The reported debt-to-equity ratio of 0.18 appears fundamentally inconsistent with standard utility capital structures, suggesting that parent-level financing may be masking the true leverage of the subsidiary.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Total Assets | 0 | 0 | 2.22B | 2.1B | 2.21B | 2.15B | 1.94B | 1.74B | 1.58B | 1.5B | 1.49B | 1.22B | 1.01B | 888.8M | 881.79M | 144.41M | 180.29M | 147.5M | 1B | 876.2M | 1.67B | 2.07B | 28.31B |
| Asset Growth % | -378.31% | -100% | 5.97% | -5.17% | 2.89% | 10.9% | 11.73% | 10.07% | 5.26% | 0.22% | 23% | 19.73% | 14.19% | 0.79% | 510.64% | -19.9% | 22.23% | -85.3% | 14.53% | -47.49% | -19.42% | -92.69% | - |
| PP&E (Net) | 0 | 0 | 0 | 1.62B | 1.56B | 1.6B | 1.44B | 1.27B | 1.13B | 980.33M | 920.51M | 665.98M | 651.89M | 575.47M | 540.69M | 0 | 0 | 0 | 1.02M | 1.02M | 1.11M | 1.11M | 219.72M |
| PP&E / Total Assets % | - | - | 0% | 77.04% | 70.4% | 74.37% | 74.39% | 72.96% | 71.44% | 65.45% | 61.59% | 54.81% | 64.23% | 64.75% | 61.32% | 0% | 0% | 0% | 0.1% | 0.12% | 0.07% | 0.05% | 0.78% |
| Total Current Assets | 0 | 0 | 192.06M | 152.47M | 326.23M | 242.43M | 118.72M | 112.44M | 134.07M | 179.01M | 212.31M | 198.07M | 145.39M | 155.96M | 119.41M | 0 | 0 | 0 | 167M | 144.45M | 107.35M | 160.86M | 206.39M |
| Cash & Equivalents | 0 | 0 | 31.78M | 26K | 4.46M | 42.86M | 26K | 6.02M | 19.68M | 32.74M | 103.07M | 88.88M | 42.39M | 33.49M | 9.39M | 0 | 0 | 0 | 1.12M | 119K | 3.89M | 48.06M | 79.14M |
| Receivables | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 0 |
| Inventory | 0 | 0 | 0 | 33.32M | 28.37M | 22.16M | 18.53M | 15.44M | 13.67M | 12.27M | 10.26M | 15.16M | 15.67M | 14.7M | 12.67M | 0 | 0 | 0 | 8.2M | 4.5M | 5.04M | 8.05M | 127.25M |
| Other Current Assets | 0 | 0 | 62.14M | 14.94M | 19.3M | 15.77M | 9.84M | 9.67M | 7.61M | 10.13M | 13.78M | 9.87M | 15.88M | 16.79M | 17.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.37M | 7.16M | 3K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 377.17M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 0 | 0 | 2.03B | 329.14M | 328.64M | 308.8M | 377.84M | 356.77M | 316.14M | 336.12M | 354.59M | 351.09M | 217.63M | 157.36M | -540.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 91.4M | 91.09M | 1.53B | 1.29B | 1.51B | 1.51B | 1.33B | 1.24B | 1.13B | 1.08B | 1.05B | 845.33M | 767.11M | 662.73M | 666.44M | 605.09M | 642.14M | -853.58M | 772.33M | 678.97M | 747.38M | 950.41M | 13.55B |
| Total Debt | 2.91B | 3.03B | 749.8M | 688.29M | 785.84M | 797.67M | 650.88M | 568.08M | 483.7M | 436.87M | 448.99M | 342.88M | 303.5M | 225.94M | 0 | 166.54M | 167.22M | 272.25M | 272.97M | 303.91M | 229.88M | 15M | 7.51B |
| Net Debt | 2.91B | 3.03B | 718.02M | 688.26M | 781.38M | 754.81M | 650.86M | 562.06M | 464.03M | 404.13M | 345.93M | 254M | 261.11M | 192.46M | 0 | 166.54M | 167.22M | 272.25M | 271.85M | 303.79M | 225.99M | -33.06M | 7.43B |
| Long-Term Debt | 0 | 0 | 656.33M | 591.17M | 604.33M | 786.84M | 640.62M | 534.07M | 467.36M | 418.45M | 428.47M | 337.91M | 303.5M | 225.94M | 126.3M | 166.54M | 167.22M | 168.02M | 272.97M | 273.91M | 229.88M | 0 | 7.02B |
| Short-Term Borrowings | 2.91B | 3.03B | 79.14M | 86.28M | 171.31M | 1.33M | 1.62M | 26.84M | 1.98M | 2.08M | 2.1M | 4.97M | 0 | 0 | 0 | 0 | 0 | 104.23M | 0 | 30M | 0 | 15M | 492.76M |
| Capital Lease Obligations | 0 | 0 | 14.33M | 10.84M | 10.21M | 9.51M | 8.65M | 7.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 7.19B | 7.16B | 230.07M | 252.73M | 338.63M | 249.94M | 166.08M | 183.95M | 157.29M | 128.38M | 122.81M | 132.45M | 122.29M | 136.67M | 177.5M | 95.68M | 104.36M | 193.96M | 123.66M | 120.2M | 267.43M | 411.46M | 1.47B |
| Accounts Payable | 2.75B | 2.57B | 1.93B | 116.55M | 110.55M | 191.98M | 115M | 87.19M | 80.1M | 77.25M | 75.18M | 58.94M | 55.6M | 64.03M | 59.99M | 0 | 0 | 58.97M | 0 | 0 | 0 | 0 | 896.53M |
| Accrued Expenses | 0 | 0 | 0 | 8.53M | 8.08M | 7.99M | 8.1M | 6.92M | 6.37M | 5.49M | 5.44M | 4.91M | 3.64M | 3.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 485.24M | 479.8M | 462.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21.88M | 21.21M | 20.5M | 18.94M | 17.8M | 14.81M | 16.93M | 76.9M |
| Other Current Liabilities | 3.8B | 1.08B | -2.24B | 38.7M | 46.13M | 46.34M | 39.28M | 61.23M | 68.84M | 43.57M | 40.08M | 63.63M | 63.05M | 69.04M | 117.51M | 73.8M | 83.15M | 10.25M | 104.72M | 72.4M | 252.62M | 379.53M | 0 |
| Deferred Taxes | 16.72B | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Liabilities | 0 | 0 | 627.93M | 439.15M | 558.99M | 467.63M | 518.73M | 514.31M | 183.39M | 535.46M | 496.57M | 374.98M | 341.32M | 300.12M | -126.3M | 342.88M | 370.57M | 410.73M | 255.48M | 168.37M | 151.2M | 102.35M | 0 |
| Total Equity | 17.35B | 16.92B | 697.6M | 806.75M | 702.82M | 638.72M | 606.92M | 497.58M | 444.95M | 415.55M | 446.73M | 369.81M | 247.81M | 226.06M | 215.34M | -460.69M | -461.85M | 1B | 231.21M | 197.22M | 921.15M | 1.12B | 14.76B |
| Equity Growth % | 8493.07% | 2325.9% | -13.53% | 14.79% | 10.04% | 5.24% | 21.97% | 11.83% | 7.08% | -6.98% | 20.8% | 49.24% | 9.62% | 4.98% | 146.74% | 0.25% | -146.14% | 332.98% | 17.23% | -78.59% | -17.76% | -92.41% | - |
| Shareholders Equity | 17.35B | 16.92B | 15.08B | 806.75M | 702.82M | 638.72M | 606.92M | 497.58M | 444.95M | 415.55M | 446.73M | 369.81M | 247.81M | 226.06M | 215.34M | -460.69M | -461.85M | 1B | 231.21M | 197.22M | 921.15M | 1.12B | 14.76B |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Stock | 5.88M | 5.83M | 5.62M | 806.75M | 702.82M | 638.72M | 606.92M | 497.58M | 444.95M | 415.55M | 426.95M | 33.74M | 33.74M | 33.74M | 33.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Additional Paid-in Capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 123.79M | 36.29M | 36.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 12.79B | 12.7B | 12.01B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 192.49M | 157.99M | 136.25M | 125.53M | 111.13M | 121.59M | 138.55M | 141.39M | 107.41M | 83.95M | 79.89M | 4.98B |
| Accumulated OCI | 905K | -3.01M | 42.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 1448.75% | - | 48.86% | 10.62% | 2.94% | 1.56% | 2.69% | 3.18% | 3.46% | 2.92% | 3.53% | 3.94% | 3.16% | 1.32% | 3.14% | 829.36% | 762.84% | 213.91% | 129.87% | 89.19% | 60.58% | 6.08% | 3.3% |
| Return on Equity (ROE) | 13.88% | 19.96% | 140.34% | 30.33% | 9.56% | 5.11% | 8.93% | 11.17% | 12.35% | 10.14% | 11.73% | 14.24% | 12.69% | 5.28% | 7.48% | - | 463.72% | 199.81% | 569.79% | 202.95% | 110.97% | 11.63% | 6.32% |
| Debt / Equity | 0.17x | 0.18x | 1.07x | 0.85x | 1.12x | 1.25x | 1.07x | 1.14x | 1.09x | 1.05x | 1.01x | 0.93x | 1.22x | 1.00x | - | - | - | 0.27x | 1.18x | 1.54x | 0.25x | 0.01x | 0.51x |
| Debt / Assets | - | - | 33.73% | 32.81% | 35.52% | 37.1% | 33.57% | 32.74% | 30.68% | 29.17% | 30.04% | 28.22% | 29.9% | 25.42% | - | 115.33% | 92.75% | 184.58% | 27.2% | 34.69% | 13.78% | 0.72% | 26.53% |
| Net Debt / EBITDA | 0.56x | 0.57x | 0.15x | 4.49x | 3.95x | 5.46x | 5.07x | 4.51x | 3.57x | 2.71x | 2.27x | 1.98x | 2.53x | 2.57x | - | 0.05x | 0.05x | 0.08x | 0.08x | 0.10x | 0.08x | -0.01x | 2.91x |
| Book Value per Share | 37.51 | 37.59 | 1.62 | 3.8 | 3.42 | 3.16 | 3.02 | 2.53 | 2.43 | 2.3 | 52.96 | 43.84 | 29.38 | 26.8 | 25.53 | -2.58 | -2.46 | 5.11 | 1.15 | 0.97 | 4.36 | 5.22 | 63.84 |
Regulatory and meteorological volatility
As reported in the provided financial data, the PPE net value appears to have dropped to zero in recent quarters, which, according to historical filings, suggests a significant disconnect between the subsidiary's actual infrastructure footprint and the consolidated reporting metrics currently presented for the New Orleans entity.
The absence of reported PPE net in recent periods makes it impossible to track the actual growth of the regulated rate base. This lack of visibility complicates any assessment of whether capital investments are successfully being integrated into the rate base for future recovery.
Based on the reported figures, the debt-to-equity ratio of 0.18% appears fundamentally inconsistent with the capital-intensive nature of a regulated utility, suggesting that the entity's true leverage is likely obscured by parent-level financing or intercompany arrangements that are not captured in this specific balance sheet snapshot.
Investors should monitor this unusually low leverage, as it may mask the true cost of capital and the extent of financial risk borne by the subsidiary. The reliance on parent-level support appears to be a structural feature that could create vulnerability if the parent's credit profile were to shift.
According to the financial statements, equity levels have experienced extreme fluctuations, with values swinging from $17.3 billion in 2026Q1 to $443.1 million in 2025Q2, which indicates that the reported equity base is likely heavily influenced by consolidated parent-level accounting rather than the subsidiary's standalone retained earnings.
The erratic nature of the equity account suggests that the subsidiary's book value is not a reliable indicator of its underlying financial health. This volatility may reflect non-recurring adjustments or accounting reclassifications that obscure the true quality of the equity supporting the regulated operations.
As indicated by the provided data, the company's reliance on regulatory assets to defer storm-related costs appears to be a primary driver of balance sheet instability, potentially creating a long-term recovery burden that could strain future rate cases and limit the utility's financial flexibility.
The use of regulatory assets effectively turns current operational losses into future receivables, which may be subject to disallowance or political pressure during rate proceedings. This mechanism warrants further investigation as it may mask the full extent of the utility's exposure to catastrophic weather events.
Quick answers to the most common questions about buying ENJ stock.
As of 2025, Entergy New Orleans, LLC First Mortgage Bonds, 5.0% Series due December 1, 2052 (ENJ) had total assets of $0.0M including $0.0M in current assets.
Entergy New Orleans, LLC First Mortgage Bonds, 5.0% Series due December 1, 2052 (ENJ) carries total debt of $3.03B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Entergy New Orleans, LLC First Mortgage Bonds, 5.0% Series due December 1, 2052 (ENJ) has total shareholders' equity (book value) of $16.92B ($37.59 book value per share). Book value represents the net worth of the company belonging to common stock holders.