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Held by 1,810 of 6,047 reporting institutions (100th percentile) — extremely crowded.
Data as of Q2 2026
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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 | $101.0B | 38.5× | 26.2× | 4.0× | 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 | $66.6B | 18.4× | 13.0× | 3.0× | 10.9% | — | 16.9% | 11.9% | 4.8% | 5.3× | 1,920 |
| D | $54.3B | 17.9× | — | 3.3× | 14.2% | — | 18.2% | 10.3% | 3.8% | — | 1,494 |
| VST | $52.4B | 71.6× | 18.1× | 3.0× | 3.0% | — | 5.3% | 18.5% | 3.9% | 4.6× | 1,358 |
| ETR | $49.0B | 26.2× | 13.7× | 3.8× | 9.0% | — | 13.7% | 10.5% | 3.9% | 4.8× | 1,283 |
| FE | $26.0B | 25.5× | 13.4× | 1.7× | 12.0% | — | 6.8% | 8.2% | 2.7% | 6.7× | 907 |
| PPL | $25.7B | 21.4× | 12.5× | 2.8× | 6.9% | — | 13.1% | 7.9% | 3.5% | 5.0× | 999 |
| CNP | $25.3B | 24.0× | 12.7× | 2.7× | 8.3% | 100.0% | 11.2% | 9.4% | 3.3% | 5.8× | 833 |
| ES | $24.7B | 14.4× | 9.8× | 1.8× | 13.8% | — | 12.5% | 10.5% | 3.8% | 5.2× | 1,068 |
| NRG | $22.3B | 26.5× | 10.5× | 0.7× | 9.2% | — | 2.8% | 51.4% | 4.8% | 3.6× | 984 |
| EIX | $20.9B | 4.7× | 5.7× | 1.1× | 9.8% | — | 23.1% | 25.4% | 8.0% | 3.7× | 1,033 |
| TLN | $17.0B | — | 122.3× | 6.6× | 22.0% | — | -8.5% | -20.0% | -2.8% | — | 620 |
| PNW | $11.9B | 19.4× | 10.7× | 2.2× | 4.2% | — | 11.8% | 9.0% | 3.7% | 4.9× | 699 |
| OGE | $9.5B | 19.9× | 12.2× | 2.9× | 9.2% | 61.4% | 14.4% | 9.5% | 4.4% | 4.6× | 617 |
| IDA | $7.8B | 22.7× | 17.9× | 4.4× | -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 | $6.1B | — | 16.9× | 4.3× | 4.2% | 62.9% | 11.8% | 2.9% | 1.2% | 9.6× | 470 |
| BKH | $5.8B | 19.2× | 12.6× | 2.5× | 8.6% | — | 12.6% | 7.6% | 3.4% | 5.5× | 458 |
| ORA | $5.5B | 43.9× | 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 | 23.1× | 12.4× | 1.6× | 4.9% | — | 7.4% | 3.9% | 1.5% | 8.1× | 232 |
| OTTR | $3.7B | 13.5× | 9.4× | 2.9× | -2.3% | — | 21.2% | 14.8% | 9.6% | 1.4× | 355 |
| HE | $1.5B | 12.4× | 6.4× | 0.5× | -4.1% | — | 4.1% | 7.9% | 3.1% | 3.6× | 329 |
Peers = companies sharing CEG'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.
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.
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 38% of free cash flow, leaving room to grow it and fund buybacks. Last year: $486.0M dividends + $400.0M buybacks = $886.0M returned on $1.29B FCF.
3 consecutive years of dividend increases · 40%/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 6 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 10%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 6 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 1 positive fiscal year (FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $285.07 today, the market must believe free cash flow compounds 28.4%/yr for a decade (off $1.29B on the 3-yr avg basis).
On the basis ($903.0M) the requirement is 33.6%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
Default is 10.5% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.35B shares (market data) · net debt $5.26B
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.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $3.64B covers the $92.0M due within a year 39.6× over. 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).
Interest is easily covered by operating profit. Effective rate ~5.7% on $8.90B of debt.
Cash of $3.64B fully covers short-term debt of $1.65B.
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 2026-10-08
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 |
|---|---|---|---|---|---|---|
| Revenue | $25.53B 100.0% | $23.57B 100.0% | $24.92B 100.0% | $24.44B 100.0% | $19.65B 100.0% | $17.60B 100.0% |
| Total Operating Expenses | $22.45B 87.9% | $19.29B 81.8% | $23.34B 93.6% | $23.95B 98.0% | $20.20B 102.8% | $17.36B 98.6% |
| Operating Income | $3.09B 12.1% | $4.35B 18.5% | $1.61B 6.5% | $495.0M 2.0% | -$346.0M -1.8% | $256.0M 1.5% |
| Interest Expense | $511.0M 2.0% | $506.0M 2.1% | $431.0M 1.7% | $250.0M 1.0% | $282.0M 1.4% | $328.0M 1.9% |
| Other Income (Expense), net | $425.0M 1.7% | $164.0M 0.7% | $837.0M 3.4% | -$1.04B -4.2% | $498.0M 2.5% | $580.0M 3.3% |
| Pretax Income | $3.51B 13.8% | $4.52B 19.2% | $2.45B 9.8% | -$542.0M -2.2% | $152.0M 0.8% | $836.0M 4.7% |
| Income Tax Expense | $1.19B 4.6% | $774.0M 3.3% | $859.0M 3.4% | -$388.0M -1.6% | $225.0M 1.1% | $249.0M 1.4% |
| Net Income | $2.32B 9.1% | $3.75B 15.9% | $1.62B 6.5% | -$318.0M -1.3% | -$205.0M -1.0% | $589.0M 3.3% |
| Per Share | ||||||
| EPS (Basic) | $7.40 | $11.91 | $5.02 | -$0.49 | $0.00 | $0.00 |
| EPS (Diluted) | $7.40 | $11.89 | $5.01 | -$0.49 | $0.00 | $0.00 |
| Weighted Avg Shares (Basic) | 313.0M | 315.0M | 323.0M | 328.0M | 0 | 0 |
| Weighted Avg Shares (Diluted) | 314.0M | 315.0M | 324.0M | 329.0M | 0 | 0 |
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.
EOD close · as of 2026-10-08
Where each multiple sits in its own 4-yr range · 73th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 4-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 16% against ROIC 10% — 6% 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
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Operating Income | 1.5 | -1.8 | 2.0 | 6.5 | 18.5 | 12.1 |
| Income Tax | 1.4 | 1.1 | -1.6 | 3.4 | 3.3 | 4.6 |
| Net Income | 3.3 | -1.0 | -1.3 | 6.5 | 15.9 | 9.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CEG: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -4.13pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | 1.2% | 10.5% (today's — no rate published for this year) | -9.3pts |
| FY2021 | -1.3% | 6.7% | -8.0pts |
| FY2022 | 2.0% | 7.9% | -5.9pts |
| FY2023 | 5.5% | 8.2% | -2.7pts |
| FY2024 | 15.8% | 9.8% | 6.0pts |
| FY2025 | 10.6% | 11.2% | -0.6pts |
| Now | 9.9% | 10.5% | -0.6pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2020 | not reported | 1.5% | 3.3% |
| FY2021 | not reported | -1.8% | -1.0% |
| FY2022 | not reported | 2.0% | -1.3% |
| FY2023 | not reported | 6.5% | 6.5% |
| FY2024 | not reported | 18.5% | 15.9% |
| FY2025 | not reported | 12.1% | 9.1% |
Leverage and buybacks account for 6 points of the 16% return on equity in FY2025. The business earns 10% 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.
$11.5B of goodwill — 33% 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.
ROIC ex-goodwill is 9.61% against 6.39% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Free cash flow has fallen short of reported profit in 3 of the last three years.
Reported free cash flow is $1.29B; after share-based compensation it is $903M. The difference is a real cost that the cash flow statement adds back.
Covers interest 4.2x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 6.04x |
| 5% | 5.74x |
| 10% | 5.44x |
| 15% | 5.13x |
| 20% | 4.83x |
| 25% | 4.53x |
| 30% | 4.23x |
| 35% | 3.93x |
| 40% | 3.62x |
| 45% | 3.32x |
| 50% | 3.02x |
| 55% | 2.72x |
| 60% | 2.42x |
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.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $285.07, free cash flow must compound 28.51%/yr for 10 years. It has no positive compounding record to compare against.
No material counter-signal in the checked set: reverse-DCF implied growth, historical FCF CAGR, per-year FCF growth distribution, reporting-basis breaks, discount rate used, free-cash-flow basis (stock comp charged?).
| Step | Amount | Running total |
|---|---|---|
| Net income | $2.32B | $2.32B |
| Share-based comp | $385M | $2.70B |
| Other non-cash & working capital | $1.53B | $4.24B |
| Operating cash flow | $4.24B | $4.24B |
| Capex | −$2.95B | $1.29B |
| Free cash flow | $1.29B | $1.29B |
| FCF after SBC | $903M | $903M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 11.6% | not reported | not reported |
| FY2022 | 24.4% | 54.9% | 30.5 points |
| FY2023 | 2.0% | -25.2% | -27.1 points |
| FY2024 | -5.4% | 92.2% | 97.7 points |
| FY2025 | 8.3% | 14.7% | 6.4 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2020 | not reported | not reported | not reported | not reported |
| FY2021 | 31 days | not reported | not reported | not reported |
| FY2022 | 38.6 days | not reported | not reported | not reported |
| FY2023 | 28.3 days | not reported | not reported | not reported |
| FY2024 | 57.6 days | not reported | not reported | not reported |
| FY2025 | 61 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | not reported |
| FY2021 | 2.4 percent |
| FY2022 | 4.3 percent |
| FY2023 | 13.6 percent |
| FY2024 | 11.7 percent |
| FY2025 | -3.4 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.
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.