Is FTS a Buy or a Sell? The Bull and Bear Case (2026)

That depends on which case you find more convincing, and both are on this page. The bull case rests on Rate-base growth engine, with revenue (ttm) at ~$8.7B USD (~CAD 12B). The bear case rests on 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. If you believe the thesis, the real questions become sizing and overlap rather than timing. Walnut is not an investment adviser and this is not a recommendation.

Nobody can answer that for you, and the honest version of the question is narrower: has anything changed in the reason you bought it? The bear case on this page is the place to check. 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. If that risk is what you were worried about and it is now playing out, that is a real signal. If the price simply fell while the thesis held, that is a different situation entirely. Walnut is not an investment adviser.

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.

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.

Fortis Inc.

Decide that in advance, because it is far harder to think clearly once a position is moving against you. The concrete tripwires here: the driver behind the bull case (Rate-base growth engine) stalling in the reported numbers rather than in the narrative, the risk above (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) turning from a possibility into a reported fact, or the position growing large enough that a bad outcome would matter to your whole portfolio regardless of who is right.

Fortis is a utility holding company that owns 10 regulated electric and gas businesses serving about 3.5 million customers across Canada, the United States, and the Caribbean. Roughly 99% of its assets are regulated, so earnings come mainly from approved returns on its rate base.

Yes. Fortis is best known as an income stock, having raised its dividend for 52 consecutive years. Management guides to 4% to 6% annual dividend growth through 2030, supported by its regulated cash flows.

As of July 2026 the yield is roughly 3.5% to 4%, in line with other large regulated utilities. The exact figure varies with the share price and whether you look at the NYSE (USD) or TSX (CAD) listing.