DTE ENERGY CO (DTE): what the price assumes

In the published model solve dated 2026-Q2, anchored at $135.86, DTE ENERGY CO (DTE) is priced for -4.3% growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. Narrative composed 2026-07-25.

Generated: 2026-08-30 · Exported: 2026-08-31 · Source: https://boothcheck.com/report/DTE

Headline

What The Price Assumes (Inversion)

The assumption today's price embeds, recovered by inverting the valuation.

Solve inputs: computed at a 6% cost of capital with 4% terminal growth over a 5-year stage.

How unusual the bet is: elevated (limited comparison data)

Valuation X-Ray

Asset, earnings-power and peer-multiple models all land far below the price; ONLY the growth-DCF reaches it. The bet is durable compounding the static frames structurally cannot price (a moat/durability premium).

How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.

Families that justify the price: Growth Families that call it expensive: Asset, Earnings

The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 5.3%); the inversion above states its own rate.

Per-Model Detail (n=11)

Economic-Unit Decomposition (Sum Of The Parts)

One or more material disclosed units has unresolved economics. Unknown/general is not evidence of homogeneity: segment SOTP is primary but incomplete, consolidated cash flow may remain only a secondary cross-check when every unit shares an enterprise basis, and one sector multiple or target margin is withheld.

No total common-equity value is stated. One or more material units lack a supported unit value. The displayed values are an indicative subtotal; consolidated debt and cash cannot be applied to a fraction of the company.

Solvency

Bullet Takeaways

• Nine of every ten dollars of 2025 operating profit came from two regulated Michigan utilities serving 2.3 million electric and 1.4 million gas customers, even though energy marketing and trading booked roughly 40% of the revenue line.
• Trading is the swing factor rather than the earnings engine: that segment went from $67 million of net income in the first quarter of 2025 to a $78 million loss in the same quarter of 2026, most of it a mark-to-market accounting move rather than cash out the door.
• The next real information event is regulatory: the gas utility has a rate case pending in which it asks to lift its authorized return on equity from 9.8% to 10.25%, with a commission order expected in September 2026 per the latest annual filing.

Bull Case

Start with where the money goes, because for a regulated utility the capital budget is the growth plan. Over the 2026 to 2030 window the electric utility intends to invest about 30 billion dollars, which the annual filing splits into $11 billion for distribution infrastructure, $4 billion for base infrastructure, and $15 billion for cleaner generation including renewables. The gas utility adds another 4.5 billion dollars, roughly $2.7 billion of it base infrastructure and $1.8 billion the main and service renewal program. None of that is discretionary spending a shareholder should want minimized. Approved capital enters the rate base, and the rate base earns a return the commission sets. The company puts it flatly: DTE Electric expects that planned significant capital investments will result in earnings growth. Spend more, earn more, provided the regulator agrees the spending was prudent. That last clause is where the whole argument lives.

What has changed lately is who wants the electricity. In October 2025 the electric utility signed a 1.4 gigawatt data center agreement and secured commission approval in the fourth quarter. In March 2026 it filed contracts to serve a planned 1 gigawatt Google campus in Van Buren Township, structured so that Google will pay the full cost of its energy usage, including all expenses related to new generation, storage, transmission, and distribution needed for the data center. Read past the press-release cadence and the mechanic is unusual. A utility's binding constraint is rarely engineering; it is political. Rate increases get hard when household bills climb, and a very large customer paying for its own incremental system spreads the fixed cost of the grid across a wider base. The company puts the benefit to existing customers at nearly $1.7 billion over the life of that contract. Growth that lowers the average bill is the kind regulators approve.

The regulated core has been delivering while this argument was being made. On filed segment results, electric operating income moved from $1,214 million in 2023 to $1,437 million in 2024 to $1,661 million in 2025, and the first quarter of 2026 carried electric net income of $218 million against $123 million a year earlier, with gas roughly flat at $210 million. Measured the way peers are measured, the electric business converted about 24 cents of every revenue dollar into operating profit last year, which sits alongside DUK at 27.2% and AEP at 24.2% rather than below them.

The generation transition is the same mechanic wearing different clothes. Eleven coal-fired units at Trenton Channel, River Rouge and St. Clair are already retired, the remaining five are scheduled to follow, and the four units at Monroe come out in two stages in 2028 and 2032. Trenton Channel is being repurposed into a battery storage system this year and Belle River converted from base load coal into a natural gas peaking resource. Every retired megawatt has to be replaced by something, and the something is new plant the utility builds, the commission approves, and shareholders earn a return on for decades. A coal fleet running out its useful life is an unusual asset: its retirement creates the reinvestment opportunity.

The obvious objection is the trading desk, which lost money in the first quarter and can do so again. Keep it in proportion. Energy marketing and trading produced $206 million of operating income in 2025 against $2,158 million from the two utilities combined, and management left the full-year outlook unchanged when it published the weak quarter. The bull case does not require the trading arm to perform. It requires Michigan regulators to keep saying yes.

Bear Case

Roughly a third of the revenue line belongs to businesses with no monopoly, no service territory, and no commission setting their return. Energy marketing and trading competes for the same physical and financial gas and power flows as much larger platforms: CEG turned over $29.87 billion of revenue at a 16.6% operating margin last year, NEE $27.87 billion at 29.5%, and D $17.52 billion at 26.2%. The entire DTE enterprise, utilities included, ran $15.81 billion. Scale is not a vanity metric in commodity marketing. The edge per unit is thin, and the fixed cost of risk systems, credit lines and posted collateral does not shrink with the book.

The first quarter of 2026 showed what that exposure looks like from outside. Energy Trading went from $67 million of net income to a $78 million loss and DTE Vantage from $39 million to a $59 million loss, together turning a $445 million quarter into a $247 million one. Trading operating income moved $189 million the wrong way, with unrealized marks swinging from a $112 million gain to a $162 million loss. The quarterly filing explains the mechanic without flinching: These gas structured transactions can result in significant earnings volatility as the derivative components are marked-to-market without revaluing the related non-derivative contracts. The annual filing is blunter about what sits inside the segment: DTE Energy's trading business routinely has speculative trading positions in the market, within strict policy guidelines DTE Energy sets, resulting from the management of DTE Energy's business portfolio.

Now the price. The market values the whole enterprise at roughly 27 times trailing operating profit, which is beyond the upper quartile of its utility peer group. Some of that is denominator rather than enthusiasm, since the trailing year absorbs the first quarter's trading loss. Even allowing for that, the valuation approaches split hard on what the price defends. Only the growth-based cash-flow methods reach it. The price sits about 35% above where the peer-multiple methods land, more than twice the asset-value methods, and near three times the earnings-power methods. That is the shape of the bet: if the durable-compounding assumption softens, the next method that supports anything is a long way beneath today's quote.

And the compounding assumption here is a regulatory one, not a market share one. The company says so in its own risk disclosure: The Registrants cannot predict what rates the MPSC will authorize in future rate cases, and unfavorable rate relief could impact our plans for significant capital investment. The electric rate case filed in April 2025 asked for $574 million and an authorized return on equity of 10.75% against 9.9%. Regulators rarely hand over the whole ask, and every dollar trimmed lands directly on the earnings the capital plan is supposed to produce. Michigan also keeps a competitive wedge in the system, having placed a 10% cap on the total potential retail access migration, and the same filing warns that distributed generation, storage and efficiency technologies could make parts of the delivery system obsolete prior to the end of their useful lives. A utility earning a return on assets that outlive their usefulness is a slow problem, not a sudden one, but it is still a problem.

Then there is how the plan gets paid for. Management expects roughly 3.9 billion dollars of operating cash flow in 2026 against about 6.8 billion dollars of capital investment. The difference comes from capital markets. Net debt already runs near 12 times operating profit, and last year's filed figures show $2,374 million of operating income covering $1,056 million of interest expense, a little over two times. Share count has drifted up rather than down, from 205.6 million at the end of 2022 to 207.7 million at the end of 2025, while dividends declared climbed from $3.88 to $4.44 per share. So the holder funds a rising dividend and a rising asset base with a slowly growing claim count and a growing interest bill. That arrangement works while costs are recovered in rates. It has very little slack if they are not.

Valuation

Four families of valuation method look at this company and reach four different answers, and the shape of the disagreement carries more information than any single result. The asset-value methods, which start from book equity and the return earned on it, reach well under half of what the shares fetch today. The earnings-power methods, which capitalize what the business earns now with no growth credited at all, reach lower still. Peer multiples do better and still leave the price about 35% above where they settle. Only the forward cash-flow methods reach today's quote, and their arithmetic leans on a terminal multiple held flat at today's level six years out. Change that one input and the answer moves further than any operating assumption in the model does.

A utility's share price is mostly a statement about the regulator's future generosity, so it is worth asking what this one embeds. Run the price backwards and the demand it places on the business is modest: company-wide operating income growing about -0.5% a year for five years, which is to say roughly flat, is enough at a cost of capital near 6% and a long-run growth rate of 4%. Those two inputs do most of the work, which is why the result deserves a wide band around it rather than a decimal point. Push the cost of capital up by a single percentage point and the growth the price requires moves by roughly ten. Treat it as direction, not measurement.

Against its own cohort the multiple is the more solid observation. Roughly 27 times trailing operating profit places the enterprise beyond the upper quartile of the utility peer set, and the trailing year is flattered by nothing: it includes a quarter in which two non-utility segments lost money, which shrinks the profit the multiple divides into.

The consolidated margin, meanwhile, understates the business rather than the reverse. Reported operating income of $2,374 million on $15,814 million of revenue in 2025 works out near 15%, under every regulated name in the cohort. The gap is structural. Energy marketing and trading books $6,477 million of gross revenue and converted $206 million of it into operating income, so nearly 40% of the revenue line arrives at close to zero margin and leaves the blended figure looking thin. Strip that pass-through out and the electric utility alone ran about 24% on filed segment results, next to DUK at 27.2% and SO at 24.2%. A reader comparing the headline margin to a utility peer table would draw exactly the wrong conclusion.

The balance sheet is the constraint that ties the pieces together. Net debt runs near 12 times operating profit and interest was covered a little over two times last year, which for a rate-regulated utility is ordinary rather than fragile, because the commission funds the interest through customer rates. It stops being ordinary the moment the commission declines to. The 2026 plan calls for about 6.8 billion dollars of investment against roughly 3.9 billion dollars of expected operating cash flow, per the first-quarter filing, and the remainder arrives from lenders and, at the margin, from new shares. Share count has risen in each of the last three years while the declared dividend went from $3.88 to $4.44. Those are both decisions about who funds the build and in what order they get paid.

Catalysts

The most recent print landed on April 30, 2026 and looked poor at the headline. Reported earnings were $247 million, or $1.19 per diluted share, against $445 million and $2.14 a year earlier. Almost all of the shortfall sat outside the regulated businesses: trading and DTE Vantage both swung to losses while electric net income rose to $218 million from $123 million. Management left its full-year outlook unchanged alongside the release and pointed to more than $1.2 billion invested in the utilities during the quarter, including $400 million in electric distribution.

The development with the longest tail is load. In March 2026 the company filed contracts with the Michigan Public Service Commission to serve Google's planned 1 gigawatt data center in Van Buren Township, with the customer paying the incremental system cost and the company estimating nearly $1.7 billion of affordability benefit to existing customers over the contract's life. That follows the 1.4 gigawatt data center agreement signed in October 2025, which secured commission approval in the fourth quarter. Both sit inside the five-year capital plan rather than on top of it, so the effect shows up as confidence in the existing spending forecast rather than as an increase to it.

The regulatory calendar is what to diary from here. The gas utility filed a rate case on November 13, 2025 seeking a net base rate increase of $163 million and an authorized return on equity of 10.25% against 9.8% today, with a commission order expected in September 2026. A separate depreciation case filed in December 2025 asks for $147 million of higher depreciation rates, which if granted lifts recoverable cost and cash flow ahead of earnings. The second-quarter report is scheduled for July 28, 2026.

Peer Cohorts (Per Segment, With Filing Citations)

Electric (reported)

• DUK (DUKE ENERGY CORPORATION)
• FY2025 10-K: …with their full electric load requirements or with supplemental load requirements when the customer has other sources of electricity. Retail electric service is generally marketed throughout Duke Energy's electric service territory through standard service offers. The standard service offers are through tariffs…
• FY2025 10-K: …EU&I. EU&I generates, distributes and sells electricity in North Carolina and South Carolina. EU&I conducts operations primarily through Duke Energy Carolinas. The remainder of Duke Energy Carolinas' operations is presented as Other. Year Ended December 31, 2025 Electric Utilities and Eliminations/ (in millions)…
• SO (SOUTHERN CO)
• FY2025 10-K: …for under various revenue accounting guidance, including revenue from contracts with customers, lease, derivative, and regulatory accounting. See Notes 4, 9, and 14 for additional information. Traditional Electric Operating Companies The majority of the revenues of the traditional electric operating companies are…
• FY2025 10-K: , the traditional electric operating companies have contracted with new data centers and other large load customers covering approximately nine GWs of electric load, with each contract individually representing a maximum annual electric load greater than 100 MWs, that have been signed by the parties and/or reviewed by…
• AEP (AMERICAN ELECTRIC POWER CO INC.)
• FY2025 10-K: …hot summer months, with market prices also peaking at that time. In some areas, power demand peaks during the cold winter months. The pattern of this fluctuation may change due to the nature and location of AEP's facilities and the terms of power sale contracts into which AEP enters. In addition, AEP has historically…
• FY2025 10-K: …aep:SouthwesternElectricPowerCompanyMember us-gaap:SeniorNotesMember 2025-12-31 0000004904 srt:MinimumMember aep:SouthwesternElectricPowerCompanyMember us-gaap:SeniorNotesMember 2024-12-31 0000004904 srt:MaximumMember aep:SouthwesternElectricPowerCompanyMember us-gaap:SeniorNotesMember 2024-12-31 0000004904…
• XEL (XCEL ENERGY INC)
• FY2025 10-K: …gas sales 0.6 (2.4) N/A 2.6 (1.2) Annual weather-normalized and leap year adjusted electric sales growth (decline) • NSP-Minnesota - Residential sales increased due to customer growth (1.1%) and use per customer (0.4%). The decrease in C&I sales was due to lower use per customer. • PSCo - Residential sales increased…
• FY2025 10-K: …transmits, distributes and sells electricity. NSP-Minnesota and NSP-Wisconsin electric operations are managed on the NSP System. NSP-Wisconsin also purchases, transports, distributes and sells natural gas to retail customers and transports customer-owned natural gas. Natural gas customers 0.1 million Total assets…
• ED (CONSOLIDATED EDISON INC)
• FY2025 10-K: …Facilities," below) and provided all of their customers the choice to buy electricity or gas from the Utilities or other suppliers (see "Electric Operations - Electric Sales and Deliveries" and "Gas Operations - Gas Sales and Deliveries," below). In 2025 , 56 percent of th e electricity and 33 percent of the gas…
• FY2025 10-K: …ed:RatePlanforYear2Member us-gaap:ElectricTransmissionMember ed:ConsolidatedEdisonCompanyofNewYorkInc.Member 2026-01-01 2028-12-31 0001047862 srt:ScenarioForecastMember ed:ProtectedPortionMember ed:RatePlanforYear3Member us-gaap:ElectricTransmissionMember ed:ConsolidatedEdisonCompanyofNewYorkInc.Member 2026-01-01…
• EIX (EDISON INTERNATIONAL)
• FY2025 10-K: …on a functional basis (i.e., generation, distribution, transmission, etc.). Specific rate components are designed to recover the authorized revenue allocated to each customer class. SCE has a two-tier residential rate structure. The first tier is priced below the average rate and is intended to cover the customer's…
• FY2025 10-K: …Edison International's vision is to lead the transformation of the electric power industry and the company is focused on opportunities in delivering clean energy, advancing electrification, building a modernized and more reliable grid, and enabling customers' technology choices. SCE's ongoing focus to drive…
• ETR (ENTERGY CORP /DE/)
• FY2025 10-K: …etr:ResidentialMember etr:EntergyNewOrleansMember 2025-01-01 2025-12-31 0000065984 us-gaap:ElectricityUsRegulatedMember etr:ResidentialMember etr:EntergyTexasMember 2025-01-01 2025-12-31 0000065984 us-gaap:ElectricityUsRegulatedMember etr:CommercialMember etr:EntergyArkansasMember 2025-01-01 2025-12-31 0000065984…
• FY2025 10-K: …etr:EntergyLouisianaMember 2024-01-01 2024-12-31 0000065984 us-gaap:ElectricityUsRegulatedMember etr:SalesforResaleMember etr:EntergyMississippiMember 2024-01-01 2024-12-31 0000065984 us-gaap:ElectricityUsRegulatedMember etr:SalesforResaleMember etr:EntergyNewOrleansMember 2024-01-01 2024-12-31 0000065984…
• PPL (PPL Corp)
• FY2025 10-K: …supplier and provides that electricity supply costs will be recovered by the PLR pursuant to PAPUC regulations. In 2025, the following average percentages of PPL Electric's customer load were provided by competitive suppliers: 40% of residential, 81% of small commercial and industrial and 98% of large commercial and…
• FY2025 10-K: …an electricity transmission and distribution service provider in eastern and central Pennsylvania. PPL Electric is subject to regulation as a public utility by the PAPUC, and certain of its transmission activities are subject to the jurisdiction of the FERC under the Federal Power Act. PPL Electric delivers…

Gas (reported)

• ATO (ATMOS ENERGY CORP)
• FY2025 10-K: …and commercial revenues. Additionally, higher gas costs may require us to increase borrowings under our credit facilities, resulting in higher interest expense. Finally, higher gas costs, as well as competitive factors in the industry and general economic conditions may cause customers to conserve or, in the case of…
• FY2025 10-K: …conserve their use of gas or choose another energy product, reduced gas purchases and customer billings could adversely impact our business. In the case of industrial customers, such as manufacturing plants, adverse economic conditions, including higher gas costs, could cause these customers to use alternative…
• NJR (NEW JERSEY RESOURCES CORPORATION)
• FY2025 10-K: …njr:CleanEnergyVenturesCEVSegmentMember 2023-10-01 2024-09-30 0000356309 us-gaap:OperatingSegmentsMember njr:WholesaleNaturalGasMember njr:EnergyServicesESSegmentMember 2023-10-01 2024-09-30 0000356309 us-gaap:OperatingSegmentsMember njr:WholesaleNaturalGasMember njr:StorageAndTransportationSTSegmentMember 2023-10-01…
• FY2025 10-K: …2022-10-01 2023-09-30 0000356309 us-gaap:OperatingSegmentsMember njr:ResidentialMember njr:NaturalGasDistributionNJNGSegmentMember 2024-10-01 2025-09-30 0000356309 us-gaap:OperatingSegmentsMember njr:ResidentialMember njr:CleanEnergyVenturesCEVSegmentMember 2024-10-01 2025-09-30 0000356309…
• NFG (NATIONAL FUEL GAS CO)
• FY2025 10-K: …for standing ready over the period of the month to deliver quantities of gas, regardless of whether the customer takes delivery of any quantity of gas. The performance obligation under these circumstances is satisfied based on the passage of time and meter reads, if applicable, which correlates to the period for…
• FY2025 10-K: IntersegmentEliminationMember us-gaap:NaturalGasMidstreamMember 2024-10-01 2025-09-30 0000070145 us-gaap:NaturalGasMidstreamMember 2024-10-01 2025-09-30 0000070145 us-gaap:OperatingSegmentsMember us-gaap:OilAndGasServiceMember nfg:IntegratedUpstreamAndGatheringMember 2024-10-01 2025-09-30 0000070145…
• SWX (Southwest Gas Holdings, Inc.)
• FY2025 10-K: …services available for Southwest Gas' use. For available storage services, Southwest Gas purchases natural gas for injection during the off-peak period for use in the high demand months; however, since storage is limited, its impact is also limited in regard to Southwest Gas' annual average price of natural gas.…
• FY2025 10-K: …to inject or withdraw from this interruptible storage, which consequently limits Southwest Gas' use of this interruptible storage capacity. As such, this storage provides limited operational flexibility to adjust daily flowing supplies to meet demand. For the Arizona rate jurisdiction, Southwest Gas operate s a…
• SR (Spire Inc.)
• FY2025 10-K: …from gas sales and transportation services on an accrual basis that includes estimated amounts for gas delivered but not yet billed. The accruals for unbilled revenues are reversed in the subsequent accounting period when meters are actually read and customers are billed. Spire Alabama records natural gas…
• FY2025 10-K: Significant segment expenses: Cost of gas sold, incl. gross receipts taxes 1,238.7 37.1 1.1 1,276.9 0.1 ( 45.5 ) 1,231.5 Operation and maintenance expense 452.8 18.2 34.7 505.7 1.7 - 507.4 Depreciation and amortization expense 263.6 1.5 12.8 277.9 0.5 - 278.4 Interest expense 147.3 - 7.0 154.3 46.8 - 201.1 Income tax…
• NI (NISOURCE INC.)
• FY2025 10-K: …(3) GCT - 2 $ 229.5 9/23/4/26 6/18/2025 New gas peaker generation project costs forecasted through April 2026. NIPSCO - Gas TDSIC - 9 $ 34.0 3/24-3/25 5/23/2025 New or replacement projects undertaken for the purpose of safety, reliability, system modernization, or economic development. NIPSCO - Gas FMCA -5 $ 21.9…
• FY2025 10-K: 2024 Consolidated Balance Sheets. When amounts are securitized, the short-term debt is recorded in the amount of proceeds received from the transferees involved in the transactions. Refer to Note 7, "Short-Term Borrowings," for further information. J. Gas Cost and Fuel Adjustment Clause. Our regulated subsidiaries…

DTE Vantage (reported)

• ORA (ORMAT TECHNOLOGIES, INC.)
• FY2025 10-K: …entity ("VIE"). Under current accounting guidance, when a VIE is acquired, the primary beneficiary (i.e., the entity that consolidates the VIE) is the accounting acquirer. The amendments in this ASU revise current guidance to: (1) limit situations in which entities must identify the primary beneficiary as the…
• FY2025 10-K: …excluding residential CNEE National Electric Energy Commission of Guatemala COD Commercial Operation Date Company Ormat Technologies, Inc., a Delaware corporation, and its consolidated subsidiaries CPA Clean Power Alliance CPI Consumer Price Index CPUC California Public Utilities Commission DEG Deutsche…
• CWEN (Clearway Energy, Inc.)
• FY2025 10-K: …The Class A membership interests in Pine Forest TE HoldCo LLC are held by Pine Forest TE Class A, an indirect subsidiary of the Company. Luna Valley TE Holdco LLC - As described in Note 3, Acquisitions and Dispositions , on April 29, 2025, LV-Daggett Parent Holdco LLC, an indirect subsidiary of the Company, acquired…
• FY2025 10-K: …Standards RTO Regional Transmission Organization SCE Southern California Edison SDG&E San Diego Gas & Electric SEC U.S. Securities and Exchange Commission Senior Notes Collectively, the 2028 Senior Notes, the 2031 Senior Notes, the 2032 Senior Notes and the 2034 Senior Notes SO 2 Sulfur Dioxide SOFR Secured Overnight…
• BEPC (BROOKFIELD RENEWABLE CORPORATION)
• FY2025 20-F: …into our group's pre-acquisition due diligence, supply chain due diligence, project development, construction, operation and decommissioning. Our group tailors sustainability due diligence, leveraging our group's investment and operating expertise and using guidance from the Sustainability Accounting Standards Board.…
• FY2025 20-F: …a bundled arrangement coincides with the pattern of revenue recognition of the underlying energy generation. Revenues recognized that are outside the scope of IFRS 15 include realized gains and losses from derivatives used in the risk management of the company's generation activities related to commodity prices. From…

Energy Trading (reported)

• D (DOMINION ENERGY, INC)
• FY2025 10-K: …activities, as Dominion Energy transacts with a smaller, less diverse group of counterparties and transactions may involve large notional volumes and potentially volatile commodity prices. Energy marketing and price risk management activities include marketing of nonregulated generation output, structured…
• FY2025 10-K: 19 Securities Trading Policy (Exhibit 19, Form 10-K for the fiscal year ended December 31, 2024 filed February 27, 2025, File No. 1-8489). X 21 Subsidiaries of Dominion Energy, Inc. (filed herewith). X 23 Consent of Deloitte & Touche LLP, Independent Registered Public Accounting Firm for Dominion Energy, Inc. and…
• ED (CONSOLIDATED EDISON INC)
• FY2025 10-K: …through the customer billing process. Because energy is delivered over time, the Utilities use output methods that recognize revenue based on direct measurement of the value transferred, such as units delivered, which provides an accurate measure of value for the energy delivered. The Utilities accrue revenues at the…
• FY2025 10-K: …energy efficiency and renewable energy programs, and negative revenue adjustments for billing delays related to community solar generation projects. The Utilities typically are active participants in such proceedings. Federal Regulation During 2025, a series of executive orders, memoranda and proclamations were…
• NEE (NextEra Energy Inc)
• FY2025 10-K: …and/or energy output through long-term power sales and battery storage tolling agreements with utilities, retail electricity providers, power cooperatives, municipal electric providers and commercial and industrial customers. The NEER segment also owns, develops, constructs and operates rate-regulated electric…
• FY2025 10-K: ; provides full energy and capacity requirements to customers; and • markets and trades energy-related commodity products, including power and fuel, as well as marketing and trading services to customers. In January 2026, a wholly owned subsidiary of NextEra Energy Resources acquired Symmetry Energy Solutions, a…
• CEG (CONSTELLATION ENERGY CORPORATION)
• FY2025 10-K: …energy prices, partially offset by lower load volumes • favorable retail load revenue of $75 primarily due to higher contracted energy prices and load volumes 68 Table of Contents 2025 vs. 2024 $ Change % Change Description Other Power Regions 77 1.4 % • favorable retail load revenue of $50 primarily due to higher…
• FY2025 10-K: …in an amount that corresponds directly with the value transferred to the customer for the performance completed to date. Therefore, we generally recognize revenue in the amount for which we have the right to invoice the customer. As a result, there are generally no significant judgments used in determining or…
• HE (HAWAIIAN ELECTRIC INDUSTRIES, INC.)
• FY2025 10-K: …a total annual cap of $10 million. Earnings Sharing Mechanism (ESM) Protects the Utilities and customers from excessive earnings or losses, as measured by the Utilities' achieved rate making ROACE; reflecting a symmetrical ESM for achieved rate making ROACE outside of a 300 basis points dead band above or below the…
• FY2025 10-K: …On December 31, 2019, Hawaii Electric Light and PGV entered into an Amended and Restated Power Purchase Agreement, which delinks the pricing for energy delivered from the facility from fossil fuel prices. Hamakua Energy's energy prices vary primarily with the cost of naphtha. The Utilities estimate that 73% of the…
• UGI (UGI CORPORATION)
• FY2025 10-K: …Island, Vermont, Connecticut, California, and the District of Columbia, (ii) distributed natural gas through the use of the distribution systems of 38 local gas utilities, and (iii) supplied power to customers through the use of the transmission and distribution lines of 20 utility systems. Historically, a majority…
• FY2025 10-K: …recognized for these credits. Energy Marketing. Midstream & Marketing and UGI International operate energy marketing businesses that sell energy commodities, principally natural gas and electricity, to residential, commercial, industrial and wholesale customers. See Note 5 regarding recent transactions related to UGI…

Methodology Note

• Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
• Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
• Economic-unit decomposition (SOTP): each disclosed business unit is assigned its native valuation basis before any multiple is applied. Operating units are valued on enterprise value; funded financial units are valued on their own common equity, because their borrowings fund earning assets rather than levering the parent. A company total is stated only once every material unit carries a supported value and the parent capital bridge reconciles.
• Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
• Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.

Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.