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Insufficient data to determine institutional momentum.
Data as of Q3 2026
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What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 37% of free cash flow, leaving room to grow it and fund buybacks. Last year: $4.68B dividends + $0 buybacks = $4.68B returned on $12.48B FCF.
6 consecutive years of dividend increases · -5%/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: 5%. 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.
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 |
|---|---|---|---|---|---|
| 2026-10-22 | Lemasney Mark EVP Power Generation Division | Grant | 1,416 | $0.00 | $0 |
| 2026-10-12 | May James Michael Treasurer and Asst. Secretary | Tax withholding | 1,855 | $78.51 | $146k |
| 2026-10-07 | Daggs Nicole J EVP, Human Res & Corp Svcs | Other | 8,487 | $0.00 | $0 |
| 2026-10-02 | Arnaboldi Nicole S Director | Grant | 474 | $76.83 | — |
| 2026-09-15 | Arnaboldi Nicole S Director | Grant | 67 | $81.07 | — |
| 2026-09-15 | Camaren James Lawrence Director | Grant | 271 | $81.07 | — |
| 2026-09-15 | Porges David L Director | Grant | 52 | $81.07 | — |
| 2026-08-17 | Rubio Alex EVP, Eng., Const. & ISC | Tax withholding | 85 | $86.19 | $7k |
| 2026-07-07 | Arnaboldi Nicole S Director | Grant | 409 | $88.47 | — |
| 2026-06-15 | Arnaboldi Nicole S Director | Grant | 63 | $86.12 | — |
| 2026-06-15 | Porges David L Director | Grant | 52 | $86.12 | — |
| 2026-06-15 | Camaren James Lawrence Director | Grant | 273 | $86.12 | — |
| 2026-05-07 | Bolster Brian W Pres. and CEO of Sub | Tax withholding | 1,251 | $95.39 | $119k |
| 2026-04-06 | Arnaboldi Nicole S Director | Grant | 392 | $92.73 | — |
| 2026-03-17 | Gough William John VP, Controller & CAO | Tax withholding | 93 | $92.53 | $9k |
| 2026-03-17 | Bolster Brian W Pres. and CEO of Sub | Tax withholding | 428 | $92.53 | $40k |
| 2026-03-17 | May James Michael Treasurer and Asst. Secretary | Tax withholding | 316 | $92.53 | $29k |
| 2026-03-16 | Porges David L Director | Grant | 41 | $92.82 | — |
| 2026-03-16 | Arnaboldi Nicole S Director | Grant | 47 | $92.82 | — |
| 2026-03-16 | Camaren James Lawrence Director | Grant | 218 | $92.82 | — |
| 2026-03-13 | 2 co-filers EVP, Human Res & Corp Svcs | 10b5-1 plan sale | 4,189 | $93.00 | $390k |
| 2026-03-13 | 2 co-filers EVP, Human Res & Corp Svcs | 10b5-1 plan sale | 745 | $93.00 | $69k |
| 2026-03-09 | 9 co-filers EVP, Chief Risk Officer | Option exercise | 5,612 | $31.71 | $178k |
| 2026-03-09 | Lemasney Mark EVP Power Generation Division | 10b5-1 plan sale | 3,845 | $90.27 | $347k |
| 2026-03-09 | 2 co-filers Treasurer and Asst. Secretary | 10b5-1 plan sale | 4,672 | $90.27 | $422k |
| 2026-03-09 | 2 co-filers Treasurer and Asst. Secretary | 10b5-1 plan sale | 2,489 | $90.27 | $225k |
| 2026-03-09 | 9 co-filers EVP, Chief Risk Officer | 10b5-1 plan sale | 5,612 | $90.27 | $507k |
| 2026-03-09 | 9 co-filers EVP, Chief Risk Officer | Option exercise | 4,720 | $38.61 | $182k |
| 2026-03-09 | 9 co-filers EVP, Chief Risk Officer | 10b5-1 plan sale | 4,720 | $90.27 | $426k |
| 2026-03-09 | 9 co-filers EVP, Chief Risk Officer | Option exercise | 9,340 | $45.65 | $426k |
| 2026-03-09 | 9 co-filers EVP, Chief Risk Officer | 10b5-1 plan sale | 9,340 | $90.27 | $843k |
| 2026-03-09 | 9 co-filers EVP, Chief Risk Officer | Option exercise | 5,612 | $0.00 | — |
| 2026-03-09 | 9 co-filers EVP, Chief Risk Officer | Option exercise | 4,720 | $0.00 | — |
| 2026-03-09 | 9 co-filers EVP, Chief Risk Officer | Option exercise | 9,340 | $0.00 | — |
| 2026-02-17 | Reagan Ronald R EVP, Eng., Const. & ISC | 10b5-1 plan sale | 5,079 | $95.00 | $483k |
| 2026-02-15 | 4 co-filers Director & CEO of Sub | Tax withholding | 7,373 | $93.80 | $692k |
| 2026-02-15 | 4 co-filers Pres. and CEO of Sub | Tax withholding | 912 | $93.80 | $86k |
| 2026-02-15 | 6 co-filers EVP, Chief Risk Officer | Tax withholding | 1,544 | $93.80 | $145k |
| 2026-02-15 | 6 co-filers VP, Controller & CAO | Tax withholding | 101 | $93.80 | $9k |
| 2026-02-15 | 6 co-filers EVP, Human Res & Corp Svcs | Tax withholding | 623 | $93.80 | $58k |
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.
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 | $25.80B 100.0% | $23.50B 100.0% | $24.80B 100.0% | $23.00B 100.0% | $18.80B 100.0% | $17.00B 100.0% | $17.50B 100.0% | $15.40B 100.0% | — | — |
| Total Operating Expenses | $19.39B 75.2% | $17.63B 75.0% | $18.28B 73.7% | $17.40B 75.6% | $14.23B 75.7% | $13.23B 77.8% | $14.26B 81.5% | $12.53B 81.3% | $12.00B | $11.68B |
| Operating Income | $8.28B 32.1% | $7.48B 31.8% | $10.24B 41.3% | $4.08B 17.7% | $2.91B 15.5% | $5.12B 30.1% | $5.35B 30.6% | $4.28B 27.8% | $5.17B | $4.46B |
| Other Income (Expense), net | -$3.75B -14.5% | -$1.44B -6.1% | -$2.95B -11.9% | -$249.0M -1.1% | $262.0M 1.4% | -$2.70B -15.9% | -$1.52B -8.7% | $3.07B 19.9% | -$510.0M | -$81.0M |
| Pretax Income | $4.53B 17.6% | $6.04B 25.7% | $7.29B 29.4% | $3.83B 16.7% | $3.17B 16.9% | $2.41B 14.2% | $3.84B 21.9% | $7.35B 47.7% | $4.66B | $4.38B |
| Income Tax Expense | -$802.0M -3.1% | $339.0M 1.4% | $1.01B 4.1% | $586.0M 2.5% | $348.0M 1.9% | $44.0M 0.3% | $448.0M 2.6% | $1.58B 10.2% | -$660.0M | $1.38B |
| Net Income | $6.83B 26.5% | $6.95B 29.6% | $7.31B 29.5% | $4.15B 18.0% | $3.57B 19.0% | $2.92B 17.2% | $3.77B 21.5% | $6.64B 43.1% | $5.38B | $2.91B |
| Per Share | ||||||||||
| EPS (Basic) | $3.31 | $3.38 | $3.61 | $2.10 | $1.82 | $1.49 | $1.95 | $3.51 | $11.48 | $6.27 |
| EPS (Diluted) | $3.30 | $3.37 | $3.60 | $2.10 | $1.81 | $1.48 | $1.94 | $3.47 | $11.39 | $6.24 |
| Weighted Avg Shares (Basic) | 2.06B | 2.05B | 2.03B | 1.97B | 1.96B | 1.96B | 1.93B | 1.89B | 468.8M | 463.1M |
| Weighted Avg Shares (Diluted) | 2.07B | 2.06B | 2.03B | 1.98B | 1.97B | 1.97B | 1.94B | 1.91B | 472.5M | 465.8M |
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.
No current price collected.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 13% against ROIC 5% — 8% 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 |
|---|---|---|---|---|---|---|---|---|
| Operating Income | 27.8 | 30.6 | 30.1 | 15.5 | 17.7 | 41.3 | 31.8 | 32.1 |
| Income Tax | 10.2 | 2.6 | 0.3 | 1.9 | 2.5 | 4.1 | 1.4 | -3.1 |
| Net Income | 43.1 | 21.5 | 17.2 | 19.0 | 18.0 | 29.5 | 29.6 | 26.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on NEE-PU: 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 $2.81B is below the $3.50B 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).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest expense isn't separately reported — often netted into “other income (expense), net.”
Cash of $2.81B is below short-term debt of $3.50B — 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.
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2018 | not reported | 27.8% | 43.1% |
| FY2019 | not reported | 30.6% | 21.5% |
| FY2020 | not reported | 30.1% | 17.2% |
| FY2021 | not reported | 15.5% | 19.0% |
| FY2022 | not reported | 17.7% | 18.0% |
| FY2023 | not reported | 41.3% | 29.5% |
| FY2024 | not reported | 31.8% | 29.6% |
| FY2025 | not reported | 32.1% | 26.5% |
Leverage and buybacks account for 8 points of the 13% return on equity in FY2025. The business earns 5% 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.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: beta, market_cap.
Converts 1.88x of reported profit into free cash flow over 5 years, with accruals negative.
Shares outstanding are up 6% since FY2019 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: ebitda, interest_expense.
No current price or share count, so the market's assumption cannot be solved for.
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: market_cap.
| Step | Amount | Running total |
|---|---|---|
| Net income | $6.83B | $6.83B |
| Share-based comp | $185M | $7.02B |
| Other non-cash & working capital | $5.46B | $12.48B |
| Operating cash flow | $12.48B | $12.48B |
| Capex | $0 | $12.48B |
| Free cash flow | $12.48B | $12.48B |
| FCF after SBC | $12.30B | $12.30B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -2.9% | -0.8% | 2.0 points |
| FY2021 | 10.6% | 49.3% | 38.7 points |
| FY2022 | 22.3% | 28.7% | 6.4 points |
| FY2023 | 7.8% | -17.0% | -24.9 points |
| FY2024 | -5.2% | -7.6% | -2.3 points |
| FY2025 | 9.8% | 20.4% | 10.7 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 47.6 days | not reported | not reported | not reported |
| FY2020 | 48.6 days | not reported | not reported | not reported |
| FY2021 | 65.6 days | not reported | not reported | not reported |
| FY2022 | 69 days | not reported | not reported | not reported |
| FY2023 | 53.1 days | not reported | not reported | not reported |
| FY2024 | 51.8 days | not reported | not reported | not reported |
| FY2025 | 56.8 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -3.7 percent |
| FY2020 | -4.0 percent |
| FY2021 | -2.8 percent |
| FY2022 | -2.6 percent |
| FY2023 | -2.3 percent |
| FY2024 | -3.3 percent |
| FY2025 | -2.7 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.