Fortis Inc.
FTS, FINCF, FORFF, FRTJF, FRTSF, FTPSF, FTRSF · Electric Services · EDGAR filings ↗
Grade
C63Stable regulated electric/gas utility with high margins but mediocre regulated returns and capex-driven negative FCF.
Strengths
- Operating margin 29% (96.8th pct) and net margin 16.5% (83.3rd pct)
- Steady earnings growth (NI +7.3%, 61.5th pct) typical of a rate-regulated franchise
Risks
- ROE 8.2% (45.7th pct) and ROIC 5% (50th pct) — only average regulated returns
- Negative FCF and current ratio 0.51 reflect heavy capex; high leverage (D/E 1.29)
Notable findings
- Cash burnNegative free cash flow (-1373.3M)
- Weak liquidityCurrent ratio 0.51 (<1)
Key metrics
Gross margin
72.3%
Operating margin
28.7%
Net margin
16.1%
Return on equity
8.2%
Return on assets
2.6%
ROIC
5.1%
Revenue growth (QoQ)
11.1%
Net-income growth
12.7%
Debt / equity
1.3×
Net debt / EBITDA
5.5×
Current ratio
0.5×
Free cash flow
-$1.4B
EBITDA
$4.1B
Tangible book value
$7.0B
Cash & investments
$268M
Cash runway
1q
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 40-F | 2026-02-12 | 2025-12-31 | 0001666175-26-000013 ↗ |
| 40-F | 2025-02-14 | 2024-12-31 | 0001666175-25-000017 ↗ |
| 40-F | 2024-02-09 | 2023-12-31 | 0001666175-24-000020 ↗ |
| 40-F | 2023-02-10 | 2022-12-31 | 0001666175-23-000014 ↗ |
| 40-F | 2022-02-11 | 2021-12-31 | 0001666175-22-000019 ↗ |
| 40-F | 2021-02-12 | 2020-12-31 | 0001666175-21-000007 ↗ |
| 40-F | 2020-02-13 | 2019-12-31 | 0001666175-20-000006 ↗ |
| 40-F | 2019-02-15 | 2018-12-31 | 0001666175-19-000011 ↗ |
| 40-F | 2018-02-15 | 2017-12-31 | 0001666175-18-000005 ↗ |
| 40-F | 2017-02-16 | 2016-12-31 | 0001666175-17-000006 ↗ |