Fortis Inc. (FTS) Key Metrics
FTS key metrics, 2016–2025
Fiscal year ended December 31, 2025 · Canadian dollarsFTS returns How much profit the business earns on the capital it uses.
FTS financial health Debt, liquidity and how easily interest is covered.
FTS efficiency & capital use Working capital cycle and where the cash goes.
FTS returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
FTS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
FTS cash returned to shareholders
FTS key metrics in Canadian dollars
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 7.6% | 7.4% | 7.4% | 6.9% | 6.8% | 6.8% | 9.8% | 7.4% | 6.9% | 5.4% |
| Return on invested capital (ROIC) | 5.0% | 5.1% | 5.1% | 4.8% | 4.8% | 5.1% | 6.4% | 5.4% | 4.5% | 4.2% |
| Return on assets (ROA) | 2.4% | 2.4% | 2.4% | 2.3% | 2.3% | 2.3% | 3.2% | 2.3% | 2.1% | 1.7% |
| Return on tangible assets | 3.0% | 2.9% | 3.0% | 2.8% | 2.9% | 3.0% | 4.3% | 3.0% | 2.9% | 1.9% |
| Free cash flow margin | −17.8% | −11.6% | −5.4% | −7.2% | −5.1% | −15.0% | −12.0% | −7.3% | −3.2% | −2.6% |
| Income quality (OCF / net income) | 2.26 | 2.31 | 2.25 | 2.21 | 2.25 | 2.12 | 1.55 | 2.23 | 2.68 | 2.85 |
| Financial health | ||||||||||
| Total debt | C$34.67B | C$33.70B | C$30.03B | C$29.04B | C$25.95B | C$24.87B | C$23.22B | C$24.79B | C$22.13B | C$22.82B |
| Cash & short-term investments | C$367.0M | C$220.0M | C$625.0M | C$209.0M | C$131.0M | C$249.0M | C$370.0M | C$332.0M | C$327.0M | C$269.0M |
| Net debt | C$34.31B | C$33.48B | C$29.40B | C$28.83B | C$25.82B | C$24.62B | C$22.85B | C$24.45B | C$21.80B | C$22.55B |
| Debt / equity | 1.46 | 1.42 | 1.40 | 1.38 | 1.35 | 1.33 | 1.25 | 1.50 | 1.47 | 1.56 |
| Debt / assets | 0.46 | 0.46 | 0.46 | 0.45 | 0.45 | 0.45 | 0.43 | 0.47 | 0.46 | 0.48 |
| Net debt / EBITDA | 5.83 | 6.08 | 5.71 | 6.30 | 6.23 | 6.02 | 5.05 | 6.67 | 5.97 | 8.95 |
| Current ratio | 0.51 | 0.63 | 0.67 | 0.65 | 0.57 | 0.63 | 0.62 | 0.77 | 0.63 | 0.55 |
| Quick ratio | 0.42 | 0.52 | 0.58 | 0.55 | 0.47 | 0.53 | 0.52 | 0.67 | 0.53 | 0.45 |
| Interest coverage | 2.4 | 2.3 | 2.4 | 2.5 | 2.5 | 2.4 | 2.9 | 2.4 | 2.7 | 2.2 |
| Working capital | −C$3.71B | −C$2.24B | −C$1.94B | −C$2.35B | −C$2.07B | −C$1.54B | −C$1.60B | −C$991.0M | −C$1.30B | −C$1.78B |
| Invested capital | C$58.12B | C$57.29B | C$50.91B | C$49.86B | C$45.10B | C$43.32B | C$41.38B | C$40.99B | C$36.80B | C$37.15B |
| Tangible asset value | C$11.62B | C$11.08B | C$9.64B | C$8.83B | C$7.85B | C$7.20B | C$6.85B | C$4.73B | C$4.02B | C$3.08B |
| Net current asset value | −C$45.16B | −C$43.84B | −C$38.56B | −C$37.14B | −C$34.02B | −C$32.59B | −C$30.72B | −C$31.33B | −C$28.87B | −C$29.29B |
| Capital allocation | ||||||||||
| Dividends paid | C$873.0M | C$818.0M | C$768.0M | C$737.0M | C$671.0M | C$851.0M | C$561.0M | C$525.0M | C$484.0M | C$388.0M |
| Share buybacks (net) | — | — | C$0 | — | C$0 | C$0 | C$0 | C$0 | C$0 | C$200.0M |
| Dividend payout ratio | 48.5% | 48.7% | 48.8% | 52.9% | 51.9% | 66.8% | 32.6% | 45.0% | 47.1% | 58.8% |
| Capex / revenue | 51.2% | 45.3% | 36.2% | 35.0% | 35.8% | 45.2% | 42.4% | 38.4% | 36.4% | 30.1% |
| Capex / operating cash flow | 153.5% | 134.4% | 117.6% | 125.7% | 116.5% | 149.5% | 139.7% | 123.6% | 109.7% | 109.4% |
| Capex / depreciation | 3.03 | 2.71 | 2.35 | 2.32 | 2.25 | 2.83 | 2.76 | 2.59 | 2.56 | 2.10 |
| Stock-based compensation / revenue | — | — | 0.6% | 0.4% | 1.1% | 0.9% | −6.6% | 0.4% | 0.5% | 0.3% |
| SG&A / revenue | — | — | — | — | — | — | 0.0% | 0.0% | 0.1% | 0.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 50.4 | 52.3 | 53.7 | 50.0 | 45.8 | 45.1 | 47.3 | 47.0 | 44.9 | 50.9 |
| Days of inventory on hand | 72.2 | 70.3 | 59.4 | 52.6 | 55.7 | 58.1 | 57.4 | 29.2 | 57.1 | 55.3 |
| Days payables outstanding | 250.3 | 118.6 | 90.8 | 76.7 | 91.6 | 104.1 | 103.8 | 52.5 | 96.6 | 75.5 |
| Cash conversion cycle (days) | -127.7 | 4.0 | 22.2 | 26.0 | 9.9 | -0.9 | 0.9 | 23.7 | 5.4 | 30.7 |
| Receivables turnover | 7.24 | 6.98 | 6.80 | 7.29 | 7.97 | 8.10 | 7.72 | 7.76 | 8.13 | 7.18 |
| Payables turnover | 1.46 | 3.08 | 4.02 | 4.76 | 3.99 | 3.51 | 3.52 | 6.96 | 3.78 | 4.84 |
| Inventory turnover | 5.05 | 5.19 | 6.15 | 6.94 | 6.56 | 6.28 | 6.36 | 12.50 | 6.39 | 6.60 |
| Asset turnover | 0.16 | 0.17 | 0.18 | 0.18 | 0.17 | 0.16 | 0.17 | 0.17 | 0.17 | 0.18 |
| Average receivables | C$1.68B | C$1.65B | C$1.69B | C$1.51B | C$1.19B | C$1.10B | C$1.14B | C$1.08B | C$1.02B | C$953.0M |
| Average payables | C$2.31B | C$1.06B | C$938.0M | C$830.0M | C$740.5M | C$730.5M | C$716.5M | C$687.5M | C$625.0M | C$484.0M |
| Average inventory | C$667.0M | C$625.5M | C$613.5M | C$569.5M | C$450.0M | C$408.0M | C$396.0M | C$382.5M | C$369.5M | C$354.5M |
| Intangibles / total assets | 19.0% | 20.1% | 20.8% | 21.8% | 22.7% | 23.6% | 24.8% | 25.9% | 26.6% | 27.9% |
Computed from FTS's annual financial statements (latest annual report filed February 12, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in Canadian dollars; data from EODHD. Averages use the opening and closing balance of each year.
FTS valuation and financial ratios
Fortis earned a return on equity of 7.6% and a return on invested capital of 5.0% in fiscal 2025. It ended the year with C$34.7 billion of debt and C$367.0 million in cash and short-term investments, net debt of C$34.3 billion. It returned C$873.0 million to shareholders: C$873.0 million in dividends and C$0 in share buybacks.
See the FTS income statement, the FTS chart for price history, or the FTS stock overview for the latest quote and news.
FTS key metrics FAQ
What is Fortis's return on equity?
Fortis's return on equity (ROE) was 7.6% in fiscal 2025: net income of C$1.8 billion on average shareholders' equity of C$23.8 billion.
What is Fortis's ROIC?
Fortis's return on invested capital was 5.0% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Fortis have?
Fortis had total debt of C$34.7 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.46 and C$34.3 billion of net debt (5.83 times EBITDA).
What is Fortis's current ratio?
Fortis's current ratio was 0.51 at the end of fiscal 2025: current assets were 0.51 times current liabilities.
Utilities - Regulated Electric key metrics
- EDNEmpresa Distribuidora y Comercializadora Norte Sociedad Anónima
- CEPUCentral Puerto
- CIGCompanhia Energética de Minas Gerais
- CIG.CEnergy of Minas Gerais Co DRC
- DUKDuke Energy
- SOSouthern Company
- SOMNSouthern
- NEENextEra Energy
- ELPCCompanhia Paranaense de Energia - COPEL
- PCGPG&E
- EXCExelon
- AEPAmerican Electric Power