A method of analyzing power consumption for a DUT (device under test) that includes an integrated circuit or an electronic system includes: providing emulation data for states of the DUT in one or more time windows; determining operational mode values from the emulation data and a selection of operational modes that characterize circuit behavior in the one or more time windows; dividing each time window into one or more segments based on at least one power criterion; determining power-activity values for the one or more segments; determining power-consumption values for the one or more segments from the power-activity values; using the power-activity values and the power-consumption values to determine relative power activity across the one or more segments and adjusting the one or more segments to target high power activity over operational modes in the one or more time windows; and saving one or more values for power activity of the DUT in a computer-readable medium.