My first-ever stock thesis and analysis! NextEra Energy ($NEE)

I would love some feedback and tips on this analysis! I am a college student and trying to improve, and I am expecting a lot of flaws in my first analysis. A little background: $NEE is one of the largest electric power and energy infrastructure companies in North America. Owns one of the largest energy infrastructure development companies. First, I wanted to look at exactly why electricity demand was at an all-time high! What I gathered is: * Rapid growth in AI data centers as the outlook continues to look very strong over the upcoming years, which requires tons of electricity. * Energy consumption is shifting from fossil fuels to electricity. * Semiconductor fabs, EV battery plants, and advanced manufacturing are energy-intensive After gaining an understanding of why electricity demand is at an ATH I then looked at some of their business highlights which included: * 72 GW in operation (power-generation capacity), which includes 12+ GW in 2024. * 25 GW in backlog, which indicates future earnings are already visible. * $97–$107B Capital Deployment (2024–2027), FCF is -9.32 billion, but that is expected given the high CapEx. * Objectively strong ESG: CO₂ emissions 52% below the U.S. average, Large capital deployment explicitly toward low-carbon generation, Growing nuclear exposure (baseload, zero-carbon) I then looked at their 10-Q and gathered the following: * 3m debt to assets ratio= .45, Debt finances about 45% of assets, which is appropriate and slightly conservative for a regulated utility with stable cash flows. * Return on employed capital ratio = 4.9% when annualized, which is on the weak end but makes sense given heavy CapEx. * Operating margin = .32, strong for a regulated utility company. I then took a look at some potential risks: * Slower AI deployment * Regulatory resistance to rate increases * Execution risk on large projects * Higher-for-longer interest rates NextEra is exposed to commodity price volatility like all utilities, but this risk is actively managed through hedging and largely passed through in regulated operations. The company’s exposure is primarily operational rather than speculative, which limits earnings volatility. Investment thesis and outlook BULLISH: NextEra is currently in a capital-intensive phase, which depresses near-term returns and cash flow. However, the company is investing ahead of a structural electricity demand up-cycle driven by AI data centers and electrification. As these assets enter service around 2026, earnings and cash flow should inflect upward, supporting valuation and long-term shareholder returns I would love overall thoughts and feedback! Thanks