Emera Incorporated (EMA) fair value: what the stock is really worth
As of Nov 4, 2026: fair value (intrinsic value) of Emera Incorporated stock $32.65, price $51.30, that is 36.4% below the price, quality 39 out of 100. Rating: strongly overvalued. Calculated from audited financials with 16 of our 26 valuation models and 37 quality factors, updated daily.
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Our calculation puts a fair price 36% below what the stock costs today.
Solidly profitable · 11.6% net margin (TTM)
Positive coverage
Broad data
Expensive Growth(revenue 5y +8.6 %/yr in CAD)
Moderate debt
4.1% dividend yield · Watch coverage
Moderate moat49/100 · thin data
Fair value $32.65 · Strongly overvalued (−36.4%)
Quality 39/100
Negative free cash flow
Trails peers(2/14)
Risks from the AI analysis
🚩Merger execution risks from operational blending and regulatory reviews🚩Adverse regulatory decisions or policy shifts🚩Rapid AI evolution disrupting business models
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.
How to read this chart
60‑month range $27.79 – $55.11 · fair‑value band $26.92 – $40.81 · the $51.30 price screens above the $32.65 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.
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Emera Incorporated, an energy and services company, invests in generation, transmission, and distribution of electricity in the United States, Canada, Barbados, and the Bahamas.
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The company operates through Florida Electric Utility, Canadian Electric Utilities, Gas Utilities and Infrastructure, Other Electric Utilities, and Other segments.
It is involved in the purchase, transmission, distribution, and sale of natural gas; and physical energy marketing, trading, and other energy asset management activities. The company was incorporated in 1998 and is headquartered in Halifax, Canada.
Stock analysis
Emera Incorporated (EMA) currently trades at $51.30, while our model-based Fair Value estimate is $32.65, 36% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $36.22 per share, and 1 of the 13 models we run sit above the $51.30 price.
Bear case: the Asset-Based group reads lowest at $12.19, and 12 of the 13 models stay below the price. Data coverage for this calculation is high.
Scenario range: $26.92 (bear) to $40.81 (bull), the price of $51.30 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 39/100 (below-average quality), in the Utilities sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Emera Incorporated reported revenue of C$8.3B in FY2025 versus C$5.8B in FY2021, a compound +9.5%/yr. Reported net income was C$1.1B in FY2025, compounding +18.1%/yr from FY2021.
Key figures
Market cap $15.8B Large · P/E ratio 22.4 · P/S ratio 2.94 · EPS (TTM) $2.29 · Dividend yield 4.1% · Net margin 13.1% · Return on equity 7.6% · Return on assets (EBIT) 3.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 49 out of 100 (low confidence).
What moves the price
The share trades about 7% below its 52-week high and 12% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −38% fair-value upside, at −36%, EMA screens cheaper than that median.
Fair Value models
Bear$26.92Fair Value $32.65Bull$40.81
Price $51.30 · Downside -36.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($0.1655 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.44/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+15.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.6%
Start year 2020 (pandemic). Over 10 years: +11.5% a year
Revenue growth 32 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.0%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+8.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.3%
Dividend (yield on the price)4.1%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.4.3% vs 2.2%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.21% → 19%
News mood ⓘNews mood, the average tone of recent news (93 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Operational stability typical of a regulated utility is offset by high leverage and negative free cash flow, while the merger offers potential scale advantages for infrastructure investments amid integration uncertainties.
Main risk: Changes in government policy or regulatory decisions in its operating jurisdictions could limit cost recovery, delay investments or reduce allowed returns on Emera's regulated electric and gas utilities.
Bull case: Emera could strengthen its position by successfully integrating AI into operations for better grid management and demand forecasting while maintaining constructive regulatory relationships that support rate base growth.
Bear case: If regulatory outcomes turn adverse or AI integration falters, Emera might face constrained investment capacity, higher operational costs and reduced ability to expand its rate base across key jurisdictions.
Emera has announced a merger of equals with Canadian Utilities to create a much larger utility with broader reach across high-growth regions and stronger capacity for major infrastructure investments. The combination promises improved financial flexibility and rate base expansion, yet blending the operations and cultures while navigating regulatory reviews over the coming year brings real execution risks. Will the scale advantages drive sustainable growth or introduce lasting integration headaches?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Utilities - Regulated Electric · 156 stocks
Beats the industry median on 2/14 measures
Overall it trails its industry peers.
Valuation
Quality Score39 · Bottom 25%
Fair Value upside−36.4% · Below median
Profitability
Return on equity (12 months)7.6% · Below median
Return on assets2.4% · Below median
Net margin (12 months)11.6% · Above median
Operating margin (12 months)17.9% · Below median
Growth and dividend
Revenue growth (quarter YoY)1.2% · Below median
Dividend yield (12 months)4.1% · Above median
Balance sheet
Debt / equity1.38× · Above median
Valuation Multiplesvs Utilities - Regulated Electric median · lower = cheaper
P/E (12 months)22.4× · Pricier than median
P/B1.65× · Pricier than median
P/S (12 months)2.48× · Pricier than median
EV/EBITDA11.8× · Pricier than median
PEG2.81× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 12
FUTURE (revenue growth)6· sector 22
PAST (return on equity)30· sector 39
HEALTH (low debt)31· sector 52
DIVIDEND (yield)81· sector 63
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Emera Incorporated Fair Value". https://www.fairvalue-calculator.com/stock/EMA
Frequently asked questions
Is Emera Incorporated (EMA) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of $32.65 versus a price of $51.30, about 36% lower (overvalued).
What is the fair value of EMA?
Our model-based fair value for Emera Incorporated is $32.65 (as of Nov 3, 2026), built from audited fundamentals. The current price: $51.30.
What is the quality score of EMA?
Emera Incorporated has a Quality Score of 39/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Emera Incorporated (EMA)?
Our model-based price target is the fair value of $32.65 (as of Nov 3, 2026) from 16 valuation models. Cautious scenario $26.92, optimistic scenario $40.81. It is a calculation from audited fundamentals, not an analyst target.
What is the Emera Incorporated stock forecast for 2026?
Our models put fair value at $32.65, about 36% lower versus a price of $51.30 (overvalued). Cautious scenario $26.92, optimistic scenario $40.81. The calculation is refreshed regularly with new filings.
What is the revenue of Emera Incorporated (EMA)?
Emera Incorporated reported trailing-twelve-month revenue of about C$8.9B (latest available figure, as of Nov 3, 2026).
Does Emera Incorporated pay a dividend?
Emera Incorporated currently shows a dividend yield of 4.06% relative to its recent price (as of Nov 3, 2026).
What is the intrinsic value of Emera Incorporated (EMA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Emera Incorporated it is $32.65 per share (as of Nov 3, 2026), against a price of $51.30. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Emera Incorporated stock overvalued or undervalued in 2026?
As of Nov 3, 2026, EMA trades above its calculated fair value: price $51.30, fair value $32.65, a gap of about −36% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of EMA?
No. The price is what the market pays today ($51.30); the fair value is what the company's own numbers justify ($32.65). For Emera Incorporated the two are $18.65 per share apart. That gap is exactly why we show both numbers side by side.
How much is Emera Incorporated worth?
The market values Emera Incorporated at about $15.8B (market capitalisation, as of Nov 3, 2026). Per share that is $51.30; our models calculate a fair value of $32.65 per share.
What do the bullish and bearish scenarios say about EMA?
Our models span a range for Emera Incorporated: cautious scenario $26.92, base $32.65, optimistic $40.81 per share (as of Nov 3, 2026, price $51.30). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of EMA?
Emera Incorporated trades at a price-to-earnings ratio of 22.4 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $32.65 is built from several models across several years. Other multiples: PEG 2.8, P/B 1.7, P/S 2.5, EV/EBITDA 11.8.
What is the PEG ratio of EMA?
The PEG ratio of Emera Incorporated is 2.81 (P/E divided by earnings growth, as of Nov 3, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Emera Incorporated (EMA)?
Balance-sheet figures for Emera Incorporated (as of Nov 3, 2026): return on equity 7.6%, debt of 1.38 per unit of equity. They feed the Quality Score of 39/100, which measures business quality independently of the share price.
How far is EMA from its 52-week high?
Emera Incorporated trades at $51.30, about 7% below its 52-week high of $55.11 and 12% above the low of $45.66 (as of Nov 4, 2026). Distance from the high says nothing about value: that is what the fair value of $32.65 is for.
Which stocks are comparable to Emera Incorporated?
From the same area (Utilities) we also value NextEra Energy, Inc, The Southern Company, Duke Energy Corporation, American Electric Power Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Emera Incorporated stock attractive at the current price?
The data as of Nov 3, 2026: price $51.30, calculated fair value $32.65 (−36%), Quality Score 39/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of EMA calculated?
We run Emera Incorporated through 16 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $32.65, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.6% above its aggregate fair value. Emera Incorporated itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Emera Incorporated (EMA)?
The closing price on Nov 4, 2026 was $51.30. Our model-based fair value is $32.65, about 36% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Emera Incorporated right now?
The price sits above even our optimistic bull case ($40.81). The favourable scenario is already priced in. Weak quality (39/100) and above fair value at the same time, the margin of safety is missing on both counts.
Where does the earnings growth of Emera Incorporated (EMA) come from?
Earnings per share at Emera Incorporated grew +3.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share +2.4 %, EBIT margin +1.2 %, tax rate +1.5 %, residual (interest, one-offs) −2.1 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Emera Incorporated
How large is the market capitalisation of Emera Incorporated (EMA)?
The market capitalisation of Emera Incorporated is $15.8B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Emera Incorporated (EMA)?
The price-to-sales ratio of Emera Incorporated is 2.94 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Emera Incorporated (EMA)?
Earnings per share at Emera Incorporated are $2.29 (price ÷ EPS = P/E 22.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Emera Incorporated (EMA)?
The dividend yield of Emera Incorporated is 4.1% (payout 91.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Emera Incorporated (EMA)?
The net margin of Emera Incorporated is 13.1% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Emera Incorporated (EMA)?
The return on equity (ROE) of Emera Incorporated is 7.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Emera Incorporated (EMA)?
On an EBIT basis the return on assets of Emera Incorporated is 3.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Emera Incorporated (EMA)?
The operating margin of Emera Incorporated is 17.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Emera Incorporated (EMA)?
Revenue at Emera Incorporated is growing +1.2% versus a year earlier (3y avg +3.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Emera Incorporated (EMA)?
Earnings per share at Emera Incorporated are growing −24.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Emera Incorporated (EMA) generate?
The free cash flow of Emera Incorporated is −C$1.7B (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Emera Incorporated (EMA) carry?
The net debt of Emera Incorporated is C$21.3B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 3, 2026