Fortis (FTS)
Runs electric transmission, distribution, and gas utilities across Canada, the US, and the Caribbean.
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Ten regulated electric-transmission, electric-distribution, and gas-distribution utilities operate across Canada, the United States, and the Caribbean, each run with its own management and regulator. Earnings track rate base rather than commodity prices, with the largest share now coming from the United States after the 2016 purchase of ITC Holdings.
A Newfoundland electric-light utility founded in 1885 became a holding company after a 1987 reorganization, then grew through Canadian utility acquisitions. The current shape dates to 2016, when the purchase of ITC Holdings, the largest independent US electric-transmission utility, added a New York Stock Exchange listing.
Ten utility subsidiaries run electric transmission, electric distribution, and gas distribution for customers in Canada, the United States, and the Caribbean, each independently managed and regulated.
Growth since the ITC purchase has come from rate-base investment rather than further acquisitions, funded largely through dividend reinvestment. Dividend increases have continued for more than five decades, with roughly 60 percent of earnings from the United States.
Transmission rates for the largest segment are set by US federal regulators; state and provincial cases govern the distribution utilities. Wildfire and extreme weather across those territories shape capital spending.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 4, 2026 | Wolfe Research | Target | Target: — | Target: $50 |
| Aug 3, 2026 | Barclays | Reiterate | Rating: —Target: $61 | Target: $60 |
| Jul 17, 2026 | CIBC | Downgrade | ||
| May 8, 2026 | Barclays | Reiterate | Rating: —Target: $62 | Target: $61 |
| Apr 28, 2026 | Barclays | Target | Target: — | Target: $62 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $272.9M · Total debt $25.82B · Total assets $55.98B · Shareholders' equity $17.98B
- Revenue
- $2.08B
- Operating income
- $571.4M
- Net income
- $281.5M
Reported in CAD, converted at the latest exchange rate
HistoryDividendAnnual yield
| Institutions | 52.49% | 266.31M ADS | |
|---|---|---|---|
| 371 holders · as of Jun 30, 2026 | |||
| Insiders | 0.00% | 15.3K ADS | |
| 1 holder · as of Mar 4, 2026 | |||
| Other | 47.51% | 241.02M ADS | |
| remainder | |||
507.34M ADS as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Royal Bank of CanadaInstitution | 6.83% | 34.64M ADS | as of Jun 30, 2026 |
Bank of Montreal /Can/Institution | 4.86% | 24.63M ADS | as of Jun 30, 2026 |
FIL LtdInstitution | 3.49% | 17.72M ADS | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 3.03% | 15.39M ADS | as of Jun 30, 2026 |
TD Asset Management IncInstitution | 1.92% | 9.74M ADS | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Mar 2, 2026 | Regan Patrick O'Dea | officer: VP, General Counsel | +578 | $78.04 |
- NextEra Energy
Leading rival transmission developer against ITC in FERC Order 1000 bids
- American Electric Power
Transmission joint-venture rival to ITC in MISO competitive-bid awards
- Pinnacle West Capital
Neighboring Arizona utility to UNS Energy's Tucson Electric Power
- Duke Energy
Competitive-transmission joint-venture rival and top-5 US utility scale peer
- Consolidated Edison
Neighboring New York utility to Central Hudson under the same regulator
- Emera
Closest Canadian holdco twin — Halifax parent, Florida utility subsidiary
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Fortis | $54.08 | +0.88% | $27.29B | 23.7 | 22.0 | 3.1 | −0.2% |
| NextEra Energy | $79.61 | −0.03% | $166.11B | 17.9 | 19.6 | 5.7 | +12.5% |
| American Electric Power | $120.26 | +0.19% | $65.34B | 20.8 | 18.1 | 2.9 | +7.0% |
| Pinnacle West Capital | $93.75 | +0.47% | $11.31B | 17.9 | 19.0 | 2.0 | +7.1% |
| Duke Energy | $116.83 | +0.08% | $91.01B | 17.5 | 17.3 | 2.7 | +1.1% |
| Consolidated Edison | $104.46 | +0.58% | $38.28B | 17.1 | 16.7 | 2.2 | +13.2% |
| Emera | $49.03 | +0.55% | $14.92B | 21.6 | 27.0 | 2.4 | −28.8% |
| Median | 17.9 | 18.6 | 2.6 | +7.1% |