CONSOLIDATED EDISON INC (ED): what the price assumes

boothcheck covers CONSOLIDATED EDISON INC (ED) but does not put one priced-in number on it: here the defensible answer is the evidence rather than a point estimate. boothcheck publishes no house fair value, target price, or buy/sell rating. Narrative composed 2026-07-25.

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

Headline

What The Price Assumes (Inversion)

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

The price sits below what even a 5%/yr operating-profit decline would warrant; the inversion reports a bound, not a solved growth path.

Solve inputs: computed at a 6.1% cost of capital with 4% terminal growth over a 5-year stage.

How unusual the bet is: within-range (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

The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 9.5%); the inversion above states its own rate.

Per-Model Detail (n=16)

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

• Con Edison earns its money on capital deployed rather than on units sold, and the scale of what is coming is the story: the FY2025 10-K states that CECONY projects that $72 billion of capital expenditures will be needed between 2025 and 2034 to implement its strategy under New York's climate law.
• The constraint on turning that spending into earnings is whether customers can pay the resulting bills, and the strain is visible: CECONY's customer receivables of $2,970 million at the end of 2025 included $1,427 million outstanding more than 60 days, against $408 million of aged balances on $1,322 million of receivables in 2020.
• Funding the plan means issuing stock, and the share count has been rising about 0.6% a year over the four years to March 2026, with a $2 billion at-the-market equity programme announced in May 2026.

Bull Case

Here is the number that looks wrong until you understand the business. Con Edison converts about 20.1% of revenue into operating profit, and that puts it near the bottom of the large regulated cohort: EIX runs 30.8%, DUK 27.2%, D 26.2%, PEG 25.2%, SO 24.2%. On any ordinary industrial reading that would be a company losing ground. It is nothing of the sort. A regulated utility does not earn a margin on sales; it earns an authorized return on the capital it has invested, and the cost of the electricity and gas it buys flows through the revenue line to customers largely untouched. A higher pass-through means a lower margin and no less profit. The margin is measuring the commodity, not the company.

What actually drives earnings is rate base, and the pipeline of rate base is unusually large. The 10-K states that CECONY projects that $72 billion of capital expenditures will be needed between 2025 and 2034 to implement its strategy, driven by the emissions targets in New York's Climate Leadership and Community Protection Act, and it says plainly that implementing the strategy will require capital expenditures above historic norms. For a business whose earnings are a percentage of invested capital, a decade of spending above historic norms is the growth plan. There is no product cycle to guess at and no market share to win.

The mechanics that turn that spending into recovered cash are also more protective than most people assume. The Utilities' New York electric and gas rate plans include revenue decoupling mechanisms, the steam rate plan carries a weather normalization adjustment, and the plans include provisions for recovery of specified costs. Decoupling breaks the link between volumes and revenue, which is why a mild winter is an inconvenience here rather than a profit warning. The rate plans set an authorized return on common equity in the low-to-mid nine percent range, and the filed year-by-year tables show actual returns landing close to those authorizations rather than far below.

Management behaves the way that structure implies. Guidance has been reaffirmed on 28 separate occasions since 2011, raised twice and withdrawn once, which is a record of saying a number and then delivering it rather than of promising and revising. The company describes its own objective as seeking to provide shareholder value through continued dividend growth, supported by earnings growth in regulated utilities and electric transmission projects, and the dividend has been the vehicle, running at $3.38 a share on a trailing basis with a quarterly declaration of 88.75 cents in July 2026.

There is even improvement in the item that worries people most. CECONY's aged customer receivables, the balances outstanding beyond 60 days, came down from $1,652 million at the end of 2024 to $1,427 million a year later. That is the collections problem getting smaller, not larger, in a service territory where affordability is the hardest political variable in the business.

Bear Case

The competitor here is not another utility. It is the alternative to being connected at all, and New York State is actively funding it. The 10-K expects alternatives to gas and steam to increase, and gas and steam usage to decrease, as the Climate Leadership and Community Protection Act and New York City's Climate Mobilization Act continue to be implemented. Gas is roughly 19% of the revenue mix and steam another 4%, and the cost of the mains, services and steam loops that deliver them does not fall when the volumes do. Every customer who electrifies a building leaves the remaining gas customers to carry the same fixed asset base, which raises their bills, which encourages the next one to leave. That loop runs slowly, but it runs in one direction, and it is written into state law rather than into a competitor's strategy deck.

The affordability arithmetic is where it bites. At the end of 2025 CECONY's customer accounts receivable stood at $2,970 million, of which $1,427 million was outstanding more than 60 days. Compare that with 2020, when the equivalent figures were $1,322 million of receivables including $408 million aged. Customer receivables have more than doubled and the seriously overdue portion has more than tripled. That is a direct measurement of how much bill the service territory can absorb, and it is the same territory that is being asked to fund a spending programme the company itself calls above historic norms. A regulator facing that data is not a regulator likely to be generous on the next rate case.

Meanwhile the returns are already slipping under the cost of the money that funds them. Consolidated return on equity is running around 8.4% on a trailing basis, against rate plans that authorize returns in the low-to-mid nine percent range and a cost of equity around 9.3%. A business earning less on its book than shareholders require from it is, in the arithmetic that matters, destroying a small amount of value on each incremental dollar of capital, and the plan calls for a great many incremental dollars.

Someone has to supply those dollars, and it is partly the existing holders. The share count has been rising about 0.6% a year across the four years to March 2026, and in May 2026 the company announced a $2 billion at-the-market equity offering programme. The 10-K's own earnings walk lists the dilutive effect of issuing common shares as a negative 18 cents per share contribution in the year. Growth that arrives with a matching share issue is growth per share only if the returns on the new capital clear the cost of the new equity, and on the numbers above they currently do not.

The balance sheet leaves little slack for any of this to go wrong. Net debt stands at $27.4 billion, roughly 7.6 times operating profit, and operating income covers the interest bill about 2.9 times over. Against today's price, the book-value-and-returns methods land well under the market, with the price sitting about 1.85 times that family's central estimate, and the static earnings-power methods sit about 1.35 times below it too. Two brokers cut or held Underweight ratings in late July 2026, with targets of $94 at KeyBanc and $105 at Morgan Stanley, both under the current price. The bear case is not that Con Edison stops operating. It is that a capital-intensive business earning below its cost of equity, funded with new shares, in a service territory with a visible affordability ceiling, does not deserve to trade above the value its own book and returns support.

Valuation

The methods split into two camps here, and the split is the most useful thing in the picture. Peer multiples land essentially level with today's $113.00, and the growth-based cash-flow methods land above it. The book-value-and-returns family lands well below, with the price at roughly 1.85 times that family's central estimate, and the static earnings-power methods sit about 1.35 times under the price as well. Read together, that says the market is paying for the forward capital programme and for what comparable utilities fetch, not for the equity currently on the balance sheet or for the profit currently being earned on it.

The reason those two families disagree is visible in one comparison. Book equity is 70.24 dollars a share against a price of $113.00, while the trailing return on that equity is about 8.4%, below the roughly 9.3% cost of equity the models charge. A business earning less than its cost of equity would normally trade below book. This one trades above it, which is the market saying the book is going to get much bigger on returns that the regulator sets rather than the market. The 10-K puts a figure on the growth: CECONY projects that $72 billion of capital expenditures will be needed between 2025 and 2034.

Against the cohort, the profitability picture needs translating rather than comparing. Trailing operating margin near 20.1% sits below EIX at 30.8%, DUK at 27.2% and D at 26.2%, but a large share of a New York utility's revenue is purchased energy passed through to customers, so the margin partly measures commodity prices rather than performance. The comparison that carries weight is the return earned on invested capital against the return the rate plans authorize, and there the company sits close to but slightly under its authorizations.

The balance sheet is the constraint on the whole plan. Net debt of $27.4 billion works out to about 7.6 times operating profit, interest is covered about 2.9 times over, and the share count has been rising roughly 0.6% a year, which is what funding a large construction programme looks like from the shareholder's side. The dividend has been the compensation for that, running at 3.38 dollars a share on a trailing basis. What the price is really underwriting is a decade of regulated construction paid for with a mixture of debt and new shares, in a jurisdiction where the customer's ability to pay is now a measured, published number rather than an assumption.

Catalysts

Second-quarter results are due August 6, 2026, after the first quarter was reported on May 7, 2026. Summer is the quarter that matters most for a New York electric utility, and the company's chief executive said in June 2026 that grid equipment must expand to handle longer heat waves and higher demand, which is a preview of the argument the utility will be making in its next rate filings.

The financing side is already moving. In May 2026 the company announced a $2 billion at-the-market equity offering programme, which is how a construction plan of this size gets funded without pushing leverage further. Watch the pace of issuance under it: an accelerating draw means the capital plan is running ahead of internally generated funds, and every share issued dilutes the earnings the same plan is meant to produce.

The income side has held steady. The board declared a quarterly dividend of 88.75 cents a share in July 2026, payable September 15, 2026. Sell-side opinion, by contrast, has been moving sideways and downward: KeyBanc cut its target to $94 from $97 and Morgan Stanley lifted its to $105 from $102 on the same day in late July 2026, both while maintaining Underweight ratings. Both figures sit under the market price, which lines up with what the book-value and earnings-power methods say rather than with what the forward-growth methods say.

Peer Cohorts (Per Segment, With Filing Citations)

CECONY (regulated utility) (reported)

• EIX (EDISON INTERNATIONAL)
• FY2025 10-K: …so that SCE has the opportunity to receive revenue equal to amounts authorized by the relevant regulatory agencies. As a result, the volume of electricity sold does not have a direct impact on SCE's financial results. See "SCE-Overview of Ratemaking Process-CPUC" and "-FERC" for further information. Trio - Energy…
• FY2025 10-K: …the use of a balancing account to recover from or refund to customers differences in revenue resulting from actual and forecasted electricity sales. Amounts included in regulatory assets and liabilities are generally recorded with corresponding offsets to the applicable income statement accounts. 97 Table of C…
• PCG (PG&E CORP)
• FY2025 10-K: …earlier retirement date. Under the legislation, the Utility continues to operate DCPP on behalf of all CPUC-jurisdictional LSEs, and all customers of those LSEs are responsible for the cost of extended operations. The key steps to continued operations are NRC license renewal and approvals from several California…
• FY2025 10-K: …distribution network. Emanating from each substation are primary and secondary distribution lines connected to local transformers and switching equipment that link distribution lines and provide delivery to customers. In some cases, third parties, such as municipal and other utilities, who generate or procure their…
• D (DOMINION ENERGY, INC)
• FY2025 10-K: …Energy operating segment Cooling degree days Units measuring the extent to which the average daily temperature is greater than 65 degrees Fahrenheit, or 75 degrees Fahrenheit in DESC's service territory, calculated as the difference between 65 or 75 degrees, as applicable, and the average temperature for that day…
• FY2025 10-K: …resources. Regulation The Companies are subject to regulation by various federal, state and local authorities, including the state commissions of Virginia, North Carolina and South Carolina, SEC, FERC, EPA, DOE, PHMSA, NRC, U.S. Army Corps of Engineers, BOEM and U.S. Department of Transportation. State Regulations…
• DUK (DUKE ENERGY CORPORATION)
• FY2025 10-K: …31, 2025, the PSCSC issued an order approving the settlement agreement without modification. Revised customer rates will become effective on March 1, 2026. 150 FINANCIAL STATEMENTS REGULATORY MATTERS Oconee Subsequent License Renewal On June 7, 2021, Duke Energy Carolinas filed a subsequent license renewal (SLR)…
• FY2025 10-K: …12, 2025, the PSCSC issued an order approving the settlement agreement without modificati on. Revised customer rates were implemented on February 1, 2026. Person County Combined Cycle CPCNs On February 7, 2025, Duke Energy Progress filed with the NCUC its application to construct and operate a second 1,360 -MW…
• SO (SOUTHERN CO)
• FY2025 10-K: …term and for providing service to transportation customers under its FERC-regulated tariff. The Registrants' proportionate share of their jointly-owned facility operating expenses is included in the corresponding operating expenses in the statements of income and each Registrant is responsible for providing its own…
• FY2025 10-K: …recover a significant portion of the fixed customer service and pipeline infrastructure costs based on assumed natural gas volumes used by customers. With the exception of Chattanooga Gas, the natural gas distribution utilities have decoupled regulatory mechanisms that Southern Company Gas believes encourage…
• AEP (AMERICAN ELECTRIC POWER CO INC.)
• FY2025 10-K: …to a legacy CCR surface impoundment or CCR management unit at a retired generation facility and recognition of a regulatory asset in accordance with the accounting guidance for "Regulated Operations" is supported. (c) ARO is related to a legacy CCR surface impoundment or CCR management unit and recognition of a…
• FY2025 10-K: …Virginia SCC after bond pricing. (e) Approved for collection through rates, subject to refund, for the Oklahoma and SWEPCo-Texas jurisdictions. (f) Amount includes Northeastern Plant, Unit 3 which is approved for recovery through 2040, but expected to retire in 2026. PSO records a regulatory asset for accelerated…
• EXC (EXELON CORPORATION)
• FY2025 10-K: …September 2025 through February 2026 at a flat rate of $ 10 per residential customer. The bill credit and subsequent collections will not be subject to carrying costs. As of December 31, 2025, the Regulatory asset has a remaining balance of $ 10 million. Residential Universal Bill Credit (Exelon and ACE). In an…
• FY2025 10-K: …and other information that the Registrants file electronically with the SEC. These documents are also available to the public from commercial document retrieval services and free of charge at the Registrants' website at www.exeloncorp.com. Information contained on the Registrants' website shall not be deemed…
• PEG (PUBLIC SERVICE ENTERPRISE GROUP INC)
• FY2025 10-K: …and financial wellbeing. REGULAT ORY ISSUES In the ordinary course of our business, we are subject to regulation by, and are party to various claims and regulatory proceedings with FERC, the BPU, the Commodity Futures Trading Commission (CFTC) and various state and federal environmental regulators, among others. For…
• FY2025 10-K: Clean Energy Future-Electric Vehicles (CEF-EV) 92 51 2024 Distribution Base Rate Case Regulatory Assets (BRC) 85 108 Other 242 180 Total Regulatory Assets 6,968 6,641 Less: Current Regulatory Assets 537 516 Total Noncurrent Regulatory Assets $ 6,431 $ 6,125 As of December 31, 2025 2024 Millions Regulatory Liabilities…

O&R (regulated utility) (reported)

• NWE (NORTHWESTERN ENERGY GROUP, INC.)
• FY2025 10-K: …with ASC 980, Regulated Operations. This guidance allows for the recording of a regulatory asset or liability for certain costs or credits which otherwise would be recognized in the statement of income or comprehensive income based on an expectation that the cost will be recovered or returned in future rates. The…
• FY2025 10-K: …to track, for recovery through utility rates, the cost of power purchased and fuel used to generate electricity. 7 Qualifying Facility (QF) - As defined under the Public Utility Regulatory Policies Act of 1978 (PURPA), a QF sells power to a regulated utility at a price agreed to by the parties or determined by a…
• OGE (OGE ENERGY CORP.)
• FY2025 10-K: …or income for affiliate transactions. In addition, the FERC has access to the books and records of OGE Energy and its affiliates as the FERC deems relevant to costs incurred by OG&E or necessary or appropriate for the protection of utility customers with respect to the FERC jurisdictional rates. 8 For information…
• FY2025 10-K: G&E, which generates, transmits, distributes and sells electric energy in Oklahoma and western Arkansas and are reported through OGE Energy's electric company business segment. OG&E's rates are subject to regulation by the OCC, the APSC and the FERC. OG&E was incorporated in 1902 under the laws of the Oklahoma…
• POR (PORTLAND GENERAL ELECTRIC COMPANY)
• FY2025 10-K: …are classified as Revenues, net in the consolidated statements of income. The OPUC has also authorized a Power Cost Adjustment Mechanism (PCAM), under which PGE may share with customers a portion of actual cost variances associated with NVPC. • Renewable Adjustment Clause mechanism. The State has a Renewable…
• FY2025 10-K: …Regulatory assets represent probable future revenue associated with certain incurred costs that are expected to be recovered from customers through the ratemaking process. Regulatory liabilities represent probable future reductions in revenues associated with amounts that are expected to be credited or refunded to…
• EVRG (EVERGY, INC.)
• FY2025 10-K: …jurisdiction across the rate classes based on actual billing rates. Evergy's unbilled revenue estimate is affected by factors including fluctuations in energy demand, weather, line losses and changes in the composition of customer classes. See Note 3 to the consolidated financial statements for the balance of…
• FY2025 10-K: …Evergy Transmission Company, LLC Exchange Act The Securities Exchange Act of 1934, as amended FASB Financial Accounting Standards Board FER Facility Evaluation Report FERC Federal Energy Regulatory Commission FIP Federal implementation plan FMBs First Mortgage Bonds GAAP Generally Accepted Accounting Principles GHG…
• LNT (ALLIANT ENERGY CORP)
• FY2025 10-K: …customers in the future when these temporary differences reverse resulting in additional current income tax expense used to determine customers' rates. AROs - Alliant Energy, IPL and WPL believe it is probable that certain differences between expenses accrued for AROs related to their utility operations and expenses…
• FY2025 10-K: …project cancellations, or additional mitigation costs, reducing expected load growth. The ability to serve significant new commercial or industrial customers on contract rates, including data centers, may require certain regulatory approvals, and the activities and costs related to the construction, acquisition or…
• CMS (CMS ENERGY CORP)
• FY2025 10-K: …of regulatory accounting. A utility must apply regulatory accounting when its rates are designed to recover specific costs of providing regulated services. Under regulatory accounting, Consumers records regulatory assets or liabilities for certain transactions that would have been treated as expense or revenue by…
• FY2025 10-K: …retail services. Michigan law allows electric customers in Consumers' service territory to buy electric generation service from alternative electric suppliers in an aggregate amount capped at 10 percent of Consumers' sales, with certain exceptions. At December 31, 2025, electric deliveries under the ROA program were…
• NI (NISOURCE INC.)
• FY2025 10-K: …for services. 30 Table of Contents N I S OURCE I NC . ITEM 1A. RISK FACTORS The actions of regulators and legislators could result in outcomes that may adversely affect our earnings and liquidity. The rates that our electric and natural gas companies charge their customers are determined by their state regulatory…
• FY2025 10-K: …are later recognized in income as the related amounts are included in customer rates and recovered from or refunded to customers. We continually evaluate whether or not our operations are within the scope of ASC 980 and rate regulations. As part of that analysis, we evaluate probability of recovery for our regulatory…

Con Edison Transmission (reported)

• AEP (AMERICAN ELECTRIC POWER CO INC.)
• FY2025 10-K: …TA Transmission Agreement, effective November 2010, among APCo, I&M, KGPCo, KPCo, OPCo and WPCo with AEPSC as agent. Tax Reform On December 22, 2017, President Trump signed into law legislation referred to as the "Tax Cuts and Jobs Act" (the TCJA). The TCJA includes significant changes to the Internal Revenue Code of…
• FY2025 10-K: …us-gaap:ElectricTransmissionMember 2023-01-01 2023-12-31 0000004904 us-gaap:RegulatedOperationMember srt:MinimumMember aep:AEPTransmissionCompanyLLCMember 2023-01-01 2023-12-31 0000004904 us-gaap:RegulatedOperationMember srt:MaximumMember aep:AEPTransmissionCompanyLLCMember 2023-01-01 2023-12-31 0000004904…
• D (DOMINION ENERGY, INC)
• FY2025 10-K: …Supplemental Indenture, dated December 1, 2002 (Exhibit 4.3, Form 8-K filed December 13, 2002, File No. 1-8489); Form of Twenty-First Supplemental Indenture, dated March 1, 2003 (Exhibits 4.3, Form 8-K filed March 4, 2003, File No. 1-8489); Form of Twenty-Second Supplemental Indenture, dated July 1, 2003 (Exhibit…
• FY2025 10-K: …and related projects in Mecklenburg County, Virginia January 2025 October 2025 230 kV 15 130 Construct new Culpeper Technology transmission lines, substations and related projects in the Counties of Culpeper, Orange and Fauquier and the Town of Culpeper, Virginia February 2025 Pending 230 kV 13 255 Construct new…
• DUK (DUKE ENERGY CORPORATION)
• FY2025 10-K: -American Transmission Company, LLC DECON A method of decommissioning in which structures, systems, and components that contain radioactive contamination are removed from a site and safely disposed at a commercially operated low-level waste disposal facility, or decontaminated to a level that permits the site to be…
• FY2025 10-K: …the facility. (b) Jointly owned with NCEMC. Duke Energy Carolinas' ownership is 87.27% of the facility. (c) Duke Energy Indiana owns and operates Gibson Station Units 1 through 4 and is a joint owner of unit 5 with WVPA and IMPA. Duke Energy Indiana operates unit 5 and owns 50.05%. (d) Includes Cayuga Internal…
• PPL (PPL Corp)
• FY2025 10-K: …the summer period based on average weather conditions at the solar facility. 28 Table of Contents For a description of LG&E's and KU's service areas, see "Item 1. Business - General - Segment Information - Kentucky Regulated Segment." At December 31, 2025, LG&E's and KU's electricity transmission and distribution…
• FY2025 10-K: …customers are "at will" customers of RIE with no term contract and no minimum purchase commitment. Performance obligations are limited to the service requested and received to date. Accordingly, there is no unsatisfied performance obligation associated with RIE's retail account contracts. Certain customers have the…
• FE (FIRSTENERGY CORP)
• FY2025 10-K: …26, 2023, Exhibit 10.1, File No. 333-21011). 174 Exhibit Number Description 10.12 Amendment No. 2 and Consent and Limited Waiver to Credit Agreement, dated as of October 20, 2023, by and among The Cleveland Electric Illuminating Company, Ohio Edison Company, The Toledo Edison Company, the banks and other financial…
• FY2025 10-K: No. 333-21011) 10.8 Amendment No. 1 and Consent and Limited Waiver to Credit Agreement, dated as of April 27, 2023, by and among Metropolitan Edison Company, Pennsylvania Power Company, Pennsylvania Electric Company, West Penn Power Company, the banks and other financial institutions party thereto on the date hereof,…
• ES (EVERSOURCE ENERGY)
• FY2025 10-K: 4-12-31 0000072741 us-gaap:OperatingSegmentsMember es:WholesaleTransmissionRevenueMember es:NstarElectricCompanyMember 2024-01-01 2024-12-31 0000072741 us-gaap:OperatingSegmentsMember es:WholesaleTransmissionRevenueMember es:PublicServiceCompanyOfNewHampshirePSNHMember 2024-01-01 2024-12-31 0000072741…
• FY2025 10-K: 5 Bcf of natural gas). In addition, Hopkinton owns a liquefaction and vaporization plant with above ground storage tanks in Hopkinton, Massachusetts (3.0 Bcf of natural gas). Combined, the two plants' tanks have an aggregate storage capacity equivalent to 3.5 Bcf of natural gas that is provided to NSTAR Gas under…

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.