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Held by 833 of 6,047 reporting institutions (98th 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.
What the company returns to shareholders — and whether it's covered by cash.
Free-cash-flow coverage unavailable. Last year: $574.0M dividends + $0 buybacks = $574.0M returned on -$2.38B FCF.
4 consecutive years of dividend increases · -2%/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 reinvestment story — most cash went back into growth rather than to shareholders.
Modest payoff on reinvested capital. Current ROIC on all capital: 3%. 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.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $38.0M is below the $354.0M due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2013-12-31 (10-K). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~4.3% on $21.07B of debt.
Cash of $38.0M is below short-term debt of $2.41B — 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
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 | $9.36B 100.0% | $8.64B 100.0% | $8.70B 100.0% | $9.32B 100.0% | $8.35B 100.0% | $7.42B 100.0% | $7.56B 100.0% | $6.28B 100.0% | $5.70B 100.0% | $7.53B 100.0% |
| Cost of Revenue | $4.0M 0.0% | $3.0M 0.0% | $99.0M 1.1% | $204.0M 2.2% | $208.0M 2.5% | $257.0M 3.5% | $257.0M 3.4% | $40.0M 0.6% | $33.0M 0.6% | $1.98B 26.3% |
| Total Operating Expenses | $7.25B 77.5% | $6.65B 77.0% | $6.94B 79.8% | $7.75B 83.2% | $6.99B 83.7% | $6.38B 86.0% | $6.49B 85.8% | $5.41B 86.2% | $4.70B 82.4% | $6.50B 86.4% |
| Operating Income | $2.11B 22.5% | $1.99B 23.0% | $1.76B 20.2% | $1.57B 16.8% | $1.36B 16.3% | $1.04B 14.0% | $1.07B 14.2% | $868.0M 13.8% | $1.00B 17.6% | $1.02B 13.6% |
| Interest Expense | $903.0M 9.7% | $838.0M 9.7% | $701.0M 8.1% | $524.0M 5.6% | $508.0M 6.1% | $501.0M 6.8% | $528.0M 7.0% | $361.0M 5.8% | $313.0M 5.5% | $338.0M 4.5% |
| Interest & Investment Income | — | — | $9.0M 0.1% | $3.0M 0.0% | — | $3.0M 0.0% | $17.0M 0.2% | $24.0M 0.4% | $0 0.0% | — |
| Other Income (Expense), net | -$863.0M -9.2% | -$776.0M -9.0% | -$673.0M -7.7% | -$149.0M -1.6% | -$585.0M -7.0% | -$476.0M -6.4% | -$526.0M -7.0% | -$317.0M -5.1% | -$73.0M -1.3% | -$337.0M -4.5% |
| Pretax Income | $1.25B 13.3% | $1.21B 14.0% | $1.09B 12.5% | $1.42B 15.2% | $778.0M 9.3% | $563.0M 7.6% | $545.0M 7.2% | $551.0M 8.8% | $930.0M 16.3% | $686.0M 9.1% |
| Income Tax Expense | $195.0M 2.1% | $195.0M 2.3% | $170.0M 2.0% | $360.0M 3.9% | $110.0M 1.3% | $80.0M 1.1% | $30.0M 0.4% | $155.0M 2.5% | -$778.0M -13.7% | $254.0M 3.4% |
| Net Income | $1.05B 11.2% | $1.02B 11.8% | $917.0M 10.5% | $1.06B 11.3% | $1.49B 17.8% | -$773.0M -10.4% | $791.0M 10.5% | $368.0M 5.9% | $1.79B 31.4% | $432.0M 5.7% |
| Per Share | ||||||||||
| EPS (Basic) | $1.61 | $1.58 | $1.37 | $1.60 | $2.35 | -$1.79 | $1.34 | $0.74 | $4.16 | $1.00 |
| EPS (Diluted) | $1.60 | $1.58 | $1.37 | $1.59 | $2.28 | -$1.79 | $1.33 | $0.74 | $4.13 | $1.00 |
| Weighted Avg Shares (Basic) | 652.7M | 643.2M | 630.9M | 629.4M | 592.9M | 531.0M | 502.1M | 448.8M | 431.0M | 430.6M |
| Weighted Avg Shares (Diluted) | 655.6M | 644.1M | 633.2M | 632.3M | 609.9M | 531.0M | 505.2M | 452.5M | 434.3M | 433.6M |
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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
This company doesn't have positive free cash flow on any basis, so a reverse DCF can't be run.
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 CNP'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.
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
EOD close · as of 2026-10-12
Where each multiple sits in its own 14-yr range · 98th 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 9% against ROIC 3% — 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
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 0.6 | 3.4 | 3.5 | 2.5 | 2.2 | 1.1 | 0.0 | 0.0 |
| Operating Income | 13.8 | 14.2 | 14.0 | 16.3 | 16.8 | 20.2 | 23.0 | 22.5 |
| Income Tax | 2.5 | 0.4 | 1.1 | 1.3 | 3.9 | 2.0 | 2.3 | 2.1 |
| Net Income | 5.9 | 10.5 | -10.4 | 17.8 | 11.3 | 10.5 | 11.8 | 11.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CNP: 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 -2.71pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 3.9% | 8.3% (today's — no rate published for this year) | -4.4pts |
| FY2020 | 4.4% | 8.3% (today's — no rate published for this year) | -3.9pts |
| FY2021 | 4.6% | 7.3% | -2.7pts |
| FY2022 | 5.2% | 7.9% | -2.7pts |
| FY2023 | 5.2% | 7.8% | -2.5pts |
| FY2024 | 5.3% | 8.1% | -2.8pts |
| FY2025 | 5.5% | 7.3% | -1.8pts |
| Now | 3.3% | 8.3% | -5.0pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 73.7% | 13.6% | 5.7% |
| FY2017 | 60.6% | 11.8% | 18.6% |
| FY2018 | 99.4% | 13.8% | 5.9% |
| FY2019 | 96.6% | 14.2% | 10.5% |
| FY2020 | 96.5% | 14.0% | -10.4% |
| FY2021 | 97.5% | 16.3% | 17.8% |
| FY2022 | 97.8% | 16.8% | 11.3% |
| FY2023 | 98.9% | 20.2% | 10.5% |
| FY2024 | 100.0% | 23.0% | 11.8% |
| FY2025 | 100.0% | 22.6% | 11.2% |
Leverage and buybacks account for 6 points of the 9% return on equity in FY2025. The business earns 3% 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.
$3.5B of goodwill — 11% 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 was positive in only 0 of the last 5 years.
Free cash flow has fallen short of reported profit in 3 of the last three years.
Shares outstanding are up 30% since FY2019 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.
Missing from our data, so excluded from this answer: share_based_compensation.
Stressed coverage of 1.6x sits between comfortable and thin.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 2.34x |
| 5% | 2.22x |
| 10% | 2.10x |
| 15% | 1.99x |
| 20% | 1.87x |
| 25% | 1.75x |
| 30% | 1.64x |
| 35% | 1.52x |
| 40% | 1.40x |
| 45% | 1.29x |
| 50% | 1.17x |
| 55% | 1.05x |
| 60% | 0.93x |
This schedule comes from a filing dated 2013-12-31, 4668 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2013-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025. Free cash flow is negative, so projected resources fall rather than accumulate.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Free cash flow is negative, so debt service depends on the cash balance rather than on the business.
No positive free cash flow to discount, so the price cannot be expressed as a growth requirement.
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?).
Missing from our data, so excluded from this answer: free_cash_flow.
| Step | Amount | Running total |
|---|---|---|
| Net income | $1.05B | $1.05B |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | $1.43B | $2.49B |
| Operating cash flow | $2.49B | $2.49B |
| Capex | −$4.87B | −$2.38B |
| Free cash flow | −$2.38B | −$2.38B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -1.9% | -3.7% | -1.8 points |
| FY2021 | 12.6% | 2.1% | -10.5 points |
| FY2022 | 11.6% | 28.8% | 17.2 points |
| FY2023 | -6.7% | -20.1% | -13.4 points |
| FY2024 | -0.6% | 1.0% | 1.6 points |
| FY2025 | 8.3% | 12.4% | 4.2 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 33.9 days | not reported | 1255.5 days | -1221.6 days |
| FY2020 | 33.3 days | not reported | 1211.5 days | -1178.2 days |
| FY2021 | 30.2 days | not reported | 2098.8 days | -2068.6 days |
| FY2022 | 34.8 days | not reported | 2419 days | -2384.2 days |
| FY2023 | 29.8 days | not reported | 3380.9 days | -3351.1 days |
| FY2024 | 30.3 days | not reported | 160600 days | -160569.7 days |
| FY2025 | 31.4 days | not reported | 118625 days | -118593.6 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -2.4 percent |
| FY2020 | -8.3 percent |
| FY2021 | 3.9 percent |
| FY2022 | -1.9 percent |
| FY2023 | -7.5 percent |
| FY2024 | -2.6 percent |
| FY2025 | -3.1 percent |