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Held by 1,068 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.
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
Solve the discounted cash flow backwards, then stress-test the assumptions.
The most recent twelve months of free cash flow. Most current, and the most exposed to one quarter of working-capital timing.
To be worth $66.85 today, the market must believe free cash flow compounds 38.4%/yr for a decade (off $297.7M on the TTM basis).
Default is the published 10.0% — this company's own cost of capital could not be computed.
2-stage DCF · 0.38B shares (market data) · net debt $28.13B
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.
What the company returns to shareholders — and whether it's covered by cash.
Free-cash-flow coverage unavailable. Last year: $1.09B dividends + $0 buybacks = $1.09B returned on -$45.1M 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: 4%. 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 2026-10-16
Where each multiple sits in its own 14-yr range · 58th 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 10% against ROIC 4% — 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 1.7× 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 | 20.1 | 18.7 | 22.3 | 20.2 | 17.9 | 20.1 | 20.2 | 22.1 |
| Income Tax | 3.4 | 3.2 | 3.9 | 3.5 | 3.7 | 1.3 | 3.6 | 1.0 |
| Net Income | 12.3 | 10.7 | 13.6 | 12.5 | 11.5 | -3.6 | 6.9 | 12.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on ES: 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 $135.4M is below the $1.39B 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 $28.27B of debt.
Cash of $135.4M is below short-term debt of $1.39B — 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.
EOD close · as of 2026-10-16
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 | $13.55B 100.0% | $11.90B 100.0% | $11.91B 100.0% | $12.29B 100.0% | $9.86B 100.0% | $8.90B 100.0% | $8.53B 100.0% | $8.45B 100.0% | $7.75B 100.0% | $7.64B 100.0% |
| Total Operating Expenses | $10.56B 77.9% | $9.49B 79.8% | $9.51B 79.9% | $10.09B 82.1% | $7.87B 79.8% | $6.92B 77.7% | $6.94B 81.3% | $6.75B 79.9% | $5.86B 75.6% | $5.80B 75.9% |
| Operating Income | $2.99B 22.1% | $2.41B 20.2% | $2.40B 20.1% | $2.20B 17.9% | $1.99B 20.2% | $1.99B 22.3% | $1.59B 18.7% | $1.70B 20.1% | $1.89B 24.4% | $1.84B 24.1% |
| Interest Expense | $1.24B 9.2% | $1.11B 9.3% | $855.4M 7.2% | $678.3M 5.5% | $582.3M 5.9% | $538.5M 6.0% | $533.2M 6.3% | $498.8M 5.9% | $421.8M 5.4% | $401.0M 5.2% |
| Interest & Investment Income | $125.5M 0.9% | $138.2M 1.2% | $94.2M 0.8% | $50.5M 0.4% | $25.6M 0.3% | $4.8M 0.1% | $12.8M 0.2% | $18.1M 0.2% | $8.3M 0.1% | $11.0M 0.1% |
| Other Income (Expense), net | $378.9M 2.8% | $410.5M 3.4% | $348.1M 2.9% | $346.1M 2.8% | $161.3M 1.6% | $108.6M 1.2% | $132.8M 1.6% | $128.4M 1.5% | $107.9M 1.4% | $64.5M 0.8% |
| Income Tax Expense | $140.3M 1.0% | $424.7M 3.6% | $159.7M 1.3% | $453.6M 3.7% | $344.2M 3.5% | $346.2M 3.9% | $273.5M 3.2% | $289.0M 3.4% | $578.9M 7.5% | $555.0M 7.3% |
| Net Income | $1.70B 12.5% | $819.2M 6.9% | -$434.7M -3.6% | $1.41B 11.5% | $1.23B 12.5% | $1.21B 13.6% | $916.6M 10.7% | $1.04B 12.3% | $995.5M 12.8% | $949.8M 12.4% |
| Per Share | ||||||||||
| EPS (Basic) | $4.56 | $2.27 | -$1.27 | $4.05 | $3.55 | $3.56 | $2.83 | $3.25 | $3.11 | $2.97 |
| EPS (Diluted) | $4.56 | $2.27 | -$1.26 | $4.05 | $3.54 | $3.55 | $2.81 | $3.25 | $3.11 | $2.96 |
| Weighted Avg Shares (Basic) | 370.9M | 357.5M | 349.6M | 346.8M | 344.0M | 338.8M | 321.4M | 317.4M | 317.4M | 317.7M |
| Weighted Avg Shares (Diluted) | 371.3M | 357.8M | 349.8M | 347.2M | 344.6M | 339.8M | 322.9M | 318.0M | 318.0M | 318.5M |
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.
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 | $166.5B | 24.2× | — | 6.5× | 9.8% | — | 26.5% | 12.5% | 4.6% | — | 2,941 |
| SO | $104.9B | 23.3× | — | 3.5× | 10.6% | — | 14.7% | 12.1% | 4.2% | — | 2,298 |
| CEG | $96.1B | 36.7× | 25.0× | 3.8× | 8.3% | — | 9.1% | 16.0% | 9.9% | 1.3× | 1,810 |
| AEP | $69.2B | 19.1× | 13.3× | 3.2× | 10.9% | — | 16.9% | 11.9% | 4.8% | 5.3× | 1,920 |
| D | $55.9B | 18.4× | — | 3.4× | 14.2% | — | 18.2% | 10.3% | 3.8% | — | 1,494 |
| VST | $51.0B | 69.7× | 17.8× | 2.9× | 3.0% | — | 5.3% | 18.5% | 3.9% | 4.6× | 1,358 |
| ETR | $50.2B | 26.9× | 13.9× | 3.9× | 9.0% | — | 13.7% | 10.5% | 3.9% | 4.8× | 1,283 |
| FE | $26.7B | 26.2× | 13.6× | 1.8× | 12.0% | — | 6.8% | 8.2% | 2.7% | 6.7× | 907 |
| CNP | $26.7B | 25.3× | 13.1× | 2.9× | 8.3% | 100.0% | 11.2% | 9.4% | 3.3% | 5.8× | 833 |
| PPL | $26.5B | 22.1× | 12.7× | 2.9× | 6.9% | — | 13.1% | 7.9% | 3.5% | 5.0× | 999 |
| ES | $25.2B | 14.7× | 9.9× | 1.9× | 13.8% | — | 12.5% | 10.5% | 3.8% | 5.2× | 1,068 |
| NRG | $21.8B | 25.9× | 10.3× | 0.7× | 9.2% | — | 2.8% | 51.4% | 4.8% | 3.6× | 984 |
| EIX | $21.5B | 4.8× | 5.8× | 1.1× | 9.8% | — | 23.1% | 25.4% | 8.0% | 3.7× | 1,033 |
| TLN | $16.8B | — | 121.2× | 6.5× | 22.0% | — | -8.5% | -20.0% | -2.8% | — | 620 |
| PNW | $12.5B | 20.5× | 11.0× | 2.4× | 4.2% | — | 11.8% | 9.0% | 3.7% | 4.9× | 699 |
| OGE | $9.8B | 20.5× | 12.5× | 3.0× | 9.2% | 61.4% | 14.4% | 9.5% | 4.4% | 4.6× | 617 |
| IDA | $8.0B | 23.4× | 18.3× | 4.6× | -1.2% | — | 18.5% | 9.1% | 4.6% | 5.3× | 536 |
| TXNM | $6.4B | 39.5× | 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 | 19.3× | 12.6× | 2.5× | 8.6% | — | 12.6% | 7.6% | 3.4% | 5.5× | 458 |
| ORA | $5.5B | 44.2× | 17.4× | 5.5× | 12.5% | 27.6% | 12.5% | 4.9% | 2.4% | 5.5× | 424 |
| POR | $5.2B | 15.9× | 8.7× | 1.4× | 4.0% | — | 8.6% | 7.4% | 3.5% | 4.1× | 482 |
| AQN | $4.0B | 23.9× | 12.6× | 1.7× | 4.9% | — | 7.4% | 3.9% | 1.5% | 8.1× | 232 |
| OTTR | $3.8B | 13.8× | 9.5× | 2.9× | -2.3% | — | 21.2% | 14.8% | 9.6% | 1.4× | 355 |
| HE | $1.5B | 12.1× | 6.3× | 0.5× | -4.1% | — | 4.1% | 7.9% | 3.1% | 3.6× | 329 |
Peers = companies sharing ES'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.
Earns -2.71pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 4.6% | 8.0% (today's — no rate published for this year) | -3.3pts |
| FY2020 | 5.1% | 8.0% (today's — no rate published for this year) | -2.8pts |
| FY2021 | 4.7% | 5.2% | -0.4pts |
| FY2022 | 4.7% | 6.4% | -1.7pts |
| FY2023 | 4.8% | 7.5% | -2.6pts |
| FY2024 | 4.5% | 7.7% | -3.2pts |
| FY2025 | 5.2% | 7.1% | -1.9pts |
| Now | 3.8% | 8.0% | -4.1pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 24.1% | 12.4% |
| FY2017 | not reported | 24.4% | 12.8% |
| FY2018 | not reported | 20.1% | 12.3% |
| FY2019 | not reported | 18.7% | 10.7% |
| FY2020 | not reported | 22.3% | 13.6% |
| FY2021 | not reported | 20.2% | 12.5% |
| FY2022 | not reported | 17.9% | 11.5% |
| FY2023 | not reported | 20.1% | -3.6% |
| FY2024 | not reported | 20.2% | 6.9% |
| FY2025 | not reported | 22.1% | 12.5% |
Leverage and buybacks account for 7 points of the 10% return on equity in FY2025. The business earns 4% 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.
$3.6B of goodwill — 8% 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.
Reported free cash flow is -$45M; after share-based compensation it is -$79M. The difference is a real cost that the cash flow statement adds back.
Stressed coverage of 1.7x sits between comfortable and thin.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 2.40x |
| 5% | 2.28x |
| 10% | 2.16x |
| 15% | 2.04x |
| 20% | 1.92x |
| 25% | 1.80x |
| 30% | 1.68x |
| 35% | 1.56x |
| 40% | 1.44x |
| 45% | 1.32x |
| 50% | 1.20x |
| 55% | 1.08x |
| 60% | 0.96x |
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.
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 | $1.70B | $1.70B |
| Share-based comp | $34M | $1.73B |
| Other non-cash & working capital | $2.38B | $4.11B |
| Operating cash flow | $4.11B | $4.11B |
| Capex | −$4.16B | −$45M |
| Free cash flow | −$45M | −$45M |
| FCF after SBC | −$79M | −$79M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 4.4% | 20.9% | 16.4 points |
| FY2021 | 10.8% | 2.5% | -8.3 points |
| FY2022 | 24.6% | 23.7% | -0.9 points |
| FY2023 | -3.1% | -5.6% | -2.6 points |
| FY2024 | -0.1% | 15.3% | 15.4 points |
| FY2025 | 13.8% | 11.9% | -2.0 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 42.4 days | not reported | not reported | not reported |
| FY2020 | 49 days | not reported | not reported | not reported |
| FY2021 | 45.4 days | not reported | not reported | not reported |
| FY2022 | 45.1 days | not reported | not reported | not reported |
| FY2023 | 43.9 days | not reported | not reported | not reported |
| FY2024 | 50.6 days | not reported | not reported | not reported |
| FY2025 | 49.8 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -2.7 percent |
| FY2020 | -1.0 percent |
| FY2021 | -1.5 percent |
| FY2022 | -1.9 percent |
| FY2023 | -3.7 percent |
| FY2024 | -2.3 percent |
| FY2025 | -3.8 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.