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EMA

Emera Incorporated

EMA

Emera Incorporated • NYSE
$48.87 ▲ 0.43% (+0.21)
Market Cap $14.70 B
52w High $49.77
52w Low $35.64
Dividend Yield 2.08%
P/E 18.58
Volume 70.63K
Outstanding Shares 300.70M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.106B ▲ $448M ▼ $247M ▲ 11.728% ▲ $0.76 ▲ $578M ▼
Q2-2025 $1.988B ▼ $512M ▲ $154M ▼ 7.746% ▼ $0.45 ▼ $696M ▼
Q1-2025 $2.676B ▲ $438M ▲ $601M ▲ 22.459% ▲ $1.96 ▲ $1.246B ▲
Q4-2024 $1.763B ▼ $413M ▼ $173M ▲ 9.813% ▲ $0.52 ▲ $591M ▼
Q3-2024 $1.802B $624M $22M 1.221% $0.013 $728M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $212M ▲ $43.803B ▲ $30.319B ▲ $13.47B ▲
Q2-2025 $200M ▼ $42.531B ▼ $29.367B ▼ $13.15B ▼
Q1-2025 $308M ▲ $43.617B ▲ $29.874B ▲ $13.729B ▲
Q4-2024 $196M ▼ $42.951B ▲ $29.66B ▲ $13.277B ▲
Q3-2024 $240M $39.674B $27.232B $12.428B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $247M ▲ $791M ▲ $-846M ▲ $64M ▼ $11M ▲ $-55M ▲
Q2-2025 $154M ▼ $100M ▼ $-964M ▼ $754M ▲ $-117M ▼ $-896M ▼
Q1-2025 $601M ▲ $699M ▲ $-708M ▲ $123M ▼ $114M ▲ $-25M ▲
Q4-2024 $173M ▲ $694M ▼ $-929M ▼ $179M ▲ $-43M ▲ $-234M ▼
Q3-2024 $23M $759M $-874M $1M $-117M $-117M

Five-Year Company Overview

Income Statement

Income Statement Emera’s revenue has been fairly stable over the past few years, but profits have been much more up and down. A strong improvement in earnings in the middle of the period has been followed by a noticeable step down more recently, suggesting pressure from higher operating costs, interest expense, or regulatory timing. Profitability is still positive, but the dip in net income and earnings per share in the latest year stands out, especially given that sales haven’t fallen much. Overall, it looks like a mature, steady top line with earnings that are sensitive to cost inflation, financing costs, and regulatory outcomes.

Balance Sheet

Balance Sheet The balance sheet shows a classic capital‑intensive utility profile: large and growing asset base, funded by a mix of substantial debt and rising equity. Total assets have expanded steadily, reflecting ongoing investments in networks and generation. Debt has also increased over time, but equity has been built up as well, so the company is not relying solely on borrowing. Cash on hand is quite modest, which is typical for a regulated utility that can usually access capital markets, but it does mean limited liquidity cushion on its own. Overall, leverage is meaningful but not unusual for the sector, with financial strength tied closely to continued regulatory support and capital market access.

Cash Flow

Cash Flow Operating cash flow has improved over the period and is now comfortably positive, which supports the idea of a solid underlying utility franchise. However, free cash flow has been consistently negative because capital spending is very heavy year after year. This pattern indicates that Emera is firmly in an investment phase, pouring cash into infrastructure, renewables, and grid upgrades. Those projects are expected to earn regulated returns over time, but in the near term they require ongoing external funding through debt or equity. The main cash‑flow risk is execution: delays, cost overruns, or regulatory setbacks could weaken the payoff from this investment cycle.

Competitive Edge

Competitive Edge Emera’s core strength is its portfolio of regulated electric and gas utilities in regions with attractive long‑term growth, especially Florida. The regulated model provides relatively predictable earnings because returns on approved investments are set by regulators, creating a structural moat versus unregulated competitors. The planned multi‑year capital program should expand the regulated asset base and, over time, earnings potential. On top of that, Emera has some diversification through its energy marketing and trading business. Key competitive risks are regulatory changes, political pressure on customer bills, and exposure to extreme weather in certain territories, all of which can affect allowed returns and infrastructure costs.

Innovation and R&D

Innovation and R&D For a utility, Emera is notably active in applied innovation. It is investing in smart grids, advanced analytics, and AI‑supported inspection to make its networks more reliable and efficient. The BlockEnergy microgrid platform is a differentiator: a utility‑owned neighborhood‑scale solar and storage system that can island during outages and fits neatly into the regulated business model. Partnerships with universities, battery firms, and Indigenous communities around storage and renewables suggest a collaborative approach to R&D rather than building everything in‑house. The main uncertainty is how quickly these innovations can be rolled out at scale, approved by regulators, and turned into meaningful earnings growth.

Summary

Emera shows the profile of a large, regulated utility in an aggressive investment phase. Revenues are steady but recent earnings have softened, highlighting sensitivity to costs and financing. The balance sheet is asset‑heavy with significant, but sector‑typical, leverage, and cash flow from operations is solid yet fully absorbed by ambitious capital spending. Strategically, Emera’s regulated footprint in growing markets and its sizable, long‑term investment plan create a foundation for potential future earnings growth, but they also raise execution and regulatory risks. Its push into smart grids, microgrids, storage, and digital tools positions it well for the energy transition, provided projects are delivered on time, on budget, and with supportive regulatory outcomes.

NEWS

November 7, 2025 · 6:00 AM UTC

Emera Reports 2025 Third Quarter Financial Results and Unveils $20 Billion Five-Year Capital Plan

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October 14, 2025 · 1:46 PM UTC

Emera Declares Quarterly Dividends

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October 7, 2025 · 6:00 AM UTC

Emera Teleconference on November 7 to Discuss Q3 2025 Results and 2026-2030 Capital Plan

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October 3, 2025 · 10:33 AM UTC

Emera Incorporated Announces the Closing of the Offering of US$750 Million Aggregate Principal Amount of Fixed-to-Fixed Reset Rate Junior Subordinated Notes

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September 25, 2025 · 6:01 AM UTC

Emera Announces Increase in Common Dividend

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