AI-assembled from public SEC filings
Regulated electric utilities peer review
Descriptive comparison assembled from public SEC filings and verified companyfacts.
Descriptive comparison — not investment advice. This feature-specific review is assembled from a frozen evidence pack of public SEC filing quotes and verified SEC companyfacts numbers. It is descriptive only and makes no judgment about which company is better. It is not a rating, recommendation, endorsement, forecast, or investment advice. Figures are as of their cited filing dates. See Disclaimer.
Methodology
Mechanical regulated-utilities cluster: large regulated electric and electric/gas utility companies in the existing grepcent universe, selected from SEC SIC 4911 Electric Services plus disclosed requested multi-utility peers cached as SIC 4931/4932.
The cluster starts from public SEC SIC 4911 Electric Services companies already present in grepcent's processed universe. DUK, EXC, XEL, SRE, and PEG are retained as disclosed requested regulated electric or electric/gas utility peers with cached SEC SIC 4931/4932 rather than being relabeled as SIC 4911. The review publishes no proprietary index-membership labels.
Provenance
Verified Quantitative Matrix
Numbers are templated from frozen SEC companyfacts-derived facts already verified by grepcent. Fiscal periods and filing dates are shown in each cell; comparability markers use day-level period ends and reported XBRL source concepts.
| Metric | NEE | DUK | SO | D | AEP | EXC | XEL | SRE | PEG |
|---|---|---|---|---|---|---|---|---|---|
| Revenue Mixed reporting concepts: us-gaap:RegulatedAndUnregulatedOperatingRevenue, us-gaap:Revenues. Ticker concepts: AEP -> us-gaap:Revenues; D -> us-gaap:Revenues; DUK -> us-gaap:RegulatedAndUnregulatedOperatingRevenue; EXC -> us-gaap:Revenues; NEE -> us-gaap:RegulatedAndUnregulatedOperatingRevenue; PEG -> us-gaap:Revenues; SO -> us-gaap:Revenues; SRE -> us-gaap:Revenues; XEL -> us-gaap:RegulatedAndUnregulatedOperatingRevenue. | 27,412,000,000 source | 32,237,000,000 source | 29,553,000,000 source | 16,506,000,000 source | 21,876,000,000 source | 24,258,000,000 source | 14,669,000,000 source | 13,702,000,000 source | 12,168,000,000 source |
| Operating margin Mixed reporting concepts: us-gaap:OperatingIncomeLoss, us-gaap:RegulatedAndUnregulatedOperatingRevenue, us-gaap:Revenues. Ticker concepts: AEP -> us-gaap:OperatingIncomeLoss + us-gaap:Revenues; D -> us-gaap:OperatingIncomeLoss + us-gaap:Revenues; DUK -> us-gaap:OperatingIncomeLoss + us-gaap:RegulatedAndUnregulatedOperatingRevenue; EXC -> us-gaap:OperatingIncomeLoss + us-gaap:Revenues; NEE -> us-gaap:OperatingIncomeLoss + us-gaap:RegulatedAndUnregulatedOperatingRevenue; PEG -> us-gaap:OperatingIncomeLoss + us-gaap:Revenues; SO -> us-gaap:OperatingIncomeLoss + us-gaap:Revenues; XEL -> us-gaap:OperatingIncomeLoss + us-gaap:RegulatedAndUnregulatedOperatingRevenue. | 30.21% source | 26.76% source | 24.65% source | 26.74% source | 24.31% source | 21.22% source | 17.61% source | Not available. | 24.49% source |
| Net margin Mixed reporting concepts: us-gaap:NetIncomeLoss, us-gaap:ProfitLoss, us-gaap:RegulatedAndUnregulatedOperatingRevenue, us-gaap:Revenues. Ticker concepts: AEP -> us-gaap:ProfitLoss + us-gaap:Revenues; D -> us-gaap:NetIncomeLoss + us-gaap:Revenues; DUK -> us-gaap:NetIncomeLoss + us-gaap:RegulatedAndUnregulatedOperatingRevenue; EXC -> us-gaap:ProfitLoss + us-gaap:Revenues; NEE -> us-gaap:NetIncomeLoss + us-gaap:RegulatedAndUnregulatedOperatingRevenue; PEG -> us-gaap:NetIncomeLoss + us-gaap:Revenues; SO -> us-gaap:NetIncomeLoss + us-gaap:Revenues; SRE -> us-gaap:NetIncomeLoss + us-gaap:Revenues; XEL -> us-gaap:NetIncomeLoss + us-gaap:RegulatedAndUnregulatedOperatingRevenue. | 24.93% source | 15.41% source | 14.69% source | 18.16% source | 16.90% source | 11.41% source | 13.76% source | 13.41% source | 17.35% source |
| Capital expenditures Mixed reporting concepts: us-gaap:PaymentsToAcquireProductiveAssets, us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Ticker concepts: AEP -> us-gaap:PaymentsToAcquireProductiveAssets; DUK -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; EXC -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; PEG -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; SO -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; SRE -> us-gaap:PaymentsToAcquireProductiveAssets; XEL -> us-gaap:PaymentsToAcquireProductiveAssets. | Not available. | 14,024,000,000 source | 12,737,000,000 source | Not available. | 3,453,000,000 source | 8,529,000,000 source | 10,908,000,000 source | 10,612,000,000 source | 3,272,000,000 source |
| Capex / revenue Mixed reporting concepts: us-gaap:PaymentsToAcquireProductiveAssets, us-gaap:PaymentsToAcquirePropertyPlantAndEquipment, us-gaap:RegulatedAndUnregulatedOperatingRevenue, us-gaap:Revenues. Ticker concepts: AEP -> us-gaap:PaymentsToAcquireProductiveAssets + us-gaap:Revenues; DUK -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment + us-gaap:RegulatedAndUnregulatedOperatingRevenue; EXC -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment + us-gaap:Revenues; PEG -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment + us-gaap:Revenues; SO -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment + us-gaap:Revenues; SRE -> us-gaap:PaymentsToAcquireProductiveAssets + us-gaap:Revenues; XEL -> us-gaap:PaymentsToAcquireProductiveAssets + us-gaap:RegulatedAndUnregulatedOperatingRevenue. | Not available. | 43.50% source | 43.10% source | Not available. | 15.78% source | 35.16% source | 74.36% source | 77.45% source | 26.89% source |
| Free cash flow Mixed reporting concepts: us-gaap:NetCashProvidedByUsedInOperatingActivities, us-gaap:PaymentsToAcquireProductiveAssets, us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Ticker concepts: AEP -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquireProductiveAssets; DUK -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; EXC -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; PEG -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; SO -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; SRE -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquireProductiveAssets; XEL -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquireProductiveAssets. | Not available. | -1,694,000,000 source | -2,935,000,000 source | Not available. | 3,491,000,000 source | -2,275,000,000 source | -6,825,000,000 source | -6,047,000,000 source | 26,000,000 source |
| Dividends paid Mixed reporting concepts: us-gaap:PaymentsOfDividends, us-gaap:PaymentsOfDividendsCommonStock. Ticker concepts: AEP -> us-gaap:PaymentsOfDividendsCommonStock; D -> us-gaap:PaymentsOfDividendsCommonStock; EXC -> us-gaap:PaymentsOfDividendsCommonStock; NEE -> us-gaap:PaymentsOfDividends; PEG -> us-gaap:PaymentsOfDividendsCommonStock; SO -> us-gaap:PaymentsOfDividendsCommonStock; SRE -> us-gaap:PaymentsOfDividendsCommonStock; XEL -> us-gaap:PaymentsOfDividends. | 4,680,000,000 source | Not available. | 3,015,000,000 source | 2,278,000,000 source | 2,008,000,000 source | 1,617,000,000 source | 1,282,000,000 source | 1,603,000,000 source | 1,258,000,000 source |
| Dividends / net income Mixed reporting concepts: us-gaap:NetIncomeLoss, us-gaap:PaymentsOfDividends, us-gaap:PaymentsOfDividendsCommonStock. Ticker concepts: D -> us-gaap:NetIncomeLoss + us-gaap:PaymentsOfDividendsCommonStock; NEE -> us-gaap:NetIncomeLoss + us-gaap:PaymentsOfDividends; PEG -> us-gaap:NetIncomeLoss + us-gaap:PaymentsOfDividendsCommonStock; SO -> us-gaap:NetIncomeLoss + us-gaap:PaymentsOfDividendsCommonStock; SRE -> us-gaap:NetIncomeLoss + us-gaap:PaymentsOfDividendsCommonStock; XEL -> us-gaap:NetIncomeLoss + us-gaap:PaymentsOfDividends. | 68.47% source | Not available. | 69.45% source | 75.98% source | Not available. | Not available. | 63.53% source | 87.26% source | 59.59% source |
| Total debt | Not available. | 87,212,000,000 source | Not available. | 46,332,000,000 source | 47,322,000,000 source | 49,428,000,000 source | 31,832,000,000 source | Not available. | 22,545,000,000 source |
| Liabilities / equity leverage Mixed reporting concepts: us-gaap:Assets, us-gaap:Liabilities, us-gaap:StockholdersEquity, us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest. Ticker concepts: AEP -> us-gaap:Liabilities + us-gaap:StockholdersEquity; D -> us-gaap:Liabilities + us-gaap:StockholdersEquity; DUK -> us-gaap:Assets + us-gaap:StockholdersEquity; EXC -> us-gaap:Liabilities + us-gaap:StockholdersEquity; NEE -> us-gaap:Liabilities + us-gaap:StockholdersEquity; PEG -> us-gaap:Assets + us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest; SO -> us-gaap:Liabilities + us-gaap:StockholdersEquity; SRE -> us-gaap:Assets + us-gaap:StockholdersEquity; XEL -> us-gaap:Assets + us-gaap:StockholdersEquity. | 2.68 source | 2.78 source | 3.24 source | 2.83 source | 2.64 source | 3.05 source | 2.45 source | 2.51 source | 2.39 source |
| Cash and equivalents | 2,812,000,000 source | 245,000,000 source | 1,639,000,000 source | 250,000,000 source | 197,000,000 source | 626,000,000 source | Not available. | 29,000,000 source | 132,000,000 source |
| Property, plant and equipment Mixed reporting concepts: us-gaap:PropertyPlantAndEquipmentNet, us-gaap:PublicUtilitiesPropertyPlantAndEquipmentNet. Ticker concepts: AEP -> us-gaap:PublicUtilitiesPropertyPlantAndEquipmentNet; D -> us-gaap:PropertyPlantAndEquipmentNet; DUK -> us-gaap:PublicUtilitiesPropertyPlantAndEquipmentNet; EXC -> us-gaap:PublicUtilitiesPropertyPlantAndEquipmentNet; NEE -> us-gaap:PropertyPlantAndEquipmentNet; PEG -> us-gaap:PublicUtilitiesPropertyPlantAndEquipmentNet; SO -> us-gaap:PublicUtilitiesPropertyPlantAndEquipmentNet; XEL -> us-gaap:PropertyPlantAndEquipmentNet. | 156,197,000,000 source | 129,959,000,000 source | 114,369,000,000 source | 78,967,000,000 source | 91,638,000,000 source | 84,318,000,000 source | 65,639,000,000 source | Not available. | 42,064,000,000 source |
Code-computed comparisons
- grepcent-computed capex intensity range: range endpoints are AEP (15.78%) and SRE (77.45%).
- Reported liabilities / equity leverage range: range endpoints are PEG (2.39) and SO (3.24).
- grepcent-computed dividend payout range: range endpoints are PEG (59.59%) and SRE (87.26%).
Market-risk companion: risk and factor comparison from lmfin. It is descriptive and separate from the SEC fundamentals review.
Narrative Matrix
| Dimension | NEE | DUK | AEP | SRE |
|---|---|---|---|---|
| Business model | In its latest annual MD&A, NEE describes this business model item. NEE’s operating performance is driven primarily by the operations of its two principal businesses, FPL, which serves more than six million customer accounts in Florida and is the largest electric utility in the U.S., and NEER, which together with affiliated entities is one of the largest energy infrastructure developers in the U.S. company page · source filing · filed 2026-02-13 | — | In its latest annual MD&A, AEP describes this business model item. AEP’s electric utility operating companies provide generation, transmission and distribution services to more than five million retail customers in Arkansas, Indiana, Kentucky, Louisiana, Michigan, Ohio, Oklahoma, Tennessee, Texas, Virginia and West Virginia. company page · source filing · filed 2026-02-12 | In its latest annual MD&A, SRE describes this business model item. ▪Sempra is a holding company whose principal businesses are regulated utilities in California and Texas. company page · source filing · filed 2026-02-26 |
| Stated strategy in filings | In its latest annual MD&A, NEE describes this stated strategy in filings item. In 2025, NEER added approximately 1,604 MW of new wind generating capacity, 2,859 MW of solar generating capacity and 1,799 MW of battery storage capacity and increased its backlog of contracted development projects. company page · source filing · filed 2026-02-13 | — | — | In its latest annual MD&A, SRE describes this stated strategy in filings item. The California ISO’s 2022-2023 Transmission Plan identified the need for 45 transmission projects throughout the state to improve resiliency and modernize the region’s energy grid. company page · source filing · filed 2026-02-26 |
| Idiosyncratic risks in filings | — | In its latest annual MD&A, DUK describes this idiosyncratic risks in filings item. To minimize the financing costs related to these storms, we worked with the state commissions to timely track and recover storm costs under our approved regulatory frameworks, including storm recovery charges in Florida and the securitization of storm costs in the Carolinas so that storm costs are fully recovered across all jurisdictions by early 2026. company page · source filing · filed 2026-02-26 | — | In its latest annual MD&A, SRE describes this idiosyncratic risks in filings item. The 2019 Wildfire Legislation established the Wildfire Fund and the 2025 Wildfire Legislation established the Continuation Account (collectively, the Wildfire Legislation), which offer liquidity to reimburse wildfire-related claims incurred by participating California electric IOUs in excess of $1 billion, subject to the coverage of each fund. company page · source filing · filed 2026-02-26 |
Provenance
Withheld quantitative rows
- rate_base: Only 0 of 9 companies have a verified fact; threshold is 3.
- allowed_roe: Only 0 of 9 companies have a verified fact; threshold is 3.
- regulated_kpis: Only 0 of 9 companies have a verified fact; threshold is 3.
Withheld dimensions
- geographic_customer_exposure: No quote passed the evidence checks.
- capital_allocation: No quote passed the evidence checks.
- recent_narrative_change: No quote passed the evidence checks.
Withheld cells
- DUK / business_model: no quote passed the evidence checks
- SO / business_model: no quote passed the evidence checks
- D / business_model: no quote passed the evidence checks
- EXC / business_model: no quote passed the evidence checks
- XEL / business_model: no quote passed the evidence checks
- PEG / business_model: no quote passed the evidence checks
- NEE / geographic_customer_exposure: no quote passed the evidence checks
- DUK / geographic_customer_exposure: no quote passed the evidence checks
- SO / geographic_customer_exposure: no quote passed the evidence checks
- D / geographic_customer_exposure: no quote passed the evidence checks
- AEP / geographic_customer_exposure: no quote passed the evidence checks
- EXC / geographic_customer_exposure: no quote passed the evidence checks
- XEL / geographic_customer_exposure: no quote passed the evidence checks
- SRE / geographic_customer_exposure: no quote passed the evidence checks
- PEG / geographic_customer_exposure: no quote passed the evidence checks
- NEE / capital_allocation: no quote passed the evidence checks
- DUK / capital_allocation: no quote passed the evidence checks
- SO / capital_allocation: no quote passed the evidence checks
- D / capital_allocation: no quote passed the evidence checks
- AEP / capital_allocation: no quote passed the evidence checks
- EXC / capital_allocation: no quote passed the evidence checks
- XEL / capital_allocation: no quote passed the evidence checks
- SRE / capital_allocation: no quote passed the evidence checks
- PEG / capital_allocation: no quote passed the evidence checks