Fortis Inc. CUM RD 5Y SR G

FTRSF

Regulated Electric · Utilities

Price

$17.55

+0.00 (+0.00%)

Market Cap

$8.93B

Exchange

Other OTC

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+6.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 471.4M (2021) → 503.7M (2025)

Fortis Inc. is a Canadian utility company that delivers electricity and natural gas to homes and businesses. It owns and operates power lines, pipelines, and distribution networks across Canada, the United States, and the Caribbean. Its customers are mostly everyday households and commercial businesses who depend on it for basic energy needs.

Fortis makes money by charging regulated rates for delivering energy — meaning government regulators set the prices it can charge, which creates steady, predictable revenue. The company serves roughly 3.4 million customers and operates in ten utility systems spread across North America. Its main competitive advantage is that regulated utilities face little direct competition, since they hold exclusive service territories granted by governments. The key growth driver is its multi-year capital investment plan to upgrade and expand its energy infrastructure, though rising interest rates pose a real risk since the company carries significant debt to fund those projects.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+1.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-2.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.3%ownership

Relatively low insider ownership

Cash Runway

~3 months

$360M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Fortis Inc. CUM RD 5Y SR G has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

43.9%

Healthy — 43.9% gross margin

Operating Margin

28.2%

Excellent — 28.2% operating margin

ROCE

1.6%

Weak — 1.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+4.2%

Slow sales growth (4.2% YoY)

EPS YoY

+2.7%

Flat earnings

Single-digit earnings growth — steady but not exciting.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

219%

Turns 219% of profit into real cash

FCF Margin

-18.4%

Burning cash (-18.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

1.44

Elevated debt (1.44)

Interest Cover

2.36x

Tight — interest eats into profit (2.4x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

5.1x

Attractive valuation — P/E 5.1

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

+0.9

GROWING

Earnings roughly flat

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Dividends

Dividend Yield

6.31%

Healthy income — 6.31% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

+1.0%

Dividend flat

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