Overall Score

Growth Durability

Revenue growth is steady but not explosive, with a utility-like profile that limits long-term compounding speed.

Asset turnover remains low at 0.13x, indicating modest efficiency in scaling the asset base.

Profitability

Margins are healthy for a regulated utility, with gross margin at 37.3% and net margin at 20.2%.

Returns are positive but not high enough for a strong moat signal, with ROIC at 3.2% and ROE at 9.4%.

Financial Strength

Balance sheet leverage is very low, with debt-to-equity at 0.01x and net debt to EBITDA slightly negative.

Liquidity is adequate, with a current ratio of 1.01x and cash ratio of 0.32x.

Cash Flow Quality

Operating cash flow is solid, but free cash flow conversion is weak because capex consumes most of operating cash flow.

Free cash flow yield is only 1.1%, suggesting limited cash return relative to valuation.

Valuation

The stock trades at a premium cash-flow multiple, with EV/FCF near 89x and price/FCF above 91x.

Earnings-based valuation is more reasonable at about 15.4x P/E, but not cheap enough to offset the weak FCF yield.