{"schemaVersion":1,"research":true,"symbol":"cnp","name":"Centerpoint Energy","topic":"moat","path":"/stock/cnp/moat","status":"published","version":4,"updatedAt":"2026-10-18T14:06:11.509Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"CenterPoint demonstrates functioning regulated cost recovery, including effective customer rates, cash reimbursement and recognized allowed equity returns. These protections support earnings resilience but do not establish exclusive service rights, barriers to competing infrastructure or durable excess economic returns. Pricing discretion is weak because regulators determine recovery and terms. The passages establish neither a defensible moat nor a weak competitive position.","advantages":[{"mechanism":"intangible_assets","claim":"Regulatory authorizations provide a current cost-recovery protection: storm-related regulatory assets entered effective rates, and Indiana Electric began recovering its commissioned solar investment. This is a demonstrated protection, but its competitive significance is insufficient to establish a moat.","durability":"Recovery operates across multiple disclosed investments and periods, but remains dependent on regulatory decisions. Franchise exclusivity, remaining franchise terms and sustained returns above capital costs are not supplied.","risks":"Municipal utilities could impair franchises, regulatory changes could expand supply competition, and affordability and restoration metrics introduce financial rewards or penalties. Supply competition must be distinguished from displacement of delivery infrastructure.","invalidation":"The protection would be undermined by final orders disallowing material previously recoverable costs, regulatory-asset write-offs, or franchise losses that materially reduce delivery demand. Conversely, evidence of enforceable exclusive delivery rights and sustained adequate economic returns would support reconsidering the uncertain moat verdict.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5"],"counterEvidenceIds":["e6","e7","e8","e9"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Regulatory matters: storm and bad-debt assets; rates effective April 28, 2025","excerpt":"Each of the aforementioned regulatory assets are being amortized over five years beginning April 28, 2025, which was the date that rates became effective following the PUCT’s final order in the Houston Electric rate case."},{"id":"e2","sourceId":"filing-6","location":"Acquisition of Posey Solar: recovery through updated base rates","excerpt":"Indiana Electric began recovering on the asset through updated base rates on June 17, 2025."},{"id":"e3","sourceId":"filing-2","location":"Regulatory matters: allowed equity return recognized through June 30, 2026","excerpt":"The table below reflects the amount of allowed equity return recognized by each Registrant in its Condensed Statements of Consolidated Income for the period presented: Three Months Ended June 30, 2026 2025 CenterPoint Energy Houston Electric CERC CenterPoint Energy Houston Electric CERC (in millions) Allowed equity return recognized $ 35 $ 33 $ 1 $ 7 $ 5 $ 1 Six Months Ended June 30, 2026 2025 CenterPoint Energy Houston Electric CERC CenterPoint Energy Houston Electric CERC (in millions) Allowed equity return recognized $ 47 $ 43 $ 2 $ 9 $ 6 $ 2 February 2021 Winter Storm Event In February 2021, certain of the Registrants’ jurisdictions experienced an extreme and unprecedented winter weather event that resulted in prolonged freezing temperatures, which impacted their businesses."},{"id":"e4","sourceId":"filing-1","location":"Regulatory matters: cash proceeds from Texas customer rate relief bonds","excerpt":"The Texas Natural Gas Securitization Finance Corporation issued customer rate relief bonds in March 2023, and on March 23, 2023, CenterPoint Energy and CERC, collectively, received approximately $1.1 billion in cash proceeds from the issuance and sale of the state’s customer rate relief bonds."},{"id":"e5","sourceId":"filing-2","location":"Posey Solar acquisition: approved project cost recovery","excerpt":"The purchase was subject to terms and conditions in an order approved by the IURC on September 6, 2023, allowing Indiana Electric to recover project costs, net of PTCs, in rate base rather than a levelized rate, through base rates or the CECA mechanism, depending on which provides more timely recovery."},{"id":"e6","sourceId":"filing-1","location":"Accounting for rate regulation: write-off condition","excerpt":"If events were to occur that would make the recovery of these assets and liabilities no longer probable, the Registrants would be required to write off or write down these regulatory assets and liabilities."},{"id":"e7","sourceId":"filing-1","location":"Demand risks: municipal utilities and franchise impairment","excerpt":"If one or more municipalities in our service territories create new or supplemental utilities, or impair the franchises under which we serve customers in the applicable municipalities, it could result in lower growth and reduced demand for and usage of electricity and natural gas in such service territories."},{"id":"e8","sourceId":"filing-1","location":"Demand risks: potential direct supply contracting after legal changes","excerpt":"Further, deregulation or other changes in law in our service territories could allow third-party suppliers to contract directly with customers for their natural gas and electric supply requirements."},{"id":"e9","sourceId":"filing-2","location":"Indiana legislation: affordability and service restoration performance incentives","excerpt":"•apply a customer affordability performance metric and a service restoration performance metric to each year of the multi-year rate plan and use such metric to provide financial rewards or penalties based on the electricity supplier’s measured performance of the metric;"},{"id":"e10","sourceId":"filing-2","location":"Purchase obligations: dollar-for-dollar cost pass-through","excerpt":"Costs arising from certain of these commitments are pass-through costs, generally collected dollar-for-dollar from retail customers through regulator-approved cost recovery mechanisms."},{"id":"e11","sourceId":"filing-1","location":"Demand risks: regulated allowable returns and volume exposure","excerpt":"Although Houston Electric’s and Indiana Electric’s transmission and distribution businesses are subject to regulated allowable rates of return and recovery of certain costs under periodic adjustment clauses, overall declines in electricity delivered and used as a result of economic downturn or recession could reduce revenues and cash flows, thereby diminishing results of operations."},{"id":"e12","sourceId":"filing-2","location":"Consolidated cash flows: six months ended June 30, 2026 and 2025","excerpt":"AND SUBSIDIARIES CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (Unaudited) Six Months Ended June 30, 2026 2025 (in millions) Cash Flows from Operating Activities: Net income $ 560 $ 495 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 868 733 Deferred income taxes 220 74 Loss on sale — 43 (Gain) loss on equity securities 106 (122) (Gain) loss on indexed debt securities (104) 121 Pension and postretirement contributions (40) (87) Changes in other assets and liabilities: Accounts receivable and unbilled revenues, net 349 214 Inventory (8) 24 Accounts payable (330) (330) Other current assets (193) 118 Other current liabilities (235) (251) Other non-current assets (130) (9) Other non-current liabilities (7) 2 Other operating activities, net 4 (55) Net cash provided by operating activities 1,060 970 Cash Flows from Investing Activities: Capital expenditures (2,568) (2,167) Payment for asset acquisition — (357) Proceeds from divestitures — 1,219 Other investing activities, net 41 (36) Net cash used in investing activities (2,527) (1,341) Cash Flows from Financing Activities: Decrease in short-term borrowings, net — (3) Proceeds from (payments of) commercial paper, net (502) 1,056 Proceeds from long-term debt and term loans, net 3,441 735 Payments of long-term debt and term loans, including make-whole premiums (1,271) (1,030) Payment of debt issuance costs (24) (12) Payment of dividends on Common Stock (302) (287) Proceeds from issuances of Common Stock, net 165 — Other financing activities, net (18) (19) Net cash provided by financing activities 1,489 440 Net Increase in Cash, Cash Equivalents and Restricted Cash 22 69 Cash, Cash Equivalents and Restricted Cash at Beginning of Period 49 30 Cash, Cash Equivalents and Restricted Cash at End of Period $ 71 $ 99 Supplemental Disclosure of Cash Flow Information Cash paid for interest, net of capitalized interest $ 510 $ 487 Cash paid (refunds received) for income taxes, net 11 (5) Supplemental Disclosure of Non-cash Transactions Accounts payable related to capital expenditures $ 451 $ 309 See Combined Notes to Interim Condensed Financial Statements 5 Table of Contents CENTERPOINT ENERGY, INC."},{"id":"e13","sourceId":"filing-2","location":"Posey Solar: actual in-service date","excerpt":"Posey Solar was placed into service on May 30, 2025."},{"id":"e14","sourceId":"filing-2","location":"February 2021 Winter Storm Event: actual service and supply impacts","excerpt":"The February 2021 Winter Storm Event impacted wholesale prices of CenterPoint Energy’s and CERC’s natural gas purchases and their ability to serve customers in their natural gas service territories, including due to the reduction in available natural gas capacity and impacts to CenterPoint Energy’s and CERC’s natural gas supply portfolio activities, and the effects of weather on their systems and their ability to transport natural gas, among other things."},{"id":"e15","sourceId":"filing-3","location":"Executive compensation: 2025 incentive composition and conditions","excerpt":"​ ​ ​ ​ ​ ​ ELEMENT ​ ​ ​ FORM OF AWARD ​ ​ ​ PERIOD ​ ​ ​ PURPOSE ​ ​ ​ ​ Fixed ​ ​ ​ Base Salary ​ ​ ​ Cash ​ ​ ​ One year ​ ​ ​ ✓ Fixed, competitive level of compensation based on scope and complexity of role, individual experience, and performance to attract and retain top talent ​ ​ ​ ​ ​ At Risk ​ ​ ​ Short-Term Incentive ​ ​ ​ Cash ​ ​ ​ One year ​ ​ ​ ✓ Rewards delivery of near-term financial and non-financial, operational objectives aligned with the Company’s long-term business strategy ​ ✓ Considers individual performance and contributions to Company performance ​ ✓ Short-term incentive funding is based on achieving a non-GAAP Adjusted EPS goal as well as non-financial performance goals relating to safety, operational excellence, and customer satisfaction ​ ✓ Payout of individual awards is wholly subject to discretion of Human Capital and Compensation Committee ​ ​ ​ ​ Long-Term Incentives ​ ​ ​ Performance Share Units (PSUs) 70% ​ ​ ​ Three-year cliff vesting, subject to cumulative Adjusted EPS performance ​ ​ ​ ✓ Rewards creation of long-term value through cumulative Adjusted EPS ​ ✓ Aligns with shareholder interests ​ ✓ PSUs based on cumulative Adjusted EPS represent 35% of total long-term incentive value ​ ​ ​ ​ Three-year cliff vesting, subject to relative stock performance ​ ​ ​ ✓ Incentivizes Company outperformance relative to peer companies ​ ✓ Aligns with shareholder interests ​ ✓ TSR performance based on a percentile achievement based on position relative to peer group ​ ✓ Price-to-earnings (P/E) modifier provides for a minimum payout level if the P/E ratio ranks in the top quartile of our peer group ​ ✓ PSUs based on TSR represent 35% of total long-term incentive value ​ ​ ​ ​ Restricted Stock Units (RSUs) 30% ​ ​ ​ Three-year ratable vesting, subject to continued employment and positive operating income ​ ​ ​ ✓ Promotes retention, facilitates stock ownership, and supports succession planning ​ ✓ Aligns with long-term shareholder interests ​ ✓ RSUs represent 30% of total long-term incentive value and will vest only if CenterPoint Energy achieves positive operating income for the last full calendar year preceding the applicable vesting date ​ ​ ​ ​ CenterPoint Energy, Inc."},{"id":"e16","sourceId":"filing-3","location":"Executive compensation: below-threshold payout exception","excerpt":"No payout is earned below threshold performance except in the case of awards based on the TSR performance objective when the P/E modifier applies as described."},{"id":"e17","sourceId":"filing-3","location":"Executive compensation: maintained recoupment policies","excerpt":"We also maintain a separate policy for the recoupment of incentive compensation from any officer, regardless of culpability, in the event of an accounting restatement where the restatement would have resulted in a lower amount of incentive compensation and for the recoupment of any compensation, including time-based restricted awards, from any employee who is found to have engaged in wrongdoing in connection with corporate criminal misconduct."},{"id":"e18","sourceId":"filing-3","location":"Board committees: independence determinations","excerpt":"The Board has determined that all of the members of each committee are independent within the meaning of the NYSE listing standards and categorical standards noted above."},{"id":"e19","sourceId":"filing-3","location":"Executive compensation: executives excluded from their own pay decisions","excerpt":"Our executive officers do not determine or approve any element or component of their own compensation, nor are they present during the Human Capital and Compensation Committee’s discussions regarding their own compensation."},{"id":"e20","sourceId":"filing-2","location":"Controls and procedures: management effectiveness conclusion at June 30, 2026","excerpt":"Based on those evaluations, the principal executive officer and principal financial officer, in each case, concluded that the disclosure controls and procedures were effective as of June 30, 2026 to provide assurance that information required to be disclosed in the reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and such information is accumulated and communicated to management, including the principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding disclosure."},{"id":"e21","sourceId":"filing-1","location":"Texas customer rate relief bonds: non-bypassable customer charges","excerpt":"The state’s customer rate relief bonds are backed in part by customer rate relief property, including customer rate relief charges, which are non-bypassable uniform monthly volumetric charges to be paid by all existing and future sales customers as a component of each regulated utility’s gas cost, separate from their base rate."},{"id":"e22","sourceId":"filing-2","location":"Recent events: July 2026 capital plan increase","excerpt":"Updated 10-Year Capital Plan. In July 2026, CenterPoint Energy announced an increase in its 10-year capital plan of $1.2 billion to reflect total planned capital expenditures of approximately $66.7 billion through 2035."},{"id":"e23","sourceId":"filing-1","location":"Market risk: Ohio customers purchasing gas from retail marketers","excerpt":"In 2008, the PUCO approved an exit of the merchant function in CenterPoint Energy’s and CERC’s Ohio natural gas service territory, allowing Ohio customers to purchase substantially all natural gas directly from retail marketers rather than from CenterPoint Energy or CERC."}],"changes":["Retain the previous uncertain verdict: demonstrated regulatory recovery does not establish exclusive delivery rights or durable excess economic returns.","Add criterion-level assessments using actual cash flows, commissioned infrastructure, granted incentive structures and disclosed governance practices. Distinguish regulatory pricing protection from discretionary pricing power."],"limitations":["Assessment uses only supplied passages. Source dates are filing dates, retaining dateKind=filed; they are not retrieval or event dates.","No named entity is established as a direct delivery competitor. Glossary companies and compensation peers do not establish competitive overlap, so the competitor array is empty.","Exclusive franchise terms, infrastructure duplication economics, market shares and sustained returns relative to capital costs are missing.","Financial and contractual disclosures support assessments, but all sources are issuer filings. Management aspirations and capital plans are not demonstrated future results.","Customer retention, repeat-demand trends and switching behavior are not demonstrated sufficiently to grade retention. Non-bypassable securitization charges protect specified recovery, not general customer loyalty.","The proxy supplies actual compensation design and governance disclosures, but the passages do not establish executive ownership levels, ownership compliance or realized incentive payouts. Proposed shareholder resolutions are not treated as adopted.","Risk factors describe potential erosion unless an actual outcome is disclosed. Ohio retail supply choice does not by itself establish competition against delivery infrastructure."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Regulatory recovery is demonstrated, but exclusive delivery rights and barriers protecting economic returns are not established.","evidenceIds":["e1","e2","e5"]},{"criterion":"durability","grade":null,"rationale":"Recovery across periods supports continuity, but franchise duration and sustained excess economic returns remain unknown.","evidenceIds":["e3","e4","e7"]},{"criterion":"customer_dependency","grade":null,"rationale":"Specified non-bypassable charges demonstrate recovery rights, but do not establish general customer dependency or delivery switching barriers.","evidenceIds":["e21","e23"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Actual recovery mitigates shocks, while municipal entry and regulatory changes remain possible. The evidence cannot establish resilience of a competitive advantage.","evidenceIds":["e4","e6","e7","e9"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Effective rates began amortizing specified costs in 2025, and Posey Solar entered rate recovery. These are realized pricing outcomes, but demonstrate regulated recovery rather than broad discretionary price increases.","evidenceIds":["e1","e2"]},{"criterion":"retention","grade":null,"rationale":"The passages do not establish customer retention or repeat-demand outcomes. Specific non-bypassable recovery charges cannot substitute for evidence of continued utility demand.","evidenceIds":["e21"]},{"criterion":"margin_resilience","grade":2,"rationale":"Dollar-for-dollar recovery of certain commitments and actual recognized equity returns provide protection. Volume declines can still reduce results, and sustained realized margin resilience is not supplied.","evidenceIds":["e3","e10","e11"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Pricing freedom is weak: project recovery requires regulatory authorization, allowable returns are regulated, and legislation imposes performance-based rewards or penalties.","evidenceIds":["e5","e9","e11"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"First-half 2026 operating cash flow of $1.060 billion funded only part of $2.568 billion in capital expenditures; debt financing and $165 million of equity issuance supported spending. Commissioned, recoverable investment provides a positive outcome, but financing dependence and a larger prospective capital plan limit demonstrated discipline.","evidenceIds":["e12","e13","e5","e22"]},{"criterion":"incentive_alignment","grade":2,"rationale":"The actual 2025 program links 70% of long-term incentives to three-year EPS and relative shareholder returns, with recoupment policies. Adjusted metrics, discretionary short-term payouts and a below-threshold P/E modifier exception make alignment mixed. Grant design is not evidence of vesting or payout.","evidenceIds":["e15","e16","e17"]},{"criterion":"execution","grade":2,"rationale":"Posey Solar entered service and rate recovery, demonstrating completed execution. Actual winter-storm service disruption provides contrary operating evidence. This assessment uses specific operating outcomes rather than unverified claims of superior reliability or future capital-plan delivery.","evidenceIds":["e13","e2","e14"]},{"criterion":"governance","grade":2,"rationale":"Independent committees, exclusion of executives from their own compensation decisions and recoupment policies establish functioning governance mechanisms. Management reported effective disclosure controls; these disclosures do not demonstrate exceptional oversight outcomes or comprehensive shareholder protections.","evidenceIds":["e18","e19","e17","e20"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"f04f674abd383c45e470c0f9918c69c48b26b989bb16dcb24576e1e9b82bc2da","updatedAt":"2026-10-18T14:06:11.509Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/48732/000113031026000008/cnp-20251231.htm","publishedAt":"2026-02-19","sha256":"2ba9435c7fbd7570d7685ff3e56c7e702b48dbf713af3bc11357c82e6c9bef6d","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1130310/000113031026000041/cnp-20260630.htm","publishedAt":"2026-07-28","sha256":"0ebee07c022c67ecfce10ff0b32823fc8ac55a15760467fa0c9aec048f0486aa","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1130310/000110465926023457/tm261341-3_def14a.htm","publishedAt":"2026-03-04","sha256":"eb75c8f0d1aa95f6bc8f6c327caca99ce05366aa80941812f6cad0e5bc80252b","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/48732/000113031025000040/cnp-20241231.htm","publishedAt":"2025-02-20","sha256":"a8da38888fe58fbd0a7b6a3c862ac5f68fa7341468b13fbbfe5effc3f34f094a","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/48732/000113031024000010/cnp-20231231.htm","publishedAt":"2024-02-20","sha256":"18a0edd72e6c95645d846d12490b9f043b0fcefa5c85d3860cbd7cf8ac8a7fba","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/48732/000113031026000028/cnp-20260331.htm","publishedAt":"2026-04-23","sha256":"534b62935f38b2e4637feb3af1a243aca4c3c189a874eb86b6c6f030ff04fea9","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:86599c184e1179f843f3b07838e92e8687b49432555eb9375da3b5094c27ef3e","usage":{"input_tokens":88891,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3006,"reasoning_output_tokens":216},"basisSupplement":{"previousHash":"bf9c9512b4f209ddf352709a6e706434bf9e919a0e85a4a51f57c5dbd27a5083","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":97.48062015503875,"operating_margin":16.509205426356587,"roic":4.987482868749768,"fcf_margin":-38.05717054263566,"sbc_revenue":null},"issues":{"peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","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":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"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.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":97.8128015439048,"operating_margin":16.789964618848504,"roic":4.483210690659432,"fcf_margin":-27.972552803688217,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","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":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"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_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":98.85044124477473,"operating_margin":20.436600092893638,"roic":5.397215544156001,"fcf_margin":-6.0845332094751505,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","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":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"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_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":99.96492048643593,"operating_margin":23.269410664172124,"roic":5.586468899626983,"fcf_margin":-27.75958840037418,"sbc_revenue":null},"issues":{"pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","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":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"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_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":99.95715968726572,"operating_margin":22.598264967334263,"roic":5.418715724435754,"fcf_margin":-25.532826389632646,"sbc_revenue":null},"issues":{"pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","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":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"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_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/48732/000113031026000008/cnp-20251231.htm","publishedAt":"2026-02-19","sha256":"2ba9435c7fbd7570d7685ff3e56c7e702b48dbf713af3bc11357c82e6c9bef6d","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1130310/000113031026000041/cnp-20260630.htm","publishedAt":"2026-07-28","sha256":"0ebee07c022c67ecfce10ff0b32823fc8ac55a15760467fa0c9aec048f0486aa","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1130310/000110465926023457/tm261341-3_def14a.htm","publishedAt":"2026-03-04","sha256":"eb75c8f0d1aa95f6bc8f6c327caca99ce05366aa80941812f6cad0e5bc80252b","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/48732/000113031025000040/cnp-20241231.htm","publishedAt":"2025-02-20","sha256":"a8da38888fe58fbd0a7b6a3c862ac5f68fa7341468b13fbbfe5effc3f34f094a","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/48732/000113031024000010/cnp-20231231.htm","publishedAt":"2024-02-20","sha256":"18a0edd72e6c95645d846d12490b9f043b0fcefa5c85d3860cbd7cf8ac8a7fba","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/48732/000113031026000028/cnp-20260331.htm","publishedAt":"2026-04-23","sha256":"534b62935f38b2e4637feb3af1a243aca4c3c189a874eb86b6c6f030ff04fea9","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"uncertain","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"uncertain","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"uncertain","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}