Upside case
Bull case
$139+102.1%
ES would need investors to value it at roughly 30x earnings — about 15x more generous than today's 15x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewHoldUpdated May 1, 2026
Eversource Energy (ES) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Hold
Covering
29
analysts
10 bullish · 4 bearish · 29 covering ES
Strong Buy
0
Buy
10
Hold
15
Sell
4
Strong Sell
0
Consensus Target
$74
+7.4% vs today
Scenario Range
$67 – $139
Model bear to bull value window
Coverage
29
Published analyst ratings
Valuation Context
14.6x
Forward P/E · Market cap $25.9B
ES price targets
Three scenarios for where ES stock could go
Current
~$69
Confidence
53 / 100
Updated
May 1, 2026
Where we are now
Current · $69
Bear
$67
Base
$100
Bull
$139
Market caseClosest to today
Base case
$100+45.7%
At 21x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$67-3.0%
If investor confidence fades or macro conditions deteriorate, a 0x multiple contraction could push ES down roughly 3% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Eversource Energy
ES · NYSEUtilitiesRegulated ElectricDecember year-end
Eversource Energy is a regulated utility holding company that transmits and distributes electricity and natural gas across New England. It generates revenue primarily through regulated rate structures—earning returns on its infrastructure investments—with its electric distribution and transmission segments contributing the bulk of earnings. The company's moat stems from its regulated monopoly status in its service territories, which provides predictable cash flows and barriers to competition.
Market Cap
$25.9B
Revenue TTM
$13.1B
Net Income TTM
$1.3B
Net Margin
10.2%
ES Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
58%Exceptional
12 quarters tracked
Revenue Beat Rate
33%Exceptional
vs consensus estimates
Avg EPS Surprise
-9.4%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Last 4 Quarters
EPS beats: 3 of 4Q2 2025
EPS
$1.50/$1.51
Revenue
$4.1B/$3.7B
Q3 2025
EPS
$0.96/$0.95
Revenue
$2.8B/$2.9B
Q4 2025
EPS
$1.19/$1.15
Revenue
$3.2B/$3.2B
Q1 2026
EPS
$1.12/$1.10
Revenue
$3.4B/$2.7B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q2 2025 | $1.50/$1.51 | -0.7% | $4.1B/$3.7B | +11.9% |
| Q3 2025 | $0.96/$0.95 | +0.5% | $2.8B/$2.9B | -3.2% |
| Q4 2025 | $1.19/$1.15 | +3.5% | $3.2B/$3.2B | +1.7% |
| Q1 2026 | $1.12/$1.10 | +1.8% | $3.4B/$2.7B | +24.2% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$13.5B
+2.4% YoY
FY2
$13.9B
+3.5% YoY
EPS Outlook
FY1
$3.66
+1.5% YoY
FY2
$3.31
-9.7% YoY
Trailing FCF (TTM)-$524M
FCF Margin: -4.0%
Next Earnings
May 6, 2026
Expected EPS
$1.49
Expected Revenue
$4.1B
ES beat EPS estimates in 3 of 4 tracked quarters. A strong delivery record supports forward estimate credibility.
ES Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2024
Total disclosed revenue $11.9B
Product Mix
Latest annual revenue by segment or product family
Eversource Electric Distribution
76.2%
+0.7% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
Segment breakdown not available for this company.
Eversource Electric Distribution is the largest disclosed segment at 76.2% of FY 2024 revenue, up 0.7% YoY.
ES Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Undervalued
Fair value est. $84 — implies +18.0% from today's price.
Upside to Fair Value
18.0%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
ES
30.4x
vs
S&P 500
25.1x
+21% premium
vs Utilities Trailing P/E
ES
30.4x
vs
Utilities
20.1x
+51% premium
vs ES 5Y Avg P/E
Today
30.4x
vs
5Y Average
24.0x
+26% premium
Forward PE
14.6x
S&P 500
19.1x
-23%
Utilities
17.5x
-17%
5Y Avg
—
—
Trailing PE
30.4x
S&P 500
25.1x
+21%
Utilities
20.1x
+51%
5Y Avg
24.0x
+26%
PEG Ratio
—
S&P 500
1.72x
—
Utilities
1.69x
—
5Y Avg
—
—
EV/EBITDA
12.3x
S&P 500
15.2x
-19%
Utilities
11.4x
+8%
5Y Avg
14.0x
-13%
Price/FCF
—
S&P 500
21.1x
—
Utilities
15.1x
—
5Y Avg
—
—
Price/Sales
2.2x
S&P 500
3.1x
-31%
Utilities
2.2x
+1%
5Y Avg
2.5x
-12%
Dividend Yield
4.07%
S&P 500
1.87%
+118%
Utilities
3.06%
+33%
5Y Avg
3.44%
+18%
| Metric | ES | S&P 500 | Utilities | 5Y Avg ES |
|---|---|---|---|---|
| Forward PE | 14.6x | 19.1x-23% | 17.5x-17% | — |
| Trailing PE | 30.4x | 25.1x+21% | 20.1x+51% | 24.0x+26% |
| PEG Ratio | — | 1.72x | 1.69x | — |
| EV/EBITDA | 12.3x | 15.2x-19% | 11.4x | 14.0x-13% |
| Price/FCF | — | 21.1x | 15.1x | — |
| Price/Sales | 2.2x | 3.1x-31% | 2.2x | 2.5x-12% |
| Dividend Yield | 4.07% | 1.87% | 3.06% | 3.44% |
ES trades above S&P 500 benchmarks on 1 of 4 measured multiples — appears modestly priced relative to the S&P 500 on most measures.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolES Financial Health
Verdict
Exceptional
ES earns 22.2% operating margin on regulated earnings, 4.1% dividend yield. Utilities carry higher leverage than industrials as a structural feature of the business model.
Regulated Operations
Revenue, regulated margins, and earnings
Revenue (TTM)
Trailing-twelve-month sales base
$13.1B
Revenue Growth
TTM vs prior year
+13.1%
Operating Margin
Operating income divided by revenue
22.2%
Net Margin
Net income divided by revenue
10.2%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$3.61
Operating Margin
Operating income over revenue — primary regulated earnings signal
22.2%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
4.8%
ROA
Return on assets, trailing twelve months
2.2%
Cash & Equivalents
Liquid assets on the balance sheet
$27M
Net Debt
Total debt minus cash
$29.1B
Debt Serviceability
Net debt as a multiple of annual free cash flow
—
Regulated utilities typically operate at 3–5× net debt/FCF — this is structural, not a risk flag.
ROE
Return on equity, trailing twelve months
8.3%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
4.1%
Dividend
4.1%
Buyback
0.0%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$0
Dividend / Share
Annualized trailing dividend per share
$2.80
Payout Ratio
Share of earnings distributed as dividends
123.4%
Shares Outstanding
Current diluted share count
357M
All figures from the trailing twelve months. Utilities operate with structural leverage (3–5× net debt/FCF) due to regulated, predictable cash flows.
Open full ratios pageES Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 29, 2026
High Risk
Regulatory Environment
Eversource faces significant regulatory challenges, including a denied sale of its water utility in Connecticut, which has slowed its ability to reduce debt and may impact growth. Additionally, there is a potential for significant refunds for transmission earnings, estimated at approximately $880 million.
High Risk
Financial Health
Eversource has a high debt-to-equity ratio of 2.9285, which is above the peer average and generally considered risky. This financial structure raises concerns about the company's long-term sustainability and may necessitate additional equity.
Medium
Operational Risks
The safe operation of Eversource's transmission and distribution systems is critical, with risks including equipment failure, labor disputes, and severe weather. Delays in critical transmission projects could further increase the risk of system failures.
Medium
Project Execution and Costs
Eversource faces risks related to potential delays and cost overruns in its offshore wind projects, which could impact overall project viability and financial performance.
Medium
Profitability and Volatility
The company's profits have been unstable over the past five years, leading to significant drawdowns and a lower Profit vs. Risk Rating compared to its industry average. This volatility can affect investor confidence and stock performance.
Lower
Interest Rate Fluctuations
Changes in interest rates can negatively impact Eversource's credit metrics, potentially increasing borrowing costs and affecting overall financial health.
Lower
Economic and Political Environment
Broader economic conditions and political landscapes, including political uncertainty in Europe and potential changes in US trade policy, can pose risks to Eversource's operations and market performance.
Lower
Natural and Human Disruptions
Natural disasters, severe weather, and other human disruptions pose risks to Eversource's infrastructure and service delivery, potentially leading to financial losses.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why ES Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 29, 2026
Infrastructure Investment
Eversource has a significant capital investment plan, targeting substantial annual adjusted EPS growth. This plan is crucial for driving rate-based growth, which is the foundation for earnings growth in a regulated utility model.
Constructive Regulation
The company benefits from a constructive regulatory environment across its key operating states, which supports its growth and operational stability.
Electrification Growth
Growing electrification trends are seen as a support for higher long-term earnings and cash flow, positioning Eversource to capitalize on the increasing demand for electric services.
Dividend Growth Commitment
Eversource has a strong track record of dividend increases, recently raising its dividend by 5% to $3.15 per share annualized for 2026, making it attractive for income-focused investors.
Potential Undervaluation
Some analyses suggest that Eversource Energy may be undervalued, with a Value Score of B, indicating it could be a good pick for value investors.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
ES Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$68.90
52W Range Position
57%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$58.92
+16.9% from the low
52-Week High
$76.41
-9.8% from the high
1 Month
-0.78%
3 Month
+1.73%
YTD
+1.2%
1 Year
+16.2%
3Y CAGR
-3.8%
5Y CAGR
-3.8%
10Y CAGR
+1.8%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
ES vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
14.6x
vs 17.9x median
-18% below peer median
Revenue Growth
+2.4%
vs +6.8% median
-65% below peer median
Net Margin
10.2%
vs 13.1% median
-22% below peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
ES ES Eversource Energy | $25.9B | 14.6x | +2.4% | 10.2% | Hold | +7.4% |
ED ED Consolidated Edison, Inc. | $25.7B | 17.9x | +6.8% | 12.3% | Hold | -0.3% |
PPL PPL PPL Corporation | $27.8B | 19.2x | +6.8% | 13.1% | Buy | +11.3% |
EIX EIX Edison International | $26.5B | 11.3x | +3.8% | 18.9% | Buy | +8.4% |
FE FE FirstEnergy Corp. | $26.5B | 16.8x | +5.4% | 6.9% | Hold | +12.1% |
AEE AEE Ameren Corporation | $30.9B | 20.8x | +7.3% | 17.2% | Hold | +8.5% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
ES Dividend and Capital Return
ES returns 4.1% total yield, led by a 4.07% dividend, raised 26 consecutive years.
Dividend SustainableFCF Unknown
Total Shareholder Yield
4.1%
Dividend + buyback return per year
Buyback Yield
0.0%
Dividend Yield
4.07%
Payout Ratio
1.2%
How ES Splits Its Return
Div 4.07%
Dividend 4.07%Buybacks 0.0%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$2.80
Growth Streak
Consecutive years of dividend increases
26Y
3Y Div CAGR
5.7%
5Y Div CAGR
5.8%
Ex-Dividend Date
—
Payment Cadence
Quarterly
4 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$0
Estimated Shares Retired
0
Approx. Share Reduction
0.0%
Shares Outstanding
Current diluted share count from the screening snapshot
357M
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $0.79 | — | — | — |
| 2025 | $3.01 | +5.2% | — | — |
| 2024 | $2.86 | +5.9% | 0.0% | 4.9% |
| 2023 | $2.70 | +5.9% | 0.0% | 4.3% |
| 2022 | $2.55 | +5.7% | 0.0% | 3.0% |
FAQ
7 questionsES Investor Questions
Common questions answered from live analyst data and company financials.
01Is Eversource Energy (ES) stock a buy or sell in 2026?
Eversource Energy (ES) is rated Hold by Wall Street analysts as of 2026. Of 29 analysts covering the stock, 10 rate it Buy or Strong Buy, 15 rate it Hold, and 4 rate it Sell or Strong Sell. The consensus 12-month price target is $74, implying +7.4% from the current price of $69. The bear case scenario is $67 and the bull case is $139.
02What is the ES stock price target for 2026?
The Wall Street consensus price target for ES is $74 based on 29 analyst estimates. The high-end target is $79 (+14.7% from today), and the low-end target is $63 (-8.6%). The base case model target is $100.
03Is Eversource Energy (ES) stock overvalued in 2026?
ES trades at 14.6x times forward earnings. The stock trades at a notable premium to the broad market, which is typical for businesses with strong free cash flow and above-average growth expectations. Based on current multiples versus the peer group, the relative model signals undervalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Eversource Energy (ES) stock in 2026?
The primary risks for ES in 2026 are: (1) Regulatory Environment — Eversource faces significant regulatory challenges, including a denied sale of its water utility in Connecticut, which has slowed its ability to reduce debt and may impact growth. (2) Financial Health — Eversource has a high debt-to-equity ratio of 2. (3) Operational Risks — The safe operation of Eversource's transmission and distribution systems is critical, with risks including equipment failure, labor disputes, and severe weather. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Eversource Energy's revenue and earnings forecast?
Analyst consensus estimates ES will report consensus revenue of $13.5B (+2.4% year-over-year) and EPS of $3.66 (+1.5% year-over-year) for the upcoming fiscal year. The following year, analysts project $13.9B in revenue.
06When does Eversource Energy (ES) report its next earnings?
Eversource Energy is expected to report its next earnings on approximately 2026-05-06. Consensus expects EPS of $1.49 and revenue of $4.1B. Over recent quarters, ES has beaten EPS estimates 58% of the time.
07How much free cash flow does Eversource Energy generate?
Eversource Energy (ES) had a free cash outflow of $524M in free cash flow over the trailing twelve months — a free cash flow margin of 4.0%. ES returns capital to shareholders through dividends (4.1% yield) and share repurchases ($0 TTM).