EMA vs NEE: How Emera Incorporated and NextEra Energy Compare (2026)

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. EMA and NEE share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined EMA and NEE exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Emera Incorporated owns a portfolio of cost-of-service, rate-regulated electric and gas utilities across North America and the Caribbean. Its largest business by far is in Florida: Tampa Electric serves roughly 866,000 electricity customers across a 2,000 square mile territory in west central Florida, and Peoples Gas System serves more than 500,000 gas customers statewide. In Atlantic Canada, Nova Scotia Power provides the large majority of generation, transmission and distribution in the province to roughly 559,000 customers. Smaller electric utilities in the Bahamas and Barbados round out the group, and a modest energy marketing arm sits alongside them. Roughly 95% of adjusted net income comes from regulated investments, which is the whole point of the structure: revenue is set by regulators against an approved asset base and an allowed return, not by market prices.

Full EMA guide

NextEra Energy runs two very different businesses under one holding company. Florida Power & Light is a regulated electric utility serving roughly twelve million people across Florida; it earns an authorized return on the capital it invests in poles, wires, generation, and storage, so its profit grows as it grows its rate base, which expanded about ~8.8% year over year in early 2026. NextEra Energy Resources (NEER) is the competitive arm and the world's largest generator of electricity from wind and solar; it develops, builds, and operates clean-energy and battery-storage projects, selling power and capacity largely under long-term contracts to utilities, corporations, and data-center customers. The regulated utility provides steady, rate-regulated cash flow while the resources segment supplies higher-growth, contracted renewables and storage development.

Full NEE guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• EMA drivers: Florida rate base growth; The New Mexico Gas sale and balance sheet repair.
• NEE drivers: Record renewables and storage backlog; Data-center and AI power demand.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Leverage is the central risk: total debt sits near C$24 billion against a market capitalization around US$15.8 billion, and Moody's negative outlook on a Baa3 rating leaves little cushion if a rate case disappoints or rates back up. For NEE, nextEra is highly capital-intensive and carries substantial debt to fund construction, which makes it sensitive to interest rates: higher rates raise its borrowing costs and tend to compress the valuations investors assign to utility and renewable-growth stocks.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick EMA if you believe its drivers more; NEE if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the EMA and NEE guides.

EMA. Emera closed near US$51.58 on the NYSE on August 5, 2026, equivalent to roughly C$71 on the Toronto listing. Reported financials are in Canadian dollars, so the US dollar revenue and market cap figures above are conversions, not separate disclosures. Q1 2026 adjusted net income was C$415 million, or C$1.37 per share, up about 7% year over year, and management said it expects 2026 adjusted EPS growth to exceed its 5% to 7% guidance range; second quarter results were scheduled for August 7, 2026.

NEE. As of late June 2026, NEE traded near the high-$80s per share with a market cap around ~$184B to ~$186B. The forward P/E of roughly ~23x sits below its own five-year average closer to ~27x but at a premium to several utility peers, a gap the market ties to its ~33 GW backlog and growth profile. Figures are approximate, drawn from the Q1 2026 release and public market data, and move with the share price.

Headline figures (approximate, August 2026): EMA shows revenue (ttm) ~C$8.9B (~US$6.4B), adjusted eps (fy2025) ~C$3.49, p/e (ttm) ~22x, dividend (annualized) ~C$2.93, ~4.1% yield; NEE shows revenue (ttm) ~$27.9B, adjusted eps guidance (fy2026) ~$3.92 to ~$4.02, dividend yield ~2.7%, adjusted eps growth target ~8%-plus per year through 2032.

EMA and NEE are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined EMA and NEE exposure against your real portfolio. It is not an investment adviser.