Forensic Analysis · Electric Utilities · as of Nov 10, 2026
Nextera Energy Inc (NEE)
A forensic read on Nextera Energy Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Clean
Earnings quality
3
Forensic signals
13.1%
ROE
10.7%
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.
Nextera Energy Inc earns a C (Mixed — selective) forensic quality grade. 3 forensic signals were flagged in its latest SEC filings, led by shareholder returns.
What the filings flag
FCF ($11.6B)
FY2025
Shareholder returns.Returned $4.7B to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($11.6B) after capex — there was no free cash flow to fund the payout from at all, though operating cash flow alone was $12.5B — 37% of that. Capex and the payout together ran $16.2B 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 $12.6B over FY2025, while cash rose $1.3B — $11.3B of the $16.2B. The FY2025 cash-flow statement filed $23.4B of debt issued against $10.3B repaid; $2.0B from shares issued; net cash used in investing activities of $23.9B; net cash provided by financing activities of $13.0B.
+11.4%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +11.4% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. Net operating assets also rose $35.0M through acquisitions (increase in goodwill and intangibles); that purchase is investing and is excluded from this ratio. The build is led by receivables up +20% against revenue +11% and PP&E up +12% against revenue +11%. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 4% of net operating assets, against an accruals ratio of 11.4%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
4.1%
FY2025
Return on invested capital.Return on invested capital is 4.1% in the latest fiscal year and slipping across FY2023–FY2025 from 5.7%. After-tax operating profit was $8.8B in FY2023 and $7.5B in FY2025, with operating income at 36.4% of revenue in FY2023, 30.2% in FY2024 and 30.2% in FY2025. The capital base behind it grew +18% across FY2023–FY2025, from $153.7B to $181.0B, while the return fell 1.6 points, so the dollars added over that window earned less than the 5.7% the older base was already earning. $24.6B of the $181.0B base at FY2025 is construction in progress (13.6%) — paid for, not yet in service, and so in the denominator of this return.
Key fundamentals
Latest Revenue$27.41B
Revenue Growth YoY+10.7%
Revenue CAGR (2yr)-1.3%
Net Margin24.9%
Free Cash Flow-$11.57B
Return on Equity13.1%
Debt / Equity1.70x
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 Nextera Energy Inc's actual 10-K/10-Q/8-K filings?