{"schemaVersion":1,"research":true,"symbol":"etr","name":"Entergy","topic":"moat","path":"/stock/etr/moat","status":"published","version":4,"updatedAt":"2026-10-18T13:32:02.852Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"Entergy demonstrates regulated cost-recovery mechanisms and contractual protection for a major customer's incremental infrastructure costs. These support its utility franchise, but the passages do not establish exclusive service rights, barriers to competing networks or durable superior investment returns sufficiently to confirm a company-wide moat. Pricing power is constrained: cost recovery offers protection, while regulatory oversight, customer refunds and realized sales displacement limit discretion. The evidence establishes neither a durable moat nor a broadly weak competitive position.","advantages":[{"mechanism":"efficient_scale","claim":"Operating utility infrastructure and approved investment cost recovery suggest a potential efficient-scale advantage. The passages demonstrate recovery mechanisms, but do not establish that competing networks are economically excluded.","durability":"Existing fuel-cost recovery mechanisms and project-specific approvals provide current support. Their duration and ability to sustain attractive returns across the franchise are insufficiently established.","risks":"Alternative procurement has already reduced sales or growth opportunities. Competitive generation solicitations, regulatory cost scrutiny, storm spending and historical write-offs constrain the economic protection.","invalidation":"The potential advantage would be undermined by repeated material investment disallowances, removal of recovery mechanisms, or sustained displacement of grid sales by alternative procurement. Confirmation would require evidence of protected service rights or network economics and sustained investment recovery.","competitors":[],"evidenceIds":["e1","e2","e3"],"counterEvidenceIds":["e4","e5","e6","e7"]},{"mechanism":"switching_costs","claim":"The disclosed Evest agreements create current financial friction against early termination through obligations tied to unrecovered incremental service costs, supported by collateral. This establishes contract-specific protection rather than broad customer captivity.","durability":"Protection depends on contractual enforceability, collateral and Entergy Louisiana meeting its performance obligations. The supplied passages do not establish the contract term or equivalent protection across the customer base.","risks":"Construction or service failures can trigger penalties and potential termination. Contracted demand and future utilization remain uncertain; financial protection does not prove realized long-term electricity consumption.","invalidation":"Protection would fail if termination obligations or collateral proved insufficient to cover unrecovered incremental costs, or Entergy's performance failures enabled termination without adequate recovery.","competitors":[],"evidenceIds":["e8","e9","e10","e11"],"counterEvidenceIds":["e12","e13","e14"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Definitions / Utility reportable segment","excerpt":"Entergy’s reportable segment that generates, transmits, distributes, and sells electric power, and which included a small amount of natural gas distribution in portions of Louisiana through June 30, 2025"},{"id":"e2","sourceId":"filing-1","location":"Capital obligations / fuel and purchased power recovery mechanisms","excerpt":"The Registrant Subsidiaries each have rate mechanisms in place to recover fuel, purchased power, and associated costs incurred under these purchase obligations."},{"id":"e3","sourceId":"filing-2","location":"Arkansas Cypress Solar / approved project cost recovery","excerpt":"In March 2026 the APSC approved the Arkansas Cypress Solar facility and Entergy Arkansas’s recovery of the costs of the facility through the Generating Arkansas Jobs Act rider."},{"id":"e4","sourceId":"filing-1","location":"Risk factors / realized sales displacement from alternative procurement","excerpt":"In addition, changes to regulatory policies, such as those that allow customers to directly access the market to procure wholesale energy or those that incentivize development and utilization of new, developing, or alternative sources of generation, could, and in some instances, have already reduced sales, and other non-traditional procurements, such as virtual purchase power agreements or “behind the meter” generation solutions, could, and in some instances have already limited growth opportunities or reduced sales at the Utility operating companies."},{"id":"e5","sourceId":"filing-2","location":"Jefferson Power Station / required competitive generation solicitations","excerpt":"Additionally, in its January 2026 order, the APSC found that Entergy Arkansas should conduct all-source competitive solicitations for future generation additions, with limited exceptions where Entergy Arkansas believes that a specific solicitation should be restricted to a certain resource and provides a detailed explanation to the APSC supporting this belief, which the APSC later determined in its March 2026 order is a narrow exception."},{"id":"e6","sourceId":"filing-5","location":"Management discussion / ANO stator incident asset write-offs","excerpt":"In third quarter 2023, Entergy Arkansas recorded write-offs of its regulatory asset for deferred fuel of $68.9 million and the undepreciated balance of $9.5 million in capital costs related to the ANO stator incident."},{"id":"e7","sourceId":"filing-2","location":"Entergy Louisiana cash flows / actual storm restoration capital spending","excerpt":"•an increase of $210.4 million in capital expenditures related to storm restoration primarily due to Winter Storm Fern restoration efforts in 2026."},{"id":"e8","sourceId":"filing-2","location":"Major customer agreements / incremental cost payments and minimum monthly bills","excerpt":"The protections include terms requiring the customer to pay Entergy Louisiana’s incremental costs to serve the customer, including through contributions in aid of construction, other advanced payments and minimum monthly bills."},{"id":"e9","sourceId":"filing-2","location":"Evest agreements / termination, restructuring and default obligations","excerpt":"The agreements also include specified financial obligations in the event that Evest terminates the contracts early, restructures the project, or in the event of default."},{"id":"e10","sourceId":"filing-2","location":"Evest agreements / unrecovered incremental cost basis","excerpt":"These specified financial obligations would be based on Entergy Louisiana’s unrecovered incremental costs to serve Evest at the time of such an event."},{"id":"e11","sourceId":"filing-2","location":"Evest agreements / collateral and guaranty","excerpt":"Evest’s obligations under the electric service agreement and related contracts are secured by various forms of collateral, including a guaranty from Meta Platforms, Inc."},{"id":"e12","sourceId":"filing-2","location":"Evest agreements / construction, audit and service obligations","excerpt":"Finally, the electric service agreement also includes provisions relating to Entergy Louisiana’s performance obligations, including the timely construction of the facilities supporting service to Evest, audit rights for the construction costs supported by Evest, and service standards during the term of the electric service agreement."},{"id":"e13","sourceId":"filing-2","location":"Evest agreements / penalties and potential termination","excerpt":"Such penalties would vary based on the nature and severity of the failure, including the potential termination of the electric service agreement."},{"id":"e14","sourceId":"filing-2","location":"Forward-looking risks / data center demand and stranded assets","excerpt":"•reductions in the demand for electricity to power large-scale data centers and other large customers and the potential for stranded assets;"},{"id":"e15","sourceId":"filing-2","location":"Consolidated cash flows / customer advances, collections and recovery timing","excerpt":"Net cash flow provided by operating activities increased $924 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to an increase of $700 million in receipts of advance payments related to customer agreements, including $599 million in customer advances and $101 million in tax gross-up on customer advances for construction, higher collections from Utility customers, and the timing of recovery of fuel and purchased power costs."},{"id":"e16","sourceId":"filing-1","location":"Entergy Arkansas regulatory matters / actual customer bill credits","excerpt":"Entergy Arkansas refunded $92.3 million of the total through one-time bill credits under the Grand Gulf credit rider during the August 2024 billing cycle."},{"id":"e17","sourceId":"filing-2","location":"Entergy Arkansas 2026 base rate case / suspension of proposed rates","excerpt":"In March 2026 the APSC issued an order suspending the proposed rates and tariffs filed by Entergy Arkansas."},{"id":"e18","sourceId":"filing-1","location":"System Energy critical audit matter / FERC cost-based rate setting","excerpt":"Because the FERC sets the rates the Company is allowed to charge customers based on allowable costs, including a reasonable return on equity, the Company applies accounting standards that require the financial statements to reflect the effects of rate regulation, including the recording of regulatory assets and liabilities."},{"id":"e19","sourceId":"filing-2","location":"Sources of capital / physically settled equity forward agreements","excerpt":"In February 2026, Entergy Corporation physically settled a portion of its obligations under certain of its then-outstanding forward sale agreements under its at the market equity distribution program for cash proceeds of $346 million."},{"id":"e20","sourceId":"filing-2","location":"Consolidated investing cash flows / actual generation construction spending","excerpt":"•an increase of $804 million in non-nuclear generation construction expenditures primarily due to higher spending by Entergy Arkansas on the Jefferson Power Station project, the Cypress Solar project, and the Ironwood Power Station project, by Entergy Louisiana on the Richland Parish Power Station Units 1-4 project, the Pointe Coupee Units 1-3 project, the Waterford 6 Power Station project, the Waterford 5 Power Station project, and the Westlake Power Station project, and by Entergy Mississippi on the Traceview Advanced Power Station project; partially offset by lower spending by Entergy Texas on the Legend Power Station project as a result of the sale of assets related to the in-process project in December 2025 and lower spending on the Orange County Advanced Power Station project in 2026."},{"id":"e21","sourceId":"filing-2","location":"Major vendor exclusivity agreement / increased minimum equipment commitment","excerpt":"The agreement was amended in second quarter 2026, updating the minimum order commitment of PIE to 27 sets, with no change to the original commitment of a minimum order of two CTs."},{"id":"e22","sourceId":"filing-3","location":"Appendix A / earnings reconciliation, regulatory charges and diluted share counts","excerpt":"1,758 1,056 2,357 Less adjustments: Utility 4Q24 E-LA adjustment to a regulatory liability primarily related to securitization resulting from Louisiana state income tax rate change — 9 — 2Q24 E-LA agreement in principle to resolve its FRP extension filing and other retail matters — (151) — 1Q24 E-AR write-off of a regulatory asset related to the opportunity sales proceeding — (132) — 1Q24 E-NO increase in customer sharing of income tax benefits as a result of the 2016–2018 IRS audit resolution — (79) — 4Q23 customer sharing of tax benefits as a result of the 2016–2018 IRS audit resolution — — (98) 3Q23 E-AR write-off of assets related to the ANO stator incident — — (78) 1Q23 impacts from E-LA storm cost approvals and securitizations, including customer sharing (excluding income tax items below) — — (87) Income tax effect on Utility adjustments above — 92 73 4Q24 income tax expense resulting from Louisiana state income tax rate change — (29) — 4Q23 E-LA reversal of regulatory liability associated with Hurricane Isaac securitization, initially recorded in 2017 as a result of the TCJA — — 106 4Q23 2016–2018 IRS audit resolution — — 568 1Q23 E-LA income tax benefit resulting from securitization — — 129 Total Utility — (289) 611 Parent & Other 2024 pension lift out — (320) — 4Q24 DOE spent nuclear fuel litigation settlements — 25 40 Income tax effect on Parent & Other adjustments above — 62 (9) 4Q23 2016–2018 IRS audit resolution — — 275 Total Parent & Other — (233) 307 Total adjustments — (522) 919 ETR adjusted earnings 1,758 1,577 1,438 Diluted average number of common shares outstanding (in millions) (a) 450 432 425 Calculations may differ due to rounding (a) Diluted number of common shares outstanding and per-share information reflects the post-Stock Split share count."},{"id":"e23","sourceId":"filing-1","location":"Executive compensation / adopted 2025 incentive measures and weights","excerpt":"2025 Annual Incentive Program Performance Measures and Methodology The measures that the Talent and Compensation Committee approved to determine the EAM for 2025 were: ETR Adjusted EPS; Adjusted FFO/Debt Ratio; Safety; Customer NPS; and Talent, Culture, and Commerce, with ETR Adjusted EPS being the most heavily weighted at 60% and the remaining measures each weighted at 10%."},{"id":"e24","sourceId":"filing-2","location":"Stock-based compensation / January 2026 awards actually granted","excerpt":"The following table includes financial information for stock options for the three and six months ended June 30, 2026 and 2025: Three Months Ended Six Months Ended 2026 2025 2026 2025 (In Millions) Compensation expense included in Entergy’s consolidated net income $1.0 $1.0 $2.0 $2.1 Tax benefit recognized in Entergy’s consolidated net income $0.2 $0.2 $0.4 $0.5 Compensation cost capitalized as part of fixed assets and materials and supplies $0.5 $0.5 $1.0 $1.0 Other Equity Awards In January 2026 the Board approved and Entergy granted long-term incentive awards in the form of 461,708 restricted stock awards, 20,954 restricted stock units, and 195,692 performance units under the 2019 Omnibus Incentive Plan."},{"id":"e25","sourceId":"filing-3","location":"Director ownership / verified compliance with ownership requirement","excerpt":"A review of non-employee director stock ownership was conducted at the December 2025 Corporate Governance Committee meeting, and the committee determined that all of our non-employee directors who had been members of the Board for at least five years satisfied the ownership requirement."},{"id":"e26","sourceId":"filing-3","location":"Appendix A / incentive earnings measure exclusions","excerpt":"ETR Adjusted EPS, one of the performance measures used in our 2025 annual incentive program, is the earnings measure by which we provide external guidance, adjusted to eliminate the effect of: (i) major storms, including the impact on total debt of pending securitizations; (ii) resolutions during the year of certain unresolved regulatory litigation matters; (iii) unrealized gains or losses on equity securities; (iv) effects of income tax law changes; and (v) any adjustments to contributions to pension investments or trusts related to post-retirement benefits that are elective and deviate from original plan assumptions (collectively, the Pre-Determined Exclusions)."},{"id":"e27","sourceId":"filing-3","location":"2025 incentive results / safety shortfalls and maintenance achievements","excerpt":"The committees assessed management’s performance at below minimum (0%) on each of the SIF and TRIR sub-metrics, 100% of target on the priority replacement pole sub-metric, and 200% of target on the vegetation trimming backlog sub-metric, resulting in an overall payout factor of 50% for the Safety measure."},{"id":"e28","sourceId":"filing-1","location":"Utility generation additions / Driver Solar commercial operation","excerpt":"The Driver Solar facility commenced commercial operation in December 2024; •Entergy Louisiana began construction on the 49 MW Sterlington solar project in December 2024, located in Sterlington, Louisiana."},{"id":"e29","sourceId":"filing-3","location":"Corporate governance / board independence","excerpt":"Effective Board Structure and Composition Strong Independent Board Leadership All directors, other than our CEO, are independent."},{"id":"e30","sourceId":"filing-3","location":"Corporate governance / independent lead director","excerpt":"Independent Lead Director The independent directors appoint an independent Lead Director who serves for a three-year term with robust, clearly defined duties and responsibilities."},{"id":"e31","sourceId":"filing-3","location":"Corporate governance / independent director executive sessions","excerpt":"Executive Sessions of Independent Directors Independent directors meet in executive session without management present at each regular Board meeting."},{"id":"e32","sourceId":"filing-3","location":"Board meetings / actual director attendance","excerpt":"Each of the incumbent directors attended at least 99% of the total meetings of our Board and the committees on which he or she served during 2025."},{"id":"e33","sourceId":"filing-3","location":"Corporate governance / combined chair and CEO role","excerpt":"Executive Committee The Board also has an Executive Committee, which is chaired by Andrew Marsh, our Chair and CEO."},{"id":"e34","sourceId":"filing-3","location":"Compensation practices / no dividends on unearned performance awards","excerpt":"We do not pay dividends on unearned PUP awards."}],"changes":["Retained the previous uncertain verdict: additional recovery approvals do not establish exclusive service rights or durable superior network economics.","Added current, contract-specific switching friction from Evest termination obligations and collateral, while distinguishing this from unproven future load growth.","Expanded pricing and management assessments using actual customer credits, financing, spending, adopted incentives, operating outcomes and governance disclosures."],"limitations":["The supplied passages identify generic competitive alternatives but no named competing supplier. Evest and its guarantor are customer-side counterparties, not established competitors; competitor arrays are therefore empty.","Exclusive franchise rights, competitive network economics, comparative costs and sustained returns relative to capital costs are not established.","The evidence consists principally of issuer filings. Contractual disclosures and reported outcomes support numerical assessments, but management objectives and committee judgments do not establish exceptional performance.","Customer retention is assessed indirectly from contractual obligations, advances, collections and disclosed sales displacement; no retention rate or complete customer satisfaction results are supplied.","The energy cost rider increase is disclosed as a filing, and the base rate proposal was suspended; neither is treated as an implemented increase. Cost-recovery approvals do not establish unrestricted pricing power.","System Energy's FERC rate-setting disclosure is subsidiary-specific. Project approvals and major-customer protections are not assumed to apply uniformly across Entergy.","All supplied source dates have dateKind filed. The latest supplied filing is dated July 31, 2026; later regulatory decisions, project outcomes and customer utilization are not established."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Utility infrastructure, recovery approvals and a protected customer contract suggest advantages, but do not establish a durable company-wide barrier to competition. The moat verdict remains uncertain.","evidenceIds":["e1","e2","e3","e8","e9"]},{"criterion":"durability","grade":null,"rationale":"Protected service rights, contract duration and sustained economic returns are insufficiently disclosed to establish moat durability.","evidenceIds":["e3","e10","e12","e13"]},{"criterion":"customer_dependency","grade":null,"rationale":"Evest faces termination-related financial obligations, but wider customer captivity is unestablished and alternative procurement has already displaced some sales.","evidenceIds":["e4","e9","e10","e11"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Recovery mechanisms and collateral offer protection, but the evidence cannot establish resilience of an underlying company-wide moat against procurement alternatives, disallowances and operating burdens.","evidenceIds":["e2","e4","e6","e7","e11"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":1,"rationale":"Observed customer bill credits demonstrate downward pricing adjustments, while the 2026 base rate proposal remained suspended. Recovery mechanisms support collections, but the supplied outcomes establish weak discretionary pricing rather than demonstrated premium pricing. Suspension is not treated as a final denial.","evidenceIds":["e2","e15","e16","e17"]},{"criterion":"retention","grade":2,"rationale":"Minimum bills, termination obligations and actual customer advances indicate commitment and switching friction indirectly. Protection is contract-specific, and alternative procurement has already reduced some sales or growth opportunities. No retention rate is inferred.","evidenceIds":["e4","e8","e9","e10","e15"]},{"criterion":"margin_resilience","grade":2,"rationale":"Fuel-cost recovery mechanisms and approved project recovery buffer costs, but actual regulatory asset write-offs show incomplete protection. Storm restoration spending creates additional capital demands. These mixed economic protections are assessed without inferring a moat from margins.","evidenceIds":["e2","e3","e6","e7","e22"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Regulatory rate setting and suspension of proposed tariffs materially constrain discretion. The Evest contract secures cost contributions and minimum bills, but also imposes construction and service obligations with potential termination penalties. System Energy's cost-based FERC framework is subsidiary-specific.","evidenceIds":["e8","e12","e13","e17","e18"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Customer advances, collateral and approved recovery demonstrate financing and risk-sharing discipline. Against this, construction spending and minimum equipment commitments increased, equity forwards were settled for cash, and diluted share counts rose. Historical write-offs further qualify the record; realized returns on the expansion remain unproven.","evidenceIds":["e3","e6","e11","e15","e19","e20","e21","e22"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Adopted incentives include earnings, credit, safety and customer measures; actual equity grants and verified director ownership compliance support alignment. No dividends are paid on unearned performance awards. Heavy adjusted-EPS weighting and exclusions for storms and certain regulatory outcomes limit the strength of that alignment; executive ownership compliance is not established.","evidenceIds":["e23","e24","e25","e26","e34"]},{"criterion":"execution","grade":2,"rationale":"Commercial operation of Driver Solar, approved recovery and reported earnings progress demonstrate execution. Actual safety performance fell below minimum on two sub-metrics, while pole replacement met target and vegetation backlog performance exceeded target. The record is mixed; major expansion projects have not yet demonstrated completed returns.","evidenceIds":["e3","e22","e27","e28"]},{"criterion":"governance","grade":3,"rationale":"An independent board apart from the CEO, an independent lead director, regular sessions without management and at least 99% reported attendance provide strong demonstrated governance processes. The combined chair and CEO role qualifies the assessment, and these processes do not establish exceptional oversight outcomes.","evidenceIds":["e29","e30","e31","e32","e33"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"248ff81a538f355d96c4de361936695c1d0668e84d64e7a5625ca73e2e6a98b6","updatedAt":"2026-10-18T13:32:02.852Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/7323/000006598426000174/etr-20251231.htm","publishedAt":"2026-02-19","sha256":"cfffd2da50e4c329cc6e0a52edbc7d9e32dbb3bf802958bf77f006cb5641028d","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/65984/000006598426000283/etr-20260630.htm","publishedAt":"2026-07-31","sha256":"bc055ea6705e110e316a78fe4a5646b9bc18906e3bb57e74bcb0fed66728c759","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/65984/000006598426000211/etr-20260327.htm","publishedAt":"2026-03-27","sha256":"25c4cd805b381181c79eb4b9585ad758806fc9be77efa836ca080e6d98bb12a5","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/7323/000006598425000012/etr-20241231.htm","publishedAt":"2025-02-18","sha256":"7cce3d03fd82ac77a9a4b0468eb9eebd3f2ff574a583431dd072725983797bfc","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/7323/000006598424000012/etr-20231231.htm","publishedAt":"2024-02-23","sha256":"f5132a912c64ba81d8479237f77f377055881ca1e8474f67d66a4e89412624a2","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/7323/000006598426000222/etr-20260331.htm","publishedAt":"2026-05-01","sha256":"691d0d0a78f07c60b6697c0cad23f526329ac995488d6987cbc2209dd167f3c2","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:56e10d8e12348115f82808bef84fe3c0acacc169c5b3ad97505b5ae2b01ab087","usage":{"input_tokens":93512,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3576,"reasoning_output_tokens":112},"basisSupplement":{"previousHash":"9afbc288d1067425a10200da056ceffc25d2fb4e7c1fbde51c6d459e4dc96169","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":null,"operating_margin":15.716957724908745,"roic":4.405731476249761,"fcf_margin":18.15914064128644,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","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.","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%.","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":null,"operating_margin":14.89930026633514,"roic":null,"fcf_margin":-18.01506323961147,"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":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","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.","gross_margin":"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":"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":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":21.551709944472123,"roic":null,"fcf_margin":-1.2045693354271643,"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.","gross_margin":"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":"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":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":22.316224219680493,"roic":4.638913464235013,"fcf_margin":-2.9447745653850306,"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.","gross_margin":"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":"2025","end":"2025-12-31","values":{"gross_margin":null,"operating_margin":24.734345144386754,"roic":5.601822719288123,"fcf_margin":-19.574669533191734,"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.","gross_margin":"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/7323/000006598426000174/etr-20251231.htm","publishedAt":"2026-02-19","sha256":"cfffd2da50e4c329cc6e0a52edbc7d9e32dbb3bf802958bf77f006cb5641028d","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/65984/000006598426000283/etr-20260630.htm","publishedAt":"2026-07-31","sha256":"bc055ea6705e110e316a78fe4a5646b9bc18906e3bb57e74bcb0fed66728c759","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/65984/000006598426000211/etr-20260327.htm","publishedAt":"2026-03-27","sha256":"25c4cd805b381181c79eb4b9585ad758806fc9be77efa836ca080e6d98bb12a5","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/7323/000006598425000012/etr-20241231.htm","publishedAt":"2025-02-18","sha256":"7cce3d03fd82ac77a9a4b0468eb9eebd3f2ff574a583431dd072725983797bfc","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/7323/000006598424000012/etr-20231231.htm","publishedAt":"2024-02-23","sha256":"f5132a912c64ba81d8479237f77f377055881ca1e8474f67d66a4e89412624a2","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/7323/000006598426000222/etr-20260331.htm","publishedAt":"2026-05-01","sha256":"691d0d0a78f07c60b6697c0cad23f526329ac995488d6987cbc2209dd167f3c2","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"}