MeritValue

ENTERGY CORP /DE/

ETRdata completeness 100%19 fiscal years on file
The thesis, from the filings

ENTERGY CORP /DE/ earns about 5% on invested capital, but has diluted owners by 123% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $24.85 a share. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$11.7B1$13.8B1$12.1B1$11.9B2$12.9B2
Net income$1.12B3$1.1B3$2.36B3$1.06B4$1.77B4
Operating cash flow$2.3B5$2.59B6$4.29B7$4.49B7$5.15B7
Capital expenditure$168.3M8$5.07B9$4.44B10$4.84B10$7.68B10
Free cash flow (derived)$2.13B5,8−$2.48B6,9−$146.3M7,10−$349.8M7,10−$2.53B7,10
Total debt$27.1B11,12$26.8B13,14$26.2B15,16$28.9B17,18$30.9B17,18
Cash & equivalents$442.6M19$224.2M20$132.5M21$859.7M22$1.93B22
Diluted shares201.9M411.1M424.8M431.6M450.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$375.94
your share of equity
Profit it earned you last year
$39.39
Free cash flow it threw off
−$56.3
Debt you’d be carrying
$687.21

10 shares is a claim on $375.94 of net worth that earned you $39.39 and generated −$56.3 of cash last year, against $687.21 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
5% avg · 5y
FY21 5%FY22 5%FY23 7%FY24 5%FY25 6%

It earned an average 5% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+123% shares · 5y

Share count is up 123% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 14% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.6.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
$24.85
assumptions (8)
  • Risk-free rate (10Y Treasury)5.00%
  • Equity risk premium5.00%
  • Beta (β)1.00
  • Equity share of capital85.0%
  • Debt spread over risk-free1.50%
  • Tax rate21.0%
  • Normalized earnings$1.12B
  • Growth assumed0.0%
Graham Number
$57.51
assumptions (1)
  • Graham multiplier (P/E × P/B)22.5×

Different models answer different questions — which to trust when →

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Sources — the receipts
  1. 10-K filed 2024-02-23 · periods ending 2021-12-31, 2022-12-31, 2023-12-31 · accession 0000065984-24-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K filed 2026-02-19 · periods ending 2024-12-31, 2025-12-31 · accession 0000065984-26-000174 (Revenues)
  3. 10-K filed 2024-02-23 · periods ending 2021-12-31, 2022-12-31, 2023-12-31 · accession 0000065984-24-000012 (NetIncomeLoss)
  4. 10-K filed 2026-02-19 · periods ending 2024-12-31, 2025-12-31 · accession 0000065984-26-000174 (ProfitLoss)
  5. 10-K filed 2024-02-23 · period ending 2021-12-31 · accession 0000065984-24-000012 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K filed 2025-02-18 · period ending 2022-12-31 · accession 0000065984-25-000012 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K filed 2026-02-19 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0000065984-26-000174 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K filed 2024-02-23 · period ending 2021-12-31 · accession 0000065984-24-000012 (PaymentsToAcquireProductiveAssets)
  9. 10-K filed 2025-02-18 · period ending 2022-12-31 · accession 0000065984-25-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K filed 2026-02-19 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0000065984-26-000174 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K filed 2023-02-24 · period ending 2021-12-31 · accession 0000065984-23-000014 (LongTermDebt)
  12. 10-K filed 2023-02-24 · period ending 2021-12-31 · accession 0000065984-23-000014 (ShortTermBorrowings)
  13. 10-K filed 2024-02-23 · period ending 2022-12-31 · accession 0000065984-24-000012 (LongTermDebt)
  14. 10-K filed 2024-02-23 · period ending 2022-12-31 · accession 0000065984-24-000012 (ShortTermBorrowings)
  15. 10-K filed 2025-02-18 · period ending 2023-12-31 · accession 0000065984-25-000012 (LongTermDebt)
  16. 10-K filed 2025-02-18 · period ending 2023-12-31 · accession 0000065984-25-000012 (ShortTermBorrowings)
  17. 10-K filed 2026-02-19 · periods ending 2024-12-31, 2025-12-31 · accession 0000065984-26-000174 (LongTermDebt)
  18. 10-K filed 2026-02-19 · periods ending 2024-12-31, 2025-12-31 · accession 0000065984-26-000174 (ShortTermBorrowings)
  19. 10-K filed 2023-02-24 · period ending 2021-12-31 · accession 0000065984-23-000014 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K filed 2024-02-23 · period ending 2022-12-31 · accession 0000065984-24-000012 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K filed 2025-02-18 · period ending 2023-12-31 · accession 0000065984-25-000012 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K filed 2026-02-19 · periods ending 2024-12-31, 2025-12-31 · accession 0000065984-26-000174 (CashAndCashEquivalentsAtCarryingValue)