Fortis Inc. key statistics and ratios

In fiscal 2025, Fortis Inc. had return on equity of 7.2%, an operating margin of 28.7%, debt equal to 144.0% of equity and a current ratio of 0.51. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fortis Inc.: financial ratios, annual
Fiscal year	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	—	—	71.6%	70.3%	71.3%	71.3%	68.8%	64.2%	67.3%	71.8%	72.3%
Operating margin	21.0%	21.7%	30.2%	28.2%	34.6%	28.1%	26.1%	24.8%	26.8%	28.6%	28.7%
Net margin	10.8%	8.6%	11.6%	13.1%	18.8%	13.5%	13.0%	12.0%	13.1%	14.0%	14.1%
Free-cash-flow margin	−6.8%	−0.4%	−0.7%	−5.1%	−9.5%	−12.9%	−3.0%	−4.6%	−3.8%	−9.8%	−15.4%
Return on equity	8.0%	4.9%	6.5%	7.0%	9.4%	6.2%	6.6%	6.7%	7.0%	7.1%	7.2%
Return on assets	2.7%	1.6%	2.0%	2.2%	3.1%	2.1%	2.2%	2.2%	2.3%	2.3%	2.3%
Asset turnover	0.25	0.18	0.17	0.17	0.17	0.16	0.17	0.18	0.18	0.17	0.17
Current ratio	0.70	0.55	0.63	0.77	0.62	0.63	0.57	0.65	0.67	0.63	0.51
Debt to equity	118.2%	152.2%	144.0%	146.6%	122.5%	131.1%	132.6%	136.3%	138.1%	140.3%	144.0%
Interest cover (operating income ÷ interest)	2.6x	2.2x	2.7x	2.4x	2.9x	2.4x	2.5x	2.5x	2.4x	2.3x	2.4x
Effective tax rate	21.0%	16.9%	34.3%	11.4%	13.5%	14.3%	14.3%	16.0%	17.4%	15.9%	16.7%
Capital spending as % of revenue	31.5%	28.0%	33.9%	36.1%	39.8%	43.2%	33.8%	32.5%	34.6%	43.6%	48.8%
Free cash flow ÷ net income	−62.9%	−4.8%	−5.9%	−38.9%	−50.5%	−95.6%	−22.9%	−38.6%	−29.3%	−70.4%	−109.7%
Dividends ÷ net income	31.9%	54.0%	43.5%	41.7%	29.8%	65.0%	49.4%	50.6%	46.5%	46.3%	46.0%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

0 of 7 checks passed · December 31, 2025

What it owns · $54.6bn

Short-term assets $2.8bnLonger-term assets $51.8bn

What it owes, and who funded it · $53.1bn

Short-term liabilities $5.5bnLonger-term liabilities $30.2bnShareholders' equity $17.4bn

Short-term assets cover short-term liabilities $2.8bn of assets due within a year against $5.5bn of liabilities due within a year.
Short-term assets cover long-term liabilities $2.8bn short-term assets against $30.2bn of longer-dated liabilities.
More cash than debt $268m of cash against $24.7bn of debt.
Debt below 40% of shareholders' equity Debt is 142% of equity.
Debt burden no higher than five years ago Debt to equity moved from 124% to 142% over five years.
A year's operating cash flow covers at least 20% of debt $2.9bn of operating cash flow against $24.7bn of debt.
Operating profit covers interest at least five times over Operating income of $2.5bn against $1.1bn of interest.

From Fortis Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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Figures from Fortis Inc.'s SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Fortis Inc.