Fortis Inc.

FTS

Fortis Inc. operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. The company generates, transmits, and distributes electricity to approximately 459,000 retail customers in southeastern Arizona, including the greater Tucson metropolitan area; and 107,000 retail customers in southeastern Arizona with an aggregate capacity of 3, 443 megawatts (MW).

About the company

Country: CanadaPrice: $59.62Market Cap: $30.8B

Investment snapshot

18%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

1 / 12

NEUTRAL / FAIL

Median fair value

$35.42

-40.6% vs price

Models with upside

0 / 17

Positive margin of safety

Key risk

No clean pass — all 8 investors flag at least one efficiency criterion

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	FAIL	FAIL	FAIL	FAIL · Rank #1512 (Top 48.8%)	NEUTRAL	FAIL	PASS	FAIL	FAIL	FAIL	PASS	PASS	FAIL	FAIL	FAIL	FAIL	FAIL
Score
Analysis	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…
Intrinsic Value (annual)					N/A		N/A				N/A		N/A	N/A	N/A	N/A	N/A
Margin of Safety	-36.3%	-40.2%	-498.0%	-60.1%	N/A	-68.3%	N/A	-838.9%	-43.6%	-87.0%	N/A	-77.7%	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2025 Latest source filing: 2026-02-12 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-12 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-12 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-12 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-12 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-02-12 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-02-12 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-02-12 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-12 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-12 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-02-12 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-02-12 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-12 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-02-12 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-12 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-12 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-02-12 Score computed: 2026-11-14

Where It Passes

Where It Falls Short

Efficiency0% pass✓ 1✗ 10▾
No clean pass — all 8 investors flag at least one efficiency criterion
Current Ratio0.51
✗Graham>= 2.0
ROIC (3-5 yr avg)4.6%
✗Buffett> 10%
ROIC - WACC-5.4%
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)7.0%
✗Greenblatt> 25%
Current Ratio Change YoY0.63 -> 0.51
✗PiotroskiIncreased YoY
Revenue / Total Assets Change YoY0.16x -> 0.16x
✓PiotroskiImproved YoY
Current Assets / Current Liabilities0.51
✗Dreman> 1.5
Return on Invested Capital4.8%
✗Munger> 15%
ROIC (high and growing)FY2023: ROIC=4.8%; FY2024: ROIC=4.6%; FY2025: ROIC=4.8%
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROIC2.9% (RR=60% x ROIC=4.8%)
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)0/5 years above 12% (latest 4.8%)
✗SleepROIC > 12% in a majority of years
Valuation models0% pass✗ 9▾
FTS overvalued: all 9 models price fair value below $59.62 (median $35.42)
Graham fair value$43.75
✗Graham-36.3% margin vs $59.62
Buffett fair value$42.53
✗Buffett-40.2% margin vs $59.62
Lynch fair value$9.97
✗Lynch-498.0% margin vs $59.62
Greenblatt fair value$37.24
✗Greenblatt-60.1% margin vs $59.62
Dreman fair value$35.42
✗Dreman-68.3% margin vs $59.62
Pabrai fair value$6.35
✗Pabrai-838.9% margin vs $59.62
Akre fair value$41.53
✗Akre-43.6% margin vs $59.62
Marks fair value$31.89
✗Marks-87.0% margin vs $59.62
Templeton fair value$33.55
✗Templeton-77.7% margin vs $59.62
Debt & Leverage8% pass✓ 1✗ 14▾
11 of 12 flag FTS's debt & leverage — Graham, Buffett, Lynch +8 more
LT Debt vs Net Current AssetsLT Debt $22.4B vs NCA $-2.7B
✗GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 1.42, IC: 2.4x
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity1.42
✗Lynch< 0.33
Cash - Long-term Debt$-22.2B
✗LynchPositive preferred
LT Debt / Total Assets Change42.49% -> 41.06%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities0.51
✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity1.42
✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x
Debt Levels1.42
✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=2.4x, D/EBITDA=6.1x
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity1.42
✗Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-1.4225; #3547/4210 (top 84.3%)
✗AsnessTop 30% of eligible cross-section
Valuation8% pass✓ 4✗ 24▾
12 of 13 flag FTS's valuation — Graham, Lynch, Greenblatt +9 more
Net income / market capitalization+4.66%; #1791/6340 (top 28.2%)
✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Price / 3-yr avg EPS25.2x
✗Graham<= 15x
Price-to-Book Ratio1.7x
✗Graham<= 1.5x
P/E x P/B43.90
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)5.98
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value4.6%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=4.6%, ROC=7.0%
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS24.0x
✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)10.2x
✗Dreman< 8x
Price / Book Value per Share1.7x
✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Valuation ReasonablenessP/E=24.0x, OE Yield=-4.6%
✓MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldP/E=24.0x, FCF Yield=-4.5%
✗PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/E=24.0x, P/B=1.7x
✓MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value-68.3% (IV=$35.42 vs Price=$59.62)
✗Marks>= 20% below intrinsic value
Price / FCF per ShareN/A (negative FCF)
✗Ackman<= 25
Price vs. Trailing Low140% of trailing low ($42.62)
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Positive book equity / market capitalization+0.5654; #2624/6449 (top 40.7%)
✗AsnessTop 30% of eligible cross-section
Price / Diluted EPS24.0x
✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E0.25
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share5.22x
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change+9.1%
✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+0.2890; #3369/5247 (top 64.2%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization-4.46%; #2939/4519 (top 65.0%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date+7.75%; #1977/6202 (top 31.9%)
✗OshaughnessyTop 10% of eligible cross-section
Profitability19% pass✓ 17✗ 18▾
13 of 16 flag FTS's profitability — Graham, Buffett, Lynch +10 more
Net income / market capitalization+4.66%; #1791/6340 (top 28.2%)
✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive EPS (10 years)11/12 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)44.4%
✓Graham>= 33% growth
Net Income Positive (10+ years)11/12 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)7.7%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)28.7% (latest)
✓BuffettStable or rising over 10 years
Free Cash Flow Proxy$1.4B
✓BuffettPositive and growing
Earnings Variance (10-yr CoV)0.18
✓BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)5.98
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR4.0%
✓Lynch15-30% (Fast Grower); > 0% to pass
ROE8.2%
✗Lynch> 15%
EBIT / Enterprise Value4.6%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=4.6%, ROC=7.0%
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets2.62%
✓PiotroskiROA > 0
ROA Change YoY2.49% -> 2.62% (delta: +0.13%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=5.43%, ROA=2.62%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY71.8% -> 72.3%
✓PiotroskiImproved YoY
Pre-Tax Income / Revenue19.3%
✓Dreman>= 8%
Net Income / Shareholders' Equity8.2%
✗Dreman> 12%
Margin of SafetyP/E=24.0x, P/B=1.7x
✗PabraiP/B < 1.5 or P/E < 15
Return on Equity8.0% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic Value-68.3% (IV=$35.42 vs Price=$59.62)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency11/11 years positive
✓MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue28.7%
✓Ackman>= 15%
Net Income / Shareholders Equity8.2%
✗Ackman>= 15%
5-Year EPS CAGR4.0% CAGR over 5 years
✓Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend26.8% (2023) -> 28.7% (2025)
✓TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trendgross margin 67.3% -> 72.3%, operating margin 26.8% -> 28.7%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Gross profit / total assets+11.76%; #2685/3702 (top 72.5%)
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity+8.24%; #2064/5226 (top 39.5%)
✗AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0010; #61/5884 (top 1.0%)
✓AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR4.0% over 5 years
✗Neff7%-20% annualized
Positive Diluted-EPS Years10/10 years positive
✓Schloss>= 70% positive over 5-10 observed years (app rule)
Verdicts19% pass✓ 3✗ 13▾
Split decision: 12 FAIL · 3 PASS · 1 NEUTRAL
Overall verdict
✗GrahamFAIL (2/9)✗BuffettFAIL (3/9)✗LynchFAIL (2/7)✗GreenblattRank #1512•PiotroskiNEUTRAL (F-Score 7)✗DremanFAIL (3/11)✓MungerPASS (2/4)✗PabraiFAIL (0/3)✗AkreFAIL (0/6)✗MarksFAIL (2/5)✓AckmanPASS (5/9)✓TempletonPASS (4/8)✗SleepFAIL (1/6)✗AsnessFAIL (Rank #847/2370 (Top 35.7%))✗NeffFAIL (2/6)✗SchlossFAIL (3/7)✗OshaughnessyFAIL (Rank #781/963 (Top 81.1%))
Cash Flow30% pass✓ 4✗ 8▾
7 of 10 flag FTS's cash flow — Lynch, Dreman, Pabrai +4 more
Free Cash Flow Proxy$1.4B
✓BuffettPositive and growing
FCF Positive and Growing$-1.4B
✗LynchPositive and growing
Operating Cash Flow$3.0B
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=5.43%, ROA=2.62%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)10.2x
✗Dreman< 8x
P/E or FCF YieldP/E=24.0x, FCF Yield=-4.5%
✗PabraiP/E < 15 or FCF Yield > 10%
FCF Positive0/11 years FCF positive
✗MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap-4.5%
✗Ackman>= 4%
Price / FCF per ShareN/A (negative FCF)
✗Ackman<= 25
Positive Operating Cash Flow frequency11/11 years positive
✓SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$-1.4B
✗Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization-4.46%; #2939/4519 (top 65.0%)
✗OshaughnessyTop 10% of eligible cross-section
Growth50% pass✓ 8✗ 5▾
4 of 8 pass — Lynch, Dreman, Sleep +1 more object
EPS Growth (3-yr avg, 10-yr window)44.4%
✓Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)5.98
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR4.0%
✓Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthN/A (no inventory)
✓LynchInventory growth < Revenue growth
EPS Growth Direction$1.87 (2015) -> $2.48 (2025)
✓DremanPositive over recent years
EPS CAGR2.9% CAGR over 10 years
✗Dreman> 5% annualized
Positive Net Income Frequency11/11 years positive
✓MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth6.8%
✓Ackman>= 5%
Positive EPS Growth Frequency4/5 years with positive EPS growth
✓AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR4.0% CAGR over 5 years
✓Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trendgross margin 67.3% -> 72.3%, operating margin 26.8% -> 28.7%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR4.9%
✗SleepCAGR > 7%
3-5 Year Diluted EPS CAGR4.0% over 5 years
✗Neff7%-20% annualized

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Utilities

SIC Sector: Electric, Gas & Sanitary Services

Size: Large Cap($30.8B)

Revenue: $8.9B+10.8% YoY

Net Income: $1.4B+12.4% YoY

Financial Snapshot

Operating Margin28.7%

Return on Equity8.2%

Debt / Equity1.42

Current Ratio0.51

EPS (Diluted)$2.48+10.0% 1y

Shares Retired−1.6% / −3.4% 2y

Similar Companies

SOSOUTHERN CO

$109.0B

AEPAMERICAN ELECTRIC POWER CO INC

$70.3B

LNGCheniere Energy, Inc.

$63.0B

DDOMINION ENERGY, INC

$59.5B

Shareholder Return

Fiscal 2025

Issued 1.6% of shares last year, 3.4% issued over two.

Buybacks: —
Dividends: $575.4M

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY22

0.2% = 1.3% + −1.2%

FY23

14.2% = 15.7% + −1.3%

FY24

−3.6% = −1.4% + −2.2%

FY25

10.0% = 12.4% + −2.2%

Earnings Fewer shares More shares

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

Metric	FY 2025 Sources 40-F · 2026-02-12	FY 2024 Sources 40-F · 2025-02-14	FY 2023 Sources 40-F · 2024-02-09	FY 2022 Sources 40-F · 2023-02-10	FY 2021 Sources 40-F · 2022-02-11
Market Cap	$30.8Bcurrent	$21.3Best.	$18.1Best.	$17.5Best.	$19.2Best.
Revenue	$8.9B↑11%	$8.0B↓8%	$8.7B↑7%	$8.1B↑10%	$7.4B
Operating Income	$2.5B↑11%	$2.3B↓2%	$2.3B↑15%	$2.0B↑4%	$1.9B
Net Income	$1.4B↑12%	$1.3B↓1%	$1.3B↑16%	$1.1B↑1%	$1.1B
EPS (Diluted)	$2.48↑10%	$2.26↓4%	$2.34↑14%	$2.05	$2.05
Gross Margin	72.3%↑1%	71.8%↑7%	67.3%↑5%	64.2%↓7%	68.8%
Operating Margin	28.7%	28.6%↑7%	26.8%↑8%	24.8%↓5%	26.1%
ROE	8.2%↑7%	7.7%↓3%	8.0%↑10%	7.2%↓1%	7.3%
Total Debt	$24.7B↑7%	$23.1B↑4%	$22.3B↑6%	$21.0B↑5%	$19.9B
Shareholders' Equity	$17.4B↑5%	$16.6B↑2%	$16.3B↑5%	$15.5B↑3%	$15.1B
Current Ratio	0.51↓19%	0.63↓7%	0.67↑5%	0.65↑14%	0.57
Debt / Equity	1.42↑2%	1.40↑2%	1.37↑2%	1.35↑3%	1.31
Operating Cash Flow	$3.0B↑10%	$2.7B↑1%	$2.7B↑18%	$2.3B↓1%	$2.3B
Free Cash Flow	-$1.4B↓74%	-$787.5M↓136%	-$333.3M↑12%	-$378.5M↓71%	-$221.3M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Utilities

FTS vs Peers — Financial Grading

Revenue$8.9BBottom 25%

Net Income$1.4BMedian

ROE8.2%Bottom 25%

D/E1.42Top 25%

Op. Margin28.7%Top 25%

Curr. Ratio0.51Bottom 25%

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Greenblatt	Piotroski	Dreman
SOUTHERN COSO	$109.0B	$93.59	$29.6B	$4.3B	12.1%	2.00	24.7%	0.65	2/9	2/9	2/7	0/3	F-Score 5	3/11
AMERICAN ELECTRIC POWER CO INCAEP	$70.3B	$129.18	$21.9B	$3.7B	11.9%	1.52	24.3%	0.45	4/9	3/9	2/7	0/3	F-Score 5	3/11
Cheniere Energy, Inc.LNG	$63.0B	$308.75	$20.0B	$5.3B	67.3%	2.88	45.6%	0.94	2/9	4/9	4/7	0/3	F-Score 8	3/11
DOMINION ENERGY, INCD	$59.5B	$67.66	$16.5B	$3.0B	10.3%	1.60	26.7%	0.77	2/9	0/9	1/7	0/3	F-Score 6	3/11
ATMOS ENERGY CORPATO	$29.8B	$176.30	$4.7B	$1.2B	8.8%	0.66	33.2%	0.77	3/9	3/9	2/7	0/3	F-Score 6	3/11
EVERSOURCE ENERGYES	$27.0B	$71.73	$13.5B	$1.7B	10.5%	1.75	22.1%	0.65	2/9	2/9	2/7	0/3	F-Score 6	4/11
PPL CorpPPL	$26.9B	$35.67	$9.0B	$1.2B	7.9%	1.27	23.5%	0.86	2/9	0/9	0/7	0/3	F-Score 5	2/11
ALLIANT ENERGY CORPLNT	$19.0B	$73.43	$4.4B	$810.0M	11.0%	1.64	23.5%	0.80	2/9	2/9	2/7	0/3	F-Score 6	2/11