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Institutional accumulation: ownership increased +0.99% quarter-over-quarter.
Data as of Q1 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $16.75 today, the market must believe free cash flow compounds 5.9%/yr for a decade (off $132M normalized FCF).
The market's 5.9% is more optimistic than its 9-yr track record.
2-stage DCF · 0.07B shares · net debt $1.2B
mean 1.9% · volatility σ 21% · implied rate exceeded in 5/9 yrs
Central path = implied 5.9%/yr growth; shaded band = ±1σ (21%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Ranked against 95 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| GEV | $253.4B | 53.2× | 126.6× | 6.7× | 9.0% | 19.8% | 12.8% | 43.7% | 43.4% | 0.0× | 2,989 |
| NEE | $167.6B | 24.4× | — | 6.5× | 9.8% | — | 26.5% | 12.5% | 4.6% | — | 2,911 |
| SO | $94.3B | 21.8× | — | 3.2× | 10.6% | — | 14.7% | 12.1% | 11.8% | — | 2,268 |
| DUK | $91.4B | 18.6× | 10.7× | 2.9× | 5.6% | — | 15.7% | 9.6% | 3.7% | 5.1× | 2,360 |
| CEG | $79.5B | 34.4× | 20.9× | 3.1× | 8.3% | — | 9.1% | 16.0% | 9.9% | 2.2× | 1,836 |
| AEP | $64.9B | 18.0× | 12.8× | 3.0× | 10.9% | — | 16.9% | 11.9% | 4.8% | 5.3× | 1,854 |
| D | $55.9B | 18.4× | — | 3.4× | 14.2% | — | 18.2% | 10.3% | 3.8% | — | 1,421 |
| SRE | $53.1B | 29.6× | — | 3.9× | 3.9% | — | 13.4% | 5.8% | 5.1% | — | 1,217 |
| VST | $47.6B | 64.5× | 16.9× | 2.7× | 3.0% | — | 5.3% | 18.5% | 3.9% | 4.8× | 1,246 |
| ETR | $45.1B | 26.1× | 13.0× | 3.5× | 9.0% | — | 13.7% | 10.5% | 3.9% | 5.2× | 1,224 |
| XEL | $45.1B | 21.1× | — | — | — | — | — | 8.5% | 3.5% | — | 1,208 |
| EXC | $43.0B | — | 11.0× | 1.8× | 5.3% | — | 11.4% | 9.6% | 3.6% | 5.9× | 1,230 |
| ED | $38.1B | 18.7× | — | 2.3× | 10.9% | — | 12.0% | 8.4% | 4.0% | — | 1,368 |
| PEG | $34.7B | 16.5× | — | 2.9× | 18.3% | — | 17.3% | 12.4% | 5.3% | — | 1,231 |
| WEC | $33.6B | 21.4× | 14.5× | 3.4× | 14.0% | 66.7% | 15.9% | 11.1% | 4.5% | 5.5× | 1,310 |
| AEE | $28.3B | 19.1× | — | 3.2× | 15.4% | — | 16.6% | 10.9% | 4.5% | — | 884 |
| AWK | $26.5B | 23.9× | 10.1× | 5.2× | 10.1% | — | 21.7% | 10.3% | 8.9% | 0.6× | 1,100 |
| FE | $26.2B | 25.7× | 6.8× | 1.7× | 12.0% | — | 6.8% | 8.2% | 7.9% | 0.1× | 894 |
| ATO | $25.9B | 21.5× | 11.2× | 5.5× | 12.9% | — | 25.5% | 8.8% | 8.8% | — | 961 |
| ES | $25.4B | 14.8× | 9.9× | 1.9× | 13.8% | — | 12.5% | 10.5% | 3.8% | 5.2× | 1,012 |
| PPL | $25.0B | 21.0× | 12.3× | 2.8× | 6.9% | — | 13.1% | 7.9% | 3.5% | 5.4× | 947 |
| CNP | $25.0B | 23.9× | 12.6× | 2.7× | 8.3% | 100.0% | 11.2% | 9.4% | 3.3% | 5.8× | 774 |
| EIX | $21.3B | 4.8× | 5.8× | 1.1× | 9.8% | — | 23.1% | 25.4% | 8.0% | 3.7× | 1,005 |
| CMS | $20.0B | 18.5× | 12.6× | 2.3× | 13.6% | — | 12.5% | 11.7% | 3.8% | 6.2× | 762 |
| NRG | $19.7B | 25.9× | 9.7× | 0.6× | 9.2% | — | 2.8% | 51.4% | 4.8% | 5.1× | 1,010 |
| SPH | $1.1B | 10.3× | 8.3× | 0.8× | 7.9% | 60.6% | 7.4% | — | — | 4.4× | 144 |
Peers = companies sharing SPH's sector (Utilities) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
EOD close · as of 2026-09-18
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.43B 100.0% | $1.33B 100.0% | $1.43B 100.0% | $1.50B 100.0% | $1.29B 100.0% | $1.11B 100.0% | $1.27B 100.0% | $1.34B 100.0% | $1.19B 100.0% | $1.05B 100.0% |
| Cost of Revenue | $563.7M 39.4% | $522.2M 39.3% | $590.1M 41.3% | $712.1M 47.4% | $485.5M 37.7% | $383.0M 34.6% | $522.0M 41.2% | $592.6M 44.1% | $476.7M 40.1% | $362.0M 34.6% |
| Cost of Products | — | — | — | — | — | — | — | — | $476.7M 40.1% | $362.0M 34.6% |
| Selling, General & Admin | $96.4M 6.7% | $89.9M 6.8% | $91.6M 6.4% | $81.8M 5.4% | $74.1M 5.7% | $65.9M 6.0% | $71.0M 5.6% | $66.2M 4.9% | $57.3M 4.8% | $61.1M 5.8% |
| Total Operating Expenses | $1.23B 85.6% | $1.16B 87.1% | $1.22B 85.5% | $1.30B 86.3% | $1.08B 83.5% | $967.6M 87.3% | $1.12B 88.1% | $1.18B 87.9% | $1.06B 89.2% | $965.5M 92.3% |
| Operating Income | $206.3M 14.4% | $171.3M 12.9% | $206.8M 14.5% | $206.3M 13.7% | $213.2M 16.5% | $140.3M 12.7% | $150.9M 11.9% | $158.0M 11.8% | $128.6M 10.8% | $90.4M 8.6% |
| Interest Expense | $76.3M 5.3% | $74.6M 5.6% | $73.4M 5.1% | $60.7M 4.0% | $68.1M 5.3% | $74.7M 6.7% | $76.7M 6.0% | $77.4M 5.8% | $75.3M 6.3% | $75.1M 7.2% |
| Pretax Income | $107.9M 7.5% | $74.9M 5.6% | $124.4M 8.7% | $140.1M 9.3% | $123.9M 9.6% | $60.6M 5.5% | $69.5M 5.5% | $75.9M 5.6% | $38.5M 3.2% | $15.0M 1.4% |
| Income Tax Expense | $1.3M 0.1% | $734K 0.1% | $668K 0.0% | $429K 0.0% | $1.1M 0.1% | -$146K -0.0% | $857K 0.1% | -$606K -0.0% | $459K 0.0% | $588K 0.1% |
| Net Income | $106.6M 7.4% | $74.2M 5.6% | $123.8M 8.7% | $139.7M 9.3% | $122.8M 9.5% | $60.8M 5.5% | $68.6M 5.4% | $76.5M 5.7% | $38.0M 3.2% | $14.4M 1.4% |
| Per Share | ||||||||||
| EPS (Basic) | $1.64 | $1.15 | $1.94 | $2.21 | $1.96 | $0.98 | $1.11 | $1.24 | $0.62 | $0.24 |
| EPS (Diluted) | $1.62 | $1.14 | $1.92 | $2.18 | $1.94 | $0.97 | $1.10 | $1.24 | $0.62 | $0.24 |
| Weighted Avg Shares (Basic) | 65.1M | 64.3M | 63.8M | 63.2M | 62.7M | 62.3M | 62.0M | 61.6M | 61.2M | 61.0M |
| Weighted Avg Shares (Diluted) | 65.6M | 64.8M | 64.4M | 64.0M | 63.3M | 62.7M | 62.4M | 61.8M | 61.5M | 61.2M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
Insufficient balance-sheet detail (needs retained earnings, working capital, equity).
Eight indices comparing this year to last (receivables, margins, asset quality, growth, accruals, leverage). Above −1.78 suggests possible manipulation; below −2.22 is clean.
A screen, not proof — high growth alone can raise it.
Earnings are backed by cash (FCF ≥ net income) — high quality. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor; leverage falling year-over-year.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on $114M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Modest payoff on reinvested capital. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $405000 covers the $0 due within a year 405000.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-09-27 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~6.3% on $1.2B of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-09-18
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 2.6× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 44.1 | 41.2 | 34.6 | 37.7 | 47.4 | 41.3 | 39.3 | 39.4 |
| SG&A | 4.9 | 5.6 | 6.0 | 5.7 | 5.4 | 6.4 | 6.8 | 6.7 |
| Operating Income | 11.8 | 11.9 | 12.7 | 16.5 | 13.7 | 14.5 | 12.9 | 14.4 |
| Income Tax | -0.0 | 0.1 | -0.0 | 0.1 | 0.0 | 0.0 | 0.1 | 0.1 |
| Net Income | 5.7 | 5.4 | 5.5 | 9.5 | 9.3 | 8.7 | 5.6 | 7.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on SPH: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position