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Edison International

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Analysis

EIX 10-K Analysis: Wildfire Recovery Works — Until Customers Can't Pay

Edison International reported $11.55 in earnings per share for FY2025 — a 249% surge that pushed its PE ratio to 5.2x. But $2,591 million of that earnings explosion was non-core wildfire settlement recoveries, and core EPS was just $6.55. Meanwhile, the Eaton Fire recovery framework absorbed 98.7% of initial claims at just $13 million pre-tax net cost to shareholders. The catch: customer bad debts tripled to $397 million — 4.1% of authorized revenue — threatening the ratepayer-funded mechanism that makes the framework work. At $60 per share, Edison isn't just a wildfire bet — it's a bet on whether the recovery framework survives its own funding source deteriorating.

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15 min

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Research

HBM Demand: What 135 SEC Filings Reveal About AI's Memory Chokepoint

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AI Infrastructure Capex: What 863 SEC Filings Reveal

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Research

Cybersecurity Incidents: What 916 SEC 8-K Filings Reveal

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Lithium Battery Supply Chain: What 351 SEC Filings Reveal

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