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Evergy
(NASDAQ:EVRG)
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Rating:67Neutral
Price Target:
$94.00
â–²(14.12% Upside)
Action:Reiterated
Date:07/02/26
The score is supported most by a strong earnings-call outlook (reaffirmed guidance, upgraded load growth trajectory, and large-customer ESA momentum) and positive price trend vs key moving averages. Offsetting this is the biggest fundamental constraint: persistently negative free cash flow and rising leverage, which increase reliance on capital markets. Valuation is reasonable but not cheap, with the dividend yield providing partial support.
Positive Factors
Rate base growth
Evergy's elevated five-year capital plan raising rate base CAGR to ~12% creates a durable earnings engine: invested utility assets are included in rate base and earn an allowed return, supporting multi-year revenue and regulated cash flows as projects are placed in service and reflected in rates.
Negative Factors
Persistent negative free cash flow
Despite positive operating cash flow, Evergy's persistent negative free cash flow means internal cash does not cover capex. This structural shortfall forces ongoing external financing (debt/equity), raising refinancing risk, increasing financing costs and reducing flexibility to fund investments or absorb shocks without diluting stakeholders.
Read all positive and negative factors
Positive Factors
Negative Factors
Rate base growth
Evergy's elevated five-year capital plan raising rate base CAGR to ~12% creates a durable earnings engine: invested utility assets are included in rate base and earn an allowed return, supporting multi-year revenue and regulated cash flows as projects are placed in service and reflected in rates.
Read all positive factors
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 (EVRG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$20.32B
Dividend Yield3.72%
Average Volume (3M)2.14M
Price to Earnings (P/E)23.0
Beta (1Y)0.12
Revenue Growth1.99%
EPS Growth0.63%
CountryUS
Employees4,731
SectorUtilities
Sector Strength65
IndustryRegulated Electric
Share Statistics
EPS (TTM)3.83
Shares Outstanding230,513,030
10 Day Avg. Volume1,978,683
30 Day Avg. Volume2,139,997
Financial Highlights & Ratios
PEG Ratio-9.26
Price to Book (P/B)1.63
Price to Sales (P/S)2.82
P/FCF Ratio-22.23
Enterprise Value/Market Cap1.72
Enterprise Value/Revenue5.83
Enterprise Value/Gross Profit14.05
Enterprise Value/Ebitda12.68
Forecast
1Y Price Target
$91.00Price Target Upside10.48% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)4.25
Revenue Forecast (FY)$6.23B
Evergy Business Overview & Revenue Model
Company Description
Evergy, Inc., along with its subsidiaries, operates as an integrated electric utility, focusing on the production, conveyance, distribution, and direct sale of power throughout Kansas and Missouri in the United States. The company's electricity ge...
How the Company Makes Money
Evergy primarily makes money by providing regulated electric utility service and collecting customer billings that are set through state utility regulation. The largest revenue stream is retail electricity sales (bundled energy and delivery servic...
Evergy Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call conveyed strong positive momentum: solid year-over-year earnings improvement, multiple signed ESAs and a robust multi-gigawatt pipeline, upgraded load growth assumptions (CAGR to ~7%–8% through 2030), reaffirmed 2026 guidance, and improved credit metrics. Offsetting items include a modest weather-related EPS headwind, higher O&M/depreciation/interest from accelerated capital spending, and expected above-inflation rate pressure in Missouri West due to necessary infrastructure investments. Overall, the positive execution on large customer contracts and the strengthened multi-year outlook materially outweigh the operational and weather headwinds.Positive Updates
Signed Fifth Large Customer ESA and Pipeline Momentum
Executed a fifth large customer electric service agreement (data center) and amended two prior ESAs, bringing signed LLPS projects to five and expanding momentum across a multi-gigawatt pipeline; five ESAs + existing large customers represent ~2.5 GW steady-state peak (3.0 GW including ~450 MW non-LLPS), with expectations for at least one additional ESA in 2026 and substantial pipeline beyond 2030.
Negative Updates
Weather-Related EPS Headwind
Mild winter weather reduced heating degree days, negatively impacting Q1 EPS by approximately $0.06 versus budget/normal, partially offsetting weather-normalized demand gains.
Read all updates
Q1-2026 Updates
Positive
Negative
Signed Fifth Large Customer ESA and Pipeline Momentum
Executed a fifth large customer electric service agreement (data center) and amended two prior ESAs, bringing signed LLPS projects to five and expanding momentum across a multi-gigawatt pipeline; five ESAs + existing large customers represent ~2.5 GW steady-state peak (3.0 GW including ~450 MW non-LLPS), with expectations for at least one additional ESA in 2026 and substantial pipeline beyond 2030.
Read all positive updates
Company Guidance
Evergy reaffirmed 2026 adjusted EPS guidance of $4.14–$4.34 (midpoint $4.24) and its long‑term adjusted EPS growth target of 6%–8%+ through 2030 (with annual growth expected to exceed 8% beginning in 2028–2030); Q1 results were $162M ($0.69/sh) vs $128M ($0.55) a year ago, with weather‑normalized demand +4.7% (residential +3.3%, commercial +3.8%, industrial +10.1%), a mild‑weather EPS headwind of ~$0.06, $0.15 EPS from recovery/return on regulated investments, a $0.10 drag from higher O&M/depreciation/interest and +$0.09 from other items (including ~$0.03 COLI); management provided Q2 guidance of 17%–19% of the $4.24 midpoint (~$0.72–$0.81), reaffirmed a full‑period 2026 load growth view of ~3%–4% (and raised 2025–2030 retail load CAGR to ~7%–8% from 6%), expects load growth of 6%–11% across the three utilities over the next five years, and disclosed large‑customer impacts including five ESAs with ~2.5 GW steady‑state peak (3.0 GW including ~450 MW non‑LLPS), up ~600 MW from last quarter and supporting up to ~2.25 GW served by 2030, a modest upside to the $21.6B five‑year capital plan that lifts rate base CAGR to ~12% (from 11.5%), stronger FFO‑to‑debt of ~14%–15% in 2026–2028 (improving thereafter), and an equity issuance plan of $700M–$900M/year (2026–2029) with $125M already issued in 2026 and no equity need in 2030.Evergy Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
63
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.99B | 5.92B | 5.82B | 5.49B | 5.86B | 5.59B |
| Gross Profit | 2.49B | 1.91B | 1.90B | 1.67B | 1.70B | 1.74B |
| EBITDA | 2.76B | 2.73B | 2.64B | 2.42B | 2.19B | 2.32B |
| Net Income | 882.10M | 855.60M | 873.50M | 731.30M | 752.70M | 879.70M |
Balance Sheet | ||||||
| Total Assets | 34.48B | 35.44B | 32.28B | 30.98B | 29.49B | 28.52B |
| Cash, Cash Equivalents and Short-Term Investments | 18.40M | 25.40M | 22.00M | 27.70M | 25.20M | 26.20M |
| Total Debt | 15.88B | 15.44B | 14.07B | 13.15B | 12.04B | 11.17B |
| Total Liabilities | 24.28B | 25.17B | 22.29B | 21.29B | 20.00B | 19.28B |
| Stockholders Equity | 10.16B | 10.22B | 9.96B | 9.66B | 9.48B | 9.24B |
Cash Flow | ||||||
| Free Cash Flow | -1.10B | -751.70M | -352.90M | -353.80M | -364.60M | -620.80M |
| Operating Cash Flow | 1.96B | 2.05B | 1.98B | 1.98B | 1.80B | 1.35B |
| Investing Cash Flow | -2.73B | -2.57B | -2.26B | -2.47B | -2.15B | -1.91B |
| Financing Cash Flow | 751.10M | 522.00M | 280.30M | 494.00M | 349.30M | 443.40M |
Evergy Technical Analysis
Positive
82.37
Price Trends
82.76
Positive
81.80
Positive
77.83
Positive
Market Momentum
1.32
Negative
68.00
Neutral
84.63
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 82.37 is below the 20-day moving average (MA) of 84.35, below the 50-day MA of 82.76, and above the 200-day MA of 77.83, indicating a bullish trend. The MACD of 1.32 indicates Negative momentum. The RSI at 68.00 is Neutral, neither overbought nor oversold. The STOCH value of 84.63 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 | $20.32B | 23.01 | 8.69% | 3.72% | 1.99% | 0.63% | |
66 Neutral | $10.20B | 21.88 | 9.47% | 3.82% | 4.11% | -6.40% | |
66 Neutral | $13.25B | 20.03 | 9.34% | 4.15% | 4.84% | 5.77% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
63 Neutral | $27.75B | 30.01 | 8.32% | 3.13% | 7.52% | 21.81% | |
61 Neutral | $20.15B | 24.46 | 11.24% | 3.11% | 8.34% | 10.00% | |
58 Neutral | $24.01B | 21.30 | 12.35% | 3.10% | 13.31% | 6.97% |
* Utilities Sector Average
EVRG
Evergy
88.13
21.23
31.73%
LNT
Alliant Energy
78.03
17.97
29.91%
CMS
CMS Energy
77.73
10.16
15.04%
OGE
OGE Energy
49.44
6.67
15.58%
PNW
Pinnacle West Capital
109.37
22.71
26.20%
PPL
PPL
36.89
4.25
13.01%
Evergy Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Evergy Secures New Long-Term $3.5 Billion Credit Facility
Positive
Jul 1, 2026
On June 30, 2026, Evergy and its utility subsidiaries Evergy Missouri West, Evergy Metro and Evergy Kansas Central entered a new revolving credit facility of up to $3.5 billion with a bank syndicate led by Wells Fargo Bank, replacing prior arrange...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Evergy Kansas Central Issues $350 Million Mortgage Bonds
Positive
Jul 1, 2026
On July 1, 2026, Evergy Kansas Central issued $350 million of First Mortgage Bonds, 5.300% Series due 2036, under a shelf registration statement filed with U.S. securities regulators. The bonds were sold through a syndicate of major underwriters, ...
Business Operations and StrategyDividendsFinancial Disclosures
Evergy Posts Strong Q1 Earnings, Reaffirms 2026 Guidance
Positive
May 7, 2026
On May 7, 2026, Evergy reported that first-quarter 2026 GAAP earnings rose to $151.5 million, or $0.64 per share, from $125.0 million, or $0.54 per share, a year earlier, with adjusted EPS climbing to $0.69 from $0.55. The company cited recovery o...
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.