At 135.1x earnings with a Forward P/E of 34.6, the market is clearly pricing in a dramatic normalization or earnings reset, especially given current EPS of 35 versus next year’s estimated $0.25. That compression alone signals either a one-off earnings spike or unstable profitability, not durable growth. An Altman Z-Score of 2.8 places the company in the gray zone—financially stable but not fortress-like—while a Debt/Equity ratio of 3.10 materially elevates balance sheet risk. This is not a classic deep value setup; it is a leveraged regulated utility trading at a premium multiple despite thin 2.60% operating margins and 5.00% ROIC. The market is not obviously mispricing safety—if anything, it may be overestimating earnings durability.