Emera Incorporated

EMA

Regulated Electric · Utilities

Also trades as: EMA.TO · ERRAF

Price

$50.08

-1.70 (-3.28%)

Market Cap

$15.32B

Exchange

New York Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Good

Stability

Mixed

Valuation

Mixed

Dividends

Good

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Share count rising — dilution

+16.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 257.6M (2021) → 299.7M (2025)

Winston Score History

The full picture

Emera Incorporated is a Canadian energy company that delivers electricity and natural gas to homes and businesses. It owns several regulated utilities across North America and the Caribbean, including Tampa Electric in Florida and Nova Scotia Power in Canada. Emera is one of the larger utility holding companies in North America, serving roughly 2.5 million customers across its subsidiaries.

Emera makes most of its money by charging customers regulated rates for electricity and gas delivery — rates that are set and approved by government regulators, which provides steady, predictable revenue. The company operates primarily in Canada, the United States, and parts of the Caribbean, and carries a market cap of around $16 billion. Its main competitive advantage is the regulated nature of its business, which limits competition but also caps profit growth. The key risk Emera faces is its high debt load, which it has taken on to fund infrastructure investments, making the company sensitive to rising interest rates.

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2 Congressional buys and 0 sells on EMA in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-0.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-24.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

C$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~23 months

C$1.6B cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Adequate runway but may need to raise capital within 2 years

Revenue declining

Emera Incorporated's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

23.5%

Thin — 23.5% gross margin

Profit after running costs

Operating Margin

16.8%

Healthy — 16.8% operating margin

Return on the money invested

ROCE

4.5%

Weak — 4.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+4.2%

Slow sales growth (+4.2% YoY)

Profit growth

EPS YoY

+7.7%

Modest earnings growth (+7.7% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

211%

Turns 211% of profit into real cash

Spare cash per sale

FCF Margin

-13.1%

Burning cash (-13.1%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

1.54

Elevated debt (1.54)

Covers its interest

Interest Cover

1.54x

Dangerous — barely covers interest (1.5x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

15.8x

Fair value — P/E 15.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

-13.8

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

4.05%

Healthy income — 4.05% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+2.4%

Dividend flat

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