Emera Incorporated (EMA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-289.1%

-$94.46

vs $49.96 price

Levered DCF

-$182.02

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.73

Distress zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	19.93×	31.44×	14.01×	14.65×	31.9×	14.31×	20.21×	13.66×
P/B	1.51×	1.17×	1.13×	1.21×	1.61×	1.46×	2.03×	1.22×
P/S	2.43×	2.16×	1.81×	1.82×	2.82×	2.44×	2.19×	1.56×
EV / EBITDA	11.85×	14.03×	11.4×	12.13×	17.41×	13.76×	11.07×	11.53×
Gross margin	24.6%	40.3%	43.4%	39.9%	37.6%	43.2%	42.9%	40.7%
Operating margin	18.7%	15.0%	23.7%	21.5%	16.1%	20.8%	22.0%	21.4%
Net margin	13.1%	7.9%	13.8%	13.3%	9.7%	17.9%	11.6%	11.4%
Current ratio	0.66×	0.72×	0.82×	0.67×	0.64×	0.45×	0.6×	0.62×
Debt / equity	1.62×	1.49×	1.64×	1.67×	1.62×	1.67×	1.84×	2×
Interest coverage	1.5×	1.11×	1.94×	2.3×	1.52×	1.69×	1.82×	1.96×
Dividend yield	3.2%	3.9%	4.0%	3.9%	3.0%	3.4%	3.2%	3.7%
Payout ratio	59.8%	107.8%	53.1%	53.1%	88.0%	46.2%	59.7%	51.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.1%	4.3%	8.6%	8.8%	5.5%	10.7%	10.7%	9.0%
Return on invested capital	3.5%	2.7%	4.3%	3.9%	2.9%	2.9%	5.4%	4.3%
Return on assets	2.4%	1.3%	2.6%	2.5%	1.6%	3.1%	2.9%	2.3%
Free cash flow yield	-8.6%	-3.3%	-5.1%	-12.2%	-7.2%	-7.3%	-7.3%	-4.6%
Earnings yield	5.4%	3.6%	7.6%	7.3%	3.4%	7.3%	5.3%	7.3%
Enterprise value	$41.5B	$35.1B	$32.9B	$32.6B	$32.3B	$28.6B	$25.3B	$26.5B
Net debt / EBITDA	6.07×	7.83×	6.66×	6.98×	8.64×	7.3×	5.22×	7.1×
Cash conversion cycle (days)	20	-43	-1	-20	-28	-26	1	-25