FTS Fortis Inc. Common Shares
NYSE · Utilities · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Feb 12, 2026FTS Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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About Fortis Inc. Common Shares Company overview from Wikipedia
Fortis Inc. is a Canadian electric utility holding company, based in St. John's, Newfoundland and Labrador. It operates in Canada, the United States, Central America and the Caribbean. In 2015, revenue was CA$6.7 billion.
Fortis was formed in 1987, when shareholders of the regulated transmission and distribution utility Newfoundland Light & Power Co. voted to form a separate holding company. NL&P shares were exchanged for Fortis shares on a one-to-one basis, with the regulated NL&P becoming a 100% owned subsidiary.
Expansion
The company expanded into Western Canada in 2003 with its purchase of the Canadian assets of Aquila, Inc., formerly owned by TransAlta, Canada's largest publicly traded utility. As a result of this acquisition, Fortis became one of Alberta's major regulated electrical distribution companies, serving 415,000 Albertans in 2005. ATCO Electric is Alberta's other regulated distribution company. Also as a result of the 2003 acquisition, Fortis owns regulated generation, transmission, and distribution assets in British Columbia.
In 2007, Fortis acquired Terasen Gas from Kinder Morgan, which had sold the BC gas utility as a non-strategic asset included in its 2005 acquisition of Terasen Inc.
In addition to its regulated Canadian assets, Fortis also owns unregulated assets in Ontario, British Columbia, and Newfoundland. The majority of its unregulated business consists of hydroelectric generating plants.
Fortis' interests in the Caribbean include a 67% interest in Belize Electricity Limited (BEL) and a 95% interest in Belize Electric Co. Ltd. The Belize Association of Non-Government Organisations took Fortis to the Judicial Committee of the Privy Council in 2003 to have a new environmental assessment of the Chalillo Dam on the Macal River which was a hydroelectricity development project. Ecologists were concerned over the future of species such as the scarlet macaw, the tapir and the black howler monkey as the project would flood 10 km2 of rainforest in Belize. Celebrities such as Harrison Ford and Cameron Diaz supported a movement to stop this dam. Fortis and the Government of Belize supported the project.
On May 30, 2011, it was announced that Fortis has plans to acquire Central Vermont Public Service, an electric utility in the US state of Vermont, for US$700 million, pending stockholder and regulatory approval; this acquisition would be Fortis' first utility acquisition in the United States. Gaz Métro offered a higher price and acquired CVPS.
On February 21, 2012, CH Energy Group (a holding company for Central Hudson Gas & Electric, an upstate New York utility), announced a pending acquisition by Fortis valued at $1.5 billion. On June 27, 2013, Fortis Inc. closed on its acquisition of CHG.
In 2013, Fortis announced its acquisition of UNS Energy, an Arizona utility company.
On February 9, 2016, Fortis announced an agreement to acquire ITC Holdings Corp., the largest independent transmission utility in the United States, for US$11.3 billion in cash and stock.
Operations
Fortis currently owns the following regulated utilities:
FortisBC, a utility in British Columbia
FortisAlberta Inc., a holding company for assets purchased from Aquila, Inc.
Central Hudson Gas & Electric, a utility in New York
Tucson Electric Power and UniSource Energy Services, utilities in Arizona
Newfoundland Power, serving 85% of the population of Newfoundland and Labrador; Fortis' original operating electric power subsidiary
Maritime Electric, serving 90% of the population of Prince Edward Island
FortisOntario, a holding company for Canadian Niagara Power Company, Cornwall Electric, and Algoma Power
Caribbean Utilities, a utility in the Cayman Islands
ITC Transmission, Novi, Michigan
Fortis also operates one non-regulated companies:
Fortis Generation, hydro generation in New York state and central Newfoundland.
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 | FTS | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E | 15.65Y avg ≈14.9 | ≈14.9 | · | · | |
| P/S | 2.25Y avg ≈2.0 | ≈2.0 | · | · | |
| P/B | 1.15Y avg ≈1.0 | ≈1.0 | · | · | |
| EV / EBITDA | 10.95Y avg ≈10.9 | ≈10.9 | · | · | |
| Price / FCF | -14.35Y avg ≈-39.4 | ≈-39.4 | · | · | |
| Price / Cash Flow | 6.65Y avg ≈6.3 | ≈6.3 | · | · | |
| EV / Revenue | 5.05Y avg ≈4.7 | ≈4.7 | · | · | |
| EV / FCF | -32.35Y avg ≈-91.2 | ≈-91.2 | · | · | |
| Price / Tangible Book | 2.85Y avg ≈2.8 | ≈2.8 | · | · |
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 | FTS | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin | 28.7%5Y avg ≈27.0% | ≈27.0% | · | · | |
| EBITDA Margin | 45.6%5Y avg ≈43.0% | ≈43.0% | · | · | |
| Pretax Margin | 19.3%5Y avg ≈18.0% | ≈18.0% | · | · | |
| Net Profit Margin | 16.1%5Y avg ≈15.1% | ≈15.1% | · | · | |
| ROA | 2.6%5Y avg ≈2.6% | ≈2.6% | · | · | |
| ROE | 8.2%5Y avg ≈7.9% | ≈7.9% | · | · | |
| ROIC | 5.0%5Y avg ≈4.8% | ≈4.8% | · | · |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | FTS | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity | 1.45Y avg ≈1.4 | ≈1.4 | · | · | |
| Current Ratio | 0.55Y avg ≈0.6 | ≈0.6 | · | · | |
| Quick Ratio | 0.25Y avg ≈0.3 | ≈0.3 | · | · | |
| Long-Term Debt / Equity | 1.35Y avg ≈1.3 | ≈1.3 | · | · |
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 | FTS | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.25Y avg ≈0.2 | ≈0.2 | · | · | |
| Receivables Turnover | 7.75Y avg ≈7.4 | ≈7.4 | · | · | |
| Revenue / Employee | ≈$1.2M | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
| Ex-date | Amount | Currency | Yield |
|---|---|---|---|
| Aug 19, 2026 | $0.46 | USD | ≈2.5% |
| May 15, 2026 | $0.47 | USD | ≈3.3% |
| Feb 17, 2026 | $0.47 | USD | ≈3.1% |
| Aug 19, 2025 | $0.45 | USD | ≈3.5% |
| May 16, 2025 | $0.44 | USD | ≈3.7% |
| Feb 18, 2025 | $0.43 | USD | ≈4.0% |
| Nov 18, 2024 | $0.44 | USD | ≈3.9% |
| Aug 20, 2024 | $0.43 | USD | ≈4.0% |
| May 16, 2024 | $0.43 | USD | ≈4.2% |
| Feb 15, 2024 | $0.44 | USD | ≈4.4% |
| Nov 16, 2023 | $0.43 | USD | ≈4.1% |
| Aug 18, 2023 | $0.42 | USD | ≈4.3% |
| May 16, 2023 | $0.42 | USD | ≈3.8% |
| Feb 14, 2023 | $0.42 | USD | ≈4.1% |
| Nov 16, 2022 | $0.43 | USD | ≈4.2% |
| Aug 18, 2022 | $0.41 | USD | ≈3.6% |
| May 16, 2022 | $0.41 | USD | ≈3.4% |
| Feb 14, 2022 | $0.42 | USD | ≈3.7% |
| Nov 16, 2021 | $0.43 | USD | ≈3.7% |
| Aug 18, 2021 | $0.40 | USD | ≈3.5% |
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | $0.78 | $0.77 | 1.4% | |
| March 31, 2026 | $0.99 | $1.01 | -1.6% | |
| Dec. 31, 2025 | $0.90 | $0.86 | 4.9% | |
| Sept. 30, 2025 | $0.81 | $0.85 | -5.2% | |
| June 30, 2025 | $0.76 | $0.71 | 7.4% | |
| March 31, 2025 | $1.00 | $0.98 | 1.8% |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.17B | $11.51B | $11.52B | $11.04B | $9.45B | $8.94B | $8.78B | $8.39B | $8.30B | $6.84B | $6.76B | |
| Cost of Revenue | $3.37B | $3.25B | $3.77B | $3.95B | $2.95B | $2.56B | $2.52B | $2.50B | $2.36B | · | · | |
| Operating Expenses | $3.25B | $3.04B | $2.89B | $2.68B | $2.52B | $2.44B | $2.45B | $2.29B | $2.25B | $2.03B | $1.87B | |
| Operating Income | $3.49B | $3.29B | $3.08B | $2.74B | $2.47B | $2.51B | $3.04B | $2.37B | $2.51B | $1.48B | $1.42B | |
| Interest Expense | · | · | $1.30B | $1.10B | $1.00B | $1.04B | $1.03B | $974M | $914M | $678M | $553M | |
| Interest Income | · | · | · | · | · | $13M | $16M | $15M | $14M | $7M | $8M | |
| Other Non-op | $1M | $7M | $2M | $19M | $12M | $-1M | $21M | $-7M | $9M | $2M | $-3M | |
| Pretax Income | $2.35B | $2.17B | $2.07B | $1.80B | $1.64B | $1.62B | $2.14B | $1.45B | $1.71B | $858M | $1.06B | |
| Income Tax | $393M | $346M | $360M | $289M | $234M | $231M | $289M | $165M | $588M | $145M | $223M | |
| Net Income | $1.96B | $1.83B | $1.71B | $1.51B | $1.41B | $1.39B | $1.85B | $1.29B | $1.12B | $713M | $840M | |
| EPS (Basic) | $3.40 | $3.24 | $3.10 | $2.78 | $2.61 | $2.60 | $3.79 | $2.59 | $2.32 | $1.89 | $2.61 | |
| EPS (Diluted) | $3.40 | $3.24 | $3.10 | $2.78 | $2.61 | $2.60 | $3.78 | $2.59 | $2.31 | $1.89 | $2.59 | |
| Shares (Basic) | 503,500,000 | 495,000,000 | 486,300,000 | 478,600,000 | 470,900,000 | 464,800,000 | 436,800,000 | 424,700,000 | 415,500,000 | 308,900,000 | 278,600,000 | |
| Shares (Diluted) | 503,700,000 | 495,200,000 | 486,500,000 | 479,000,000 | 471,400,000 | 465,400,000 | 437,500,000 | 425,200,000 | 416,200,000 | 313,400,000 | 284,700,000 | |
| EBITDA | $5.55B | $5.22B | $4.86B | $4.41B | $3.97B | $3.94B | $4.39B | $3.61B | $3.68B | $2.47B | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $367M | $220M | $625M | $209M | $131M | $249M | $370M | $332M | $327M | $269M | $242M | |
| Receivables | $1.49B | $1.67B | $1.55B | $1.76B | $1.27B | $1.10B | $1.07B | $1.08B | $991M | · | · | |
| Prepaid Expense | $179M | $182M | $150M | $146M | $116M | $102M | $88M | $84M | $79M | $85M | $68M | |
| Other Current Assets | $202M | $217M | $191M | $580M | $242M | $195M | $192M | $186M | $132M | $76M | $71M | |
| Current Assets | $3.81B | $3.80B | $4.03B | $4.27B | $2.73B | $2.61B | $2.57B | $3.26B | $2.21B | $2.17B | $1.86B | |
| Goodwill | $12.53B | $13.11B | $12.18B | $12.46B | $11.72B | $11.79B | $12.00B | $12.53B | $11.64B | $12.36B | $4.17B | |
| Intangibles | $1.72B | $1.66B | $1.51B | $1.55B | $1.34B | $1.29B | $1.26B | $1.20B | $1.08B | $1.01B | $541M | |
| Other Non-current Assets | $1.78B | $1.65B | $1.30B | $1.21B | $955M | $670M | $620M | $552M | $480M | $406M | $352M | |
| Total Assets | $74.83B | $73.49B | $65.92B | $64.25B | $57.66B | $55.48B | $53.40B | $53.05B | $47.82B | $47.90B | $28.80B | |
| Short-term Debt | $412M | $98M | $119M | $253M | $247M | $132M | $512M | $60M | $209M | $1.16B | $511M | |
| Current Liabilities | $7.51B | $6.04B | $5.96B | $6.62B | $4.80B | $4.15B | $4.18B | $4.25B | $3.50B | $3.94B | $2.64B | |
| Capital Leases | $44M | $47M | $39M | $34M | $32M | $33M | $38M | $390M | $414M | $460M | $487M | |
| Deferred Tax | $5.29B | $5.02B | $4.40B | $4.06B | $3.63B | $3.34B | $2.97B | $2.69B | $2.30B | $3.26B | $2.05B | |
| Other Non-current Liabilities | $1.27B | $1.31B | $1.27B | $1.15B | $1.41B | $1.60B | $1.45B | $1.14B | $1.21B | $1.28B | $1.15B | |
| Total Liabilities | $48.96B | $47.63B | $42.59B | $41.41B | $36.74B | $35.20B | $33.29B | $34.59B | $31.07B | $31.45B | $18.45B | |
| Long-term Debt | $33.87B | $33.21B | $29.53B | $28.41B | $25.34B | $24.37B | $22.19B | $24.09B | $21.40B | $21.07B | $11.17B | |
| Total Debt | $34.28B | $33.31B | $29.65B | $28.66B | $25.58B | $24.50B | $22.70B | $24.14B | $21.61B | $22.22B | · | |
| Common Stock | $16.11B | $15.59B | $15.11B | $14.66B | $14.24B | $13.82B | $13.64B | $11.89B | $11.58B | $10.76B | $5.87B | |
| Paid-in Capital | $5M | $8M | $9M | $10M | $10M | $11M | $11M | $11M | · | · | · | |
| Retained Earnings | $4.97B | $4.52B | $4.11B | $3.73B | $3.46B | $3.21B | $2.92B | $2.08B | $1.73B | $1.46B | $1.39B | |
| AOCI | $1.10B | $2.07B | $653M | $1.01B | $-40M | $34M | $336M | $928M | $61M | $745M | $791M | |
| Stockholders' Equity | $23.81B | $23.81B | $21.50B | $21.03B | $19.29B | $18.70B | $18.53B | $16.53B | $15.00B | $14.60B | $9.88B | |
| Liabilities + Equity | $74.83B | $73.49B | $65.92B | $64.25B | $57.66B | $55.48B | $53.40B | $53.05B | $47.82B | $47.90B | $28.80B | |
| Shares Outstanding | 507,300,000 | 499,300,000 | 490,600,000 | 482,200,000 | 474,800,000 | 466,800,000 | 463,300,000 | 428,500,000 | 421,100,000 | 401,500,000 | 281,600,000 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $2.06B | $1.93B | $1.77B | $1.67B | $1.50B | $1.43B | $1.35B | $1.24B | $1.18B | $983M | $873M | |
| Deferred Tax | $252M | $154M | $272M | $182M | $147M | $226M | $247M | $136M | $544M | $98M | $164M | |
| Amort. of Intangibles | $160M | $153M | $150M | $145M | $136M | $131M | $125M | $106M | $97M | $79M | $64M | |
| Other Non-cash | $-326M | $141M | $-291M | $-769M | $-294M | $-776M | $-954M | $-163M | $-189M | $112M | · | |
| Operating Cash Flow | $4.06B | $3.88B | $3.54B | $3.07B | $2.91B | $2.70B | $2.66B | $2.60B | $2.76B | $1.88B | $1.67B | |
| CapEx | $5.94B | $5.01B | $3.99B | $3.59B | $3.19B | $3.86B | $3.50B | $3.03B | $2.81B | $1.91B | $2.13B | |
| Investing Cash Flow | $-5.36B | $-5.39B | $-3.74B | $-4.06B | $-3.49B | $-4.13B | $-2.77B | $-3.25B | $-3.02B | $-6.89B | $-1.37B | |
| Debt Issued | $2.69B | $3.12B | $2.81B | $3.07B | $1.32B | $3.47B | $937M | $1.57B | $2.54B | $4.14B | $1.00B | |
| Net Debt Issued | $2.69B | $3.12B | $2.81B | $3.07B | $1.32B | $3.47B | $937M | $1.57B | $2.54B | $4.14B | · | |
| Stock Issued | $60M | $46M | $43M | $53M | $60M | $58M | $1.44B | $34M | $561M | $45M | $40M | |
| Net Stock Activity | $60M | $46M | $43M | $53M | $60M | $58M | $1.44B | $34M | $61M | $45M | · | |
| Dividends Paid | $788M | $744M | $701M | $673M | $608M | $786M | $494M | $459M | $419M | $316M | $232M | |
| Financing Cash Flow | $1.46B | $1.06B | $613M | $1.03B | $451M | $1.33B | $154M | $644M | $339M | $5.05B | $-346M | |
| Net Change in Cash | $147M | $-405M | $416M | $78M | $-118M | $-121M | $23M | $20M | $58M | $27M | $12M | |
| Taxes Paid | $30M | $-17M | $129M | $79M | $-13M | $-26M | $-37M | · | · | · | · | |
| Free Cash Flow | $-1.88B | $-1.13B | $-441M | $-513M | $-282M | $-1.16B | $-836M | $-428M | $-57M | $-28M | · | |
| Levered FCF | · | · | $-1.52B | $-1.44B | $-1.14B | $-2.05B | $-1.73B | $-1.29B | $-657M | $-591M | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 28.7% | 28.6% | 26.8% | 24.8% | 26.1% | 28.1% | 34.6% | 28.2% | 30.1% | 21.7% | · | |
| Net Margin | 16.1% | 15.9% | 14.8% | 13.7% | 14.9% | 15.6% | 21.1% | 15.3% | 13.6% | 10.4% | · | |
| Pretax Margin | 19.3% | 18.9% | 18.0% | 16.3% | 17.3% | 18.1% | 24.4% | 17.3% | 20.6% | 12.6% | · | |
| EBITDA Margin | 45.6% | 45.4% | 42.2% | 39.9% | 42.1% | 44.0% | 50.0% | 43.0% | 44.3% | 36.1% | · | |
| ROA | 2.6% | 2.6% | 2.6% | 2.5% | 2.5% | 2.5% | 3.5% | 2.5% | 2.4% | 1.9% | · | |
| ROE | 8.2% | 8.1% | 8.0% | 7.5% | 7.4% | 7.5% | 10.6% | 8.2% | 7.6% | 5.8% | · | |
| ROIC | 5.0% | 4.9% | 5.0% | 4.6% | 4.7% | 5.0% | 6.4% | 5.1% | 4.5% | 3.4% | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.5 | 0.6 | 0.7 | 0.6 | 0.6 | 0.6 | 0.6 | 0.8 | 0.6 | 0.5 | · | |
| Quick Ratio | 0.2 | 0.3 | 0.4 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.1 | 0.1 | · | |
| Debt / Equity | 1.4 | 1.4 | 1.4 | 1.4 | 1.3 | 1.3 | 1.2 | 1.5 | 1.4 | 1.5 | · | |
| LT Debt / Equity | 1.3 | 1.3 | 1.3 | 1.2 | 1.2 | 1.2 | 1.2 | 1.4 | 1.4 | 1.4 | · | |
| Interest Coverage | · | · | 2.4 | 2.5 | 2.5 | 2.4 | 2.9 | 2.4 | 2.7 | 2.2 | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | · | |
| Receivables Turnover | 7.7 | 7.2 | 7.0 | 7.3 | 8.0 | 8.2 | 8.2 | 8.1 | · | · | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $46.93 | $47.68 | $43.83 | $43.61 | $40.62 | $40.05 | $40.00 | $38.58 | $35.63 | $36.36 | · | |
| Revenue / Share | $24.16 | $23.24 | $23.67 | $23.05 | $20.04 | $19.20 | $20.08 | $19.73 | $19.94 | $21.82 | · | |
| Cash Flow / Share | $8.06 | $7.84 | $7.29 | $6.42 | $6.17 | $5.80 | $6.09 | $6.12 | $6.62 | $6.01 | · | |
| Cash / Share | $0.72 | $0.44 | $1.27 | $0.43 | $0.28 | $0.53 | $0.80 | $0.77 | $0.78 | $0.67 | · | |
| Dividend / Share | $2.51 | $2.41 | $2.31 | $2.20 | $2.08 | $1.97 | $1.85 | $1.75 | $1.65 | $1.55 | $1.43 | |
| EPS (TTM) | $3.40 | $3.24 | $3.10 | $2.78 | $2.61 | $2.60 | $3.78 | $2.59 | $2.31 | $1.89 | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $12.17B | $11.51B | $11.52B | $11.04B | $9.45B | $8.94B | $8.78B | $8.39B | $8.30B | $6.84B | · | |
| Net Income TTM | $1.96B | $1.83B | $1.71B | $1.51B | $1.41B | $1.39B | $1.85B | $1.29B | $1.12B | $713M | · | |
| Market Cap | $26.35B | $20.76B | $20.18B | $19.31B | $22.92B | $19.05B | $19.24B | $14.29B | $15.44B | $12.40B | · | |
| Enterprise Value | $60.26B | $53.85B | $49.20B | $47.76B | $48.37B | $43.30B | $41.57B | $38.11B | $36.72B | $34.35B | · | |
| P/E | 15.3 | 12.8 | 13.3 | 14.4 | 18.5 | 15.7 | 11.0 | 12.9 | 15.9 | 16.3 | · | |
| P/S | 2.2 | 1.8 | 1.8 | 1.7 | 2.4 | 2.1 | 2.2 | 1.7 | 1.9 | 1.8 | · | |
| P/B | 1.1 | 0.9 | 0.9 | 0.9 | 1.2 | 1.0 | 1.0 | 0.9 | 1.0 | 0.8 | · | |
| P / Tangible Book | 2.8 | 2.3 | 2.6 | 2.8 | 3.7 | 3.4 | · | · | · | · | · | |
| P / Cash Flow | 6.5 | 5.3 | 5.7 | 6.3 | 7.9 | 7.1 | 7.2 | 5.5 | 5.6 | 6.6 | · | |
| P / FCF | -14.0 | -18.4 | -45.8 | -37.6 | -81.3 | -16.5 | -23.0 | -33.4 | -270.9 | -442.8 | · | |
| EV / EBITDA | 10.9 | 10.3 | 10.1 | 10.8 | 12.2 | 11.0 | 9.5 | 10.6 | 10.0 | 13.9 | · | |
| EV / FCF | -32.1 | -47.7 | -111.6 | -93.1 | -171.5 | -37.5 | -49.7 | -89.0 | -644.2 | -1226.9 | · | |
| EV / Revenue | 5.0 | 4.7 | 4.3 | 4.3 | 5.1 | 4.8 | 4.7 | 4.5 | 4.4 | 5.0 | · | |
| Dividend Yield | 3.0% | 3.6% | 3.5% | 3.5% | 2.6% | 4.1% | 2.6% | 3.2% | 2.7% | 2.5% | · | |
| Earnings Yield | 6.6% | 7.8% | 7.5% | 6.9% | 5.4% | 6.4% | 9.1% | 7.8% | 6.3% | 6.1% | · | |
| Payout Ratio | 40.2% | 40.7% | 41.0% | 44.5% | 43.3% | 56.6% | 26.7% | 35.7% | 37.2% | 44.3% | · | |
| Annual Payout | $788M | $744M | $701M | $673M | $608M | $786M | $494M | $459M | $419M | $316M | · |
Per Share
| Metric | Trend | Q4 2019 | Q4 2016 |
|---|---|---|---|
| EPS (TTM) | $3.78 | $1.89 |
Valuation (TTM)
| Metric | Trend | Q4 2019 | Q4 2016 |
|---|---|---|---|
| Revenue TTM | $8.78B | $6.84B | |
| Net Income TTM | $1.85B | $713M | |
| P/E | 11.0 | 16.3 | |
| Earnings Yield | 9.1% | 6.1% | |
| Annual Payout | $494M | $316M |
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 | $12.17B | $11.51B | $11.52B | $11.04B | $9.45B |
| Operating Margin % | 28.7% | 28.6% | 26.8% | 24.8% | 26.1% |
| Net Income | $1.96B | $1.83B | $1.71B | $1.51B | $1.41B |
| Diluted EPS | $3.40 | $3.24 | $3.10 | $2.78 | $2.61 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | 1.4 | 1.4 | 1.4 | 1.4 | 1.3 |
| Current Ratio | 0.5 | 0.6 | 0.7 | 0.6 | 0.6 |
| Quick Ratio | 0.2 | 0.3 | 0.4 | 0.3 | 0.3 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-1.88B | $-1.13B | $-441M | $-513M | $-282M |
Institutional owners (13F) 384 filers · $16.3B 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 |
|---|---|---|---|---|
| 44 (-23 vs prior Q) | 28 (+11 vs prior Q) | 166 (+27 vs prior Q) | 94 (-9 vs prior Q) | +10.7M |
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 |
|---|---|---|---|---|
| ROYAL BANK OF CANADA | $1,982,355,000 | 34,638,382 | 12.14% | Shares |
| BANK OF MONTREAL /CAN/ | $1,409,749,998 | 24,632,401 | 8.64% | Shares |
| VANGUARD GROUP INC | $1,254,540,646 | 24,129,958 | 7.69% | Shares |
| FIL Ltd | $1,015,384,959 | 17,723,935 | 6.22% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $881,659,206 | 15,389,677 | 5.40% | Shares |
| TD Asset Management Inc | $557,717,524 | 9,738,606 | 3.42% | Shares |
| TD Waterhouse Canada Inc. | $535,233,690 | 9,436,026 | 3.28% | Shares |
| SCOTIA CAPITAL INC. | $528,574,623 | 9,235,087 | 3.24% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $445,113,202 | 7,370,342 | 2.73% | Shares |
| CIBC WORLD MARKET INC. | $442,633,057 | 7,733,140 | 2.71% | Shares |
| 1832 Asset Management L.P. | $420,244,182 | 7,343,075 | 2.57% | Shares |
| NATIONAL BANK OF CANADA /FI/ | $399,637,989 | 6,992,312 | 2.45% | Shares |
| MACKENZIE FINANCIAL CORP | $367,107,162 | 4,518,242 | 2.25% | Shares |
| NORGES BANK | $348,518,610 | 6,089,626 | 2.14% | Shares |
| Legal & General Group Plc | $334,726,580 | 5,844,951 | 2.05% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $311,145,654 | 5,436,620 | 1.91% | Shares |
| GOLDMAN SACHS GROUP INC | $275,200,643 | 4,808,678 | 1.69% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $258,020,719 | 4,503,844 | 1.58% | Shares |
| BANK OF NOVA SCOTIA | $257,369,785 | 4,492,744 | 1.58% | Shares |
| Vanguard Global Advisers, LLC | $223,575,765 | 3,902,595 | 1.37% | Shares |
| Federation des caisses Desjardins du Quebec | $218,986,806 | 3,832,900 | 1.34% | Shares |
| MORGAN STANLEY | $189,077,929 | 3,303,825 | 1.16% | Shares |
| TORONTO DOMINION BANK | $181,016,441 | 3,163,013 | 1.11% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $177,655,727 | 3,104,158 | 1.09% | Shares |
| JPMORGAN CHASE & CO | $148,450,989 | 2,569,689 | 0.91% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $148,382,092 | 2,595,054 | 0.91% | Shares |
| CIBC Asset Management Inc | $135,673,216 | 2,366,527 | 0.83% | Shares |
| BANK OF AMERICA CORP /DE/ | $120,234,393 | 2,100,898 | 0.74% | Shares |
| ONTARIO TEACHERS PENSION PLAN BOARD | $114,522,866 | 2,001,045 | 0.70% | Shares |
| BlackRock, Inc. | $111,451,100 | 1,947,424 | 0.68% | Shares |
| TWO SIGMA INVESTMENTS, LP | $111,441,060 | 1,947,249 | 0.68% | Shares |
| Swiss National Bank | $93,672,956 | 1,639,882 | 0.57% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $91,839,559 | 1,603,660 | 0.56% | Shares |
| Clearbridge Investments, LLC | $82,105,880 | 1,434,665 | 0.50% | Shares |
| DUFF & PHELPS INVESTMENT MANAGEMENT CO | $79,779,375 | 981,900 | 0.49% | Shares |
| AVIVA PLC | $76,759,867 | 1,342,109 | 0.47% | Shares |
| Amundi | $69,884,182 | 1,221,111 | 0.43% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $62,300,756 | 1,087,482 | 0.38% | Shares |
| BARCLAYS PLC | $61,475,551 | 1,074,184 | 0.38% | Shares |
| DEUTSCHE BANK AG\ | $57,353,961 | 1,002,166 | 0.35% | Shares |
| FRANKLIN RESOURCES INC | $54,350,323 | 949,657 | 0.33% | Shares |
| CIDEL ASSET MANAGEMENT INC | $51,930,070 | 906,780 | 0.32% | Shares |
| Quadrature Capital Ltd | $48,742,353 | 851,170 | 0.30% | Shares |
| FIRST TRUST ADVISORS LP | $47,727,351 | 833,697 | 0.29% | Shares |
| KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC | $44,962,985 | 785,654 | 0.28% | Shares |
| Fiera Capital Corp | $43,849,264 | 766,782 | 0.27% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $43,182,364 | 754,489 | 0.26% | Shares |
| GUARDIAN CAPITAL LP | $41,744,145 | 728,917 | 0.26% | Shares |
| MUFG SECURITIES (CANADA), LTD. | $41,193,393 | 720,199 | 0.25% | Shares |
| Hillsdale Investment Management Inc. | $39,432,624 | 689,039 | 0.24% | Shares |
Company insiders 1 insider · 1 officers · 0 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Regan Patrick O'Dea | VP, General Counsel | March 2, 2026 P | 15,293 | 1 | 0 | $45,107 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 34 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 | 1.94% | 308,275 SH | Oct. 2, 2026 | Daily |
| JXI · iShares Trust | 1.28% | 70,290 SH | Sept. 11, 2026 | Daily |
| BBCA · J.P. Morgan Exchange-Traded Fund Tr… | 0.95% | 1,808,669 NS | July 31, 2026 | N-PORT |
| EWC · iShares, Inc. | 0.90% | 1,126,471 SH | Sept. 11, 2026 | Daily |
| QLVD · FlexShares Trust | 0.85% | 8,199 NS | July 31, 2026 | N-PORT |
| IDLV · Invesco Exchange-Traded Fund Trust … | 0.72% | 43,458 SH | Oct. 2, 2026 | Daily |
| VIGI · VANGUARD WHITEHALL FUNDS | 0.52% | 831,829 SH | Aug. 19, 2026 | Daily |
| IGRO · iShares Trust | 0.38% | 90,119 SH | Sept. 11, 2026 | Daily |
| FIVA · Fidelity Covington Trust | 0.35% | 35,697 NS | July 31, 2026 | N-PORT |
| TRFM · ETF Series Solutions | 0.23% | 9,948 NS | July 31, 2026 | N-PORT |
| IMTM · iShares Trust | 0.17% | 133,340 SH | Sept. 11, 2026 | Daily |
| VYMI · VANGUARD WHITEHALL FUNDS | 0.16% | 565,631 SH | Aug. 19, 2026 | Daily |
| RODM · Lattice Strategies Trust | 0.15% | 43,986 NS | July 31, 2026 | N-PORT |
| DFAI · Dimensional ETF Trust | 0.12% | 365,065 NS | July 31, 2026 | N-PORT |
| IMFL · Invesco Exchange-Traded Self-Indexe… | 0.11% | 23,304 SH | Oct. 2, 2026 | Daily |
| BKIE · BNY Mellon ETF Trust | 0.11% | 25,908 NS | July 31, 2026 | N-PORT |
| JFLI · J.P. Morgan Exchange-Traded Fund Tr… | 0.11% | 911 NS | July 31, 2026 | N-PORT |
| PXF · Invesco Exchange-Traded Fund Trust … | 0.09% | 49,851 SH | Oct. 2, 2026 | Daily |
| VEA · VANGUARD TAX-MANAGED FUNDS | 0.09% | 4,971,158 SH | Aug. 19, 2026 | Daily |
| IDEV · iShares Trust | 0.09% | 533,489 SH | Sept. 11, 2026 | Daily |
| ESGG · FlexShares Trust | 0.09% | 1,666 NS | July 31, 2026 | N-PORT |
| ACWX · iShares Trust | 0.07% | 162,971 SH | Sept. 11, 2026 | Daily |
| VEU · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.07% | 1,188,855 SH | Aug. 19, 2026 | Daily |
| DFIC · Dimensional ETF Trust | 0.06% | 162,592 NS | July 31, 2026 | N-PORT |
| IXUS · iShares Trust | 0.06% | 679,287 SH | Sept. 11, 2026 | Daily |
| VXUS · VANGUARD STAR FUNDS | 0.06% | 7,426,353 SH | Aug. 19, 2026 | Daily |
| TLTD · FlexShares Trust | 0.05% | 6,187 NS | July 31, 2026 | N-PORT |
| DFAX · Dimensional ETF Trust | 0.04% | 78,148 NS | July 31, 2026 | N-PORT |
| TOK · iShares Trust | 0.03% | 1,418 SH | Sept. 11, 2026 | Daily |
| URTH · iShares, Inc. | 0.03% | 45,467 SH | Sept. 11, 2026 | Daily |
| VOXP · Advisors Series Trust | 0.03% | 30 NS | July 31, 2026 | N-PORT |
| ACWI · iShares Trust | 0.03% | 153,831 SH | Sept. 11, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.02% | 404,692 SH | Aug. 19, 2026 | Daily |
| IFRA · iShares Trust | · | 618,788 SH | Sept. 10, 2026 | Daily |
FTS Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
2 analysts · 2026-09-30Mean target $53.00 +0.2%
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