Historical source-based research. Compilation date and financial period are different dates.

Research summary

A research framework for 6 covered utilities issuers, with explicit attention to financial comparability.

Industry context

Regulated networks and generation businesses have different exposure to tariffs, commodity costs and investment cycles.

Covered sample

NEE, SO, CEG, DUK, AEP, D. Selection favors available recent annual USD disclosures; it is not a market-cap ranking.

Financial evidence

The related sector data notes provide company-level observations for revenue growth, profitability, cash conversion and balance-sheet structure. They show the exact sample and period for every calculation.

Valuation context

Company profiles show eligible dated valuation ratios using the September 17, 2026 price snapshot and selected annual accounting denominators. Capitalization-based measures use estimates and are identified as such. These are not live, TTM or forward values. A historical-multiple series and EV/EBITDA are not available. Sector medians describe a selected sample; they do not establish fair value or expected returns.

Risks and uncertainties

Rate decisions, financing costs, weather, asset reliability and large construction projects.

What to monitor

Capital expenditure, allowed returns, financing needs and operating cash flow.

Sources & dates

Methodology protocol ↗SMS research updates ↗