NextEra Energy (NEE) · Regulated utility & renewables leader

Market snapshot

Price (approx)

USD 76

Market cap

USD 155.0B

Latest FY net income (~)

USD 6.8B

TTM revenue (~)

USD 25.5B

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

NextEra Energy (NEE) pairs Florida Power & Light (FPL) — a regulated monopoly serving ~6M accounts — with NextEra Energy Resources (NEER), the largest US renewables developer. FY2025 revenue ~$25.5B, adj. EPS ~$3.45 (+8%). Dividend yield ~2.8% with ~10% DPS growth target. Trades at a premium (~22x P/E) for growth + clean-energy optionality vs peers DUK/SO/CEG. Tension: rising rates vs IRA tailwinds and Florida data-center load.

Business

Model: Regulated returns on FPL rate base (T&D, generation, solar) + contracted/merchant renewables development (NEER).

Flagships: (1) FPL (~70% EPS) — Florida regulated utility; (2) NEER (~30% EPS) — wind/solar/storage + repowering; (3) Real Zero decarbonization roadmap.

Competitiveness: Largest US renewables scale/backlog (~20GW+); FPL regulatory franchise in fast-growing Florida; industry-leading DPS growth track record.

Strategy (12–24m): Expand FPL rate base for population + data-center load; execute NEER backlog under IRA PTC/ITC; maintain ~10% DPS growth.

Entity boundary: NextEra Energy, Inc. — consolidated FPL + NEER; no material disposals in 24m.

Strategy pillars

Strategy pillars

Pillar	Content
FPL rate base growth	Invest in T&D, solar, storage; serve FL population + data-center load
NEER renewables backlog	Execute ~20GW+ backlog; wind/solar/storage + repowering
Real Zero / decarbonization	Net-zero by 2045; Real Zero carbon emissions target
Dividend growth	~10% annualized DPS growth target through 2024+ framework

Value chain

Position: Regulated downstream utility (FPL) + upstream/midstream renewable developer (NEER) selling power via PPAs.

Customer concentration: FPL — millions of small accounts; no single customer >10% consolidated. NEER — diversified PPA book, IG-weighted.

Supply-chain risks: (1) Grid interconnection / equipment delays for NEER; (2) Storm restoration costs and regulatory recovery timing for FPL — see Risks.

Customer / user base

Customer / user base

Item	Value	Note
FPL retail customers	~6M+ accounts	Florida residential/commercial; regulated monopoly
Top customer concentration	Immaterial / diversified	No single customer >10% of consolidated rev
NEER offtakers	Utilities + corporates	PPA counterparties; investment-grade weighted
Geography	US (FL + nationwide NEER)	USD; FPL FL-only; NEER multi-state

Corporate events

Material events over ~24–36m affecting valuation and model:

Corporate events (24–36m)

Corporate events (24–36m)

Date	Phase	Event	Meaning
2024	Regulation	Florida rate settlement / base rate case	FPL allowed ROE and capex recovery framework
2024-2025	Portfolio	NEER backlog expansion	Record renewables pipeline; IRA PTC/ITC support
2025	Capital	Equity issuance / balance sheet management	Fund growth capex while maintaining credit metrics
2026	Demand	Florida data-center load growth	Hyperscaler PPAs and grid investment tailwind

Valuation

Utility premium for growth + clean energy. $155B mkt cap ($76/share, Aug 2026). Market prices FPL rate-base CAGR, NEER backlog conversion, and DPS growth vs peer yield (~4% at DUK/SO).

Multi-lens snapshot:

~3 years PE, PB, dividend yield, trailing 12m return:

Read-through: ~22x P/E vs regulated peers ~16–18x; premium justified if NEER backlog + FL load growth sustain ~8–10% EPS CAGR.

Valuation snapshot

Valuation snapshot

Metric	Value	Note
Price (approx)	~$76	Aug 2026
Market cap	~$155B
P/E (TTM, ~)	~22x	Premium vs utility peers ~16-18x
P/B	~2.8x
Dividend yield	~2.8%	~10% DPS growth target
EV/EBITDA (~)	~12x	Blended regulated + renewables

Valuation & returns · ~3y

Interactive chart available in the reader.

Share price · ~3y

Interactive chart available in the reader.

Financial trend (~24 months)

Eight-quarter revenue and margin with YoY and QoQ:

Total revenue · last 8 quarters

Interactive chart available in the reader.

Operating margin · last 8 quarters

Interactive chart available in the reader.

Financial health (§A.7)

Financial health

Financial health

Item	Value	Note
OCF (FY2025, ~)	~$12B+	Strong utility cash generation
Interest-bearing debt vs cash	Net debt ~$70B; cash ~$1B	Capital-intensive; investment-grade rated
Liquidity	Adequate	Revolver + commercial paper; regulated cash flows
Auditor / going concern	Unqualified; no GC	Deloitte; standard utility audit

Net income · last 8Q

Interactive chart available in the reader.

Operations

Volume · price · cost: FPL earnings driven by rate base investments and allowed ROE; customer growth ~1.5–2%/yr in Florida. NEER earnings from new GW commissioned and PPA margins. FY2025 adj. EPS guide ~$3.45 (+8%). Capex elevated for grid + renewables; equity issuance periodic.

FY2025 segment snapshot

FY2025 segment snapshot

Line	Amount	YoY	Note
FPL (regulated)	~70% EPS	+6%	Rate base + customer growth
NEER (renewables)	~30% EPS	+8%	Wind/solar/storage development
FY2025 revenue (~)	~$25.5B	+4%	Consolidated
Adj. EPS FY2025 (~)	~$3.45	+8%	Mid-point of guidance range

Competition

Peers: Duke (DUK), Southern (SO), Constellation (CEG).

Strengths: Renewables scale; FL growth market; DPS growth leader.

Weaknesses: Premium valuation; NEER merchant/policy exposure; hurricane episodic risk.

Market share trend · last 8Q

Interactive chart available in the reader.

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Peer comparison

Peer comparison

Company	Position	Margin lens	Strength	Weakness
NextEra (NEE)	US renewables leader	Adj EPS growth ~8-10%	FPL rate base + NEER scale; DPS growth	Premium valuation; rate sensitivity
Duke Energy (DUK)	SE/Midwest regulated	EPS growth ~5-7%	Pure regulated; yield ~4%	Slower growth; coal transition
Southern Co (SO)	SE regulated + Vogtle	EPS growth ~5-6%	Nuclear completion; yield	Construction overhang history
Constellation (CEG)	US nuclear fleet	High-margin power	AI/data-center PPAs; zero-carbon	Merchant exposure; policy risk

Management

CEO John Ketchum (since Mar 2022), CFO Kirk Crews, Exec. Chairman James Robo (former CEO). 24m: stable C-suite; Robo transition complete.

Stability: Stable — long-tenured leadership team with clear succession executed.

Key management (24m)

Key management (24m)

Role	Name	Since	24m change
CEO	John Ketchum	2022-03	No change
CFO	Kirk Crews	2023	No change
Exec. Chairman	James Robo	2022	Transition from CEO; stable

Outlook

Near-term: execute FY2025 EPS guide; Florida rate-case outcomes; NEER commissioning pace. Medium-term: data-center load in FL; IRA PTC/ITC extension visibility; balance sheet funding for capex.

Scenarios

Risks

Risks (severity)

Risks (severity)

Risk	Level	Note
Interest rates / utility discount rate	高	Higher rates compress regulated utility multiples
IRA / renewable tax credit policy	高	NEER returns tied to PTC/ITC visibility
Florida rate case outcomes	中	FPL allowed ROE and capex recovery
Renewables project delays / interconnection	中	Grid queue; equipment lead times
Storm / hurricane impact (FPL)	中	Florida hurricane season; restoration costs
NEER backlog execution	低	Backlog ~20GW+; monitor conversion

Tracking list

3–5 observable items for the next interim:

1. Q3/Q4 adj. EPS vs. ~$3.45 FY2025 guide — confirms growth trajectory

2. FPL rate base CAGR and allowed ROE in next rate case — regulatory confirm/falsify

3. NEER backlog conversion (GW commissioned vs. pipeline) — execution signal

4. 10Y Treasury yield vs. NEE relative performance — rate sensitivity

5. Florida peak load / data-center interconnections — demand upside

References

1. NextEra Energy investor relations / 10-K — https://www.investor.nexteraenergy.com/
2. SEC EDGAR (NEE) — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000753308
3. FPL rate case filings (Florida PSC) — https://www.floridapsc.com/
4. Nuclear/zero-carbon peer: Constellation (CEG)

Always verify with latest filings. Not investment advice.