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The formula used to calculate that is on the wiki. I'm not sure if you're contending that the results don't actually match the formula, or if you just feel that the formula yields misleading results.
But maybe this answers your question: https://stellaris.paradoxwikis.com/Empire#Relative_power
Mercenary enclaves, marauders and the salvagers each provide options to actually purchase / loan fleets that are quite powerful on their own. And naturally, the correct moment to make such purchase / hire those fleets is whenever another empire attacks you; do that before that moment and you're simply wasting resources.
Plus, there are of course plenty of additional modifiers that impact on the strength of individual fleets, from commander's traits to empire wide buffs / debuffs (including some that might apply only inside one's own borders) and even individual star systems buffs.
It's not so much that the information is incorrect, but rather that it doesn't take into account what the enemy will do after you declare war on them.
Invade my capital and the abyss will stare back at you.
I always run some additional intel and set up a spy network on my opponents to confirm the actual fleet size, and what I'm up against. Too many times I've had opposing empires "Hide" their true strength. - Monkeypunch mentioned this in post #5 as well.
Combination and fleet composition are completely irrelevant to the information you get when you compare fleet power.
Early game I produce corvettes up to my maximum allowed navy size but they are completely stripped of any component because I use them to gain more influence and are way cheaper this way.
Despite having 20 or 40 corvettes, my fleet power is 0 because they do not have any weapon, shield or armor slapped on them; as a result an empire with 10 corvettes is actually classified as "overwhelming" when we compare our fleet power.
Likewise if you had a single battleship with a rating of 40k fleet power, despite owning just one ship versus 100 of the enemy, they'd be classified as "pathetic".
And as above, the fact that you put all of your ships in a single fleet or in a hundred different task force has absolutely no impact on the evaluation either (outside of the few bonus points you get from your admirals' traits).
The game considers the fleet power of an empire by making a sum of all its combined fleet power, regardless of where it comes from or how it is organised.
And we go back to what was already mentioned: it's not broken, you simply did not have 100% accurate information; the game was giving you the correct evaluation based on the data you had available.
Data which might simply be outdated because the enemy produced more ships / hired mercenaries etc