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Data as of Q3 2026
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Ranked against 14 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| DUK | $98.2B | 19.9× | 11.1× | 3.1× | 5.6% | — | 15.7% | 9.6% | 3.7% | 5.0× | 841 |
| EXC | $47.3B | — | 11.6× | 1.9× | 5.3% | — | 11.4% | 9.6% | 3.6% | 5.8× | 374 |
| ED | $42.7B | 20.5× | — | 2.5× | 10.9% | — | 12.0% | 8.4% | 4.0% | — | 428 |
| PCG | $39.7B | 11.2× | — | 1.6× | 2.1% | — | 10.8% | 8.3% | 2.9% | — | 198 |
| WEC | $37.4B | 23.8× | 15.5× | 3.8× | 14.0% | 66.7% | 15.9% | 11.1% | 4.5% | 5.5× | 402 |
| PEG | $36.7B | 17.4× | — | 3.0× | 18.3% | — | 17.3% | 12.4% | 5.3% | — | 367 |
| AEE | $30.5B | 20.6× | — | 3.5× | 15.4% | — | 16.6% | 10.9% | 4.5% | — | 234 |
| CMS | $21.8B | 19.7× | 13.2× | 2.5× | 13.6% | — | 12.5% | 11.7% | 3.8% | 6.0× | 215 |
| NI | $21.5B | 22.9× | 7.4× | 3.3× | 23.5% | — | 14.3% | 9.8% | 9.1% | 0.2× | 208 |
| EVRG | $19.7B | 23.3× | 13.3× | 3.3× | 2.0% | — | 14.4% | 8.4% | 3.6% | 5.4× | 258 |
| LNT | $18.3B | 22.5× | 15.9× | 4.2× | 9.6% | 85.7% | 18.6% | 11.0% | 4.2% | 6.1× | 225 |
| NWE | $4.9B | 26.9× | 14.2× | 3.0× | 6.4% | — | 11.2% | 6.3% | 2.9% | 5.8× | 73 |
| AVA | $3.1B | 15.7× | 5.5× | 1.6× | 1.3% | — | 9.8% | 7.1% | 6.2% | 0.6× | 80 |
| UTL | $1.0B | 18.5× | — | 1.9× | 8.3% | — | 9.4% | 8.2% | 3.4% | — | 48 |
| GNE | $431M | 18.2× | 8.2× | 0.9× | 18.1% | 24.8% | 4.8% | 9.6% | 9.2% | -6.8× | 15 |
Peers = companies sharing NWE's sector (Electric & Other Services Combined) 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
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: $161.4M dividends + $0 buybacks = $161.4M returned on -$130.0M FCF.
3 consecutive years of dividend increases · 1%/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 5 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 5 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.
This company doesn't have positive free cash flow on any basis, so a reverse DCF can't be run.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $8.8M is below the $106.9M 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 ~4.5% on $3.33B of debt.
Cash of $8.8M is below short-term debt of $150.0M — 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 2026-10-29
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 |
|---|---|---|---|---|---|
| Revenue | $1.61B 100.0% | $1.51B 100.0% | $1.42B 100.0% | $1.48B 100.0% | $1.37B 100.0% |
| Selling, General & Admin | $158.2M 9.8% | $137.4M 9.1% | $117.4M 8.3% | $113.8M 7.7% | $101.9M 7.4% |
| Total Operating Expenses | $1.28B 79.8% | $1.19B 78.6% | $1.12B 78.9% | $1.21B 82.2% | $1.10B 79.9% |
| Operating Income | $325.8M 20.2% | $323.3M 21.4% | $300.5M 21.1% | $263.1M 17.8% | $275.7M 20.1% |
| Interest Expense | $150.4M 9.3% | $131.7M 8.7% | $114.6M 8.1% | $100.1M 6.8% | $93.7M 6.8% |
| Other Income (Expense), net | $12.1M 0.8% | $23.0M 1.5% | $15.8M 1.1% | $19.4M 1.3% | $8.3M 0.6% |
| Pretax Income | $187.6M 11.6% | $214.7M 14.2% | $201.7M 14.2% | $182.4M 12.3% | $190.3M 13.9% |
| Income Tax Expense | $6.5M 0.4% | -$9.4M -0.6% | $7.5M 0.5% | -$605K -0.0% | $3.4M 0.2% |
| Net Income | $181.1M 11.2% | $224.1M 14.8% | $194.1M 13.7% | $183.0M 12.4% | $186.8M 13.6% |
| Per Share | |||||
| EPS (Basic) | $2.95 | $3.66 | $3.22 | $3.28 | $3.61 |
| EPS (Diluted) | $2.94 | $3.65 | $3.22 | $3.25 | $3.60 |
| Weighted Avg Shares (Basic) | 61.4M | 61.3M | 60.3M | 55.8M | 51.7M |
| Weighted Avg Shares (Diluted) | 61.5M | 61.4M | 60.4M | 56.3M | 51.9M |
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.
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.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-01 | Goodin David L Director | Grant | 548 | $68.38 | $37k |
| 2026-10-01 | Larson Kent T Director | Grant | 548 | $68.38 | $37k |
| 2026-10-01 | Ide Britt E Director | Grant | 548 | $68.38 | $37k |
| 2026-10-01 | Sullivan Linda G Director | Grant | 804 | $68.38 | $55k |
| 2026-10-01 | Yingling Jeffrey W. |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
| Grant |
| 548 |
| $68.38 |
| $37k |
| 2026-10-01 | Yazdi Mahvash Director | Grant | 548 | $68.38 | $37k |
| 2026-10-01 | Edwards Sherina M. Director | Grant | 548 | $68.38 | $37k |
| 2026-10-01 | Horsfall Jan Robert Director | Grant | 548 | $68.38 | $37k |
| 2026-08-06 | Horsfall Jan Robert Director | Grant | 524 | $71.62 | $38k |
| 2026-08-04 | Yingling Jeffrey W. Director | Grant | 524 | $71.62 | $38k |
| 2026-07-09 | Edwards Sherina M. Director | Grant | 524 | $71.62 | $38k |
| 2026-07-09 | Ide Britt E Director | Grant | 524 | $71.62 | $38k |
| 2026-07-09 | Larson Kent T Director | Grant | 524 | $71.62 | $38k |
| 2026-07-09 | Goodin David L Director | Grant | 524 | $71.62 | $38k |
| 2026-07-09 | Sullivan Linda G Director | Grant | 768 | $71.62 | $55k |
| 2026-07-09 | Yazdi Mahvash Director | Grant | 524 | $71.62 | $38k |
| 2026-05-11 | Horsfall Jan Robert Director | Grant | 569 | $65.94 | $38k |
| 2026-05-11 | Yingling Jeffrey W. Director | Grant | 569 | $65.94 | $38k |
| 2026-04-07 | Edwards Sherina M. Director | Grant | 569 | $65.94 | $38k |
| 2026-04-07 | Ide Britt E Director | Grant | 569 | $65.94 | $38k |
| 2026-04-07 | Larson Kent T Director | Grant | 569 | $65.94 | $38k |
| 2026-04-07 | Goodin David L Director | Grant | 569 | $65.94 | $38k |
| 2026-04-07 | Sullivan Linda G Director | Grant | 834 | $65.94 | $55k |
| 2026-04-07 | Yazdi Mahvash Director | Grant | 569 | $65.94 | $38k |
| 2026-03-03 | 2 co-filers VP - Energy Supply & MT Gov | Grant | 1,354 | $68.45 | $93k |
| 2026-03-03 | 2 co-filers VP - Energy Supply & MT Gov | Tax withholding | 398 | $0.00 | $0 |
| 2026-02-27 | 2 co-filers VP - Bus Dvlpmt & Asset Mgmt | Grant | 671 | $68.45 | $46k |
| 2026-02-27 | 2 co-filers President and CEO | Grant | 20,864 | $68.45 | $1.4m |
| 2026-02-27 | 2 co-filers VP and General Counsel | Grant | 2,818 | $68.45 | $193k |
| 2026-02-27 | 2 co-filers VP - HR, Cust Care, Corp Comm | Grant | 2,464 | $68.45 | $169k |
| 2026-02-27 | 2 co-filers VP - Distribution | Grant | 1,331 | $68.45 | $91k |
| 2026-02-27 | 2 co-filers Controller | Grant | 938 | $68.45 | $64k |
| 2026-02-27 | 2 co-filers VP - Technology | Grant | 1,679 | $68.45 | $115k |
| 2026-02-27 | 2 co-filers VP - Transmission | Grant | 2,453 | $68.45 | $168k |
| 2026-02-27 | 2 co-filers VP and CFO | Grant | 6,186 | $68.45 | $423k |
| 2026-02-27 | 2 co-filers VP and General Counsel | Tax withholding | 892 | $0.00 | $0 |
| 2026-02-27 | 2 co-filers VP - Bus Dvlpmt & Asset Mgmt | Tax withholding | 198 | $0.00 | $0 |
| 2026-02-27 | 2 co-filers VP - Distribution | Tax withholding | 461 | $0.00 | $0 |
| 2026-02-27 | 2 co-filers VP - Technology | Tax withholding | 478 | $0.00 | $0 |
| 2026-02-27 | 2 co-filers VP and CFO | Tax withholding | 1,506 | $0.00 | $0 |
EOD close · as of 2026-10-29
Where each multiple sits in its own 5-yr range · 100th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 5-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 6% against ROIC 3% — 3% 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 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| SG&A | 7.4 | 7.7 | 8.3 | 9.1 | 9.8 |
| Operating Income | 20.1 | 17.8 | 21.1 | 21.4 | 20.2 |
| Income Tax | 0.2 | -0.0 | 0.5 | -0.6 | 0.4 |
| Net Income | 13.6 | 12.4 | 13.7 | 14.8 | 11.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on NWE: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -3.52pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2021 | 11.7% | 8.7% (today's — no rate published for this year) | 2.9pts |
| FY2022 | 4.9% | 7.9% | -2.9pts |
| FY2023 | 5.3% | 8.1% | -2.8pts |
| FY2024 | 5.7% | 8.8% | -3.2pts |
| FY2025 | 5.2% | 7.9% | -2.7pts |
| Now | 2.9% | 8.7% | -5.8pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2021 | not reported | 20.1% | 13.6% |
| FY2022 | not reported | 17.8% | 12.4% |
| FY2023 | not reported | 21.1% | 13.7% |
| FY2024 | not reported | 21.4% | 14.8% |
| FY2025 | not reported | 20.2% | 11.2% |
Leverage and buybacks account for 3 points of the 6% 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.
$368M of goodwill — 6% 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 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 -$130M; after share-based compensation it is -$137M. The difference is a real cost that the cash flow statement adds back.
Stressed coverage of 1.5x sits between comfortable and thin.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 2.17x |
| 5% | 2.06x |
| 10% | 1.95x |
| 15% | 1.84x |
| 20% | 1.73x |
| 25% | 1.63x |
| 30% | 1.52x |
| 35% | 1.41x |
| 40% | 1.30x |
| 45% | 1.19x |
| 50% | 1.08x |
| 55% | 0.98x |
| 60% | 0.87x |
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.
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM.
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 | $181M | $181M |
| Share-based comp | $7M | $188M |
| Other non-cash & working capital | $206M | $394M |
| Operating cash flow | $394M | $394M |
| Capex | −$524M | −$130M |
| Free cash flow | −$130M | −$130M |
| FCF after SBC | −$137M | −$137M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2022 | 7.7% | not reported | not reported |
| FY2023 | -3.8% | -13.3% | -9.6 points |
| FY2024 | 6.5% | -11.5% | -18.0 points |
| FY2025 | 6.4% | 11.7% | 5.3 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2021 | not reported | not reported | not reported | not reported |
| FY2022 | 60.5 days | not reported | not reported | not reported |
| FY2023 | 54.5 days | not reported | not reported | not reported |
| FY2024 | 45.3 days | not reported | not reported | not reported |
| FY2025 | 47.5 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2021 | -0.5 percent |
| FY2022 | -1.7 percent |
| FY2023 | -3.9 percent |
| FY2024 | -2.3 percent |
| FY2025 | -2.5 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.
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.