NEXTERA ENERGY, INC. (NEE): what the price assumes
In the published model solve dated 2026-Q2, anchored at $81.80, NEXTERA ENERGY, INC. (NEE) is priced for +10.9% 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 2026-07-03.
Generated: 2026-08-30 · Source: https://boothcheck.com/report/NEE
Headline
| Field | Value |
|---|---|
| Ticker | NEE |
| Company | NEXTERA ENERGY, INC. |
| Current price | $81.80/sh |
| Composition | FPL (Florida Power & Light) 68% / NEER (NextEra Energy Resources) 32% |
What The Price Assumes (Inversion)
The assumption today's price embeds, recovered by inverting the valuation.
| Field | Value |
|---|---|
| Inversion basis | whole-company |
| Implied growth | 10.9% |
| Multiple paid | 34x operating income |
Solve inputs: computed at a 6.7% cost of capital with 4% terminal growth over a 5-year stage.
How unusual the bet is: elevated (limited comparison data)
| Reference | Value |
|---|---|
| vs own history | +0.17σ |
| cohort percentile (of 70 peers) | 94 |
Valuation X-Ray
The price is justified by relative-multiple and growth-DCF; asset-based/earnings-power land below the price.
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.
| Family | Median price/FV | Models | Reads |
|---|---|---|---|
| Asset | 1.69x | 5 | expensive |
| Earnings | 1.92x | 3 | expensive |
| Relative | 0.57x | 2 | justifies |
| Growth | 0.81x | 4 | justifies |
Families that justify the price: Relative, 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 7.3%); the inversion above states its own rate.
Per-Model Detail (n=14)
| Model | Family | FV | Price/FV | Applicable | Methodology |
|---|---|---|---|---|---|
| DCF Perpetual Growth | Growth | $190.81 | 0.43x | yes | FCF base $13.3B, growth 11% (input: historical growth), terminal g 4.0%, WACC 7.3%, 6yr projection |
| DCF Exit Multiple | Growth | $118.97 | 0.69x | yes | Exit EV/EBITDA: 25.9x / 27.9x / 29.9x (bear / base = today's held flat / bull), 6yr |
| Relative Valuation | Relative | — | — | no | P/E 20x (static sector reference · 2026-04), scenarios: 16.6x / 20.0x / 23.4x (bear / base = reference held flat / bull), EV/EBITDA 17.47x |
| Simple DDM | Growth | — | — | no | — |
| Two-Stage DDM | Growth | $88.45 | 0.92x | yes | Stage 1: 20% for 5yr, Stage 2: 3.5% perpetual |
| Simple Excess Return | Asset | $42.43 | 1.93x | yes | BV/sh $26.49, ROE (TTM) 14.8%, ke 9.3% |
| Two-Stage Excess Return | Asset | $53.09 | 1.54x | yes | 5yr excess ROE then converge to ke=9.3% |
| Discounted Future Market Cap | Growth | $73.55 | 1.11x | yes | Rev $27.9B, growth 11% (input: historical growth; tapered), Terminal P/S: 5.1x / 6.1x / 7.1x (bear / base = today's held flat / bull, cap 8x) |
| Peter Lynch Fair Value | Relative | $137.90 | 0.59x | yes | EPS $3.94, growth 35% (input: historical EPS growth), PEG=0.60 (Undervalued) |
| Margin Trajectory | Growth | — | — | no | — |
| Earnings Power Value | Earnings | $0.01 | 8180.01x | yes | Normalized EBIT (5y avg op income, one-time charges added back) $6.91B × (1−21%) / WACC 7.3% → EPV (no growth) (excluded from median) |
| Residual Income | Asset | $54.54 | 1.50x | yes | BV $26.49 + 5yr PV of (ROE (TTM) 14.8% − Kₑ 9.3%) × BV; BV grows 8.8%/yr |
| Graham Number | Asset | $48.46 | 1.69x | yes | √(22.5 × EPS $3.94 × BVPS $26.49) — Graham's conservative floor |
| EV/EBITDA Relative | Relative | — | — | no | EBITDA $9.60B × sector EV/EBITDA 13.0x |
| FCF Yield | Earnings | $17.26 | 4.74x | yes | FCF $12330.0M / Kₑ 9.3% — zero-growth perpetuity |
| SBC-Adj FCF Yield | Earnings | — | — | no | — |
| Ben Graham Formula | Earnings | $127.13 | 0.64x | yes | EPS $3.94 × (8.5 + 2×15.0%) × (4.4 / 5.3%) |
| ROIC-Justified P/B | Asset | $4.15 | 19.71x | yes | BV $26.49 × (ROIC 1.1% / WACC 7.3%) |
| P/Sales Sector | Relative | — | — | no | Revenue $27.87B × sector P/S 2.5x |
| PEG Fair Value | Relative | $147.75 | 0.55x | yes | EPS $3.94 × (PEG 1.5 × growth 25.0% (input: historical EPS growth)) → PE 37.5x |
| Earnings Yield | Earnings | $42.59 | 1.92x | yes | EPS $3.94 / required return 9.3% (Rf 4.3% + ERP 5.0%) |
| Funds From Operations Multiple | Relative | — | — | no | — |
| Clinical Phase NPV | Growth | — | — | no | — |
| Merton | Asset | — | — | no | — |
| V5 Mechanical | — | — | — | no | — |
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.
| Unit | Role | Valuation basis | Revenue | Reported profit | Value evidence | Status |
|---|---|---|---|---|---|---|
| FPL (Florida Power & Light) | operating | enterprise | $18.3b | $5.0b operating-income | withheld | unresolved no unit value |
| NEER (NextEra Energy Resources) | operating | enterprise | $8.8b | $3.0b operating-income | withheld | unresolved no unit value |
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
| Field | Value |
|---|---|
| Net debt | $101.1b |
| Net debt / NOPAT (after-tax) | 15.55x |
| Net debt / operating income (pre-tax) | 12.29x |
| Share count CAGR (dilution) | 1.5% |
| Burning cash | no |
Interest expense is not separately reported in the latest filings, so interest coverage cannot be computed.
Bullet Takeaways
NextEra Energy is two businesses in one: Florida Power & Light, a regulated utility at about 68% of the mix, and NextEra Energy Resources, the largest renewables developer in the country, at roughly 32%. What a simple multiple misses is that both grow by deploying capital into a rate base or a contracted project, which a backward-looking earnings frame cannot fully credit.
At $86.74 (as of June 27, 2026) the price pays about 34x company-wide operating income, implying roughly 12% operating growth per year, a high rate for a utility, and the multiple sits at the very top of the peer distribution. The static valuation families call the stock expensive while only the forward growth method reaches the price.
The defining feature is leverage by design: net debt of about $101 billion against $8.2 billion of trailing operating income. That is normal for a rate-base utility funded with cheap debt, but it makes the company unusually sensitive to interest rates, the variable that most directly moves both its cost of capital and its valuation.
Bull Case
What a standard earnings multiple misses about NextEra is that its growth is manufactured by capital deployment into assets that earn a regulated or contracted return, not by winning a competitive market each year. At FPL, the company invests in the rate base and recovers those investments through the ratemaking process, with regulatory assets representing future revenues to be collected from customers (FY2025 10-K, accession 0000753308-26-000015). In the most recent quarter FPL invested about $3.2 billion and grew its regulatory capital employed by roughly 8.8%, all while keeping customer bills about 30% below the national average. A utility that can pour billions into its rate base, earn a return on it, and still charge below-average rates has a self-reinforcing growth machine that a static valuation frame structurally undervalues.
The renewables arm is the second engine, and it is running at record scale. NextEra Energy Resources added 4 gigawatts of new renewables and storage in the quarter, including 1.3 GW of battery storage, lifting its development backlog to roughly 33 GW. That backlog is contracted, long-duration capacity that converts into earnings as projects come online, the renewables analog of FPL's rate base. The demand pull is intensifying: FPL reported about 21 GW of interest from large-load projects, with advanced discussions on 12 GW targeted to begin service in 2028, the data-center and electrification wave landing directly on its grid.
The results and the commitments tie it together. Q1 2026 adjusted EPS rose 10% to $1.09, beating expectations, and the company reiterated 2026 adjusted EPS guidance of $3.92 to $4.02, targets an 8%-plus adjusted EPS compound growth rate through 2032, and plans roughly 10% annual dividend growth through 2026. A regulated utility plus the largest renewables platform, both growing on contracted economics with a credible multi-year EPS and dividend roadmap, is exactly the durable compounding the growth-DCF frame is pricing and the static methods cannot.
Bear Case
When the valuation methods disagree this sharply, the conservative ones are usually the more honest read, and for NextEra they are flashing the same warning. The asset-based and earnings-power frames both call the stock expensive, while only the forward growth-DCF reaches the price, and the implied multiple sits at the very top of the peer distribution, well beyond the upper quartile. The growth-DCF only gets there by assuming about 12% operating growth holds for years, a demanding rate for any utility, and the static frames are effectively saying that today's price has already capitalized the renewables and rate-base story to its limit.
The external variable that most threatens that read is interest rates. NextEra funds its growth with roughly $101 billion of net debt, about 12x trailing operating income, which is the model working as designed for a rate-base utility, but it makes the company acutely rate-sensitive. The inversion itself runs on a low cost of capital near 7%, and the implied growth is highly sensitive to it, with each point of cost of capital moving the implied growth by nearly 10 points. If rates stay higher for longer, NextEra's borrowing costs rise, the present value of its long-dated projects falls, and the premium multiple that the growth-DCF justifies compresses. A utility this leveraged is a bond-proxy with a growth overlay, and bond proxies de-rate when yields climb.
The execution risk compounds the rate risk. A 33 GW backlog and 12 GW of advanced large-load discussions targeted for 2028 are impressive, but they require enormous, sustained capital deployment, supportive regulation, supply chains, and interconnection that all have to go right over multiple years. Any change in tax-credit policy for renewables, a tougher regulatory rate case in Florida, or a slip in the large-load project timeline would dent the 8%-plus EPS trajectory the price assumes. The bear case is not that NextEra is a poor business, it is that an excellent, capital-intensive one is priced at the top of its group on a low discount rate, leaving it exposed to the single macro variable, interest rates, that it cannot control.
Valuation
At the current price the market is paying about 34x company-wide operating income, which implies operating growth of roughly 12.2% per year over a five-year stage. That solve runs at a cost of capital near 6.9% with 4% terminal growth, and the inversion is very sensitive to that low discount rate, with each point of cost of capital moving the implied growth by about 9.9 points. Keep the figure approximate; it is a single solve, and the low assumed cost of capital is doing a lot of the work in justifying the multiple.
The family pattern is a clear premium with a low-rate dependency. The asset-based and earnings-power methods both read expensive, the multiple sits at the very top of the peer distribution, and only the forward growth-DCF reaches the price. The reverse-DCF range is wide and flagged low reliability, with a base near the mid-$60s and a high end well above the current price, which captures how much the valuation swings on growth and discount-rate assumptions. That wide range is itself a caution: small changes in the inputs move the fair value a long way.
The read is that NextEra is priced for its growth story to play out at a favorable cost of capital. The roughly 12% implied growth is within reach given the rate-base expansion and the 33 GW renewables backlog, and the historical base rate is moderate, about 53% of comparable fast-growers sustained this pace for five years. But the price leans on both the growth continuing and rates staying supportive. If either assumption weakens, particularly the discount rate, the top-of-group multiple has the most room to fall, and the static methods that already call it expensive become the more relevant frame.
Catalysts
The most recent print, Q1 2026 (reported April 2026), beat expectations: adjusted EPS rose 10% to $1.09 against a roughly $0.97 estimate, and net income was $2.182 billion. NextEra Energy Resources added 4 GW of renewables and storage, including 1.3 GW of battery storage, lifting the development backlog to a record of about 33 GW, while FPL invested about $3.2 billion and grew regulatory capital roughly 8.8%.
The forward catalysts are the backlog conversion and the large-load demand pipeline. FPL reported about 21 GW of large-load project interest with advanced discussions on 12 GW targeted to begin service in 2028, the clearest sign of the data-center and electrification demand landing on the grid. The pace at which the 33 GW renewables backlog comes online, and additions to it, is the recurring driver of the renewables segment.
The company reiterated 2026 adjusted EPS guidance of $3.92 to $4.02, an 8%-plus adjusted EPS CAGR target through 2032, and dividend growth of roughly 10% annually through 2026 and 6% thereafter through 2028, so the guidance roadmap frames the catalysts. The dominant watch items are interest rates, renewables tax-credit and regulatory policy, the Florida rate environment, and execution on the large-load timeline. Continued backlog growth and on-track EPS would support the premium; a rate shock or a policy or regulatory setback would pressure it. Sources: NextEra Energy Q1 2026 results and guidance (stocktitan.net; investing.com; tikr.com), April 2026.
Peer Cohorts (Per Segment, With Filing Citations)
FPL (Florida Power & Light) (reported)
- SO (SOUTHERN CO)
- FY2025 10-K: …so:SouthernPowerMember 2025-12-31 0000092122 us-gaap:EnergyRelatedDerivativeMember us-gaap:FairValueInputsLevel3Member so:SouthernPowerMember 2025-12-31 0000092122 us-gaap:EnergyRelatedDerivativeMember so:SouthernPowerMember 2025-12-31 0000092122 us-gaap:ForeignExchangeContractMember…
- FY2025 10-K: …2025-12-31 0000092122 so:PlantFarleyMember so:SpentFuelManagementMember so:AlabamaPowerMember 2025-12-31 0000092122 so:PlantHatchMember so:SpentFuelManagementMember so:GeorgiaPowerMember 2025-12-31 0000092122 so:PlantVogtleNuclearUnitsOneAndTwoMember so:SpentFuelManagementMember so:GeorgiaPowerMember 2025-12-31…
- DUK (DUKE ENERGY CORPORATION)
- FY2025 10-K: …from the subscription fees, with credits included in the fuel cost recovery clause. In February 2021, the League of United Latin American Citizens (LULAC) filed a notice of appeal of the FPSC's order approving the Clean Energy Connection to the Supreme Court of Florida. On May 27, 2022, the Supreme Court of Florida…
- FY2025 10-K: …& Light Company) and North Carolina Municipal Power Agency Number 3 and Exhibits, together with resolution, dated as of December 16, 1981, changing name to North Carolina Eastern Municipal Power Agency, amending letter, dated as of February 18, 1982, and amendment, dated as of February 24, 1982 (incorporated by…
- AEP (AMERICAN ELECTRIC POWER CO INC.)
- FY2025 10-K: …us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member aep:IndianaMichiganPowerCompanyMember 2024-12-31 0000004904 us-gaap:FixedIncomeFundsMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member aep:IndianaMichiganPowerCompanyMember 2024-12-31…
- FY2025 10-K: …us-gaap:FairValueInputsLevel3Member srt:MinimumMember aep:SouthwesternElectricPowerCompanyMember 2025-12-31 0000004904 aep:MeasurementInputCommodityForwardAndMarketPriceMember aep:FinancialTrasnsmissionRightsMember us-gaap:FairValueInputsLevel3Member srt:MaximumMember aep:SouthwesternElectricPowerCompanyMember…
- D (DOMINION ENERGY, INC)
- FY2025 10-K: …of its consolidated subsidiaries (including Enbridge Elephant Holdings, LLC, Enbridge Parrot Holdings, LLC and Enbridge Quail Holdings, LLC), or the entirety of Enbridge Inc. and its consolidated subsidiaries EPA U.S. Environmental Protection Agency EPACT Energy Policy Act of 2005 EPS Earnings per common share ERISA…
- FY2025 10-K: …srt:MinimumMember d:MarketPriceMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:ElectricityMember us-gaap:IncomeApproachValuationTechniqueMember us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember us-gaap:CommodityContractMember 2025-01-01 2025-12-31 0000715957 d:VirginiaElectricAndPowerCompanyMember…
- XEL (XCEL ENERGY INC)
- FY2025 10-K: …Protection Agency ERCOT Electric Reliability Council of Texas FASB Financial accounting standards board FERC Federal Energy Regulatory Commission IRS Internal Revenue Service MPUC Minnesota Public Utilities Commission MPSC Michigan Public Service Commission NDPSC North Dakota Public Service Commission NERC North…
- FY2025 10-K: …22 Table of Contents ITEM 2 - PROPERTIES Virtually all of the utility plant property of the utility subsidiaries is subject to the lien of their respective first mortgage bond indentures. NSP-Minnesota Station, Location and Unit at Dec. 31, 2025 Fuel Installed MW (a) Steam: A.S. King-Bayport, MN, 1 Unit Coal 1968 511…
- WEC (WEC ENERGY GROUP, INC.)
- FY2025 10-K: S Facility SSR System Support Resource Supreme Court United States Supreme Court Tax Legislation Tax Cuts and Jobs Act of 2017 TCR Transmission Congestion Right Tilden Tilden Mining Company Two Creeks Two Creeks Solar Park UEA Uncollectible Expense Adjustment UFLPA Uyghur Forced Labor Prevention Act VAPP Valley Power…
- FY2025 10-K: …us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember us-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember 2025-12-31 0000783325 us-gaap:FairValueInputsLevel12And3Member us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember us-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember 2025-12-31 0000783325…
- ED (CONSOLIDATED EDISON INC)
- FY2025 10-K: …ed:ElectricitySwapsMember us-gaap:FairValueInputsLevel3Member us-gaap:ValuationTechniqueDiscountedCashFlowMember srt:MinimumMember 2025-12-31 0001047862 ed:MeasurementInputCommodityForwardCapacityPriceMember ed:ElectricitySwapsMember us-gaap:FairValueInputsLevel3Member…
- FY2025 10-K: …ed:ElectricitySwapsMember srt:SubsidiariesMember us-gaap:FairValueInputsLevel3Member us-gaap:ValuationTechniqueDiscountedCashFlowMember ed:ConsolidatedEdisonCompanyofNewYorkInc.Member 2025-12-31 0001047862 ed:MeasurementInputCommodityForwardCapacityPriceMember ed:ElectricitySwapsMember srt:SubsidiariesMember…
- PPL (PPL Corp)
- FY2025 10-K: …The information on PPL's website is not part of this document. 2 Table of Contents PART I ITEM 1. BUSINESS General (All Registrants) PPL, headquartered in Allentown, Pennsylvania, is a utility holding company, incorporated in 1994. PPL, through its regulated utility subsidiaries, delivers electricity to customers in…
- FY2025 10-K: …to a subsidiary on a stand-alone basis or to facilitate the commercial activities in which these subsidiaries engage. (PPL) PPL fully and unconditionally guarantees all of the debt securities and loan obligations of PPL Capital Funding. (All Registrants) The table below details guarantees provided as of December 31,…
NEER (NextEra Energy Resources) (reported)
- CEG (CONSTELLATION ENERGY CORPORATION)
- FY2025 10-K: E through a PPA. The PPA contract absorbs variability through a performance guarantee. We conduct all activities. NER - A bankruptcy remote, special purpose entity which is 100 % owned by us, which purchases certain of our customer accounts receivable arising from the sale of retail electricity. NER's assets will be…
- FY2025 10-K: …Related Entities CEG Parent Constellation Energy Corporation Constellation Constellation Energy Generation, LLC Registrants CEG Parent and Constellation, collectively Antelope Valley Antelope Valley Solar Ranch One Calpine Calpine Corporation Calvert Cliffs Calvert Cliffs nuclear generating station Continental Wind…
- VST (Vistra Corp.)
- FY2025 10-K: TX ERCOT ST Coal 1,710 Comanche Peak Glen Rose, TX ERCOT Nuclear Uranium 2,400 Brightside Live Oak County, TX ERCOT Solar Renewable 50 Emerald Grove Crane County, TX ERCOT Solar Renewable 108 Oak Hill Rusk County, TX ERCOT Solar Renewable 200 Upton 2 Upton County, TX ERCOT Solar/Battery Renewable 190 DeCordova…
- FY2025 10-K: …srt:NaturalGasReservesMember us-gaap:FairValueInputsLevel3Member us-gaap:IncomeApproachValuationTechniqueMember srt:MinimumMember 2025-12-31 0001692819 vistra:IlliquidDeliveryPeriodsMember srt:NaturalGasReservesMember us-gaap:FairValueInputsLevel3Member us-gaap:IncomeApproachValuationTechniqueMember srt:MaximumMember…
- NRG (NRG Energy, Inc)
- FY2025 10-K: …expressed in kWhs or MWhs, that is the total amount of electricity generated (gross) minus the amount of electricity used during generation Net Revenue Rates Sum of retail revenues less TDSP transportation charges NIST National Institute of Standards and Technology Nodal Nodal Exchange is a derivatives exchange NOL…
- FY2025 10-K: U.S. have introduced some level of retail consumer choice for electricity and/or natural gas, the incumbent utilities currently provide default service in most of the states and as a result typically serve the majority of residential customers. NRG's retail activities in the East include both direct sales to end-use…
- AES (AES CORP)
- FY2025 10-K: …Independent System Operator, Inc. MMBtu Million British Thermal Units MRO Market Rate Option, a market-based plan that a utility may file with PUCO to establish SSO rates pursuant to Ohio law MW Megawatts MWh Megawatt Hours NAAQS U.S. National Ambient Air Quality Standards NCI Noncontrolling Interest NCTI Net…
- FY2025 10-K: …applicable throughout the U.S. to improve the overall reliability of the electric grid. These standards are subject to FERC review and approval. Once approved, the reliability standards may be enforced by FERC independently, or, alternatively, by the ERO and 64 | 2025 Annual Report regional reliability organizations…
- TLN (Talen Energy Corporation)
- FY2025 10-K: . Martins Creek. A Talen-owned and operated generation facility in Bangor, Pennsylvania. MMBtu. One million British Thermal Units. Montour. A Talen-owned and operated generation facility in Washingtonville, Pennsylvania. MW. Megawatt. MWd. Megawatt-day. MWh. Megawatt-hour. Nautilus. Nautilus Cryptomine LLC, a…
- FY2025 10-K: …additional information on the NDT. See "-Our Operations-Fuel Supply- Nuclear " for additional information on SNF. Other Regulation. In addition to federal regulation, our operations are subject to various state and local laws and regulations. These include oversight of siting, permitting, and environmental compliance…
- CWEN (Clearway Energy, Inc.)
- FY2025 10-K: …cwen:EnergyRevenueMember cwen:RenewablesAndStorageMember 2025-01-01 2025-12-31 0001567683 us-gaap:OperatingSegmentsMember cwen:EnergyRevenueMember 2025-01-01 2025-12-31 0001567683 us-gaap:OperatingSegmentsMember cwen:CapacityRevenueMember cwen:FlexibleGenerationMember 2025-01-01 2025-12-31 0001567683…
- FY2025 10-K: …or the Company, is a publicly-traded energy infrastructure investor with a focus on investments in clean energy and owner of modern, sustainable and long-term contracted assets across North America. The Company is sponsored by Clearway Energy Group LLC, or CEG. The Company is one of the largest owners of clean energy…
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.