NYSE: ETR · Electric Utilities
Entergy
Entergy is an integrated electric utility serving about 3.1 million customers in Arkansas, Louisiana (including New Orleans), Mississippi and Texas, with about 25,000 MW of generating capacity, including nuclear plants. It operates as a single Utility segment and sold its small Louisiana gas distribution businesses on July 1, 2025. 2025 revenue was $12.9 billion and net income attributable to Entergy $1.76 billion ($3.91 per diluted share). It is building generation and transmission for large data centers, including two Meta Platforms data centers in north Louisiana. Entergy did a 2-for-1 stock split in December 2024; figures for earlier years are adjusted for it.
Last updated
Analysis last edited: October 21, 2026 · Financial data fetched: October 21, 2026 13:50 (SEC EDGAR) · Source 10-K filed: February 19, 2026
Built on10-K FY2025 · filed 2026-02-1910-Q (quarter ended 2026-09-30) · filed 2026-11-02
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 5.1%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 24.7%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +0.6 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 5.3x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 2.90x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 27.7x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.45
Higher than 26% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 69% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 35% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 88% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 89% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; fiscal FY2025
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$108.76close on 2026-11-04
Market cap$49.2B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 27.7x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 2.9x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 14.2x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- -5.2%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 2.2%
At FY2025 year-end: 23.6x
Earnings: fiscal FY2025
At FY2025 year-end: 2.5x
Book value at FY2025 year-end
At FY2025 year-end: 12.9x
EBITDA for FY2025
At FY2025 year-end: -6.1%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Mar 31, 2026.
These figures are behind: a newer quarter was reported on Nov 2, 2026, but SEC's structured data doesn't include it yet. Read the release ↗
- Revenue$2.85B → $3.19B (vs. a year earlier)↑ +12.0%$2.85B → $3.19B (vs. a year earlier)
- Operating margin24.6% → 18.0% (vs. a year earlier)↓ −6.6 pts24.6% → 18.0% (vs. a year earlier)
- Net income$362M → $391M (vs. a year earlier)↑ +7.8%$362M → $391M (vs. a year earlier)
- Diluted EPS$0.82 → $0.83 (vs. a year earlier)↑ +1.2%$0.82 → $0.83 (vs. a year earlier)
- Cash$1.93B → $3.57B (vs. previous quarter-end)↑ +85.1%$1.93B → $3.57B (vs. previous quarter-end)
- Long-term debt$30.28B → $32.68B (vs. previous quarter-end)↑ +7.9%$30.28B → $32.68B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Nov 2, 2026.
Management outlook ↔ Narrowed
Narrowed 2026 adjusted EPS guidance to $4.35–$4.45. Source sentence
Entergy narrowed its 2026 adjusted earnings per share guidance to a range of $4.35 to $4.45.
Key changes
Quarterly dividend of 68 cents per share, a six percent increase. Source sentence
Entergy’s Board of Directors declared a quarterly dividend of 68 cents per share, a six percent increase.
Weather-adjusted retail sales up 4.5%. Source sentence
For the quarter, weather-adjusted retail sales increased 4.5 percent.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- ENTERGY CORP /DE/
- Headquarters
- NEW ORLEANS, LA
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: ETR
- Industry
- Electric Utilities
- CIK
- 65984
- Website
- https://www.entergy.com/ ↗
Workforce (as of FY2025 year-end)
Employees
12,233
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 43–53 days after quarter end (Feb 12, 2026; Feb 18, 2025; Feb 22, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 24–53 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Nov 2, 2026 (+33 days) | Nov 2, 2026 10-Q (+33 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 29, 2026 (+29 days) | Jul 31, 2026 10-Q (+31 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 29, 2026 (+29 days) | May 1, 2026 10-Q (+31 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 12, 2026 (+43 days) | Feb 19, 2026 10-K (+50 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 29, 2025 (+29 days) | Oct 31, 2025 10-Q (+31 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 30, 2025 (+30 days) | Aug 1, 2025 10-Q (+32 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 29, 2025 (+29 days) | May 1, 2025 10-Q (+31 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 18, 2025 (+49 days) | Feb 18, 2025 10-K (+49 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 31, 2024 (+31 days) | Nov 1, 2024 10-Q (+32 days) |
| Q2 FY2024 | Jun 30, 2024 | Aug 1, 2024 (+32 days) | Aug 2, 2024 10-Q (+33 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 24, 2024 (+24 days) | May 2, 2024 10-Q (+32 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 22, 2024 (+53 days) | Feb 23, 2024 10-K (+54 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Utility
Electricity generation, transmission and distribution
Examples: Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, System Energy (Grand Gulf)
From the FY2025 Form 10-K.
U.S. and worldwide share of flagship products/services
The filings reviewed give no market share figure; the utilities serve franchised territories in Arkansas, Louisiana, Mississippi and Texas.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-06-30)
07
Recent strategic focusSite analysis
Recent developments.
H1 2026
Net income attributable to Entergy $867.5M ($1.87 per diluted share), flat per share versus a year earlier as the share count rose.
Source: Form 10-Q Q2 2026
Second Meta data center
In March 2026 Entergy Louisiana signed an electric service agreement with Evest LLC, a Meta subsidiary, for a second north Louisiana data center, subject to approvals.
Source: Form 10-Q Q2 2026
Gas utility sale
Sold the Entergy New Orleans and Entergy Louisiana gas distribution businesses on July 1, 2025.
Source: Form 10-K FY2025
Capex ÷ D&A (FY2025)
3.33x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$7,685M ÷ $2,306M = 3.33x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Where the money goes, over time
Unit: $M. Capex went from $4.69B in FY2020 to $7.68B in FY2025
- Capex
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$12.95B
As reported in the 10-K
Revenue CAGR (5 years)
+5.1%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($12,947M ÷ $10,114M) ^ (1÷5) − 1 = 5.1%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
24.7%▲favorable
+7.2pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$3,202M ÷ $12,947M × 100 = 24.7%
ROE (FY2025)
11.1%▲favorable
6-year average: 11.1%
As reported in the 10-K
P/B (FY2025 end)
2.47x
formulafiscal year-end closing price ÷ book value per share
e.g.$92.43 ÷ $37.41 = 2.47x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
12.9x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($41,810M + $30,935M − $1,929M) ÷ ($3,202M + $2,306M) = 12.9x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +5.1% a year over 5 years (strong growth)
From $10.11B in FY2020 to $12.95B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 17.5% → 24.7%
How much operating profit is left per $100 of revenue. It moved +7.2 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▼
Equity ratio is 23.5% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▼
Free cash flow was positive in 0 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 11.1% over 6 years (latest: 11.1%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- Power generation (gas, nuclear, solar)
- Transmission and distribution in MISO
06 · what it draws on
Key resources
- About 25,000 MW of generating capacity, including nuclear
- 12,233 employees
- Capital spending of $7.7B in 2025
02 · why customers buy
Value propositions
- Electricity in Arkansas, Louisiana, Mississippi and Texas, including power for large data centers.
04 · how it keeps them
Customer relationships
- Regulated service at rates set by state regulators and the New Orleans City Council.
03 · how it reaches them
Channels
- Its own regulated generation, transmission and distribution networks.
01 · who it serves
Customer segments
- About 3.1 million retail customers
- Large industrial and data center customers
09 · where money goes
Cost structure
FY2025, share of revenue ($12.95B)
- Other operating costs (incl. cost of goods sold)75.3%
Operating profit left: 24.7% of revenue. Depreciation & amortization (inside the costs above): $2.31B. Capital spending: $7.68B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Residential $4.82B
- Industrial $3.60B
- Commercial $3.11B
- Governmental $0.28B (2025)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Generates, transmits and distributes electricity under rates set by state regulators and city councils (LPSC, APSC, MPSC, PUCT, New Orleans City Council) and by FERC for wholesale and transmission.
01 what it draws on
Inputs & resources
- About 25,000 MW of generating capacity, including nuclear
- 12,233 employees
- Capital spending of $7.7B in 2025
02 what it does
Activities
- Power generation (gas, nuclear, solar)
- Transmission and distribution in MISO
03 who it serves
Customers
- About 3.1 million retail customers
- Large industrial and data center customers
04 how money comes in
How it earns
- Residential $4.82B
- Industrial $3.60B
- Commercial $3.11B
- Governmental $0.28B (2025)
How the business makes money
- Industrial customers are a large share of revenue: $3.60B, of which Entergy Louisiana accounted for $2.07B in 2025.
- Entergy Louisiana sought approval for 2,262 MW of new combined-cycle generation and 500 kV transmission to serve a Meta data center; a second Meta (Evest) data center agreement followed in March 2026.
- An exclusivity agreement with a major vendor covers power island equipment for large gas turbines, with a minimum commitment raised to 27 sets in Q2 2026.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Entergy is regulated by state commissions and FERC and benefits from preserved nuclear tax credits.
Regulated prices & reimbursement
Regulated rates
Rates and returns are set through rate cases before state commissions and FERC; revenue depends on what regulators allow.
Supports and constrainsTouches: How it earnsSource: Form 10-K (FY2025)
Government funding & tax credits
Nuclear production tax credits
The OBBBA preserved Section 45U production tax credits for existing nuclear plants.
Supports the businessTouches: How it earnsSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Residential
4,820 (38%)Industrial
3,602 (28%)Commercial
3,114 (24%)Other electric revenues
519 (4%)Sales for resale
398 (3%)Governmental
276 (2%)
Source: Form 10-K (FY2025) — Note 19 Revenue Entergy has one reportable segment (Utility); this is revenue by customer class. Other Utility and non-utility revenue brings the total to $12,947M.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Residential, commercial, industrial and governmental customers in four states, plus large data centers.
Named by the company
Suppliers
Natural gas, nuclear fuel and generation equipment.
Named by the company
The gas turbine equipment vendor under the exclusivity agreement is not named.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Entergy's utilities serve franchised territories; the 10-K names no competitors.
Competitors named in the 10-K
No competitor is named in the 10-K.
Peer group the company chose
Philadelphia Utility Index companies (as of October 31, 2024), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Used to check the reasonableness of pay and to set relative TSR goals; surveys are the primary benchmark.
- AES Corporationsite ↗
- Amerensite ↗
- American Electric Powersite ↗
- American Watersite ↗
- CenterPoint Energysite ↗
- Consolidated Edisonsite ↗
- Constellation Energysite ↗
- Dominion Energysite ↗
- DTE Energysite ↗
- Duke Energysite ↗
- Edison Internationalsite ↗
- Eversource Energysite ↗
- Exelonsite ↗
- FirstEnergysite ↗
- NextEra Energysite ↗
- Pinnacle West Capitalsite ↗
- PSEGsite ↗
- Southern Companysite ↗
- WEC Energy Groupsite ↗
- Xcel Energysite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 10,114 | 11,743 | 13,764 | 12,147 | 11,880 | 12,947 |
| Operating income | 1,769 | 1,846 | 2,051 | 2,618 | 2,651 | 3,202 |
| Pretax income | 1,285 | 1,310 | 1,058 | 1,672 | 1,442 | 2,271 |
| Net income (attributable) | 1,388 | 1,118 | 1,103 | 2,357 | 1,061 | 1,773 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 16.1% | 17.2% | -11.7% | -2.2% | 9.0% |
| Operating margincalcoperating income ÷ revenue × 100 | 17.5% | 15.7% | 14.9% | 21.6% | 22.3% | 24.7% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 13.7% | 9.5% | 8.0% | 19.4% | 8.9% | 13.7% |
| Balance sheet ($M) | ||||||
| Total assets | 58,239 | 59,454 | 58,595 | 59,703 | 64,790 | 71,891 |
| Total equity | 10,961 | 11,705 | 13,065 | 14,743 | 15,185 | 17,014 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 23,997 | 27,082 | 26,760 | 26,246 | 28,919 | 30,935 |
| Equity ratio | 18.8% | 19.6% | 22.1% | 24.5% | 23.3% | 23.5% |
| ROE | 12.7% | 9.9% | 9.0% | 17.1% | 7.1% | 11.1% |
| Cash flow ($M) | ||||||
| Operating CF | 2,690 | 2,301 | 2,585 | 4,294 | 4,489 | 5,151 |
| Investing CF | -4,772 | -6,179 | -5,710 | -4,629 | -5,849 | -7,109 |
| Financing CF | 3,416 | 2,562 | 2,906 | 243 | 2,088 | 3,028 |
| Free cash flowcalccash flow from operations − capital expenditures | -2,004 | -3,787 | -2,480 | -146 | -350 | -2,534 |
| Cash and equivalents | 1,759 | 443 | 224 | 133 | 860 | 1,929 |
| Per share & other | ||||||
| EPS ($) | 3.45 | 2.77 | 2.68 | 5.55 | 2.45 | 3.91 |
| BVPS ($) | 27.28 | 28.71 | 30.70 | 34.35 | 35.11 | 37.41 |
| Dividend per share ($) | 1.87 | 1.93 | 2.05 | 2.17 | 2.30 | 2.44 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 54.2% | 69.7% | 76.5% | 39.1% | 93.9% | 62.4% |
| P/E (x) | 14.5 | 20.3 | 21.0 | 9.1 | 31.0 | 23.6 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 10.5 | 12.9 | 12.5 | 10.2 | 12.4 | 12.9 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.83 | 1.96 | 1.83 | 1.47 | 2.16 | 2.47 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-03-31 | $3.19B+12.0% | $572M-18.3% | $391M+7.8% | $0.83 |
| 2025-12-31 † | $2.96B+7.9% | $546M-18.5% | $241M-16.2% | — |
| 2025-09-30 | $3.81B+12.5% | $1.12B-0.6% | $698M+8.2% | $1.53 |
| 2025-06-30 | $3.33B+12.7% | $837M+35.6% | $472M+812.3% | $1.05 |
| 2025-03-31 | $2.85B | $700M | $362M | $0.82 |
| 2024-12-31 † | $2.74B | $670M | $287M | — |
| 2024-09-30 | $3.39B | $1.13B | $646M | $1.50 |
| 2024-06-30 | $2.95B | $618M | $52M | $0.11 |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
14
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
6.7%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$3,202M × (1 − 3.5%) ÷ $46,026M × 100 = 6.7%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
6.14%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $41.81B ÷ ($41.81B + $30.93B) = 57.5%
e.g.Debt weight: $30.93B ÷ ($41.81B + $30.93B) = 42.5%
e.g.WACC: 7.4% × 57.5% + 4.6% × (1 − 3.5%) × 42.5% = 6.14%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 5.4%–7.1% and ROIC − WACC runs −0.4 to +1.3 points. The sign flips inside this range, so the result depends on the assumptions. This describes the latest year and does not predict future value creation.
WACC 6.14% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.45 (price-derived adjusted beta, but correlation with the market is low (R² 0.02), so reliability is limited)
- Equity risk premium
- 5.5%
- Cost of equity
- 7.43%
- Cost of debt
- 4.57%
- Tax rate
- 3.5% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 57% : 43%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 6.14%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.45 (price-derived adjusted beta. Raw β 0.18, R² 0.02, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.178 + 0.33 = 0.449
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.45 × 5.5% = 7.4%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
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What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Not enough data for this calculation (FY2025): it needs positive free cash flow, a fiscal year-end P/E, and a positive enterprise value.
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Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 2.55x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -4.9%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 141%
Most profit comes from core operations.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$5,151M ÷ $1,773M = 2.90x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$3,202M ÷ $2,271M × 100 = 141%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
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Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 99.9%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 0.1%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 64 of 416
- Beta (adjusted)
- 0.45
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 15% of covered companies have more
above 1 = swings more than the market
- 457.1M shares reported by 1,330 13F filers ÷ 457.8M shares outstanding on 2026-03-31. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table (percentage computed from the group’s share count ÷ shares outstanding); includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-27 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-03-31)
18
Strengths & weaknessesSite analysis
Strengths
1. Industrial and data center load growth
Industrial revenue rose 13% in 2025 to $3.60B; new data center agreements with Meta in Louisiana.
Evidence: Form 10-K FY2025; Form 10-Q Q2 2026
2. Rising operating cash flow
Operating cash flow grew from $4.3B (2023) to $5.2B (2025).
Evidence: SEC EDGAR XBRL
Weaknesses
1. High leverage
Interest-bearing debt of $30.9B and an equity ratio of 24% at the end of 2025.
Evidence: SEC EDGAR XBRL
2. Litigious service territory
The 10-K says its states have proven to be unusually litigious, with large verdicts including punitive damages.
Evidence: Form 10-K FY2025
19
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
23.6x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
2.64%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
62%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
-6.1%
(Operating CF − capex) ÷ market cap
1. Load growth story
Capital spending rose to $7.7B in 2025 to serve industrial and data center demand.
- What has to hold
- Customers follow through and regulators allow recovery.
- The other side
- Stranded-asset risk if demand falls short.
Evidence: SEC EDGAR XBRL; Form 10-K FY2025
2. Dividend
Split-adjusted dividends per share rose from $1.87 (2020) to $2.44 (2025).
- What has to hold
- Earnings keep growing.
- The other side
- Equity issuance adds shares.
Evidence: Form 10-K FY2025
2020–2023 per-share figures and share counts are adjusted for the December 2024 2-for-1 split. 2023 EPS includes a large income tax benefit.
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ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
0.6x
$1.93B vs. $3.03B
Interest coverage (operating income ÷ interest expense)
2.3x
$3.2B vs. $1.41B
Free cash flow ÷ dividends paid
-2.4x
−$2.53B vs. $1.07B (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -11.7% in FY2023 ($13.76B → $12.15B) | Not yet, as of FY2025 |
| Operating income | No decline in the record | — |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Regulated cost recovery
Fuel and purchased power costs are recovered through riders, such as Entergy Arkansas's energy cost recovery rider.
Source: Form 10-Q Q2 2026
21
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Entergy reports legal, regulatory and tax proceedings in what it calls unusually litigious states. Named matters include asbestos claims, spent nuclear fuel litigation against the government and an industry-wide nuclear wage antitrust class action.
0 open matters · 1 settled or closed
Nuclear industry compensation antitrust class action
ResolvedAntitrustDorrell, et al. v. Constellation Energy, et al. (D. Md.) — Entergy and 26 other nuclear plant owners and operators
Filed July 11, 2025 for nuclear generation employees since May 2003. It alleges a conspiracy to suppress pay by exchanging wage and collective bargaining information, in violation of the Sherman Act, and seeks treble damages.
- Next step
- The U.S. District Court for the District of Maryland dismissed the case without prejudice in August 2026, per Evergy's Q2 2026 10-Q (a co-defendant through Wolf Creek).
Source: Form 10-K (FY2025) — Litigation · Evergy Form 10-Q (quarter ended 2026-06-30) — Nuclear Antitrust Class Action
Company statement: Management does not believe the ultimate resolution of its proceedings will have a material adverse effect, except as otherwise discussed.
Based on Form 10-Q (quarter ended 2026-06-30) — Contingencies, reviewed 2026-10-21. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
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Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Customer/supplier concentration
Data center customers
- Company disclosure (summarized from the 10-K)
- Large-scale data center load concentrates business and credit risk in a few customers. If demand falls short, investments could become stranded.
- Company’s stated mitigation
- Electric service agreements with customer commitments.
- This site’s assessment
- Impact High / Likelihood Med
- 2Disaster
Hurricanes and storms
- Company disclosure (summarized from the 10-K)
- Gulf Coast operations are exposed to major storms and restoration costs.
- Company’s stated mitigation
- Storm cost recovery and securitization, subject to regulatory approval.
- This site’s assessment
- Impact High / Likelihood Med
- 3Law & regulation
Regulatory decisions
- Company disclosure (summarized from the 10-K)
- Recovery of generation and transmission investment depends on state commissions, the New Orleans City Council and FERC.
- Company’s stated mitigation
- Formula rate plans.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Funding & liquidity
Capital needs
- Company disclosure (summarized from the 10-K)
- Large generation buildouts require debt and equity financing, including equity forward sales.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
23
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
In January 2026, portions of Entergy’s service territory experienced the effects of Winter Storm Fern, including prolonged freezing temperatures, heavy ice accumulation, and wind, which caused severe damage to Entergy’s infrastructure. Read more
Entergy’s preliminary estimate for the cost of mobilizing crews and restoring power is approximately $460 million to $560 million, primarily at Entergy Louisiana and Entergy Mississippi, with the majority of the costs being capital. There are well-established mechanisms and precedent for addressing these catastrophic events and providing the process for regulatory review of storm costs for prudence and for recovery of prudently incurred storm costs in accordance with applicable regulatory and legal principles.
The severe weather event also affected the market for natural gas due to the effects of severe cold on the gas supply system and increased demand for gas to support electricity loads. Read more
Natural gas purchases for January 2026 for Entergy were $483 million, including $74 million for Entergy Arkansas, $256 million for Entergy Louisiana, $85 million for Entergy Mississippi, $20 million for Entergy New Orleans, and $48 million for Entergy Texas. This compares to natural gas purchases for January 2025 for Entergy of $207 million, including $25 million for Entergy Arkansas, $115 million for Entergy Louisiana, $28 million for Entergy Mississippi, $4 million for Entergy New Orleans, and $35 million for Entergy Texas. The Utility operating companies each have fuel recovery mechanisms in place to recover their natural gas costs. With the potential effect of the higher natural gas costs on customers,…
The return on construction work in progress for certain utility plant investments variance represents the revenue related to the amortization of certain customer advances designed to provide a return on investment in construction work in progress for certain utility plant investments, which is recognized as the related costs are incurred.
Purchased power includes an increase in 2025 of $34 million in costs, at Entergy Texas, related to the procurement of capacity through MISO’s annual planning resource auction, including the effect of a significant increase in MISO’s seasonal auction clearing price, due in part to the implementation of a reliability-based demand curve, for capacity transactions during the summer months. Although Entergy Texas does not have the ability to recover its MISO capacity costs incurred to date beyond the level included in base rates, in June 2025, Texas legislation established a capacity cost recovery rider mechanism that would allow for the recovery of costs related to the procurement of capacity through MISO’s annual planning resource auction outside of base rates, through a rider that is u pdated annually. Entergy Texas plans in second quarter 2026 to file for such a rider to recover future…
• the expensing of $11 million at Entergy Louisiana of project costs associated with the Bayou Power Station project following Entergy Louisiana’s election in third quarter 2025 to cancel the project and evaluate an alternative transmission solution. See “ MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Liquidity and Capital Resources ” below for discussion of Entergy Louisiana’s Bayou Power Station project; and
• a $13 million charge, recorded in third quarter 2025 at Entergy New Orleans, to reflect the write-off of retained natural gas plant assets that were not included in the sale of Entergy New Orleans’s natural gas distribution business on July 1, 2025, and which will not be recovered. See Note 14 to the financial statements for discussion of the sale of Entergy New Orleans’s natural gas distribution business on July 1, 2025.
Taxes other than income taxes increased primarily due to increases in ad valorem taxes resulting from higher assessments and millage rate increases and increases in local franchise fees as a result of higher retail revenues in 2025 as compared to 2024.
Other expenses decreased primarily due to decreased nuclear refueling outage expenses due to the amortization of lower costs associated with the most recent outages as compared to previous outages.
No longer in the text (4)
Statements of Operations for the Years Ended December 31, 2024, 2023, and 20 22
Storm restoration carrying costs, representing the equity component of storm restoration carrying costs, includes $31 million recognized by Entergy Louisiana as part of its March 2023 storm cost securitization and $5 million recognized by Entergy New Orleans as part of the City Council’s approval of the Entergy New Orleans storm cost certification report in December 2023. See Note 2 to the financial statements for discussion of the storm cost securitizations.
The volume/weather variance is primarily due to an increase in weather-adjusted residential and commercial usage, partially offset by the effect of less favorable weather on residential and commercial sales. Read more
The increase in weather-adjusted residential usage is the result of higher fixed charges, partially offset by lower volumetric rates, applied to lower usage. Adding to this was an increase in industrial usage primarily due to an increase in demand from large industrial customers, primarily in the petroleum refining and chlor-alkali industries and from new customers in the technology industry.
• an increase of $38 million in compensation and benefits costs primarily due to higher healthcare claims activity, including lower prescription drug rebates in 2024 as compared to 2023, and higher incentive-based accruals in 2024 as compared to 2023;
545 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 19, 2026 ↗ with the 10-K filed Feb 18, 2025 ↗.
24
What to watch going forwardSite analysis
- Regulatory approval and construction of generation for the Meta data centers.
- Equity issuance under forward sale agreements.
- Hurricane season impacts.
25
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 21, 2026 · Financial data fetched: October 21, 2026 13:50 (SEC EDGAR) · Source 10-K filed: February 19, 2026
Built on10-K FY2025 · filed 2026-02-19
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Entergy’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.