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Across the supplied history, regulated earnings growth coexists with a capital-intensive asset base: capital spending repeatedly exceeds operating cash generation, so debt financing and periodic share issuance help fund investment and dividends. Reported net income and per-share results also vary with financing costs and nonrecurring items.
The latest reporting period showed better operating cash generation and a narrower quarterly free-cash-flow deficit, but trailing free cash flow remained negative as spending continued to outrun operations. This reflects changing funding pressure, not a demonstrated change in the capital-intensive model.
Whether trailing capital spending continues to moderate relative to operating cash flow, narrowing the recurring funding gap.
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 11.7B | 12.6B | 11.2B | 14.4B | 14.2B | 11.4B | 13.9B | 14.4B | 14.5B | 16.5B | |
| (99m) | (6m) | (122m) | (88m) | (53m) | (70m) | (59m) | (55m) | (74m) | (82m) | |
| 11.6B | 12.6B | 11.1B | 14.3B | 14.1B | 11.3B | 13.9B | 14.3B | 14.4B | 16.4B | |
| (8.2B) | (8.7B) | (8.3B) | (10.8B) | (9.9B) | (8.7B) | (10.6B) | (10.6B) | (10.5B) | (11.5B) | |
| (1.6B) | (1.9B) | (1.7B) | (2.3B) | (2.3B) | (2.1B) | (2.4B) | (2.6B) | (2.3B) | (2.4B) | |
| (3.3B) | (3.2B) | (2.8B) | (3.2B) | (3.6B) | (3.2B) | (3.4B) | (3.1B) | (3.6B) | (3.5B) | |
| (2.7B) | (2.9B) | (3.3B) | (4.4B) | (3.1B) | (2.8B) | (4.1B) | (4.2B) | (3.9B) | (4.8B) | |
| (596m) | (668m) | (580m) | (883m) | (871m) | (690m) | (675m) | (684m) | (731m) | (773m) | |
| 3.5B | 3.9B | 2.8B | 3.5B | 4.2B | 2.6B | 3.3B | 3.7B | 3.8B | 4.9B | |
| (964m) | (1.3B) | (1.3B) | (1.5B) | (3.7B) | (544m) | (1.9B) | (901m) | (886m) | (1.1B) | |
| 1B | 1.2B | 1.3B | 1.5B | 1.4B | 1.3B | 1B | 1.7B | 1.9B | 2B | |
| 36m | 132m | 226m | (2B) | (2.1B) | (609m) | (1.8B) | (307m) | (600m) | (517m) | |
| 318m | 344m | 885m | 811m | 3B | 428m | 978m | 218m | (166m) | 316m | |
| 2.9B | 3.1B | 2.6B | 869m | 1.4B | 1.9B | 562m | 2.7B | 2.2B | 3.6B | |
| (655m) | (821m) | (476m) | (209m) | (83m) | 181m | (59m) | (644m) | (411m) | (532m) | |
| 2.2B | 2.3B | 2.1B | 660m | 1.3B | 2.1B | 503m | 2.1B | 1.8B | 3.1B | |
| (89m) | (121m) | (102m) | (18m) | 149m | (20m) | 0 | 0 | 53m | (67m) | |
| 2.1B | 3B | 2.4B | 1.3B | (466m) | 3.3B | 1.3B | 1.9B | 2B | 3B | |
| 3.46 | 4.71 | 3.73 | 1.65 | (0.56) | 4.11 | 1.61 | 2.24 | 2.33 | 3.47 |
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Stock intrinsic value is the real worth of a company's stock, based on its financial health and performance.
Instead of looking at the stock's current market price, which can change due to people's opinions and emotions, intrinsic value helps us understand if a stock is truly a good deal or not.
By focusing on the company's actual financial strength, like its earnings and debts, we can make better decisions about which stocks to buy and when.
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