NextEra Energy (NEE)
Market Price (10/28/2026): $82.36 | Market Cap: $172.7 BilInvestor Relations Sector: Utilities | Industry: Multi-Utilities
NextEra Energy (NEE)
Market Price (10/28/2026): $82.36Market Cap: $172.7 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 9.7%, Dividend Yield is 3.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.3% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 51%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%, CFO LTM is 15 Bil, FCF LTM is 4.1 Bil Low stock price volatilityVol 12M is 21% 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 -26%, 3Y Excs Rtn is -7.1% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 63% Expensive valuation multiplesP/SPrice/Sales ratio is 6.0x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 17x 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 9.7%, Dividend Yield is 3.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.3% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 51%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%, CFO LTM is 15 Bil, FCF LTM is 4.1 Bil |
| Low stock price volatilityVol 12M is 21% |
| 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 -26%, 3Y Excs Rtn is -7.1% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 63% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 6.0x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 17x |
| 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 5% since 6/30/2026 because of the following key factors:
1. Macroeconomic Headwinds from Rising Interest Rates. The Federal Reserve's increase of the federal funds rate by 25 basis points in September 2026, raising it to a range of 3.75% to 4%, negatively impacted capital-intensive utility stocks like NextEra Energy. Higher borrowing costs for future projects and increased attractiveness of fixed-income investments compared to dividend-paying stocks reduced investor appeal for the utility sector.
2. Broader Utilities Sector Underperformance. NextEra Energy's stock decline occurred within a broader trend of underperformance in the utilities sector, which significantly trailed the market since fiscal Q2 2026. The S&P 500 Utilities sector recorded a -7.21% 1-year return and a -1.60% year-to-date return as of October 21, 2026, primarily due to rising interest rates and persistent inflation eroding investor sentiment in the sector.
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NextEra Energy (NEE) stock has lost about 5% since 6/30/2026 because of the following key factors:
1. Macroeconomic Headwinds from Rising Interest Rates. The Federal Reserve's increase of the federal funds rate by 25 basis points in September 2026, raising it to a range of 3.75% to 4%, negatively impacted capital-intensive utility stocks like NextEra Energy. Higher borrowing costs for future projects and increased attractiveness of fixed-income investments compared to dividend-paying stocks reduced investor appeal for the utility sector.
2. Broader Utilities Sector Underperformance. NextEra Energy's stock decline occurred within a broader trend of underperformance in the utilities sector, which significantly trailed the market since fiscal Q2 2026. The S&P 500 Utilities sector recorded a -7.21% 1-year return and a -1.60% year-to-date return as of October 21, 2026, primarily due to rising interest rates and persistent inflation eroding investor sentiment in the sector.
3. Q3 2026 Revenue Miss and Analyst Price Target Reductions. Despite an adjusted earnings per share beat, NextEra Energy's fiscal Q3 2026 revenue of $8.09 billion missed the consensus estimate of $8.88 billion by 8.9%. This revenue shortfall, combined with multiple analyst price target cuts by firms such as Mizuho (from $95 to $80 on October 6, 2026) and BMO Capital (from $93 to $88 on October 20, 2026), signaled a re-evaluation of the company's near-term growth trajectory and valuation by the market.
4. Costs and Uncertainty Related to Dominion Energy Merger. The ongoing $67 billion merger with Dominion Energy, while progressing, introduced financial considerations and potential integration risks. To secure regulatory approval, NextEra Energy announced an expanded package of customer benefits for Virginia residents, including four years of residential bill credits and $100 million in low-income financial assistance, which represents a cost that could impact investor outlook.
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Stock Movement Drivers
Fundamental Drivers
The -5.4% change in NEE stock from 6/30/2026 to 10/27/2026 was primarily driven by a -33.3% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10272026 | Change |
|---|---|---|---|
| Stock Price ($) | 87.11 | 82.42 | -5.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 27,867 | 28,825 | 3.4% |
| Net Income Margin (%) | 29.4% | 40.4% | 37.5% |
| P/E Multiple | 22.2 | 14.8 | -33.3% |
| Shares Outstanding (Mil) | 2,082 | 2,089 | -0.3% |
| Cumulative Contribution | -5.4% |
Market Drivers
6/30/2026 to 10/27/2026| Return | Correlation | |
|---|---|---|
| NEE | -5.4% | |
| Market (SPY) | 3.1% | -2.8% |
| Sector (XLU) | -5.5% | 80.5% |
Fundamental Drivers
The -9.9% change in NEE stock from 3/31/2026 to 10/27/2026 was primarily driven by a -46.9% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 10272026 | Change |
|---|---|---|---|
| Stock Price ($) | 91.52 | 82.42 | -9.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 27,413 | 28,825 | 5.2% |
| Net Income Margin (%) | 24.9% | 40.4% | 61.9% |
| P/E Multiple | 27.9 | 14.8 | -46.9% |
| Shares Outstanding (Mil) | 2,081 | 2,089 | -0.4% |
| Cumulative Contribution | -9.9% |
Market Drivers
3/31/2026 to 10/27/2026| Return | Correlation | |
|---|---|---|
| NEE | -9.9% | |
| Market (SPY) | 18.7% | -2.7% |
| Sector (XLU) | -6.0% | 76.0% |
Fundamental Drivers
The 12.3% change in NEE stock from 9/30/2025 to 10/27/2026 was primarily driven by a 76.7% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 10272026 | Change |
|---|---|---|---|
| Stock Price ($) | 73.38 | 82.42 | 12.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 25,899 | 28,825 | 11.3% |
| Net Income Margin (%) | 22.8% | 40.4% | 76.7% |
| P/E Multiple | 25.5 | 14.8 | -42.0% |
| Shares Outstanding (Mil) | 2,057 | 2,089 | -1.6% |
| Cumulative Contribution | 12.3% |
Market Drivers
9/30/2025 to 10/27/2026| Return | Correlation | |
|---|---|---|
| NEE | 12.3% | |
| Market (SPY) | 16.5% | 8.5% |
| Sector (XLU) | 0.3% | 73.9% |
Fundamental Drivers
The 57.3% change in NEE stock from 9/30/2023 to 10/27/2026 was primarily driven by a 34.3% change in the company's Net Income Margin (%).| (LTM values as of) | 9302023 | 10272026 | Change |
|---|---|---|---|
| Stock Price ($) | 52.41 | 82.42 | 57.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 26,948 | 28,825 | 7.0% |
| Net Income Margin (%) | 30.1% | 40.4% | 34.3% |
| P/E Multiple | 13.1 | 14.8 | 13.1% |
| Shares Outstanding (Mil) | 2,022 | 2,089 | -3.2% |
| Cumulative Contribution | 57.3% |
Market Drivers
9/30/2023 to 10/27/2026| Return | Correlation | |
|---|---|---|
| NEE | 57.3% | |
| Market (SPY) | 86.2% | 18.0% |
| Sector (XLU) | 57.9% | 73.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NEE Return | 23% | -9% | -25% | 21% | 15% | 4% | 23% |
| Peers Return | 19% | 2% | -9% | 17% | 17% | 10% | 68% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 103% |
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% | 40% | |
Max Drawdowns [4] | |||||||
| NEE Max Drawdown | -18% | -26% | -41% | -18% | -16% | -22% | |
| Peers Max Drawdown | -10% | -26% | -22% | -12% | -12% | -15% | |
| 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 10/27/2026 (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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| 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.
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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.
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- 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.
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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 | 1.9% | 14.8x | -1.4% | 60.2% | 10.9% | — |
| CNP | CenterPoint Energy | 2.3% | 24.0x | 8.0% | 69.8% | 81.0% | +70pp |
| ED | Consolidated Edison | 4.6% | 19.1x | 18.6% | 45.6% | 79.9% | +69pp |
| OGE | OGE Energy | 1.6% | 21.6x | 9.2% | 63.5% | 77.3% | +66pp |
| NWE | NorthWestern Energy | 4.1% | 28.7x | 33.8% | 96.9% | 75.9% | +65pp |
| AEE | Ameren | 3.0% | 19.3x | 6.7% | 58.1% | 49.2% | +38pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Independent Power Producers & Energy Traders | 5 | -42.5% | 113.2% | 167.7% | OKLO 176% · NRG 168% · TAC 23% |
| Multi-Utilities ← | 18 | 1.6% | 59.2% | 50.4% | NI 106% · MDU 99% · PNW 97% |
| Gas Utilities | 10 | 3.8% | 69.1% | 49.8% | ATO 111% · NJR 70% · SR 67% |
| Electric Utilities | 24 | 3.6% | 51.8% | 47.6% | VST 713% · ETR 153% · AEP 85% |
| Water Utilities | 11 | -0.1% | 6.5% | -9.3% | WTRG 8% · AWR 6% · HTO 2% |
| Renewable Electricity | 7 | -68.8% | -68.0% | -89.8% | ORA 34% · CWEN 26% |
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Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 87.50 |
| Mkt Cap | 84.0 |
| Rev LTM | 27,076 |
| 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 | 8.1% |
| Rev Chg 3Y Avg | 5.0% |
| Rev Chg Q | 4.3% |
| QoQ Delta Rev Chg LTM | 1.0% |
| Op Inc Chg LTM | 8.1% |
| 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 | 84.0 |
| P/S | 3.1 |
| P/Op Inc | 12.2 |
| P/EBIT | 11.3 |
| P/E | 20.5 |
| P/CFO | 9.4 |
| Total Yield | 8.3% |
| Dividend Yield | 3.1% |
| FCF Yield 3Y Avg | -2.8% |
| D/E | 0.8 |
| Net D/E | 0.8 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 10.0% |
| 3M Rtn | -3.7% |
| 6M Rtn | -1.1% |
| 12M Rtn | 0.9% |
| 3Y Rtn | 59.8% |
| 1M Excs Rtn | 11.5% |
| 3M Excs Rtn | -6.6% |
| 6M Excs Rtn | -7.4% |
| 12M Excs Rtn | -11.5% |
| 3Y Excs Rtn | -13.0% |
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 | $82.42 | |
| Market Cap ($ Bil) | 172.2 | |
| First Trading Date | 06/10/1983 | |
| Distance from 52W High | -14.5% | |
| 50 Days | 200 Days | |
| DMA Price | $80.34 | $86.35 |
| DMA Trend | down | indeterminate |
| Distance from DMA | 2.6% | -4.6% |
| 3M | 1YR | |
| Volatility | 17.6% | 21.2% |
| Downside Capture | 36.86 | 21.86 |
| Upside Capture | -6.92 | 18.79 |
| Correlation (S&P 500) | -4.9% | 6.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.53 | 0.37 | 0.16 | 0.04 | 0.19 | 0.32 |
| Up Beta | -0.72 | 0.24 | -0.00 | -0.05 | 0.12 | 0.40 |
| Down Beta | 0.30 | 0.23 | 0.17 | -0.24 | 0.13 | 0.30 |
| Up Capture | 33% | -1% | -11% | -6% | 16% | 10% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 8 | 18 | 27 | 57 | 128 | 398 |
| Down Capture | 148% | 129% | 74% | 54% | 31% | 47% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 14 | 22 | 35 | 66 | 119 | 348 |
[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 | 0.5% | 21.2% | -0.08 | - |
| Sector ETF (XLU) | -4.3% | 15.7% | -0.48 | 73.6% |
| Equity (SPY) | 14.6% | 12.7% | 0.79 | 6.3% |
| Gold (GLD) | -1.4% | 28.5% | -0.06 | 11.4% |
| Commodities (DBC) | 47.3% | 20.6% | 1.76 | 1.5% |
| Real Estate (VNQ) | 3.8% | 13.9% | 0.02 | 44.4% |
| Bitcoin (BTCUSD) | -27.9% | 43.4% | -0.63 | 2.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NEE | |
|---|---|---|---|---|
| NEE | 2.8% | 26.9% | 0.10 | - |
| Sector ETF (XLU) | 8.5% | 17.4% | 0.33 | 76.4% |
| Equity (SPY) | 12.8% | 17.1% | 0.56 | 33.3% |
| Gold (GLD) | 17.6% | 18.9% | 0.75 | 16.0% |
| Commodities (DBC) | 9.2% | 19.5% | 0.35 | 9.7% |
| Real Estate (VNQ) | 1.0% | 18.9% | -0.06 | 50.1% |
| Bitcoin (BTCUSD) | 4.5% | 51.6% | 0.27 | 8.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NEE | |
|---|---|---|---|---|
| NEE | 13.1% | 25.4% | 0.50 | - |
| Sector ETF (XLU) | 9.3% | 19.3% | 0.41 | 81.5% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 44.2% |
| Gold (GLD) | 12.0% | 16.4% | 0.60 | 16.3% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 10.3% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 57.4% |
| Bitcoin (BTCUSD) | 62.2% | 66.2% | 1.02 | 10.1% |
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Earnings Returns History
Updated 10/26/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/21/2026 | -0.7% | ||
| 7/24/2026 | -0.0% | -2.1% | -6.8% |
| 4/23/2026 | 6.9% | 4.6% | -0.3% |
| 1/27/2026 | 0.5% | 1.9% | 5.6% |
| 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 | 1.4% | -1.7% | -2.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 13 | 11 |
| # Negative | 12 | 11 | 13 |
| Median Positive | 1.5% | 3.1% | 10.4% |
| Median Negative | -2.2% | -3.1% | -6.2% |
| Max Positive | 7.0% | 11.0% | 17.8% |
| Max Negative | -6.5% | -10.1% | -13.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/21/2026 | -0.7% | ||
| 7/24/2026 | -0.0% | -2.1% | -6.8% |
| 4/23/2026 | 6.9% | 4.6% | -0.3% |
| 1/27/2026 | 0.5% | 1.9% | 5.6% |
| 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 | 1.4% | -1.7% | -2.1% |
| 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 | 0.9% | 3.1% | -4.0% |
| 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 | -0.2% | -3.1% | -4.8% |
| 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 | -3.3% | 2.8% | 0.5% |
| 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 | -5.9% | -2.7% | -12.6% |
| 10/21/2020 | -1.1% | 0.7% | 0.7% |
| SUMMARY STATS | |||
| # Positive | 13 | 13 | 11 |
| # Negative | 12 | 11 | 13 |
| Median Positive | 1.5% | 3.1% | 10.4% |
| Median Negative | -2.2% | -3.1% | -6.2% |
| Max Positive | 7.0% | 11.0% | 17.8% |
| Max Negative | -6.5% | -10.1% | -13.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/21/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/21/2026 | 10-Q |
| 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 |
Recent Forward Guidance
Updated 10/22/2026Latest: Q3 2026 Earnings Reported 10/21/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 FPL Full-Year Capital Investments | Reported | 12.00 Bil | -4.0% | Lowered | Guidance: 12.50 Bil for 2026 | |||
| 2026 Dividends Per Share Growth | Reported | 10.0% | 0.0% | Affirmed | Guidance: 10.0% for 2026 | |||
| 2026 Development Pipeline Potential Hubs | Reported | 40 | ||||||
| 2026 Adjusted EPS | Reported | 3.92 | 3.97 | 4.02 | 0.0% | Affirmed | Guidance: 3.97 for 2026 | |
| 2032 Combined Company Regulatory Capital Employed Annual Growth | Reported | 11.0% | ||||||
| 2032 Adjusted EPS Compound Annual Growth Rate | Reported | 8.0% | 0.0% | Affirmed | Guidance: 8.0% for 2032 | |||
| 2032 Combined Company Adjusted EPS Growth | Reported | 9.0% | ||||||
| 2035 Adjusted EPS Compound Annual Growth Rate Target | Reported | 8.0% | ||||||
| 2028 Dividends Per Share Growth | Reported | 6.0% | 0.0% | Affirmed | Guidance: 6.0% for 2028 | |||
| 2030 FPL Typical Residential Bill Annual Increase | Reported | 0.02 | ||||||
Prior: Q2 2026 Earnings Reported 7/24/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Dividends Per Share Growth | Reported | 10.0% | 0.0% | Affirmed | Guidance: 10.0% for 2026 | |||
| 2026 Adjusted EPS | Reported | 3.92 | 3.97 | 4.02 | Affirmed | Guidance: 3.97 for 2026 | ||
| 2026 Capital Expenditures | Reported | 12.00 Bil | 12.50 Bil | 13.00 Bil | 0.0% | Affirmed | Guidance: 12.50 Bil for 2026 | |
| 2032 Adjusted EPS Growth | Reported | 8.0% | 0.0% | Affirmed | Guidance: 8.0% for 2032 | |||
| 2028 Dividends Per Share Growth | Reported | 6.0% | 0.0% | Affirmed | Guidance: 6.0% for 2028 | |||
Q1 2026 Earnings Reported 4/23/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Dividends per share growth | Reported | 10.0% | 0 | Affirmed | Guidance: 10.0% for 2026 | |||
| 2026 Adjusted EPS | Reported | 3.92 | 3.97 | 4.02 | 0 | Affirmed | Guidance: 3.97 for 2026 | |
| 2026 Capital Expenditures | Reported | 12.00 Bil | 12.50 Bil | 13.00 Bil | ||||
| 2032 Adjusted EPS Growth | Reported | 8.0% | 0 | Affirmed | Guidance: 8.0% for 2032 | |||
| 2028 Dividends per share growth | Reported | 6.0% | 0 | Affirmed | Guidance: 6.0% for 2028 | |||
Q4 2025 Earnings Reported 1/27/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Dividends per share growth | Reported | 10.0% | 0.0% | Affirmed | Guidance: 10.0% for 2026 | |||
| 2026 Adjusted EPS | Reported | 3.92 | 3.97 | 4.02 | 4.1% | Raised | Guidance: 3.82 for 2026 | |
| 2032 Adjusted EPS Growth | Reported | 8.0% | ||||||
| 2032 Capital Expenditures | Reported | 90.00 Bil | 95.00 Bil | 100.00 Bil | ||||
| 2035 Adjusted EPS Growth | Reported | 8.0% | ||||||
| 2028 Dividends per share growth | Reported | 6.0% | ||||||
Insider Activity
Updated 8/18/2026| # | 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 |
Investor Activity (13F)
Updated Oct 28, 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
NextEra Energy is executing strongly against a historic opportunity in power demand, evidenced by its nearly 36.7 gigawatt project backlog. The company reaffirmed long-term adjusted EPS growth guidance of 8% or more through 2032. While its balance sheet is stretched to fund this growth, the operational momentum is a powerful leading indicator of future earnings and cash flow.
STOCK ARCHETYPE
Hybrid: Regulated Utility & Contracted Infrastructure Developer(FPL Rate Base * Allowed ROE) + (NEER Contracted MW * PPA Rate) Successful, on-budget development and operation of new contracted assets at NEER, and continued capital deployment into a constructive regulatory framework at FPL.
INVESTMENT THESIS
Evidence suggests it is successfully capturing a multi-year growth cycle in both its regulated and competitive businesses.
- NEER added approximately 15 gigawatts to its project backlog in the last 12 months.
- FPL's regulatory capital employed grew approximately 9.2% year-over-year in Q3 2026.
- The company expects to grow adjusted EPS at a compound annual rate of 8%+ through 2032.
- NEER is recontracting renewables at a premium of roughly $20 per megawatt hour.
- FPL has a pipeline of roughly 21 gigawatts of interest from large load customers.
PRIMARY RISK
The company's ambitious growth plans and the pending Dominion merger are straining the balance sheet, creating significant financial and regulatory risk.
- Net debt has risen to $108.4 billion, or 6.43 times trailing-twelve-month EBITDA.
- The company faces $16.8 billion in short-term debt due within one year.
- Management noted the Virginia governor's merger proposal has 'onerous conditions'.
- Free cash flow of $4.1 billion did not cover the $5.1 billion in dividend payments.
- Inventory grew 16.9% year-over-year while latest-quarter revenue grew only 1.6%.
| KPI | Status | Rationale |
|---|---|---|
| NextEra Energy Resources (NEER) New Project Backlog Additions | 3.7 gigawatts of new renewables and storage projects added in Q3 2026. - Stable | The pace of backlog additions is consistently strong and stable at a high level, driven by significant demand for battery storage, which comprised 2.4 GW of the 3.7 GW added in the latest quarter. |
| Florida Power & Light (FPL) Regulatory Capital Employed Growth | Approximately 9.2% year-over-year growth in Q3 2026. - Stable | The growth in regulatory capital has accelerated over the past year and is now stable at a high rate of 9.3%, driven by significant capital investment to support strong customer growth and electricity demand in Florida. |
| Renewables & Storage Backlog | nearly 36.7 gigawatts (Q3 2026) | This metric indicates the volume of future contracted generation and storage projects for the NEER segment, providing strong visibility into future revenue and growth. |
| FPL Large Load Interest | 21 gigawatts (Q2 2026) | Represents the pipeline of potential demand from large customers like data centers in Florida, signaling a significant new vector for capital deployment and regulated earnings growth at FPL. |
| FPL Customer Growth | over 90,000 customers (Q2 2026 (year-over-year)) | Measures the underlying organic growth in FPL's regulated service territory, which drives the need for new infrastructure investment and expands the rate base. |
Operational Momentum vs. Financial Constraints
BULL VIEW
Bulls believe the massive 36.7 GW backlog and 8%+ EPS growth outlook are powerful enough to generate the cash flow needed to service debt and fund future expansion.
CORE TENSION
Can accelerating project demand, evidenced by 15 GW in new backlog, overcome the financial drag from a balance sheet with net debt at 6.43x EBITDA?
PREVAILING SENTIMENT
The latest evidence favors the bulls. The market reacted positively to strong Q3 execution and reaffirmed guidance, suggesting operational strength is currently outweighing balance sheet concerns.
BEAR VIEW
Bears argue that high leverage ($108.4B net debt) and regulatory hurdles for the key Dominion merger create a fragile situation vulnerable to credit market or political shifts.
| Timeline | Event & Metric To Watch |
|---|---|
Dec. 15, 2026 | Quarterly Dividend Payment Watch: A regular quarterly common stock dividend of $0.6232 per share is payable. |
10/30/2026 | Negative Peer Contagion Watch: Dominion Energy's Q3 earnings report, particularly any changes to its capital plan, cost assumptions, or regulatory outlook. |
by year-end | Data Center Hub Pipeline Update Watch: Management expects its pipeline of potential data center hubs to increase to 40. |
December 2026 | Shareholder Lawsuit Settlement Failure Watch: Court rulings on the preliminary and final approval of the proposed settlement agreements. |
December 2026 | Shareholder Lawsuit Settlement Hearing Watch: A settlement hearing is scheduled for the purported shareholder derivative actions. |
January 2027 | Adverse Dominion Merger Ruling Watch: Final orders from Virginia and South Carolina regulators, specifically regarding conditions attached to the merger approval. |
January 2027 | Dominion Merger Regulatory Rulings Watch: Final regulatory orders are expected in Virginia and South Carolina for the pending combination with Dominion Energy. |
1/25/2027 | Weak Q4 Earnings Report Watch: Q4 revenue growth rate, wind generation performance, and any change to the 2027 outlook. |
February 2027 | Dominion Merger NC Hearings Watch: Expert witness hearings are scheduled to begin in North Carolina for the pending combination with Dominion Energy. |
| Date | Event | Stock Impact |
|---|---|---|
2026-10-22 | Shareholder Lawsuits Reach Settlements Details: In June 2026, the company entered into settlement agreements for both a securities class action lawsuit ($150 million) and shareholder derivative actions, with payments to be covered by insurance. | +4.6% $78.28 -> $81.90 |
2026-10-21 | Q3 Earnings Beat Expectations Details: The company delivered strong Q3 results with adjusted EPS increasing 9.7% year-over-year, leading to a 4.0% positive two-day stock reaction. However, guidance for 2026 FPL capital investments was lowered by 4.0%. | +3.9% $78.86 -> $81.90 |
2026-09-08 | Key Merger and Project Milestones Details: On September 3rd, shareholders of both NEE and Dominion approved the pending merger. On September 8th, the DOE closed on a loan of up to $1.9 billion to support the restart of the Duane Arnold Energy Center. | -0.9% $83.43 -> $82.65 |
2026-07-24 | Q2 Earnings Show Backlog Growth Details: The company reported Q2 results with adjusted EPS up 9.5% YoY and added 3.6 gigawatts of renewables and storage projects to its backlog. The stock reacted negatively with a -1.0% two-day change. | -1.1% $89.12 -> $88.17 |
2026-05-18 | Dominion Energy Merger Announced Details: In May 2026, the company entered into a merger agreement with Dominion Energy. The deal prompted investigations from law firms regarding the fairness of the price for shareholders. | -3.5% $91.99 -> $88.74 |
2026-04-23 | Strong Q1 Earnings Reported Details: The company reported a 10% year-over-year increase in adjusted EPS. The stock reacted positively with a 6.0% gain over the two days around the earnings call. | +5.9% $88.68 -> $93.88 |
Position Sizing
5% - 7%
NORMAL POSITION
Sizing is volatility-based: NEE trades at roughly 15% annualized realized (three-month) volatility versus about 11% for the S&P 500 (1.4x the market). 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 FocusDuke Energy offers a more traditional, regulated utility profile compared to NextEra's hybrid model. It is also competing for data center load, having secured 7.8 gigawatts of agreements.
D - Dominion Energy
Merger Arbitrage PlayDominion Energy provides direct exposure to the outcome of the pending merger with NextEra. Its performance is tied to the regulatory approval process and the final terms of the combination.
A two-engine growth company combining a best-in-class regulated utility in a high-growth state with the nation's dominant developer of contracted clean energy infrastructure.
NextEra Energy is uniquely positioned to capitalize on the accelerating demand for electricity driven by data centers and electrification. Its FPL segment provides stable, regulated growth in Florida, one of the nation's fastest-growing states. Simultaneously, its NEER segment leverages an industry-leading development platform, scale, and supply chain to build renewables, storage, and gas generation under long-term contracts for customers across the U.S. who need 'speed to power'.
Announcements of new large-load data center contracts at either FPL or NEER, continued strong backlog additions at NEER, and constructive regulatory outcomes in Florida.
A significant slowdown in data center demand, major project delays or cost overruns at NEER, or an adverse regulatory shift in Florida that limits cost recovery.
Short-term fluctuations in wind and solar resource availability, which can affect quarterly generation but do not alter the long-term contracted revenue stream.
Repricing Catalyst
Continued execution on its '12 ways to grow' strategy, particularly converting its large pipeline of data center interest into definitive, contracted projects at both FPL and NEER.
Florida Power & Light Company (FPL)
$18.7B TTM (65% of Total)What It Is
A rate-regulated electric utility that generates, transmits, distributes, and sells electric energy to over six million retail customer accounts and a limited number of wholesale customers in Florida.
Who Pays & How
Approximately 12 million people in Florida, through more than 6 million customer accounts, pay for electricity at rates approved by the Florida Public Service Commission (FPSC) to receive reliable power for their homes and businesses.
Competition
NextEra Energy Resources (NEER)
$9.5B TTM (33% of Total)What It Is
Develops, constructs, and operates long-term contracted generation facilities (renewables, nuclear, natural gas), battery storage, and regulated transmission assets. It sells capacity and energy to wholesale energy markets in the U.S. and Canada.
Who Pays & How
Utilities, retail electricity providers, power cooperatives, municipal electric providers, and commercial/industrial customers write checks for long-term power sales and battery storage tolling agreements to secure reliable, cost-effective power and meet capacity needs.
Competition
NextEra Energy — Investor Video Playlist
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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