PM Portfolio Manager Reports

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Security report / ETR

ETR Operating Console

Entergy is a regulated electric utility growth setup tied to Gulf South industrial and hyperscale load. The console tracks whether load evidence, rate recovery, and generation and transmission investment can become per-share EPS while debt, forward equity settlement, storm recovery, and customer affordability stay inside tolerance.

Metadata Knowledge Lane Fallback Chart
Ticker ETR
Knowledge reviewed 2026-05-24
Links checked 2026-06-21
Chart source Local API
Module 01 / Price

Selected-Security Chart

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Module 02 / Proof window

Current Company View

Conversion test
Next read Load growth must show up in recoverable investment, EPS guidance, FFO/debt, and share-count discipline.
Measured base

Q1 2026 revenue was $3.188B, adjusted EPS was $0.86, weather-adjusted retail sales grew 6.0%, and industrial volume grew 14.9%.

Main proof issue

Entergy must convert industrial and data-center demand into rate base through state and FERC recovery while interest, depreciation, and dilution remain controlled.

Valuation context

StockAnalysis showed a $111.11 close on June 18, 2026, $50.88B market cap, 28.40x P/E, and 24.66x forward P/E.

Next evidence

Post-Investor-Day materials, Q2 2026 earnings and 10-Q, 2026 rate actions, electric-service agreements, FFO/debt, and forward-equity settlement terms.

Q1 revenue $3.188B Q1 2026 operating revenue
Adjusted EPS $0.86 Q1 2026, non-GAAP
Industrial volume +14.9% Q1 2026 GWh growth
FFO / debt 15.7% Q1 2026 LTM measure
OCF / capex $5.151B / $7.685B FY2025 operating cash flow and capex
Forward equity 19.25M shares May 2026 offering base shares
Exposure Map

Business Profile, Segments, And Exposure

Entergy's reported economics are almost entirely regulated utility economics. Parent and Other is mainly financing, residual assets, and corporate drag.

Business model

Rate-base growth in monopoly territories

Entergy produces, transmits, distributes, and sells power in Arkansas, Louisiana, Mississippi, Texas, and New Orleans. The economic engine is capital spending on generation, transmission, distribution, resilience, and customer-specific infrastructure that is later recovered through regulated mechanisms.

Disclosure map

Utility is the core

The latest source lane estimates Utility at roughly 99.5% of Q1 revenue. Parent and Other reported a Q1 loss, including a non-cash impairment and higher interest expense.

Industrial and hyperscale load

Q1 industrial GWh growth was 14.9%.

The Q1 release ties growth to data-center, primary-metals, and transportation customers.

More useful evidence

Signed ESAs, energization schedules, customer contribution terms, and stranded-cost protections.

Regulated recovery

Q1 Utility earnings benefited from regulatory actions and CWIP returns.

The same mechanism is the gating item for the larger capital plan.

More useful evidence

Allowed ROEs, rider timing, disallowances, and customer-bill language by jurisdiction.

Generation and transmission spend

FY2025 capex exceeded operating cash flow by more than $2.5B.

The growth plan requires debt, customer advances, and equity in addition to internal cash.

More useful evidence

Capital-plan updates, project in-service dates, storm restoration recovery, and financing costs.

Fuel and affordability

Fuel pressure matters through customer bills and commission friction.

Fuel and freight stress can make recovery requests harder even when fuel mechanisms exist.

More useful evidence

Gas prices, customer-bill commentary, arrears, storm-cost securitization, and affordability terms.

Value Driver Board

Relative Value And Value Drivers

At roughly 25x forward earnings on the June 18 StockAnalysis snapshot, Entergy needs load, recovery, financing, and EPS to move together.

Load growth
+6.0% retail / +14.9% industrial

Q1 weather-adjusted retail and industrial growth are the clearest company-specific support.

Next: customer agreements, energization dates, usage data, and contribution terms.
Rate recovery
2026 dockets across several jurisdictions

Formula rates, riders, CWIP returns, and state approvals decide how capex becomes earnings.

Next: Arkansas, Mississippi, Louisiana, Texas, New Orleans, and FERC updates.
Credit capacity
15.7% FFO / adjusted debt

Credit metrics are serviceable, but debt was $34.177B at Q1 and capex remains above OCF.

Next: FFO/debt, net debt capitalization, debt maturities, and rating outlooks.
Per-share discipline
19.25M forward shares

The May 2026 forward-equity offering improves funding visibility and raises share-count scrutiny.

Next: settlement timing, physical versus cash settlement, and EPS bridge after dilution.
Guidance Tests

Guidance Path And What Changed

The filed lane predates June 9 Investor Day. Current checks found post-Investor-Day street actions, but no directly accessible official deck in the static IR page.

Question
Can load become EPS?

Confirm 2026 adjusted EPS guidance of $4.25-$4.45 with a bridge from load, rate base, and recovery.

Warn if management raises capital needs faster than per-share guidance.

Question
Are commission decisions constructive?

Confirm rider approvals, formula-rate updates, CWIP returns, and acceptable cost allocation.

Warn on disallowances, lower allowed returns, long delays, or affordability language that limits recovery.

Question
Does funding stay serviceable?

Confirm FFO/debt holds near management comfort while debt and equity finance the capital plan.

Warn on negative rating outlooks, higher funding costs, or larger equity needs without EPS support.

Operating Evidence

Operating Evidence And KPIs

These tiles summarize source-routed evidence from the filed lane and current web check.

Q1 utility earnings
$540M

Utility earnings rose on regulatory actions and CWIP returns, partly offset by interest and depreciation.

Q1 operating cash flow
$829M

The Q1 release cited higher customer-agreement advance payments and customer collections.

FY2025 funding gap
$5.151B vs $7.685B

Operating cash flow did not cover construction and capital expenditures before dividends.

Street consensus
$121.88 target

StockAnalysis showed 24 analysts, Buy consensus, and a Jun. 10, 2026 update date.

Capital Ledger

Financial Quality And Capital Allocation

Entergy has utility-scale liquidity, but its investment cycle keeps external financing central.

Financial quality

Credit capacity with a funding gap

Q1 2026 gross liquidity was $7.917B, net liquidity was $8.451B, total debt was $34.177B, adjusted net debt to adjusted net capitalization was 61%, and FFO to adjusted debt was 15.7%. The profile is serviceable if recovery and capital markets remain open.

Capital allocation

Debt, customer advances, and equity

Entergy priced 19,247,788 shares through forward sale agreements in May 2026. Settlement is expected on or before April 30, 2028, and physical or net share settlement would increase dilution.

Position Board

Competitive Position

The edge is geography, monopoly utility status, and load growth. The constraint is regulatory and financing conversion.

What ETR has

Service territories

Arkansas, Louisiana, Mississippi, Texas, and New Orleans provide local monopoly utility franchises.

Load evidence

Q1 industrial volume growth of 14.9% is well above normal mature-utility demand growth.

Recovery mechanisms

The regulatory page lists 2026 rider, rate, formula, and project dockets across the footprint.

What must still be proven

Large-load economics

Customer contributions, termination rights, cost allocation, and stranded-cost protections remain decisive.

Per-share conversion

Rate-base growth must outrun interest expense, depreciation, and dilution from forward equity settlement.

Affordability path

Storm costs, fuel costs, and customer bills can slow or reduce recovery even when the load exists.

Street View

Ownership, Flows, Valuation, And Street Views

Use aggregator items as dated outside views. Primary operating evidence remains Entergy IR, SEC filings, and regulatory dockets.

SEC filing stream

Latest 10-Q filed May 1, 2026

SEC submissions showed the March 31, 2026 Form 10-Q, March 27 proxy, February 19 Form 10-K, and May 12 annual-meeting 8-K.

Dashboard use: primary filing route for quarterly, annual, proxy, and 8-K checks. SEC submissions JSON
StockAnalysis forecast

24 analysts, Buy consensus

Checked 2026-06-21: page showed a $121.88 average target, $91 low, $135 high, and last updated June 10, 2026.

Dashboard use: outside-view target dispersion after Investor Day. StockAnalysis ETR forecast
Post-Investor-Day street read

Several June 10 actions followed the event

StockAnalysis listed BMO reiterating Buy at $123, BTIG maintaining Buy with target cut to $126, Mizuho maintaining Buy with target cut to $122, and Scotiabank maintaining Buy at $129.

Dashboard use: the event did not remove the valuation debate; target changes are mixed and still require primary deck/transcript review. Latest forecasts
Equity flow

Forward sale agreements through 2028

The May 7 SEC 8-K says physical or net share settlement would dilute EPS; the initial forward sale price was $110.74.

Dashboard use: settlement timing and share count are part of the earnings bridge. May 7 offering 8-K
Market snapshot

$111.11 close on June 18

StockAnalysis showed $50.88B market cap, 28.40x P/E, 24.66x forward P/E, 2.30% dividend yield, and $2.56 dividend.

Dashboard use: valuation context only; use the local chart API for report charts. StockAnalysis ETR overview
Scenario Board

Scenario Assessment And Sensitivities

The decisive question is conversion: load growth and capex must become recoverable per-share earnings.

Base

Industrial and hyperscale load supports the capital plan, state recovery remains adequate, credit metrics stay serviceable, and EPS grows despite dilution.

Upside

Investor Day follow-through, rate orders, and ESAs verify a larger recoverable plan while rates, fuel, and financing conditions ease.

Downside

Load remains visible but recovery lags, fuel and storm costs raise bills, FFO/debt weakens, or equity needs grow faster than the EPS bridge.

Trigger Stack

Monitoring Triggers

These are business evidence checks. Chart overlays remain in the shared overlay rules, outside this page.

Q2 results

EPS, share count, OCF, and FFO/debt

Confirm adjusted EPS guidance with stable or improving credit metrics and clear share-count bridge.

Warn if interest, depreciation, or dilution absorbs the benefit of load and recovery.

Rate actions

Allowed recovery and affordability language

Confirm rider approvals, formula-rate updates, CWIP return, and constructive cost allocation.

Warn on disallowances, slow orders, lower allowed returns, or customer-bill constraints.

Large-load contracts

ESA terms and energization

Confirm signed commitments, dates, customer contributions, credit support, and stranded-cost protection.

Warn if data-center or industrial load is delayed, downsized, canceled, or concession-heavy.

Forward equity

Settlement and dilution path

Confirm equity settlement fits the capital plan and EPS growth bridge.

Warn if new equity needs exceed current expectations without a matching outlook increase.

Fuel and storm costs

Customer-bill pressure

Confirm fuel normalization, storm-cost recovery paths, and affordability framing that preserves recovery.

Warn if fuel, storm, or project costs increase commission friction.

Risk Punch Cards

Risks, Invalidations, And Quality Flags

The main risks are recovery lag, financing, load realization, affordability, execution cost, and adjusted-EPS framing.

Regulatory lag
Basis

Rate-base investment becomes earnings only through state and FERC recovery.

Warning

Commissions delay, reduce, or disallow recovery for generation, grid, resilience, or customer-specific assets.

Reduce concern

Timely rider, formula-rate, and CWIP approvals with clear customer cost allocation.

Financing and dilution
Basis

FY2025 capex exceeded OCF, debt was $34.177B at Q1, and May 2026 forward equity is outstanding.

Warning

FFO/debt weakens, funding costs rise, rating outlooks turn negative, or share count rises faster than EPS.

Reduce concern

Rate recovery and load growth lift adjusted EPS while FFO/debt stays serviceable.

Load realization
Basis

Q1 industrial volume grew 14.9% and management highlighted hyperscale agreements.

Warning

Customers delay, cancel, downsize, or require terms that weaken returns.

Reduce concern

Energization schedules, customer contributions, and actual GWh support the plan.

Affordability
Basis

Fuel, storm recovery, resilience investment, and customer-specific infrastructure affect bills.

Warning

Fuel or storm-cost pressure makes recovery requests politically harder.

Reduce concern

Customer savings, securitization, and contribution terms keep bill impact manageable.

Execution cost
Basis

The plan includes generation, transmission, distribution, resilience, storm, and nuclear operating exposure.

Warning

Projects run over budget, in-service dates slip, or storm/nuclear costs exceed recovery assumptions.

Reduce concern

Project updates show on-time delivery with commission-recognized costs.

Adjusted EPS framing
Basis

Guidance is adjusted EPS, and the company does not reconcile forward adjusted EPS to GAAP.

Warning

Adjusted EPS improves while cash flow, share count, or credit metrics deteriorate.

Reduce concern

GAAP results, adjusted EPS, FFO/debt, and cash funding all move consistently.

Diagnostics

Diagnostics, Freshness, And Known Unknowns

Freshness is explicit because this page is a projection of a filed source lane plus dated web checks.

Freshness

No stale-source warning in the lane
Source run

Latest filed security source run generated 2026-05-24T23:40:44Z.

Market data

Lane market snapshot was May 22; StockAnalysis web check showed June 18 close data.

Web check

Entergy IR, SEC filings, regulatory page, and street-view pages checked 2026-06-21.

Known unknowns

Coverage gaps
Investor Day primary deck

The static IR events page did not expose post-June-9 presentation rows in this check.

Jurisdiction detail

State-by-state recovery timing, allowed returns, and customer cost allocation still need docket-level review.

Flows and peers

Short interest, holder concentration, insider Form 4 context, and peer filing work remain incomplete in the lane.

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