# Emera Incorporated (EMA) fundamentals

Data as of 2026-09-08. NYSE, United States. Sector: Utilities / Electric Utilities. Price $50.35, market value $15.5 billion.

## Valuation
- **P/E (trailing): 22.1×** (5-yr avg 14.8×, 3-yr avg 14.9×). Emera Incorporated trades at 22.1× trailing earnings, well above its own five-year average of 14.8×: investors are paying up relative to the company's past. The Utilities median in the September 2026 study was 21.2×. Forward P/E is 19.3×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 0.20**. A PEG of 0.20 means the P/E is low relative to expected earnings growth: the market is not paying much for that growth.
- **Price / sales: 2.6×**. Each dollar of revenue is priced at 2.6×.
- **Price / book: 1.7×**. The shares trade at 1.7× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 14.5×**. Enterprise value is 14.5× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: -5.4%** (5-yr avg -11.0%). Free cash flow is negative: the business is consuming cash, which is normal for heavy investment phases but a warning otherwise.
- **Earnings yield: 4.5%**. The inverse of the P/E: 4.5% of the price is earned each year.

## Profitability
- **Gross margin: 17.8%**. Emera Incorporated keeps 17.8% of revenue after the direct cost of what it sells, a thin margin typical of retail, distribution and commodity businesses.
- **Operating margin: 16.2%**. 16.2% of revenue is left after running the business, a healthy level in most sectors.
- **Net margin: 13.1%**. 13.1% of each dollar of sales reaches the bottom line.
- **Return on equity: 8.1%**. 8.1% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 3.5%**. Return on all capital, debt included, is 3.5%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: 2.3%**. Each dollar of assets produces 2.3% of profit.

## Growth
- **Revenue growth (1 yr): 15.4%** (3-yr 3.1%/yr, 5-yr 8.6%/yr). Revenue grew 15.4% over the last year, against 8.6% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): 97.7%** (3-yr -1.6%/yr, 5-yr -2.2%/yr). Earnings per share rose 97.7%, faster than revenue, so margins expanded or the share count shrank.

## Financial health
- **Debt to equity: 1.62**. Debt is 1.62 times equity, a leveraged balance sheet, which is normal for utilities.
- **Net debt / EBITDA: 7.2×**. It would take 7.2 years of operating earnings to repay net borrowings, above the 3× level most lenders treat as comfortable.
- **Interest coverage: 1.2×**. Operating profit covers interest only 1.2×: fragile.
- **Current ratio: 0.66** (quick 0.54). Current liabilities exceed current assets, so the company depends on ongoing cash generation or refinancing to pay the next year's bills.
- **Altman Z-score: 0.95**. A Z-score of 0.95 is in the distress zone, a signal to examine the balance sheet closely.
- **Piotroski F-score: 6/9**. 6 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 4.19%** ($2.11 per share, trailing). Emera Incorporated yields 4.19%, an income-level yield.
- **Payout ratio: 60%**. 60% of earnings goes out as dividends, leaving room to keep raising it.
- **Dividend growth (5 yr): 1.6%/yr** (1-yr -24.5%). The dividend has grown 1.6% a year over five years.
- **Shareholder yield: 3.0%**. Dividends plus net buybacks return 3.0% of the market value a year.

## Analyst view
- **Analyst consensus: hold** (2 analysts). 2 analysts cover Emera Incorporated; the consensus is hold, with an average price target of $62.50 (+24% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 8.1%** (YTD 3.3%, 3-mo -2.7%). The shares are up 8.1% over twelve months including dividends.
- **From 52-week high: -9.3%** (10.0% above the low). Trading 9% below its 52-week high.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 41**. An RSI of 41 is neutral.
- **Beta (1 yr): -0.26** (volatility 15%). Beta of -0.26 against the S&P 500: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=EMA · Page: https://foliofundamentals.com/stocks/ema

Not investment advice.