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CIK 753308 · Renewables, RNG & Sustainability Infrastructure
Nextera Energy, Inc. is a public company in Regulated Electric, tracked in the renewables, rng, circularity, and sustainability infrastructure sub-sector, with $28B TTM revenue and $17B TTM EBITDA.
Market data as of May 10, 2026
Financials: LTM / latest available company filings
Sources: FMP, NEE filings, SEC EDGAR
$194,145
Market cap ($MM)
$296,550
Enterprise value ($MM)
$28,187
Revenue · LTM ($MM)
$17,220
EBITDA · LTM ($MM)
61%
EBITDA margin
10.5x
EV / revenue
17.2x
EV / EBITDA
5.9x
Net debt / EBITDA
Coverage
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
Balance sheet & capacity
Indicative capacity read: 5.9x net debt / EBITDA with EBITDA of $17B.
$1,998
Cash & equiv. ($MM)
$103,145
Total debt ($MM)
$101,147
Net debt ($MM)
5.9x
Net debt / EBITDA
Valuation
NEE versus the scaled public Renewables, RNG & Sustainability Infrastructure comparables.
EV / EBITDA distribution · peer set
NEE 17.2x
Indexed share-price performance
NEE versus available Renewables, RNG & Sustainability Infrastructure peers and SPY.
+20%
NEE
+21%
Peer med.
+79%
SPY
Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| Nextera Energy, Inc. | NEE | $28,187 | $17,220 | 61% | $194,145 | $296,550 | 10.5x | 17.2x | 5.9x |
| Ameresco, Inc. | AMRC | $1,981 | $238 | 12% | $1,586 | $3,532 | 1.8x | 14.9x | 7.2x |
| Clearway Energy, Inc. | CWEN | $1,485 | $878 | 59% | $7,841 | $17,458 | 11.8x | 19.9x | 9.3x |
| Brookfield Renewable Partners L.p. | BEP | $6,369 | $4,686 | 74% | $10,413 | $44,706 | 7.0x | 9.5x | 4.9x |
| Ormat Technologies, Inc. | ORA | $1,164 | $398 | 34% | $7,477 | $10,126 | 8.7x | 25.4x | -1.4x |
| Altus Power, Inc. | AMPS | $196 | $142 | 72% | $801 | $1,078 | 5.5x | 7.6x | NM |
| First Solar, Inc. | FSLR | $5,419 | $2,348 | 43% | $23,634 | $21,697 | 4.0x | 9.2x | -0.9x |
| Sunrun Inc. | RUN | $3,175 | $544 | 17% | $3,485 | $17,656 | 5.6x | 32.4x | 25.2x |
| Renewables, RNG & Sustainability Infrastructure median | $2,578 | $711 | 51% | $7,659 | $17,557 | 6.3x | 16.0x | 5.4x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
NEE's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
40
Active years
4
Named deals
10
Avg / active year
10.0
Acq. cash outflow ($MM)
N/A
Banker read
Annual acquisitions + disclosed spend
NEE count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
3 / 4
Last three years is down 25% vs prior three.
Peak count year
FY18
3 disclosed acquisitions in the peak visible year.
Recent spend
$7.3B
is broadly steady vs prior three; peak FY18 at $7.3B.
Named evidence
10 rows
25% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Jul 1, 2016 | Energy Future Holdings Corp. | Renewables, RNG, circularity, and sustainability infrastructure | $12,200 | In July 2016, NEE announced a proposed merger (EFH merger) under which a newly formed subsidiary of NEE will acquire 100% of the equity of reorganized Energy Future Holdings Cor... | 10-K† |
| Jul 1, 2016 | Energy Future Holdings Corp. (reorganized EFH Corp.) | Renewables, RNG, circularity, and sustainability infrastructure | $9,796 | Pending Oncor-Related Transactions - In July 2016, NEE, EFH Merger Co., LLC (Merger Sub), a direct wholly owned subsidiary of NEE, Energy Future Holdings Corp. (EFH Corp.) and E... | 10-K† |
| Feb 11, 2020 | South Carolina Public Service Authority (Santee Cooper) | Renewables, RNG, circularity, and sustainability infrastructure | $8,500 | Santee Cooper - On February 11, 2020, the South Carolina Department of Administration (DOA) announced that it had selected NEE as the recommended bidder for the sale case in its... | 10-K† |
| Jan 1, 2019 | Gulf Power Company | Renewables, RNG, circularity, and sustainability infrastructure | $5,740 | Gulf Power Company – On January 1, 2019, NEE acquired the outstanding common shares of Gulf Power Company, a rate-regulated electric utility under the jurisdiction of the FPSC,... | 10-K† |
| Jan 1, 2019 | Gulf Power | Renewables, RNG, circularity, and sustainability infrastructure | $5,740 | Gulf Power Company - On January 1, 2019, NEE acquired the outstanding common shares of Gulf Power, a rate-regulated electric utility under the jurisdiction of the FPSC. Gulf Pow... | 10-K† |
| Jan 1, 2019 | Gulf Power | Renewables, RNG, circularity, and sustainability infrastructure | $4,440 | On January 1, 2019, NEE completed the acquisition of all of the outstanding common shares of Gulf Power under a stock purchase agreement with The Southern Company dated May 20,... | 10-K† |
| Oct 1, 2016 | Texas Transmission Holdings Corporation (TTHC) | Renewables, RNG, circularity, and sustainability infrastructure | $2,410 | In October 2016, NEE and its direct wholly owned subsidiary WSS Acquisition Company (TTHC Merger Sub) entered into an agreement (TTHC merger agreement) with Texas Transmission H... | 10-K† |
| Oct 1, 2016 | Oncor Electric Delivery Company LLC | Renewables, RNG, circularity, and sustainability infrastructure | $2,400 | In late October 2016, additional agreements were entered into with other parties that, when combined with the EFH merger agreement, if completed, would result in NEE owning 100%... | 10-K† |
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 16 SEC-backed facts across 6 cited filings.
Evidence
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
23
Named deal filings
5
Recent SEC filings
10
Evidence clips
6
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Feb 13, 2026 | Annual M&A 10-K | accepted | 1 | $1.1B | $1.1B | SEC filing |
| FY2024 | Feb 14, 2025 | Annual M&A 10-K | accepted | N/A | N/A | $1.4B | SEC filing |
| FY2023 | Feb 16, 2024 | Annual M&A 10-K | accepted | 1 | $1.1B | $1.1B | SEC filing |
| FY2022 | Feb 17, 2023 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2021 | Feb 18, 2022 | Annual M&A 10-K | accepted | 1 | $502MM | $502MM | SEC filing |
| FY2020 | Feb 12, 2021 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2019 | Feb 14, 2020 | Annual M&A 10-K | quarantined (2 issue) | 2 | $5,130B | $5,570B | SEC filing |
| FY2018 | Feb 15, 2019 | Annual M&A 10-K | warning (1 warn) | 3 | $520B | $520B | SEC filing |
| FY2017 | Feb 16, 2018 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2016 | Feb 23, 2017 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2015 | Feb 22, 2016 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2014 | Feb 20, 2015 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2013 | Feb 24, 2014 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2012 | Feb 28, 2013 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2011 | Feb 28, 2012 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2010 | Feb 28, 2011 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2009 | Feb 26, 2010 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2008 | Feb 27, 2009 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2007 | Feb 28, 2008 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2006 | Feb 27, 2007 | Annual M&A 10-K | accepted | 1 | N/A | N/A | SEC filing |
| FY2005 | Feb 23, 2006 | Annual M&A 10-K | accepted | 1 | N/A | N/A | SEC filing |
| FY2004 | Feb 28, 2005 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2003 | Feb 27, 2004 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Feb 18, 2022 | 10-K | Gulf Power Company | Annual M&ANamed deals | SEC filing |
| Feb 12, 2021 | 10-K | Gulf Power | Annual M&ANamed deals | SEC filing |
| Feb 14, 2020 | 10-K | South Carolina Public Service Authority (Santee Cooper); Gulf Power | Annual M&ANamed deals | SEC filing |
| Feb 16, 2018 | 10-K | NET Holdings Management, LLC | Annual M&ANamed deals | SEC filing |
| Feb 23, 2017 | 10-K | Energy Future Holdings Corp.; Energy Future Holdings Corp. (reorganized EFH Corp.); Texas Transmission Holdings Corporation (TTHC); Oncor Electric Delivery Company LLC +1 more | Annual M&ANamed deals | SEC filing |
| Filing date | Form | Items | Description | Support | Source |
|---|---|---|---|---|---|
| May 5, 2026 | DEFA14A | N/A | DEFA14A | FinancialsRecent SEC | SEC filing |
| Apr 23, 2026 | 8-K | 2.02,9.01 | 8-K | Recent SEC | SEC filing |
| Apr 23, 2026 | 10-Q | N/A | 10-Q | Recent SEC | SEC filing |
| Apr 1, 2026 | DEFA14A | N/A | DEFA14A | Recent SEC | SEC filing |
| Apr 1, 2026 | DEF 14A | N/A | DEF 14A | Recent SEC | SEC filing |
| Apr 1, 2026 | 10-Q | N/A | Quarterly report from SEC company index | Recent SEC | SEC filing |
| Mar 20, 2026 | 8-K | 8.01,9.01 | 8-K | Recent SEC | SEC filing |
| Mar 10, 2026 | 8-K | 5.02 | 8-K | Recent SEC | SEC filing |
| Mar 3, 2026 | 8-K | 8.01,9.01 | 8-K | Recent SEC | SEC filing |
| Feb 26, 2026 | 8-K | 8.01,9.01 | 8-K | Recent SEC | SEC filing |
EFH merger
10-K - Feb 23, 2017
In July 2016, NEE announced a proposed merger (EFH merger) under which a newly formed subsidiary of NEE will acquire 100% of the equity of reorganized Energy Future Holdings Corp. (reorganized EFH) and certain of its di…
EFH Merger
10-K - Feb 23, 2017
Pending Oncor-Related Transactions - In July 2016, NEE, EFH Merger Co., LLC (Merger Sub), a direct wholly owned subsidiary of NEE, Energy Future Holdings Corp. (EFH Corp.) and Energy Future Intermediate Holding Company…
Santee Cooper
10-K - Feb 14, 2020
Santee Cooper - On February 11, 2020, the South Carolina Department of Administration (DOA) announced that it had selected NEE as the recommended bidder for the sale case in its evaluation process with respect to the So…
Gulf Power Company acquisition
10-K - Feb 18, 2022
Gulf Power Company – On January 1, 2019, NEE acquired the outstanding common shares of Gulf Power Company, a rate-regulated electric utility under the jurisdiction of the FPSC, which served approximately 470,000 custome…
Gulf Power Company
10-K - Feb 14, 2020
Gulf Power Company - On January 1, 2019, NEE acquired the outstanding common shares of Gulf Power, a rate-regulated electric utility under the jurisdiction of the FPSC. Gulf Power serves approximately 470,000 customers…
Gulf Power acquisition
10-K - Feb 12, 2021
On January 1, 2019, NEE completed the acquisition of all of the outstanding common shares of Gulf Power under a stock purchase agreement with The Southern Company dated May 20, 2018, as amended, fo...
Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.