MeritValue

WISCONSIN ELECTRIC POWER CO

WELPPdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'epsDiluted'

The thesis, from the filings

WISCONSIN ELECTRIC POWER CO earns about 6% on invested capital, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below.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$3.66B1$4.07B2$4.05B3$3.98B3$4.49B3
Net income—————
Operating cash flow$802.2M4$637M5$939.1M6$1.26B6$1.13B6
Capital expenditure$813.3M7$930.4M8$1.09B9$1.44B9$2.74B9
Free cash flow (derived)−$11.1M4−$293.4M5−$155.5M6−$178.2M6−$1.62B6
Total debt$6.12B10$7.18B11$7.07B12$8.15B13$9.73B13
Cash & equivalents$014$6.1M15$6.1M16$400,00016$016
Diluted shares33.3M33.3M33.3M33.3M33.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$2,036.57
your share of equity
Profit it earned you last year
—
Free cash flow it threw off
−$485.17
Debt you’d be carrying
$2,923.22

10 shares is a claim on $2,036.57 of net worth that generated −$485.17 of cash last year, against $2,923.22 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
6% avg · 5y
FY21 8%FY22 7%FY23 7%FY24 4%FY25 4%

It earned an average 6% 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
−0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 59% 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 v0.1.0
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
not applicable
only 0 years of net income (need ≥3)
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000107815-24-000097 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000107815-25-000105 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0000107815-26-000003 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0000107815-24-000097 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2022-12-31 · accession 0000107815-25-000105 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0000107815-26-000003 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2021-12-31 · accession 0000107815-24-000097 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2022-12-31 · accession 0000107815-25-000105 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2023-12-31 · accession 0000107815-26-000003 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2021-12-31 · accession 0000107815-23-000102 (LongTermDebtNoncurrent)
  11. 10-K · period ending 2022-12-31 · accession 0000107815-24-000097 (LongTermDebtNoncurrent)
  12. 10-K · period ending 2023-12-31 · accession 0000107815-25-000105 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2024-12-31 · accession 0000107815-26-000003 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2021-12-31 · accession 0000107815-24-000097 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0000107815-25-000105 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0000107815-26-000003 (CashAndCashEquivalentsAtCarryingValue)