FTS (FTS) Stock Forecast: What Could Drive It in 2026
Last updated July 2026
Short answer
What is actually driving FTS (FTS) right now is Rate-base growth engine: The ~CAD 28.8 billion 2026-2030 capital plan is expected to grow the rate base from ~CAD 42.4 billion to ~CAD 57.9 billion, roughly 7% annually. Revenue (TTM) is ~$8.7B USD (~CAD 12B). If that keeps playing out, the setup is favourable; the risk to it is as a capital-intensive utility, Fortis carries substantial debt and is sensitive to interest rates; higher rates raise financing costs and make its dividend yield less attractive relative to bonds, which can pressure the share price. No one can predict where FTS trades, and Walnut does not publish targets, so treat this as a scenario, not a price target or prediction.
What could drive FTS (FTS) higher?
1. Rate-base growth engine
The ~CAD 28.8 billion 2026-2030 capital plan is expected to grow the rate base from ~CAD 42.4 billion to ~CAD 57.9 billion, roughly 7% annually. Because regulated utilities earn a set return on that invested base, rising rate base translates fairly directly into higher earnings over time.
2. Long dividend-growth record
Fortis has raised its dividend for 52 consecutive years, one of the longest streaks among North American public companies. Management guides to 4% to 6% annual dividend growth through 2030, supported by regulated cash flows, which makes the stock a core holding for income-focused investors.
3. Grid investment and electrification tailwinds
Transmission and distribution spending is supported by electrification, data-center demand, grid reliability needs, and aging infrastructure replacement. ITC Holdings, its U.S. transmission platform, is positioned to benefit from interconnection and reliability-driven investment.
4. Regulatory and geographic diversification
Operating across multiple Canadian and U.S. jurisdictions plus the Caribbean spreads regulatory risk so an unfavorable decision in one region has limited impact on the whole. Constructive U.S. regulatory outcomes have supported recent results.
What could weigh on FTS?
As a capital-intensive utility, Fortis carries substantial debt and is sensitive to interest rates; higher rates raise financing costs and make its dividend yield less attractive relative to bonds, which can pressure the share price. Earnings depend on regulators approving allowed returns and cost recovery, so adverse rate-case outcomes are a real risk. A large portion of assets and earnings are in U.S. dollars, adding currency translation exposure for Canadian reporting. The heavy ongoing capital program can require equity or debt issuance that may dilute shareholders or add leverage. Growth is inherently modest, so the stock can lag in strong bull markets and is best viewed as a defensive rather than high-return holding.
Where FTS trades today
A forecast starts from where the stock actually is. These are FTS's current figures, not a projection: the drivers and risks above are what would move them.
Snapshot for FTS as of July 2026, sourced from Yahoo Finance and may be delayed. Valuation figures move with price and earnings; verify the current numbers with your broker before deciding.
How to think about a FTS forecast
Rather than chasing a price target, it tends to help to weigh the drivers above against the risks, decide how long you are willing to hold, and size the position so a wrong call is survivable. A “forecast” is really a probability-weighted view of those drivers playing out, not a number.
For the full picture, see the FTS guide and whether FTS is a buy. In Walnut you can pressure-test the thesis against your real portfolio.
The bottom line on the FTS outlook
The bottom line: what is driving FTS (FTS) is Rate-base growth engine, with revenue (ttm) at ~$8.7B USD (~CAD 12B). If that keeps playing out the setup is favourable; the risk is as a capital-intensive utility, Fortis carries substantial debt and is sensitive to interest rates; higher rates raise financing costs and make its dividend yield less attractive relative to bonds, which can pressure the share price. No one can predict the price, so treat any FTS forecast as a scenario, not a target or prediction, and decide from your own thesis and time horizon. Walnut is not an investment adviser.
More on FTS
- FTS stock guide (what the company does, ETFs that hold it, similar stocks, and the themes it fits)
- Is FTS a buy? (the case for, the risks, and a framework to decide)
- Does FTS pay a dividend?
Build a basket around FTS with Walnut
Use FTS as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What is the forecast for FTS (FTS)?
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No one can reliably predict where FTS will trade, and Walnut does not publish price targets. What is more useful is the setup: the drivers that could push FTS higher and the risks that could weigh on it. This page lays out both so you can form your own view. Not a recommendation.
What could drive FTS higher?
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The main growth drivers are Rate-base growth engine; Long dividend-growth record; Grid investment and electrification tailwinds. Whether they play out is the real question, not a guaranteed path.
What are the risks to FTS?
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As a capital-intensive utility, Fortis carries substantial debt and is sensitive to interest rates; higher rates raise financing costs and make its dividend yield less attractive relative to bonds, which can pressure the share price. Earnings depend on regulators approving allowed returns and cost recovery, so adverse rate-case outcomes are a real risk. A large portion of assets and earnings are in U.S. dollars, adding currency translation exposure for Canadian reporting. The heavy ongoing capital program can require equity or debt issuance that may dilute shareholders or add leverage. Growth is inherently modest, so the stock can lag in strong bull markets and is best viewed as a defensive rather than high-return holding.
Will FTS stock go up in 2026?
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Nobody knows, and anyone who says they do is guessing. FTS's direction depends on whether the drivers above outweigh the risks, plus the broader market. Focus on the thesis and your time horizon rather than a single-year call.
Is FTS a buy?
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That depends on your thesis, time horizon, and what you already own, not on a forecast. See the FTS "is it a buy?" page for a framework. Walnut is not an investment adviser.
How does Fortis grow its earnings?
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Growth comes primarily from expanding its regulated rate base. Its ~CAD 28.8 billion 2026-2030 capital plan is expected to grow rate base about 7% annually, and utilities earn a regulated return on that invested base, which supports rising earnings and dividends.
Walnut is informational, not investment advice. This page describes drivers and risks; it is not a price forecast, target, or recommendation. Markets are uncertain and past performance does not predict future results.