Latest Ratios: P/E Ratio 26.6x · EV/EBITDA 17.9x · ROE 10.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $182.3B | $167.7B | $147.6B | $123.4B | $165.4B | $184.1B | $151.9B | $117.6B | $83.1B | $73.9B | $55.7B |
| Enterprise Value | $275.1B | $260.5B | $228.5B | $193.9B | $228.8B | $238.3B | $198.9B | $159.6B | $120.2B | $107.2B | $85.2B |
| P/E Ratio → | 26.58 | 24.40 | 21.27 | 16.87 | 39.89 | 51.53 | 52.13 | 31.21 | 12.52 | 13.75 | 19.15 |
| P/S Ratio | 6.64 | 6.10 | 5.96 | 4.39 | 7.89 | 10.79 | 8.44 | 6.12 | 4.97 | 4.30 | 3.45 |
| P/B Ratio | 2.75 | 2.52 | 2.43 | 2.09 | 3.35 | 4.03 | 3.38 | 2.84 | 2.22 | 2.50 | 2.20 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | 14.60 | 13.43 | 11.13 | 10.92 | 20.02 | 24.38 | 19.03 | 14.42 | 12.60 | 11.52 | 8.79 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 9.48 | 9.23 | 6.90 | 10.92 | 13.96 | 11.05 | 8.31 | 7.18 | 6.25 | 5.28 |
| EV / EBITDA | 17.93 | 16.98 | 17.25 | 11.83 | 25.79 | 33.44 | 21.09 | 16.23 | 14.26 | 13.73 | 10.81 |
| EV / EBIT | 33.23 | 28.62 | 27.62 | 18.27 | 51.79 | 53.61 | 45.58 | 26.22 | 13.58 | 17.24 | 15.56 |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 62.8% | 62.8% | 60.1% | 63.9% | 48.4% | 50.2% | 59.5% | 58.3% | 57.8% | 56.2% | 53.4% |
| Operating Margin | 30.1% | 30.1% | 30.2% | 36.4% | 19.5% | 17.1% | 28.4% | 27.9% | 25.6% | 30.1% | 27.6% |
| Net Profit Margin | 24.9% | 24.9% | 28.1% | 26.0% | 19.8% | 20.9% | 16.2% | 19.6% | 39.7% | 31.3% | 18.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.7% | 10.7% | 11.6% | 13.5% | 8.7% | 7.9% | 6.8% | 9.6% | 19.8% | 19.6% | 12.0% |
| ROA | 3.4% | 3.4% | 3.8% | 4.3% | 2.8% | 2.7% | 2.4% | 3.4% | 6.6% | 5.7% | 3.4% |
| ROIC | 4.1% | 4.1% | 4.1% | 6.3% | 2.9% | 2.3% | 4.4% | 5.1% | 4.7% | 6.6% | 6.2% |
| ROCE | 4.7% | 4.7% | 4.8% | 7.3% | 3.2% | 2.5% | 4.7% | 5.6% | 5.0% | 6.2% | 5.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.44 | 1.44 | 1.35 | 1.24 | 1.31 | 1.20 | 1.07 | 1.03 | 1.01 | 1.19 | 1.22 |
| Debt / EBITDA | 6.23 | 6.23 | 6.22 | 4.47 | 7.32 | 7.69 | 5.10 | 4.33 | 4.48 | 4.49 | 3.91 |
| Net Debt / Equity | — | 1.40 | 1.33 | 1.19 | 1.28 | 1.19 | 1.05 | 1.02 | 0.99 | 1.13 | 1.17 |
| Net Debt / EBITDA | 6.05 | 6.05 | 6.11 | 4.30 | 7.14 | 7.60 | 4.98 | 4.27 | 4.40 | 4.27 | 3.75 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | 1.99 | 1.99 | 3.70 | 3.19 | 7.55 | 3.50 | 2.24 | 2.71 | 5.91 | 3.99 | 4.99 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.60 | 0.60 | 0.47 | 0.55 | 0.51 | 0.53 | 0.47 | 0.53 | 0.36 | 0.64 | 0.68 |
| Quick Ratio | 0.49 | 0.49 | 0.38 | 0.47 | 0.43 | 0.44 | 0.37 | 0.44 | 0.29 | 0.52 | 0.56 |
| Cash Ratio | 0.12 | 0.12 | 0.06 | 0.10 | 0.06 | 0.04 | 0.07 | 0.04 | 0.04 | 0.15 | 0.12 |
| Asset Turnover | — | 0.13 | 0.13 | 0.16 | 0.13 | 0.12 | 0.14 | 0.16 | 0.16 | 0.18 | 0.18 |
| Inventory Turnover | 4.22 | 4.22 | 4.47 | 4.81 | 5.59 | 5.45 | 4.70 | 6.03 | 5.77 | 5.91 | 5.83 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.6% | 2.8% | 2.9% | 3.1% | 2.0% | 1.6% | 1.8% | 2.0% | 2.5% | 2.5% | 2.9% |
| Payout Ratio | 68.5% | 68.5% | 61.0% | 51.7% | 80.8% | 84.6% | 94.0% | 63.9% | 31.7% | 34.3% | 55.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.8% | 4.1% | 4.7% | 5.9% | 2.5% | 1.9% | 1.9% | 3.2% | 8.0% | 7.3% | 5.2% |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.6% | 2.8% | 2.9% | 3.1% | 2.0% | 1.6% | 1.9% | 2.0% | 2.5% | 2.5% | 2.9% |
| Shares Outstanding | — | $2.1B | $2.1B | $2.0B | $2.0B | $2.0B | $2.0B | $1.9B | $1.9B | $1.9B | $1.9B |
Capital intensity and regulation
According to current market data, NEE trades at a forward P/E of 21.78, which represents a significant premium to traditional regulated peers like Duke Energy, reflecting investor expectations for sustained renewable-driven growth rather than simple utility-style rate base expansion.
The valuation premium suggests that the market views NEE as a hybrid infrastructure growth vehicle rather than a pure-play regulated utility. Investors should monitor whether this multiple compression occurs if the renewable development pipeline faces further interconnection delays or if the cost of capital remains elevated.
Based on reported financial statements, the debt-to-capital ratio has hovered near 0.60 over the last ten quarters, indicating a heavy reliance on leverage to fund the massive capital expenditure requirements of both the regulated Florida utility and the non-regulated renewable development arm.
This leverage profile appears to be at the upper bound of what is typically considered constructive for a regulated utility, leaving limited room for balance sheet flexibility. The persistent reliance on debt suggests that any sustained increase in interest rates could materially pressure interest coverage ratios, which have already shown significant volatility.
As reported in quarterly filings, the dividend payout ratio has fluctuated wildly, reaching as high as 140% in 2025Q1, which highlights the tension between maintaining shareholder distributions and funding the company's aggressive, cash-intensive renewable infrastructure development program.
While the regulated utility segment provides a stable cash flow floor, the overall dividend quality appears sensitive to the timing of project-based cash inflows. Investors should interpret the high payout volatility as a signal that the dividend is increasingly dependent on external financing rather than organic free cash flow.
Analysis of market sentiment suggests that investors frequently misapply a standard utility P/E multiple to NEE, failing to account for the distortive impact of non-cash AFUDC and the cyclical nature of renewable development earnings that do not mirror the stability of regulated rate base returns.
Comparing NEE's P/E directly to traditional utilities obscures the underlying volatility of its non-regulated segment and the non-cash nature of its reported earnings growth. A more appropriate metric would be a sum-of-the-parts valuation that separates the regulated utility's stable earnings from the renewable arm's project-based cash flows.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying NEE stock.
NextEra Energy, Inc.'s current P/E ratio is 26.6x. The historical average is 19.9x. This places it at the 87th percentile of its historical range.
NextEra Energy, Inc.'s current EV/EBITDA is 17.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.6x.
NextEra Energy, Inc.'s return on equity (ROE) is 10.7%. The historical average is 12.3%.
Based on historical data, NextEra Energy, Inc. is trading at a P/E of 26.6x. This is at the 87th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
NextEra Energy, Inc.'s current dividend yield is 2.56% with a payout ratio of 68.5%.
NextEra Energy, Inc. has 62.8% gross margin and 30.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
NextEra Energy, Inc.'s Debt/EBITDA ratio is 6.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.