EMA-PH.TO
UtilitiesEmera Incorporated · Regulated Electric · $14B
What is Emera Incorporated?
Emera Incorporated is a Halifax-based energy company operating electric and gas utilities across Canada, the United States, and the Caribbean. Its preferred shares trade on the Toronto Stock Exchange under EMA-PH.TO.
Emera generates, transmits, and distributes electricity through a diverse mix of power sources including natural gas, hydro, wind, solar, and coal. The company also purchases, distributes, and sells natural gas across Florida and New Mexico. Beyond electricity and gas, Emera provides energy marketing and asset management services, operates a liquefied natural gas pipeline connecting New Brunswick to the northeastern United States, and offers affiliated insurance and financing services.
Emera was incorporated in 1998 and is headquartered in Halifax, Canada.
- Electric utility services across Florida, Nova Scotia, Barbados, the Bahamas, and Dominica
- Natural gas distribution and infrastructure in Florida and New Mexico
- Liquefied natural gas pipeline transport to northeastern US markets
- Energy marketing, trading, and asset management services
- Insurance and financing services for affiliated entities
Is EMA-PH.TO a Good Stock to Buy?
UQS Score rates EMA-PH.TO as Below Average overall.
The Moat and Growth pillars both register as Neutral, suggesting Emera maintains a degree of competitive positioning typical of regulated utilities — where government-sanctioned service territories provide a baseline level of stability. Valuation also sits at Neutral, meaning the preferred shares are not obviously mispriced relative to the fundamentals.
The Quality and Risk pillars both score as Weak, which points to meaningful concerns around balance sheet health and earnings consistency — areas that matter especially for preferred share investors focused on income reliability.
See the full pillar breakdown and underlying financial metrics by signing up for a UQS Pro account. Sign up free →
Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does EMA-PH.TO pay dividends?
Yes — Emera Incorporated pays a dividend.
EMA-PH.TO pays a regular dividend, consistent with the nature of preferred shares that carry fixed or rate-reset income obligations. Preferred dividends at Emera are tied to the company's regulated utility cash flows, which span multiple jurisdictions. Investors drawn to this security typically prioritize income over capital appreciation. The Weak Risk pillar score is worth monitoring when assessing dividend sustainability.
When does EMA-PH.TO report earnings?
Emera Incorporated reports earnings on a quarterly cadence, consistent with standard practice for TSX-listed companies.
Emera's results reflect the dynamics of a multi-jurisdictional regulated utility — revenue tends to be relatively predictable, but capital intensity and financing costs weigh on profitability. The Weak Quality pillar suggests recent financial performance has lagged expectations relative to sector peers.
For the most recent quarter's results and guidance, visit Emera's official investor relations page.
EMA-PH.TO Price History
+32.8% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in Emera Incorporated?
Based on Emera Incorporated's historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
EMA-PH.TO Long-term Outlook
Emera's Neutral Growth pillar suggests the company is expected to grow in line with the broader regulated utility sector — neither a standout grower nor in decline. However, the Weak Risk pillar introduces uncertainty around that trajectory, particularly given the company's capital-heavy infrastructure model and multi-currency exposure across its operating regions. The Neutral Valuation pillar indicates the market has largely priced in both the growth potential and the risks at current levels.
Growth drivers
- Ongoing capital investment in regulated electric and gas infrastructure across Florida and Atlantic Canada
- Expanding customer base in high-growth Florida utility markets
- Diversified energy mix including renewable generation assets
Key risks
- Elevated debt levels typical of capital-intensive utility expansion
- Regulatory risk across multiple jurisdictions including Canada, the US, and the Caribbean
- Currency and geopolitical exposure from Caribbean utility operations
EMA-PH.TO vs Peers
Emera operates in a regulated utility landscape alongside several North American peers with distinct geographic and business-model profiles.
Sempra is a large US-based energy infrastructure company with significant exposure to liquefied natural gas export facilities and California utility operations, giving it a different risk and growth profile than Emera.
Pinnacle West is a pure-play Arizona electric utility, more geographically concentrated than Emera but similarly dependent on regulatory outcomes for earnings stability.
EMA represents the common equity of Emera, sharing the same underlying business as EMA-PH.TO but with a different risk-return profile given the preferred share's priority claim on dividends.
Frequently Asked Questions
What does Emera Incorporated do?
Emera is a regulated energy company that generates, transmits, and distributes electricity and natural gas to customers across Florida, Nova Scotia, New Mexico, and several Caribbean islands. It also operates a natural gas pipeline and provides energy marketing services.
Does EMA-PH.TO pay dividends?
Yes, EMA-PH.TO is a preferred share that pays a regular dividend. The income is tied to Emera's regulated utility cash flows. Investors should review the Weak Risk pillar rating when evaluating the reliability of that income stream over time.
When does EMA-PH.TO report earnings?
Emera Incorporated reports financial results on a quarterly basis, in line with standard practice for TSX-listed companies. For exact dates and the most recent results, check Emera's investor relations page directly.
Is EMA-PH.TO a good stock to buy?
UQS Score rates EMA-PH.TO as Below Average, driven by Weak scores on both the Quality and Risk pillars. While the Moat, Growth, and Valuation pillars sit at Neutral, the weaker areas raise questions about financial health and income sustainability. The full analysis is available to Pro members.
Is EMA-PH.TO overvalued?
The UQS Valuation pillar for EMA-PH.TO is rated Neutral, suggesting the preferred shares are not obviously expensive or cheap relative to fundamentals. For a deeper look at the valuation metrics behind that label, the complete breakdown is available with a Pro account.
How does EMA-PH.TO compare to its competitors?
Compared to peers like Sempra and Pinnacle West, Emera stands out for its geographic diversity — spanning Canada, the US, and the Caribbean — but that breadth also introduces more regulatory and currency complexity. The UQS pillar comparison for each peer is visible on their respective score pages.
What is EMA-PH.TO's market cap bracket?
Emera Incorporated is classified as a large-cap company. As a preferred share, EMA-PH.TO reflects the credit and income characteristics of that large-cap parent rather than a standalone equity capitalization.
Who founded Emera Incorporated?
Emera was incorporated in 1998 as the holding company for Nova Scotia Power. Its origins trace back to the privatization of Nova Scotia's provincial electric utility. Detailed founding history is available through Emera's corporate website and public filings.
Is EMA-PH.TO a long-term quality indicator?
From a long-term quality standpoint, the UQS framework rates EMA-PH.TO as Below Average. The Weak Quality and Risk pillars suggest the underlying business faces structural challenges that could affect long-term income reliability — factors that matter most for preferred share investors with a multi-year horizon.
What is the main competitive advantage of Emera?
Emera's primary advantage lies in its regulated utility franchises, which grant exclusive service territories across multiple jurisdictions. This regulatory protection limits direct competition and provides a degree of earnings predictability, reflected in the Neutral Moat pillar rating.
What sector does EMA-PH.TO belong to?
EMA-PH.TO belongs to the Utilities sector. Regulated utilities like Emera are generally characterized by stable demand, government-overseen pricing, and capital-intensive infrastructure — making dividend reliability and balance sheet health key factors for investors.
Is EMA-PH.TO a growth stock or value stock?
Based on the UQS pillar profile, EMA-PH.TO sits in neither camp clearly. The Growth pillar is Neutral and the Valuation pillar is also Neutral, suggesting it is best characterized as an income-oriented preferred share rather than a growth or deep-value play.
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Pro Analysis
EMA-PH.TO — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 22, 2026 | 41.0 | 36.5 | 47.0 | 63.7 | 9.9 | 39.2 | -1.4 |
| May 7, 2026 | 42.4 | 39.5 | 47.0 | 59.6 | 7.4 | 51.6 | -0.2 |
| May 2, 2026 | 42.6 | 39.5 | 47.0 | 59.6 | 7.4 | 53.0 | -0.1 |
| Apr 28, 2026 | 42.7 | 39.5 | 47.0 | 60.3 | 7.4 | 53.0 | +0.1 |
| Apr 26, 2026 | 42.6 | 39.5 | 47.0 | 59.8 | 7.4 | 53.0 | +0.1 |
| Apr 25, 2026 | 42.5 | 39.5 | 47.0 | 59.8 | 7.4 | 51.8 | -0.1 |
| Apr 23, 2026 | 42.6 | 39.5 | 47.0 | 59.8 | 7.4 | 52.6 | 0.0 |
| Apr 21, 2026 | 42.6 | 39.5 | 47.0 | 59.8 | 7.4 | 52.5 | +0.1 |
| Apr 20, 2026 | 42.5 | 39.5 | 47.0 | 59.8 | 7.4 | 52.1 | 0.0 |
| Apr 19, 2026 | 42.5 | 39.5 | 47.0 | 59.8 | 7.4 | 52.2 | -0.2 |
EMA-PH.TO — Pillar Breakdown
Quality
— 36.5/100 (25%)Emera Incorporated has average quality metrics, with room for improvement in margins or capital efficiency.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 63.7/100 (20%)Emera Incorporated demonstrates healthy growth trends across revenue and earnings.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Risk
— 9.9/100 (15%)Emera Incorporated presents elevated risk with concerns around leverage or financial stability.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 39.2/100 (15%)Emera Incorporated has a mixed valuation — some metrics suggest fair value while others appear stretched.
Inverse of forward P/E — higher yield means cheaper stock.
Enterprise value multiple relative to sector median.
Moat
— 47/100 (25%)Emera Incorporated possesses some competitive advantages but faces meaningful competition. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for EMA-PH.TO.
Score Composition
Financial Data
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How is the EMA-PH.TO UQS Score Calculated?
The UQS (Unified Quality Score) for Emera Incorporated is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Emera Incorporated's competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Emera Incorporated is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.