Fortis

FTS

Regulated Electric · Utilities

Also trades as: FTS.TO

Exchange

New York Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

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

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Good

Stability

Strong

Valuation

Mixed

Dividends

Good

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Winston Score History

The full picture

Fortis Inc. is a Canadian utility company that delivers electricity and natural gas to homes and businesses. It owns and operates power lines, pipelines, and distribution networks across Canada, the United States, and the Caribbean. Fortis serves roughly 3.4 million customers and is one of the largest investor-owned utilities in North America.

Fortis makes money by charging regulated rates for delivering energy through its infrastructure — rates that are set and approved by government regulators, which provides steady, predictable revenue. Because regulators limit both its prices and its profits, Fortis carries low financial risk but also limited upside. The company has raised its dividend every year for nearly five decades, which reflects the stability of its cash flows. Its main growth driver is a multi-billion dollar capital investment plan to upgrade and expand its utility networks, though rising interest rates are a key risk since Fortis carries significant debt to fund that infrastructure spending.

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

+4.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+1.3% YoY

YoY Growth Rate

Slow EPS growth

Insider Activity

0.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~2 months

$384M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Fortis has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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.

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Quality

Profit per sale

Gross Margin

27.4%

Modest — 27.4% gross margin

Profit after running costs

Operating Margin

27.4%

Excellent — 27.4% operating margin

Return on the money invested

ROCE

12.2%

Good — 12.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+4.0%

Slow sales growth (+4.0% YoY)

Profit growth

EPS YoY

-7.0%

Earnings shrinking (-7.0% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

236%

Turns 236% of profit into real cash

Spare cash per sale

FCF Margin

-16.0%

Burning cash (-16.0%)

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

0.14

Conservative — low debt load (0.14)

Covers its interest

Interest Cover

2.34x

Tight — interest eats into profit (2.3x)

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)

17.3x

no trend

Fair value — P/E 17.3

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

-2.5

SLOWING

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

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Dividends

Dividend

Dividend Yield

3.18%

no trend

Moderate income — 3.18% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+5.2%

no trend

Dividend growing modestly (5.2% YoY)

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