EMERA INC
EMA, ERRAF, EMICF, EMRJF · Electric Services · EDGAR filings ↗
Grade
C58Regulated electric utility with strong top-line and earnings growth but mediocre returns and capex-driven negative free cash flow.
Strengths
- Top-decile revenue growth (93rd pct) and net income growth (90th pct)
- Healthy operating/net margins (58th/57th pct) typical of a rate-regulated franchise
Risks
- ROE only 8% (40th pct) and ROIC 39th pct — sub-par returns on a large rate base
- Negative FCF (22nd pct), thin liquidity (current ratio 0.66, runway 0.8 qtrs) reflecting heavy capex
Notable findings
- Cash burnNegative free cash flow (-1263.7M)
- Weak liquidityCurrent ratio 0.66 (<1)
Key metrics
Operating margin
22.5%
Net margin
12.4%
Return on equity
8.1%
Return on assets
2.4%
ROIC
4.9%
Revenue growth (QoQ)
28.0%
Net-income growth
101.6%
Debt / equity
1.4×
Net debt / EBITDA
5.5×
Current ratio
0.7×
Free cash flow
-$1.3B
EBITDA
$2.4B
Tangible book value
$5.7B
Cash & investments
$255M
Cash runway
1q
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 40-F | 2026-02-23 | 2025-12-31 | 0001193125-26-062876 ↗ |
| 40-F | 2025-02-21 | 2024-12-31 | 0001193125-25-032079 ↗ |
| 40-F | 2024-02-26 | 2023-12-31 | 0001193125-24-046160 ↗ |
| 40-F | 2023-02-24 | 2022-12-31 | 0001193125-23-048555 ↗ |
| 40-F | 2022-02-14 | 2021-12-31 | 0001193125-22-042278 ↗ |
| 40-F | 2021-03-31 | 2020-12-31 | 0001193125-21-102229 ↗ |
| 40-F | 2020-03-30 | 2019-12-31 | 0001193125-20-090975 ↗ |
| 40-F | 2019-03-29 | 2018-12-31 | 0001193125-19-092628 ↗ |
| 40-F | 2018-03-29 | 2017-12-31 | 0001193125-18-101807 ↗ |
| 40-F | 2017-03-09 | 2016-12-31 | 0001193125-17-076922 ↗ |
| 40-F | 2012-03-29 | 2011-12-31 | 0001193125-12-139966 ↗ |