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Held by 237 of 2,417 reporting institutions (96th percentile) — extremely crowded.
Data as of Q3 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.
Ranked against 26 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NEE | $175.6B | 25.4× | — | 6.8× | 9.8% | — | 26.5% | 12.5% | 4.6% | — | 1,033 |
| SO | $107.8B | 23.9× | — | 3.6× | 10.6% | — | 14.7% | 12.1% | 4.2% | — | 810 |
| CEG | $93.0B | 35.5× | 24.2× | 3.6× | 8.3% | — | 9.1% | 16.0% | 9.9% | 1.3× | 617 |
| AEP | $70.9B | 19.6× | 13.5× | 3.2× | 10.9% | — | 16.9% | 11.9% | 4.8% | 5.3× | 630 |
| D | $58.6B | 19.3× | — | 3.5× | 14.2% | — | 18.2% | 10.3% | 3.8% | — | 488 |
| ETR | $52.6B | 28.2× | 14.4× | 4.1× | 9.0% | — | 13.7% | 10.5% | 3.9% | 4.8× | 375 |
| VST | $46.4B | 63.5× | 16.6× | 2.6× | 3.0% | — | 5.3% | 18.5% | 3.9% | 4.6× | 381 |
| CNP | $28.1B | 26.5× | 13.5× | 3.0× | 8.3% | 100.0% | 11.2% | 9.4% | 3.3% | 5.8× | 208 |
| FE | $27.2B | 26.6× | 13.7× | 1.8× | 12.0% | — | 6.8% | 8.2% | 2.7% | 6.7× | 237 |
| PPL | $26.8B | 22.4× | 12.8× | 3.0× | 6.9% | — | 13.1% | 7.9% | 3.5% | 5.0× | 273 |
| ES | $25.8B | 15.0× | 10.0× | 1.9× | 13.8% | — | 12.5% | 10.5% | 3.8% | 5.2× | 328 |
| EIX | $22.6B | 5.1× | 5.9× | 1.2× | 9.8% | — | 23.1% | 25.4% | 8.0% | 3.7× | 266 |
| NRG | $20.2B | 24.0× | 9.8× | 0.7× | 9.2% | — | 2.8% | 51.4% | 4.8% | 3.6× | 245 |
| TLN | $16.2B | — | 118.3× | 6.3× | 22.0% | — | -8.5% | -20.0% | -2.8% | — | 129 |
| PNW | $12.9B | 21.1× | 11.2× | 2.4× | 4.2% | — | 11.8% | 9.0% | 3.7% | 4.9× | 174 |
| OGE | $10.2B | 21.3× | 12.8× | 3.1× | 9.2% | 61.4% | 14.4% | 9.5% | 4.4% | 4.6× | 172 |
| IDA | $8.6B | 24.6× | 19.3× | 4.9× | -1.2% | — | 18.5% | 9.1% | 4.6% | 5.3× | 126 |
| CWEN | $6.6B | — | 17.4× | 4.6× | 4.2% | 62.9% | 11.8% | 2.9% | 1.2% | 9.6× | 113 |
| TXNM | $6.4B | 39.5× | 12.7× | 3.0× | 9.9% | — | 7.8% | 5.0% | 2.0% | 5.7× | 80 |
| BKH | $6.3B | 20.6× | 13.1× | 2.7× | 8.6% | — | 12.6% | 7.6% | 3.4% | 5.5× | 103 |
| ORA | $5.5B | 44.4× | 17.4× | 5.6× | 12.5% | 27.6% | 12.5% | 4.9% | 2.4% | 5.5× | 81 |
| POR | $5.3B | 16.0× | 8.8× | 1.5× | 4.0% | — | 8.6% | 7.4% | 3.5% | 4.1× | 105 |
| AQN | $4.2B | 24.8× | 12.8× | 1.7× | 4.9% | — | 7.4% | 3.9% | 1.5% | 8.1× | 37 |
| OTTR | $3.8B | 13.8× | 9.6× | 2.9× | -2.3% | — | 21.2% | 14.8% | 9.6% | 1.4× | 76 |
| HE | $1.5B | 12.3× | 6.4× | 0.5× | -4.1% | — | 4.1% | 7.9% | 3.1% | 3.6× | 78 |
Peers = companies sharing FE'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.
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
What the company returns to shareholders — and whether it's covered by cash.
Free-cash-flow coverage unavailable. Last year: $1.02B dividends + $0 buybacks = $1.02B returned on -$1.00B FCF.
4 consecutive years of dividend increases · 3%/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 cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. 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 $57.0M is below the $720.0M 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).
Thin coverage — earnings barely cover interest. Effective rate ~4.7% on $25.83B of debt.
Cash of $57.0M is below short-term debt of $325.0M — relies on refinancing/operations.
Mostly short-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 2026-10-30
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 | $15.09B 100.0% | $13.47B 100.0% | $12.87B 100.0% | $12.46B 100.0% | $11.13B 100.0% | $10.79B 100.0% | $11.04B 100.0% | $11.26B 100.0% | $10.93B 100.0% | $10.70B 100.0% |
| Total Operating Expenses | $12.88B 85.4% | $11.10B 82.4% | $10.60B 82.4% | $10.55B 84.7% | $9.41B 84.5% | $8.63B 80.0% | $8.53B 77.3% | $8.76B 77.8% | $8.50B 77.8% | $8.65B 80.8% |
| Operating Income | $2.21B 14.6% | $2.38B 17.6% | $2.27B 17.6% | $1.91B 15.3% | $1.73B 15.5% | $2.16B 20.0% | $2.51B 22.7% | $2.50B 22.2% | $2.43B 22.2% | $2.05B 19.2% |
| Interest Expense | $1.22B 8.1% | $1.14B 8.5% | $1.12B 8.7% | $1.04B 8.3% | $1.14B 10.2% | $1.06B 9.9% | $1.03B 9.4% | $1.12B 9.9% | $1.00B 9.2% | $973.0M 9.1% |
| Other Income (Expense), net | -$647.0M -4.3% | -$871.0M -6.5% | -$802.0M -6.2% | -$471.0M -3.8% | -$167.0M -1.5% | -$1.03B -9.6% | -$1.39B -12.6% | -$990.0M -8.8% | -$1.00B -9.2% | -$976.0M -9.1% |
| Pretax Income | $1.56B 10.3% | $1.50B 11.2% | $1.46B 11.4% | $1.44B 11.5% | $1.56B 14.0% | $1.13B 10.5% | $1.12B 10.1% | $1.51B 13.4% | $1.43B 13.0% | $1.08B 10.1% |
| Income Tax Expense | $288.0M 1.9% | $377.0M 2.8% | $267.0M 2.1% | $1.00B 8.0% | $320.0M 2.9% | $126.0M 1.2% | $213.0M 1.9% | $490.0M 4.4% | $1.72B 15.7% | $527.0M 4.9% |
| Net Income | $1.02B 6.8% | $978.0M 7.3% | $1.10B 8.6% | $406.0M 3.3% | $1.28B 11.5% | $1.08B 10.0% | $912.0M 8.3% | $1.35B 12.0% | -$1.72B -15.8% | -$6.18B -57.7% |
| Per Share | ||||||||||
| EPS (Basic) | $1.77 | $1.70 | $1.92 | $0.71 | $2.35 | $1.99 | $1.70 | $1.99 | -$3.88 | -$14.49 |
| EPS (Diluted) | $1.76 | $1.70 | $1.92 | $0.71 | $2.35 | $1.99 | $1.68 | $1.99 | -$3.88 | -$14.49 |
| Weighted Avg Shares (Basic) | 577.0M | 575.0M | 573.0M | 571.0M | 545.0M | 542.0M | 535.0M | 492.0M | 444.0M | 426.0M |
| Weighted Avg Shares (Diluted) | 578.0M | 577.0M | 574.0M | 572.0M | 546.0M | 543.0M | 542.0M | 494.0M | 444.0M | 426.0M |
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.
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 |
|---|---|---|---|---|---|
| 2026-10-05 | Kaleta Paul J Director | Grant | 986 | $0.00 | — |
| 2026-10-01 | Hicks Lisa Winston Director | Grant | 986 | $0.00 | — |
| 2026-10-01 | Croom Jana T Director | Grant | 986 | $0.00 | — |
| 2026-10-01 | Somerhalder John W Ii Director | Grant | 986 | $43.10 | $42k |
| 2026-10-01 | Turner Leslie M Director |
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 |
| 986 |
| $0.00 |
| — |
| 2026-10-01 | Demetriou Steven J. Director | Grant | 986 | $0.00 | — |
| 2026-10-01 | Oneil James F Director | Grant | 986 | $0.00 | — |
| 2026-07-01 | Croom Jana T Director | Grant | 898 | $0.00 | — |
| 2026-07-01 | Turner Leslie M Director | Grant | 898 | $0.00 | — |
| 2026-07-01 | Somerhalder John W Ii Director | Grant | 898 | $47.30 | $42k |
| 2026-07-01 | Oneil James F Director | Grant | 898 | $0.00 | — |
| 2026-07-01 | Kaleta Paul J Director | Grant | 898 | $0.00 | — |
| 2026-07-01 | Hicks Lisa Winston Director | Grant | 898 | $0.00 | — |
| 2026-07-01 | Demetriou Steven J. Director | Grant | 898 | $0.00 | — |
| 2026-06-01 | Tierney Brian X Chairman, President and CEO | Tax withholding | 16,991 | $45.90 | $780k |
| 2026-04-01 | Williams Melvin D. Director | Grant | 837 | $0.00 | — |
| 2026-04-01 | Turner Leslie M Director | Grant | 837 | $0.00 | — |
| 2026-04-01 | Somerhalder John W Ii Director | Grant | 837 | $50.73 | $42k |
| 2026-04-01 | Oneil James F Director | Grant | 837 | $0.00 | — |
| 2026-04-01 | Kaleta Paul J Director | Grant | 837 | $0.00 | — |
| 2026-04-01 | Hicks Lisa Winston Director | Grant | 837 | $0.00 | — |
| 2026-04-01 | Demetriou Steven J. Director | Grant | 837 | $0.00 | — |
| 2026-04-01 | Croom Jana T Director | Grant | 837 | $0.00 | — |
| 2026-03-11 | Oneil James F Director | Open-market sale | 7,945 | $50.60 | $402k |
| 2026-03-10 | K. Jon Taylor SVP, CFO and Strategy | Open-market sale | 26,800 | $50.94 | $1.4m |
| 2026-03-06 | 2 co-filers VP, Controller & CAO | Open-market sale | 3,000 | $50.84 | $153k |
| 2026-03-06 | 2 co-filers VP, Controller & CAO | Open-market saleindirect | 1,373 | $50.84 | $70k |
| 2026-03-02 | 5 co-filers VP, Controller & CAO | Option exercise | 7,402 | — | — |
| 2026-03-01 | 5 co-filers President, FE Utilities | Grant | 15,321 | $0.00 | $0 |
| 2026-03-01 | 8 co-filers SVP, CFO and Strategy | Grant | 23,210 | $0.00 | $0 |
| 2026-03-01 | 7 co-filers Chief Operating Officer | Grant | 11,681 | $0.00 | $0 |
| 2026-03-01 | 5 co-filers VP, Controller & CAO | Grant | 3,034 | $0.00 | $0 |
| 2026-03-01 | 5 co-filers SVP & CLO | Grant | 13,941 | $0.00 | $0 |
| 2026-03-01 | 5 co-filers Chairman, President and CEO | Grant | 80,342 | $0.00 | $0 |
| 2026-03-01 | 5 co-filers President, FE Utilities | Option exercise | 34,213 | — | — |
| 2026-03-01 | 8 co-filers SVP, CFO and Strategy | Option exercise | 66,928 | — | — |
| 2026-03-01 | 5 co-filers Chairman, President and CEO | Option exercise | 229,581 | — | — |
| 2026-03-01 | 5 co-filers SVP & CLO | Option exercise | 38,656 | — | — |
| 2026-03-01 | 7 co-filers Chief Operating Officer | Option exercise | 24,156 | — | — |
| 2026-03-01 | 7 co-filers Chief Operating Officer | Tax withholding | 1,540 | $50.97 | $78k |
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.
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 90th 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 8% against ROIC 3% — 5% 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 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Operating Income | 22.2 | 22.7 | 20.0 | 15.5 | 15.3 | 17.6 | 17.6 | 14.6 |
| Income Tax | 4.4 | 1.9 | 1.2 | 2.9 | 8.0 | 2.1 | 2.8 | 1.9 |
| Net Income | 12.0 | 8.3 | 10.0 | 11.5 | 3.3 | 8.6 | 7.3 | 6.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on FE: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -3.25pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 7.3% | 7.9% (today's — no rate published for this year) | -0.6pts |
| FY2020 | 5.7% | 7.9% (today's — no rate published for this year) | -2.2pts |
| FY2021 | 4.3% | 6.2% | -1.8pts |
| FY2022 | 4.8% | 7.4% | -2.6pts |
| FY2023 | 5.2% | 7.3% | -2.1pts |
| FY2024 | 5.3% | 7.6% | -2.3pts |
| FY2025 | 4.5% | 7.2% | -2.6pts |
| Now | 2.7% | 7.9% | -5.2pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 19.2% | -57.7% |
| FY2017 | not reported | 22.2% | -15.8% |
| FY2018 | not reported | 22.2% | 12.0% |
| FY2019 | not reported | 22.7% | 8.3% |
| FY2020 | not reported | 20.0% | 10.0% |
| FY2021 | not reported | 15.5% | 11.5% |
| FY2022 | not reported | 15.3% | 3.3% |
| FY2023 | not reported | 17.6% | 8.6% |
| FY2024 | not reported | 17.6% | 7.3% |
| FY2025 | not reported | 14.6% | 6.8% |
Leverage and buybacks account for 5 points of the 8% 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.
$5.6B of goodwill — 15% 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 7% 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 falls to 1.3x — below the level at which interest is reliably covered.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 1.81x |
| 5% | 1.72x |
| 10% | 1.63x |
| 15% | 1.54x |
| 20% | 1.45x |
| 25% | 1.36x |
| 30% | 1.27x |
| 35% | 1.18x |
| 40% | 1.09x |
| 45% | 1.00x |
| 50% | 0.91x |
| 55% | 0.82x |
| 60% | 0.73x |
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 | $1.02B | $1.02B |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | $2.68B | $3.70B |
| Operating cash flow | $3.70B | $3.70B |
| Capex | −$4.71B | −$1.00B |
| Free cash flow | −$1.00B | −$1.00B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -2.2% | 10.3% | 12.5 points |
| FY2021 | 3.2% | -14.1% | -17.3 points |
| FY2022 | 11.9% | 27.6% | 15.7 points |
| FY2023 | 3.3% | 0.0% | -3.3 points |
| FY2024 | 4.7% | 16.1% | 11.4 points |
| FY2025 | 12.0% | 12.8% | 0.8 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 36.1 days | not reported | not reported | not reported |
| FY2020 | 40.7 days | not reported | not reported | not reported |
| FY2021 | 33.9 days | not reported | not reported | not reported |
| FY2022 | 38.6 days | not reported | not reported | not reported |
| FY2023 | 37.4 days | not reported | not reported | not reported |
| FY2024 | 41.5 days | not reported | not reported | not reported |
| FY2025 | 41.7 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -3.7 percent |
| FY2020 | -0.8 percent |
| FY2021 | -3.4 percent |
| FY2022 | -4.9 percent |
| FY2023 | -0.6 percent |
| FY2024 | -3.7 percent |
| FY2025 | -4.8 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.