Evergy (EVRG)
NASDAQ:EVRG
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Evergy
(NASDAQ:EVRG)
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Rating:66Neutral
Price Target:
$90.00
â–²(6.62% Upside)
Action:ReiteratedDate:03/11/26
The score is mainly constrained by middling financial quality driven by negative free cash flow and meaningful leverage, despite steady utility earnings. Offsetting positives include supportive technical momentum and a generally constructive earnings-call outlook with raised multi-year growth targets and strengthened contracted load visibility, while valuation is moderately favorable due to the dividend yield but not especially cheap on P/E.
Positive Factors
Rate-base growth via multi-year capital plan
A funded $21.6B 2026–2030 capex program that targets 11.5% annualized rate-base growth materially expands the regulated asset base. In a cost-of-service utility model, higher rate base tends to support allowed returns and predictable long-term earnings as investments are placed in service and recovered through rates.
Negative Factors
Persistent negative free cash flow
Sustained negative free cash flow driven by heavy capital investment implies reliance on external financing to fund growth and dividends. Over multiple years this limits internal flexibility to delever, raises execution risk on the capex program, and constrains options for accelerating balance-sheet repair.
Read all positive and negative factors
Positive Factors
Negative Factors
Rate-base growth via multi-year capital plan
A funded $21.6B 2026–2030 capex program that targets 11.5% annualized rate-base growth materially expands the regulated asset base. In a cost-of-service utility model, higher rate base tends to support allowed returns and predictable long-term earnings as investments are placed in service and recovered through rates.
Read all positive factors
Evergy (EVRG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$19.44B
Dividend Yield3.72%
Average Volume (3M)1.96M
Price to Earnings (P/E)19.5
Beta (1Y)0.17
Revenue Growth0.11%
EPS Growth-0.52%
CountryUS
Employees4,731
SectorUtilities
Sector Strength65
IndustryRegulated Electric
Share Statistics
EPS (TTM)0.42
Shares Outstanding230,281,590
10 Day Avg. Volume1,224,214
30 Day Avg. Volume1,961,427
Financial Highlights & Ratios
PEG Ratio-9.25
Price to Book (P/B)1.63
Price to Sales (P/S)2.82
P/FCF Ratio-22.23
Enterprise Value/Market Cap1.79
Enterprise Value/Revenue5.89
Enterprise Value/Gross Profit18.23
Enterprise Value/Ebitda12.84
Forecast
1Y Price Target
$89.00Price Target Upside5.44% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)4.25
Revenue Forecast (FY)$6.17B
Evergy Business Overview & Revenue Model
Company Description
Evergy, Inc., together with its subsidiaries, engages in the generation, transmission, distribution, and sale of electricity in Kansas and Missouri, the United States. It generates electricity through coal, hydroelectric, landfill gas, uranium, an...
How the Company Makes Money
Evergy makes money primarily through regulated electric utility revenues. The core revenue stream is the sale and delivery of electricity to retail customers within its franchised service territories. Customer bills generally include charges for (...
Evergy Key Performance Indicators (KPIs)
Any
Revenue by Segment
Shows how much revenue each business segment generates, highlighting which areas drive growth and profitability, and indicating strategic focus or potential vulnerabilities.
Shows how much revenue each business segment generates, highlighting which areas drive growth and profitability, and indicating strategic focus or potential vulnerabilities.
Data provided by:
The Fly
The FlyEvergy Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 01, 2026
Earnings Call Sentiment Positive
The call portrayed a transformative, growth-oriented company narrative: management secured binding ESAs for 1.9 GW, advanced supportive tariffs and legislation, expanded a deep 15+ GW pipeline, and raised multi-year EPS targets while outlining a funded $21.6B capital program. Near-term challenges include 2025 weather and industrial demand headwinds, higher O&M and financing costs compressing near-term EPS, and sizable financing needs that increase execution and credit sensitivity. Overall, the long-term growth and contractual protections (LLPS/ESAs) appear to materially outweigh the near-term operational and financing headwinds, giving management confidence in accelerated EPS growth beginning in 2028.Positive Updates
Signed Electric Service Agreements (ESAs) for Major Data Centers
Executed 4 ESAs representing 1.9 GW of steady-state peak demand (nearly a 20% increase in total peak system demand). Included 1,300 MW in the 2030 retail load growth forecast; contracts include year-by-year ramp schedules and minimum-bill protections (80% of contracted capacity) that underpin long-term revenue visibility.
Negative Updates
2025 Weather and Industrial Demand Headwinds
2025 results were negatively impacted by adverse weather and weak industrial demand (including volatile Q4 industrial performance), which contributed to 2025 adjusted EPS falling short of prior guidance.
Read all updates
Q4-2025 Updates
Positive
Negative
Signed Electric Service Agreements (ESAs) for Major Data Centers
Executed 4 ESAs representing 1.9 GW of steady-state peak demand (nearly a 20% increase in total peak system demand). Included 1,300 MW in the 2030 retail load growth forecast; contracts include year-by-year ramp schedules and minimum-bill protections (80% of contracted capacity) that underpin long-term revenue visibility.
Read all positive updates
Company Guidance
Evergy guided to a 2026 adjusted EPS midpoint of $4.24 (up from 2025 adjusted EPS of $3.83, $894M), and raised its long‑term adjusted EPS growth target to 6%–8%+ through 2030 off the $4.24 midpoint, with growth expected to exceed 8% annually beginning in 2028; 2026 guidance drivers include +$0.13 for normal weather, +$0.26 from demand growth (3%–4% weather‑normalized retail sales), +$0.35 from recovery/return on regulated investments, offset by –$0.20 for higher O&M/depreciation/interest and –$0.08 of dilution from convertibles/equity. That outlook is supported by a ~6% consolidated retail load CAGR through 2030 (3%–4% in 2026, ~7% average 2027–2030), four new ESAs totaling 1.9 GW steady‑state (1,300 MW included in 2030), a pipeline >15 GW (Tier‑1 = 2.4 GW; 2–3.5 GW in advanced talks), a $21.6B 2026–2030 capital plan (11.5% annualized rate‑base growth vs prior 8.5%), and a financing plan targeting ~14% FFO/debt, ~$13.5B cash from operations, ~$8.4B incremental debt/hybrids, ~$3.3B common equity (≈$700–$900M/year 2026–29, none assumed in 2030), a $2.78 annualized dividend (raised 4%) and a revised payout ratio target of 50%–60%.Evergy Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
63
Positive
Cash Flow
52
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 5.92B | 5.82B | 5.49B | 5.86B | 5.59B |
| Gross Profit | 1.91B | 1.90B | 1.67B | 1.70B | 1.74B |
| EBITDA | 2.73B | 2.64B | 2.42B | 2.19B | 2.32B |
| Net Income | 855.60M | 873.50M | 731.30M | 752.70M | 879.70M |
Balance Sheet | |||||
| Total Assets | 35.44B | 32.28B | 30.98B | 29.49B | 28.52B |
| Cash, Cash Equivalents and Short-Term Investments | 25.40M | 22.00M | 27.70M | 25.20M | 26.20M |
| Total Debt | 15.44B | 14.07B | 13.15B | 12.04B | 11.17B |
| Total Liabilities | 25.17B | 22.29B | 21.29B | 20.00B | 19.28B |
| Stockholders Equity | 10.22B | 9.96B | 9.66B | 9.48B | 9.24B |
Cash Flow | |||||
| Free Cash Flow | -751.70M | -352.90M | -353.80M | -364.60M | -620.80M |
| Operating Cash Flow | 2.05B | 1.98B | 1.98B | 1.80B | 1.35B |
| Investing Cash Flow | -2.57B | -2.26B | -2.47B | -2.15B | -1.91B |
| Financing Cash Flow | 522.00M | 280.30M | 494.00M | 349.30M | 443.40M |
Evergy Technical Analysis
Positive
84.41
Price Trends
80.60
Positive
77.22
Positive
74.35
Positive
Market Momentum
0.75
Negative
67.40
Neutral
88.44
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EVRG, the sentiment is Positive. The current price of 84.41 is above the 20-day moving average (MA) of 81.71, above the 50-day MA of 80.60, and above the 200-day MA of 74.35, indicating a bullish trend. The MACD of 0.75 indicates Negative momentum. The RSI at 67.40 is Neutral, neither overbought nor oversold. The STOCH value of 88.44 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for EVRG.
Evergy Risk Analysis
Evergy disclosed 26 risk factors in its most recent earnings report. Evergy reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Evergy Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $29.91B | 21.95 | 8.16% | 3.13% | 8.42% | 32.48% | |
66 Neutral | $19.44B | 19.53 | 8.47% | 3.72% | 0.11% | -0.52% | |
66 Neutral | $24.50B | 19.63 | 12.33% | 3.10% | 10.96% | -0.77% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
65 Neutral | $12.63B | 17.22 | 8.91% | 4.15% | 5.70% | -8.25% | |
62 Neutral | $18.96B | 20.63 | 11.22% | 3.11% | 7.76% | 23.48% | |
59 Neutral | $10.28B | 31.15 | 9.89% | 3.82% | 18.03% | 29.46% |
* Utilities Sector Average
EVRG
Evergy
84.41
21.31
33.77%
LNT
Alliant Energy
73.72
15.39
26.38%
CMS
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79.94
10.49
15.10%
OGE
OGE Energy
49.86
8.17
19.58%
PNW
Pinnacle West Capital
104.45
17.67
20.37%
PPL
PPL
39.81
6.66
20.10%
Evergy Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Evergy Prices $350 Million Notes to Support Funding
Positive
Mar 11, 2026
On March 10, 2026, Evergy issued $350 million of 4.250% notes due 2029 under a previously filed shelf registration, with a syndicate of major investment banks acting as underwriters. The notes were sold pursuant to an underwriting agreement dated ...
Business Operations and StrategyDividendsFinancial Disclosures
Evergy Outlines 2026 Guidance and Long-Term Growth Plan
Positive
Feb 19, 2026
On February 19, 2026, Evergy reported full-year 2025 GAAP earnings of $855.6 million, or $3.66 per share, down from $3.79 in 2024, while adjusted EPS edged up to $3.83 from $3.81 as regulated investment recovery and weather-normalized demand growt...
Business Operations and StrategyPrivate Placements and Financing
Evergy Secures New $500 Million Term Loan Facility
Positive
Feb 11, 2026
On February 11, 2026, Evergy, Inc. entered into a new $500 million unsecured term loan credit agreement with a syndicate of lenders led by Wells Fargo Bank, replacing a smaller $55 million unsecured term loan arranged in January 2026. The new faci...
Business Operations and StrategyPrivate Placements and Financing
Evergy Enters New Term Loan and Repurchases Convertible Notes
Positive
Jan 7, 2026
On January 7, 2026, Evergy entered into a $55 million unsecured term loan facility with Bank of America that matures on January 6, 2027, providing additional liquidity for working capital, capital expenditures, permitted acquisitions and other gen...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.