DUKDuke Energy CORP

Electric & Other Services Combined

Revenue: $31.7B; 5.6% YoY
Operating margin: 27.2%; 3.0% YoY
EBITDA: $16.3B; 14% YoY
Market cap: $99.1B
Employees: 5,027; $6M revenue each
Net debt / EBITDA: 4.8×; $78.0B net debt
AI in 10-K: 1.2; mentions per 10K words

Takeover score 0 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
248% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
38% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
10% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$6M · 86th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.2 per 10K words · 39th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$99.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$10M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$24.5B	$28.7B	$28.7B	$30.1B	$31.7B	5.6%
Operating income	$5.5B	$6.0B	$7.1B	$7.9B	$8.6B	8.8%
Net income	$3.9B	$2.5B	$2.8B	$4.5B	$5.0B	9.8%
Operating cash flow	$8.3B	$5.9B	$9.9B	$12.3B	$12.3B	0.0%
Capex	$9.7B	$11.4B	$12.6B	$12.3B	$14.0B	14%
Stock-based comp	$88M	$100M	$97M	$96M	$102M	6.3%
Dividends	$3.1B	$3.2B	—	—	—

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $10M · 12
Net: −$10M

Pay vs performance

No pay-versus-performance disclosure yet.