ETRENTERGY CORP /DE/

Electric Services

Revenue: $12.9B; 9.0% YoY
Operating margin: 24.7%; 11% YoY
EBITDA: $5.5B; 13% YoY
Market cap: $50.4B
Employees: 2,023; $6M revenue each
Net debt / EBITDA: 5.3×; $29.1B net debt
AI in 10-K: 0.3; mentions per 10K words

Takeover score 2 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
219% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
21% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$6M · 88th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.3 per 10K words · 16th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
5.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$50.4B market cap
Market cap $500M–$5B

Catalysts 1 of 2

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

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$11.7B	$13.8B	$12.1B	$11.9B	$12.9B	9.0%
Operating income	$1.8B	$2.1B	$2.6B	$2.7B	$3.2B	21%
Net income	$1.1B	$1.1B	$2.4B	—	—
Operating cash flow	$2.3B	$2.6B	$4.3B	$4.5B	$5.2B	15%
Capex	$168M	$5.1B	$4.4B	$4.8B	$7.7B	59%
Dividends	$775M	$842M	$918M	$982M	$1.1B	9.4%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $203K · 2
Open-market sells, 12 mo: $12M · 18
Net: −$12M

Pay vs performance

No pay-versus-performance disclosure yet.