Utilities • Regulated Electric Utility (FPL) & Utility-Scale Renewables • SIC 4911
$83.71 ▲ +1.57
(+1.91%)
MKT CAP: $172.27B • VOL: 23.51M
52W L $47 52W H $99
NEE // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>)
SOURCE: Form 10-K (FY2025) // Item 1 Florida Power & Light (FPL) & NEER
01 // UPSTREAM SUPPLIERS & FOUNDRIES
FSLR <GO>
CRITICAL
First Solar, Inc. & Tier-1 Solar Module Manufacturers
SUPPLIER • Domestic US Thin-Film Utility-Scale Solar Modules (IRA Tax Credit Eligible)
EST. COGS / CAPEX SHARE 30%
EVIDENCE: 10-K NEER Multi-Gigawatt Solar Backlog & Equipment Procurement
GEV <GO>
CRITICAL
GE Vernova Inc.
SUPPLIER • Onshore Wind Turbines, Gas Peaker Turbines & High-Voltage Grid Transformers
EST. COGS / CAPEX SHARE 34%
EVIDENCE: 10-K Generation & Transmission Capital Expenditures ($25B+/yr)
TSLA <GO>
HIGH
Tesla Megapack / Grid-Scale LFP Battery Cell Suppliers
SUPPLIER • 4-Hour Co-Located Utility Battery Energy Storage Systems
EST. COGS / CAPEX SHARE 16%
EVIDENCE: 10-K NEER & FPL Battery Storage Development Pipeline (25GW+ Backlog)
CORE VALUE-CHAIN HUB NYSE
NEE // NextEra Energy, Inc.
GROSS MARGIN
—
OP MARGIN
31.8%
ROIC %
4.3%
MKT CAP
$172.27B
UPSTREAM INPUTS ──► NEE OPERATING ENGINE ──► CUSTOMER REVENUE
03 // DOWNSTREAM REVENUE CUSTOMERS
GOOGL <GO>
REV SHARE: ~24%
Hyperscale Data Center PPA Offtakers (Google, Microsoft, Meta)
CUSTOMER • 15-to-25 Year Clean Power Purchase Agreements & Nuclear Restart PPAs
EVIDENCE: 10-K NEER Long-Term Contracted Generation & Duane Arnold Nuclear PPA
FL-RES REV SHARE: ~68%
5.9M+ Regulated Florida Residential & Commercial Meter Accounts
CUSTOMER • FPSC-Regulated Base Rate ROE (~10.6–11.4%) Electric Service
EVIDENCE: 10-K Florida Power & Light Multi-Year Rate Settlement Agreement
DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX
LIVE DB CROSS-COMPARISON
| TICKER | COMPANY | LAST | MKT CAP | GROSS MGN | OP MGN | ROIC % | EV/EBITDA | REV YOY | HEAD-TO-HEAD |
|---|---|---|---|---|---|---|---|---|---|
| NEE ★ | NextEra Energy, Inc. | $83.71 | $172.27B | — | 31.8% | 4.3% | 26.6x | +7.5% | SUBJECT ISSUER |
| DUK | Duke Energy Corporation (Holding Company) | $125.90 | $98.16B | — | 31.4% | 5.2% | 8.7x | +3.3% | NEE VS DUK <GO> |
| CEG | Constellation Energy Corporation | $264.58 | $93.74B | — | 13.6% | 13.4% | 17.4x | +19.5% | NEE VS CEG <GO> |
| AES | The AES Corporation | $15.05 | $10.74B | 18.1% | 9.1% | 6.7% | 3.5x | -0.4% | NEE VS AES <GO> |
| SO | Southern Company | $92.99 | $106.97B | — | 24.7% | 6.9% | 8.5x | +10.6% | NEE VS SO <GO> |
| WM | Waste Management Inc. | $230.90 | $91.81B | 40.4% | 17.1% | 13.7% | 20.2x | +14.2% | NEE VS WM <GO> |
| RSG | Republic Services Inc. | $236.28 | $72.35B | 42.0% | 19.9% | 13.9% | 16.1x | +3.5% | NEE VS RSG <GO> |