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What this page is: Delvantic's full research page for Entergy Corporation (ETR) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.
Our current read (analysis of 2026-08-23): Designation Low · Gem Score -52 (−100…+100 Quality+Value blend) · Quality -32 · Value -69 · Sentiment 35 (timing only, not weighted) · Composite fair value $78.48 vs $107.84 at analysis
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profile-header/price-overview— company profile, live quote, market capextended-analysis— the core: three AI lens reads with findings, scores, and the analyst memofuture-predictions— our forward price-band predictionsmarket-narrative/ai-findings/gpt-critique— narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)- Members-only sections (render as login gates for anonymous readers):
price-history,income-trend,key-metrics,financials(statement tables),insider-trading. The analysis above is public; the raw data tables require a free account.
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Entergy Corporation
ETR NYSEEntergy Corporation is a holding company and regulated utility focused on providing electric power and natural gas services. Entergy Corporation operates primarily through its utility business, serving residential, commercial, and industrial customers with electricity generation, transmission, and distribution across parts of the southern United States. Its operations are centered on regulated markets, where it manages a mix of power generation assets and grid infrastructure to support reliable energy delivery. The company also maintains a parent and other segment that supports corporate functions and non-utility activities. Based in New Orleans, Louisiana, Entergy Corporation plays an important role in the regional utility market by supplying essential energy services and supporting the operation of critical infrastructure across its service territories.
Price Overview
Price History (1 Year)
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): 3.91
Total Equity: $17.23B
Shares: 450,151,884
Total Debt: $30.28B
Cash: $1.93B
EBITDA: $5.51B
Total Debt: $30.28B
Cash: $1.93B
Revenue: $12.95B
Revenue: $12.95B
Revenue: $12.95B
Total Equity: $17.23B
Tax Rate: 21.9%
Equity: $17.23B
Total Debt: $30.28B
Cash: $1.93B
Current Liabilities: $7.82B
Long-Term Debt: $27.90B
Total Debt: $30.28B
Total Equity: $17.23B
Shares: 450,151,884
Shares: 450,151,884
CapEx: -$7.68B
Shares: 450,151,884
Stock Price: $107.84
Net Income: $1.77B
Industry Benchmarks
Income Statement (Annual)
Last updated: Aug 17, 2026 12:39am (6d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | $13.8B | $12.1B | $11.9B | $12.9B |
| Cost of Revenue | — | — | — | — | — |
| Gross Profit | — | — | — | — | — |
| Operating Expenses | $9.9B | $11.7B | $9.5B | $9.2B | $9.7B |
| Operating Income | $1.8B | $2.1B | $2.6B | $2.7B | $3.2B |
| Net Income | $1.1B | $1.1B | $2.4B | $1.1B | $1.8B |
| EBITDA | $3.8B | $4.0B | $4.7B | $4.9B | $5.5B |
| EPS | $5.57 | $5.40 | $11.14 | $2.47 | $3.98 |
| EPS (Diluted) | $5.54 | $5.37 | $11.10 | $2.45 | $3.91 |
Balance Sheet (Annual)
Last updated: Aug 17, 2026 12:20am (6d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $442.6M | $224.2M | $132.5M | $859.7M | $1.9B |
| Total Current Assets | $3.6B | $4.1B | $3.7B | $4.4B | $5.8B |
| Total Assets | $59.5B | $58.6B | $59.7B | $64.8B | $71.9B |
| Current Liabilities | $6.2B | $6.4B | $6.4B | $6.1B | $7.8B |
| Long-Term Debt | $24.8B | $23.6B | $23.0B | $26.6B | $27.9B |
| Total Liabilities | $47.5B | $45.3B | $44.7B | $49.4B | $54.7B |
| Total Equity | $11.9B | $13.3B | $15.0B | $15.4B | $17.2B |
| Retained Earnings | $10.2B | $10.5B | $11.9B | $12.0B | $12.7B |
Cash Flow (Annual)
Last updated: Aug 17, 2026 12:39am (6d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $2.3B | $2.6B | $4.3B | $4.5B | $5.2B |
| Capital Expenditure | — | -$5.1B | -$4.4B | -$4.8B | -$7.7B |
| Free Cash Flow | — | -$2.5B | -$146.3M | -$349.8M | -$2.5B |
| Acquisitions (net) | — | — | — | — | — |
| Net Debt Issued / (Repaid) | $3.1B | -$349.6M | -$551.9M | $2.6B | $2.0B |
| Dividends Paid | -$775.1M | -$841.7M | -$918.2M | -$981.7M | -$1.1B |
| Stock Buybacks | — | — | — | — | — |
| Net Change in Cash | -$1.3B | -$218.4M | -$91.6M | $727.2M | $1.1B |
Growth Trends (YoY %)
Last updated: Aug 17, 2026 12:39am (6d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | — | -11.7% | -2.2% | +9.0% |
| Gross Profit Growth | — | — | — | — |
| Operating Income Growth | +11.1% | +27.7% | +1.3% | +20.8% |
| Net Income Growth | -1.9% | +115.3% | -55.1% | +67.1% |
| EBITDA Growth | +5.2% | +15.7% | +4.6% | +12.8% |
Dividend History (Last 20)
Last updated: Aug 12, 2026 10:13am (11d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-05-01 | $0.64 | — | — | — |
| 2026-02-09 | $0.64 | — | — | — |
| 2025-11-13 | $0.64 | — | — | — |
| 2025-08-13 | $0.60 | — | — | — |
| 2025-05-02 | $0.60 | — | — | — |
| 2025-02-10 | $0.60 | — | — | — |
| 2024-11-13 | $0.60 | — | — | — |
| 2024-08-13 | $0.57 | — | — | — |
| 2024-05-01 | $0.57 | — | — | — |
| 2024-02-08 | $0.57 | — | — | — |
| 2023-11-13 | $0.57 | — | — | — |
| 2023-08-10 | $0.54 | — | — | — |
| 2023-05-03 | $0.54 | — | — | — |
| 2023-02-09 | $0.54 | — | — | — |
| 2022-11-10 | $0.54 | — | — | — |
| 2022-08-10 | $0.51 | — | — | — |
| 2022-05-04 | $0.51 | — | — | — |
| 2022-02-10 | $0.51 | — | — | — |
| 2021-11-12 | $0.51 | — | — | — |
| 2021-08-11 | $0.48 | — | — | — |
Deep Analysis
Narrative Economics
market-narrative step).
AI Lens 4th lens · how AI reaches this business · 5-yr
2026-08-17AI data-center siting in Louisiana, Mississippi and Texas converts into contracted large-load demand that justifies new generation and transmission — rate base growth is the earnings engine for a regulated utility, and AI is the strongest rate-base catalyst in decades.
Regulated returns cap the upside: capital is only as good as the commission's willingness to allow it, and multi-gigawatt special contracts invite cost-allocation fights, residential bill backlash and political risk that can delay or trim recovery.
Whether large-load tariffs contain enforceable minimum-take, term and exit protections that put stranding risk on the hyperscaler rather than the ratepayer — observable in approved tariff/contract terms and rate-case settlements in Louisiana and Mississippi.
Exclusive service territory, interconnection queue position, existing transmission corridors, gas supply and siting/permitting relationships, plus land and water in a region hyperscalers actively want. None of this is reproducible by software.
AI Lens thesis
For Entergy, AI is almost entirely a demand-side and capital-cycle event, not an automation event: the monetized unit is rate base plus delivered kWh under a regulated franchise, and cheaper intelligence raises the value of the physical scarce assets — firm capacity, interconnection, transmission, siting — that Entergy already owns and is uniquely permitted to expand. Secondary effects are real but modest: AI trims O&M in outage management, vegetation, call centers and asset inspection, though under formula rate plans most of that savings passes to customers rather than shareholders. The dominant risk is not substitution but capital risk — funding a multi-year, negative-FCF build against concentrated counterparties whose demand forecasts could soften, and against regulators who must be persuaded that AI load lowers rather than raises everyone else's bill.
What the market may be underestimating
Upside If new AI load is priced above incremental cost, it spreads fixed system costs across far more kWh and can hold or lower legacy customer bills — which buys regulatory goodwill and makes the next tranche of grid capex easier to approve, a compounding loop the market underweights.
Downside Concentration: a handful of campuses drive a disproportionate share of planned capex, and Entergy is already running roughly -$2.5B FCF. A pause in the AI build cycle mid-construction leaves financed assets seeking recovery from a residential base that is politically hostile to paying for data centers.
Outcome range spread 43
Growth Outlook
Analyzed 2026-08-17 16:17The question every valuation on this page silently assumes: is this company likely to grow? Judged forward — the business, its category, the world — against what's already printed.
Claude Reading
Looking at the raw quarterly cadence first: revenue moved $2.95B → $3.39B → $2.74B → $2.85B → $3.33B → $3.81B → $2.96B → $3.19B — classic utility seasonality with Q3 cooling-load peaks, not "decelerating" as the revenue confidence flag claims. TTM revenue is ~$13.29B vs. 2024's $11.88B, a ~12% lift, and TTM net income is ~$1.80B vs. $1.06B in FY24 — a real earnings rebound, largely because Q2'24 was crushed to $51.7M by what looks like a one-off (storm/impairment charge). Excluding that anomaly, earnings CAGR is nowhere near the -13.4% momentum print — that number is a data artifact. So the "Low Revenue Confidence" and negative earnings CAGR signals are misleading; the underlying trajectory is up-and-to-the-right within normal regulated-utility variance.
That said, the valuation critique from the synthesis has teeth. At $107.84, ETR trades at 27.6x earnings and ~5.99x EV/revenue — genuinely rich for a regulated utility where XEL, DUK, SO cluster at 18-21x forward. The $78 DCF anchor is probably too punitive (utility DCFs consistently undershoot because they can't model rate-base compounding well), but a fair multiple of ~20-22x on normalized ~$4.10 EPS gets you to roughly $82-90, not $108. The 2.37% dividend yield is unremarkable versus 10Y Treasuries near 4%+, which historically caps utility multiples. More concerning: FCF was **negative $2.53B** on $7.68B capex against $5.15B OCF — this is a company funding growth capex and dividends via debt issuance. Total debt at $30.3B against $17.2B equity (1.76x D/E) with ROIC of just 5.5% means every incremental dollar of rate-base capex is barely covering its cost of capital in a 5%+ rate environment. The bear "stranded asset" story is overwrought (Louisiana/Mississippi regulators are constructive), but the interest-rate sensitivity is real and current.
Where I disagree with the models: the Market Forces "avoid" framing is too harsh — Entergy's Gulf South service territory has genuine load-growth tailwinds from data centers (Meta's Richland Parish $10B facility, industrial reshoring along the Mississippi corridor) that peers like SO share but few others do. This is the actual reason for the premium multiple, and it's not narrative fluff — it's contracted MW. The pre-flight thesis captures this. Insider activity is a wash (one $107k open-market purchase against ~$25k+ in net sales-after-exercises); I wouldn't weight the "Net Insider Buying" tag heavily — the volumes are trivial. The Narrative Engine's read that the premium reflects transition-driven rate base growth is directionally right, but "durable" overstates it: if a single Louisiana Public Service Commission rate case comes in unfavorable, the multiple compresses fast. Contrarian argument worth taking seriously: at 2.5x book with 10% ROE, ETR is being valued as if it were 14-15% ROE — that gap has to close via either multiple compression or earnings acceleration, and regulated utilities rarely deliver the latter in bulk.
Net view: I partially agree with the overvalued verdict but think $77 is too low. Fair value is roughly $85-92 based on 21x normalized EPS and peer-relative EV/EBITDA around 12-13x (vs. current 14.1x). At $108 you're paying ~20% above that range for data-center optionality that may or may not fully materialize in approved rate base over the next 3 years. Not a short — regulated utilities with load growth are terrible shorts — but not a buy here either. Wait for either a $90-handle entry, a constructive Louisiana rate case outcome that de-risks the capex program, or a 10Y yield drop below 3.5% that re-rates the whole sector. The FCF hole and 1.76x leverage mean any regulatory disappointment gets punished asymmetrically.
GPT Reading
Entergy looks expensive for what is still a plain regulated utility story. The numbers do show improvement: 2025 revenue rose 9% to $12.95 billion, operating income rose 21% to $3.20 billion, and net income jumped to $1.77 billion from $1.06 billion in 2024. Quarterly results also show broad year-over-year gains, with 2026 Q1 revenue up to $3.19 billion from $2.85 billion and net income up 8% to $390.8 million. But the quality of that improvement is not strong enough to justify paying 27.6x earnings, 2.8x book, and 14.1x EV/EBITDA for a company generating only 5.5% ROIC and 10.3% ROE. Those are acceptable utility returns, not premium returns. The market is capitalizing Entergy like a cleaner, faster-growing, lower-risk compounder than the financials actually show.
The biggest issue is that the earnings recovery sits on top of a balance sheet and cash-flow profile that remain stretched. Entergy ended 2025 with $30.28 billion of debt against $17.23 billion of equity and only $1.93 billion of cash; debt/equity at 1.76x is simply high, even for a utility. Operating cash flow of $5.15 billion is solid, but capex of $7.68 billion drove free cash flow to negative $2.53 billion. That is not automatically alarming in a regulated utility because capex grows rate base, but it does mean equity holders are underwriting a long-duration investment program financed by debt and external capital while receiving only a 2.37% dividend yield. If I am going to fund a utility through a heavy build cycle, I want either a more obvious growth algorithm or a much cheaper entry point. Here I get neither.
The income statement history also argues against paying up. Over the last four reported years, revenue has gone from $13.76 billion in 2022 to $12.95 billion in 2025, so the top line is not compounding in any meaningful way; the stated 3.2% revenue CAGR only works off a different base and still describes a low-growth business. Net income has been erratic: $1.10 billion in 2022, $2.36 billion in 2023, $1.06 billion in 2024, then $1.77 billion in 2025. Quarterly margins likewise bounce around from 1.8% in 2024 Q2 to 19.1% in 2024 Q3 and 18.3% in 2025 Q3. Some volatility is normal from weather, regulatory timing, and one-offs, but this is not the smooth earnings stream that deserves a scarcity premium. The stock price implies confidence that the recent rebound is the new baseline; I think the data say “improving, but still lumpy and capital-hungry.”
The best argument against my view is straightforward: utilities are often valued on future rate base growth, not trailing free cash flow, and Entergy’s capex is exactly what should lift earnings over time. The jump in operating income from $2.65 billion to $3.20 billion in one year supports that case, and the latest quarter’s 9% revenue growth and 67% earnings growth versus the prior-year quarter suggest momentum is real, not imagined. If regulators continue to allow constructive returns, today’s 27.6x trailing P/E could compress quickly on higher forward earnings, making the stock less expensive than it looks. The modest insider purchase in August 2026 also leans supportive at the margin. I weigh those points less heavily because the market already seems to be assuming that favorable forward path, while the current valuation leaves little room for rate friction, storm costs, financing pressure, or a simple de-rating if utility investors demand higher yields.
What would change my mind is evidence that Entergy can turn the capex wave into durable, less volatile earnings and a valuation that better compensates for financing risk. Specifically, I would want to see another year with operating income above $3.3 billion, net income sustaining above $1.9 billion without unusual quarterly swings, and operating cash flow rising enough to narrow the free cash flow deficit materially from negative $2.53 billion even with elevated investment. I would also revisit the name positively if the share price fell into roughly the low-$80s to low-$90s without a deterioration in fundamentals, because then investors would be paid more appropriately for the leverage and execution risk embedded here.
Grok Reading
Entergy’s 2025 numbers show a real earnings rebound, not an accounting mirage: revenue climbed to $12.95B from $11.88B, operating income jumped to $3.20B from $2.65B, and net income recovered to $1.77B from the depressed $1.06B print in 2024. Quarterly margins have re-expanded into the mid-teens after the ugly 1.8% trough in mid-2024, and trailing operating margin sits at a respectable 24.7% for a regulated electric name. The catch is that this recovery is being bought at 27.6x earnings and 2.8x book while ROE is only 10.3% and ROIC a thin 5.5%. Operating cash flow of $5.15B is solid, but free cash flow is deeply negative at –$2.53B on $7.68B of capex, and the balance sheet carries $30.3B of debt against $17.2B of equity and a current ratio of 0.74. That is the classic utility rate-base build story, but the market is already paying a growth multiple for what is still a 3.2% revenue CAGR business with a multi-year earnings CAGR of –13.4%.
The quantitative fair-value composite near $78 (roughly 28% below the $107.84 screen price) is directionally correct even if the precise DCF is debatable. EV/EBITDA of 14.1x and EV/revenue near 6.0x leave little room for regulatory friction or higher-for-longer rates. Dividend yield is only 2.4% with a 61% payout, so income buyers are not getting paid enough to underwrite the leverage and negative FCF. Recent revenue confidence is flagged as low and decelerating on a quarterly basis; the 9% recent revenue YoY and 67% earnings YoY look better than the longer arc and risk being peak-cycle optics after a soft 2024. Insider flow is mostly option-related selling with a token 1,000-share open-market buy—hardly a vote of confidence at these levels.
The strongest counter-argument is straightforward: 2025’s operating-income step-up and the heavy capex are precisely the inputs that expand allowed rate base in Arkansas, Louisiana, Mississippi, and Texas, and southern load growth plus grid-modernization and data-center adjacent demand could convert today’s negative FCF into higher regulated earnings power by 2027–28. If commissions continue to grant constructive returns and the company earns closer to its allowed ROE on a larger base, the 27x multiple compresses organically without a price collapse, and the $78 anchor understates that path. Peers have also re-rated on energy-transition narratives; Entergy is not uniquely expensive inside that cohort once growth optionality is granted. That case is coherent—but it requires flawless execution on a multi-year regulatory and construction cycle while carrying 1.76x debt-to-equity and weak near-term liquidity, which is why the premium still looks stretched rather than earned.
I would flip toward neutral or constructive only on clear evidence that the capex is earning: consecutive quarters of positive free-cash-flow inflection, a sustained ROE print above 11–12% without one-time items, constructive multi-year rate orders that lift allowed equity returns or accelerate recovery of the $7B-plus annual spend, or a material drop in the share price into the mid-$80s that resets the multiple closer to 18–20x forward earnings while the rate-base story remains intact.
Big-3 Panel — where each AI stands
Advanced Analysis Forensic deep-dive · separate lenses
Entergy shows the classic regulated-utility profile: revenue rebased from 13.76B in 2022 to 12.95B in 2025, with operating margin expanding from 14.9% to 24.7% and net income of 1.77B in 2025. OCF/NI at 2.67x is healthy on the surface and accruals at -3.6% of assets are clean, suggesting reported earnings are backed by cash from operations. However, free cash flow is deeply and persistently negative (-2.48B, -0.15B, -0.35B, -2.53B over 2022-2025), driven by heavy capex tied to grid investment and large-load buildout - typical for the industry but a real constraint.
Verify before trusting this (6)
- Whether the 2024 share count jump from 212M to 431M reflects a stock split, a large equity raise, or both - critical for judging dilution severity
- Magnitude and terms of any recent equity/convertible issuances funding capex
- Capex trajectory and expected rate-base growth vs. authorized ROE across LA/MS/AR/TX jurisdictions
- Large-load customer commitments (data center, industrial) driving the capex ramp and any take-or-pay protections
- Debt maturity schedule and holding-company vs. opco leverage given the low Altman Z
- Dividend coverage from FCF net of capex vs. reliance on external financing
The e2e composite fair value lands at $78.48 (signal-adjusted $77.54), implying roughly 28% downside from the $107.84 print. The anchored-PE cross-check corroborates that number, so this is not a runaway-method artifact - multiple lenses agree the deserved value sits in the high $70s. Earnings quality is clean, which argues against a further haircut, but the Company-Quality lens flags a share count that has roughly doubled and chronically negative FCF - both of which erode per-share deserved value even as reported earnings look steady. That combination (heavy capex cycle, continual equity issuance, regulated growth) supports a utility-grade multiple, not a premium one. What is priced in at $108: sustained rate-base growth, favorable regulatory outcomes across Louisiana/Mississippi/Texas/Arkansas, and continued multiple support from AI/data-center load narratives in the Gulf South. That is a lot to underwrite when the fair-value math says the base case is closer to $78. Margin of safety is negative - you are paying about 37% over deserved value for a business whose per-share economics are diluted by the funding model.
Verify before trusting this (5)
- Forward rate-base CAGR and approved ROEs in the four jurisdictions
- Equity issuance plan through the current capex cycle and dilution trajectory
- Data-center/industrial load commitments and cost-recovery mechanisms
- FFO/debt and any pending downgrade watch from the rating agencies
- Storm cost recovery status and securitization proceeds
Sentiment on ETR is quietly positive. The Meta Louisiana data-center story - jaw-dropping $250B capex in Entergy's core service territory - directly feeds the market's favorite 2026 narrative: AI-driven electricity demand blowing out utility rate bases. Even framed cynically (only 1,000 jobs), the load-growth implication for the local regulated utility is unambiguously bullish, and this exact archetype (Southern regulated electrics with hyperscaler exposure) has been the sentiment darling of the utility complex. The steady-compounder narrative is durable, intensity is building, and there is no analyst-tone crack visible. Macro is a mild crosswind, not a press: the tape is risk-on but ETR's 0.49 beta means it barely participates in risk-on melt-ups; conversely, 10y at 4.63% is the usual rates headwind for bond-proxy utilities, but that pressure has been overwhelmed sector-wide by the AI-power thesis, and ETR's recent 9% vs 3.2% long-term run shows the narrative is winning. Net: modest but real tailwind, driven almost entirely by the data-center power story landing squarely on this ticker's map.
Verify before trusting this (4)
- Whether Louisiana PSC signals on data-center rate structures stay constructive (any pushback on cost allocation would crack the bull story)
- Analyst target revisions in the wake of the Meta announcement - upward revisions would confirm sentiment inflection
- 10y yield trajectory; a move back above 4.8% would reassert the bond-proxy headwind
- Any hyperscaler pause or renegotiation headlines that would puncture the AI-power narrative sector-wide
For Entergy, AI is almost entirely a demand-side and capital-cycle event, not an automation event: the monetized unit is rate base plus delivered kWh under a regulated franchise, and cheaper intelligence raises the value of the physical scarce assets — firm capacity, interconnection, transmission, siting — that Entergy already owns and is uniquely permitted to expand. Secondary effects are real but modest: AI trims O&M in outage management, vegetation, call centers and asset inspection, though under formula rate plans most of that savings passes to customers rather than shareholders. The dominant risk is not substitution but capital risk — funding a multi-year, negative-FCF build against concentrated counterparties whose demand forecasts could soften, and against regulators who must be persuaded that AI load lowers rather than raises everyone else's bill.
None surfaced.
Verify before trusting this (8)
- Interconnection queue and timelines
- New CCGT/solar in-service dates
- Turbine and transformer lead times
- Approved capital plan size
- Special-contract pricing vs. system average
- Regulatory lag and rider recovery
- Behind-the-meter gas/SMR announcements
- Bypass or self-supply tariff filings
The structural change working for Entergy is the end of flat US electricity demand: electrification plus compute-driven load has turned regulated utilities from bond proxies into volume-growth businesses, and the Gulf South — cheap land, industrial gas infrastructure, permissive siting — is one of the densest landing zones for that load. The offsetting force is the cost of money: a 4.63% 10-year and a capital-hungry plan mean the growth must be financed into a higher-rate world, and affordability politics eventually meets rate cases. Net: the demand side of the world has clearly turned in Entergy's favor; the funding side has turned against it, which caps the pace rather than the direction.
When we made this prediction on Aug 17, 2026, ETR was $107.84. We expect it to be $97.00 by Feb 2027, and we consider it great value under $85.00. This is an early model (v0.6.0) — the direction is more reliable than the exact price. Made Aug 17, 2026.
Blue is our prediction, starting the day we made it. Grey is a slower route to the same place — the same destination, taking longer. Black is the actual price, so you can see how we are doing.