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Held by 1,920 of 6,047 reporting institutions (100th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Ranked against 26 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NEE | $161.4B | 23.4× | — | 6.3× | 9.8% | — | 26.5% | 12.5% | 4.6% | — | 2,941 |
| CEG | $105.6B | 40.3× | 27.4× | 4.1× | 8.3% | — | 9.1% | 16.0% | 9.9% | 1.3× | 1,810 |
| SO | $99.1B | 22.0× | — | 3.4× | 10.6% | — | 14.7% | 12.1% | 4.2% | — | 2,298 |
| AEP | $66.9B | 18.4× | 13.0× | 3.1× | 10.9% | — | 16.9% | 11.9% | 4.8% | 5.3× | 1,920 |
| D | $54.2B | 17.9× | — | 3.3× | 14.2% | — | 18.2% | 10.3% | 3.8% | — | 1,494 |
| VST | $54.2B | 74.1× | 18.6× | 3.1× | 3.0% | — | 5.3% | 18.5% | 3.9% | 4.6× | 1,358 |
| ETR | $49.1B | 26.3× | 13.8× | 3.8× | 9.0% | — | 13.7% | 10.5% | 3.9% | 4.8× | 1,283 |
| FE | $26.0B | 25.6× | 13.4× | 1.7× | 12.0% | — | 6.8% | 8.2% | 2.7% | 6.7× | 907 |
| PPL | $25.8B | 21.5× | 12.5× | 2.9× | 6.9% | — | 13.1% | 7.9% | 3.5% | 5.0× | 999 |
| CNP | $25.4B | 24.1× | 12.8× | 2.7× | 8.3% | 100.0% | 11.2% | 9.4% | 3.3% | 5.8× | 833 |
| ES | $24.8B | 14.4× | 9.8× | 1.8× | 13.8% | — | 12.5% | 10.5% | 3.8% | 5.2× | 1,068 |
| NRG | $22.7B | 26.9× | 10.6× | 0.7× | 9.2% | — | 2.8% | 51.4% | 4.8% | 3.6× | 984 |
| EIX | $21.3B | 4.8× | 5.8× | 1.1× | 9.8% | — | 23.1% | 25.4% | 8.0% | 3.7× | 1,033 |
| TLN | $17.9B | — | 127.1× | 6.9× | 22.0% | — | -8.5% | -20.0% | -2.8% | — | 620 |
| PNW | $12.0B | 19.6× | 10.8× | 2.3× | 4.2% | — | 11.8% | 9.0% | 3.7% | 4.9× | 699 |
| OGE | $9.6B | 20.0× | 12.3× | 3.0× | 9.2% | 61.4% | 14.4% | 9.5% | 4.4% | 4.6× | 617 |
| IDA | $7.8B | 22.9× | 18.1× | 4.5× | -1.2% | — | 18.5% | 9.1% | 4.6% | 5.3× | 536 |
| TXNM | $6.5B | 39.6× | 12.7× | 3.0× | 9.9% | — | 7.8% | 5.0% | 2.0% | 5.7× | 373 |
| CWEN | $6.2B | — | 17.0× | 4.3× | 4.2% | 62.9% | 11.8% | 2.9% | 1.2% | 9.6× | 470 |
| BKH | $5.8B | 19.1× | 12.6× | 2.5× | 8.6% | — | 12.6% | 7.6% | 3.4% | 5.5× | 458 |
| ORA | $5.5B | 44.0× | 17.3× | 5.5× | 12.5% | 27.6% | 12.5% | 4.9% | 2.4% | 5.5× | 424 |
| POR | $5.3B | 16.4× | 8.8× | 1.5× | 4.0% | — | 8.6% | 7.4% | 3.5% | 4.1× | 482 |
| AQN | $3.9B | 23.2× | 12.5× | 1.6× | 4.9% | — | 7.4% | 3.9% | 1.5% | 8.1× | 232 |
| OTTR | $3.7B | 13.3× | 9.3× | 2.8× | -2.3% | — | 21.2% | 14.8% | 9.6% | 1.4× | 355 |
| HE | $1.5B | 12.3× | 6.4× | 0.5× | -4.1% | — | 4.1% | 7.9% | 3.1% | 3.6× | 329 |
Peers = companies sharing AEP's sector (Electric Services) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $124.23 today, the market must believe free cash flow compounds 7.1%/yr for a decade (off $4.92B on the 3-yr avg basis).
On the basis ($4.87B) the requirement is 7.3%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 7.1% is more optimistic than its 9-yr track record.
Default is 8.8% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.54B shares (market data) · net debt $45.44B
mean 1.5% · volatility σ 29% · implied rate exceeded in 4/9 yrs
Central path = implied 7.1%/yr growth; shaded band = ±1σ (29%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 58% of free cash flow, leaving room to grow it and fund buybacks. Last year: $2.01B dividends + $0 buybacks = $2.01B returned on $3.49B FCF.
9 consecutive years of dividend increases · 6%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 5%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-12
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $21.88B 100.0% | $19.72B 100.0% | $18.98B 100.0% | $19.64B 100.0% | $16.79B 100.0% | $14.92B 100.0% | $15.56B 100.0% | $16.20B 100.0% | $15.42B 100.0% | $16.38B 100.0% |
| Total Operating Expenses | $16.56B 75.7% | $15.42B 78.2% | $15.43B 81.3% | $16.16B 82.3% | $13.38B 79.7% | $11.93B 80.0% | $12.97B 83.3% | $13.51B 83.4% | $11.90B 77.1% | $15.22B 92.9% |
| Operating Income | $5.32B 24.3% | $4.30B 21.8% | $3.56B 18.7% | $3.48B 17.7% | $3.41B 20.3% | $2.99B 20.0% | $2.59B 16.7% | $2.68B 16.6% | $3.52B 22.9% | $1.16B 7.1% |
| Interest Expense | $2.03B 9.3% | $1.86B 9.4% | $1.81B 9.5% | $1.40B 7.1% | $1.20B 7.1% | $1.17B 7.8% | $1.07B 6.9% | $984.4M 6.1% | $895.0M 5.8% | $877.2M 5.4% |
| Other Income (Expense), net | $48.0M 0.2% | $65.0M 0.3% | $64.0M 0.3% | $11.6M 0.1% | $41.4M 0.2% | $57.0M 0.4% | $26.6M 0.2% | $18.2M 0.1% | $34.6M 0.2% | — |
| Pretax Income | $3.83B 17.5% | $2.94B 14.9% | $2.27B 11.9% | $2.31B 11.8% | $2.60B 15.5% | $2.23B 15.0% | $1.90B 12.2% | $2.04B 12.6% | $2.90B 18.8% | $546.8M 3.3% |
| Income Tax Expense | $129.0M 0.6% | -$39.0M -0.2% | $55.0M 0.3% | $5.4M 0.0% | $115.5M 0.7% | $40.5M 0.3% | -$12.9M -0.1% | $115.3M 0.7% | $969.7M 6.3% | -$73.7M -0.4% |
| Net Income | $3.70B 16.9% | $2.98B 15.1% | $2.21B 11.7% | $2.31B 11.7% | $2.49B 14.8% | $2.20B 14.7% | $1.92B 12.3% | $1.93B 11.9% | $1.93B 12.5% | $618.0M 3.8% |
| Per Share | ||||||||||
| EPS (Basic) | $6.70 | $5.60 | $4.26 | $4.51 | $4.97 | $4.44 | $3.89 | $3.90 | $3.89 | $1.24 |
| EPS (Diluted) | $6.66 | $5.58 | $4.24 | $4.49 | $4.96 | $4.42 | $3.88 | $3.90 | $3.88 | $1.24 |
| Weighted Avg Shares (Basic) | 534.5M | 530.1M | 518.9M | 511.8M | 500.5M | 495.7M | 493.7M | 492.8M | 491.8M | 491.5M |
| Weighted Avg Shares (Diluted) | 537.5M | 531.3M | 520.2M | 513.5M | 501.8M | 497.2M | 495.3M | 493.8M | 492.6M | 491.7M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $197.0M is below the $3.19B due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~4.4% on $45.64B of debt.
Cash of $197.0M is below short-term debt of $1.51B — relies on refinancing/operations.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-12
Where each multiple sits in its own 14-yr range · 93th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 12% against ROIC 5% — 7% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 2.2× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Operating Income | 16.6 | 16.7 | 20.0 | 20.3 | 17.7 | 18.7 | 21.8 | 24.3 |
| Income Tax | 0.7 | -0.1 | 0.3 | 0.7 | 0.0 | 0.3 | -0.2 | 0.6 |
| Net Income | 11.9 | 12.3 | 14.7 | 14.8 | 11.7 | 11.7 | 15.1 | 16.9 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on AEP: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Earns -1.91pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 5.3% | 8.8% (today's — no rate published for this year) | -3.6pts |
| FY2020 | 5.6% | 8.8% (today's — no rate published for this year) | -3.3pts |
| FY2021 | 5.9% | 6.7% | -0.8pts |
| FY2022 | 5.5% | 8.0% | -2.6pts |
| FY2023 | 5.3% | 8.1% | -2.8pts |
| FY2024 | 6.1% | 8.3% | -2.2pts |
| FY2025 | 6.8% | 7.8% | -1.1pts |
| Now | 4.8% | 8.8% | -4.0pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 7.1% | 3.8% |
| FY2017 | not reported | 22.9% | 12.5% |
| FY2018 | not reported | 16.6% | 11.9% |
| FY2019 | not reported | 16.7% | 12.3% |
| FY2020 | not reported | 20.0% | 14.7% |
| FY2021 | not reported | 20.3% | 14.8% |
| FY2022 | not reported | 17.7% | 11.7% |
| FY2023 | not reported | 18.7% | 11.7% |
| FY2024 | not reported | 21.8% | 15.1% |
| FY2025 | not reported | 24.3% | 16.9% |
Leverage and buybacks account for 7 points of the 12% return on equity in FY2025. The business earns 5% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$53M of goodwill — 0% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
The spread is -1.91pts and would invert under a ±2% move in WACC, so the verdict rests on the cost-of-capital assumption rather than on the business.
Converts 1.83x of reported profit into free cash flow over 5 years, with accruals negative.
Shares outstanding are up 9% since FY2019 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.
Stressed coverage of 1.8x sits between comfortable and thin.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 2.63x |
| 5% | 2.49x |
| 10% | 2.36x |
| 15% | 2.23x |
| 20% | 2.10x |
| 25% | 1.97x |
| 30% | 1.84x |
| 35% | 1.71x |
| 40% | 1.58x |
| 45% | 1.44x |
| 50% | 1.31x |
| 55% | 1.18x |
| 60% | 1.05x |
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Net debt is 5.4x EBITDA, so coverage today depends on earnings holding up rather than on the balance sheet.
At $122.81, free cash flow must compound 7.15%/yr for 10 years. It has done 0.68%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 14.4% | 7.1% |
| FY2021 | 0.2% | 7.1% |
| FY2022 | 37.7% | 7.1% |
| FY2023 | −8.2% | 7.1% |
| FY2024 | 31.9% | 7.1% |
| FY2025 | −45.5% | 7.1% |
The implied rate has been matched or beaten in 3 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $3.70B | $3.70B |
| Share-based comp | $53M | $3.75B |
| Other non-cash & working capital | $3.19B | $6.94B |
| Operating cash flow | $6.94B | $6.94B |
| Capex | −$3.45B | $3.49B |
| Free cash flow | $3.49B | $3.49B |
| FCF after SBC | $3.44B | $3.44B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -4.1% | 8.1% | 12.2 points |
| FY2021 | 12.6% | 5.4% | -7.2 points |
| FY2022 | 17.0% | 37.4% | 20.4 points |
| FY2023 | -3.4% | -8.3% | -4.9 points |
| FY2024 | 3.9% | 7.5% | 3.6 points |
| FY2025 | 10.9% | 8.9% | -2.0 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 40 days | not reported | not reported | not reported |
| FY2020 | 45.1 days | not reported | not reported | not reported |
| FY2021 | 42.2 days | not reported | not reported | not reported |
| FY2022 | 49.6 days | not reported | not reported | not reported |
| FY2023 | 47.1 days | not reported | not reported | not reported |
| FY2024 | 48.7 days | not reported | not reported | not reported |
| FY2025 | 47.8 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -3.1 percent |
| FY2020 | -2.0 percent |
| FY2021 | -1.5 percent |
| FY2022 | -3.2 percent |
| FY2023 | -2.9 percent |
| FY2024 | -3.7 percent |
| FY2025 | -2.8 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.