Dividend yield % TTM, by cohort

Free cash flow $B TTM, operating cash flow minus capital expenditure

Debt/equity % — read within each cohort; merchant-model leverage is not comparable across groups

The durable-vs-fragile split is visible on all three measures: regulated utilities carry the income (2.3–4.3% yields on rate-base construction; negative FCF is next-generation buildout spend, not distress), merchant IPPs carry the load-growth economics (every name in positive FCF on PPA-backed contracted load at near-zero yields; Talen pays no dividend), and data-center REITs sit between. An incentive-rollback environment rewards this contracted core, not exemption-dependent siting.