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Canadian regulated utility holding company, owning electric utilities in Nova Scotia and Florida (Tampa Electric) plus Caribbean operations.
Canadian regulated utility holding company, owning electric utilities in Nova Scotia and Florida (Tampa Electric) plus Caribbean operations.
Utilities earn a return set by regulators on the assets they invest in, and pass fuel costs through to customers, so profit grows with the approved asset base rather than electricity sales. Buying TECO Energy, owner of Tampa Electric, in 2016 made Florida the largest part of the group and shifted it from Canada toward the US.
In one line: Canada's Duke Energy (regulated utility).
Moat: wide (regulatory licence, installed base, scale). Regulated monopoly utility franchises in its service territories, protected by regulatory licence.
Headquarters: Halifax, Canada · Founded: 1998 · Employees: 7,800
Size Emera (EMA.TO) is a Canada Utilities company (Electric Utilities) with a market value of $15.7B, the 55th largest of 420 Canada companies the cockpit tracks. Shares closed at C$71.59 on 6 Nov 2026.
Performance Over six months the shares gained 0.5%, against +1.6% for the median peer and +5.2% for the Canada market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 10.8% over the last twelve months (peer median +2.0%); the operating margin is 19.3% (peer median 15.3%).
Valuation It trades at 20.2× forward earnings against a peer median of 17.6× (6th most expensive of 21).
Capital Return on invested capital runs 1.7 points below its cost of capital (5.0% WACC).
Credit Emera has 4 bonds outstanding ($1.50B), rated BB+ by the agencies and trading like BBB+ at a weighted spread of 81 bp.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$8.56B | C$8.31B | C$6.99B | C$6.53B | C$7.52B |
| Revenue growth | — | +19% | +7% | -13% | — |
| Gross profit | C$2.16B | C$2.04B | C$1.55B | C$1.12B | C$1.79B |
| EBITDA | C$2.98B | C$2.85B | C$2.29B | C$1.75B | C$2.38B |
| Net income | C$1.04B | C$1.09B | C$567M | C$1.04B | C$1.01B |
| Free cash flow | -C$1.16B | -C$1.73B | -C$505M | -C$696M | -C$1.68B |
| Capital expenditure | C$3.57B | C$3.53B | C$3.15B | C$2.94B | C$2.60B |
| Total debt | C$22.1B | C$21.6B | C$19.9B | C$19.9B | C$19.1B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Emera EMA.TO | $15.7B | 0% | +11% | 19% | 20.2× | n/a |
| Fortis FTS.TO | $31.0B | +11% | +4% | 28% | 22.5× | n/a |
| Duke Energy DUK | $99.6B | +4% | +6% | 27% | 18.2× | n/a |
| NextEra Energy NEE | $182B | -6% | +13% | 30% | 21.0× | 18.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | EMA.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.5% | +2.5% | 4th highest of 21 |
| 6-month return | +0.5% | +1.6% | 10th lowest of 21 |
| Distance from 52-week high | -8.2% | -12.2% | 10th highest of 21 |
| Revenue growth (TTM) | +10.8% | +2.0% | 4th highest of 21 |
| Operating margin | 19.3% | 15.3% | 10th highest of 21 |
| Forward P/E | 20.2× | 17.6× | 6th most expensive of 21 |
| ROIC minus cost of capital | -1.7 pp | -2.3 pp | 9th highest of 21 |
| EV / EBITDA | 15.1× | 12.4× | 4th most expensive of 13 |
| Net debt / EBITDA | 7.3× | 5.7× | 2nd most indebted of 15 |
| Bond spread | 81 bp | 74 bp | 3rd widest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Emera EMA.TO | Canada | $15.7B | 0% | +11% | 19% | 20.2× | n/a | n/a |
| Huaneng Power International 0902.HK | Hong Kong | $16.2B | -6% | -3% | 12% | 9.3× | n/a | n/a |
| Kepco 015760.KS | South Korea | $14.4B | -30% | +2% | 13% | 4.5× | -1.9% | +10.7% |
| GD Power Development 600795.SS | China | $14.4B | +13% | -1% | 9% | 19.2× | -0.4% | +3.4% |
| Kansai Electric Power 9503.T | Japan | $17.3B | +2% | +2% | 6% | 8.2× | 11.0% | +5.6% |
| Power Assets 0006.HK | Hong Kong | $17.8B | +3% | -12% | 50% | 21.0× | 35.8% | -9.5% |
| China Res Power 0836.HK | Hong Kong | $13.5B | +6% | +2% | 18% | 9.0× | n/a | n/a |
| NRG Energy NRG | United States | $18.6B | -36% | +13% | 5% | 9.0× | 15.4% | +27.9% |
| Alliant Energy LNT | United States | $18.8B | +1% | +5% | 23% | 20.8× | n/a | n/a |
| Adani Energy Solutions ADANIENSOL.NS | India | $18.9B | +5% | +33% | 25% | 37.4× | n/a | n/a |
| SDIC Power 600886.SS | China | $19.0B | +16% | -3% | 32% | 17.5× | -1.6% | +6.5% |
| Sichuan Chuantou Energy 600674.SS | China | $13.0B | +16% | -1% | 29% | 17.2× | 32.3% | +10.0% |
| Keppel BN4.SI | Singapore | $13.0B | -13% | +11% | 11% | 18.9× | 14.8% | -1.9% |
| Pinnacle West Capital PNW | United States | $12.6B | +5% | +8% | 23% | 19.1× | n/a | n/a |
| Evergy EVRG | United States | $20.2B | +8% | +4% | 26% | 19.4× | n/a | n/a |
| Uniper UN0.DE | Germany | $20.6B | 0% | -14% | -8% | 33.3× | 1.7% | +3.6% |
| Tata Power TATAPOWER.NS | India | $11.9B | -20% | -4% | 13% | 25.0× | n/a | n/a |
| Cki 1038.HK | Hong Kong | $21.6B | +9% | -9% | -3% | 7.1× | -0.9% | -9.3% |
| CMS Energy CMS | United States | $21.7B | -5% | +8% | 20% | 17.1× | n/a | n/a |
| Terna TRN.MI | Italy | $22.0B | -2% | +11% | 42% | 17.8× | n/a | n/a |
| Chubu Electric Power 9502.T | Japan | $11.2B | -13% | +3% | 0% | 10.3× | n/a | n/a |
Emera has 4 bonds outstanding with $1.50B face value. The agencies rate it BB+; its bonds trade like BBB+. Weighted yield 5.39%, a spread of 81 bp over government bonds.