EMANYSEElectric ServicesFiscal year ends December 31Also trades as EMICF, EMRJF, ERRAF
EMERA INC
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 40-F on Feb 23, 2026
$46.58−1.14 (-2.39%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2010 to 2025
Operating margin
22.5%+1.7 pts over 5 years
Net margin
–
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +21.9% | +5.0% | +9.8% | +12.1% | |
| Operating income | +82.9% | +6.6% | +11.5% | +14.5% | |
| EPS, diluted | +97.7% | -1.6% | -2.2% | +2.2% | |
| Dividend per share | +1.0% | +2.8% | +3.3% | +5.7% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 4.2% | – | – | |
| Return on assets | 1.1% | – | – | |
| Current ratio | 0.67 | 0.45 | 0.66 | |
| Debt to equity | 2.34 | 1.67 | 1.60 | |
| Net debt to EBITDA | 13.31× | 7.39× | 6.45× | |
| Interest coverage | 0.9× | – | 1.9× | |
| Capex to revenue | 25.3% | 47.6% | 40.2% | |
| Diluted shares | 172M | 248M | 300M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Emera generated C$8.79B from operations and spent C$17.09B on capital expenditure, dividends and share buybacks. 85% of that went back into the business.
Generated
C$8.79B
Used
C$17.09B
Capital expenditureC$14.58B85%DividendsC$2.52B15%Share buybacksC$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin4.3%
×Asset turnover0.21×
×Equity multiplier4.20×
=Return on equity, FY20173.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2017 | 4.3% | 0.21× | 4.20× | 3.9% |
| FY2016 | 5.3% | 0.21× | 3.78× | 4.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
3of 5 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero–
- Cash generatingOperating cash flow above zeroC$1.80B
- Return on assets improvedROA up on the prior year– → –
- Earnings backed by cashOperating cash flow above net incomeC$1.80B vs –
- Less leverageLong-term debt to assets fell42.3% → 41.2%
- Better liquidityCurrent ratio rose0.72 → 0.66
- No dilutionShare count did not rise289M → 300M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.18 → 0.20