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TSX
C$80.99
+4.48% · delayed ~15 min
Updated
C$41.09B market value
From Fortis Inc.'s FY2025 annual-report
It took in C$12.17B last year, which makes it a large company. Of every dollar it sells, about 15 cents is left as profit.
The financial picture is mixed, with profitability and growth needing attention and debt weaker.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
A published bankruptcy-risk model places it in its distress range. This is a statistical reading, not a forecast.
Altman Z-Score 0.72
These are things the company filed or that a published model flagged — not predictions, and not a reason on their own to buy or sell anything.
Financial health
A mixed picture — some clear strengths and some weaknesses.
From Fortis Inc.'s FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Free cash flow
-C$1.34B → -C$2.17B
Cash
C$220.0M → C$367.0M
Capital spending
C$5.22B → C$6.23B
Revenue
C$11.51B → C$12.17B
Measured against FY2024, from the annual-report
Deteriorated: C$836.0M wider
-C$1.34B to -C$2.17BCritical
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
How the latest move compares (quote delayed ~15 min), and what was published around it
FTS.TO rose 4.48% on the latest quote. The S&P/TSX Composite moved −0.45%. That is 4.9 points above the market.
No filing from FTS.TO and no news item about it appeared in the last 3 days.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
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The essentials
Each answered from the filings, with the numbers behind it.
Yes. It keeps about 15 cents of every dollar of sales as profit, earning C$1.80B last year. Note that after C$6.23B of spending on property and equipment, it consumed C$2.17B more cash than it generated.
Slowly. Sales grew 5.8% last year.
Core operating and valuation reference metrics
Income
This company pays no dividend. It keeps its profits and reinvests them in the business instead, so any return would have to come from the share price.
Figures from the FY2025 annual filing
Last year it earned C$1.80B and generated C$4.06B of cash from operations.
Reported annual figures
As reported to the SEC, in CAD. Hover or show sources to see where each figure came from.
| Income statement | FY2025annual-report | FY2024annual-report | FY2023annual-report | FY2022annual-report | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|
| RevenueWhat is this? | C$12.17B | C$11.51B | C$11.52B | C$11.04B | +5.8% |
| Cost of revenue | C$3.37B | C$3.25B | C$3.77B | C$3.95B | +3.8% |
| Gross profit | C$8.80B | C$8.26B | C$7.75B | C$7.09B | +6.5% |
| Gross marginGross profit ÷ revenueWhat is this? | 72.3% | 71.8% | 67.3% | 64.2% | +0.5 pts |
| Operating income | C$3.49B | C$3.29B | C$3.08B | C$2.74B | +6.1% |
| Operating marginOperating income ÷ revenueWhat is this? | 28.7% | 28.6% | 26.8% | 24.8% | +0.1 pts |
| Interest expense | C$1.48B | C$1.41B | C$1.30B | C$1.10B | +5.1% |
| Income before tax | C$2.35B | C$2.17B | C$2.07B | C$1.80B | +8.3% |
| Net income | C$1.80B | C$1.68B | C$1.57B | C$1.39B | +7.1% |
| Net marginNet income ÷ revenueWhat is this? | 14.8% | 14.6% | 13.7% | 12.6% | +0.2 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | C$3.55 | C$3.36 | C$3.21 | C$2.89 | +5.4% |
† calculated from other reported figures, such as total liabilities as assets minus equity.
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Estimated from how often this has happened before, not a confirmed date.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Write down why you are following Fortis Inc., what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to one of these filings.
Straight from SEC EDGAR — the original source for every figure above
No filings found
This company has no recent filings indexed on EDGAR.
Coverage from the last 30 days
Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from FTS.TO's annual-report for fiscal year 2025 (period ending 2025-12-31), reported under the US GAAP taxonomy.
3 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. Accounting had too few reported figures and is left out of the average rather than counted as a weakness, so a company is never marked down for a figure it did not publish. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 9 of the 9 Piotroski checks could be evaluated. How the score works
Every check behind the three models, and what each one tests
8 of 9 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's.
0.72
In the distress zone
For this model, above 2.6 is safe and below 1.1 is distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
not reported — This company has not reported enough of the required figures to calculate this score.
This company has not reported enough of the required figures to calculate this score.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Improved: +66.8%
C$220.0M to C$367.0MCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Changed: +19.5%
C$5.22B to C$6.23BSignificant
Why it matters: Neither good nor bad on its own. Heavy spending is a company building capacity or a company struggling to stand still, and the two look identical in this figure.
Improved: +5.8%
C$11.51B to C$12.17BNotable
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +6.5%
C$8.26B to C$8.80BNotable
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: +6.1%
C$3.29B to C$3.49BNotable
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: +7.1%
C$1.68B to C$1.80BNotable
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +5.4%
C$3.36 to C$3.55Notable
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: +1.6%
499.3M to 507.3MNotable
Why it matters: New shares divide the same company into more pieces, so each existing holding owns slightly less of it. Often pay for staff or an acquisition rather than anything wrong.
4 other measures barely moved. Figures compare the two most recent annual filings. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
Yes. Clearing its debt would take roughly 8.3 years of cash flow. For every $1 it owes, it owns $1.53 in assets. A bankruptcy-risk model also places it in its distress range.
The trailing P/E is 22.8x — investors pay $22.8 for each $1 of trailing profit.
This company has not reported enough of the required figures to calculate this score.
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