Emera
EMA · Last close · November 6, 2026
$50.69
Emera's revenue rose 21.9% to C$8.8 billion in fiscal 2025. Its operating margin was 22.5%, up from 15.0% a year earlier. Free cash flow was −C$1.7 billion. It paid out C$576 million in dividends and buybacks. The diluted share count rose 3.6%.
EMERA INCORPORATED
Latest fiscal year ended December 31, 2025
40-F filed February 23, 2026 · 0001193125-26-062876
Updated
Revenue
C$8.8B
21.9%
Operating margin
22.5%
7.5 pts
Net income
C$1.1B
91.9%
Free cash flow
−C$1.7B
Return on capital
5.3%
2.0 pts
Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
About these figures. Emera is a foreign company: it files an annual report on Form 40-F, prepared under US accounting standards (US GAAP), instead of a 10-K, and no quarterly reports, so this page has fiscal years only. Its shares trade in the US as American depositary shares (ADSs), and one ADS can stand for several ordinary shares, so per-share figures are per ordinary share and the page has no market value, P/E or valuation model. Its figures are in CAD, as it reports them: they aren't converted to US dollars.
What Emera does
Emera is a Canadian energy company that owns regulated electric and gas utilities in Florida, Nova Scotia, New Mexico and the Caribbean. Regulators set the rates its utilities may charge so that they can recover their costs of serving customers, plus an approved return on the money invested.
Emera reports five segments: Florida Electric Utility, Canadian Electric Utilities, Gas Utilities and Infrastructure, Other Electric Utilities, and Other. The Florida segment is Tampa Electric, which generates, transmits and delivers electricity to about 866,000 customers in West Central Florida. Tampa Electric owns 6,771 megawatts of generating capacity, 78 per cent of it fired by natural gas and 21 per cent by solar. Residential customers account for the largest share of its electric revenue.
The gas segment includes utilities serving customers in Florida and New Mexico, a pipeline in New Brunswick and an interest in a pipeline from Nova Scotia to the northeastern United States. Emera and its subsidiaries had 7,812 employees at the end of 2025, about 30 per cent of them in a union.
Its biggest risks, as it describes them
- Decisions by utility regulators on rates and returns, and political or legal changes.
- Problems operating and maintaining power plants, lines and pipelines.
- Severe weather, wildfires and climate-related events that damage its systems.
- Changes in commodity prices and in the availability of fuel.
- Access to capital markets and changes in its credit ratings.
From Emera's annual report on Form 40-F and the annual information form filed with it, filed February 23, 2026, in our words; the 40-F has the full description and every risk factor. Updated with each new annual report.
Income statement
Revenue and net income
CAD billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.
Revenue (left axis)Net income (right axis)
Gross profit, R&D and operating income
CAD billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.
Gross profitResearch and developmentOperating income
Margins
Percent of revenue
GrossOperatingNetFree cash flow
From fiscal 2016 to 2025, earnings per share grew 11.0% a year and net income 19.0% a year, as new shares raised the share count by 74% and diluted each share's earnings.
Diluted earnings per share
CAD per ordinary share, fiscal years; loss years in red. One US-listed ADS can stand for several ordinary shares.
Returns on capital
Return on capital and on equity
Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.
Return on capitalReturn on equity
Balance sheet
Cash and debt
CAD billions, at each fiscal year end. Debt includes finance leases.
Cash and short-term investmentsDebt
Assets, liabilities and equity
CAD billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.
Total assetsTotal liabilitiesShareholders' equity
Debt and liquidity ratios
Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).
Debt to equityCurrent ratioNet debt to EBITDA
Five years at a glance
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | 394 | 310 | 567 | 196 | 349 |
| Debt incl. finance leases | 16,400 | 19,044 | 19,798 | 20,640 | 22,268 |
| Net debt (negative means net cash) | 16,006 | 18,734 | 19,231 | 20,444 | 21,919 |
| Net debt to EBITDA | 8.7x | 7.2x | 6.7x | 9.1x | 6.7x |
| Debt to equity | 1.6x | 1.7x | 1.6x | 1.6x | 1.7x |
| Interest coverage | 1.5x | 2.2x | 1.9x | 1.1x | 1.9x |
| Current ratio | 0.6x | 0.7x | 0.8x | 0.7x | 0.7x |
| Quick ratio | 0.5x | 0.6x | 0.6x | 0.6x | 0.5x |
CAD millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.
Cash flow
Cash from operations, capital spending and free cash flow
CAD billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.
Cash from operationsCapital spendingFree cash flow
Stock-based compensation and buybacks
CAD billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.
Stock-based compensationShare buybacks
Dividends and buybacks
CAD billions, cash paid in each fiscal year
DividendsShare buybacks
Diluted share count
Weighted-average diluted shares, millions
Indicators
Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.
| Indicator | FY23 | FY24 | FY25 |
|---|---|---|---|
| Piotroski F-score | 5 of 8 | 3 of 8 | 5 of 8 |
| Rule of 40 | −9.5% | −11.8% | 2.2% |
| Altman Z'' | 0.78 | 0.53 | 0.53 |
| Accruals ratio | −3.0% | −5.0% | −1.6% |
Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.
The nine F-score tests
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | Pass | Pass | Pass |
| Cash from operations is positive | Pass | Pass | Pass |
| Return on assets rose | Fail | Fail | Pass |
| Cash from operations exceeds net income | Pass | Pass | Pass |
| Debt fell relative to assets | Pass | Fail | Fail |
| Current ratio rose | Pass | Fail | Fail |
| Share count didn't rise | Fail | Fail | Fail |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | Fail | Fail | Pass |
| F-score | 5 of 8 | 3 of 8 | 5 of 8 |
Companies that report no gross profit are scored on the other eight.
Compare
Put Emera side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
Similar companies
| Company | Year | Revenue growth | Operating margin | Free cash flow margin | Return on capital | Net debt to EBITDA | F-score | Compare |
|---|---|---|---|---|---|---|---|---|
| Emera | FY25 | 21.9% | 22.5% | −19.7% | 5.3% | 6.7x | 5 | |
| PPL | FY25 | 6.8% | 23.6% | −15.5% | 5.4% | 5.3x | 6 | Compare |
| WEC Energy Group | FY25 | 14.0% | 22.9% | −10.4% | 6.0% | 6.0x | 4 | Compare |
| Public Service Enterprise Group | FY25 | 18.2% | 24.5% | 0.2% | 6.7% | 5.7x | 7 | Compare |
| Evergy | FY25 | 1.9% | 25.7% | −12.6% | 6.1% | 5.5x | 3 | Compare |
Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.
10 years of figures
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | 4,277 | 6,226 | 6,524 | 6,111 | 5,506 | 5,765 | 7,588 | 7,563 | 7,200 | 8,776 |
| Revenue growth | 53.4% | 45.6% | 4.8% | −6.3% | −9.9% | 4.7% | 31.6% | −0.3% | −4.8% | 21.9% |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Research and development | — | — | — | — | — | — | — | — | — | — |
| Operating income | 555 | 1,418 | 1,398 | 1,343 | 1,147 | 930 | 1,629 | 1,794 | 1,080 | 1,975 |
| Net income | 227 | 266 | 747 | 710 | 984 | 561 | 1,009 | 1,045 | 568 | 1,090 |
| Diluted EPS (CAD) | 1.32 | 1.24 | 3.04 | 2.76 | 3.78 | 1.98 | 3.55 | 3.57 | 1.71 | 3.38 |
| Diluted shares (millions) | 172 | 214 | 234 | 240 | 248 | 258 | 266 | 274 | 289 | 300 |
| Cash flow | ||||||||||
| Cash from operations | 1,053 | 1,193 | 1,690 | 1,525 | 1,637 | 1,185 | 913 | 2,241 | 2,646 | 1,802 |
| Capital expenditure | 1,080 | 1,529 | 2,162 | 2,495 | 2,623 | 2,359 | 2,596 | 2,937 | 3,151 | 3,532 |
| Free cash flow | −27 | −336 | −472 | −970 | −986 | −1,174 | −1,683 | −696 | −505 | −1,730 |
| Dividends paid | 221 | 287 | 346 | 378 | 409 | 443 | 472 | 488 | 538 | 576 |
| Share buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 8,409 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — |
| Balance sheet at fiscal year end | ||||||||||
| Cash and short-term investments | 491 | 438 | 316 | 222 | 220 | 394 | 310 | 567 | 196 | 349 |
| Debt incl. finance leases | 15,758 | 15,189 | 16,688 | 15,717 | 15,346 | 16,400 | 19,044 | 19,798 | 20,640 | 22,268 |
| Total assets | 29,221 | 28,806 | 32,314 | 31,842 | 31,234 | 34,244 | 39,742 | 39,480 | 42,951 | 44,817 |
| Total liabilities | 22,376 | 21,602 | 23,956 | 23,241 | 21,996 | 24,094 | 28,301 | 27,392 | 29,660 | 31,421 |
| Shareholders' equity | 6,704 | 7,112 | 8,317 | 8,566 | 9,204 | 10,116 | 11,427 | 12,074 | 13,277 | 13,382 |
| Margins and ratios | ||||||||||
| Gross margin | — | — | — | — | — | — | — | — | — | — |
| Operating margin | 13.0% | 22.8% | 21.4% | 22.0% | 20.8% | 16.1% | 21.5% | 23.7% | 15.0% | 22.5% |
| Net margin | 5.3% | 4.3% | 11.4% | 11.6% | 17.9% | 9.7% | 13.3% | 13.8% | 7.9% | 12.4% |
| Free cash flow margin | −0.6% | −5.4% | −7.2% | −15.9% | −17.9% | −20.4% | −22.2% | −9.2% | −7.0% | −19.7% |
| Rule of 40 (growth + FCF margin) | 52.7% | 40.2% | −2.5% | −22.2% | −27.8% | −15.7% | 9.4% | −9.5% | −11.8% | 2.2% |
| Return on capital | 3.8% | 3.2% | 5.5% | 5.1% | 3.5% | 3.7% | 4.9% | 5.2% | 3.3% | 5.3% |
| Return on equity | 4.2% | 3.9% | 9.7% | 8.4% | 11.1% | 5.8% | 9.4% | 8.9% | 4.5% | 8.2% |
| Return on assets | 1.1% | 0.9% | 2.4% | 2.2% | 3.1% | 1.7% | 2.7% | 2.6% | 1.4% | 2.5% |
| Net debt to EBITDA | 13.4x | 6.5x | 7.0x | 6.9x | 7.4x | 8.7x | 7.2x | 6.7x | 9.1x | 6.7x |
CAD millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, CAD millions)
Source: Emera's Form 40-F filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Emera.