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Fortis Inc.

Fortis Inc.

NYSE•FTS
CEO: Mr. David Gerard Hutchens
Sector: Utilities
Industry: Regulated Electric
Listing Date: 2010-01-05
Fortis Inc. operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity. The company also sells wholesale electricity to other entities in the western United States; owns gas-fired and hydroelectric generating capacity totaling 65 MW; and distributes natural gas to approximately 1,087,000 residential, commercial, and industrial customers in British Columbia, Canada. In addition, it owns and operates the electricity distribution system that serves approximately 592,000 customers in southern and central Alberta; owns four hydroelectric generating facilities with a combined capacity of 225 MW; and provides operation, maintenance, and management services to five hydroelectric generating facilities. Further, the company distributes electricity in the island portion of Newfoundland and Labrador with an installed generating capacity of 145 MW; and on Prince Edward Island with a generating capacity of 90 MW. Additionally, it provides integrated electric utility service to approximately 69,000 customers in Ontario; approximately 275,000 customers in Newfoundland and Labrador; approximately 34,000 customers on Grand Cayman, Cayman Islands; and approximately 17,000 customers on certain islands in Turks and Caicos. It also holds long-term contracted generation assets in Belize consisting of 3 hydroelectric generating facilities with a combined capacity of 51 MW; and the Aitken Creek natural gas storage facility. It also owns and operates approximately 90,500 circuit Kilometers (km) of distribution lines; and approximately 51,600 km of natural gas pipelines. Fortis Inc. was founded in 1885 and is headquartered in St. John's, Canada.
Contact Information
Fortis Place, Suite 1100 5 Springdale Street PO Box 8837, St. John's, NF, A1E 0E4, Canada
709-737-2800
www.fortisinc.com
Market Cap
$25.30B
P/E (TTM)
19.9
21.2
Dividend Yield
3.5%
52W High
$52.47
52W Low
$40.32
52W Range
82%
4.7
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Average • 4.7 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q2 2025 Data

Revenue

$2.03B+5.43%
4-Quarter Trend

EPS

$0.56+14.92%
4-Quarter Trend

FCF

-$534.83M+148.32%
4-Quarter Trend

2024 Annual Earnings Highlights

Key Highlights

Rate Base Supports Dividend Growth Long-term rate base growth expected to drive earnings, supporting dividend growth guidance of 4-6% annually through 2029.
Effective Internal Control Over Reporting Management concluded internal control over financial reporting was effective as of December 31, 2024, based on COSO framework criteria.
Targeted Capital Structure Maintained Expectation that maintaining the targeted capital structure of regulated subsidiaries will not impact ability to pay dividends.
Reasonable Access to Capital Corporation and subsidiaries expect continued reasonable access to long-term capital and compliance with debt covenants in 2025.

Risk Factors

Utility Regulatory Proceeding Outcomes Risks associated with changes in utility regulation, including the uncertain outcome of regulatory proceedings at Corporation's utilities.
Cybersecurity and Technology Disruption Risk of disruption to electric/gas service, load settlement systems, and financial operations due to cyber threats and attacks.
Inflation and Interest Rate Risks Risks related to general economic conditions, including inflation, interest rate fluctuations, foreign exchange risks, and commodity price volatility.
Climate Change Physical Risks Physical risks related to providing electric and gas service, exacerbated by climate change impacts and weather variability/seasonality.

Outlook

Five-Year Capital Expenditure Plan Forecast capital expenditures planned for the period 2025 through 2029, with expected funding sources including common equity proceeds.
Net-Zero Direct GHG Emissions Targeting 2030 and 2035 direct GHG emissions reductions, aiming for 2050 net-zero direct GHG emissions target.
US Electric Transmission Expansion Plans for further expansion of the electric transmission grid in the U.S. to support load growth and cleaner energy interconnection.
Key Infrastructure Project Development Projects include MISO LRTP tranches, New York regional transmission, grid resiliency, and Tilbury LNG Storage Expansion.

Peer Comparison

Revenue (TTM)

DTE Energy CompanyDTE
$14.82B
+19.4%
FirstEnergy Corp.FE
$14.47B
+7.6%
Eversource EnergyES
$12.99B
+14.4%

Gross Margin (Latest Quarter)

DTE Energy CompanyDTE
83.5%
+46.5 pp
Fortis Inc.FTS
74.6%
+29.0 pp
FirstEnergy Corp.FE
60.3%
-6.8 pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
DTE$28.14B29.08.2%0.0%
AEE$27.59B22.510.1%42.9%
ES$27.39B31.75.6%48.9%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
+0.1%
Moderate Growth
4Q Net Income CAGR
-3.2%
Stable Profitability
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Reports
All Years
  • Form 40-F - FY 2024

    Period End: Dec 31, 2024|Filed: Feb 14, 2025|
    Revenue: $8.40B-0.1%
    |
    EPS: $2.37+9.5%
    Miss
  • Form 40-F - FY 2023

    Period End: Dec 31, 2023|Filed: Feb 9, 2024|
    Revenue: $8.54B+4.3%
    |
    EPS: $2.19+6.5%
    Miss
  • Form 40-F - FY 2022

    Period End: Dec 31, 2022|Filed: Feb 10, 2023|
    Revenue: $8.49B+16.9%
    |
    EPS: $2.14+6.5%
    Meet
  • Form 40-F - FY 2021

    Period End: Dec 31, 2021|Filed: Feb 11, 2022|
    Revenue: $7.55B+5.7%
    |
    EPS: $2.08+0.4%
    Meet
  • Form 40-F - FY 2020

    Period End: Dec 31, 2020|Filed: Feb 12, 2021|
    Revenue: $6.66B+1.7%
    |
    EPS: $1.94-31.4%
    Meet