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North American regulated electric and gas utility holding company with operations across Canada, the US and the Caribbean.
North American regulated electric and gas utility holding company with operations across Canada, the US and the Caribbean.
Owns local utilities whose rates are set by regulators to cover costs plus an allowed return on the assets invested, so earnings grow as it spends on its networks. Most of its assets are in the US, built up through the 2016 purchase of ITC, an independent electricity transmission company, and other US utilities. Each utility is run by local management.
In one line: A regulated utility holding company like Duke Energy.
Moat: wide (regulatory licence, scale). Regulated monopoly service territories with guaranteed rate-of-return utility economics.
Headquarters: St. John's, Newfoundland, Canada · Employees: 9,900
Size Fortis (FTS.TO) is a Canada Utilities company (Electric Utilities) with a market value of $31.0B, the 36th largest of 420 Canada companies the cockpit tracks. Shares closed at C$84.91 on 6 Nov 2026.
Performance Over six months the shares gained 10.8%, against -1.6% for the median peer and +5.2% for the Canada market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 3.8% over the last twelve months (peer median +7.8%); the operating margin is 28.3% (peer median 23.8%).
Valuation It trades at 22.5× forward earnings against a peer median of 17.9× (6th most expensive of 20).
Capital Return on invested capital runs 1.1 points below its cost of capital (5.0% WACC).
Next results Next results expected around 5 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$12.5B | C$12.2B | C$11.5B | C$11.5B | C$11.0B |
| Revenue growth | — | +6% | 0% | +4% | — |
| Gross profit | C$3.53B | C$3.49B | C$3.29B | C$3.08B | C$2.74B |
| EBITDA | C$5.67B | C$5.55B | C$5.22B | C$4.86B | C$4.41B |
| Net income | C$1.88B | C$1.80B | C$1.68B | C$1.57B | C$1.39B |
| Free cash flow | -C$1.93B | -C$1.88B | -C$1.13B | -C$441M | -C$513M |
| Capital expenditure | C$6.70B | C$6.23B | C$5.22B | C$4.17B | C$3.87B |
| Total debt | C$37.9B | C$34.7B | C$33.7B | C$30.0B | C$29.0B |
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 |
|---|---|---|---|---|---|---|
| Fortis FTS.TO | $31.0B | +11% | +4% | 28% | 22.5× | n/a |
| Emera EMA.TO | $15.7B | 0% | +11% | 19% | 20.2× | n/a |
| Duke Energy DUK | $99.6B | +4% | +6% | 27% | 18.2× | n/a |
| Dominion Energy D | $60.3B | +12% | +23% | 29% | 18.7× | n/a |
| Hydro One H.TO | $24.7B | -2% | +9% | 24% | 24.5× | n/a |
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 | FTS.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.2% | +5.5% | 3rd highest of 21 |
| 6-month return | +10.8% | -1.6% | 3rd highest of 21 |
| Distance from 52-week high | -1.7% | -10.1% | 3rd highest of 21 |
| Revenue growth (TTM) | +3.8% | +7.8% | 7th lowest of 21 |
| Operating margin | 28.3% | 23.8% | 4th highest of 21 |
| Forward P/E | 22.5× | 17.9× | 6th most expensive of 20 |
| ROIC minus cost of capital | -1.1 pp | -1.1 pp | 11th highest of 21 |
| EV / EBITDA | 14.7× | 12.6× | 7th most expensive of 18 |
| Net debt / EBITDA | 6.3× | 5.2× | 3rd most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Fortis FTS.TO | Canada | $31.0B | +11% | +4% | 28% | 22.5× | n/a | n/a |
| Ameren AEE | United States | $31.2B | +4% | +4% | 25% | 20.0× | n/a | n/a |
| Huaneng Lancang River Hydropower 600025.SS | China | $30.7B | +15% | +4% | 48% | 23.1× | 3.8% | +6.6% |
| China National Nuclear Power 601985.SS | China | $29.8B | +7% | -2% | 27% | 26.1× | n/a | n/a |
| CGN Power 1816.HK | Hong Kong | $32.3B | -1% | -16% | 31% | 13.8× | n/a | n/a |
| Orsted ORSTED.CO | Denmark | $29.5B | -8% | +15% | 2% | 20.4× | n/a | n/a |
| NTPC NTPC.NS | India | $33.2B | -19% | +7% | 20% | 12.3× | n/a | n/a |
| PG&E PCG | United States | $28.6B | -19% | +4% | 20% | 7.4× | n/a | n/a |
| DTE Energy DTE | United States | $28.1B | -3% | +18% | 13% | 16.6× | n/a | n/a |
| CenterPoint Energy CNP | United States | $27.0B | -2% | +8% | 24% | 19.9× | n/a | n/a |
| PPL PPL | United States | $26.9B | 0% | +7% | 24% | 17.0× | n/a | n/a |
| FirstEnergy FE | United States | $26.9B | +5% | +12% | 19% | 16.1× | n/a | n/a |
| Public Service Enterprise PEG | United States | $36.2B | -5% | +13% | 27% | 16.0× | n/a | n/a |
| Eversource Energy ES | United States | $26.3B | +6% | +8% | 22% | 14.3× | -8.6% | +8.8% |
| Clp 0002.HK | Hong Kong | $26.1B | +7% | -2% | 16% | 17.9× | 1.6% | +2.0% |
| Power Grid Corporation of India POWERGRID.NS | India | $25.6B | -17% | +3% | 55% | 14.4× | n/a | n/a |
| WEC Energy WEC | United States | $38.1B | +5% | +8% | 25% | 21.6× | n/a | n/a |
| Hydro One H.TO | Canada | $24.7B | -2% | +9% | 24% | 24.5× | n/a | n/a |
| ENBW Energie Baden-Wuerttemberg EBK.DE | Germany | $24.2B | -3% | +9% | 5% | n/a | 5.2% | +11.8% |
| Fortum FORTUM.HE | Finland | $23.3B | +15% | +14% | 17% | 23.4× | 9.2% | -36.7% |
| Adani Power ADANIPOWER.NS | India | $41.6B | -11% | +8% | 23% | 29.4× | n/a | n/a |