Fortis Inc. (FTS) Financial Ratios
31 years of historical data (1995–2025) · Utilities · Regulated Electric
EV/EBITDA
↓
13.31
↑+21% vs avg
5yr avg: 10.95
30Y Low8.6·High13.1
P/FCF
N/A
—
5yr avg: N/A
P/B Ratio
↓
1.60
↑+72% vs avg
5yr avg: 0.93
30Y Low0.6·High1.6
ROE
↑
7.0%
↓+5% vs avg
5yr avg: 6.7%
30Y Low5%·High12%
Debt/EBITDA
↓
6.24
↓-2% vs avg
5yr avg: 6.40
30Y Low3.3·High9.3
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
FTS Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Fortis Inc. trades at 23.0x earnings, 55% above its 5-year average of 14.9x, sitting at the 94th percentile of its historical range. Compared to the Utilities sector median P/E of 20.1x, the stock trades at a premium of 14%.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $29.1B | $27.5B | $20.6B | $20.0B | $19.2B | $22.8B | $18.6B | $18.9B | $14.2B | $15.3B | $9.7B |
| Enterprise Value | $54.4B | $61.7B | $54.1B | $49.4B | $48.0B | $48.6B | $43.2B | $41.7B | $38.6B | $37.1B | $32.2B |
| P/E Ratio → | 22.95 | 15.28 | 12.83 | 13.27 | 14.40 | 18.49 | 15.35 | 11.41 | 12.18 | 15.87 | 16.34 |
| P/S Ratio | 3.25 | 2.26 | 1.79 | 1.74 | 1.74 | 2.41 | 2.08 | 2.15 | 1.69 | 1.84 | 1.42 |
| P/B Ratio | 1.60 | 1.06 | 0.80 | 0.86 | 0.84 | 1.09 | 0.92 | 0.94 | 0.77 | 0.91 | 0.59 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | 9.75 | 6.77 | 5.30 | 5.64 | 6.24 | 7.83 | 6.87 | 9.19 | 5.45 | 5.54 | 5.14 |
P/E links to full P/E history page with 30-year chart
FTS EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Fortis Inc.'s enterprise value stands at 13.3x EBITDA, 21% above its 5-year average of 11.0x. The Utilities sector median is 11.4x, placing the stock at a 17% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.07 | 4.70 | 4.29 | 4.35 | 5.14 | 4.83 | 4.75 | 4.61 | 4.47 | 4.71 |
| EV / EBITDA | 13.31 | 11.13 | 10.36 | 10.17 | 10.89 | 12.22 | 10.97 | 9.51 | 10.71 | 10.04 | 13.07 |
| EV / EBIT | 21.15 | 17.68 | 15.10 | 14.64 | 16.53 | 18.38 | 16.22 | 13.14 | 15.93 | 14.99 | 20.98 |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
FTS Profitability
Margins and return-on-capital ratios measuring operating efficiency
Fortis Inc. earns an operating margin of 28.7%, above the Utilities sector average of 19.9%. Operating margins have expanded from 26.8% to 28.7% over the past 3 years, signaling improving operational efficiency. ROE of 7.0% is modest, trailing the sector median of 9.4%. ROIC of 4.4% represents below-average returns on invested capital.
Margins
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 | 45.6% | 45.6% | 71.8% | 67.3% | 64.2% | 68.8% | 71.3% | 71.3% | 43.0% | 71.6% | 65.8% |
| Operating Margin | 28.7% | 28.7% | 28.6% | 26.8% | 24.8% | 26.1% | 28.1% | 34.6% | 28.2% | 30.2% | 21.7% |
| Net Profit Margin | 14.8% | 14.8% | 14.6% | 13.7% | 12.6% | 13.7% | 14.3% | 19.6% | 13.9% | 12.4% | 9.7% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.0% | 7.0% | 6.8% | 6.8% | 6.4% | 6.3% | 6.3% | 8.9% | 6.6% | 6.2% | 4.9% |
| ROA | 2.4% | 2.4% | 2.4% | 2.4% | 2.3% | 2.3% | 2.3% | 3.2% | 2.3% | 2.1% | 1.7% |
| ROIC | 4.4% | 4.4% | 4.4% | 4.4% | 4.2% | 4.0% | 4.3% | 5.3% | 4.4% | 4.9% | 3.6% |
| ROCE | 5.2% | 5.2% | 5.2% | 5.2% | 5.0% | 4.7% | 5.0% | 6.2% | 5.1% | 5.7% | 4.2% |
FTS Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Fortis Inc. carries a Debt/EBITDA ratio of 6.2x, which is highly leveraged (31% above the sector average of 4.8x). Net debt stands at $34.3B ($34.6B total debt minus $367M cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.34 | 1.34 | 1.30 | 1.29 | 1.27 | 1.24 | 1.23 | 1.15 | 1.34 | 1.32 | 1.39 |
| Debt / EBITDA | 6.24 | 6.24 | 6.46 | 6.18 | 6.59 | 6.53 | 6.32 | 5.29 | 6.87 | 6.00 | 9.25 |
| Net Debt / Equity | — | 1.32 | 1.30 | 1.26 | 1.26 | 1.23 | 1.21 | 1.14 | 1.33 | 1.30 | 1.37 |
| Net Debt / EBITDA | 6.17 | 6.17 | 6.42 | 6.05 | 6.54 | 6.50 | 6.26 | 5.21 | 6.78 | 5.91 | 9.14 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | 2.34 | 2.36 | 2.49 | 2.46 | 2.41 | 2.94 | 2.43 | 2.75 | 2.19 |
FTS Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.51x is below 1.0, meaning current liabilities exceed current assets. The current ratio has declined from 0.67x to 0.51x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.51 | 0.51 | 0.63 | 0.67 | 0.65 | 0.57 | 0.63 | 0.62 | 0.77 | 0.63 | 0.55 |
| Quick Ratio | 0.42 | 0.42 | 0.52 | 0.58 | 0.55 | 0.47 | 0.53 | 0.52 | 0.67 | 0.53 | 0.45 |
| Cash Ratio | 0.05 | 0.05 | 0.04 | 0.10 | 0.03 | 0.03 | 0.06 | 0.09 | 0.08 | 0.09 | 0.07 |
| Asset Turnover | — | 0.16 | 0.16 | 0.17 | 0.17 | 0.16 | 0.16 | 0.16 | 0.16 | 0.17 | 0.14 |
| Inventory Turnover | 10.20 | 10.20 | 4.74 | 6.66 | 5.98 | 6.17 | 6.07 | 6.40 | 12.02 | 6.43 | 6.29 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
FTS Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Fortis Inc. returns 2.1% to shareholders annually primarily through dividends. A payout ratio of 48.5% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 4.4% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 2.1% | 3.2% | 3.6% | 3.5% | 3.5% | 2.7% | 4.2% | 2.0% | 3.2% | 2.7% | 3.3% |
| Payout Ratio | 48.5% | 48.5% | 44.3% | 44.6% | 48.3% | 47.0% | 61.7% | 22.1% | 39.4% | 40.8% | 47.9% |
Total Shareholder Return Metrics
| 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% | 6.5% | 7.8% | 7.5% | 6.9% | 5.4% | 6.5% | 8.8% | 8.2% | 6.3% | 6.1% |
| 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 | 2.1% | 3.2% | 3.6% | 3.5% | 3.5% | 2.7% | 4.2% | 2.0% | 3.2% | 2.7% | 3.3% |
| Shares Outstanding | — | $529M | $495M | $487M | $479M | $471M | $455M | $455M | $425M | $416M | $313M |
Peer Comparison
Compare FTS with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 FTSYou | $29B | 23.0 | 13.3 | — | 45.6% | 28.7% | 7.0% | 4.4% | 6.2 |
 ATO | $31B | 25.1 | 17.5 | — | 52.4% | 33.2% | 9.3% | 5.5% | 4.1 |
 WEC | $38B | 23.9 | 15.5 | — | 50.5% | 24.2% | 11.6% | 5.1% | 5.8 |
 ES | $26B | 30.4 | 12.3 | — | 31.1% | 22.7% | 5.5% | 4.8% | 6.5 |
 CMS | $23B | 21.2 | 14.4 | — | 60.9% | 20.2% | 11.6% | 4.9% | 6.6 |
 NI | $23B | 24.7 | 12.8 | — | 74.3% | 27.6% | 8.3% | 5.3% | 5.2 |
 EVRG | $19B | 22.3 | 7.1 | — | 83.3% | 25.7% | 12.7% | 8.3% | 0.1 |
 AVA | $3B | 17.2 | 10.4 | — | 24.2% | 18.0% | 7.3% | 4.5% | 5.3 |
 AEE | $31B | 20.9 | 13.7 | — | 29.6% | 23.0% | 11.3% | 4.7% | 5.4 |
 PNW | $12B | 20.1 | 14.4 | — | 25.4% | 20.9% | 8.8% | 3.9% | 8.5 |
 OGE | $10B | 20.6 | 11.4 | 119.4 | 44.2% | 24.5% | 9.8% | 5.8% | 4.2 |
| Utilities Median | — | 20.1 | 11.4 | 15.1 | 40.9% | 19.9% | 9.4% | 4.8% | 4.8 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonFTS — Frequently Asked Questions
Quick answers to the most common questions about buying FTS stock.
What is Fortis Inc.'s P/E ratio?
Fortis Inc.'s current P/E ratio is 23.0x. The historical average is 16.1x. This places it at the 94th percentile of its historical range.
What is Fortis Inc.'s EV/EBITDA?
Fortis Inc.'s current EV/EBITDA is 13.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.6x.
What is Fortis Inc.'s ROE?
Fortis Inc.'s return on equity (ROE) is 7.0%. The historical average is 8.0%.
Is FTS stock overvalued?
Based on historical data, Fortis Inc. is trading at a P/E of 23.0x. This is at the 94th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Fortis Inc.'s dividend yield?
Fortis Inc.'s current dividend yield is 2.11% with a payout ratio of 48.5%.
What are Fortis Inc.'s profit margins?
Fortis Inc. has 45.6% gross margin and 28.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Fortis Inc. have?
Fortis Inc.'s Debt/EBITDA ratio is 6.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.