The Idiot Index

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Sector
Capital ExtractionApplied to regulated electric, gas, and water utilities. COGS captures fuel and purchased power; rates are set by regulators with an allowed return on capital, so Markup is bounded by regulation rather than competition. The interesting indicators in this sector are Labor Share…
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Capital Extraction in Utilities · FY 2023

31 of 36 companies · highest first
  1. 1
    SRESempra
    127% of net profit returned to shareholders — funded beyond current-year earnings
    sector median 0.6126Top 2%
    1.2671
    × buybacks+dividends / net income
  2. 2
    NJRNew Jersey Resources
    122% of net profit returned to shareholders — funded beyond current-year earnings
    sector median 0.6126Top 5%
    1.2230
    × buybacks+dividends / net income
  3. 3
    SOSouthern Company
    120% of net profit returned to shareholders — funded beyond current-year earnings
    sector median 0.6126Top 8%
    1.2027
    × buybacks+dividends / net income
  4. 4
    EIXEdison International
    107% of net profit returned to shareholders — funded beyond current-year earnings
    sector median 0.6126Top 11%
    1.0681
    × buybacks+dividends / net income
  5. 5
    DTEDTE Energy
    94% of net profit returned to shareholders, 6% reinvested
    sector median 0.6126Top 15%
    0.9449
    × buybacks+dividends / net income
  6. 6
    NEENextEra Energy
    85% of net profit returned to shareholders, 15% reinvested
    sector median 0.6126Top 18%
    0.8463
    × buybacks+dividends / net income
  7. 7
    EXCExelon
    82% of net profit returned to shareholders, 18% reinvested
    sector median 0.6126Top 21%
    0.8185
    × buybacks+dividends / net income
  8. 8
    AVAAvista
    80% of net profit returned to shareholders, 20% reinvested
    sector median 0.6126Top 24%
    0.8023
    × buybacks+dividends / net income
  9. 9
    DUKDuke Energy
    80% of net profit returned to shareholders, 20% reinvested
    sector median 0.6126Median range
    0.7968
    × buybacks+dividends / net income
  10. 10
    EDCon Edison
    77% of net profit returned to shareholders, 23% reinvested
    sector median 0.6126Median range
    0.7652
    × buybacks+dividends / net income

Not yet covered (5)

These companies are in the Utilities cohort but don't have a Capital Extraction computed for FY 2023. Either the underlying inputs aren't tagged in their XBRL filings, the DEF 14A pay-ratio narrative didn't parse cleanly, or this fiscal year hasn't been ingested for them yet.

What this measures

Full methodology →

How much of net profit goes to shareholders rather than back into the business.

Ratio
Capital Extraction
Sector
Utilities
Methodology version
v1.0.0
Formula
(Buybacks + Dividends) / NetIncome
Sector context

Applied to regulated electric, gas, and water utilities. COGS captures fuel and purchased power; rates are set by regulators with an allowed return on capital, so Markup is bounded by regulation rather than competition. The interesting indicators in this sector are Labor Share (workforce concentration) and Shareholder Extraction (regulated dividends vs grid investment).

What share of after-tax profit is returned to shareholders rather than reinvested. Universal across sectors — works for banks, insurers, REITs, and utilities where the Shareholder Extraction ratio (which divides by R&D) is undefined. A value of 1.0 means 100% of net income flows back out to shareholders; above 1.0 means the company is funding shareholder returns from sources beyond current-year earnings (debt, retained cash, asset sales).

Source data: PaymentsForRepurchaseOfCommonStock, PaymentsOfDividends, NetIncomeLoss (us-gaap) or ProfitLoss (ifrs-full).