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ValueScreener company report

Emera Incorporated (EMA)

NYSE / Utilities / Regulated Electric

Share price

47.72 USD Market dataClose of Oct 16, 2026

Market capitalisation

14.66B USD Market dataClose of Oct 16, 2026
Market data
Oct 16, 2026
Filed accounts
FY2025, filed Feb 23, 2026
Ratios computed
Oct 16, 2026
Filed years
10, FY2016 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on equity

8.2% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

19.03x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

-8.3% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 4.28B CADFY2016 Net income: 227.0M CADFY2017 Revenue: 6.23B CADFY2017 Net income: 266.0M CADFY2018 Revenue: 6.52B CADFY2018 Net income: 747.0M CADFY2019 Revenue: 6.11B CADFY2019 Net income: 710.0M CADFY2020 Revenue: 5.51B CADFY2020 Net income: 984.0M CADFY2021 Revenue: 5.76B CADFY2021 Net income: 561.0M CADFY2022 Revenue: 7.59B CADFY2022 Net income: 1.01B CADFY2023 Revenue: 7.56B CADFY2023 Net income: 1.04B CADFY2024 Revenue: 7.20B CADFY2024 Net income: 568.0M CADFY2025 Revenue: 8.78B CADFY2025 Net income: 1.09B CAD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
0 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 19.03x at the close of 2026-10-16 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 15.00x and 25.00x.

Today, against the Regulated Electric industry (35 companies), 19.03x sits at the 35th percentile; the middle half of that group runs from 18.34x to 22.80x.

Is it good

Return on equity was 8.2% in FY2025, in the band labelled "Ordinary" (8.0% to 15.0%), on lines anchored on Damodaran's cost-of-capital data.

Today, against the Regulated Electric industry (36 companies), 8.2% sits at the 27th percentile; the middle half of that group runs from 8.1% to 10.6%.

Is it safe

Interest coverage was 1.88x in FY2025, in the band labelled "Speculative grade" (1.50x to 3.00x), on lines anchored on Damodaran's interest-coverage table.

Year by year against peers
Whether Emera Incorporated's return on equity stayed above the median of the Regulated Electric industry, year by year. (FY2023 to FY2025, 3 fiscal years of Emera Incorporated with a comparable figure)
The direction
Which way Emera Incorporated's return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Emera Incorporated)
What could explain it
What in Emera Incorporated's filed statements could explain the movements. (4 readings drawn from the statement lines Emera Incorporated filed)
What to check next
What to check next on Emera Incorporated, and where in its filings. (7 questions for Emera Incorporated)
In one paragraph
One paragraph on Emera Incorporated's returns, cash, balance sheet and price. (11 of sixteen figures read for Emera Incorporated)

These are EMA’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research EMAPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 40-F, filed Feb 23, 2026, accession 0001193125-26-062876.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Emera Incorporated: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/a

No cash line is filed for this year.

n/a ComputedFY2025 40-F, filed Feb 23, 2026, 0001193125-26-062876
Return on equity8.2% ComputedFY2025 40-F, filed Feb 23, 2026, 0001193125-26-062876
Return on capital employed, pre-tax5.2% ComputedFY2025 40-F, filed Feb 23, 2026, 0001193125-26-062876
Return on assets2.4% ComputedFY2025 40-F, filed Feb 23, 2026, 0001193125-26-062876
Gross margin
Why n/a

Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.

n/a ComputedFY2025 40-F, filed Feb 23, 2026, 0001193125-26-062876
Operating margin22.5% ComputedFY2025 40-F, filed Feb 23, 2026, 0001193125-26-062876
Net margin12.4% ComputedFY2025 40-F, filed Feb 23, 2026, 0001193125-26-062876
EMA 12.4%
ES 12.6%PNW 11.8%PPL 13.1%EVRG 14.3%CNP 11.2%
11.2%14.3%
Net margin: EMA against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Emera Incorporated: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity1.61 ComputedFY2025 40-F, filed Feb 23, 2026, 0001193125-26-062876
Current ratio0.66 ComputedFY2025 40-F, filed Feb 23, 2026, 0001193125-26-062876
Quick ratio0.54 ComputedFY2025 40-F, filed Feb 23, 2026, 0001193125-26-062876
Interest coverage1.88x ComputedFY2025 40-F, filed Feb 23, 2026, 0001193125-26-062876
Altman Z-score0.73 ComputedClose of Oct 16, 2026 · FY2025 40-F, filed Feb 23, 2026, 0001193125-26-062876
Net debt21.23B ComputedFY2025 40-F, filed Feb 23, 2026, 0001193125-26-062876
Total assets 44.82BTotal liabilities 31.42BShareholders' equity 13.38BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Emera Incorporated owned and owed at the end of fiscal 2025, from the balance sheet it filed (40-F, filed Feb 23, 2026, 0001193125-26-062876).

Emera Incorporated: balance sheet position
Total assets44.82B FiledFY2025 40-F, filed Feb 23, 2026
Total liabilities31.42B FiledFY2025 40-F, filed Feb 23, 2026
Shareholders' equity13.38B FiledFY2025 40-F, filed Feb 23, 2026
Cash349.0M FiledFY2025 40-F, filed Feb 23, 2026
Total debt21.58B FiledFY2025 40-F, filed Feb 23, 2026
Net debt21.23B
Current ratio0.66
Debt to equity1.61

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Emera Incorporated: what the market charges, each with its source
FigureValue, source and document
Price to earnings19.03x ComputedClose of Oct 16, 2026 · FY2025 40-F, filed Feb 23, 2026, 0001193125-26-062876
P/E on trailing twelve months
Why n/a

A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

n/a ComputedClose of Oct 16, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book1.55x ComputedClose of Oct 16, 2026 · FY2025 40-F, filed Feb 23, 2026, 0001193125-26-062876
Price to sales2.36x ComputedClose of Oct 16, 2026 · FY2025 40-F, filed Feb 23, 2026, 0001193125-26-062876
Enterprise value to EBIT
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 16, 2026 · FY2025 40-F, filed Feb 23, 2026, 0001193125-26-062876
Enterprise value to EBITDA
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 16, 2026 · FY2025 40-F, filed Feb 23, 2026, 0001193125-26-062876
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 16, 2026 · FY2025 40-F, filed Feb 23, 2026, 0001193125-26-062876
Diluted earnings per share
Why n/a

The FY2025 filing carries no diluted earnings per share we could read.

n/a FiledFY2025 40-F, filed Feb 23, 2026, 0001193125-26-062876
Graham number
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 40-F, filed Feb 23, 2026, 0001193125-26-062876

We publish no fair value or price target of our own. Value EMA on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Emera Incorporated today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Emera Incorporated: valuation
Share price47.72 USD
Market capitalisation14.66B USD
Enterprise value to EBITDAn/a
Graham numbern/a
Diluted earnings per sharen/a

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

Companies like Emera Incorporated

  1. Eversource Energy (ES)Market cap 25.18B USD
  2. Pinnacle West Capital Corporation (PNW)Market cap 12.53B USD
  3. PPL Corporation (PPL)Market cap 26.47B USD
  4. Evergy, Inc. (EVRG)Market cap 19.20B USD
  5. CenterPoint Energy, Inc. (CNP)Market cap 26.71B USD

Same industry (Regulated Electric) and size band (Large, 10B to 200B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Emera Incorporated: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield-8.3% ComputedClose of Oct 16, 2026 · FY2025 40-F, filed Feb 23, 2026, 0001193125-26-062876
Free cash flow-1.73B CAD ComputedFY2025 40-F, filed Feb 23, 2026, 0001193125-26-062876
Free cash flow margin-19.7% ComputedFY2025 40-F, filed Feb 23, 2026, 0001193125-26-062876
Dividend yield2.8% ComputedClose of Oct 16, 2026 · FY2025 40-F, filed Feb 23, 2026, 0001193125-26-062876
Payout ratio52.8% ComputedFY2025 40-F, filed Feb 23, 2026, 0001193125-26-062876
FY2016 Free cash flow: -27.0M CADFY2016 Net income: 227.0M CADFY2017 Free cash flow: -336.0M CADFY2017 Net income: 266.0M CADFY2018 Free cash flow: -472.0M CADFY2018 Net income: 747.0M CADFY2019 Free cash flow: -970.0M CADFY2019 Net income: 710.0M CADFY2020 Free cash flow: -986.0M CADFY2020 Net income: 984.0M CADFY2021 Free cash flow: -1.17B CADFY2021 Net income: 561.0M CADFY2022 Free cash flow: -1.68B CADFY2022 Net income: 1.01B CADFY2023 Free cash flow: -696.0M CADFY2023 Net income: 1.04B CADFY2024 Free cash flow: -505.0M CADFY2024 Net income: 568.0M CADFY2025 Free cash flow: -1.73B CADFY2025 Net income: 1.09B CAD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filing

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Emera Incorporated: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
19.03xFY2025Oct 16, 2026
1.55xFY2025Oct 16, 2026
n/aFY2025Oct 16, 2026
n/a Enterprise value is the market value plus total debt less cash, and the filed balance sheet reports no debt total or no cash.
-8.3%FY2025Oct 16, 2026
n/aFY2025Feb 23, 2026
n/a No cash line is filed for this year.
2.8%FY2025Oct 16, 2026
1.61FY2025Feb 23, 2026
0.66FY2025Feb 23, 2026
2.36xFY2025Oct 16, 2026
n/aFY2025Oct 16, 2026
n/a The filed income statement reports no earnings per share.
0.73FY2025Oct 16, 2026
-2.54FY2025Feb 23, 2026
6/9FY2025Feb 23, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 10 filed fiscal years on record, FY2016 to FY2025, from SEC EDGAR. Prices as of Oct 16, 2026. Ratios recomputed Oct 16, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports Emera Incorporated filed with the SEC. Each year names its filing. Amounts in CAD, as filed.

Emera Incorporated: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20258.78B1.98B1.09Bn/a-1.73B22.5%8.2%40-F, Feb 23, 20260001193125-26-062876
FY20247.20B1.08B568.0Mn/a-505.0M15.0%4.3%40-F, Feb 21, 20250001193125-25-032079
FY20237.56B1.79B1.04Bn/a-696.0M23.7%8.7%40-F, Feb 26, 20240001193125-24-046160
FY20227.59B1.63B1.01Bn/a-1.68B21.5%8.8%40-F, Feb 24, 20230001193125-23-048555
FY20215.76B930.0M561.0Mn/a-1.17B16.1%5.5%40-F, Feb 14, 20220001193125-22-042278
FY20205.51B1.15B984.0Mn/a-986.0M20.8%10.7%40-F, Mar 31, 20210001193125-21-102229
FY20196.11B1.34B710.0Mn/a-970.0M22.0%8.3%40-F, Mar 30, 20200001193125-20-090975
FY20186.52B1.40B747.0Mn/a-472.0M21.4%9.0%40-F, Mar 29, 20190001193125-19-092628
FY20176.23B1.42B266.0Mn/a-336.0M22.8%3.7%40-F, Mar 29, 20180001193125-18-101807
FY20164.28B555.0M227.0Mn/a-27.0M13.0%3.4%40-F, Mar 9, 20170001193125-17-076922
  • Revenue, compound annual growth FY2016 to FY2025: 8.3%
  • Earnings, compound annual growth FY2016 to FY2025: 19.0%
  • Earnings per share: Fewer than two filed years carry earnings per share.
  • Free cash flow: Free cash flow was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Emera Incorporated: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.54 ComputedFY2025 40-F, filed Feb 23, 2026, 0001193125-26-062876
Piotroski F-score6/9 ComputedFY2025 40-F, filed Feb 23, 2026, 0001193125-26-062876
Named tests met0 of 30 Computed
Beta-0.11 ComputedClose of Oct 16, 2026

The named tests

Of 30 tests value investors published: 0 met, 26 not met, 4 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
None of the named tests.
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Cash-covered dividend; Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
Earnings yield and ROIC (Joel Greenblatt); ROIC at or above WACC; Near the 52-week low; P/E times P/B (Benjamin Graham). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(12)
  • Current Ratio: Graham set this test for industrial companies; for utilities he tested debt against equity.
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • EV/EBIT: We do not hold this figure for this company, so there is nothing to show.
  • Return on Invested Capital: No cash line is filed for this year.
  • Altman Z-Score: Altman fitted the Z-score on manufacturers; it is not measured for a utility.
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Gross Margin: Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.
  • EV/EBITDA: We do not hold this figure for this company, so there is nothing to show.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 12 figures could not be read on this company, among them Current Ratio, Positive Earnings Streak, EV/EBIT. Each blank in the table above names the rest, with its reason. 4 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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