Public Service Enterprise Group earned $26 million in free cash flow in FY2025. The company just committed to a $22.5-25.5 billion capital plan requiring $4.8 billion per year — a 47% increase from current levels. The 10-K reveals the debt-funded share of investment rises from 38% to 53% at plan-level spending, creating hidden leverage acceleration masked by the headline net debt/EBITDA improvement. Meanwhile, PSEG Power's genuine 4.7x earnings improvement is invisible behind GAAP volatility, and New Jersey's permanent summer shutoff moratorium has pushed bad debt reserves to 11.6% of gross receivables — 2-3x the utility industry norm.
American Tower reported 5.1% revenue growth in FY2025, but the 10-K reveals the US tower business — 49% of revenue — generated just $0.6M in incremental revenue. All growth came from Africa (+17.8%), data centers (+13.9%), and Europe. At 18.0x P/FFO, the market is pricing a growth transition story funded by an 8.4x capital intensity cross-subsidy from towers to data centers — while $12.2B in debt matures in 2027-2028 at higher rates.
Three fuel cell companies target AI data center power, but execution quality varies dramatically. Bloom Energy's +4.5% ROIC vs Plug Power's -104% isn't a small difference—it's a fundamental divide between a functioning business and a value destroyer. Our SEC filing analysis reveals warning signs even for the winner.
GE Vernova's Electrification segment grew +32% YoY, but the company trades at 98.9x earnings with a 3.57% ROIC. Eaton's Electrical Americas grew +15% with 30.3% operating margins—twice GEV's margin at half the P/E. MetricDuck data shows why quality beats hype in AI infrastructure.
AI infrastructure spending is approaching $500B annually across hyperscalers alone. Our research library covers capex efficiency metrics, depreciation manipulation detection, concentration risk screening, nuclear power for data centers, and supply chain analysis—everything you need to evaluate AI infrastructure investments.
While Caterpillar is up +60% YTD, most see it as construction/mining. But CAT's Energy & Transportation segment—which powers AI data centers—is the real growth story at +16.8% YoY with stable 20% margins.
EQIX's capex intensity jumped +8.7pp in 8 quarters. CCI's ROIC collapsed to -12%. ANET's customer concentration is HIGH (Microsoft + Meta). Standard screeners show none of this. Here's our 4-signal framework for screening AI data center infrastructure stocks.