	448M	-49M	-47.81M	-35M	-76M	-71M	-77M	-108M
Net Change in Cash+	12M	27M	58M	5M	42.25M	-121M	-118M	78M	416M	-405M
Exchange Rate Effect	1000K	-1000K	-1000K	1000K	1000K	-1000K	1000K	1000K	0	1000K
Cash at Beginning	230M	242M	269M	327M	243.08M	370M	249M	131M	209M	625M
Cash at End	242M	269M	327M	332M	285.33M	249M	131M	209M	625M	220M
Free Cash Flow+	-570M	-5.01B	-268M	-614M	-644.69M	-1.34B	-479M	-791M	-624M	-1.34B
FCF Growth %	0.82%	-7.78%	0.95%	-1.29%	-0.05%	-1.08%	0.64%	-0.65%	0.21%	-1.14%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	8.27%	4.92%	6.19%	6.62%	8.93%	6.31%	6.28%	6.37%	6.81%	6.83%
EBITDA Margin	33.92%	36.06%	44.45%	43%	49.96%	44.05%	42.06%	39.92%	42.17%	45.35%
Net Debt / EBITDA	5.24x	9.14x	5.91x	6.78x	5.21x	6.26x	6.50x	6.54x	6.05x	6.42x
Interest Coverage	2.57x	2.19x	2.75x	2.43x	2.94x	2.41x	2.46x	2.49x	2.36x	2.34x
CapEx / Revenue	33.2%	100.78%	36.43%	38.36%	32.66%	43.17%	33.75%	32.48%	34.61%	43.55%
Dividend Payout Ratio	28.82%	47.88%	40.76%	39.37%	22.12%	61.7%	46.99%	48.28%	44.56%	44.29%
Debt / Equity	1.18x	1.39x	1.32x	1.34x	1.15x	1.23x	1.24x	1.27x	1.29x	1.30x
EPS Growth	85%	-27.03%	22.22%	18.61%	32.85%	-26.92%	-1.88%	6.51%	11.51%	4.52%

Revenue by Segment

	2017	2018	2019	2020	2021	2022	2024
Electric and Gas	-	7.92B	8.22B	8.42B	8.87B	10.5B	10.89B
Electric and Gas Growth	-	-	3.88%	2.36%	5.36%	18.41%	3.71%
Other Services	-	-	-	-	-	-	350M
Other Services Growth	-	-	-	-	-	-	-
Energy Infrastructure	226M	-	-	-	-	-	-
Energy Infrastructure Growth	-	-	-	-	-	-	-
Corporate and Other	1M	-	-	-	-	-	-
Corporate and Other Growth	-	-	-	-	-	-	-

Revenue by Geography

	2017	2018	2019	2020	2021	2022	2024
UNITED STATES	2.08B	1.99B	1.97B	2.02B	2.07B	2.5B	2.73B
UNITED STATES Growth	-	-4.18%	-1.35%	2.70%	2.58%	20.62%	9.33%
CANADA	398M	651M	671M	707M	701M	722M	1.54B
CANADA Growth	-	63.57%	3.07%	5.37%	-0.85%	3.00%	113.02%
Caribbean	301M	78M	85M	77M	89M	98M	402M
Caribbean Growth	-	-74.09%	8.97%	-9.41%	15.58%	10.11%	310.20%

Frequently Asked Questions

Valuation & Price

Fortis Inc. (FTS) has a price-to-earnings (P/E) ratio of 15.8x. This is roughly in line with market averages.

Growth & Financials

Fortis Inc. (FTS) reported $11.21B in revenue for fiscal year 2024. This represents a 200% increase from $3.74B in 2011.

Fortis Inc. (FTS) saw revenue decline by 0.1% over the past year.

Yes, Fortis Inc. (FTS) is profitable, generating $1.65B in net income for fiscal year 2024 (14.6% net margin).

Dividend & Returns

Yes, Fortis Inc. (FTS) pays a dividend with a yield of 2.93%. This makes it attractive for income-focused investors.

Fortis Inc. (FTS) has a return on equity (ROE) of 6.8%. This is below average, suggesting room for improvement.

Fortis Inc. (FTS) had negative free cash flow of $2.14B in fiscal year 2024, likely due to heavy capital investments.

Industry Metrics

Fortis Inc. (FTS) has a dividend payout ratio of 44%. This suggests the dividend is well-covered and sustainable.

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