NYSE: NEE · Multi-Utilities
NextEra Energy
NextEra Energy, based in Juno Beach, Florida, has two principal businesses: Florida Power & Light (FPL), which it calls the largest electric utility in Florida and the U.S. with more than six million customer accounts, and NextEra Energy Resources (NEER), one of the largest wholesale generators of electric power in the U.S. with about 37,505 MW of net generating capacity from wind, solar, nuclear, natural gas and battery storage. In 2025 operating revenues were $27,412 million (FPL $18,262 million, NEER $8,760 million) and net income attributable to NEE was $6,835 million. The company invests about $25 billion a year ($24,606 million of capital expenditures, independent power investments and nuclear fuel in 2025), funded largely with debt, which reached about $95 billion. On May 15, 2026 NEE agreed to acquire Dominion Energy in an all-stock merger (0.8138 NEE shares per Dominion share plus $360 million cash in aggregate); shareholders approved it in September 2026 and the companies are working to close in the second half of 2027.
Last updated
Analysis last edited: October 30, 2026 · Financial data fetched: October 30, 2026 14:30 (SEC EDGAR) · Source 10-K filed: February 13, 2026
Built on10-K FY2025 · filed 2026-02-1310-Q (quarter ended 2026-09-30) · filed 2026-10-21Proxy statement (2026)
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.
- 8.8%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 30.2%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- -1.4 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.
- 6.2x
- 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.
- 1.83x
- 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.
- 26.6x
- 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.
- 0.51
Higher than 55% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 82% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 21% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 94% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 63% 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$87.14close on 2026-11-04
Market cap$181.51B
- 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
- 26.6x
- 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
- 3.3x
- 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
- 18.4x
- 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
- -6.7%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 2.6%
At FY2025 year-end: 24.3x
Earnings: fiscal FY2025
At FY2025 year-end: 3.1x
Book value at FY2025 year-end
At FY2025 year-end: 17.5x
EBITDA for FY2025
At FY2025 year-end: -7.2%
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 Oct 21, 2026, but SEC's structured data doesn't include it yet. Read the release ↗
- Revenue$6.25B → $6.7B (vs. a year earlier)↑ +7.3%$6.25B → $6.7B (vs. a year earlier)
- Operating margin36.1% → 33.0% (vs. a year earlier)↓ −3.2 pts36.1% → 33.0% (vs. a year earlier)
- Net income$833M → $2.18B (vs. a year earlier)↑ +161.9%$833M → $2.18B (vs. a year earlier)
- Diluted EPS$0.40 → $1.04 (vs. a year earlier)↑ +160.0%$0.40 → $1.04 (vs. a year earlier)
- Cash$2.81B → $2B (vs. previous quarter-end)↓ −28.9%$2.81B → $2B (vs. previous quarter-end)
- Long-term debt$93.06B → $97.79B (vs. previous quarter-end)↑ +5.1%$93.06B → $97.79B (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 Oct 21, 2026.
Management outlook • Issued
Expects adjusted EPS growth of 8%+ a year through 2032. Source sentence
We expect to grow adjusted earnings per share at a compound annual growth rate of 8%+ through 2032 and are targeting the same from 2032 through 2035, all off the 2025 base.
Key changes
Added 3.7 gigawatts of new renewables and storage origination. Source sentence
NextEra Energy Resources has a strong quarter for new renewables and storage origination, adding 3.7 gigawatts of renewables and storage to its backlog, which now stands at approximately 36.7 gigawatts
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
- NEXTERA ENERGY INC
- Headquarters
- JUNO BEACH, FL
- Incorporated in
- Florida
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: NEE
- Industry
- Multi-Utilities
- CIK
- 753308
Workforce (as of FY2025 year-end)
Employees
17,400
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 24–27 days after quarter end (Jan 27, 2026; Jan 24, 2025; Jan 25, 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 21–28 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 | Oct 21, 2026 (+21 days) | Oct 21, 2026 10-Q (+21 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 24, 2026 (+24 days) | Jul 24, 2026 10-Q (+24 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 23, 2026 (+23 days) | Apr 23, 2026 10-Q (+23 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 27, 2026 (+27 days) | Feb 13, 2026 10-K (+44 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 28, 2025 (+28 days) | Oct 28, 2025 10-Q (+28 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 23, 2025 (+23 days) | Jul 23, 2025 10-Q (+23 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 23, 2025 (+23 days) | Apr 23, 2025 10-Q (+23 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 24, 2025 (+24 days) | Feb 14, 2025 10-K (+45 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 23, 2024 (+23 days) | Oct 23, 2024 10-Q (+23 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 24, 2024 (+24 days) | Jul 24, 2024 10-Q (+24 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 23, 2024 (+23 days) | Apr 23, 2024 10-Q (+23 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 25, 2024 (+25 days) | Feb 16, 2024 10-K (+47 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
FPL
Regulated electric service
Generation, storage, transmission, distribution and sale of electricity in Florida.
NEER
Contracted clean-energy generation
Wind, solar, nuclear and natural gas generation and battery storage, mostly under long-term contracts.
From the Form 10-K, FY2025.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Regulated electric utility (FPL)
U.S. electric utilities
U.S. share
Largest
Company-disclosed“FPL is the largest electric utility in Florida and the U.S.”
Worldwide share
—
Not disclosedWholesale generation (NEER)
U.S. wholesale power generation
U.S. share
One of the largest
Company-disclosed“one of the largest wholesale generators of electric power in the U.S.”
Worldwide share
—
Not disclosed
07
Recent strategic focusSite analysis
Recent developments.
Dominion Energy merger
Agreed May 15, 2026; shareholder approvals obtained September 2026; working to close in the second half of 2027.
Source: Form 10-Q (quarter ended 2026-09-30)
Litigation settlements
June 2026 settlements: $150M for the 2023 securities class action (offset by expected insurance recovery) and about $16M from insurers for derivative actions; hearing set for December 14, 2026.
Source: Form 8-K (2026-10-06) — Item 8.01 (derivative settlement hearing)
Nine months 2026
Net income attributable to NEE $10,102M versus $5,300M; diluted EPS $4.82 versus $2.57.
Source: Form 10-Q (quarter ended 2026-09-30)
Capex ÷ D&A (FY2025)
3.74x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$24,606M ÷ $6,580M = 3.74x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Where the money goes, over time
Unit: $M. Capex went from $14.61B in FY2020 to $24.61B 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 2026-02-13
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$27.41B
As reported in the 10-K
Revenue CAGR (5 years)
+8.8%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($27,412M ÷ $17,997M) ^ (1÷5) − 1 = 8.8%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
30.2%▲favorable
+1.8pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$8,280M ÷ $27,412M × 100 = 30.2%
ROE (FY2025)
13.1%▲favorable
6-year average: 12.1%
As reported in the 10-K
P/B (FY2025 end)
3.06x
formulafiscal year-end closing price ÷ book value per share
e.g.$80.28 ÷ $26.22 = 3.06x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
17.5x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($167,223M + $95,011M − $2,812M) ÷ ($8,280M + $6,580M) = 17.5x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +8.8% a year over 5 years (strong growth)
From $18B in FY2020 to $27.41B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 28.4% → 30.2%
How much operating profit is left per $100 of revenue. It moved +1.8 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▼
Equity ratio is 25.7% (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 12.1% over 6 years (latest: 13.1%)
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
- Dominion Energy
- XPLR Infrastructure
07 · what it does
Key activities
- FPL: rate-regulated electric utility in Florida (35,963 MW, about 93,000 circuit miles of lines)
- NEER: wholesale generation in 44 states and 4 Canadian provinces, plus storage and gas infrastructure
06 · what it draws on
Key resources
- About 17,400 employees (FPL about 9,400)
- About 80 GW of net generation and storage capacity
- Heavy capital investment funded by debt and equity
02 · why customers buy
Value propositions
- Regulated electricity in Florida (FPL) and cost-effective renewable and other generation (NEER) backed by a track record of on-schedule projects.
04 · how it keeps them
Customer relationships
- FPL serves more than six million accounts; about 95% of NEER's capacity is under long-term contracts.
03 · how it reaches them
Channels
- FPL's own network; NEER sells to utilities and large buyers under contracts.
01 · who it serves
Customer segments
- More than six million FPL customer accounts in Florida
- Utilities, companies and other buyers under long-term power contracts (NEER)
09 · where money goes
Cost structure
FY2025, share of revenue ($27.41B)
- Other operating costs (incl. cost of goods sold)69.8%
Operating profit left: 30.2% of revenue. Depreciation & amortization (inside the costs above): $6.58B. Capital spending: $24.61B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- FPL $18,262M (2025)
- NEER $8,760M
- Corporate and other $390M
Value propositions, channels and customer relationships: Form 10-K (FY2025)
FPL earns regulated returns on investments in generation, transmission and distribution in Florida; NEER develops, builds and operates long-term contracted generation (renewables, nuclear, gas) and battery storage across the U.S. and Canada.
01 what it draws on
Inputs & resources
- About 17,400 employees (FPL about 9,400)
- About 80 GW of net generation and storage capacity
- Heavy capital investment funded by debt and equity
02 what it does
Activities
- FPL: rate-regulated electric utility in Florida (35,963 MW, about 93,000 circuit miles of lines)
- NEER: wholesale generation in 44 states and 4 Canadian provinces, plus storage and gas infrastructure
03 who it serves
Customers
- More than six million FPL customer accounts in Florida
- Utilities, companies and other buyers under long-term power contracts (NEER)
04 how money comes in
How it earns
- FPL $18,262M (2025)
- NEER $8,760M
- Corporate and other $390M
How the business makes money
- Capital expenditures and investments of $24.6B in 2025.
- Quarterly dividend raised to $0.6232 from $0.5665 in February 2026.
- Pending acquisition of Dominion Energy (target close second half of 2027).
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.
FPL is regulated by the Florida PSC and FERC.
Regulated prices & reimbursement
Regulated rates
Rates and returns are set through rate cases before the Florida Public Service Commission and FERC, with fuel costs recovered through a fuel clause; revenue depends on what regulators allow.
Supports and constrainsTouches: How it earnsSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
FPL
18,262 (68%)NEER
8,760 (32%)
Source: Form 10-K (FY2025) Segment operating revenues for 2025; consolidated total incl. corporate and other $27,412M.
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
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Pending or recent acquisition
Dominion Energy
Merger agreement of May 15, 2026: each Dominion share converts into 0.8138 NEE shares plus a pro rata share of $360M cash; shareholder approvals obtained September 2026; regulatory approvals pending.
Source: Form 8-K (2026-05-18) — Item 1.01 (merger agreement with Dominion Energy)
Capital tie / equity stake
XPLR Infrastructure
NEE holds an approximately 52.4% noncontrolling interest in XPLR OpCo, which owns contracted clean-energy assets.
12
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
FPL serves more than six million customer accounts in Florida; NEER sells power under long-term contracts.
Named by the company
No single customer concentration is disclosed.
Suppliers
Fuel, equipment (solar panels, wind turbines, batteries) and construction suppliers.
Named by the company
No material supplier is named.
13
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.
FPL faces limited direct competition in its Florida service territory; NEER competes with a wide range of companies whose identity varies by market. The 10-K names no competitors.
Competitors named in the 10-K
Peer group the company chose
Energy services comparator group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
2025 energy services comparator group from the 2026 proxy statement (a separate 20-company general industry group is also used).
- American Electric Powersite ↗
- Consolidated Edisonsite ↗
- Dominion Energysite ↗
- Duke Energysite ↗
- Edison Internationalsite ↗
- Entergysite ↗
- Exelonsite ↗
- FirstEnergysite ↗
- PPLsite ↗
- PSEGsite ↗
- Semprasite ↗
- Southern Companysite ↗
- Xcel Energysite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
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 2026-02-13
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-13
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 2026-02-13
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 2026-02-13
| 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 ($M) | ||||||
| Revenue | 17,997 | 17,069 | 20,956 | 28,114 | 24,753 | 27,412 |
| Operating income | 5,116 | 2,913 | 4,081 | 10,237 | 7,479 | 8,280 |
| Pretax income | 2,413 | 3,175 | 3,832 | 7,288 | 6,037 | 4,530 |
| Net income (attributable) | 2,919 | 3,573 | 4,147 | 7,310 | 6,946 | 6,835 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | -5.2% | 22.8% | 34.2% | -12.0% | 10.7% |
| Operating margincalcoperating income ÷ revenue × 100 | 28.4% | 17.1% | 19.5% | 36.4% | 30.2% | 30.2% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 16.2% | 20.9% | 19.8% | 26.0% | 28.1% | 24.9% |
| Balance sheet ($M) | ||||||
| Total assets | 127,684 | 140,912 | 158,935 | 177,489 | 190,144 | 212,721 |
| Total equity | 44,929 | 45,424 | 48,326 | 57,768 | 60,460 | 66,479 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 47,633 | 54,127 | 63,598 | 72,956 | 82,116 | 95,011 |
| Equity ratio | 28.6% | 26.4% | 24.7% | 26.7% | 26.3% | 25.7% |
| ROE | 8.0% | 9.7% | 10.9% | 16.9% | 14.2% | 13.1% |
| Cash flow ($M) | ||||||
| Operating CF | 7,983 | 7,553 | 8,262 | 11,301 | 13,260 | 12,485 |
| Investing CF | -13,699 | -13,591 | -18,359 | -23,467 | -22,264 | -23,865 |
| Financing CF | 6,174 | 5,807 | 12,229 | 12,149 | 7,000 | 12,979 |
| Free cash flowcalccash flow from operations − capital expenditures | -6,627 | -8,524 | -11,021 | -13,812 | -11,469 | -12,121 |
| Cash and equivalents | 1,105 | 639 | 1,601 | 2,690 | 1,487 | 2,812 |
| Per share & other | ||||||
| EPS ($) | 1.48 | 1.81 | 2.10 | 3.60 | 3.37 | 3.30 |
| BVPS ($) | 18.63 | 18.95 | 19.74 | 23.13 | 24.36 | 26.22 |
| Dividend per share ($) | 1.40 | 1.54 | 1.70 | 1.87 | 2.06 | 2.27 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 94.6% | 85.1% | 81.0% | 51.9% | 61.1% | 68.8% |
| P/E (x) | 52.1 | 51.6 | 39.8 | 16.9 | 21.3 | 24.3 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 21.6 | 34.6 | 26.6 | 12.1 | 17.6 | 17.5 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 4.14 | 4.93 | 4.23 | 2.63 | 2.94 | 3.06 |
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 | $6.7B+7.3% | $2.21B-2.1% | $2.18B+161.9% | $1.04 |
| 2025-12-31 † | $6.5B+20.7% | $1.59B+68.7% | $1.54B+27.6% | — |
| 2025-09-30 | $7.97B+5.3% | $2.53B-11.5% | $2.44B+31.6% | $1.18 |
| 2025-06-30 | $6.7B+10.4% | $1.91B+14.4% | $2.03B+25.0% | $0.98 |
| 2025-03-31 | $6.25B | $2.26B | $833M | $0.40 |
| 2024-12-31 † | $5.39B | $940M | $1.2B | — |
| 2024-09-30 | $7.57B | $2.86B | $1.85B | $0.90 |
| 2024-06-30 | $6.07B | $1.67B | $1.62B | $0.79 |
† 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.
15
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)
5.3%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$8,280M × (1 − 3%) ÷ $152,033M × 100 = 5.3%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
6.68%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $167.22B ÷ ($167.22B + $95.01B) = 63.8%
e.g.Debt weight: $95.01B ÷ ($167.22B + $95.01B) = 36.2%
e.g.WACC: 7.8% × 63.8% + 5.0% × (1 − 3%) × 36.2% = 6.68%
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 5.8%–7.8% and ROIC − WACC runs −2.6 to −0.5 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 6.68% 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
- 0.51 (price-derived adjusted beta, but correlation with the market is low (R² 0.03), so reliability is limited)
- Equity risk premium
- 5.5%
- Cost of equity
- 7.76%
- Cost of debt
- 4.95% (no debt on record, using the risk-free rate)
- Tax rate
- 3% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 64% : 36%
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 6.68%
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: 0.51 (price-derived adjusted beta. Raw β 0.27, R² 0.03, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.269 + 0.33 = 0.510
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% + 0.51 × 5.5% = 7.8%
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)
16
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.
17
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 2.02x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -2.8%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 183%
Most profit comes from core operations.
- ✓
Days sales outstanding: 46 → 49 days
No major slowdown in collecting on sales.
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 2026-02-13
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 2026-02-13
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.$12,485M ÷ $6,835M = 1.83x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$8,280M ÷ $4,530M × 100 = 183%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($3,336M + $4,018M) ÷ 2 ÷ $27,412M × 365 = 49 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
18
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
- 84.8%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 15.2%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 266 of 416
- Beta (adjusted)
- 0.51
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 64% of covered companies have more
above 1 = swings more than the market
- 1,768.5M shares reported by 3,036 13F filers ÷ 2,085.3M 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 2026-04-01 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-03-31)
19
Strengths & weaknessesSite analysis
Strengths
1. Scale
FPL is the largest U.S. electric utility; NEER is one of the largest U.S. wholesale generators.
Evidence: Form 10-K (FY2025)
2. Earnings growth
EPS rose from $1.48 (2020) to $3.30 (2025).
Evidence: Form 10-K (FY2025)
3. Dividend growth
Dividend per share rose every year from $1.40 (2020) to $2.27 (2025), and again in 2026.
Evidence: Form 10-K (FY2025)
Weaknesses
1. Heavy debt
Interest-bearing debt rose from $47.6B (2020) to $95.0B (2025).
Evidence: Form 10-K (FY2025)
2. Capex exceeds cash flow
2025 capital expenditures and investments of $24.6B versus operating cash flow of $12.5B.
Evidence: Form 10-K (FY2025)
3. Earnings volatility at NEER
NEER results include gains and losses on derivatives and asset sales, so reported net income swings.
Evidence: Form 10-K (FY2025)
20
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)
24.3x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
2.83%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
69%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
-7.2%
(Operating CF − capex) ÷ market cap
1. Rate base plus renewables growth
Combines a large regulated utility with a leading contracted generation developer.
- What has to hold
- Regulators and power buyers support continued investment.
- The other side
- High leverage and policy risk.
Evidence: Form 10-K (FY2025)
2. Dominion combination
Adds Dominion’s utilities in Virginia, North Carolina and South Carolina.
- What has to hold
- Approvals arrive on acceptable terms.
- The other side
- Dilution from about 0.8138 NEE shares per Dominion share and >$2.25B proposed bill credits.
Evidence: Form 10-Q (quarter ended 2026-09-30)
Revenue and capex overridden from the income statement and MD&A (XBRL tags were a rounded subset / untagged).
21
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
0.5x
$2.81B vs. $5.46B
Interest coverage (operating income ÷ interest expense)
Not disclosed
Interest expense isn’t reported as a separate line.
Free cash flow ÷ dividends paid
-2.6x
−$12.12B vs. $4.68B (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 | -12.0% in FY2024 ($28.11B → $24.75B) | Not yet, as of FY2025 |
| Operating income | -43.1% in FY2021 ($5.12B → $2.91B) | Yes, by FY2023 |
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)
Profitable every year
Net income stayed between $2.9B and $7.3B every year 2020–2025.
Source: Form 10-K (FY2025)
22
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.
NEE settled the 2023 securities class action for $150M (pending court approval) and the related derivative actions; an XPLR securities class action naming NEE is pending.
1 open matter · 2 settled or closed
XPLR securities class action
PendingClass actionXPLR investors v. XPLR, NEE and executives
Federal securities class action filed July 2025 in S.D. California against XPLR, NEE and certain executives; amended in January 2026; proceedings stayed pending the motion to dismiss.
2023 securities class action
SettledClass actionShareholders v. NEE, FPL and current/former executives
Shareholder class action filed June 2023 in S.D. Florida; dismissed with prejudice in September 2024, reversed by the 11th Circuit in November 2025; settlement agreement in June 2026 for $150M, offset by expected insurance recovery, pending final court approval.
- Amounts
- $150 million
- Next step
- Final court approval
Shareholder derivative actions
SettledLawsuitShareholders (derivatively) v. directors and officers
June 2026 settlement under which insurers would pay NEE about $16M, less counsel fees; settlement hearing set for December 14, 2026 in Palm Beach County.
- Amounts
- About $16 million (paid to NEE)
- Next step
- Settlement hearing December 14, 2026
Source: Form 10-Q (quarter ended 2026-09-30) · Form 8-K (2026-10-06) — Item 8.01 (derivative settlement hearing)
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-Q (quarter ended 2026-09-30), reviewed 2026-10-30. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
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.
- 1Law & regulation
Rate regulation
- Company disclosure (summarized from the 10-K)
- FPL’s returns depend on Florida Public Service Commission decisions.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 2M&A & integration
Dominion merger
- Company disclosure (summarized from the 10-K)
- Regulatory approvals (FERC, NRC, state commissions) may be delayed or conditioned; termination fees of $4.8B or $6.5B could be payable by NEE.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 3FX & interest rates
Financing costs
- Company disclosure (summarized from the 10-K)
- Large debt-funded investment program is sensitive to interest rates.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 4Disaster
Hurricanes
- Company disclosure (summarized from the 10-K)
- Storms in Florida can damage FPL’s system.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 5Law & regulation
Energy policy
- Company disclosure (summarized from the 10-K)
- Changes in tax credits and policy for renewable energy affect NEER.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
24
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 (3)
Additionally, NEER is actively pursuing the restart of the Duane Arnold nuclear generation facility. Read more
The restart is subject to certain regulatory approvals, including NRC safety and environmental reviews, as well as permits from relevant state and local agencies. NEER has applied to the NRC to reinstate the operating license and to MISO for an interconnection agreement. Failure to obtain the necessary approvals could result in the impairment of amounts capitalized. Further, NEE could encounter difficulty in procuring or restoring specialized components which could impact the restart timeline. NEE could incur costs greater than expected or encounter unforeseen issues.
The productivity increases and competitive advantages NEE and FPL plan to achieve through the use of artificial intelligence (AI) technologies may not be realized and the use of and reliance on AI may present certain risks, both of which could materially adversely affect their business, financial condition, results of operations and prospects.
NEE and FPL use AI technologies in various aspects of their operations, including, without limitation, financial analysis, strategic planning, field work intelligence, work scheduling, grid optimization, energy forecasting, customer service and operations management. The use of and reliance on AI may present certain risks such as, but not limited to, AI tools may malfunction, produce inaccurate or biased outputs, or behave unpredictably, and introduce NEE and FPL to additional cybersecurity threats and data privacy risks. In addition, as NEE and FPL rely on third-party vendors for certain AI tools, platforms and collaborations, NEE and FPL could experience third-party vendor issues such as disruptions in vendor relationships, performance issues, cybersecurity threats or disputes over intellectual property rights. Further, the regulatory environment governing AI is also evolving, and…
No longer in the text (2)
XPLR may not be able to access sources of capital on commercially reasonable terms, which would have a material adverse effect on its ability to consummate future acquisitions and on the value of NEE’s limited partner interest in XPLR OpCo.
Through an indirect wholly owned subsidiary, NEE owns a limited partner interest in XPLR OpCo. Read more
XPLR's inability to access capital on commercially reasonable terms when acquisitions, other growth opportunities or capital needs arise could have a material adverse effect on XPLR's ability to deliver its cash distributions to its common unitholders in the future, including NEE, and on the value of NEE’s limited partnership interest in XPLR OpCo. In addition, XPLR's issuance of additional common units or other securities in connection with acquisitions or the conversion of outstanding securities convertible into XPLR common units could cause significant common unitholder dilution and reduce future cash distributions, if any, to its common unitholders, including NEE.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 13, 2026 ↗ with the 10-K filed Feb 14, 2025 ↗.
25
What to watch going forwardSite analysis
- Regulatory approvals for the Dominion Energy merger.
- Court approval of the $150M securities class action settlement.
- NEER project backlog and renewable policy.
- Debt and equity funding of capex.
26
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 30, 2026 · Financial data fetched: October 30, 2026 14:30 (SEC EDGAR) · Source 10-K filed: February 13, 2026
Built on10-K FY2025 · filed 2026-02-13Proxy statement (2026)
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 NextEra Energy’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.