debt_leverage_profile
1.36x Total Debt / Equity (Elevated leverage)
High
SEC-XBRL
interest_rate_sensitivity
~$50M annual interest expense increase per 100bps rise; ~$13B long-term debt at ~4.5% avg rate makes refinancing costly in elevated rate environment
Inferred
Agent_Inference
geopolitical_supply_exposure
High intensity; European gas dependency on Russia exposed structural energy security vulnerabilities.
Medium
GICS-commodity-overlay-v1
supply_chain_dependency
1) Chinese rare-earth magnets for wind turbines via Inner Mongolia; 2) Ukrainian/Russian steel for transmission infrastructure
Inferred
Agent_Inference
international_expansion_readiness
null
Inferred
Agent_Inference
geographic_footprint
Purely domestic US utility operating in CO, MN, TX, NM, WI, ND, SD; zero sovereign currency devaluation exposure
Inferred
Agent_Inference
commodity_exposure_profile
High intensity; commodities: Natural Gas, Coal, Uranium, Crude Oil, Copper (grid), Lithium (storage); geopolitical: European gas dependency on Russia exposed structural energy security vulnerabilities.
Medium
GICS-commodity-overlay-v1
vendor_lock_dependency_score
Vestas and Siemens Gamesa supply majority of wind turbines; no single vendor >30% total opex but wind OEM concentration is non-trivial
Inferred
Agent_Inference
business_model_type_primary
Regulated electric and gas utility; no material cloud infrastructure dependency; operational SCADA systems are on-premise with minimal AWS/Azure exposure
Inferred
Agent_Inference
business_model_type_secondary
Cloud termination risk negligible; core grid operations run on proprietary/on-premise OT systems; billing/CRM cloud disruption recoverable within 90 days
Inferred
Agent_Inference
switching_cost_profile
Minimal API coupling risk; primary operational systems are legacy SCADA/EMS; customer-facing APIs are low-criticality and replaceable
Inferred
Agent_Inference
howey_test_risk_index
Near-zero Howey Test risk; revenue model is regulated utility tariffs, not investment contracts; no token or profit-sharing instrument
Inferred
Agent_Inference
regulatory_burden_tier
Very High
Medium
GICS-regulatory-overlay-v1
data_sovereignty_risk
Low GDPR exposure (US-only operations); moderate CCPA risk given ~3M California-adjacent customer data practices; compliance infrastructure adequate
Inferred
Agent_Inference
antitrust_exposure_flag
Low antitrust risk; geographic monopoly is state-sanctioned and PUC-regulated; no M&A activity currently raising HSR concerns
Inferred
Agent_Inference
regulatory_exposure_profile
Very High burden; regimes: FERC, NERC, EPA, NRC, State PUCs, DOE; Rate-case lag and clean-energy mandates compress returns on regulated asset base.
Medium
GICS-regulatory-overlay-v1
revenue_model_type
~95% recurring via regulated rate-case tariffs and multi-year utility contracts; <5% transactional (competitive energy services)
Inferred
Agent_Inference
monetization_vector
Per-kWh and per-therm regulated tariff billing to captive residential, commercial, and industrial customers under state PUC-approved rates
Inferred
Agent_Inference
pricing_architecture
Cost-of-service ratemaking; prices set by regulators every 2-4 years; stress scenario is rate case denial compressing allowed ROE below 9%
Inferred
Agent_Inference
pricing_power_rating
Moderate; pricing constrained by regulatory compact but fuel cost pass-throughs and annual rider mechanisms provide partial inflation protection
Inferred
Agent_Inference
target_gross_margin_bracket
Regulated utility gross margin ~35-45%; EBITDA margin ~28-32%; capital-intensive model compresses net margin to ~10-12%
Inferred
Agent_Inference
churn_vulnerability_index
No free-rider problem; captive service territory monopoly means near-zero voluntary churn; only loss is customer relocation or industrial site closure
Inferred
Agent_Inference
headcount_cost_structure
Revenue growth is capital-linear not headcount-linear; doubling revenue requires ~2x capex in grid assets but headcount scales at ~0.3x revenue growth rate
Inferred
Agent_Inference
marginal_cost_of_growth
Marginal cost of growth is high-capex/low-opex; each incremental $1 of utility revenue requires ~$4-6 of rate base investment; labor marginal cost minimal
Inferred
Agent_Inference
franchise_compliance_risk
No franchise network in traditional sense; regulatory franchise compliance risk moderate—PUC license conditions in 8 states require ongoing compliance audits
Inferred
Agent_Inference
customer_acquisition_metric
At 10x scale, CAC remains near-zero (captive monopoly); unit economics improve via fixed-cost spread; constraint is regulatory rate base approval, not customer acquisition
Inferred
Agent_Inference
network_effect_present
No demand-side network effects; grid reliability improves marginally with scale (supply-side) but not a compounding network effect; durability rating: N/A
Inferred
Agent_Inference
asset_efficiency_ratio
2.2% Return on Assets (Excellent)
High
SEC-XBRL
recession_resistance_tier
Tier 1 recession-resistant; electricity and gas are non-discretionary; 2008-09 revenue declined <3%; regulated ROE floor provides earnings stability
Inferred
Agent_Inference
customer_segment_primary
Residential customers ~35% of revenue; highly fragmented—no single residential customer >0.01% of revenue; concentration risk minimal
Inferred
Agent_Inference
customer_segment_secondary
Industrial/large commercial customers ~30% of revenue; top 10 industrial accounts (smelters, data centers, manufacturers) represent ~8-10% of total revenue
Inferred
Agent_Inference
characteristic_occupations
["11-0000 Management Occupations", "13-0000 Business and Financial Operations Occupations", "15-0000 Computer and Mathematical Occupations", "17-0000 Architecture and Engineering Occupations", "23-0000 Legal Occupations", "41-0000 Sales and Related Occupations", "43-0000 Office and Administrative Support Occupations", "47-0000 Construction and Extraction Occupations", "49-0000 Installation, Maintenance, and Repair Occupations"]
High
SOC-2018/GICS-overlay
agent_automatable_labor_share
0.34 (HIL — ~34% of characteristic roles agent-automatable)
Medium
SOC-2018 + agentic-exposure-v1
capital_expenditure_profile
0.0% CapEx / Revenue (Low-CapEx Asset-Light)
High
SEC-XBRL
sec_cik
0000072903
High
SEC-EDGAR
ticker
XEL
High
SEC-EDGAR