{"schemaVersion":1,"research":true,"symbol":"dte","name":"Dte Energy Co","topic":"moat","path":"/stock/dte/moat","status":"published","version":7,"updatedAt":"2026-10-19T11:28:18.554Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"DTE has a narrow moat from the efficient scale of its established electric and gas distribution infrastructure, supported by franchised gas markets and disclosed regulatory cost recovery. Customer dependence is evident indirectly from recurring deliveries and active meters. Pricing protection depends on regulators rather than unilateral discretion, and actual disallowances demonstrate its limits. No separate moat is established for DTE Vantage or Energy Trading.","advantages":[{"mechanism":"efficient_scale","claim":"Extensive, operating distribution networks serving an established customer base support a current local infrastructure advantage. DTE Electric operates 702 distribution substations and serves approximately 2.3 million customers; DTE Gas operates approximately 21,000 miles of distribution mains within franchised Michigan markets. The inference that duplicating these networks would be economically difficult is supported by their scale, although rival construction economics and exclusive service rights are not disclosed.","durability":"Physical infrastructure, recurring use and regulatory recovery support persistence. Recovery of certain retired plant costs over 15 years provides a specific example of protection extending beyond current operations. This supports a narrow moat, without establishing guaranteed returns or exceptional durability.","risks":"Alternative suppliers, industrial fuel switching and distributed generation can weaken demand or asset utilization. Regulatory decisions constrain prices and recovery; the 2025 power supply cost disallowance is realized adverse evidence. Substantial infrastructure investment and external financing remain necessary. Technology and fuel substitution disclosures describe possible erosion rather than demonstrated widespread displacement.","invalidation":"Reassess if sustained declines in active meters or weather-adjusted deliveries demonstrate customer bypass, competing infrastructure materially displaces DTE's delivery networks, franchise protections weaken, or repeated material disallowances prevent recovery of prudent infrastructure costs. Persistent investment without adequate recovery would also undermine the economic advantage.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7","e8","e9"],"counterEvidenceIds":["e10","e11","e12","e13","e14","e15","e16"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business and Properties — electric distribution substations and transformers","excerpt":"DTE Electric owns and operates 702 distribution substations with a capacity of approximately 37,870,000 kilovolt-amperes (kVA) and approximately 456,900 line transformers with a capacity of approximately 33,770,000 kVA."},{"id":"e2","sourceId":"filing-1","location":"Business and Properties — electric distribution circuit miles at December 31, 2025","excerpt":"9\nTable of Contents\nCircuit miles of electric distribution lines owned and in service as of December 31, 2025 are shown in the following table:\nCircuit Miles\nOperating Voltage-Kilovolts (kV)\nOverhead\nUnderground\n4.8 kV to 13.2 kV\n28,555 \n13,650 \n24 kV\n151 \n730 \n40 kV\n2,423 \n416 \n120 kV\n61 \n8 \n31,190 \n14,804 \nThere are numerous interconnections that allow the interchange of electricity between DTE Electric and electricity providers external to the DTE Electric service area."},{"id":"e3","sourceId":"filing-5","location":"Note 14 — Electric segment activities and customer base","excerpt":"Electric segment consists principally of DTE Electric, which is engaged in the generation, purchase, distribution, and sale of electricity to approximately 2.3 million residential, commercial, and industrial customers in southeastern Michigan."},{"id":"e4","sourceId":"filing-1","location":"Business and Properties — gas distribution mains, service pipelines and active meters","excerpt":"The distribution system includes approximately 21,000 miles of distribution mains, approximately 1,242,000 service pipelines, and approximately 1,361,000 active meters."},{"id":"e5","sourceId":"filing-1","location":"DTE Gas — Strategy and Competition — franchised markets","excerpt":"Strategy and Competition\nDTE Gas' strategy is to ensure the safe, reliable, and cost-effective delivery of natural gas service within its franchised markets in Michigan."},{"id":"e6","sourceId":"filing-1","location":"Results of Operations — electric sales and deliveries, 2023–2025","excerpt":"7,658 \nTotal DTE Electric Sales\n51,769 \n49,004 \n46,781 \nDTE Electric Deliveries\nRetail and wholesale\n40,078 \n40,105 \n39,123 \nElectric retail access\n4,514 \n4,315 \n4,381 \nTotal DTE Electric Sales and Deliveries\n44,592 \n44,420 \n43,504 \nDTE Electric sales and deliveries increased in 2025 primarily due to favorable weather compared to 2024."},{"id":"e7","sourceId":"filing-2","location":"Business and Properties — gas distribution system and active meters at December 31, 2024","excerpt":"The distribution system includes approximately 20,500 miles of distribution mains, approximately 1,238,000 service pipelines, and approximately 1,352,000 active meters."},{"id":"e8","sourceId":"filing-1","location":"Note 9 — recovery of retired plant costs through future securitizations","excerpt":"As prescribed by the Integrated Resource Plan, DTE Electric will recover $1.05 billion of these plant costs through future securitizations."},{"id":"e9","sourceId":"filing-1","location":"Note 9 — regulatory asset recovery, return on equity and 15-year amortization","excerpt":"The remaining amount is being recovered through a regulatory asset with a return on equity of 9.0% and is being amortized over a 15-year period beginning in February 2025."},{"id":"e10","sourceId":"filing-1","location":"Regulation — MPSC authority over rates, recovery and service conditions","excerpt":"The MPSC issues orders pertaining to rates, recovery of certain costs, including the costs of generating facilities and regulatory assets, conditions of service, accounting, and operating-related matters."},{"id":"e11","sourceId":"filing-4","location":"Definitions — power supply cost recovery, renewable cost recovery and retail access","excerpt":"Nuclear Regulatory Commission\nPSCR\nA Power Supply Cost Recovery mechanism authorized by the MPSC that allows DTE Electric to recover through rates its fuel, fuel-related, and purchased power costs\nPTCs\nProduction tax credits\nREC\nRenewable Energy Credit\nREF\nReduced Emissions Fuel\nRegistrants\nDTE Energy and DTE Electric\nRetail access\nMichigan legislation provided customers the option of access to alternative suppliers for electricity and natural gas\nRPS\nRenewable Portfolio Standard program, which includes a mechanism authorized by the MPSC allowing DTE Electric to recover through rates its renewable energy costs\nSIP\nState Implementation Plan\nSO2\nSulfur Dioxide\nSOFR\nSecured Overnight Financing Rate\nTCJA\nTax Cuts and Jobs Act of 2017, which reduced the corporate Federal income tax rate from 35% to 21%\nTopic 606\nFASB issued ASU No."},{"id":"e12","sourceId":"filing-1","location":"DTE Gas — Strategy and Competition — industrial and commercial fuel substitution","excerpt":"Some large commercial and industrial customers have the ability to switch to alternative fuel sources such as coal, electricity, oil, and steam."},{"id":"e13","sourceId":"filing-1","location":"Risk Factors — customer generation, changing loads and potential asset obsolescence","excerpt":"Such developments may impact the price of energy, may affect energy deliveries as customer-owned generation becomes more cost-effective, may require further improvements to our distribution systems to address changing load demands, and could make portions of our electric system power supply and/or distribution facilities obsolete prior to the end of their useful lives."},{"id":"e14","sourceId":"filing-6","location":"2026 proxy — reconciliation of 2025 reported and operating earnings, including power supply cost disallowance","excerpt":"Operating earnings can be reconciled to our reported earnings as set forth in the following table:\n \n2025\nReported Earnings per Share\n$\n7.03\nMPSC disallowance of power supply costs previously recorded\n0.16\nRevision in asset retirement obligations\n0.22\nEstimated litigation outcome regarding EES Coke Battery\n0.03\nCertain mark-to-market transactions\n(0.05)\nGain on sale of equity investment \n(0.12)\nIncome tax related adjustments\n0.09\nOperating Earnings per Share\n$\n7.36\nItems for Shareholder Vote at this Meeting"},{"id":"e15","sourceId":"filing-4","location":"Capital Investments — utility maintenance, improvement and environmental investment requirements","excerpt":"CAPITAL INVESTMENTS\nDTE Energy's utility businesses will require significant capital investments to maintain and improve the electric generation and electric and natural gas distribution infrastructure and to comply with environmental regulations and achieve goals for carbon emission reductions."},{"id":"e16","sourceId":"filing-4","location":"Market Risk — timing difference between settlements and regulatory recovery","excerpt":"The Registrants are exposed to short-term cash flow or liquidity risk as a result of the time differential between actual cash settlements and regulatory rate recovery."},{"id":"e17","sourceId":"filing-4","location":"Notes — DTE Vantage long-term customer contractual arrangements","excerpt":"Legal entities within the DTE Vantage segment enter into long-term contractual arrangements with customers to supply energy-related products or services."},{"id":"e18","sourceId":"filing-4","location":"Notes — DTE Vantage commodity risk pass-through and retained risks","excerpt":"The entities are generally designed to pass-through the commodity risk associated with these contracts to the customers, with DTE Energy retaining operational and customer default risk."},{"id":"e19","sourceId":"filing-4","location":"Electric Results of Operations — recovery revenues offset by related expenses","excerpt":"Revenues associated with certain mechanisms and surcharges, including recovery of fuel and purchased power, are offset by related expenses elsewhere in the Registrants' Consolidated Statements of Operations."},{"id":"e20","sourceId":"filing-4","location":"Note 5 — 2026 electric rate increase request","excerpt":"2026 Electric Rate Case Filing\nDTE Electric filed a rate case with the MPSC on April 28, 2026 requesting an increase in base rates of $474 million based on a projected twelve-month period ending February 29, 2028, and an increase in return on equity from 9.9% to 10.25%."},{"id":"e21","sourceId":"filing-4","location":"Unaudited statements — first-half 2026 operating cash flow, plant expenditures and outstanding shares","excerpt":"Financial Statements\n4\nTable of Contents\nDTE Energy Company\nConsolidated Statements of Operations (Unaudited)\nDTE Energy Company\nConsolidated Statements of Financial Position (Unaudited) — (Continued)\nJune 30,\nDecember 31,\n2026\n2025\n(In millions, except shares)\nLIABILITIES AND EQUITY\nCurrent Liabilities\nAccounts payable\n$\n1,697 \n$\n1,753 \nAccrued interest\n300 \n273 \nDividends payable\n485 \n242 \nShort-term borrowings\n— \n882 \nCurrent portion long-term debt, including securitization bonds and finance leases\n1,689 \n1,356 \nDerivative liabilities\n157 \n86 \nGas inventory equalization\n43 \n— \nRegulatory liabilities\n33 \n107 \nOperating lease liabilities\n34 \n32 \nOther\n611 \n678 \n5,049 \n5,409 \nLong-Term Debt (net of current portion)\nMortgage bonds, notes, and other\n22,878 \n21,736 \nSecuritization bonds\n542 \n561 \nJunior subordinated debentures\n2,464 \n1,474 \nFinance lease liabilities\n11 \n14 \n25,895 \n23,785 \nOther Liabilities\n \n \nDeferred income taxes\n3,367 \n3,400 \nRegulatory liabilities\n2,962 \n2,881 \nAsset retirement obligations\n4,710 \n4,469 \nUnamortized investment tax credit\n501 \n402 \nDerivative liabilities\n51 \n66 \nAccrued pension liability\n217 \n235 \nAccrued postretirement liability\n242 \n247 \nNuclear decommissioning\n440 \n405 \nOperating lease liabilities\n222 \n235 \nOther\n424 \n224 \n13,136 \n12,564 \nCommitments and Contingencies (Notes 5 and 12)\nEquity\nCommon stock (No par value, 400,000,000 shares authorized, and 208,088,069 and 207,745,154 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively)\n6,898 \n6,858 \nRetained earnings\n5,283 \n5,484\nAccrued pension liability\n(18)\n(18)\nAccrued postretirement liability\n(5)\n(4)\nDerivative assets and liabilities\n13 \n29 \nRegulatory assets and liabilities\n198 \n143 \nOther current and noncurrent assets and liabilities\n76 \n66 \nNet cash from operating activities\n1,679 \n1,729 \nInvesting Activities\nPlant and equipment expenditures — utility\n(2,688)\n(1,811)\nPlant and equipment expenditures — non-utility\n(33)\n(33)\nProceeds from sale of assets\n— \n5"},{"id":"e22","sourceId":"filing-4","location":"Unaudited cash flow statement — first-half 2026 investing, financing and dividends","excerpt":"Proceeds from sale of nuclear decommissioning trust fund assets\n475 \n371 \nInvestment in nuclear decommissioning trust funds\n(477)\n(373)\nDistributions from equity method investees\n5 \n7 \nInvestment in notes receivable\n(127)\n(167)\nPrincipal collections on notes receivable\n16 \n10 \nOther\n(85)\n(31)\nNet cash used for investing activities\n(2,914)\n(2,022)\nFinancing Activities\nIssuance of long-term debt, net of discount and issuance costs\n2,571 \n2,383 \nRedemption of long-term debt\n(137)\n(1,185)\nShort-term borrowings, net\n(882)\n(470)\nDividends paid on common stock\n(467)\n(435)\nOther\n(16)\n(4)\nNet cash from financing activities\n1,069 \n289 \nNet Decrease in Cash, Cash Equivalents, and Restricted Cash\n(166)\n(4)\nCash, Cash Equivalents, and Restricted Cash at Beginning of Period\n250 \n88 \nCash, Cash Equivalents, and Restricted Cash at End of Period\n$\n84 \n$\n84 \nSupplemental disclosure of non-cash investing and financing activities"},{"id":"e23","sourceId":"filing-4","location":"DTE Vantage Results of Operations — additional EES Coke litigation penalties","excerpt":"The increase in the six-month period was primarily due to additional litigation penalties in the Steel business relating to the EES Coke judgment of $112 million and higher costs in the On-site business of $4 million, Steel business of $3 million, and Renewables business of $3 million."},{"id":"e24","sourceId":"filing-6","location":"2026 proxy shareholder letter — outage time improvement and weather contribution","excerpt":"These enhancements, combined with strategic planning, process improvements and less extreme weather, enabled us to restore power faster than ever before during storms, reducing outage time by 67% from 2024 and 90% from 2023."},{"id":"e25","sourceId":"filing-6","location":"2026 proxy shareholder letter — pipeline replacement and leak response achievement","excerpt":"The team replaced more than 180 miles of aging pipelines and achieved the fastest leak response time in our company’s history."},{"id":"e26","sourceId":"filing-6","location":"2026 proxy — 2025 operating performance results used in annual incentives","excerpt":"Storm Customers Restored in 48 Hours\n10%\n90 \n%\n95 \n%\n99 \n%\n99 \n%\n200.0 \n%\n20.00 \n%\nCEMI4 % of Customers\n10%\n11.0 \n%\n8.5 \n%\n6.0 \n%\n6.98 \n%\n160.8 \n%\n16.08 \n%\nGeneration Availability\n5%\n82.7 \n%\n84.7 \n%\n86.7 \n%\n85.0 \n%\n115.0 \n%\n5.75 \n%\nNuclear On-Line Reliability Loss Factor (ORLF)\n5%\n1.4 \n%\n0.9 \n%\n0.5 \n%\n0.12 \n%\n200.0 \n%\n10.00 \n%\nTotal\n100%\n149.68 \n%\nThe measures in the above table are defined below:"},{"id":"e27","sourceId":"filing-6","location":"Compensation Discussion and Analysis — actual 2025 CEO compensation mix","excerpt":"For 2025, 69% of our President and Chief Executive Officer’s compensation was performance-based or “variable, at-risk”—none of which is reflected in the rates of our customers."},{"id":"e28","sourceId":"filing-6","location":"Long-Term Incentives — payment in 2025 of performance shares granted in 2022","excerpt":"Performance Shares Paid in 2025:\nThe performance shares granted in 2022 were paid in early 2025."},{"id":"e29","sourceId":"filing-6","location":"Compensation Discussion and Analysis — incentive recovery policy upon accounting restatement","excerpt":"If the Company is required to prepare an accounting restatement due to material noncompliance with federal securities laws, the Company will seek to recover from any current or former executive any previously awarded incentive-based compensation (including awards under the Annual Incentive Plan and the Long-Term Incentive Plan) that is greater than the amount that would have been awarded based upon the restated financial results."},{"id":"e30","sourceId":"filing-6","location":"Corporate governance highlights — independent Board committees","excerpt":"■All Board committees are composed exclusively of independent directors."},{"id":"e31","sourceId":"filing-6","location":"Corporate governance highlights — independent executive sessions held in 2025","excerpt":"■Independent directors met in executive sessions chaired by the Lead Independent Director at seven of the eight 2025 Board meetings."},{"id":"e32","sourceId":"filing-6","location":"Corporate governance highlights — annual director elections","excerpt":"■All of our directors are elected annually."},{"id":"e33","sourceId":"filing-6","location":"Corporate governance highlights — majority voting in uncontested elections","excerpt":"■We have a majority vote requirement for uncontested director elections."},{"id":"e34","sourceId":"filing-6","location":"Director compensation — actual compliance with director stock ownership requirements at December 31, 2025","excerpt":"As of December 31, 2025, all directors met the initial common stock ownership requirement and all those directors who have served as a director for at least five years after their initial election fulfilled the five-year requirement."},{"id":"e35","sourceId":"filing-1","location":"Energy Trading — generic competitor categories","excerpt":"The segment competes with electric and gas marketers, financial institutions, traders, utilities, and other energy providers."},{"id":"e36","sourceId":"filing-1","location":"Energy Trading — potential advantage of competitors with better capital access","excerpt":"Competitors with greater access to capital, or at a lower cost, may have a competitive advantage."},{"id":"e37","sourceId":"filing-4","location":"Energy Trading Results of Operations — first-half 2026 operating income decline and timing losses","excerpt":"Operating Income (Loss) decreased $101 million for the six months ended June 30, 2026, which includes a $16 million unfavorable change in timing related losses primarily related to gas strategies that will reverse in future periods as the underlying contracts settle."},{"id":"e38","sourceId":"filing-4","location":"Energy Trading Results of Operations — reversal of prior-period timing gains and losses","excerpt":"The decrease also includes a $34 million unfavorable change in timing related gains and losses primarily related to gas strategies that were recognized in previous periods and reversed in the current period as the underlying contracts settled."},{"id":"e39","sourceId":"filing-4","location":"Sources of Cash — expected electrification and data center demand without significant near-term impact","excerpt":"DTE Energy expects long-term growth in sales related to vehicle electrification and data center load, but no significant impacts in the near-term."},{"id":"e40","sourceId":"filing-4","location":"Ludington contract dispute — December 2025 jury verdict","excerpt":"The case against TAES went to trial before a jury and in December 2025, a jury returned a verdict in DTE Electric and Consumers' favor finding TAES breached its warranties and other contractual duties in overhauling Ludington."},{"id":"e41","sourceId":"filing-4","location":"Ludington contract dispute — post-judgment relief and anticipated appeal","excerpt":"TAES is pursuing post judgment relief and is anticipated to appeal."}],"changes":["Retain the previous narrow verdict; the supplied passages support an existing distribution infrastructure advantage rather than a broader company-wide moat.","Add gas franchise markets, growth in active gas meters and specific 15-year regulatory asset recovery as support. Retain the qualification that exclusive service rights and rival economics are not established.","Add explicit pricing and management assessments. Realized power supply disallowances and first-half 2026 EES Coke penalties temper the benefits of regulatory recovery and reported reliability improvements.","DTE Vantage's long-term contracts and commodity pass-through support revenue protection, but do not establish a separate competitive moat. Data center and electrification demand remain prospective."],"limitations":["The supplied sources are issuer filings and proxy disclosures: filing-3 was filed February 8, 2024; filing-2 February 13, 2025; filing-1 February 17, 2026; filing-6 March 12, 2026; filing-5 April 30, 2026; and filing-4 July 28, 2026. These dates retain dateKind filed. No later outcomes are assumed.","Competition passages identify generic categories rather than named competitors. Named co-owners, suppliers, customers and compensation-related entities are not established as competitors, so the competitor array is empty.","Network duplication economics, franchise exclusivity, comparative service costs and long-run economic returns are not quantified. The efficient-scale conclusion is an analytical inference from disclosed operating infrastructure and customer use.","No complete realized tariff history or realized average selling-price bridge is supplied. Rate applications are requests, not approved or collected increases; actual regulatory asset recovery and disallowances provide only a partial pricing assessment.","Retention is assessed indirectly from recurring deliveries, active meters and long-term contractual arrangements. No customer retention rate is disclosed, and weather contributed to electric volume growth.","Operational improvements are issuer-reported achievements; the outage improvement explicitly includes less extreme weather. They do not establish exceptional management performance.","The proxy provides actual compensation and governance disclosures, but the supplied passages do not establish executive compliance with ownership requirements or a complete long-term pay-versus-performance record. Planned elections and advisory votes are not treated as completed events.","First-half cash flows are seasonal and do not establish full-year capital returns. Trading losses include disclosed timing effects and are not treated entirely as permanent economic losses."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Operating electric and gas distribution networks, a large served customer base and franchised gas markets demonstrate a strong local infrastructure position. Duplication economics and exclusive rights remain unquantified.","evidenceIds":["e1","e2","e3","e4","e5"]},{"criterion":"durability","grade":3,"rationale":"Continued network use and specific 15-year recovery of a regulatory asset support durable infrastructure economics. Regulatory control and actual disallowances prevent an exceptional grade or an assumption of guaranteed recovery.","evidenceIds":["e6","e7","e4","e8","e9","e10","e14"]},{"criterion":"customer_dependency","grade":3,"rationale":"Approximately 2.3 million electric customers, recurring deliveries and an increased active gas meter base support strong dependence on delivery infrastructure. This is indirect operating evidence; supplier choice and industrial fuel switching limit dependence.","evidenceIds":["e3","e4","e6","e7","e11","e12"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Regulatory recovery and operating infrastructure provide protection, but realized disallowances, continuing capital requirements and potential customer bypass create meaningful limits. Technology risk is prospective rather than proof of realized erosion.","evidenceIds":["e8","e9","e11","e13","e14","e15","e16"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Actual recovery through a regulatory asset carrying a 9.0% return on equity demonstrates an implemented recovery outcome, while the 2025 power supply disallowance demonstrates a limit. This is mixed evidence of regulated pricing protection; the requested 2026 increase is not a realized price increase, and tariff history is incomplete.","evidenceIds":["e9","e14","e20"]},{"criterion":"retention","grade":3,"rationale":"Recurring electric deliveries, growth in active gas meters and long-term DTE Vantage customer arrangements support repeat demand and continuity. Assessment is indirect; weather affects volumes and no retention percentage or response to specific tariff changes is disclosed.","evidenceIds":["e4","e6","e7","e17"]},{"criterion":"margin_resilience","grade":2,"rationale":"Utility recovery mechanisms and DTE Vantage commodity pass-through protect against some input-price changes. Recovery revenues can simply offset expenses, while disallowances, retained operating risk and recovery delays limit protection. Trading results also contain material timing volatility.","evidenceIds":["e11","e14","e16","e18","e19","e37","e38"]},{"criterion":"contractual_freedom","grade":1,"rationale":"MPSC authority over utility rates, cost recovery and service conditions materially restricts unilateral pricing freedom. Non-utility pass-through arrangements provide some contractual protection but do not establish broad discretion to reset prices.","evidenceIds":["e10","e18","e20"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"First-half 2026 operating cash flow of $1.679 billion supported utility plant spending of $2.688 billion, with additional external financing and $467 million of dividends paid. Specific regulatory recovery provides support for investment economics, but funding dependence, the disallowance and $112 million of additional litigation penalties temper the assessment. Seasonal cash flows and incomplete project-return evidence prevent a stronger conclusion.","evidenceIds":["e9","e14","e21","e22","e23"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual 2025 CEO compensation was 69% variable and at risk; previously granted performance shares were paid in 2025. An adopted restatement clawback and demonstrated director ownership compliance support alignment. These establish implemented arrangements, without proving exceptional incentive effectiveness or executive ownership compliance.","evidenceIds":["e27","e28","e29","e34"]},{"criterion":"execution","grade":2,"rationale":"Issuer-reported outage reductions, pipeline replacements and detailed operating performance results demonstrate achievements, with weather contributing to outage improvement. Actual EES Coke penalties and power supply cost disallowances provide material counterevidence. The favorable Ludington verdict supports contract enforcement, but appeal risk prevents treating recovery as final.","evidenceIds":["e24","e25","e26","e23","e14","e40","e41"]},{"criterion":"governance","grade":3,"rationale":"Independent Board committees, executive sessions actually held in 2025, annual elections, majority voting and an adopted clawback demonstrate substantive governance arrangements. 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a growth-adjusted multiple requires positive growth.","ps":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","net_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ocf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"Invested capital did not increase versus the prior year. 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