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PaperclipPerfector  20d ago (text post)   2558 thread views

Small-Scale Question Sunday for February 2, 2025

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I think this was very much true in the past. Net income rather than revenue circa 2021:

Net profit reached a quarterly record of $438 million on a GAAP basis, and the company recorded $518 million in revenue from sales of regulatory credits during the period.

So in the early part of the 2020's, more than all the net profit was driven by credits.

But with a current TTM PE Ratio over 100, I assume >90% of the "value" of the company is in future expectations.

Edit: The "until recently" is sort of load bearing though. The 2024 annual report gives $2.8B in regulatory credits, $97.7B total revenue, $7.2B net income on a GAAP basis. So single digit portion of revenue but >1/3 of the net profit last year.

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