NextEra Energy, Inc. (NEE) Valuation Ratios - Annual

Trailing Valuation

Trailing Valuation	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Stock Price	81.7	71.7	60.7	83.6	93.4	77.2	60.5	43.5	39.1	29.9	26
Total Shares Outstanding	2,082.6	2,057	2,052	1,987	1,963	1,960	1,956	1,912	1,883	1,872	1,844
Market Cap	170,045.1	147,466.3	124,638.5	166,113.2	183,265.7	151,214	118,416.2	83,095.5	73,531.2	55,916.6	47,888.7
Total Enterprise Value (TEV)	271,191.1	239,072.3	206,715.5	239,685.2	245,920.7	206,616	165,241.2	123,906.5	108,137.2	86,454.6	77,542.7
Dividend Yield	2.7%	2.9%	3.1%	2%	1.7%	1.8%	2.1%	2.6%	2.5%	2.9%	3%
Buyback Yield	—	—	—	—	—	—	—	—	—	—	—
Debt Paydown Yield	-6.3%	-9.9%	-4.2%	-6%	-3.7%	-4.2%	-3.2%	-7.8%	-2.7%	-3.9%	-4.6%
Shareholder Yield	-6.2%	-9.9%	-4.2%	-6%	-3.7%	-4.2%	-3.2%	-7.8%	-2.7%	-3.8%	-4.5%
P/S	6.5	6	4.4	7.9	10.7	8.4	6.2	5	4.3	3.5	2.7
P/Gross Profit	10.4	9.9	6.9	16.4	21.4	14.4	10.6	8.6	7.6	6.5	5.4
P/E	26	21.3	16.9	39.8	51.6	52.1	31.2	12.5	13.7	19.1	17.1
Earnings Yield	3.8%	4.7%	5.9%	2.5%	1.9%	1.9%	3.2%	8%	7.3%	5.2%	5.8%
P/OCF	14.2	11.1	11	20.1	24.3	18.9	14.5	12.6	11.4	8.8	7.9
P/FCF	49.3	28.7	64.3	-132.2	-91,632.8	322.4	46.3	92.2	58.8	23.2	18.6
FCF Yield	2%	3.5%	1.6%	-0.8%	-0%	0.3%	2.2%	1.1%	1.7%	4.3%	5.4%
P/B	3.1	2.9	2.6	4.2	4.9	4.1	3.2	2.4	2.6	2.3	2.1
EV/Sales	10.3	9.7	7.4	11.4	14.4	11.5	8.6	7.4	6.3	5.4	4.4
EV/Gross Profit	16.6	16.1	11.5	23.6	28.7	19.6	14.8	12.8	11.2	10	8.7
EV/EBITDA	18.8	18.1	12.6	27	34.5	21.9	16.8	14.7	13.8	11	9.9
EV/EBIT	35.5	32	20.2	58.7	84.4	40.4	30.9	29	20.9	19.4	16.7
EV/OCF	22.7	18	18.3	29	32.6	25.9	20.3	18.8	16.7	13.6	12.7
EV/FCF	78.6	46.5	106.7	-190.7	-122,960.3	440.5	64.6	137.5	86.5	35.8	30.1

Dividends

Dividends	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Dividend Yield	2.7%	2.9%	3.1%	2%	1.7%	1.8%	2.1%	2.6%	2.5%	2.9%	3%
DPS	2.2	2.1	1.9	1.7	1.5	1.4	1.2	1.1	1	0.9	0.8
Payout Ratio	70.1%	61%	51.7%	80.8%	84.6%	94%	63.9%	31.7%	34.3%	55.5%	50.3%

Margins

Margins	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Gross Profit Margin	62%	60.1%	63.9%	48.4%	50.2%	58.5%	58.3%	57.8%	56.2%	53.4%	50.8%
Operating Margin	29%	30.2%	36.4%	19.5%	17.1%	28.4%	27.9%	25.6%	30.1%	27.6%	26.5%
EBITDA Margin	54.9%	53.5%	58.3%	42.3%	41.8%	52.4%	51.2%	50.4%	45.5%	48.9%	44.8%
Net Profit Margin	19.4%	23%	22.3%	15.5%	16.6%	13.2%	17.6%	34.5%	31%	18.6%	15.8%
Effective Tax Rate	-20.1%	5.6%	13.8%	15.3%	11%	1.8%	11.7%	21.4%	-14.2%	31.5%	30.8%
Pre-Tax Profit Margin	16.2%	24.4%	25.9%	18.3%	18.6%	13.4%	20%	44%	27.2%	27.1%	22.8%
Free Cash Flow Margin	13.1%	20.8%	6.9%	-6%	-0%	2.6%	13.3%	5.4%	7.3%	14.9%	14.7%
OCF / Sales	45.5%	53.6%	40.2%	39.4%	44.2%	44.4%	42.5%	39.4%	37.6%	39.5%	34.8%
OCF / Net Income	234.1%	232.7%	179.9%	254.5%	267.2%	337%	240.7%	114.1%	121.3%	212.4%	220.5%
FCF / OCF	28.8%	38.8%	17.1%	-15.2%	-0%	5.9%	31.4%	13.7%	19.4%	37.9%	42.3%
FCF / Net Income	67.5%	90.3%	30.9%	-38.7%	-0.1%	19.8%	75.5%	15.6%	23.5%	80.4%	93.3%
FCF / EBITDA	23.9%	38.9%	11.8%	-14.2%	-0%	5%	26%	10.7%	16%	30.6%	32.9%

Capital Efficiency

Capital Efficiency	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Return on Invested Capital	4.5%	3.8%	5.2%	2.3%	1.9%	4%	4.1%	3.2%	6.4%	3.6%	4.1%
Return on Assets	4.6%	3.8%	5.2%	2.3%	1.9%	4.1%	4.3%	3.3%	6.3%	3.5%	4.1%
Return on Equity	8.1%	9.5%	11.6%	6.8%	6.2%	5.5%	8.5%	17.1%	19.4%	12.4%	12.8%
Return on Total Capital	8.9%	7.9%	11%	5%	4.3%	9.7%	10.6%	8.6%	17.3%	9.8%	10.8%
Return on Capital Employed	4.2%	4.8%	7.3%	3.2%	2.5%	4.7%	5.6%	5%	6.2%	5.9%	6.7%
Return on Tangible Assets	2.6%	3.2%	3.8%	2.2%	2.2%	2%	3.1%	5.8%	5.7%	3.5%	3.5%
Receivables Turnover	5.3	5.5	5.8	4.6	4.8	6.2	6.6	5.9	6.6	6.9	7.9
Days Sales Outstanding	69.1	66.9	62.6	80.1	75.7	58.6	54.9	62.3	55	53.2	46.2
Asset Turnover	0.1	0.1	0.2	0.1	0.1	0.1	0.2	0.2	0.2	0.2	0.2
Fixed Asset Turnover	0.2	0.2	0.2	0.2	0.2	0.2	0.3	0.2	0.5	—	—
CapEx to OCF	0.7	0.6	0.8	1.2	1	0.9	0.7	0.9	0.8	0.6	0.6
CapEx to Revenue	0.3	0.3	0.3	0.5	0.4	0.4	0.3	0.3	0.3	0.2	0.2
CapEx to Depreciation	1.3	1.4	1.5	2	1.8	1.7	1.2	1.4	2	1.2	1.1

Financial Health

Financial Health	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Total Debt	93,122	82,333	73,211	64,966	54,827	48,091	42,583	37,712	35,025	30,840	29,687
Net Debt	90,731	80,846	70,521	63,365	54,188	46,986	41,983	37,074	33,311	29,548	29,116
Current Ratio	0.6	0.5	0.5	0.5	0.5	0.5	0.5	0.4	0.6	0.7	0.7
Quick Ratio	0.3	0.2	0.3	0.3	0.3	0.3	0.2	0.2	0.4	0.3	0.3
Cash Ratio	0.1	0.1	0.1	0.1	0	0.1	0	0	0.2	0.1	0.1
Debt Ratio	0.5	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.3	0.4
Assets to Equity	3.2	3.1	3	3.2	3.1	2.8	2.8	2.7	3.3	3.6	3.6
Cash Flow to Debt Ratio	0.1	0.2	0.2	0.1	0.1	0.2	0.2	0.2	0.2	0.2	0.2
Long-term Debt to Assets	0.4	0.4	0.3	0.3	0.4	0.3	0.3	0.3	0.3	0.3	0.3
Intangibles to Total Assets	0	0	0	0	0	0	0	0	—	—	—
Net Current Asset Value	-137,502	-128,092	-114,660	-106,216	-94,422	-83,789	-73,278	-36,383	-31,136	-30,425	-26,429
Goodwill / Assets	0	0	0	0	0	0	0	0	—	—	—
Debt / Equity	1.4	1.4	1.2	1.3	1.2	1.1	1	1	1.2	1.2	1.3
Total Debt / Capitalization	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	1	1	1
Long Term Debt / Capitalization	0.8	0.8	0.7	0.7	0.8	0.7	0.8	0.6	0.9	0.9	0.9
Long-Term Debt / Equity	1.3	1.2	1	1.1	1.1	0.9	0.9	0.7	1.1	1.1	1.2
Net Debt / EBITDA	6.3	6.1	4.3	7.1	7.6	5	4.3	4.4	4.3	3.7	3.7
EBIT / Interest Expense	2.3	3.3	3.1	7	2.3	2.6	2.4	2.9	3.3	4.1	3.8
EBITDA / Interest Expense	4.4	5.9	4.9	15.2	5.6	4.8	4.4	5.6	5	7.2	6.5
(EBITDA - Capex) / Interest Expense	1.8	2.3	2.1	-1.1	-0.3	1	1.9	1.8	1.7	3.6	3.6

Per Share	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Revenue per Share	12.7	12	13.8	10.6	8.7	9.1	9.9	8.8	9.1	8.7	9.6
Basic EPS	3.2	3.4	3.6	2.1	1.8	1.5	2	3.5	2.9	1.6	1.5
Diluted EPS	3.1	3.4	3.6	2.1	1.8	1.5	1.9	3.5	2.8	1.6	1.5
Book Value per Share	26.2	24.3	23.4	19.8	18.9	18.5	19.1	17.9	14.9	13.1	12.4
Tangible Book Value per Share	23.9	22	20.9	17.4	16.4	16.4	16.9	17.4	14.9	13.1	12.4
Cash per Share	1.2	0.7	1.3	0.8	0.3	0.6	0.3	0.3	0.9	0.7	0.3
Operating Cash Flow per Share	5.8	6.4	5.6	4.2	3.8	4.1	4.2	3.5	3.4	3.4	3.4
Free Cash Flow per Share	1.7	2.5	1	-0.6	-0	0.2	1.3	0.5	0.7	1.3	1.4
CapEx per Share	4.1	3.9	4.6	4.8	3.8	3.8	2.9	3	2.8	2.1	1.9
Weighted Avg. Shares Outstanding	2,061	2,052.9	2,026.1	1,972.6	1,962.5	1,959	1,927.9	1,892.8	1,875.2	1,852.4	1,802
Weighted Avg. Shares Outstanding Diluted	2,064.9	2,059.2	2,030.8	1,978.6	1,972.2	1,968.8	1,941.9	1,907.9	1,890	1,863.2	1,816