ESEVERSOURCE ENERGY

Electric Services

Revenue: $13.5B; 14% YoY
Operating margin: 22.1%; 8.5% YoY
EBITDA: $5.4B; 29% YoY
Market cap: $25.8B
Employees: 10,731; $1M revenue each
Net debt / EBITDA: 4.6×; $24.8B net debt
AI in 10-K: 0.7; 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
—
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
27% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
6% of assets
Over 40% of assets
Shareholder dissentNo
91% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$1M · 48th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.7 per 10K words · 27th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$25.8B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$4M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$9.8B	$12.3B	$11.9B	$11.8B	$13.5B	14%
Operating income	$2.0B	$2.2B	$2.4B	$2.4B	$3.0B	24%
Net income	$1.2B	$1.4B	−$435M	—	—
Operating cash flow	$2.0B	$2.4B	$1.6B	$2.2B	$4.1B	90%
Capex	$3.2B	$3.4B	$4.3B	$4.5B	$4.2B	7.2%
Stock-based comp	$28M	$33M	$28M	$30M	$34M	12%
Dividends	$805M	$860M	$919M	$1.0B	$1.1B	9.1%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $50K · 1
Open-market sells, 12 mo: $4M · 14
Net: −$4M

Pay vs performance

No pay-versus-performance disclosure yet.