EMA Emera Incorporated Common Shares
NYSE · Utilities · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Feb 23, 2026EMA Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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About Emera Incorporated Common Shares Company overview from Wikipedia
Emera Incorporated is a publicly traded Canadian multinational energy holding company based in Halifax, Nova Scotia. Created in 1998 during the privatization of Nova Scotia Power, a provincial Crown corporation, Emera now invests in regulated electricity generation as well as transmission and distribution across North America and the Caribbean.
History
Emera was created out of the privatization of the provincial Crown corporation Nova Scotia Power Incorporated (NSPI). On December 2, 1998, NSPI shareholders voted to restructure the company to create a holding company which would be shareholder-owned, with the regulated utility being a wholly owned subsidiary of the holding company. On December 9, 1998, NSPI received approval to establish NS Power Holdings Incorporated and NSPI shareholders exchanged their shares in NSPI for shares in NS Power Holdings Inc. on a one-to-one basis on January 1, 1999. Common shares in NS Power Holdings Inc. began trading on the Toronto Stock Exchange and Montreal Stock Exchange on January 6, 1999. The NS Power Holdings Inc. name was changed to Emera Incorporated on July 17, 2000.
In 2013, Emera acquired the Bridgeport Energy, Rumford Power, and Tiverton Power plants from Capital Power Corporation for $541 million.
On September 4, 2015, Emera announced the acquisition of TECO Energy, a utility company based in Tampa, Florida, whose holdings include Tampa Electric, Peoples Gas (no relation to the Chicago-based company of the same name), and New Mexico Gas. Emera paid $10.4 billion for TECO. The deal closed in July 2016.
On May 28, 2025, Emera Inc. became a dual-listed company (TSX and NYSE), trading on the New York Stock Exchange under the ticker symbol EMA.
Subsidiaries
Source:
Electric Utilities
Nova Scotia Power is a vertically integrated utility in Nova Scotia, with 500,000 customers, and 2487 MW of generating capacity
Tampa Electric, a vertically integrated utility in the Tampa Bay area of Florida, with 840,000 customers and 6000 MW of generating capacity
Emera Caribbean is a utility that serves customers in the Caribbean. Its subsidiaries include:
A 19.5% equity stake in Light and Power Holdings - LUCELEC in St. Lucia
Barbados Light and Power Company in Barbados
Former Subsidiaries
Emera Maine was a utility with 130,000 customers in Maine, created through the merger of Bangor Hydro (acquired in 2002) and Maine Public Service (acquired in 2010). In 2020, Emera Maine was sold to another Canadian utility, ENMAX of Calgary, Alberta. Under ENMAX, the former Emera Maine territory now trades as Versant Power.
Grand Bahama Power Company in The Bahamas
Natural Gas Utilities
Peoples Gas is a natural gas utility in Florida with 470,000 customers.
Former Subsidiaries
New Mexico Gas Company, the largest natural gas utility in New Mexico.
Other Subsidiaries
Emera Energy trades and markets natural gas and electricity. Power plants owned include:
Bear Swamp Hydroelectric Power Station, a 600 MW hydro-electric plant in northern Massachusetts, 50% owned by Emera
Emera New Brunswick runs the Brunswick Pipeline, a natural gas pipeline through New Brunswick, Canada
Emera Newfoundland & Labrador, which operates the Maritime Link, an integrated set of transmission assets that deliver renewable electricity from Muskrat Falls in Labrador through Newfoundland to Nova Scotia.
Emera has a 12.5% ownership stake in the Maritimes and Northeast Pipeline
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | EMA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E | 14.25Y avg ≈16.6 | ≈16.6 | · | · | |
| P/S | 1.75Y avg ≈1.7 | ≈1.7 | · | · | |
| P/B | 1.15Y avg ≈1.0 | ≈1.0 | · | · | |
| EV / EBITDA | 10.95Y avg ≈12.4 | ≈12.4 | · | · | |
| Price / FCF | -8.45Y avg ≈-12.6 | ≈-12.6 | · | · | |
| Price / Cash Flow | 8.05Y avg ≈7.9 | ≈7.9 | · | · | |
| EV / Revenue | 4.15Y avg ≈4.2 | ≈4.2 | · | · | |
| EV / FCF | -20.65Y avg ≈-33.3 | ≈-33.3 | · | · | |
| Price / Tangible Book | 1.95Y avg ≈2.0 | ≈2.0 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | EMA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin | 22.5%5Y avg ≈19.8% | ≈19.8% | · | · | |
| EBITDA Margin | 37.3%5Y avg ≈34.5% | ≈34.5% | · | · | |
| Pretax Margin | 13.3%5Y avg ≈12.0% | ≈12.0% | · | · | |
| Net Profit Margin | 12.4%5Y avg ≈11.4% | ≈11.4% | · | · | |
| ROA | 2.5%5Y avg ≈2.2% | ≈2.2% | · | · | |
| ROE | 8.2%5Y avg ≈7.3% | ≈7.3% | · | · | |
| ROIC | 5.3%5Y avg ≈4.6% | ≈4.6% | · | · |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | EMA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity | 1.65Y avg ≈1.6 | ≈1.6 | · | · | |
| Current Ratio | 0.75Y avg ≈0.7 | ≈0.7 | · | · | |
| Quick Ratio | 0.15Y avg ≈0.1 | ≈0.1 | · | · | |
| Long-Term Debt / Equity | 1.45Y avg ≈1.4 | ≈1.4 | · | · |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Not enough fundamentals data to compute this ratio group yet.
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | EMA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.25Y avg ≈0.2 | ≈0.2 | · | · | |
| Revenue / Employee | ≈$1.1M | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
| Ex-date | Amount | Currency | Yield |
|---|---|---|---|
| Jul 31, 2026 | $0.52 | USD | ≈2.0% |
| May 1, 2026 | $0.54 | USD | ≈1.0% |
| Aug 1, 2025 | $0.52 | USD | ≈5.6% |
| May 1, 2025 | $0.53 | USD | ≈5.9% |
| Jan 31, 2025 | $0.50 | USD | ≈6.8% |
| Nov 1, 2024 | $0.52 | USD | ≈7.2% |
| Oct 3, 2024 | $0.54 | USD | ≈5.4% |
| Aug 1, 2024 | $0.52 | USD | ≈5.9% |
| Apr 30, 2024 | $0.53 | USD | ≈6.2% |
| Jan 31, 2024 | $0.54 | USD | ≈5.9% |
| Oct 31, 2023 | $0.52 | USD | ≈6.3% |
| Jul 31, 2023 | $0.52 | USD | ≈5.1% |
| Apr 28, 2023 | $0.51 | USD | ≈4.8% |
| Jan 31, 2023 | $0.52 | USD | ≈5.2% |
| Oct 31, 2022 | $0.51 | USD | ≈5.6% |
| Jul 29, 2022 | $0.52 | USD | ≈4.4% |
| Apr 29, 2022 | $0.52 | USD | ≈4.3% |
| Jan 31, 2022 | $0.52 | USD | ≈4.4% |
| Oct 29, 2021 | $0.54 | USD | ≈4.4% |
| Jul 30, 2021 | $0.51 | USD | ≈4.3% |
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | $0.69 | $0.73 | -5.6% | |
| March 31, 2026 | $1.37 | $1.16 | 18.5% | |
| Dec. 31, 2025 | $0.55 | $0.56 | -2.1% | |
| Sept. 30, 2025 | $0.88 | $0.88 | 0.30% | |
| June 30, 2025 | $0.79 | $0.66 | 20.3% | |
| March 31, 2025 | $1.28 | $1.00 | 27.9% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2011 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.78B | $7.20B | $7.56B | $7.59B | $5.76B | $5.51B | $6.11B | $6.52B | $6.23B | $4.28B | $2.79B | $2.06B | |
| Operating Expenses | · | · | · | · | · | · | · | $5.13B | $4.81B | $3.72B | $2.28B | $1.75B | |
| Operating Income | $1.98B | $1.08B | $1.79B | $1.63B | $930M | $1.15B | $1.34B | $1.40B | $1.42B | $555M | $508M | $318M | |
| Interest Expense | · | · | · | · | · | · | · | $724M | $705M | $598M | $222M | · | |
| Interest Income | $37M | $23M | $43M | $25M | · | · | · | · | · | $2M | $6M | · | |
| Other Non-op | $14M | $22M | $22M | $7M | $32M | $29M | $-9M | $-23M | $25M | $174M | $141M | $43M | |
| Pretax Income | $1.17B | $409M | $1.17B | $1.19B | $555M | $1.32B | $771M | $816M | $819M | $244M | $545M | $223M | |
| Income Tax | $81M | $-159M | $128M | $185M | $-6M | $341M | $61M | $69M | $520M | $-22M | $93M | $-37M | |
| Net Income | $1.09B | $568M | $1.04B | $1.01B | $561M | $984M | $710M | $747M | $299M | $227M | $427M | $248M | |
| EPS (Basic) | $3.39 | $1.71 | $3.57 | $3.56 | $1.98 | $3.78 | $2.76 | $3.05 | $1.25 | $1.33 | $2.72 | $1.99 | |
| EPS (Diluted) | $3.38 | $1.71 | $3.57 | $3.55 | $1.98 | $3.78 | $2.76 | $3.04 | $1.24 | $1.32 | $2.71 | $1.97 | |
| Shares (Basic) | 299,000,000 | 289,000,000 | 274,000,000 | 266,000,000 | 257,000,000 | 248,000,000 | 239,900,000 | 233,000,000 | 213,400,000 | 171,400,000 | 145,800,000 | 121,000,000 | |
| Shares (Diluted) | 300,000,000 | 289,000,000 | 274,000,000 | 266,000,000 | 258,000,000 | 248,000,000 | 240,500,000 | 233,500,000 | 214,100,000 | 172,200,000 | 146,400,000 | 126,200,000 | |
| EBITDA | $3.27B | $2.25B | $2.85B | $2.59B | $1.84B | $2.05B | $2.25B | $2.31B | $2.25B | $1.14B | · | $318M |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2011 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $349M | $196M | $567M | $310M | $394M | $220M | $222M | $316M | $438M | $491M | $1.07B | $77M | |
| Short-term Investments | $5M | $5M | $8M | $8M | $157M | $0 | $0 | $43M | $222M | $183M | $78M | · | |
| Receivables | · | · | · | · | · | · | · | · | · | $972M | $538M | $460M | |
| Inventory | $821M | $781M | $790M | $769M | $538M | $453M | $467M | $474M | $418M | $472M | $314M | $199M | |
| Prepaid Expense | $2.44B | $1.81B | $1.82B | $2.90B | $1.73B | $1.23B | $1.49B | $1.62B | · | · | · | $15M | |
| Other Current Assets | $150M | $85M | $90M | $360M | $280M | $138M | $189M | $1.62B | $1.33B | $1.32B | $256M | $4M | |
| Current Assets | $4.39B | $3.69B | $3.71B | $4.90B | $3.14B | $2.18B | $2.49B | $2.83B | $2.53B | $2.51B | $2.60B | $993M | |
| PP&E (Net) | $27.41B | $26.17B | $24.38B | $23.00B | $20.35B | $19.54B | $18.17B | $18.71B | $17.00B | $17.29B | $6.47B | $4.29B | |
| PP&E (Gross) | $35.87B | $33.65B | $32.27B | $30.58B | $26.87B | $25.89B | $24.89B | $26.04B | $24.20B | $23.67B | $9.99B | · | |
| Accum. Depreciation | $10.85B | $10.44B | $9.99B | $9.57B | $8.74B | $8.71B | $8.32B | $8.57B | $7.82B | $7.79B | $3.74B | $2.84B | |
| Goodwill | $5.58B | $5.86B | $5.87B | $6.01B | $5.70B | $5.72B | $5.83B | $6.31B | $5.80B | $6.21B | $264M | $198M | |
| Intangibles | · | · | · | · | · | · | · | · | · | · | · | $101M | |
| Other Non-current Assets | $13.02B | $13.10B | $11.40B | $11.85B | $10.76B | $9.52B | $11.19B | $10.77B | $9.29B | $9.42B | $2.97B | $1.64B | |
| Total Assets | $44.82B | $42.95B | $39.48B | $39.74B | $34.24B | $31.23B | $31.84B | $32.31B | $28.81B | $29.22B | $12.04B | $6.92B | |
| Accounts Payable | $1.95B | $1.99B | $1.45B | $2.02B | $1.49B | $1.15B | $1.12B | $1.29B | $1.16B | $1.24B | $394M | $333M | |
| Accrued Liabilities | $229M | $189M | $172M | $174M | $157M | $141M | $147M | $154M | $134M | $137M | $130M | · | |
| Short-term Debt | $1.81B | $1.40B | $1.43B | $2.73B | $1.74B | $1.62B | $1.54B | $1.19B | $1.24B | $961M | $16M | $210M | |
| Current Liabilities | $6.63B | $5.12B | $4.54B | $7.29B | $4.88B | $4.88B | $4.17B | $4.55B | $3.95B | $3.72B | $1.37B | $802M | |
| Capital Leases | $53M | $54M | $55M | $59M | $58M | $60M | $61M | · | · | · | · | · | |
| Deferred Tax | $2.52B | $2.33B | $2.35B | $2.20B | $1.87B | $1.63B | $1.28B | $1.32B | $1.02B | $1.67B | $762M | $229M | |
| Other Non-current Liabilities | $960M | $910M | $820M | $825M | $868M | $781M | $764M | $684M | $609M | $645M | $299M | $20M | |
| Long-term Debt | $19.65B | $18.41B | $18.36B | $16.32B | $14.66B | $13.72B | $14.18B | $15.41B | $13.88B | $14.74B | $4.01B | $3.31B | |
| Total Debt | $21.46B | $19.81B | $19.80B | $19.04B | $16.40B | $15.35B | $15.72B | $16.60B | $15.12B | $15.71B | · | $3.52B | |
| Common Stock | $9.39B | $9.04B | $8.46B | $7.76B | $7.24B | $6.71B | $6.22B | $5.82B | $5.60B | $4.74B | $2.16B | $1.39B | |
| Paid-in Capital | $86M | $84M | $82M | $81M | $79M | $79M | $78M | $84M | $76M | $75M | $29M | $3M | |
| Retained Earnings | $1.61B | $1.47B | $1.80B | $1.58B | $1.35B | $1.50B | $1.17B | $1.07B | $891M | $1.08B | $1.17B | $736M | |
| AOCI | $873M | $1.26B | $305M | $578M | $25M | $-79M | $95M | $338M | $-165M | $106M | $137M | $-672M | |
| Stockholders' Equity | $13.38B | $13.28B | $12.07B | $11.43B | $10.12B | $9.20B | $8.57B | $8.32B | $7.11B | $6.70B | $4.20B | $1.60B | |
| Liabilities + Equity | $44.82B | $42.95B | $39.48B | $39.74B | $34.24B | $31.23B | $31.84B | $32.31B | $28.81B | $29.22B | $12.04B | $6.92B | |
| Shares Outstanding | 301,760,000 | 295,940,000 | 284,120,000 | 269,950,000 | 261,070,000 | 251,430,000 | 242,480,000 | 234,120,000 | 228,770,000 | 210,020,000 | 147,210,000 | 122,830,000 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2011 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $1.30B | $1.17B | $1.06B | $959M | $915M | $899M | $911M | $928M | $856M | $588M | $340M | · | |
| Deferred Tax | $71M | $-191M | $97M | $152M | $-37M | $381M | $125M | $185M | $469M | $-67M | $20M | $12M | |
| Other Non-cash | $-657M | $1.10B | $39M | $-1.21B | $-254M | $-627M | $-221M | $-42M | $-502M | $411M | · | · | |
| Operating Cash Flow | $1.80B | $2.65B | $2.24B | $913M | $1.19B | $1.64B | $1.52B | $1.69B | $1.19B | $1.05B | $674M | $400M | |
| CapEx | $3.53B | $3.15B | $2.94B | $2.60B | $2.36B | $2.62B | $2.50B | $2.16B | $1.53B | $1.08B | $427M | $472M | |
| Investing Cash Flow | $-3.48B | $-2.22B | $-2.92B | $-2.57B | $-2.33B | $-1.22B | $-1.62B | $-2.19B | $-1.76B | · | · | $-661M | |
| Debt Issued | $2.02B | $1.36B | $1.93B | $784M | $2.55B | $428M | $1.07B | $1.05B | $129M | $6.42B | $446M | $252M | |
| Net Debt Issued | $1.81B | $275M | $1.78B | $417M | $894M | $-85M | $-37M | $298M | $-324M | $6.15B | · | $238M | |
| Stock Issued | $47M | $284M | $424M | $277M | $317M | $285M | $203M | $10M | $682M | $354M | $9M | $244M | |
| Net Stock Activity | $47M | $284M | $424M | $277M | $317M | $285M | $203M | $10M | $682M | $354M | · | $244M | |
| Dividends Paid | $576M | $538M | $488M | $472M | $443M | $409M | $423M | $382M | $287M | $221M | $162M | $158M | |
| Financing Cash Flow | $1.84B | $-818M | $939M | $1.55B | $1.31B | $-372M | $14M | $344M | $593M | · | · | $331M | |
| Net Change in Cash | $150M | $-367M | $256M | $-85M | $163M | $-20M | $-98M | $-131M | $12M | $-601M | $852M | $70M | |
| Taxes Paid | $41M | $34M | $-43M | $-67M | $-24M | $148M | $107M | $33M | $63M | $57M | $124M | · | |
| Free Cash Flow | $-1.73B | $-505M | $-696M | $-1.68B | $-1.17B | $-986M | $-970M | $-472M | $-336M | $22M | · | $-73M | |
| Levered FCF | · | · | · | · | · | · | · | $-1.13B | $-593M | $-632M | · | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2011 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 22.5% | 15.0% | 23.7% | 21.5% | 16.1% | 20.8% | 22.0% | 21.4% | 22.3% | 13.0% | · | 15.4% | |
| Net Margin | 12.4% | 7.9% | 13.8% | 13.3% | 9.7% | 17.9% | 11.6% | 11.5% | 4.3% | 6.0% | · | 12.0% | |
| Pretax Margin | 13.3% | 5.7% | 15.5% | 15.7% | 9.6% | 24.1% | 12.6% | 12.5% | 13.2% | 5.7% | · | 10.8% | |
| EBITDA Margin | 37.3% | 31.2% | 37.7% | 34.1% | 32.0% | 37.2% | 36.9% | 35.5% | 36.1% | 26.7% | · | 15.4% | |
| ROA | 2.5% | 1.4% | 2.6% | 2.7% | 1.7% | 3.1% | 2.2% | 2.4% | 0.92% | 1.2% | · | 3.8% | |
| ROE | 8.2% | 4.5% | 8.9% | 9.4% | 5.8% | 11.1% | 8.4% | 9.7% | 3.9% | 4.7% | · | 16.7% | |
| ROIC | 5.3% | 4.5% | 5.0% | 4.5% | 3.5% | 3.5% | 5.1% | 5.1% | 2.3% | 2.7% | · | 7.2% |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2011 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.7 | 0.7 | 0.8 | 0.7 | 0.6 | 0.4 | 0.6 | 0.6 | 0.6 | 0.7 | · | 1.2 | |
| Quick Ratio | 0.1 | 0.0 | 0.1 | 0.0 | 0.1 | 0.0 | 0.1 | 0.1 | 0.2 | 0.4 | · | 0.7 | |
| Debt / Equity | 1.6 | 1.5 | 1.6 | 1.7 | 1.6 | 1.7 | 1.8 | 2.0 | 2.1 | 2.3 | · | 2.2 | |
| LT Debt / Equity | 1.4 | 1.4 | 1.5 | 1.4 | 1.4 | 1.3 | 1.6 | 1.7 | 1.9 | 2.1 | · | 2.0 | |
| Interest Coverage | · | · | · | · | · | · | · | 1.9 | 2.0 | 0.9 | · | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2011 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | · | 0.3 | |
| Receivables Turnover | · | · | · | · | · | · | · | · | · | 5.7 | · | 4.8 |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2011 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $44.35 | $44.86 | $42.50 | $42.33 | $38.75 | $36.61 | $35.33 | $35.52 | $30.99 | $31.92 | · | $13.02 | |
| Revenue / Share | $29.25 | $24.91 | $27.62 | $28.53 | $22.34 | $22.18 | $25.41 | $27.94 | $29.08 | $24.84 | · | $16.36 | |
| Cash Flow / Share | $6.01 | $9.16 | $8.18 | $3.43 | $4.59 | $6.60 | $6.34 | $7.24 | $5.57 | $6.12 | · | $3.17 | |
| Cash / Share | $1.16 | $0.66 | $2.00 | $1.15 | $1.51 | $0.88 | $0.92 | $1.35 | $2.20 | $1.92 | · | $0.63 | |
| Dividend / Share | $2.91 | $2.88 | $2.79 | $2.68 | $2.58 | $2.48 | $2.38 | $2.28 | $2.13 | $2.00 | $1.66 | $1.31 | |
| EPS (TTM) | $3.38 | $1.71 | $3.57 | $3.55 | $1.98 | $3.78 | $2.76 | $3.04 | $1.24 | $1.32 | · | $1.97 |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2011 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $8.78B | $7.20B | $7.56B | $7.59B | $5.76B | $5.51B | $6.11B | $6.52B | $6.23B | $4.28B | · | $2.06B | |
| Net Income TTM | $1.09B | $568M | $1.04B | $1.01B | $561M | $984M | $710M | $747M | $299M | $227M | · | $248M | |
| Market Cap | $14.86B | $11.06B | $10.74B | $10.40B | $13.05B | $10.69B | $10.42B | $7.50B | $8.57B | $7.13B | · | $3.97B | |
| Enterprise Value | $35.97B | $30.67B | $29.96B | $29.12B | $28.89B | $25.81B | $25.92B | $23.74B | $22.96B | $22.25B | · | $7.42B | |
| P/E | 14.6 | 21.9 | 10.6 | 10.8 | 25.2 | 11.2 | 15.6 | 10.5 | 30.2 | 25.7 | · | 16.4 | |
| P/S | 1.7 | 1.5 | 1.4 | 1.4 | 2.3 | 1.9 | 1.7 | 1.1 | 1.4 | 1.7 | · | 1.9 | |
| P/B | 1.1 | 0.8 | 0.9 | 0.9 | 1.3 | 1.2 | 1.2 | 0.9 | 1.2 | 1.1 | · | 2.5 | |
| P / Tangible Book | 1.9 | 1.5 | 1.7 | 1.9 | 3.0 | 3.1 | · | · | · | · | · | · | |
| P / Cash Flow | 8.2 | 4.2 | 4.8 | 11.4 | 11.0 | 6.5 | 6.8 | 4.4 | 7.2 | 6.8 | · | 9.9 | |
| P / FCF | -8.6 | -21.9 | -15.4 | -6.2 | -11.1 | -10.8 | -10.7 | -15.9 | -25.5 | 324.0 | · | -54.7 | |
| EV / EBITDA | 11.0 | 13.7 | 10.5 | 11.3 | 15.7 | 12.6 | 11.5 | 10.3 | 10.2 | 19.5 | · | 23.4 | |
| EV / FCF | -20.8 | -60.7 | -43.0 | -17.3 | -24.6 | -26.2 | -26.7 | -50.3 | -68.3 | 1011.2 | · | -102.2 | |
| EV / Revenue | 4.1 | 4.3 | 4.0 | 3.8 | 5.0 | 4.7 | 4.2 | 3.6 | 3.7 | 5.2 | · | 3.6 | |
| Dividend Yield | 3.9% | 4.9% | 4.5% | 4.5% | 3.4% | 3.8% | 4.1% | 5.1% | 3.4% | 3.1% | · | 4.0% | |
| Earnings Yield | 6.9% | 4.6% | 9.4% | 9.2% | 4.0% | 8.9% | 6.4% | 9.5% | 3.3% | 3.9% | · | 6.1% | |
| Payout Ratio | 52.8% | 94.7% | 46.7% | 46.8% | 79.0% | 46.1% | 59.6% | 46.3% | 107.9% | 86.7% | · | 63.6% | |
| Annual Payout | $576M | $538M | $488M | $472M | $443M | $409M | $423M | $382M | $287M | $221M | · | $158M |
Per Share
| Metric | Trend | Q4 2018 |
|---|---|---|
| EPS (TTM) | $3.04 |
Valuation (TTM)
| Metric | Trend | Q4 2018 |
|---|---|---|
| Revenue TTM | $6.52B | |
| Net Income TTM | $747M | |
| P/E | 10.5 | |
| Earnings Yield | 9.5% | |
| Annual Payout | $382M |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $8.78B | $7.20B | $7.56B | $7.59B | $5.76B |
| Operating Margin % | 22.5% | 15.0% | 23.7% | 21.5% | 16.1% |
| Net Income | $1.09B | $568M | $1.04B | $1.01B | $561M |
| Diluted EPS | $3.38 | $1.71 | $3.57 | $3.55 | $1.98 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | 1.6 | 1.5 | 1.6 | 1.7 | 1.6 |
| Current Ratio | 0.7 | 0.7 | 0.8 | 0.7 | 0.6 |
| Quick Ratio | 0.1 | 0.0 | 0.1 | 0.0 | 0.1 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-1.73B | $-505M | $-696M | $-1.68B | $-1.17B |
Institutional owners (13F) 235 filers · $9.8B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 41 (-10 vs prior Q) | 19 (+5 vs prior Q) | 104 (+33 vs prior Q) | 46 (-8 vs prior Q) | +2.5M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| BANK OF MONTREAL /CAN/ | $966,236,412 | 18,233,933 | 9.87% | Shares |
| ROYAL BANK OF CANADA | $956,656,000 | 18,043,306 | 9.77% | Shares |
| CIBC WORLD MARKET INC. | $679,743,090 | 12,825,938 | 6.94% | Shares |
| VANGUARD GROUP INC | $660,299,266 | 13,398,658 | 6.74% | Shares |
| FIL Ltd | $638,095,954 | 12,029,504 | 6.52% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $463,812,068 | 8,743,912 | 4.74% | Shares |
| Rare Infrastructure Ltd | $423,900,426 | 6,872,575 | 4.33% | Shares |
| ATLAS Infrastructure Partners (UK) Ltd. | $374,812,748 | 7,069,271 | 3.83% | Shares |
| MACKENZIE FINANCIAL CORP | $292,950,059 | 3,894,059 | 2.99% | Shares |
| TD Asset Management Inc | $269,792,040 | 5,087,963 | 2.76% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $269,149,788 | 4,687,423 | 2.75% | Shares |
| SCOTIA CAPITAL INC. | $243,490,975 | 4,599,834 | 2.49% | Shares |
| TD Waterhouse Canada Inc. | $242,576,437 | 4,633,493 | 2.48% | Shares |
| GOLDMAN SACHS GROUP INC | $234,231,890 | 4,417,803 | 2.39% | Shares |
| MORGAN STANLEY | $219,425,709 | 4,138,546 | 2.24% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $208,673,282 | 3,937,892 | 2.13% | Shares |
| NATIONAL BANK OF CANADA /FI/ | $201,789,341 | 3,812,208 | 2.06% | Shares |
| Legal & General Group Plc | $193,697,424 | 3,652,929 | 1.98% | Shares |
| BANK OF NOVA SCOTIA | $175,948,822 | 3,317,241 | 1.80% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $143,287,492 | 2,701,295 | 1.46% | Shares |
| Vanguard Global Advisers, LLC | $124,088,747 | 2,339,355 | 1.27% | Shares |
| INTACT INVESTMENT MANAGEMENT INC. | $104,396,178 | 1,968,235 | 1.07% | Shares |
| TORONTO DOMINION BANK | $102,380,370 | 1,932,111 | 1.05% | Shares |
| DUFF & PHELPS INVESTMENT MANAGEMENT CO | $87,401,462 | 1,161,790 | 0.89% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $76,167,307 | 1,437,360 | 0.78% | Shares |
| JPMORGAN CHASE & CO | $73,611,661 | 1,381,341 | 0.75% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $65,257,650 | 1,232,687 | 0.67% | Shares |
| Federation des caisses Desjardins du Quebec | $53,265,273 | 1,007,826 | 0.54% | Shares |
| Swiss National Bank | $51,799,959 | 979,400 | 0.53% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $51,600,966 | 973,134 | 0.53% | Shares |
| BANK OF AMERICA CORP /DE/ | $44,118,313 | 832,107 | 0.45% | Shares |
| Hillsdale Investment Management Inc. | $43,544,475 | 821,776 | 0.44% | Shares |
| Invesco Ltd. | $42,287,267 | 797,572 | 0.43% | Shares |
| Covalis Capital LLP | $38,946,047 | 734,477 | 0.40% | Shares |
| CIBC Asset Management Inc | $34,739,546 | 656,214 | 0.35% | Shares |
| FIRST TRUST ADVISORS LP | $34,305,094 | 647,005 | 0.35% | Shares |
| Woodbridge Co Ltd | $33,489,606 | 631,641 | 0.34% | Shares |
| JANE STREET GROUP, LLC | $32,708,728 | 617,218 | 0.33% | Shares |
| FRANKLIN RESOURCES INC | $32,598,809 | 615,175 | 0.33% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $32,265,763 | 608,283 | 0.33% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $32,027,818 | 425,732 | 0.33% | Shares |
| Addenda Capital Inc. | $31,731,487 | 421,793 | 0.32% | Shares |
| Public Sector Pension Investment Board | $31,105,042 | 586,986 | 0.32% | Shares |
| BlackRock, Inc. | $30,445,197 | 574,221 | 0.31% | Shares |
| TORONTO DOMINION BANK | $30,385,105 | 573,400 | 0.31% | Call option |
| TWO SIGMA INVESTMENTS, LP | $26,723,989 | 504,036 | 0.27% | Shares |
| MUFG SECURITIES (CANADA), LTD. | $22,919,382 | 432,773 | 0.23% | Shares |
| SIG North Trading, ULC | $21,610,952 | 407,600 | 0.22% | Call option |
| DEUTSCHE BANK AG\ | $21,459,368 | 404,741 | 0.22% | Shares |
| BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp | $19,866,050 | 374,894 | 0.20% | Shares |
ETF ownership Held by 32 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| PID · Invesco Exchange-Traded Fund Trust | 2.44% | 429,223 SH | Oct. 1, 2026 | Daily |
| ZAP · Global X Funds | 1.72% | 147,355 NS | July 31, 2026 | N-PORT |
| IDV · iShares Trust | 0.97% | 1,711,972 SH | Sept. 11, 2026 | Daily |
| JXI · iShares Trust | 0.70% | 42,157 SH | Sept. 11, 2026 | Daily |
| IDLV · Invesco Exchange-Traded Fund Trust … | 0.68% | 45,116 SH | Oct. 2, 2026 | Daily |
| BBCA · J.P. Morgan Exchange-Traded Fund Tr… | 0.53% | 1,086,284 NS | July 31, 2026 | N-PORT |
| EWC · iShares, Inc. | 0.49% | 680,295 SH | Sept. 11, 2026 | Daily |
| QLVD · FlexShares Trust | 0.40% | 4,064 NS | July 31, 2026 | N-PORT |
| TRFM · ETF Series Solutions | 0.23% | 10,670 NS | July 31, 2026 | N-PORT |
| RODM · Lattice Strategies Trust | 0.19% | 57,023 NS | July 31, 2026 | N-PORT |
| VYMI · VANGUARD WHITEHALL FUNDS | 0.09% | 340,744 SH | Aug. 19, 2026 | Daily |
| IMTM · iShares Trust | 0.09% | 76,710 SH | Sept. 11, 2026 | Daily |
| IMFL · Invesco Exchange-Traded Self-Indexe… | 0.06% | 14,652 SH | Oct. 2, 2026 | Daily |
| DFAI · Dimensional ETF Trust | 0.06% | 211,584 NS | July 31, 2026 | N-PORT |
| BKIE · BNY Mellon ETF Trust | 0.06% | 15,482 NS | July 31, 2026 | N-PORT |
| DFIC · Dimensional ETF Trust | 0.06% | 158,715 NS | July 31, 2026 | N-PORT |
| PXF · Invesco Exchange-Traded Fund Trust … | 0.05% | 30,749 SH | Oct. 2, 2026 | Daily |
| VEA · VANGUARD TAX-MANAGED FUNDS | 0.05% | 2,982,128 SH | Aug. 19, 2026 | Daily |
| IDEV · iShares Trust | 0.05% | 309,962 SH | Sept. 11, 2026 | Daily |
| VXUS · VANGUARD STAR FUNDS | 0.04% | 4,453,161 SH | Aug. 19, 2026 | Daily |
| VEU · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.04% | 713,712 SH | Aug. 19, 2026 | Daily |
| ACWX · iShares Trust | 0.04% | 98,096 SH | Sept. 11, 2026 | Daily |
| JFLI · J.P. Morgan Exchange-Traded Fund Tr… | 0.04% | 322 NS | July 31, 2026 | N-PORT |
| DFAX · Dimensional ETF Trust | 0.04% | 79,987 NS | July 31, 2026 | N-PORT |
| IXUS · iShares Trust | 0.03% | 399,077 SH | Sept. 11, 2026 | Daily |
| ESGG · FlexShares Trust | 0.03% | 665 NS | July 31, 2026 | N-PORT |
| TLTD · FlexShares Trust | 0.03% | 3,267 NS | July 31, 2026 | N-PORT |
| TOK · iShares Trust | 0.02% | 850 SH | Sept. 11, 2026 | Daily |
| URTH · iShares, Inc. | 0.02% | 25,384 SH | Sept. 11, 2026 | Daily |
| ACWI · iShares Trust | 0.01% | 94,751 SH | Sept. 11, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.01% | 253,471 SH | Aug. 19, 2026 | Daily |
| IFRA · iShares Trust | · | 372,447 SH | Sept. 11, 2026 | Daily |
EMA Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
2 analysts · 2026-10-02Mean target $62.50 +30.1%
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