Forensic Analysis · Electric Utilities · as of Nov 9, 2026
Entergy Corp /De/ (ETR)
A forensic read on Entergy Corp /De/ built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Clean
Earnings quality
4
Forensic signals
11.1%
ROE
9.0%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Entergy Corp /De/ earns a B (Sound & dependable) forensic quality grade. 4 forensic signals were flagged in its latest SEC filings, led by shareholder returns.
What the filings flag
FCF ($2.5B)
FY2025
Shareholder returns.Returned $1.1B to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($2.5B) after capex — there was no free cash flow to fund the payout from at all, though operating cash flow alone was $5.2B — 21% of that. Capex and the payout together ran $3.6B past operating cash flow — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of. New debt covered part of it: total debt rose $2.3B over FY2025, while cash rose $1.1B — $1.2B of the $3.6B. The FY2025 cash-flow statement filed $5.8B of debt issued against $3.5B repaid; $1.1B from shares issued; $902M of investments sold or matured; $859M from sales of property and equipment; net cash used in investing activities of $7.1B; net cash provided by financing activities of $3.0B.
4.0%
FY2025
Return on invested capital.Return on invested capital is 4.0% in the latest fiscal year and steady across FY2023–FY2025, inside a 0.9-point range. After-tax operating profit was $2.4B in FY2023 and $2.5B in FY2025, with operating income at 21.6% of revenue in FY2023, 22.3% in FY2024 and 24.7% in FY2025. The capital base behind it grew +12% across FY2023–FY2025, from $55.3B to $61.9B, while the return fell 0.3 points, so the dollars added over that window earned less than the 4.3% the older base was already earning.
+2.9%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +6% over the last 2 years to FY2025 (+2.9%/yr). The count is growing — 424.8M shares in FY2023, 450.2M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~2.9% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~6%.
0.3% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 0.3% of revenue in FY2025 — about $0.10 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 2.9% a year across FY2023–FY2025 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$12.95B
Revenue Growth YoY+9.0%
Revenue CAGR (2yr)+3.2%
Net Margin13.7%
Free Cash Flow-$2.53B
Return on Equity11.1%
Debt / Equity1.79x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Entergy Corp /De/'s actual 10-K/10-Q/8-K filings?