NYSE : EMA
Emera Incorporated — Financial statements
Utilities · Utilities - Regulated Electric · Canada
Last price 49.38 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 15.18B
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Financial statements
Emera Incorporated (EMA) reported revenue of 8.94B CAD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 8.94B | 8.78B | 7.20B | 7.56B | 7.59B | 5.76B |
| Fuel & Purchased Power | 2.24B | 2.16B | 1.99B | 1.88B | 2.17B | 1.76B |
| Operations & Maintenance | 2.42B | 2.32B | 1.90B | 1.87B | 1.58B | 1.35B |
| Selling, General & Admin | 15.00M | 15.00M | 11.00M | 8.00M | 7.00M | 8.00M |
| Depreciation & Amortization | 1.33B | 1.29B | 1.16B | 1.05B | 952.00M | 902.00M |
| Other Operating Expenses | 863.00M | 915.00M | 794.00M | 930.00M | 1.15B | 799.00M |
| Total Operating Expenses | 6.86B | 6.70B | 5.86B | 5.73B | 5.86B | 4.83B |
| Operating Income | 2.07B | 2.08B | 1.34B | 1.83B | 1.73B | 938.00M |
| Interest Expense | -1.10B | -1.06B | -1.00B | -954.00M | -730.00M | -611.00M |
| Interest Income | 28.00M | 37.00M | 31.00M | 56.00M | 25.00M | |
| Net Interest Expense | -1.08B | -1.02B | -973.00M | -898.00M | -705.00M | -611.00M |
| Income (Loss) on Equity Investments | 83.00M | 63.00M | 99.00M | 146.00M | 129.00M | 143.00M |
| Currency Exchange Gain (Loss) | -44.00M | 25.00M | -58.00M | 20.00M | -26.00M | 3.00M |
| Allowance for Equity Funds for Construction | 50.00M | 62.00M | 53.00M | 38.00M | 52.00M | 61.00M |
| Allowance for Borrowed Funds for Construction | 30.00M | 30.00M | 23.00M | 16.00M | 21.00M | |
| Other Non-Operating Income (Expenses) | 19.00M | 14.00M | 22.00M | 22.00M | 7.00M | 21.00M |
| EBT Excluding Unusual Items | 1.14B | 1.24B | 506.00M | 1.17B | 1.20B | 555.00M |
| Impairment of Goodwill | -214.00M | -73.00M | ||||
| Gain (Loss) on Sale of Investments | 4.00M | 4.00M | 182.00M | |||
| Gain (Loss) on Sale of Assets | -21.00M | |||||
| Asset Writedown | -75.00M | -11.00M | ||||
| Other Unusual Items | -2.00M | -2.00M | -54.00M | 63.00M | ||
| Pretax Income | 1.12B | 1.17B | 409.00M | 1.17B | 1.19B | 555.00M |
| Income Tax Expense | 75.00M | 81.00M | -159.00M | 128.00M | 185.00M | -6.00M |
| Earnings From Continuing Ops. | 1.04B | 1.09B | 568.00M | 1.04B | 1.01B | 561.00M |
| Minority Interest in Earnings | -1.00M | -1.00M | -1.00M | -1.00M | -1.00M | -1.00M |
| Net Income | 1.04B | 1.09B | 567.00M | 1.04B | 1.01B | 560.00M |
| Preferred Dividends & Other Adjustments | 77.00M | 75.00M | 73.00M | 66.30M | 62.90M | 49.50M |
| Net Income to Common | 963.00M | 1.01B | 494.00M | 977.70M | 945.10M | 510.50M |
| Shares Outstanding (Basic) | 302.75M | 299.20M | 289.10M | 273.60M | 265.50M | 257.20M |
| Shares Outstanding (Diluted) | 303.55M | 299.70M | 289.20M | 273.80M | 265.90M | 257.60M |
| EPS (Basic) | 3.18 | 3.39 | 1.71 | 3.57 | 3.56 | 1.98 |
| EPS (Diluted) | 3.17 | 3.38 | 1.71 | 3.57 | 3.55 | 1.98 |
| Free Cash Flow | -1.16B | -1.73B | -505.00M | -696.00M | -1.68B | -1.17B |
| Free Cash Flow Per Share | -3.83 | -5.77 | -1.75 | -2.54 | -6.33 | -4.56 |
| Dividend Per Share | 2.92 | 2.91 | 2.88 | 2.79 | 2.68 | 2.58 |
| Profit Margin | 10.78% | 11.55% | 6.86% | 12.93% | 12.46% | 8.86% |
| Free Cash Flow Margin | -13.01% | -19.71% | -7.01% | -9.20% | -22.18% | -20.36% |
| EBITDA | 3.40B | 3.37B | 2.50B | 2.89B | 2.69B | 1.85B |
| EBITDA Margin | 38.09% | 38.43% | 34.79% | 38.20% | 35.38% | 32.14% |
| D&A For EBITDA | 1.33B | 1.30B | 1.17B | 1.06B | 959.00M | 915.00M |
| EBIT | 2.07B | 2.08B | 1.34B | 1.83B | 1.73B | 938.00M |
| EBIT Margin | 23.20% | 23.64% | 18.61% | 24.18% | 22.75% | 16.27% |
| Effective Tax Rate | 6.72% | 6.92% | 10.91% | 15.49% | ||
| Revenue as Reported | 8.94B | 8.78B | 7.20B | 7.56B | 7.59B | 5.76B |
Balance sheet
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 396.00M | 349.00M | 196.00M | 567.00M | 310.00M | 394.00M |
| Accounts Receivable | 1.45B | 1.65B | 1.16B | 1.15B | 1.50B | 1.06B |
| Other Receivables | 100.00M | 103.00M | 43.00M | 10.00M | 9.00M | 8.00M |
| Inventory | 823.00M | 821.00M | 781.00M | 790.00M | 769.00M | 538.00M |
| Prepaid Expenses | 135.00M | 105.00M | 105.00M | 105.00M | 82.00M | 65.00M |
| Restricted Cash | 132.00M | 209.00M | 215.00M | 122.00M | 22.00M | 23.00M |
| Other Current Assets | 1.15B | 1.15B | 1.18B | 961.00M | 2.20B | 1.04B |
| Total Current Assets | 4.18B | 4.39B | 3.69B | 3.71B | 4.90B | 3.14B |
| Property, Plant & Equipment | 28.95B | 27.46B | 26.22B | 24.43B | 23.05B | 20.41B |
| Regulatory Assets | 2.87B | 2.79B | 2.83B | 2.77B | 3.02B | 2.31B |
| Goodwill | 5.79B | 5.58B | 5.86B | 5.87B | 6.01B | 5.70B |
| Long-Term Investments | 632.00M | 634.00M | 654.00M | 1.40B | 1.42B | 1.38B |
| Long-Term Deferred Tax Assets | 392.00M | 421.00M | 392.00M | 208.00M | 237.00M | 295.00M |
| Long-Term Accounts Receivable | 563.00M | 572.00M | 610.00M | 621.00M | 604.00M | 503.00M |
| Other Long-Term Assets | 3.18B | 2.98B | 2.70B | 474.00M | 503.00M | 508.00M |
| Total Assets | 46.56B | 44.82B | 42.95B | 39.48B | 39.74B | 34.24B |
| Accounts Payable | 1.69B | 1.95B | 1.99B | 1.45B | 2.02B | 1.49B |
| Accrued Expenses | 404.00M | 332.00M | 313.00M | 318.00M | 265.00M | |
| Short-Term Debt | 2.53B | 1.81B | 1.40B | 1.43B | 2.73B | 1.74B |
| Current Portion of Long-Term Debt | 44.00M | 1.20B | 234.00M | 676.00M | 574.00M | 462.00M |
| Current Portion of Leases | 4.00M | 3.00M | 3.00M | 3.00M | 3.00M | |
| Current Income Taxes Payable | 3.00M | 4.00M | 2.00M | 9.00M | 6.00M | |
| Other Current Liabilities | 1.46B | 1.26B | 1.15B | 663.00M | 1.63B | 915.00M |
| Total Current Liabilities | 5.72B | 6.63B | 5.12B | 4.54B | 7.29B | 4.88B |
| Long-Term Debt | 19.54B | 18.45B | 18.17B | 17.69B | 15.74B | 14.20B |
| Long-Term Leases | 119.00M | 75.00M | 55.00M | 59.00M | 58.00M | |
| Pension & Post-Retirement Benefits | 266.00M | 268.00M | 274.00M | 265.00M | 281.00M | 370.00M |
| Long-Term Deferred Tax Liabilities | 2.66B | 2.52B | 2.33B | 2.35B | 2.20B | 1.87B |
| Other Long-Term Liabilities | 3.99B | 3.44B | 3.69B | 2.49B | 2.73B | 2.72B |
| Total Liabilities | 32.18B | 31.42B | 29.66B | 27.39B | 28.30B | 24.09B |
| Preferred Stock, Redeemable | 1.42B | 1.42B | 1.42B | 1.42B | 1.42B | 1.42B |
| Common Stock | 9.75B | 9.39B | 9.04B | 8.46B | 7.76B | 7.24B |
| Additional Paid-In Capital | 87.00M | 86.00M | 84.00M | 82.00M | 81.00M | 79.00M |
| Retained Earnings | 1.83B | 1.61B | 1.47B | 1.80B | 1.58B | 1.35B |
| Comprehensive Income & Other | 1.28B | 873.00M | 1.26B | 305.00M | 578.00M | 25.00M |
| Total Common Equity | 12.95B | 11.96B | 11.86B | 10.65B | 10.01B | 8.69B |
| Minority Interest | 14.00M | 14.00M | 14.00M | 14.00M | 34.00M | |
| Shareholders' Equity | 14.37B | 13.40B | 13.29B | 12.09B | 11.44B | 10.15B |
| Total Liabilities & Equity | 46.56B | 44.82B | 42.95B | 39.48B | 39.74B | 34.24B |
| Total Debt | 22.12B | 21.58B | 19.89B | 19.86B | 19.11B | 16.46B |
| Net Cash (Debt) | -21.72B | -21.23B | -19.69B | -19.29B | -18.80B | -16.07B |
| Net Cash Per Share | -71.56 | -70.85 | -68.08 | -70.45 | -70.69 | -62.37 |
| Filing Date Shares Outstanding | 307.20M | 303.00M | 297.70M | 285.80M | 271.40M | 261.20M |
| Total Common Shares Outstanding | 307.15M | 301.75M | 295.94M | 284.12M | 269.95M | 261.07M |
| Working Capital | -1.54B | -2.24B | -1.43B | -836.00M | -2.39B | -1.74B |
| Book Value Per Share | 42.17 | 39.63 | 40.06 | 37.49 | 37.06 | 33.30 |
| Tangible Book Value | 7.17B | 6.38B | 6.00B | 4.78B | 3.99B | 3.00B |
| Tangible Book Value Per Share | 23.33 | 21.14 | 20.26 | 16.83 | 14.79 | 11.48 |
| Machinery | 35.87B | 33.65B | 32.27B | 30.58B | 26.87B | |
| Construction In Progress | 2.38B | 2.96B | 2.10B | 1.99B | 2.22B |
Cash flow statement
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.04B | 1.09B | 567.00M | 1.04B | 1.01B | 560.00M |
| Depreciation & Amortization | 1.33B | 1.30B | 1.17B | 1.06B | 959.00M | 915.00M |
| Loss (Gain) on Sale of Assets | 20.00M | |||||
| Loss (Gain) on Sale of Investments | -4.00M | -4.00M | -191.00M | |||
| Loss (Gain) on Equity Investments | -21.00M | 5.00M | -8.00M | -22.00M | -61.00M | -69.00M |
| Asset Writedown | 75.00M | 214.00M | 73.00M | |||
| Change in Accounts Receivable | -167.00M | -703.00M | -154.00M | 653.00M | -636.00M | -364.00M |
| Change in Inventory | -34.00M | -63.00M | 38.00M | -31.00M | -214.00M | -84.00M |
| Change in Accounts Payable | -118.00M | -40.00M | 536.00M | -538.00M | 423.00M | 289.00M |
| Change in Other Net Operating Assets | 60.00M | 49.00M | 32.00M | -179.00M | 193.00M | 7.00M |
| Other Operating Activities | 298.00M | 96.00M | 447.00M | 254.00M | -832.00M | -69.00M |
| Operating Cash Flow | 2.40B | 1.80B | 2.65B | 2.24B | 913.00M | 1.19B |
| Capital Expenditures | -3.57B | -3.53B | -3.15B | -2.94B | -2.60B | -2.36B |
| Sale of Property, Plant & Equipment | 12.00M | 48.00M | 7.00M | |||
| Investment in Securities | 927.00M | |||||
| Other Investing Activities | -4.00M | 2.00M | -1.00M | 20.00M | 27.00M | 27.00M |
| Investing Cash Flow | -3.34B | -3.48B | -2.22B | -2.92B | -2.57B | -2.33B |
| Short-Term Debt Issued | 598.00M | 56.00M | 548.00M | 1.57B | 640.00M | |
| Long-Term Debt Issued | 2.13B | 1.36B | 1.93B | 1.29B | 2.64B | |
| Total Debt Issued | 4.22B | 2.73B | 1.42B | 2.48B | 2.87B | 3.28B |
| Short-Term Debt Repaid | -78.00M | -1.15B | -680.00M | -532.00M | ||
| Long-Term Debt Repaid | -201.00M | -1.91B | -247.00M | -367.00M | -1.66B | |
| Total Debt Repaid | -2.70B | -279.00M | -1.91B | -1.40B | -1.05B | -2.19B |
| Net Debt Issued (Repaid) | 1.52B | 2.45B | -494.00M | 1.08B | 1.82B | 1.08B |
| Issuance of Common Stock | 234.00M | 47.00M | 284.00M | 424.00M | 277.00M | 317.00M |
| Common Dividends Paid | -602.00M | -576.00M | -538.00M | -488.00M | -472.00M | -443.00M |
| Preferred Dividends Paid | -77.00M | -75.00M | -73.00M | -66.00M | -63.00M | -50.00M |
| Dividends Paid | -679.00M | -651.00M | -611.00M | -554.00M | -535.00M | -493.00M |
| Other Financing Activities | -18.00M | -9.00M | 3.00M | -12.00M | -7.00M | -13.00M |
| Financing Cash Flow | 1.06B | 1.84B | -818.00M | 939.00M | 1.55B | 1.31B |
| Foreign Exchange Rate Adjustments | 70.00M | -11.00M | 23.00M | -7.00M | 16.00M | -1.00M |
| Net Cash Flow | 193.00M | 150.00M | -367.00M | 256.00M | -85.00M | 163.00M |
| Free Cash Flow | -1.16B | -1.73B | -505.00M | -696.00M | -1.68B | -1.17B |
| Free Cash Flow Margin | -13.01% | -19.71% | -7.01% | -9.20% | -22.18% | -20.36% |
| Free Cash Flow Per Share | -3.83 | -5.77 | -1.75 | -2.54 | -6.33 | -4.56 |
| Levered Free Cash Flow | -1.43B | -1.92B | -1.03B | -1.41B | -1.51B | -1.18B |
| Unlevered Free Cash Flow | -744.38M | -1.26B | -401.50M | -812.88M | -1.05B | -801.75M |
| Cash Interest Paid | 1.00B | 1.00B | 989.00M | 930.00M | 699.00M | 603.00M |
| Cash Income Tax Paid | 41.00M | 41.00M | 34.00M | 43.00M | 67.00M | 24.00M |
| Change in Working Capital | -259.00M | -757.00M | 452.00M | -95.00M | -234.00M | -152.00M |
Ratios
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 15.37B | 14.89B | 11.02B | 10.60B | 10.31B | 12.98B |
| Enterprise Value | 31.94B | 30.83B | 24.83B | 26.32B | 24.56B | 26.26B |
| PE Ratio | 22.09 | 20.13 | 32.09 | 14.31 | 14.77 | 32.19 |
| PS Ratio | 2.44 | 2.33 | 2.20 | 1.85 | 1.84 | 2.85 |
| PB Ratio | 1.52 | 1.52 | 1.19 | 1.16 | 1.22 | 1.62 |
| P/OCF Ratio | 8.94 | 11.33 | 5.99 | 6.25 | 15.29 | 13.87 |
| EV/Sales Ratio | 5.08 | 4.82 | 4.96 | 4.60 | 4.38 | 5.76 |
| EV/EBITDA Ratio | 13.32 | 12.53 | 14.26 | 12.03 | 12.38 | 17.93 |
| EV/EBIT Ratio | 21.88 | 20.38 | 26.66 | 19.01 | 19.26 | 35.43 |
| Debt / Equity Ratio | 1.54 | 1.61 | 1.50 | 1.64 | 1.67 | 1.62 |
| Debt / EBITDA Ratio | 6.47 | 6.37 | 7.90 | 6.85 | 7.10 | 8.85 |
| Net Debt / Equity Ratio | 1.51 | 1.58 | 1.48 | 1.60 | 1.64 | 1.58 |
| Net Debt / EBITDA Ratio | 6.38 | 6.30 | 7.86 | 6.68 | 7.00 | 8.67 |
| Net Debt / FCF Ratio | -18.68 | -12.28 | -38.99 | -27.71 | -11.17 | -13.69 |
| Quick Ratio | 0.34 | 0.32 | 0.27 | 0.38 | 0.25 | 0.30 |
| Current Ratio | 0.73 | 0.66 | 0.72 | 0.82 | 0.67 | 0.64 |
| Asset Turnover | 0.20 | 0.20 | 0.17 | 0.19 | 0.20 | 0.18 |
| Return on Equity (ROE) | 7.56% | 8.17% | 4.48% | 8.88% | 9.35% | 5.79% |
| Return on Assets (ROA) | 2.91% | 2.96% | 2.03% | 2.89% | 2.92% | 1.79% |
| Return on Capital Employed (ROCE) | 5.10% | 5.40% | 3.50% | 5.20% | 5.30% | 3.20% |
| Earnings Yield | 4.53% | 5.34% | 3.58% | 7.46% | 7.22% | 3.41% |
| FCF Yield | -5.41% | -8.48% | -3.19% | -4.97% | -12.06% | -7.14% |
| Dividend Yield | 4.26% | 4.30% | 5.37% | 5.66% | 5.18% | 4.09% |
| Payout Ratio | 94.06% | 59.78% | 107.76% | 53.06% | 53.08% | 88.04% |
| Buyback Yield / Dilution | -2.85% | -3.63% | -5.62% | -2.97% | -3.22% | -3.79% |
| Total Shareholder Return | 1.42% | 0.67% | -0.25% | 2.69% | 1.96% | 0.30% |