Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin25.5%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin16.9%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
F
Years to Pay Off Debt58.8 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt-$87.4B
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital-$6.9B
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
F
Margin of Safety0.0%
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book1.81x
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Cash Flow
F
Free Cash Flow-$2.6B
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income263.7%
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings$7.5B
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
About Duke Energy Corporation
Duke Energy Corporation, through its subsidiaries, operates as an energy company in the United States. The company operates through two segments: Electric Utilities and Infrastructure (EU&I); and Gas Utilities and Infrastructure (GU&I). The EU&I segment generates, transmits, distributes, and sells electricity to customers in the Southeast and Midwest regions. It generates electricity through coal, hydroelectric, natural gas, oil, renewables, and nuclear fuel. This segment also engages in the wholesale of electricity to municipalities, electric cooperative utilities, and other load-serving entities. The GU&I segment distributes natural gas to customers in the residential, commercial, industrial, and power generation natural gas sectors; and invests in pipeline transmission projects, renewable natural gas projects, and natural gas storage facilities. The company was formerly known as Duke Energy Holding Corp. and changed its name to Duke Energy Corporation in April 2006. Duke Energy Corporation was founded in 1904 and is headquartered in Charlotte, North Carolina.
Duke Energy Corporation, through its subsidiaries, operates as an energy company in the United States. The company operates through two segments: Electric Utilities and Infrastructure (EU&I); and Gas Utilities and Infrastructure (GU&I). The EU&I segment generates, transmits, distributes, and sells electricity to customers in the Southeast and Midwest regions. It generates electricity through coal, hydroelectric, natural gas, oil, renewables, and nuclear fuel. This segment also engages in the wholesale of electricity to municipalities, electric cooperative utilities, and other load-serving entities. The GU&I segment distributes natural gas to customers in the residential, commercial, industrial, and power generation natural gas sectors; and invests in pipeline transmission projects, renewable natural gas projects, and natural gas storage facilities. The company was formerly known as Duke Energy Holding Corp. and changed its name to Duke Energy Corporation in April 2006. Duke Energy Corporation was founded in 1904 and is headquartered in Charlotte, North Carolina.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Margin of Safety
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Mr. Market is currently offering Duke Energy Corporation at $123.86.
The business passes only 2 of 7 of Graham's defensive criteria — well below his required standard.
At $123.86, the stock trades at a 125% premium to its Graham Number of $55.14. Graham would consider this price speculative.
There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.
Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..
Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.
Showing Key Metrics
Income Highlights
Metric
Q1 2026
Q4 2025
Q4 2024
Gross Profit %
48.8%▼
50.7%•
N/A
Operating Margin %
25.5%▼
26.5%•
N/A
Net Income %
16.9%▲
14.9%•
N/A
Diluted EPS
1.97▲
1.50•
N/A
Balance Sheet Highlights
Metric
Q1 2026
Q4 2025
Q4 2024
Total Assets
$198.0B
$195.7B
N/A
Total Debt
$91.2B▲
$90.9B•
N/A
Working Capital
-$6.9B▲
-$9.4B•
N/A
Years to Pay Debt
58.84
76.75
N/A
Cash Flow Highlights
Metric
Q1 2026
Q4 2025
Q4 2024
Free Cash Flow
-$2.6B▼
-$485M•
N/A
Owner Earnings
$7.5B
$7.3B
N/A
CapEx % of Net Income
263.7%
349.9%
N/A
Income Statement
2026
2025
2024
Tax Effect Of Unusual Items
67,407
38,897
Tax Rate For Calcs
0
0
Normalized EBITDA
4,365,000
3,921,000
Total Unusual Items
384,000
343,000
Total Unusual Items Excluding Goodwill
384,000
343,000
Net Income From Continuing Operation Net Minority Interest
1,537,000
1,182,000
Reconciled Depreciation
1,884,000
1,960,000
Reconciled Cost Of Revenue
4,501,000
3,558,000
EBITDA
4,749,000
4,264,000
EBIT
2,865,000
2,304,000
Net Interest Income
-968,000
-895,000
Interest Expense
968,000
946,000
Normalized Income
1,220,407
877,897
Net Income From Continuing And Discontinued Operation
1,550,000
1,184,000
Total Expenses
6,837,000
5,834,000
Total Operating Income As Reported
2,725,000
2,119,000
Diluted Average Shares
779,000
778,000
Basic Average Shares
778,000
778,000
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
1,536,000
1,169,000
Net Income Common Stockholders
1,536,000
1,169,000
Otherunder Preferred Stock Dividend
0
0
Preferred Stock Dividends
14,000
15,000
Net Income
1,550,000
1,184,000
Minority Interests
-27,000
-22,000
Net Income Including Noncontrolling Interests
1,577,000
1,206,000
Net Income Discontinuous Operations
13,000
2,000
Net Income Continuous Operations
1,564,000
1,204,000
Tax Provision
333,000
154,000
Pretax Income
1,897,000
1,358,000
Other Income Expense
524,000
149,000
Other Non Operating Income Expenses
133,000
-207,000
Special Income Charges
384,000
343,000
Gain On Sale Of Ppe
384,000
8,000
Write Off
-7,000
-1,000
Earnings From Equity Interest
7,000
13,000
Net Non Operating Interest Income Expense
-968,000
-895,000
Interest Expense Non Operating
968,000
946,000
Operating Income
2,341,000
2,104,000
Operating Expense
2,141,000
1,919,000
Other Taxes
452,000
316,000
Depreciation Amortization Depletion Income Statement
1,689,000
1,603,000
Depreciation And Amortization In Income Statement
1,689,000
1,603,000
Gross Profit
4,482,000
4,023,000
Cost Of Revenue
4,696,000
3,915,000
Total Revenue
9,178,000
7,938,000
Operating Revenue
9,178,000
7,938,000
Balance Sheet
2026
2025
2024
Preferred Shares Number
40,000
40,000
Ordinary Shares Number
778,217
777,661
Share Issued
778,217
777,661
Net Debt
88,105,000
89,591,000
Total Debt
91,209,000
90,869,000
Tangible Book Value
34,474,000
31,859,000
Invested Capital
143,729,000
140,705,000
Working Capital
-6,888,000
-9,434,000
Net Tangible Assets
35,447,000
32,832,000
Capital Lease Obligations
964,000
1,033,000
Common Stock Equity
53,484,000
50,869,000
Preferred Stock Equity
973,000
973,000
Total Capitalization
134,934,000
131,950,000
Total Equity Gross Minority Interest
56,478,000
53,019,000
Minority Interest
2,021,000
1,177,000
Stockholders Equity
54,457,000
51,842,000
Gains Losses Not Affecting Retained Earnings
171,000
198,000
Other Equity Adjustments
171,000
198,000
Retained Earnings
5,761,000
5,056,000
Additional Paid In Capital
47,551,000
45,614,000
Capital Stock
974,000
974,000
Common Stock
1,000
1,000
Preferred Stock
973,000
973,000
Total Liabilities Net Minority Interest
141,570,000
142,717,000
Total Non Current Liabilities Net Minority Interest
121,236,000
121,670,000
Other Non Current Liabilities
1,817,000
1,889,000
Liabilities Heldfor Sale Non Current
0
170,000
Employee Benefits
384,000
396,000
Non Current Pension And Other Postretirement Benefit Plans
384,000
396,000
Tradeand Other Payables Non Current
985,000
969,000
Non Current Deferred Liabilities
12,799,000
12,377,000
Non Current Deferred Taxes Liabilities
12,799,000
12,377,000
Long Term Debt And Capital Lease Obligation
81,441,000
81,141,000
Long Term Capital Lease Obligation
964,000
1,033,000
Long Term Debt
80,477,000
80,108,000
Long Term Provisions
9,036,000
9,046,000
Current Liabilities
20,334,000
21,047,000
Other Current Liabilities
3,605,000
3,620,000
Current Debt And Capital Lease Obligation
9,768,000
9,728,000
Current Debt
9,768,000
9,728,000
Other Current Borrowings
9,768,000
Current Notes Payable
Current Provisions
574,000
579,000
Payables And Accrued Expenses
6,387,000
7,120,000
Current Accrued Expenses
816,000
922,000
Interest Payable
816,000
922,000
Payables
5,571,000
6,198,000
Total Tax Payable
839,000
975,000
Accounts Payable
4,732,000
5,223,000
Total Assets
198,048,000
195,736,000
Total Non Current Assets
184,602,000
184,123,000
Other Non Current Assets
4,119,000
6,315,000
Investments And Advances
12,972,000
13,219,000
Investmentin Financial Assets
12,644,000
12,889,000
Available For Sale Securities
12,644,000
12,889,000
Long Term Equity Investment
328,000
330,000
Goodwill And Other Intangible Assets
19,010,000
19,010,000
Goodwill
19,010,000
19,010,000
Net PPE
133,442,000
131,200,000
Accumulated Depreciation
-61,252,000
-60,450,000
Gross PPE
194,694,000
191,650,000
Construction In Progress
10,075,000
7,756,000
Other Properties
194,694,000
21,427,000
Current Assets
13,446,000
11,613,000
Other Current Assets
2,787,000
2,460,000
Assets Held For Sale Current
0
109,000
Inventory
4,572,000
4,569,000
Other Inventories
272,000
312,000
Receivables
3,947,000
4,230,000
Accounts Receivable
3,947,000
4,230,000
Allowance For Doubtful Accounts Receivable
-201,000
-279,000
Gross Accounts Receivable
4,148,000
4,509,000
Cash Cash Equivalents And Short Term Investments
2,140,000
245,000
Cash And Cash Equivalents
2,140,000
245,000
Cash Financial
314,000
Cash Flow
2026
2025
2024
Free Cash Flow
-2,576,000
-485,000
Repayment Of Debt
-3,130,000
-1,445,000
Issuance Of Debt
3,530,000
2,583,000
Issuance Of Capital Stock
0
0
Capital Expenditure
-4,088,000
-4,143,000
End Cash Position
2,252,000
363,000
Beginning Cash Position
363,000
739,000
Changes In Cash
1,889,000
-376,000
Financing Cash Flow
2,223,000
328,000
Cash Flow From Continuing Financing Activities
2,223,000
328,000
Net Other Financing Charges
2,669,000
35,000
Cash Dividends Paid
-846,000
-845,000
Common Stock Dividend Paid
-845,000
-802,000
Net Common Stock Issuance
0
0
Common Stock Issuance
0
0
Net Issuance Payments Of Debt
400,000
1,138,000
Net Short Term Debt Issuance
-291,000
-295,000
Short Term Debt Payments
-553,000
-419,000
Short Term Debt Issuance
262,000
124,000
Net Long Term Debt Issuance
691,000
1,433,000
Long Term Debt Payments
-2,577,000
-1,026,000
Long Term Debt Issuance
3,268,000
2,459,000
Investing Cash Flow
-1,846,000
-4,362,000
Cash Flow From Continuing Investing Activities
-1,846,000
-4,362,000
Net Other Investing Changes
-271,000
-254,000
Net Investment Purchase And Sale
12,000
13,000
Sale Of Investment
5,037,000
1,805,000
Purchase Of Investment
-5,025,000
-1,792,000
Net Business Purchase And Sale
2,501,000
22,000
Sale Of Business
2,501,000
22,000
Capital Expenditure Reported
-4,088,000
-4,143,000
Operating Cash Flow
1,512,000
3,658,000
Cash Flow From Continuing Operating Activities
1,512,000
3,658,000
Change In Working Capital
-1,763,000
583,000
Change In Other Working Capital
-138,000
Change In Other Current Liabilities
-395,000
371,000
Change In Other Current Assets
-1,264,000
241,000
Change In Payables And Accrued Expense
-441,000
319,000
Change In Payable
-441,000
319,000
Change In Account Payable
-302,000
487,000
Change In Tax Payable
-139,000
-168,000
Change In Income Tax Payable
-139,000
-168,000
Change In Inventory
1,000
-78,000
Change In Receivables
336,000
-270,000
Other Non Cash Items
-207,000
-327,000
Provisionand Write Offof Assets
1,000
Asset Impairment Charge
-7,000
-1,000
Deferred Tax
412,000
264,000
Deferred Income Tax
412,000
264,000
Depreciation Amortization Depletion
1,884,000
1,960,000
Depreciation And Amortization
1,884,000
1,960,000
Depreciation
1,884,000
Operating Gains Losses
-391,000
-21,000
Earnings Losses From Equity Investments
-7,000
-13,000
Gain Loss On Sale Of Business
-368,000
0
Net Income From Continuing Operations
1,577,000
1,206,000
📊Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.
Quarter vs Same Quarter Last Year
YoY strips seasonality
Revenue Growth (YoY)
Prior year: $8.2B▲ $9.2B+11.3%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 51.8%▲ 48.8%-3.0pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: 28.4%▲ 25.5%-2.9pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: 16.7%▲ 16.9%+0.2pp
Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.
Quarterly Health Checks
3 Graham/Buffett criteria that are valid and reliable on quarterly data
✅ Adequate Size
Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.
$9.2B/qtr (≈$36.7B ann.)
vs > $1.5B annualised revenue
❌ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
0.66x current ratio
vs ≥ 2.0x
❌ Free Cash Flow
Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.
-$2.6B
vs Positive
Operating Cash Flow
$1.5B
Latest quarter · Buffett's cash reality check
ROIC
1.0%
Based on latest annual operating income
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Market Cap / Net Assets
1.7x
Net Assets: $56.5B
⚠️Revenue grew vs prior year but operating margin contracted. Possible explanations: deliberate investment in growth (hiring, marketing, R&D), input cost inflation, or pricing pressure from competition. Buffett distinguishes between spending that builds moat vs. spending that doesn't.
Peers & Industry
No auto-detected peers for Utilities - Regulated Electric. You can manually compare DUK against any stock using the Compare tool.
"The management of a business is its most important single factor — more important than market position, patents, or financial structure."
— Benjamin Graham
Capital Allocation & Alignment
Insider Ownership
0.12%
Low — management has little skin in the game
Return on Equity (ROE)
2.9%
Weak — poor returns on equity
Return on Assets (ROA)
0.8%
Poor — assets are not generating adequate returns
Debt Trend YoY
+0.4% YoY
Debt is roughly stable
Leadership Team
Harry Sideris
President, CEO & Director
Age 55
Pay: $3,501,416
0.226% of net income
Brian Savoy
Executive VP & CFO
Age 50
Pay: $1,852,498
0.120% of net income
Preston Gillespie Jr.
Executive Vice President of Nuclear Program Strategy
Age 62
Pay: $1,907,964
0.123% of net income
Kodwo Ghartey-Tagoe
Executive VP, CEO of Duke Energy Carolinas & Head of the Natural Gas Business Unit
Age 62
Pay: $2,074,220
0.134% of net income
Louis Renjel
Executive VP, CEO of Duke Energy Florida & Midwest and Chief Corporate Affairs Officer
Age 51
Pay: $1,488,725
0.096% of net income
Top Institutional Holders
Institution
% Owned
Shares
Blackrock Inc.
8.89%
69,323,870
Vanguard Capital Management LLC
6.48%
50,526,603
State Street Corporation
5.71%
44,532,642
Vanguard Portfolio Management LLC
2.58%
20,078,558
Geode Capital Management, LLC
2.57%
20,047,801
Massachusetts Financial Services Co.
1.85%
14,391,296
Morgan Stanley
1.63%
12,679,831
FMR, LLC
1.38%
10,752,153
⚠️Current ratio below 1 — liquidity risk
Risk Analysis
Beta (Market Risk)
0.38
Low volatility — more stable than the market
Short Interest
2.2% of float
Low short interest — market is not heavily bearish
Debt-to-Equity
1.61x
Moderate leverage
Current Ratio
0.66x
Weak liquidity — current liabilities exceed current assets
52-Week Price Range
Low: $113.90Current: $123.86High: $134.49
Currently at 48% of 52-week range
Duke Energy Corporation (DUK) fundamental analysis — Overall grade D based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: $55.14. Margin of safety: 0%. Gross profit margin: 48.8%. Operating margin: 25.5%. Net margin: 16.9%. Market cap: $96.6B. Sector: Utilities. Industry: Utilities - Regulated Electric. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
Disclaimer: 360investing is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice. All data is sourced from public third-party providers
and may be delayed, inaccurate, or incomplete. Past performance is not indicative of future results. Analysis, scores, and valuations are algorithmic and do not represent professional investment recommendations. Always conduct your own due
diligence and consult a qualified financial adviser before making any investment decision. Use of this tool constitutes acceptance that 360investing and its operators bear no liability for decisions made based on information presented here.