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Held by 1,033 of 6,047 reporting institutions (99th 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.
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.
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.
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
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 | $104.1B | 39.7× | 27.0× | 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 | $67.6B | 18.6× | 13.1× | 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 | $25.7B | 24.4× | 12.8× | 2.8× | 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 | 19.2× | 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 EIX'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.
What the company returns to shareholders — and whether it's covered by cash.
Free-cash-flow coverage unavailable. Last year: $1.27B dividends + $32.0M buybacks = $1.31B returned on -$715.0M FCF.
6 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 reinvestment story — most cash went back into growth rather than to shareholders.
Modest payoff on reinvested capital. Current ROIC on all capital: 8%. 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 2026-10-09
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 | $19.32B 100.0% | $17.60B 100.0% | $16.34B 100.0% | $17.22B 100.0% | $14.90B 100.0% | $13.58B 100.0% | $12.35B 100.0% | $12.66B 100.0% | $12.32B 100.0% | $11.87B 100.0% |
| Total Operating Expenses | $12.22B 63.3% | $14.67B 83.4% | $13.71B 83.9% | $15.74B 91.4% | $13.43B 90.1% | $12.36B 91.0% | $10.57B 85.6% | $13.21B 104.4% | $10.86B 88.2% | $9.81B 82.6% |
| Operating Income | $7.09B 36.7% | $2.93B 16.6% | $2.63B 16.1% | $1.48B 8.6% | $1.48B 9.9% | $1.22B 9.0% | $1.77B 14.4% | -$552.0M -4.4% | $1.46B 11.8% | $2.06B 17.4% |
| Interest Expense | $1.54B 8.0% | $1.87B 10.6% | $1.61B 9.9% | $1.17B 6.8% | $925.0M 6.2% | $902.0M 6.6% | $841.0M 6.8% | $734.0M 5.8% | $639.0M 5.2% | $581.0M 4.9% |
| Other Income (Expense), net | $438.0M 2.3% | $502.0M 2.9% | $500.0M 3.1% | $348.0M 2.0% | $237.0M 1.6% | $251.0M 1.8% | $193.0M 1.6% | $197.0M 1.6% | $132.0M 1.1% | $109.0M 0.9% |
| Pretax Income | $5.99B 31.0% | $1.56B 8.9% | $1.51B 9.3% | $662.0M 3.8% | $789.0M 5.3% | $566.0M 4.2% | $1.13B 9.1% | -$1.09B -8.6% | $949.0M 7.7% | — |
| Income Tax Expense | $1.29B 6.7% | $17.0M 0.1% | $108.0M 0.7% | -$162.0M -0.9% | -$136.0M -0.9% | -$305.0M -2.2% | -$278.0M -2.3% | -$739.0M -5.8% | $281.0M 2.3% | $177.0M 1.5% |
| Net Income | $4.46B 23.1% | $1.28B 7.3% | $1.20B 7.3% | $824.0M 4.8% | $925.0M 6.2% | $739.0M 5.4% | $1.28B 10.4% | -$423.0M -3.3% | $565.0M 4.6% | $1.43B 12.0% |
| Per Share | ||||||||||
| EPS (Basic) | $11.58 | $3.33 | $3.12 | $1.61 | $2.00 | $1.98 | $3.78 | -$1.30 | $1.73 | $4.02 |
| EPS (Diluted) | $11.55 | $3.31 | $3.11 | $1.60 | $2.00 | $1.98 | $3.77 | -$1.30 | $1.72 | $3.97 |
| Weighted Avg Shares (Basic) | 385.0M | 386.0M | 383.0M | 381.0M | 380.0M | 373.0M | 340.0M | 326.0M | 326.0M | 326.0M |
| Weighted Avg Shares (Diluted) | 386.0M | 388.0M | 385.0M | 383.0M | 380.0M | 374.0M | 341.0M | 326.0M | 328.0M | 330.0M |
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 2026-10-09
Where each multiple sits in its own 14-yr range · 23th 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 25% against ROIC 8% — 17% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 26.9% — the two diverge when buybacks or issuance move equity during the year.
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 14.6× 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 | -4.4 | 14.4 | 9.0 | 9.9 | 8.6 | 16.1 | 16.6 | 36.7 |
| Income Tax | -5.8 | -2.3 | -2.2 | -0.9 | -0.9 | 0.7 | 0.1 | 6.7 |
| Net Income | -3.3 | 10.4 | 5.4 | 6.2 | 4.8 | 7.3 | 7.3 | 23.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on EIX: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $158.0M is below the $1.93B 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 ~4.0% on $38.46B of debt.
Cash of $158.0M is below short-term debt of $2.39B — 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.
Earns 4.47pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 4.6% | 7.0% (today's — no rate published for this year) | -2.4pts |
| FY2020 | 3.0% | 7.0% (today's — no rate published for this year) | -4.1pts |
| FY2021 | 3.0% | 6.6% | -3.6pts |
| FY2022 | 2.9% | 10.3% | -7.4pts |
| FY2023 | 4.9% | 8.4% | -3.4pts |
| FY2024 | 5.2% | 8.6% | -3.4pts |
| FY2025 | 11.2% | 6.2% | 5.0pts |
| Now | 8.0% | 7.0% | 0.9pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 17.4% | 12.0% |
| FY2017 | not reported | 11.8% | 4.6% |
| FY2018 | not reported | -4.4% | -3.3% |
| FY2019 | not reported | 14.4% | 10.4% |
| FY2020 | not reported | 9.0% | 5.4% |
| FY2021 | not reported | 9.9% | 6.2% |
| FY2022 | not reported | 8.6% | 4.8% |
| FY2023 | not reported | 16.1% | 7.3% |
| FY2024 | not reported | 16.6% | 7.3% |
| FY2025 | not reported | 36.7% | 23.1% |
Leverage and buybacks account for 17 points of the 25% return on equity in FY2025. The business earns 8% 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.
The spread was positive in only 1 of the last 5 years.
Free cash flow has fallen short of reported profit in 3 of the last three years.
Reported free cash flow is -$715M; after share-based compensation it is -$772M. The difference is a real cost that the cash flow statement adds back.
Covers interest 3.2x under stress — adequate, without much room.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 4.61x |
| 5% | 4.38x |
| 10% | 4.15x |
| 15% | 3.92x |
| 20% | 3.69x |
| 25% | 3.46x |
| 30% | 3.23x |
| 35% | 3.00x |
| 40% | 2.77x |
| 45% | 2.53x |
| 50% | 2.30x |
| 55% | 2.07x |
| 60% | 1.84x |
Ladder as of 2025-12-31 (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.
Coverage is comfortable at 4.6x today but falls to 3.2x after a 30% EBITDA decline — the cushion is earnings, not liquidity.
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 | $4.46B | $4.46B |
| Share-based comp | $57M | $4.52B |
| Other non-cash & working capital | $1.28B | $5.80B |
| Operating cash flow | $5.80B | $5.80B |
| Capex | −$6.51B | −$715M |
| Free cash flow | −$715M | −$715M |
| FCF after SBC | −$772M | −$772M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 10.0% | 43.4% | 33.4 points |
| FY2021 | 9.8% | 23.7% | 13.9 points |
| FY2022 | 15.5% | 21.2% | 5.7 points |
| FY2023 | -5.1% | 18.9% | 24.1 points |
| FY2024 | 7.7% | 7.6% | -0.1 points |
| FY2025 | 9.8% | -32.5% | -42.3 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 23.3 days | not reported | not reported | not reported |
| FY2020 | 30.4 days | not reported | not reported | not reported |
| FY2021 | 34.2 days | not reported | not reported | not reported |
| FY2022 | 35.9 days | not reported | not reported | not reported |
| FY2023 | 45 days | not reported | not reported | not reported |
| FY2024 | 45 days | not reported | not reported | not reported |
| FY2025 | 27.6 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | 2.5 percent |
| FY2020 | -0.8 percent |
| FY2021 | 1.2 percent |
| FY2022 | -3.1 percent |
| FY2023 | -2.7 percent |
| FY2024 | -4.4 percent |
| FY2025 | -1.4 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.