NYSE · Utilities

NextEra Energy, Inc.

NEE · Utilities - Regulated Electric

$95.51

▼ -1.44 (-1.49%)

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Mr. Market is currently offering NextEra Energy, Inc. at $95.51.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 62.3%

Operating Margin 29.3%

Net Income Margin 24.9%

Fin. Health F

Years to Pay Off Debt 14.0 yrs

Working Capital vs Long-Term Debt -$98.8B

Working Capital -$9.2B

Valuation F

Margin of Safety 0.0%

Price-to-Book 3.65x

Cash Flow C

Free Cash Flow $3.2B

CapEx % of Net Income 135.7%

Owner Earnings $23.1B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $199.2B

Enterprise Value $316.0B

P/E (TTM) 24.24

Dividend Yield 2.40%

Exchange NYSE

Key Margins

Gross Profit 62.3%

Operating Margin 29.3%

Net Margin 24.9%

Company Info

Sector Utilities

Industry Utilities - Regulated Electric

Employees 17400

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering NextEra Energy, Inc. at $95.51.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $95.51, the stock trades at a 117% premium to its Graham Number of $43.97. 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: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About NextEra Energy, Inc.

NextEra Energy, Inc., through its subsidiaries, generates, stores, transmits, distributes, and sells electric power to retail and wholesale customers in North America. It operates through Florida Power & Light Company (FPL) and NEER segments. The company generates electricity from wind, solar, nuclear, natural gas, and other clean energy assets. It also invests in generation, storage, transmission, and distribution facilities; owns, develops, constructs, manages, and operates generation facilities, including renewables, nuclear and natural gas, and battery storage facilities in the wholesale energy market in the United States and Canada, as well as electric and gas transmission assets, and natural gas pipelines; provides full energy and capacity requirement services; markets and trades in energy-related commodities; and participates in the production of natural gas, natural gas liquids, and oil. As of December 31, 2025, the company had approximately 35,963 megawatts of net generating capacity; approximately 93,000 circuit miles of transmission and distribution lines; and 932 substations. It serves approximately 12 million people through approximately 6 million customer accounts on the east and lower west coasts of Florida. The company was formerly known as FPL Group, Inc. and changed its name to NextEra Energy, Inc. in 2010. NextEra Energy, Inc. was founded in 1925 and is headquartered in Juno Beach, Florida.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	62.3% ▲	60.1%	63.9%	48.4%	N/A
Operating Margin %	29.3% ▲	28.8%	35.0%	17.0%	N/A
Net Income %	24.9% ▼	28.1%	26.0%	19.8%	N/A
Diluted EPS	3.28 ▼	3.37	3.60	2.09	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$212.7B	$190.1B	$177.5B	$158.9B	N/A
Total Debt	$95.6B ↑	$82.3B	$73.2B	$65.0B	N/A
Working Capital	-$9.2B ▲	-$13.4B	-$12.6B	-$13.2B	N/A
Years to Pay Debt	13.99	11.85	10.02	15.67	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$3.2B ▼	$4.7B	$1.8B	-$1.5B	N/A
Owner Earnings	$23.1B	$21.2B	$23.0B	$18.7B	N/A
CapEx % of Net Income	135.7%	122.6%	130.6%	234.9%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	152,670	45,920	117,300	38,709
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	15,316,000	13,213,000	15,913,000	8,954,000
Total Unusual Items	727,000	820,000	850,000	253,000
Total Unusual Items Excluding Goodwill	727,000	820,000	850,000	253,000
Net Income From Continuing Operation Net Minority Interest	6,835,000	6,946,000	7,310,000	4,147,000
Reconciled Depreciation	6,941,000	5,761,000	6,151,000	4,790,000
Reconciled Cost Of Revenue	9,982,000	9,587,000	9,866,000	10,530,000
EBITDA	16,043,000	14,033,000	16,763,000	9,207,000
EBIT	9,102,000	8,272,000	10,612,000	4,417,000
Net Interest Income	-4,572,000	-2,235,000	-3,324,000	-585,000
Interest Expense	4,572,000	2,235,000	3,324,000	585,000
Normalized Income	6,260,670	6,171,920	6,577,300	3,932,709
Net Income From Continuing And Discontinued Operation	6,835,000	6,946,000	7,310,000	4,147,000
Total Expenses	19,392,000	17,626,000	18,282,000	17,397,000
Total Operating Income As Reported	8,280,000	7,479,000	10,237,000	4,081,000
Diluted Average Shares	2,083,000	2,059,000	2,031,000	1,987,000
Basic Average Shares	2,083,000	2,057,000	2,030,556	1,987,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	6,835,000	6,946,000	7,310,000	4,147,000
Net Income Common Stockholders	6,835,000	6,946,000	7,310,000	4,147,000
Net Income	6,835,000	6,946,000	7,310,000	4,147,000
Minority Interests	1,503,000	1,248,000	1,028,000	901,000
Net Income Including Noncontrolling Interests	5,332,000	5,698,000	6,282,000	3,246,000
Net Income Continuous Operations	5,332,000	5,698,000	6,282,000	3,246,000
Tax Provision	-802,000	339,000	1,006,000	586,000
Pretax Income	4,530,000	6,037,000	7,288,000	3,832,000
Other Income Expense	1,082,000	1,145,000	780,000	858,000
Other Non Operating Income Expenses	539,000	571,000	578,000	402,000
Special Income Charges	441,000	550,000	566,000	634,000
Gain On Sale Of Business	260,000	352,000	405,000	522,000
Other Special Charges	-181,000	-198,000	-161,000	-112,000
Earnings From Equity Interest	-184,000	-246,000	-648,000	203,000
Gain On Sale Of Security	286,000	270,000	284,000	-381,000
Net Non Operating Interest Income Expense	-4,572,000	-2,235,000	-3,324,000	-585,000
Interest Expense Non Operating	4,572,000	2,235,000	3,324,000	585,000
Operating Income	8,020,000	7,127,000	9,832,000	3,559,000
Operating Expense	9,049,000	7,740,000	8,144,000	6,580,000
Other Operating Expenses					-142,000
Other Taxes	2,469,000	2,278,000	2,265,000	2,077,000
Depreciation Amortization Depletion Income Statement	6,580,000	5,462,000	5,879,000	4,503,000
Depreciation And Amortization In Income Statement	6,580,000	5,462,000	5,879,000	4,503,000
Gross Profit	17,069,000	14,867,000	17,976,000	10,139,000
Cost Of Revenue	10,343,000	9,886,000	10,138,000	10,817,000
Total Revenue	27,412,000	24,753,000	28,114,000	20,956,000
Operating Revenue	27,412,000	24,753,000	28,114,000	20,956,000

Balance Sheet

	2025	2024	2023	2022	2021
Ordinary Shares Number	2,083,000	2,057,000	2,052,000	1,987,000
Share Issued	2,083,000	2,057,000	2,052,000	1,987,000
Net Debt	92,807,000	80,846,000	70,521,000	63,365,000
Total Debt	95,619,000	82,333,000	73,211,000	64,966,000
Tangible Book Value	47,992,000	43,520,000	40,685,000	33,616,000
Invested Capital	150,227,000	132,434,000	120,679,000	104,195,000
Working Capital	-9,233,000	-13,404,000	-12,602,000	-13,205,000
Net Tangible Assets	47,992,000	43,520,000	40,685,000	33,616,000
Common Stock Equity	54,608,000	50,101,000	47,468,000	39,229,000
Total Capitalization	144,164,000	122,486,000	108,873,000	94,485,000
Total Equity Gross Minority Interest	66,479,000	60,861,000	59,024,000	49,436,000
Minority Interest	11,871,000	10,760,000	11,556,000	10,207,000
Stockholders Equity	54,608,000	50,101,000	47,468,000	39,229,000
Gains Losses Not Affecting Retained Earnings	-9,000	-126,000	-153,000	-218,000
Other Equity Adjustments	-9,000	-126,000	-153,000	-218,000
Retained Earnings	35,102,000	32,946,000	30,235,000	26,707,000
Additional Paid In Capital	19,494,000	17,260,000	17,365,000	12,720,000
Capital Stock	21,000	21,000	21,000	20,000
Common Stock	21,000	21,000	21,000	20,000
Total Liabilities Net Minority Interest	146,242,000	129,283,000	118,465,000	109,499,000
Total Non Current Liabilities Net Minority Interest	123,425,000	103,928,000	90,502,000	82,804,000
Other Non Current Liabilities	4,219,000	3,480,000	2,762,000	2,696,000
Preferred Securities Outside Stock Equity			1,256,000	1,110,000	245,000
Derivative Product Liabilities	2,148,000	2,008,000	2,741,000	2,909,000
Non Current Deferred Liabilities	12,359,000	11,749,000	10,142,000	9,072,000
Non Current Deferred Taxes Liabilities	12,359,000	11,749,000	10,142,000	9,072,000
Long Term Debt And Capital Lease Obligation	89,556,000	72,385,000	61,405,000	55,256,000
Long Term Debt	89,556,000	72,385,000	61,405,000	55,256,000
Long Term Provisions	3,669,000	3,671,000	3,403,000	3,245,000
Current Liabilities	22,817,000	25,355,000	27,963,000	26,695,000
Other Current Liabilities	4,311,000	4,369,000	4,184,000	5,634,000
Current Deferred Liabilities	709,000	694,000	638,000	560,000
Current Deferred Revenue	709,000	694,000	638,000	560,000
Current Debt And Capital Lease Obligation	6,063,000	9,948,000	11,806,000	9,710,000
Current Debt	6,063,000	9,948,000	11,806,000	9,710,000
Other Current Borrowings	4,108,000	8,278,000	7,156,000	8,001,000
Commercial Paper	1,955,000	1,670,000	4,650,000	1,709,000
Payables And Accrued Expenses	11,734,000	10,344,000	11,335,000	10,791,000
Current Accrued Expenses	4,151,000	3,362,000	2,831,000	2,479,000
Interest Payable	1,185,000	1,016,000	970,000	719,000
Payables	7,583,000	6,982,000	8,504,000	8,312,000
Accounts Payable	7,583,000	6,982,000	8,504,000	8,312,000
Total Assets	212,721,000	190,144,000	177,489,000	158,935,000
Total Non Current Assets	199,137,000	178,193,000	162,128,000	145,445,000
Other Non Current Assets	9,337,000	7,744,000	6,012,000	4,936,000
Non Current Prepaid Assets	2,868,000	2,496,000	2,112,000	1,832,000
Financial Assets	1,998,000	1,774,000	1,790,000	1,935,000
Investments And Advances	16,482,000	15,918,000	14,854,000	14,078,000
Other Investments	10,954,000	9,800,000	8,698,000	7,496,000
Investmentin Financial Assets				7,496,000	8,922,000
Long Term Equity Investment	5,528,000	6,118,000	6,156,000	6,582,000
Goodwill And Other Intangible Assets	6,616,000	6,581,000	6,783,000	5,613,000
Other Intangible Assets	1,767,000	1,715,000	1,692,000	759,000
Goodwill	4,849,000	4,866,000	5,091,000	4,854,000
Net PPE	156,197,000	138,852,000	125,776,000	111,059,000
Accumulated Depreciation	-40,514,000	-36,159,000	-33,489,000	-31,263,000
Gross PPE	196,711,000	175,011,000	159,265,000	142,322,000
Construction In Progress	24,556,000	21,658,000	18,652,000	15,675,000
Current Assets	13,584,000	11,951,000	15,361,000	13,490,000
Other Current Assets	1,604,000	2,855,000	2,795,000	2,954,000
Hedging Assets Current	997,000	879,000	1,730,000	1,590,000
Inventory	2,420,000	2,214,000	2,106,000	1,934,000
Receivables	5,751,000	4,516,000	6,040,000	5,411,000
Other Receivables	1,733,000	1,180,000	944,000	744,000
Accounts Receivable	4,018,000	3,336,000	3,609,000	4,349,000
Allowance For Doubtful Accounts Receivable	-82,000	-56,000	-52,000	-54,000
Gross Accounts Receivable	4,100,000	3,392,000	3,661,000	4,403,000
Cash Cash Equivalents And Short Term Investments	2,812,000	1,487,000	2,690,000	1,601,000
Cash And Cash Equivalents	2,812,000	1,487,000	2,690,000	1,601,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	3,211,000	4,746,000	1,753,000	-1,480,000
Repayment Of Debt	-12,514,000	-19,706,000	-10,591,000	-5,650,000
Issuance Of Debt	26,237,000	31,344,000	18,778,000	15,938,000
Issuance Of Capital Stock	2,038,000	48,000	4,514,000	1,514,000
Capital Expenditure	-9,274,000	-8,514,000	-9,548,000	-9,742,000
Interest Paid Supplemental Data	3,501,000	2,737,000	2,463,000	1,375,000
Income Tax Paid Supplemental Data			321,000		69,000
End Cash Position	3,006,000	1,402,000	3,420,000	3,441,000
Beginning Cash Position	1,402,000	3,420,000	3,441,000	1,316,000
Effect Of Exchange Rate Changes	5,000	-14,000	-4,000	-7,000
Changes In Cash	1,599,000	-2,004,000	-17,000	2,132,000
Financing Cash Flow	12,979,000	7,000,000	12,149,000	12,229,000
Cash Flow From Continuing Financing Activities	12,979,000	7,000,000	12,149,000	12,229,000
Net Other Financing Charges	1,898,000	-451,000	3,230,000	3,779,000
Cash Dividends Paid	-4,680,000	-4,235,000	-3,782,000	-3,352,000
Common Stock Dividend Paid	-4,680,000	-4,235,000	-3,782,000	-3,352,000
Net Common Stock Issuance	2,038,000	48,000	4,514,000	1,514,000
Common Stock Issuance	2,038,000	48,000	4,514,000	1,514,000
Net Issuance Payments Of Debt	13,723,000	11,638,000	8,187,000	10,288,000
Net Short Term Debt Issuance	676,000	-3,018,000	2,308,000	957,000
Short Term Debt Payments	-2,167,000	-9,593,000	-2,613,000	-1,125,000
Short Term Debt Issuance	2,843,000	6,575,000	4,921,000	2,082,000
Net Long Term Debt Issuance	13,047,000	14,656,000	5,879,000	9,331,000
Long Term Debt Payments	-10,347,000	-10,113,000	-7,978,000	-4,525,000
Long Term Debt Issuance	23,394,000	24,769,000	13,857,000	13,856,000
Investing Cash Flow	-23,865,000	-22,264,000	-23,467,000	-18,359,000
Cash Flow From Continuing Investing Activities	-23,865,000	-22,264,000	-23,467,000	-18,359,000
Net Other Investing Changes	118,000	-16,000	-110,000	89,000
Net Investment Purchase And Sale	-14,709,000	-13,734,000	-14,733,000	-8,706,000
Sale Of Investment	6,516,000	8,104,000	6,758,000	5,421,000
Purchase Of Investment	-21,225,000	-21,838,000	-21,491,000	-14,127,000
Net Business Purchase And Sale	0	0	924,000	0
Sale Of Business	0	0	924,000	0
Net PPE Purchase And Sale	-553,000	-399,000	-185,000	-223,000
Purchase Of PPE	-553,000	-399,000	-185,000	-223,000
Capital Expenditure Reported	-8,721,000	-8,115,000	-9,363,000	-9,519,000
Operating Cash Flow	12,485,000	13,260,000	11,301,000	8,262,000
Cash Flow From Continuing Operating Activities	12,485,000	13,260,000	11,301,000	8,262,000
Dividend Received Cfo	446,000	811,000	712,000	541,000
Change In Working Capital	-373,000	160,000	-1,393,000	412,000
Change In Other Current Liabilities	987,000	1,015,000	-1,043,000	1,841,000
Change In Other Current Assets	-1,360,000	-855,000	-350,000	-1,429,000
Other Non Cash Items	-261,000	475,000	739,000	-2,191,000
Unrealized Gain Loss On Investment Securities	-107,000	-107,000	-159,000	461,000
Deferred Tax	453,000	1,308,000	708,000	534,000
Deferred Income Tax	453,000	1,308,000	708,000	534,000
Depreciation Amortization Depletion	6,941,000	5,761,000	6,151,000	4,790,000
Depreciation And Amortization	6,941,000	5,761,000	6,151,000	4,790,000
Depreciation	6,941,000	5,761,000	6,151,000	4,790,000
Operating Gains Losses	54,000	-846,000	-1,739,000	469,000
Earnings Losses From Equity Investments	184,000	246,000	648,000	-203,000
Gain Loss On Investment Securities	199,000	-492,000	-1,949,000	1,378,000
Net Foreign Currency Exchange Gain Loss	110,000	-85,000	92,000	-104,000
Gain Loss On Sale Of Business	-439,000	-515,000	-530,000	-602,000
Net Income From Continuing Operations	5,332,000	5,698,000	6,282,000	3,246,000

These metrics estimate what NextEra Energy, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$43.97

Margin of Safety

Market Cap ÷ Company Value

2.17

P/B Ratio

3.65

Warren's Owner Earnings

$23.1B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$27.4B

vs > $1.5B revenue

❌ Strong Financial Condition

0.60x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

2.40%

vs Uninterrupted dividends

✅ Earnings Growth

+57.2% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

24.2x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

3.65x P/B (P/E×P/B: 88.4)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-63.61

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$42.73

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	135.7%	122.6%	130.6%	234.9%	N/A
Repurchase of Capital Stock	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	$3.2B ▼	$4.7B ▲	$1.8B ▲	-$1.5B •	N/A •
Warren's Owner Earnings	$23.1B	$21.2B	$23.0B	$18.7B	N/A

Peers & Industry

No auto-detected peers for Utilities - Regulated Electric. You can manually compare NEE 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)

12.5%

Adequate — returns are moderate

Return on Assets (ROA)

3.2%

Fair — average asset utilization

Debt Trend YoY

+16.1% YoY

Debt is growing — management is leveraging up

Leadership Team

John Ketchum

President, CEO & Chairman

Age 54

Pay: $7,241,427

0.106% of net income

Michael Dunne

CFO & Executive VP of Finance

Age 49

Pay: $2,127,377

0.031% of net income

Armando Pimentel Jr.

Chief Executive Officer of Florida Power & Light Company

Age 62

Pay: $3,408,271

0.050% of net income

Brian Bolster

President & CEO of NextEra Energy Resources

Age 52

Pay: $2,936,842

0.043% of net income

Mark Hickson

Executive Vice President of Corporate Development & Strategy

Age 57

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	10.36%	216,033,697
Blackrock Inc.	8.48%	176,800,374
State Street Corporation	5.69%	118,582,782
JPMORGAN CHASE & CO	4.89%	102,036,629
Morgan Stanley	3.15%	65,670,440
Geode Capital Management, LLC	2.27%	47,272,019
Franklin Resources, Inc.	2.22%	46,276,439
NORGES BANK	1.68%	35,081,308

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.72

Low volatility — more stable than the market

Short Interest

0.0% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

1.57x

Moderate leverage

Current Ratio

0.54x

Weak liquidity — current liabilities exceed current assets

52-Week Price Range

Low: $63.88 Current: $95.51 High: $98.75

Currently at 91% of 52-week range

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