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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 |
| XIFR | $894M | — | 17.1× | 0.8× | -3.4% | — | -2.4% | -0.3% | -0.2% | 14.6× | 39 |
Peers = companies sharing XIFR'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.
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.
Average free cash flow across the last 1 positive fiscal year (FY2024). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $9.48 today, the market must believe free cash flow compounds -0.5%/yr for a decade (off $559.0M on the 3-yr avg basis).
Default is 10.0% — this company's computed cost of capital (published default — this company's cost of capital could not be computed), the same rate the Analysis tab discounts at.
2-stage DCF · 0.09B shares (market data) · net debt $5.24B
mean 27.0% · volatility σ 221% · implied rate exceeded in 3/6 yrs
Central path = implied -0.5%/yr growth; shaded band = ±1σ (221%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
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.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on -$219.0M FCF.
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.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -0%. 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 $960.0M covers the $764.0M due within a year 1.3× over. 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 ~18.3% on $3.39B of debt. Interest last disclosed in FY2020 (no longer broken out).
Cash of $960.0M fully covers short-term debt of $762.0M.
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 2026-10-30
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 | $1.19B 100.0% | $1.23B 100.0% | $1.08B 100.0% | $969.0M 100.0% | $722.0M 100.0% | $917.0M 100.0% | $855.0M 100.0% | $771.0M 100.0% | $807.0M 100.0% | $772.0M 100.0% |
| Total Operating Expenses | $1.38B 116.4% | $1.70B 138.4% | $1.11B 102.6% | $961.0M 99.2% | $653.0M 90.4% | $662.0M 72.2% | $622.0M 72.7% | $481.0M 62.4% | $495.0M 61.3% | $470.0M 60.9% |
| Operating Income | -$186.0M -15.7% | -$459.0M -37.3% | -$28.0M -2.6% | $44.0M 4.5% | $64.0M 8.9% | $253.0M 27.6% | $233.0M 27.3% | $443.0M 57.5% | $312.0M 38.7% | $302.0M 39.1% |
| Interest Expense | — | — | — | — | — | $620.0M 67.6% | $702.0M 82.1% | $248.0M 32.2% | $199.0M 24.7% | $152.0M 19.7% |
| Other Income (Expense), net | -$291.0M -24.5% | $5.0M 0.4% | -$251.0M -23.3% | $1.09B 112.1% | $239.0M 33.1% | -$510.0M -55.6% | -$663.0M -77.5% | -$170.0M -22.0% | -$31.0M -3.8% | $138.0M 17.9% |
| Pretax Income | -$477.0M -40.2% | -$454.0M -36.9% | -$279.0M -25.9% | $1.13B 116.6% | $303.0M 42.0% | -$257.0M -28.0% | -$430.0M -50.3% | $273.0M 35.4% | $281.0M 34.8% | $440.0M 57.0% |
| Income Tax Expense | -$78.0M -6.6% | -$42.0M -3.4% | -$25.0M -2.3% | $161.0M 16.6% | $37.0M 5.1% | -$19.0M -2.1% | -$26.0M -3.0% | $6.0M 0.8% | $167.0M 20.7% | $57.0M 7.4% |
| Net Income | -$28.0M -2.4% | -$23.0M -1.9% | $200.0M 18.6% | $477.0M 49.2% | $137.0M 19.0% | -$55.0M -6.0% | -$88.0M -10.3% | $167.0M 21.7% | -$64.0M -7.9% | $83.0M 10.8% |
| Per Share | ||||||||||
| EPS (Basic) | -$0.30 | -$0.25 | $2.18 | $5.62 | $1.77 | -$0.81 | -$1.51 | $3.05 | -$1.18 | $1.90 |
| EPS (Diluted) | — | — | — | $5.62 | $1.77 | -$0.81 | -$1.51 | $2.91 | -$1.18 | $1.90 |
| Weighted Avg Shares (Basic) | 93.9M | 93.5M | 91.6M | 84.9M | 77.2M | 68.4M | 58.8M | 54.9M | 54.2M | 43.8M |
| Weighted Avg Shares (Diluted) | 93.9M | 93.5M | 91.6M | 84.9M | 77.4M | 68.4M | 58.8M | 74.6M | 54.2M | 43.8M |
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.
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 |
|---|---|---|---|---|---|
| 2026-02-17 | Hickson Mark E Director | Grant | 28,663 | $0.00 | $0 |
| 2026-02-17 | 2 co-filers Chief Financial Officer | Grant | 8,345 | $0.00 | $0 |
| 2026-02-17 | Liu Songyuan Alan President and CEO | Grant | 58,018 | $0.00 | $0 |
| 2026-02-17 | Bolster Brian W Director | Grant | 36,037 | $0.00 | $0 |
| 2026-02-17 | Dunne Michael Director | Grant | 22,299 | $0.00 | $0 |
| 2026-02-17 | Ketchum John W Director | Grant | 87,663 | $0.00 | $0 |
| 2026-02-17 | 2 co-filers Chief Financial Officer | Grant | 9,345 | $0.00 | $0 |
| 2026-02-09 | Liu Songyuan Alan President and CEO | Tax withholding | 5,895 | $10.18 | $60k |
| 2026-02-09 | Geoffroy Jessica Chief Financial Officer | Tax withholding | 710 | $10.18 | $7k |
| 2026-02-09 | Byrne Robert J Director | Grant | 14,740 | $0.00 | $0 |
| 2026-02-09 | Kind Peter H Director | Grant | 14,740 | $0.00 | $0 |
| 2026-02-09 | Ketchum John W Director | Tax withholding | 18,126 | $10.18 | $185k |
| 2026-02-09 | Austin Susan D Director | Grant | 14,740 | $0.00 | $0 |
| 2026-02-09 | 2 co-filers Group filing | Tax withholding | 2,793 | $10.18 | $28k |
| 2026-02-09 | 2 co-filers Group filing | Tax withholding | 2,067 | $10.18 | $21k |
| 2026-02-09 | 2 co-filers Group filing | Tax withholding | 3,887 | $10.18 | $40k |
| 2025-12-05 | 2 co-filers Group filing | Other | 517 | $0.00 | $0 |
| 2025-12-05 | 2 co-filers Group filing | Other | 517 | $0.00 | $0 |
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.
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 12-yr range · 17th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 12-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 -0% against ROIC -0% — -0% 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 17.4× 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 | 57.5 | 27.3 | 27.6 | 8.9 | 4.5 | -2.6 | -37.3 | -15.7 |
| Income Tax | 0.8 | -3.0 | -2.1 | 5.1 | 16.6 | -2.3 | -3.4 | -6.6 |
| Net Income | 21.7 | -10.3 | -6.0 | 19.0 | 49.2 | 18.6 | -1.9 | -2.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on XIFR: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
No positive operating income in the last three years, so there is no return on capital to compare against its cost.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 39.1% | 10.8% |
| FY2017 | not reported | 38.7% | -7.9% |
| FY2018 | not reported | 57.5% | 21.7% |
| FY2019 | not reported | 27.3% | -10.3% |
| FY2020 | not reported | 27.6% | -6.0% |
| FY2021 | not reported | 8.9% | 19.0% |
| FY2022 | not reported | 4.5% | 49.2% |
| FY2023 | not reported | -2.6% | 18.6% |
| FY2024 | not reported | -37.3% | -1.9% |
| FY2025 | not reported | -15.7% | -2.4% |
Return on equity (-0%) and return on invested capital (-0%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
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: positive EBIT.
Cash conversion of 0.07x sits below the level that would make the earnings clearly cash-backed.
Shares outstanding are up 60% 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.
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. 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.
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: interest_expense.
At $9.48, free cash flow must compound -0.55%/yr for 10 years. It has no positive compounding record to compare against, though across a reporting-basis change.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 30.8% | −0.5% |
| FY2021 | 70.4% | −0.5% |
| FY2022 | −202.0% | −0.5% |
| FY2025 | −139.2% | −0.5% |
The achieved growth rate spans a reporting-basis change in FY2021, so part of it measures the restatement rather than the business.
| Step | Amount | Running total |
|---|---|---|
| Net income | −$28M | −$28M |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | $767M | $739M |
| Operating cash flow | $739M | $739M |
| Capex | −$958M | −$219M |
| Free cash flow | −$219M | −$219M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 7.3% | 5.1% | -2.2 points |
| FY2021 | -21.3% | 34.9% | 56.2 points |
| FY2022 | 34.2% | 4.5% | -29.8 points |
| FY2023 | 11.3% | -2.6% | -13.8 points |
| FY2024 | 14.1% | -7.9% | -22.0 points |
| FY2025 | -3.4% | -2.9% | 0.6 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 33.7 days | not reported | not reported | not reported |
| FY2020 | 33 days | not reported | not reported | not reported |
| FY2021 | 56.6 days | not reported | not reported | not reported |
| FY2022 | 44.1 days | not reported | not reported | not reported |
| FY2023 | 38.6 days | not reported | not reported | not reported |
| FY2024 | 31.2 days | not reported | not reported | not reported |
| FY2025 | 31.3 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -3.5 percent |
| FY2020 | -5.7 percent |
| FY2021 | -2.9 percent |
| FY2022 | -1.3 percent |
| FY2023 | -2.4 percent |
| FY2024 | -4.1 percent |
| FY2025 | -3.9 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.