NextEra Energy (NEE)
Market Price (8/17/2026): $86.0 | Market Cap: $179.2 BilInvestor Relations Sector: Utilities | Industry: Multi-Utilities
NextEra Energy (NEE)
Market Price (8/17/2026): $86.0Market Cap: $179.2 BilSector: UtilitiesIndustry: Multi-Utilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.9%, Dividend Yield is 2.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.5% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 48%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%, CFO LTM is 14 Bil, FCF LTM is 3.0 Bil Low stock price volatilityVol 12M is 22% Megatrend and thematic driversMegatrends include Renewable Energy Transition, Smart Grids & Grid Modernization, and Hydrogen Economy. Themes include Solar Energy Generation, Show more. | Weak multi-year price returns2Y Excs Rtn is -28%, 3Y Excs Rtn is -38% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 60% Expensive valuation multiplesP/SPrice/Sales ratio is 6.3x Key risksNEE key risks include [1] a substantial debt load and sensitivity to interest rates, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.9%, Dividend Yield is 2.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.5% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 48%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%, CFO LTM is 14 Bil, FCF LTM is 3.0 Bil |
| Low stock price volatilityVol 12M is 22% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, Smart Grids & Grid Modernization, and Hydrogen Economy. Themes include Solar Energy Generation, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -28%, 3Y Excs Rtn is -38% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 60% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 6.3x |
| Key risksNEE key risks include [1] a substantial debt load and sensitivity to interest rates, Show more. |
Qualitative Assessment
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NextEra Energy (NEE) stock has lost about 10% since 4/30/2026 because of the following key factors:
1. NextEra Energy's revenue for fiscal Q2 2026 (ending June 30, 2026) significantly missed analyst expectations. While the company reported adjusted earnings per share (EPS) of $1.15, beating the consensus estimate of $1.11, its revenue of $7.53 billion fell short of analysts' expectations of approximately $8.11 billion by about 7.1%. This substantial top-line miss likely contributed to investor disappointment during the period.
2. Concerns regarding the long-term growth trajectory of its renewable energy segment persisted. NextEra Energy's stock experienced underperformance relative to the broader utility sector following an earlier Investor Day where key metrics indicated a reduction in wind assets within the development backlog from 36% to 25% for the 2024-2027 period. This shift raised questions about the sustained long-term growth potential of its NextEra Energy Resources segment.
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NextEra Energy (NEE) stock has lost about 10% since 4/30/2026 because of the following key factors:
1. NextEra Energy's revenue for fiscal Q2 2026 (ending June 30, 2026) significantly missed analyst expectations. While the company reported adjusted earnings per share (EPS) of $1.15, beating the consensus estimate of $1.11, its revenue of $7.53 billion fell short of analysts' expectations of approximately $8.11 billion by about 7.1%. This substantial top-line miss likely contributed to investor disappointment during the period.
2. Concerns regarding the long-term growth trajectory of its renewable energy segment persisted. NextEra Energy's stock experienced underperformance relative to the broader utility sector following an earlier Investor Day where key metrics indicated a reduction in wind assets within the development backlog from 36% to 25% for the 2024-2027 period. This shift raised questions about the sustained long-term growth potential of its NextEra Energy Resources segment.
3. The sustained high interest rate environment created macroeconomic headwinds. The Federal Reserve's decision in July 2026 to maintain the federal funds rate at 3.50% to 3.75%, accompanied by indications that lower interest rates were not imminent, negatively impacted capital-intensive utility stocks like NextEra Energy. Higher borrowing costs for major projects and reduced attractiveness of dividend-paying stocks compared to fixed-income alternatives likely weighed on investor sentiment throughout the period.
4. Rising operating costs for utilities combined with potential regulatory pressures on rate increases. Utilities across the United States requested a record $18.6 billion in electric and gas rate increases during the first half of fiscal 2026, with $9.2 billion of these requests occurring in fiscal Q2 2026 alone, signaling escalating operating costs. Concurrently, legislative actions such as the "RELIEF Act of 2026" passed in April 2026 aimed at moderating energy price inflation, which could constrain utilities' ability to fully pass on these increased costs to consumers through rate adjustments, potentially impacting profitability.
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Stock Movement Drivers
Fundamental Drivers
The -11.3% change in NEE stock from 4/30/2026 to 8/16/2026 was primarily driven by a -21.9% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8162026 | Change |
|---|---|---|---|
| Stock Price ($) | 97.17 | 86.19 | -11.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 27,867 | 28,701 | 3.0% |
| Net Income Margin (%) | 29.4% | 32.4% | 10.3% |
| P/E Multiple | 24.7 | 19.3 | -21.9% |
| Shares Outstanding (Mil) | 2,082 | 2,084 | 0.0% |
| Cumulative Contribution | -11.3% |
Market Drivers
4/30/2026 to 8/16/2026| Return | Correlation | |
|---|---|---|
| NEE | -11.3% | |
| Market (SPY) | 8.0% | -1.7% |
| Sector (XLU) | -5.4% | 72.9% |
Fundamental Drivers
The -0.6% change in NEE stock from 1/31/2026 to 8/16/2026 was primarily driven by a -29.8% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8162026 | Change |
|---|---|---|---|
| Stock Price ($) | 86.67 | 86.19 | -0.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 26,298 | 28,701 | 9.1% |
| Net Income Margin (%) | 24.7% | 32.4% | 31.0% |
| P/E Multiple | 27.5 | 19.3 | -29.8% |
| Shares Outstanding (Mil) | 2,065 | 2,084 | -0.9% |
| Cumulative Contribution | -0.6% |
Market Drivers
1/31/2026 to 8/16/2026| Return | Correlation | |
|---|---|---|
| NEE | -0.6% | |
| Market (SPY) | 12.5% | 0.7% |
| Sector (XLU) | 3.2% | 75.2% |
Fundamental Drivers
The 24.8% change in NEE stock from 7/31/2025 to 8/16/2026 was primarily driven by a 41.8% change in the company's Net Income Margin (%).| (LTM values as of) | 7312025 | 8162026 | Change |
|---|---|---|---|
| Stock Price ($) | 69.06 | 86.19 | 24.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 25,899 | 28,701 | 10.8% |
| Net Income Margin (%) | 22.8% | 32.4% | 41.8% |
| P/E Multiple | 24.0 | 19.3 | -19.6% |
| Shares Outstanding (Mil) | 2,057 | 2,084 | -1.3% |
| Cumulative Contribution | 24.8% |
Market Drivers
7/31/2025 to 8/16/2026| Return | Correlation | |
|---|---|---|
| NEE | 24.8% | |
| Market (SPY) | 23.9% | 7.6% |
| Sector (XLU) | 5.7% | 70.1% |
Fundamental Drivers
The 28.5% change in NEE stock from 7/31/2023 to 8/16/2026 was primarily driven by a 15.3% change in the company's P/E Multiple.| (LTM values as of) | 7312023 | 8162026 | Change |
|---|---|---|---|
| Stock Price ($) | 67.09 | 86.19 | 28.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 26,948 | 28,701 | 6.5% |
| Net Income Margin (%) | 30.1% | 32.4% | 7.8% |
| P/E Multiple | 16.8 | 19.3 | 15.3% |
| Shares Outstanding (Mil) | 2,022 | 2,084 | -3.0% |
| Cumulative Contribution | 28.5% |
Market Drivers
7/31/2023 to 8/16/2026| Return | Correlation | |
|---|---|---|
| NEE | 28.5% | |
| Market (SPY) | 75.6% | 18.5% |
| Sector (XLU) | 43.7% | 74.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NEE Return | 23% | -9% | -25% | 21% | 15% | 9% | 28% |
| Peers Return | 19% | 2% | -9% | 17% | 17% | 11% | 68% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| NEE Win Rate | 75% | 58% | 42% | 50% | 58% | 50% | |
| Peers Win Rate | 55% | 62% | 53% | 62% | 65% | 52% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| NEE Max Drawdown | -18% | -26% | -41% | -18% | -16% | -15% | |
| Peers Max Drawdown | -10% | -26% | -22% | -12% | -12% | -11% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: DUK, SO, D, AEP, EXC. See NEE Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/14/2026 (YTD)
How Low Can It Go
| Event | NEE | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -34.2% | -9.5% |
| % Gain to Breakeven | 51.9% | 10.5% |
| Time to Breakeven | 213 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -24.8% | -24.5% |
| % Gain to Breakeven | 33.1% | 32.4% |
| Time to Breakeven | 95 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -33.5% | -33.7% |
| % Gain to Breakeven | 50.4% | 50.9% |
| Time to Breakeven | 116 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -10.2% | -3.7% |
| % Gain to Breakeven | 11.4% | 3.9% |
| Time to Breakeven | 89 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -12.9% | -12.2% |
| % Gain to Breakeven | 14.9% | 13.9% |
| Time to Breakeven | 146 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -12.7% | -17.9% |
| % Gain to Breakeven | 14.5% | 21.8% |
| Time to Breakeven | 80 days | 123 days |
In The Past
NextEra Energy's stock fell -6.4% during the 2025 US Tariff Shock. Such a loss loss requires a 6.8% gain to breakeven.
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Asset Allocation
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| Event | NEE | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -34.2% | -9.5% |
| % Gain to Breakeven | 51.9% | 10.5% |
| Time to Breakeven | 213 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -24.8% | -24.5% |
| % Gain to Breakeven | 33.1% | 32.4% |
| Time to Breakeven | 95 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -33.5% | -33.7% |
| % Gain to Breakeven | 50.4% | 50.9% |
| Time to Breakeven | 116 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -44.8% | -53.4% |
| % Gain to Breakeven | 81.1% | 114.4% |
| Time to Breakeven | 1167 days | 1085 days |
In The Past
NextEra Energy's stock fell -6.4% during the 2025 US Tariff Shock. Such a loss loss requires a 6.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About NextEra Energy (NEE)
NextEra Energy, Inc. (NEE) is a leading North American energy company primarily involved in the generation, transmission, distribution, and sale of electric power. The company utilizes a diverse portfolio of energy sources, including wind, solar, nuclear, natural gas, and coal, to produce electricity. This comprehensive approach allows NextEra Energy to serve a wide range of customers while also being a significant developer and operator of clean energy solutions.
The company's business model encompasses two main areas. Firstly, through its regulated utility operations, it provides essential electricity services to approximately 5.7 million customer accounts, serving about 11 million people across the east and lower west coasts of Florida. Secondly, NextEra Energy also develops, constructs, and operates long-term contracted clean energy assets, such as renewable generation facilities, battery storage projects, and electric transmission facilities across North America. It also sells energy commodities and manages generation facilities in wholesale energy markets.
NextEra Energy's primary customers include retail electric consumers in Florida, where it acts as a traditional utility. Beyond Florida, its market extends to wholesale customers and entities seeking long-term contracted clean energy solutions across North America. This dual focus allows NextEra Energy to maintain a stable regulated earnings base while also capitalizing on the growing demand for renewable energy and grid infrastructure improvements.
AI Analysis | Feedback
Here are 1-3 brief analogies for NextEra Energy (NEE):
The Amazon of utility-scale clean energy infrastructure.
Imagine Con Edison (a major city's power utility), but also as one of North America's largest developers and operators of wind and solar farms.
AI Analysis | Feedback
- Electric Power Generation: Produces electricity using various sources, including wind, solar, nuclear, natural gas, and coal.
- Electric Power Transmission & Distribution: Transmits and distributes generated electricity to retail and wholesale customers through its network of lines and substations.
- Clean Energy Infrastructure Development & Operation: Develops, constructs, and operates long-term contracted assets such as renewable generation facilities, battery storage projects, and electric transmission facilities.
- Energy Commodity Sales: Sells energy commodities in wholesale energy markets.
AI Analysis | Feedback
1. Residential Customers: NextEra Energy serves approximately 11 million people through approximately 5.7 million customer accounts in the east and lower west coasts of Florida. These customers are individual households that consume electricity for personal use.
2. Commercial and Industrial Customers: Within its Florida service territory, NextEra Energy also serves various commercial establishments and industrial facilities. These customers represent businesses of different sizes that require electricity for their operations.
3. Wholesale Customers: Beyond its direct retail base in Florida, NextEra Energy also sells electric power to wholesale customers across North America. These include other utility companies, municipalities, and energy marketers who purchase electricity in bulk for distribution or resale, as well as entities involved in wholesale energy markets.
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- General Electric (GE)
- Vestas Wind Systems A/S (VWDRY)
- First Solar (FSLR)
- Brookfield Business Partners L.P. (BBU)
- Kinder Morgan (KMI)
- Siemens Energy AG (SMNEY)
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John W. Ketchum, Chairman, President and Chief Executive Officer
John W. Ketchum joined NextEra Energy in 2002. He was appointed president and CEO in March 2022 and became chairman of the board of directors in July 2022. Mr. Ketchum also serves as chairman of Florida Power & Light Company (FPL) since February 2023. His previous roles at NextEra Energy include president and CEO of NextEra Energy Resources, chief financial officer of NextEra Energy, and chief financial officer of FPL. He also served as CEO, president, and chief financial officer of XPLR Infrastructure (NextEra Energy Partners). Before joining NextEra Energy, he worked as a lawyer. Mr. Ketchum holds a Master of Laws degree in taxation and a Juris Doctor from the University of Missouri-Kansas City School of Law, and a Bachelor of Arts in economics and finance from the University of Arizona. He completed the Emerging CFO – Strategic Financial Leadership Program at Stanford University.
Michael H. Dunne, Executive Vice President, Finance and Chief Financial Officer
Michael H. Dunne was appointed Executive Vice President, Finance and Chief Financial Officer for NextEra Energy, Inc. and Florida Power & Light Company, effective May 22, 2025. He previously served as treasurer and assistant secretary for NextEra Energy since January 2023 and as vice president, finance in 2022. Prior to joining NextEra Energy in April 2022, Mr. Dunne was a managing director, power and renewables, investment banking at Bank of America. At Bank of America, he led the firm's renewable and energy transition strategic advisory efforts, having joined the firm in 2002. He holds a law degree from Harvard Law School and a bachelor's in economics and history from Duke University.
Armando Pimentel, Jr., President and Chief Executive Officer, Florida Power & Light Company
Armando Pimentel, Jr. was appointed chief executive officer of Florida Power & Light Company (FPL) in February 2023. He previously served as president and CEO of NextEra Energy Resources, LLC and as executive vice president, finance, and chief financial officer of NextEra Energy.
Brian W. Bolster, President and Chief Executive Officer, NextEra Energy Resources, LLC
Brian W. Bolster became President and Chief Executive Officer of NextEra Energy Resources, LLC, effective May 22, 2025. He joined NextEra Energy in May 2024 as executive vice president, finance and CFO. Before joining NextEra Energy, Mr. Bolster was the head of natural resources in the Americas at Goldman Sachs, where he played an integral role in growing the firm's natural resources business. He started at Goldman Sachs in 1999, becoming a managing director in 2007 and a partner in 2012.
Kirk Crews, Executive Vice President and Chief Risk Officer
Kirk Crews is executive vice president and chief risk officer for NextEra Energy, Inc. He joined NextEra Energy in 2016 and has held various business and financial roles within the company. Prior to his current position, Mr. Crews served as executive vice president, finance and chief financial officer (CFO) for NextEra Energy, as well as executive vice president, finance and CFO of Florida Power & Light Company. He also held the role of CFO and was a member of the board of directors for XPLR Infrastructure, LP.
AI Analysis | Feedback
The key risks to NextEra Energy (NEE) are primarily associated with the highly regulated nature of the utility industry, its significant operations in a hurricane-prone region, and its exposure to fuel price fluctuations.
- Regulatory and Political Risks: NextEra Energy operates in a heavily regulated industry where changes in energy policies, environmental regulations (particularly concerning its coal and natural gas facilities), and rate-setting mechanisms can directly impact its operations and financial performance. Its significant presence and customer base in Florida make it particularly susceptible to the state's regulatory environment and political shifts.
- Weather-Related Risks and Climate Change: Given its extensive transmission and distribution infrastructure and customer concentration in Florida, NextEra Energy is highly vulnerable to severe weather events such as hurricanes and tropical storms. These events can cause significant damage to infrastructure, lead to costly repairs, service disruptions, and increased operating expenses. The broader impacts of climate change, including rising sea levels and altered weather patterns, could also affect long-term operational costs and infrastructure resilience.
- Commodity Price Volatility: Although NextEra Energy has a growing portfolio of renewable energy assets, it still generates electricity through natural gas and coal facilities and sells energy commodities in wholesale markets. Fluctuations in the prices of natural gas and coal can affect the cost of electricity generation and impact profitability, especially for generation not covered by long-term, fixed-price contracts.
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The clear emerging threat for NextEra Energy is the increasing adoption of distributed energy resources, specifically customer-owned rooftop solar and battery storage systems. This trend allows residential and commercial customers to generate and store their own electricity, reducing their reliance on purchasing power from NextEra's grid and potentially impacting the company's retail electricity sales and distribution revenue streams, which are core to its traditional utility business model in Florida.
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NextEra Energy (NEE) operates in several significant addressable markets across North America, primarily in electric power generation, transmission, distribution, and clean energy solutions such as wind, solar, and battery storage. The addressable market sizes for its main products and services are detailed below:
Electricity Generation and Retail/Wholesale Market
- The power generation industry within the North American Free Trade Agreement (NAFTA) countries (U.S., Canada, and Mexico) had a total market value of approximately $229.4 billion in 2024. This market is projected to grow to approximately $279.7 billion by 2029. The U.S. alone accounted for $168.0 billion of this market in 2024, with a projection to reach $210.1 billion by 2029.
- In Florida, where NextEra Energy's subsidiary Florida Power & Light (FPL) operates, the total electricity net generation was approximately 266,119,236 megawatthours in 2024. FPL serves approximately 5.9 million customer accounts, totaling about 12 million people in Florida, and reported operating revenues of $18.37 billion in 2023. In March 2026, FPL held a 50% market share among utilities in Florida.
Renewable Energy Market (Overall)
- The U.S. renewable energy market was valued at approximately $94.86 billion in 2024. It is estimated to reach $98.30 billion in 2025 and is projected to grow to approximately $122.0 billion by 2032. In terms of installed capacity, the U.S. renewable energy market is expected to grow from 545.16 gigawatts in 2026 to 778.78 gigawatts by 2031.
Wind Energy Market
- The North America wind power market, in terms of cumulative installed capacity, is estimated at 198.17 gigawatts in 2026 and is projected to reach 252.83 gigawatts by 2031.
- The North America wind turbine market size was valued at over $25.1 billion in 2024 and is anticipated to reach approximately $43.2 billion by 2034.
- The North America offshore wind energy market was valued at $6.75 billion in 2024 and is projected to reach $51.24 billion by 2033.
Solar Energy Market
- The North America Solar Photovoltaic (PV) market, in terms of installed capacity, was estimated at 277.27 gigawatts in 2026 and is projected to reach 492.16 gigawatts by 2031.
- The North America solar PV market size (revenue) was valued at $45.4 billion in 2025 and is anticipated to grow to $82.1 billion by 2035.
- Specifically, the U.S. solar PV market was valued at $44.1 billion in 2025.
Battery Storage Market
- The North America Battery Energy Storage System (BESS) market was valued at approximately $20.82 billion in 2025 and is estimated to grow to $49.34 billion by 2031.
Electric Transmission and Distribution (T&D) Market
- The North America power transmission and distribution market generated a revenue of approximately $98.15 billion in 2024 and is projected to reach approximately $125.48 billion by 2030.
- Another estimate places the North America electricity Transmission and Distribution market at $115.97 billion in 2025, projected to reach $118.59 billion in 2026.
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- Expansion of Renewable Energy and Storage Portfolio: NextEra Energy Resources (NEER) is a leading driver of future revenue growth, with analysts projecting a substantial increase in operating revenues. The company boasts a robust backlog of over 20 gigawatts (GW) of new wind, solar, and battery storage projects, providing clear visibility for growth through 2026 and beyond. NextEra aims to significantly increase its solar capacity, targeting approximately 35% of its total by 2032, and expects its combined renewable generation portfolio to reach around 81 GW by the end of 2027. This expansion is supported by substantial capital expenditures in renewables and includes strategies like repowering existing wind projects through 2026 to enhance their value.
- Customer Growth and Infrastructure Investment at Florida Power & Light (FPL): Florida Power & Light, NextEra Energy's regulated utility, benefits from Florida's rapidly expanding population, which drives consistent customer growth and increased electricity demand in its service territory. FPL's sustained capital investments, which amounted to approximately $9.4 billion in 2023, are aimed at rate base expansion and adding new generation capacity. The approval of FPL's 2025 rate agreement also provides regulatory certainty for four years, supporting stable earnings expansion and continued investment in infrastructure to serve its growing customer base.
- Meeting Increased Power Demand from Data Centers and Decarbonization Initiatives: NextEra Energy is actively addressing the surging demand for power from data centers, with over three gigawatts of projects currently in development. The company anticipates building 15-30 GW of generation capacity for data centers by 2035 and is forging partnerships with major technology companies, such as Google, to expand energy infrastructure for data center needs. Additionally, NextEra is focused on leading the decarbonization of the U.S. economy, including efforts to develop the hydrogen market, which presents further opportunities for new energy solutions and revenue streams.
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Share Repurchases
- NextEra Energy has indicated that its stable free cash flow, derived from organic and inorganic assets, contributes to increasing shareholder value through dividends and share repurchases.
- As of October 2025, NextEra Energy had a current buyback authorization that would enable the company to repurchase 180 million shares.
- Historical data from late 2025 and early 2026 suggests minimal or zero share repurchases by NextEra Energy on a per-share basis.
Share Issuance
- In December 2025, NextEra Energy established an at-the-market equity issuance program to offer and sell up to $4 billion of its common stock over time through an Equity Distribution Agreement.
- NextEra Energy's funding plan for 2024-2027 includes equity units totaling $5 billion to $7 billion.
- In February 2026, the company announced a public offering of $2 billion in equity units, with the potential to increase to $2.27 billion, to support energy projects and for general corporate purposes, including debt repayment.
Outbound Investments
- In December 2025, NextEra Energy Resources, LLC announced an agreement to acquire Symmetry Energy Solutions, a natural gas supply, storage, and asset management company, with the transaction expected to close in the first quarter of 2026.
- NextEra Energy acquired CenterPoint Energy, a manufacturer of electric transmission equipment, in November 2023.
- In December 2025, NextEra Energy and Google Cloud expanded their partnership to develop approximately 15 gigawatts of new power generation capacity by 2035 to support several large-scale data center campuses in the United States.
Capital Expenditures
- NextEra Energy plans to invest approximately $72.6 billion to $75 billion from 2025 through 2029 (or 2028), with a primary focus on infrastructure modernization, grid reliability, and the development of low-cost clean energy generation.
- Between 2025 and 2030, the company plans to invest nearly $94.2 billion to support growth and infrastructure development.
- For the full year 2025, capital expenditures for Florida Power & Light (FPL) are projected to be between $9.3 billion and $9.8 billion, aimed at expanding its regulatory capital base and ensuring the utility's reliability and cost-effectiveness.
Peer Outperformance in Multi-Utilities
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| NEE | NextEra Energy | 2.3% | 19.3x | 17.6% | 39.5% | 17.1% | — |
| PCG | PG&E | 5.2% | 12.4x | 20.0% | 9.0% | 98.8% | +82pp |
| NI | NiSource | 6.3% | 22.5x | 4.0% | 78.1% | 94.6% | +78pp |
| CNP | CenterPoint Energy | 1.5% | 24.0x | 9.5% | 56.5% | 72.5% | +55pp |
| OGE | OGE Energy | 1.6% | 21.0x | 9.3% | 58.9% | 63.6% | +47pp |
| AEE | Ameren | 3.0% | 19.4x | 12.2% | 52.0% | 41.2% | +24pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Independent Power Producers & Energy Traders | 6 | 1.9% | 229.1% | 291.9% | HNRG 635% · CNL 470% · OKLO 351% |
| Electric Utilities | 24 | 12.2% | 49.7% | 47.0% | VST 795% · GNE 158% · ETR 136% |
| Multi-Utilities ← | 18 | 11.4% | 49.8% | 40.1% | PCG 99% · MDU 97% · NI 95% |
| Gas Utilities | 10 | 9.8% | 44.6% | 36.2% | ATO 91% · NFG 83% · NJR 78% |
| Water Utilities | 12 | 11.0% | -0.2% | -14.7% | CWCO 196% · AWR 9% · ARTNA 8% |
| Renewable Electricity | 5 | -16.8% | -54.4% | -94.2% | ORA 75% · CWEN 44% · AGIG -94% |
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|---|---|
| Name | |
| Mkt Price | 89.50 |
| Mkt Cap | 82.4 |
| Rev LTM | 27,014 |
| Op Inc LTM | 6,322 |
| FCF LTM | -2,853 |
| FCF 3Y Avg | -1,889 |
| CFO LTM | 9,172 |
| CFO 3Y Avg | 8,137 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.4% |
| Rev Chg 3Y Avg | 5.0% |
| Rev Chg Q | 8.5% |
| QoQ Delta Rev Chg LTM | 1.9% |
| Op Inc Chg LTM | 5.9% |
| Op Inc Chg 3Y Avg | 12.5% |
| Op Mgn LTM | 25.4% |
| Op Mgn 3Y Avg | 25.9% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 34.3% |
| CFO/Rev 3Y Avg | 33.8% |
| FCF/Rev LTM | -10.8% |
| FCF/Rev 3Y Avg | -6.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 82.4 |
| P/S | 3.2 |
| P/Op Inc | 12.3 |
| P/EBIT | 11.4 |
| P/E | 20.5 |
| P/CFO | 9.4 |
| Total Yield | 7.8% |
| Dividend Yield | 3.0% |
| FCF Yield 3Y Avg | -2.8% |
| D/E | 0.8 |
| Net D/E | 0.8 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -2.8% |
| 3M Rtn | 2.2% |
| 6M Rtn | -1.8% |
| 12M Rtn | 10.6% |
| 3Y Rtn | 52.0% |
| 1M Excs Rtn | -6.8% |
| 3M Excs Rtn | -3.1% |
| 6M Excs Rtn | -13.1% |
| 12M Excs Rtn | -11.1% |
| 3Y Excs Rtn | -24.2% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Florida Power & Light Company (FPL) | 18,262 | 17,019 | 18,365 | 17,282 | 14,102 |
| NextEra Energy Resources (NEER) | 8,760 | 7,542 | 9,672 | 3,720 | 3,053 |
| Corporate and Other | 390 | 192 | 77 | -46 | -86 |
| Total | 27,412 | 24,753 | 28,114 | 20,956 | 17,069 |
| $ Mil | 2004 | 2000 |
|---|---|---|
| FPL | 749 | 607 |
| FPL Energy | 172 | 82 |
| Corporate | -34 | 15 |
| Total | 887 | 704 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Florida Power & Light Company (FPL) | 5,012 | 4,543 | 4,552 | 3,701 | 3,206 |
| NextEra Energy Resources (NEER) | 2,975 | 2,299 | 3,558 | 285 | 599 |
| Corporate and Other | -1,152 | 104 | -800 | 161 | -232 |
| Total | 6,835 | 6,946 | 7,310 | 4,147 | 3,573 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Florida Power & Light Company (FPL) | 105,158 | 98,141 | 91,469 | 86,559 | 78,067 |
| NextEra Energy Resources (NEER) | 103,528 | 89,398 | 83,145 | 70,713 | 62,113 |
| Corporate and Other | 4,035 | 2,605 | 2,875 | 1,663 | 732 |
| Total | 212,721 | 190,144 | 177,489 | 158,935 | 140,912 |
Price Behavior
| Market Price | $86.19 | |
| Market Cap ($ Bil) | 179.6 | |
| First Trading Date | 06/10/1983 | |
| Distance from 52W High | -11.3% | |
| 50 Days | 200 Days | |
| DMA Price | $87.11 | $86.99 |
| DMA Trend | up | down |
| Distance from DMA | -1.1% | -0.9% |
| 3M | 1YR | |
| Volatility | 18.3% | 21.5% |
| Downside Capture | 9.22 | 5.29 |
| Upside Capture | -24.81 | 22.71 |
| Correlation (SPY) | -5.0% | 8.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.14 | -0.12 | -0.07 | -0.00 | 0.13 | 0.33 |
| Up Beta | -0.52 | -0.07 | -0.30 | 0.07 | 0.11 | 0.43 |
| Down Beta | 0.54 | 0.07 | -0.25 | 0.14 | 0.31 | 0.34 |
| Up Capture | -30% | -18% | -18% | -5% | 14% | 8% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 9 | 23 | 29 | 64 | 134 | 398 |
| Down Capture | -17% | -24% | 37% | -10% | -11% | 46% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 13 | 20 | 33 | 60 | 115 | 351 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NEE | |
|---|---|---|---|---|
| NEE | 22.8% | 21.8% | 0.85 | - |
| Sector ETF (XLU) | 4.7% | 14.9% | 0.10 | 71.1% |
| Equity (SPY) | 21.5% | 12.8% | 1.25 | 8.1% |
| Gold (GLD) | 30.0% | 28.5% | 0.91 | 13.4% |
| Commodities (DBC) | 38.1% | 20.1% | 1.49 | 1.8% |
| Real Estate (VNQ) | 14.4% | 13.9% | 0.73 | 36.2% |
| Bitcoin (BTCUSD) | -49.1% | 42.8% | -1.45 | 9.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NEE | |
|---|---|---|---|---|
| NEE | 4.0% | 26.9% | 0.14 | - |
| Sector ETF (XLU) | 8.7% | 17.3% | 0.35 | 76.7% |
| Equity (SPY) | 13.4% | 17.2% | 0.60 | 33.9% |
| Gold (GLD) | 19.5% | 18.6% | 0.85 | 16.5% |
| Commodities (DBC) | 9.6% | 19.6% | 0.38 | 9.2% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 50.1% |
| Bitcoin (BTCUSD) | 8.0% | 52.8% | 0.34 | 9.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NEE | |
|---|---|---|---|---|
| NEE | 13.3% | 25.5% | 0.51 | - |
| Sector ETF (XLU) | 8.9% | 19.3% | 0.39 | 81.6% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 44.7% |
| Gold (GLD) | 12.0% | 16.2% | 0.60 | 17.0% |
| Commodities (DBC) | 7.7% | 18.0% | 0.34 | 10.6% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 57.5% |
| Bitcoin (BTCUSD) | 59.9% | 66.1% | 1.00 | 10.3% |
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Earnings Returns History
Updated 8/11/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/24/2026 | -0.0% | -2.1% | |
| 4/23/2026 | 6.9% | 4.6% | -0.3% |
| 1/27/2026 | 2.0% | 1.0% | 11.3% |
| 10/28/2025 | -2.9% | -4.9% | -0.7% |
| 7/23/2025 | -6.1% | -7.2% | -1.8% |
| 4/23/2025 | 0.9% | 0.9% | 7.4% |
| 1/24/2025 | 5.2% | 3.0% | 2.3% |
| 10/23/2024 | 1.5% | -4.9% | -8.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 13 | 11 |
| # Negative | 11 | 11 | 12 |
| Median Positive | 2.0% | 3.0% | 11.3% |
| Median Negative | -2.9% | -4.9% | -9.0% |
| Max Positive | 7.0% | 11.0% | 17.8% |
| Max Negative | -8.7% | -11.0% | -15.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/24/2026 | -0.0% | -2.1% | |
| 4/23/2026 | 6.9% | 4.6% | -0.3% |
| 1/27/2026 | 2.0% | 1.0% | 11.3% |
| 10/28/2025 | -2.9% | -4.9% | -0.7% |
| 7/23/2025 | -6.1% | -7.2% | -1.8% |
| 4/23/2025 | 0.9% | 0.9% | 7.4% |
| 1/24/2025 | 5.2% | 3.0% | 2.3% |
| 10/23/2024 | 1.5% | -4.9% | -8.1% |
| 7/24/2024 | 4.6% | 3.0% | 10.4% |
| 4/23/2024 | 1.4% | 3.2% | 17.8% |
| 1/25/2024 | 1.7% | 2.8% | -0.4% |
| 10/24/2023 | 7.0% | 11.0% | 12.5% |
| 7/25/2023 | -0.1% | -2.9% | -10.6% |
| 4/25/2023 | -1.5% | -2.8% | -6.2% |
| 1/25/2023 | -8.7% | -11.0% | -13.1% |
| 10/28/2022 | 4.7% | 3.6% | 11.5% |
| 7/22/2022 | 1.7% | 7.2% | 13.7% |
| 4/21/2022 | -6.5% | -10.1% | -13.6% |
| 1/25/2022 | -8.3% | -4.6% | -11.7% |
| 10/20/2021 | 2.3% | 4.2% | 7.0% |
| 7/23/2021 | 1.4% | 2.7% | 13.3% |
| 4/21/2021 | -3.2% | -4.0% | -9.8% |
| 1/26/2021 | -1.9% | -6.0% | -15.1% |
| 10/21/2020 | -1.1% | 0.7% | 0.7% |
| SUMMARY STATS | |||
| # Positive | 13 | 13 | 11 |
| # Negative | 11 | 11 | 12 |
| Median Positive | 2.0% | 3.0% | 11.3% |
| Median Negative | -2.9% | -4.9% | -9.0% |
| Max Positive | 7.0% | 11.0% | 17.8% |
| Max Negative | -8.7% | -11.0% | -15.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/24/2026 | 10-Q |
| 03/31/2026 | 04/23/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/23/2025 | 10-Q |
| 03/31/2025 | 04/23/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 10/23/2024 | 10-Q |
| 06/30/2024 | 07/24/2024 | 10-Q |
| 03/31/2024 | 04/23/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 07/26/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/24/2026 | 10-Q |
| 03/31/2026 | 04/23/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/23/2025 | 10-Q |
| 03/31/2025 | 04/23/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 10/23/2024 | 10-Q |
| 06/30/2024 | 07/24/2024 | 10-Q |
| 03/31/2024 | 04/23/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 07/26/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 07/27/2022 | 10-Q |
| 03/31/2022 | 04/22/2022 | 10-Q |
| 12/31/2021 | 02/18/2022 | 10-K |
| 09/30/2021 | 10/25/2021 | 10-Q |
| 06/30/2021 | 07/26/2021 | 10-Q |
| 03/31/2021 | 04/23/2021 | 10-Q |
| 12/31/2020 | 02/12/2021 | 10-K |
| 09/30/2020 | 10/23/2020 | 10-Q |
| 06/30/2020 | 07/24/2020 | 10-Q |
| 03/31/2020 | 04/23/2020 | 10-Q |
| 12/31/2019 | 02/14/2020 | 10-K |
| 09/30/2019 | 10/23/2019 | 10-Q |
Recent Forward Guidance
Updated 7/25/2026Latest: Q2 2026 Earnings Reported 7/24/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EPS | 3.92 | 3.97 | 4.02 | Affirmed | Guidance: 3.97 for 2026 | ||
| 2032 Adjusted EPS Growth | 8.0% | 0.0% | Affirmed | Guidance: 8.0% for 2032 | |||
| 2026 Dividends Per Share Growth | 10.0% | 0.0% | Affirmed | Guidance: 10.0% for 2026 | |||
| 2028 Dividends Per Share Growth | 6.0% | 0.0% | Affirmed | Guidance: 6.0% for 2028 | |||
| 2026 Capital Expenditures | 12.00 Bil | 12.50 Bil | 13.00 Bil | 0.0% | Affirmed | Guidance: 12.50 Bil for 2026 | |
Prior: Q1 2026 Earnings Reported 4/23/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EPS | 3.92 | 3.97 | 4.02 | 0 | Affirmed | Guidance: 3.97 for 2026 | |
| 2032 Adjusted EPS Growth | 8.0% | 0 | Affirmed | Guidance: 8.0% for 2032 | |||
| 2026 Dividends per share growth | 10.0% | 0 | Affirmed | Guidance: 10.0% for 2026 | |||
| 2028 Dividends per share growth | 6.0% | 0 | Affirmed | Guidance: 6.0% for 2028 | |||
| 2026 Capital Expenditures | 12.00 Bil | 12.50 Bil | 13.00 Bil | ||||
Q4 2025 Earnings Reported 1/27/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EPS | 3.92 | 3.97 | 4.02 | 4.1% | Raised | Guidance: 3.81 for 2026 | |
| 2032 Adjusted EPS Growth | 8.0% | ||||||
| 2035 Adjusted EPS Growth | 8.0% | ||||||
| 2026 Dividends per share growth | 10.0% | 0.0% | Affirmed | Guidance: 10.0% for 2026 | |||
| 2028 Dividends per share growth | 6.0% | ||||||
| 2032 Capital Expenditures | 90.00 Bil | 95.00 Bil | 100.00 Bil | ||||
Q3 2025 Earnings Reported 10/28/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Adjusted EPS | 3.45 | 3.58 | 3.7 | 0 | Affirmed | Guidance: 3.58 for 2025 | |
| 2026 Adjusted EPS | 3.63 | 3.81 | 4 | 0 | Affirmed | Guidance: 3.81 for 2026 | |
| 2027 Adjusted EPS | 3.85 | 4.08 | 4.32 | 0 | Affirmed | Guidance: 4.08 for 2027 | |
| 2026 Dividends per share growth | 10.0% | 0 | Affirmed | Guidance: 10.0% for 2026 | |||
| 2025 Capital Investments | 9.30 Bil | 9.55 Bil | 9.80 Bil | 13.7% | Raised | Guidance: 8.40 Bil for 2025 | |
Insider Activity
Updated 7/9/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Daggs, Nicole J | EVP, Human Res & Corp Svcs | Direct | Sell | 3162026 | 93.00 | 4,934 | 458,862 | 1,572,165 | Form |
| 2 | May, James Michael | Treasurer and Asst. Secretary | Direct | Sell | 3102026 | 90.27 | 7,161 | 646,423 | 2,411,924 | Form |
| 3 | Crews, Terrell Kirk II | EVP, Chief Risk Officer | Direct | Sell | 3102026 | 90.27 | 19,672 | 1,775,791 | 6,667,071 | Form |
| 4 | Lemasney, Mark | EVP Power Generation Division | Direct | Sell | 3102026 | 90.27 | 3,845 | 347,088 | 811,979 | Form |
| 5 | Reagan, Ronald R | EVP, Eng., Const. & ISC | Direct | Sell | 2182026 | 95.00 | 5,079 | 482,505 | 1,041,200 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Daggs, Nicole J | EVP, Human Res & Corp Svcs | Direct | Sell | 3162026 | 93.00 | 4,934 | 458,862 | 1,572,165 | Form |
| 2 | May, James Michael | Treasurer and Asst. Secretary | Direct | Sell | 3102026 | 90.27 | 7,161 | 646,423 | 2,411,924 | Form |
| 3 | Crews, Terrell Kirk II | EVP, Chief Risk Officer | Direct | Sell | 3102026 | 90.27 | 19,672 | 1,775,791 | 6,667,071 | Form |
| 4 | Lemasney, Mark | EVP Power Generation Division | Direct | Sell | 3102026 | 90.27 | 3,845 | 347,088 | 811,979 | Form |
| 5 | Reagan, Ronald R | EVP, Eng., Const. & ISC | Direct | Sell | 2182026 | 95.00 | 5,079 | 482,505 | 1,041,200 | Form |
| 6 | Ketchum, John W | Chairman, President & CEO | Direct | Sell | 2102026 | 89.34 | 99,603 | 8,898,532 | 27,332,054 | Form |
| 7 | Reagan, Ronald R | EVP, Eng., Const. & ISC | Direct | Sell | 2052026 | 90.00 | 18,620 | 1,675,800 | 867,870 | Form |
| 8 | Sieving, Charles E | EVP, Chief Legal | Direct | Sell | 2052026 | 90.00 | 30,000 | 2,700,000 | 15,073,290 | Form |
| 9 | Reagan, Ronald R | EVP, Eng., Const. & ISC | Direct | Sell | 1232026 | 85.00 | 10,826 | 920,210 | 1,329,655 | Form |
| 10 | Reagan, Ronald R | EVP, Eng., Const. & ISC | Direct | Sell | 12122025 | 81.25 | 12,129 | 985,481 | 2,150,606 | Form |
| 11 | Pimentel, Armando JR | Direct | Sell | 11182025 | 83.91 | 145,140 | 12,178,697 | 13,651,570 | Form | |
| 12 | Sieving, Charles E | EVP, Chief Legal | Direct | Sell | 10062025 | 80.00 | 11,336 | 906,880 | 13,398,480 | Form |
| 13 | Lemasney, Mark | EVP Power Generation Division | Direct | Sell | 10022025 | 77.90 | 808 | 62,943 | 658,956 | Form |
| 14 | Lemasney, Mark | EVP Power Generation Division | Direct | Sell | 9262025 | 74.90 | 846 | 63,365 | 694,098 | Form |
| 15 | Lemasney, Mark | EVP Power Generation Division | Direct | Sell | 9152025 | 71.90 | 846 | 60,827 | 727,125 | Form |
| 16 | Dunne, Michael | EVP, Finance & CFO | Direct | Sell | 9092025 | 70.79 | 10,000 | 707,900 | 4,393,511 | Form |
| 17 | Coffey, Robert | EVP, Nuclear Div & CNO | Direct | Sell | 7292025 | 71.84 | 7,500 | 538,800 | 1,906,562 | Form |
| 18 | May, James Michael | Treasurer and Asst. Secretary | Direct | Sell | 7232025 | 77.50 | 2,177 | 168,718 | 2,143,805 | Form |
Investor Activity (13F)
Updated Aug 17, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Portman Square Capital LLP | $73.1 Mil | 11.1% | 44 | ADD +105.1% | 13F |
| BlackBarn Capital Partners LP | $31.1 Mil | 9.4% | 14 | Hold | 13F |
| Electron Capital Partners, LLC | $189.5 Mil | 8.9% | 44 | ADD +15.4% | 13F |
| Mirova US LLC | $336.5 Mil | 3.8% | 42 | Hold | 13F |
| HFR Wealth Management, LLC | $12.2 Mil | 3.0% | 49 | Hold | 13F |
| Haverford Financial Services, Inc. | $9.7 Mil | 2.9% | 46 | Hold | 13F |
| Iyo Bank, Ltd. | $7.7 Mil | 2.7% | 35 | ADD +85.8% | 13F |
| Ovata Capital Management Ltd | $12.6 Mil | 1.8% | 38 | New | 13F |
| Castellan Group | $5.0 Mil | 0.7% | 34 | Hold | 13F |
| Woodbridge Co Ltd | $32.3 Mil | 0.1% | 46 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Woodbridge Co Ltd | $32.3 Mil | 0.1% | 46 | New | 13F |
| Ovata Capital Management Ltd | $12.6 Mil | 1.8% | 38 | New | 13F |
| Portman Square Capital LLP | $73.1 Mil | 11.1% | 44 | ADD +105.1% | 13F |
| Iyo Bank, Ltd. | $7.7 Mil | 2.7% | 35 | ADD +85.8% | 13F |
| Electron Capital Partners, LLC | $189.5 Mil | 8.9% | 44 | ADD +15.4% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Mirova US LLC | $336.5 Mil | 3.8% | 42 | Hold | 13F |
| Electron Capital Partners, LLC | $189.5 Mil | 8.9% | 44 | ADD +15.4% | 13F |
| Portman Square Capital LLP | $73.1 Mil | 11.1% | 44 | ADD +105.1% | 13F |
| Woodbridge Co Ltd | $32.3 Mil | 0.1% | 46 | New | 13F |
| BlackBarn Capital Partners LP | $31.1 Mil | 9.4% | 14 | Hold | 13F |
| Ovata Capital Management Ltd | $12.6 Mil | 1.8% | 38 | New | 13F |
| HFR Wealth Management, LLC | $12.2 Mil | 3.0% | 49 | Hold | 13F |
| Haverford Financial Services, Inc. | $9.7 Mil | 2.9% | 46 | Hold | 13F |
| Iyo Bank, Ltd. | $7.7 Mil | 2.7% | 35 | ADD +85.8% | 13F |
| Castellan Group | $5.0 Mil | 0.7% | 34 | Hold | 13F |
NEE Trade Sentinel
Constructive
CONVICTION RATIONALE
Conviction is constructive, centered on the company's prime position to capture a historic, data-center-driven surge in power demand. This is evidenced by a massive 35.1 gigawatt project backlog and accelerating growth in its regulated Florida utility. Key risks in its financial discipline and project execution are present but appear manageable as long as the powerful demand trend continues.
STOCK ARCHETYPE
Hybrid Regulated & Contracted UtilityFor FPL: (Regulated Rate Base x Allowed Return on Equity). For NEER: (Contracted Generation Capacity in MW x PPA Price per MWh). For FPL, it is operational efficiency driving costs below regulated recovery levels. For NEER, it is securing favorable long-term PPA pricing on new developments and re-contracting existing assets at higher market rates.
INVESTMENT THESIS
Evidence suggests it is successfully capitalizing on accelerating electricity demand, positioning it for sustained, high-single-digit earnings growth.
- NEER added 3.6 gigawatts to its project backlog in Q2 2026.
- FPL's regulatory capital employed growth accelerated to 9.3% YoY.
- The company is recontracting assets at premiums of roughly $20 per megawatt hour.
- Management affirmed long-term guidance for 8%+ adjusted EPS growth through 2032.
PRIMARY RISK
Aggressive growth is straining the balance sheet and operations, with high leverage, an unfunded dividend, and costs growing faster than revenue. These factors could impair its ability to execute on its large backlog profitably.
- Net debt has risen to $107.3 billion, or 6.06 times EBITDA.
- Free cash flow of $3 billion does not cover the $4.9 billion dividend.
- Operating expenses grew 11.6% year-over-year, outpacing 10.8% revenue growth.
- Accounts receivable grew 23.3% YoY, far ahead of 12.4% revenue growth.
| KPI | Status | Rationale |
|---|---|---|
| NextEra Energy Resources (NEER) Renewables & Storage Backlog Additions | 3.6 gigawatts of new renewables and storage projects added in Q2 2026 - Stable | While sequentially lower than the prior quarter's record, management characterized the latest quarter's 3.6 GW of backlog additions as its "second largest quarter of additions." The trend over the last three quarters (3.6 GW, 4.0 GW, 3.6 GW) indicates a stable and high level of new project origination, driven by strong demand for renewables and particularly for battery storage, which accounted for 2 GW of the latest additions. |
| Florida Power & Light (FPL) Regulatory Capital Employed Growth | 9.3% year-over-year growth in Q2 2026 - Accelerating | The growth in FPL's regulatory capital base, a primary driver of its earnings, is accelerating. This is supported by strong underlying customer growth, with the utility adding over 90,000 customers year-over-year in the second quarter, and significant capital investment plans to serve Florida's expanding economy. |
| FPL Customer Growth | over 90,000 customers (Q2 2026 (year-over-year)) | Measures the underlying demand growth in the regulated utility's service territory, driven by Florida's strong net in-migration and economic expansion. This growth directly translates into the need for new capital investment. |
| NEER Renewables Recontracting | over 1,100 megawatts (Year-to-date 2026) | Represents the company's ability to capture higher market prices for existing assets as their initial long-term contracts expire, realizing embedded value in its operating portfolio. |
Growth engine vs. financial friction.
BULL VIEW
The historic power demand, evidenced by a 35.1 GW backlog, will drive earnings growth so strong that it will outrun and resolve the current financial strains from its investment cycle.
CORE TENSION
Can near-record backlog additions of 3.6 GW per quarter fuel enough growth to overcome rising net debt, which increased by over $15 billion in the last year?
PREVAILING SENTIMENT
The latest evidence favors the bull view. The growth engine is firing, with accelerating capital deployment at FPL and strong backlog additions at NEER, while management reaffirmed its long-term growth targets.
BEAR VIEW
Rising debt of $107.3 billion and an unfunded dividend are signs of poor capital discipline that will force the company to slow growth, miss targets, or take on excessive risk.
| Timeline | Event & Metric To Watch |
|---|---|
10/26/2026 | Quarterly Earnings Report Watch: Next scheduled earnings report for Q3 2026. |
10/27/2026 - 11/5/2026 | Peer Read-Through on Costs Watch: Peer commentary on project costs, supply chain constraints, or a slowdown in data center demand. |
10/28/2026 | Peer Southern Co Earnings Watch: Peer Southern (SO) scheduled to report earnings. |
10/29/2026 | Peer Dominion Energy Earnings Watch: Peer Dominion Energy (D) scheduled to report earnings. |
full year expectations | Solar and Storage Installation Watch: Company plans to install approximately 900 megawatts of solar and over 1.4 gigawatts of battery storage. |
early September | Merger Approval Headwinds Watch: Shareholder vote results and preliminary rulings from state commissions or FERC on the Dominion merger. |
by the end of the year | FPL Large Load Disappointment Watch: Company announcements of new data center or other large load contracts signed under the FPL tariff. |
No set date | Legal Settlement Rejection Watch: Court filings or company press releases regarding the final approval status of the June 2026 settlements. |
early September | Merger Shareholder Vote Watch: Shareholder meetings for NextEra Energy and Dominion Energy to vote on the proposed merger. |
| Date | Event | Stock Impact |
|---|---|---|
2026-07-25 | Major Lawsuits Settled Details: In June 2026, the company entered into settlement agreements to resolve a securities class action lawsuit for $150 million and shareholder derivative actions for approximately $16 million. | -0.0% $89.79 -> $89.78 |
2026-07-25 | Quarterly Dividend Increased Details: In February 2026, the company announced an increase in its quarterly common stock dividend to $0.6232 per share from $0.5665 per share. | -0.0% $89.79 -> $89.78 |
2026-07-24 | Second Quarter 2026 Results Details: The company reported Q2 adjusted earnings per share of $1.15, beating estimates, and added 3.6 gigawatts of renewables and storage projects to its backlog. | -0.0% $89.79 -> $89.78 |
2026-05-18 | Dominion Merger Announced Details: In May 2026, the company entered into a merger agreement with Dominion Energy. Subsequently, press reports in May noted law firms were investigating the deal's fairness. | -3.5% $92.68 -> $89.40 |
2026-04-24 | First Quarter 2026 Results Details: The company reported a 10% year-over-year increase in adjusted EPS for Q1 2026, with record new project origination of 4 gigawatts at its Energy Resources segment. | -1.5% $95.55 -> $94.14 |
2026-01-28 | Full Year 2025 Results Details: The company reported full-year 2025 adjusted EPS of $3.71, an increase of over 8% from 2024, and guided for 8%+ annual EPS growth through 2032. | +1.2% $85.93 -> $86.95 |
Position Sizing
5% - 7%
NORMAL POSITION
Sizing is volatility-based: NEE trades at roughly 23% annualized options-implied volatility versus about 16% for the S&P 500 (1.5x the market), around the 24th percentile of its own trailing year. A 5% - 7% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
DUK - Duke Energy
Regulated Utility PeerDuke Energy offers a different geographic footprint and, with capital expenditures of $15 billion, is also aggressively pursuing data center load growth, providing a comparable investment theme.
SO - Southern
Southeast Utility PeerSouthern Company provides exposure to the same strong demographic and industrial trends in the U.S. Southeast. The company recently signed contracts for another 1.9 gigawatts of customer load.
A two-pronged energy giant combining a stable, growing regulated utility in a high-growth state (FPL) with a leading developer of contracted energy infrastructure (NEER) that is directly capitalizing on the data center-driven power demand boom.
NEE operates two distinct but complementary businesses. FPL provides a foundation of predictable, regulated earnings growth driven by Florida's strong economy and population influx. NEER offers higher, market-driven growth by developing and contracting large-scale energy projects (renewables, storage, gas, nuclear) for customers across North America, with a significant near-term catalyst from the urgent power needs of hyperscalers and data centers.
Announcements of new large-load data center contracts at FPL, multi-gigawatt additions to NEER's backlog, successful re-contracting of nuclear or renewable assets at significant price premiums, or constructive regulatory outcomes for the Dominion merger.
A significant slowdown in Florida's population or economic growth, adverse regulatory decisions for FPL or the Dominion merger, a sharp drop-off in NEER's backlog additions, or changes in federal policies that eliminate or reduce incentives for clean energy.
Minor quarterly fluctuations in wind resource for the NEER portfolio, short-term commodity price movements, or single-project delays that do not impact overall development targets.
Repricing Catalyst
The proposed merger with Dominion Energy, which would significantly expand the company's regulated footprint, and the accelerating demand for power from data centers, which is driving growth opportunities for both the FPL and NEER segments.
Florida Power & Light Company (FPL)
$18.5B TTM (67% of Total)What It Is
Sells electric energy to over six million retail customer accounts and a limited number of wholesale customers, serving approximately 12 million people primarily on the east and lower west coasts of Florida.
Who Pays & How
Retail and wholesale electricity customers in Florida pay for service. As a rate-regulated utility, FPL's prices are approved by regulators (FPSC and FERC) and are designed to cover the cost of providing reliable service, which is a primary reason for payment.
Competition
NextEra Energy Resources (NEER)
$8.9B TTM (32% of Total)What It Is
Develops, constructs, and operates long-term contracted power generation facilities (wind, solar, nuclear, natural gas), battery storage, and regulated transmission assets. It sells capacity and energy to utilities, retail providers, power cooperatives, and commercial & industrial customers in the U.S. and Canada.
Who Pays & How
Utilities and large commercial/industrial customers (including hyperscalers) pay for capacity and energy, often under long-term contracts. They choose NEER for its ability to deliver tailored, cost-effective energy solutions with speed and certainty, backed by its scale, development expertise, and strong balance sheet.
Competition
Industry Resources
| Utilities Resources |
| Data.gov Energy Infrastructure |
| Data.gov Energy Resources |
| Utility Dive |
| Multi-Utilities Resources |
| Public Utilities Fortnightly |
| Power Magazine |
| Energy Central |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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