CALPINE CORP

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Signs● 3 good● 2 warning● 1 severedetails ↓

Financials

SEC XBRL · annual

	FY19	FY18	FY17	FY16	FY15	FY14
Revenue	$9.44B	$9.87B	$8.84B	$6.94B	$6.47B	$8.03B
Operating income	$358.0M	−$328.0M	$378.0M	$839.0M	$855.0M	$1.99B
Net income	$175.0M	−$598.0M	−$339.0M	$92.0M	$235.0M	$946.0M
Total assets	$16.65B	$16.06B	$16.45B	$17.49B	$18.68B	$18.38B
Total liabilities	$13.99B	$13.01B	$13.39B	$14.15B	$15.51B	$14.95B
Equity	$2.55B	$2.96B	$2.99B	$3.27B	$3.11B	$3.38B
EPS (diluted)	—	—	$-0.16	$-0.56	$0.64	$2.31
Shares out.	105.2	360.5M	359.1M	356.7M	376.2M	423.0M

Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.

Key ratios

from filings · FY2019

Operating margin: 3.8%
Net margin: 1.9%
Return on equity: 6.9%
Return on assets: 1.1%
Return on capital (ROCE): 2.6%
Liabilities / assets: 84.0%
Debt / equity: 5.49×
Book value / share: $24211026.62
Revenue growth (YoY): −4.3%
Net income growth (YoY): —

Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.

Financial health

forensic scores · FY2019

Altman Z″ (distress): -0.87distress
Accruals / assets: −8.3%clean
Beneish M-Score: -3.15normal
Piotroski F-Score: 7/9strong

Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.

Quality score

EDS Score

/ 100

Our own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast.

Signs

● 1 severe● 2 warning● 3 good

Altman Z″ in the distress zone
Revenue declined year-over-year
High leverage (liabilities > 70% of assets)
Operating margin is positive
Positive operating cash flow
Clean earnings (low accruals)

Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.

Material events

SEC Form 8-K · most recent

Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.

Recent SEC filings

All filings ↗

8-K8-K - UNSECURED BOND CLOSEAug 21, 2020
8-K8-K - SECOND QUARTER 2020 EARNINGS RELEASEAug 13, 2020
10-QCALPINE 10-Q FOR QUARTERLY PERIOD ENDED JUNE 30, 2020Aug 13, 2020
8-K8-K - REGULATION FD DISCLOSUREJul 27, 2020
8-K8-K- GEYSERS CREDIT AGREEMENTJun 12, 2020
8-K8-K - FIRST QUARTER 2020 EARNINGS RELEASEMay 13, 2020
10-QCALPINE 10-Q FOR QUARTERLY PERIOD ENDED MARCH 31, 2020May 13, 2020
8-KPRESS RELEASE APR 6 2020Apr 6, 2020
8-K8-K - FEBRUARY 28, 2020Feb 28, 2020
8-K8-K - 2019 EARNINGS RELEASEFeb 25, 2020
10-KCALPINE 10-K FOR YEAR-ENDED DECEMBER 31, 2019Feb 25, 2020
8-K8-K - NEW DIRECTOR NOMINATIONFeb 14, 2020
8-K8-K - UNSECURED BOND CLOSEDec 27, 2019
8-K8-K - BOND CLOSEDec 23, 2019
8-K8-K - DEC 19, 2019 BOND LAUNCH AND TENDER OFFERDec 19, 2019

Event-driven situations (2)

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