Entergy Corporation
Orin's own judgment of how firmly the evidence points one way — not the chance the price goes up.
Entergy's data-center growth narrative is progressing — Amazon hyperscale revenue is already reducing Mississippi customer bills under the Fair Share Plus framework — and FY2025 EPS surged to $3.91 from $2.45 with revenue up 9.0%.
However, the stock has pulled back sharply to $98.57 from its 50-day MA of $106.97 with an RSI of 27.5, and at 24.9x trailing earnings it still trades at a 45.3% premium to the utility peer median of 17.1x despite Q2 2026 EPS declining slightly year-over-year from $1.05 to $1.03. The capex supercycle remains unconverted to free cash flow — FY2025 FCF was -$2.79B on $7.94B of capital expenditure with total debt at $30.9B — and smart-money flows, while improving to a score of 0.02 as of the quarter ended 30 Jun, are only modestly positive. The oversold technicals and data-center traction offer near-term support, but the combination of decelerating quarterly EPS, persistent negative FCF, and a rich relative valuation keeps this a hold pending evidence that rate-base growth translates into durable, deleveraged earnings.
What could go wrong
- Capex-driven leverage. FY2025 free cash flow was -$2.79B with capital expenditure of $7.94B and total debt of $30.9B against stockholders' equity of $17.1B; sustained negative FCF could pressure the balance sheet or require equity issuance.
- Valuation premium. P/E of 24.9x is 45.3% above the peer median of 17.1x and EV/EBITDA of 13.8x is 10.2% above the peer median of 12.5x, leaving little margin for execution missteps.
- Quarterly EPS deceleration. Q2 2026 EPS of $1.03 was below the prior-year Q2 EPS of $1.05, breaking the strong FY2025 growth trajectory where EPS grew 59.6% year-over-year.
- Insider net selling. Over the trailing 24 months, insider transactions produced net share accumulation of 242,555 shares but net dollar outflow of -$15.05M, and recent September 2026 activity included sales at $103.93 and $106.20 per share.
What would change my mind
Where this comes from: FY24 and FY25 fundamentals · FY25 fundamentals · Q2 2026 and Q2 2025 results · peer comparison. Orin's read on ETR; not advice.
How has the share price moved?
Up 11.4% over twelve months, from $97.36 on 27 Oct 2025 to $108.43 at the Tue 27 Oct 2026 close. Its highest close in that time was $117.91 on 30 Apr 2026; the last close is 8.0% below it.
- Green line: the closing price each trading day.
- Grey line: the average closing price over the last 50 trading days.
- Dashed amber line: the same over the last 200 trading days — a slower, smoother line.
- Bars along the bottom: shares traded each day — green when it closed higher than the day before, rose when lower (the most, 16.7M, on 6 May 2026).
- Flags: the company's filings, on the day they were made (a 10-Q is the quarterly report and a 10-K the annual report; an 8-K reports a major event).
On file
All ETR filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| BlackRock | $4.9B | 0.1% |
| Vanguard Capital Management | $3.5B | 0.1% |
| Vanguard Portfolio Management | $3.1B | 0.1% |
| State Street | $2.9B | 0.1% |
| JPMorgan Chase | $2.9B | 0.2% |
| Bank of America | $2.0B | 0.1% |
| Ameriprise Financial | $1.6B | 0.3% |
| FMR | $1.5B | 0.1% |
| Geode Capital Management | $1.4B | 0.1% |
| Morgan Stanley | $1.1B | 0.1% |
118 of the 815 filers we track · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 275 Form 4 filings; open-market trades net −$18.2M. Of the 50 on hand, 1 was an open-market purchase and 5 sales — the rest are grants, option exercises and tax withholding.
Ask Orin about ETR
Orin answers questions about ETR from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →How is it priced, against its own past and its sector?
Priced at 27.4× its last 12 months of profit (Tue 27 Oct close) — higher than in 4 of its last 5 fiscal years (middle 20.8×); the typical Utilities company on the NYSE is at 18.5×.
| Measure | Now | Its usual | Sector |
|---|---|---|---|
| P/E | 27.4×above usual | 20.8× | 18.5× |
| P/S | 3.84×above usual | 1.93× | — |
| EV/EBITDA | 14.5×above usual | 11.7× | — |
| P/B | 2.7×above usual | 1.9× | — |
- "Its usual" is the middle of its own last 5 fiscal years.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
P/S: the company's total market value divided by one year of revenue. Used when there is no profit to measure.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
P/B: the share price divided by the book value per share — what the company owns minus what it owes, as its accounts record it. When book value is tiny, P/B swings wildly and says little.
What do the analysts who cover it publish?
The analysts' average 12-month price target is $122 (from $101 to $135) — 13% above the Tue 27 Oct close price. That is their published opinion, not Orin's.
$122
$101 – $135 · +13% against the last close
- 12 buy or overweight
- 4 hold
- 0 underweight or sell
Price target: the share price an analyst publishes for about 12 months ahead. It is the opinion of the firm that wrote it; the average is across the firms that cover the company.
Overweight / underweight: analysts' rating words: overweight means the firm expects the stock to do better than the others it covers, underweight worse. Their words, not Orin's.
How is it priced next to the companies it is compared to?
Priced at 27.4× its last 12 months of profit; the middle P/E of the 10 companies it is compared to that made a profit is 21.4×.
| Company | Market value | P/E | EV/EBITDA | Gross margin | Net margin | ROE |
|---|---|---|---|---|---|---|
| ETREntergy Corporation | $52B | 27.4× | 14.5× | 38.9% | 13.5% | 10% |
| CMSCMS Energy Corporation | $22B | 24.2× | 13.6× | 77.2% | 9.7% | 8% |
| DTEDTE Energy Company | $28B | 30.9× | 7.4× | 37.2% | 5.5% | 7% |
| DUKDuke Energy Corporation | $101B | 19.0× | 11.1× | 60.5% | 15.9% | 10% |
| EVRGEvergy, Inc. | $20B | 19.0× | 12.0× | 50.0% | 16.7% | 10% |
| EXCExelon Corporation | $46B | 16.3× | 10.7× | 24.5% | 11.0% | 10% |
| FEFirstEnergy Corp. | $27B | 24.7× | 12.8× | 53.4% | 6.9% | 9% |
| LNTAlliant Energy Corporation | $18B | 22.1× | 14.6× | 42.0% | 18.4% | 11% |
| PEGPublic Service Enterprise Group Incorporated | $36B | 18.0× | 13.5× | 85.4% | 16.0% | 12% |
| WECWEC Energy Group, Inc. | $36B | 21.4× | 14.4× | 62.0% | 16.7% | 12% |
| XELXcel Energy Inc. | $49B | 21.3× | 13.3× | 48.8% | 15.3% | 10% |
- The list of companies is the data vendor's choice, so it can include a company a person would not have picked.
Market value: the share price times the number of shares — what the whole company is priced at.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
Gross margin: the share of each $1 of sales left after the direct cost of making what was sold.
Net margin: the share of each $1 of sales kept as profit after every cost. Below zero, the company lost money.
ROE: return on equity: one year of profit as a share of the shareholders' money in the business (its book value).
Is it priced high or low compared with its own past?
Priced at 27.4× its last 12 months of profit (Tue 27 Oct close). It has no full fiscal year on file since its history starts, so there is nothing of its own to compare with.
- Now27.4×
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
Fiscal year (FY): the company's own 12-month accounting year, which need not match the calendar year.
How has its sector been priced?
Utilities companies on the NYSE were priced at a typical 18.5× their yearly profit (Tue 27 Oct close).
- Now18.5×
- Each year is the middle of that calendar year's daily sector P/E; "Now" is the Tue 27 Oct close figure, the same one in the table above.
Sector P/E: the middle P/E of the companies in the same sector on the same stock exchange, as the data vendor works it out each day.
What does a cash-flow model say a share is worth?
A standard cash-flow model puts it at $4 a share — 97% below the $108.10 price it was computed against (27 Oct).
| Model | Value a share | Against the price then |
|---|---|---|
| Standard | $4 | 97% below $108.10 |
| Levered | $44 | 59% below $108.10 |
Discounted cash flow: a model's estimate of what the company is worth today, from the cash it is forecast to make in future years. Small changes in the forecast move it a lot, and it says little about a company that loses money.
Standard / levered: two versions of the cash-flow model: the standard one counts the cash before the company pays its lenders, the levered one after.