Latest Ratios: P/E Ratio 14.2x · EV/EBITDA 10.1x · ROE 10.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $24.4B | $25.0B | $20.5B | $21.6B | $29.1B | $31.4B | $29.4B | $27.5B | $20.7B | $20.1B | $17.6B |
| Enterprise Value | $54.6B | $55.1B | $49.6B | $48.3B | $51.7B | $51.5B | $47.4B | $43.0B | $35.2B | $33.5B | $28.3B |
| P/E Ratio → | 14.23 | 14.77 | 25.30 | — | 20.70 | 25.70 | 24.37 | 30.27 | 20.01 | 20.32 | 18.66 |
| P/S Ratio | 1.80 | 1.85 | 1.73 | 1.81 | 2.37 | 3.18 | 3.30 | 3.22 | 2.45 | 2.59 | 2.30 |
| P/B Ratio | 1.47 | 1.53 | 1.35 | 1.51 | 1.86 | 2.12 | 2.07 | 2.15 | 1.78 | 1.79 | 1.62 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | 88.75 |
| P/OCF | 5.93 | 6.08 | 9.51 | 13.11 | 12.12 | 15.98 | 17.47 | 13.67 | 11.59 | 10.02 | 8.09 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.07 | 4.17 | 4.05 | 4.21 | 5.22 | 5.32 | 5.05 | 4.17 | 4.32 | 3.71 |
| EV / EBITDA | 10.12 | 10.22 | 11.07 | 15.02 | 13.45 | 15.48 | 15.05 | 16.11 | 12.70 | 12.03 | 10.69 |
| EV / EBIT | 18.26 | 17.88 | 21.07 | 83.18 | 20.31 | 23.91 | 22.59 | 24.97 | 19.26 | 16.77 | 14.85 |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | 142.84 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 30.1% | 30.1% | 31.1% | 40.7% | 44.0% | 48.2% | 49.8% | 48.4% | 47.0% | 50.8% | 49.9% |
| Operating Margin | 22.1% | 22.1% | 22.7% | 20.1% | 17.9% | 20.2% | 22.3% | 18.7% | 20.1% | 24.7% | 24.3% |
| Net Profit Margin | 12.5% | 12.5% | 6.8% | -3.7% | 11.4% | 12.4% | 13.5% | 10.7% | 12.2% | 12.7% | 12.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.7% | 10.7% | 5.5% | -3.0% | 9.2% | 8.4% | 8.9% | 7.4% | 9.0% | 8.9% | 8.8% |
| ROA | 2.7% | 2.7% | 1.4% | -0.8% | 2.8% | 2.6% | 2.8% | 2.3% | 2.8% | 2.9% | 3.0% |
| ROIC | 4.9% | 4.9% | 4.8% | 4.5% | 4.5% | 4.5% | 4.9% | 4.4% | 5.0% | 6.2% | 6.6% |
| ROCE | 5.5% | 5.5% | 5.3% | 5.0% | 4.9% | 4.8% | 5.1% | 4.4% | 5.1% | 6.3% | 6.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.85 | 1.85 | 1.92 | 1.87 | 1.47 | 1.37 | 1.27 | 1.22 | 1.26 | 1.19 | 0.99 |
| Debt / EBITDA | 5.61 | 5.61 | 6.50 | 8.32 | 5.97 | 6.07 | 5.75 | 5.83 | 5.28 | 4.82 | 4.06 |
| Net Debt / Equity | — | 1.84 | 1.91 | 1.86 | 1.44 | 1.37 | 1.26 | 1.22 | 1.25 | 1.19 | 0.99 |
| Net Debt / EBITDA | 5.59 | 5.59 | 6.49 | 8.30 | 5.87 | 6.05 | 5.71 | 5.82 | 5.24 | 4.81 | 4.05 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | 54.10 |
| Interest Coverage | 2.48 | 2.48 | 2.12 | 0.68 | 3.75 | 3.70 | 3.90 | 3.23 | 3.67 | 4.73 | 4.75 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.65 | 0.65 | 0.76 | 0.67 | 0.62 | 0.56 | 0.64 | 0.67 | 0.56 | 0.69 | 0.68 |
| Quick Ratio | 0.59 | 0.59 | 0.67 | 0.59 | 0.57 | 0.51 | 0.58 | 0.60 | 0.50 | 0.63 | 0.59 |
| Cash Ratio | 0.02 | 0.02 | 0.00 | 0.01 | 0.06 | 0.01 | 0.02 | 0.00 | 0.03 | 0.01 | 0.01 |
| Asset Turnover | — | 0.21 | 0.20 | 0.21 | 0.23 | 0.20 | 0.19 | 0.21 | 0.22 | 0.21 | 0.24 |
| Inventory Turnover | 19.26 | 19.26 | 13.79 | 13.92 | 18.37 | 19.11 | 16.82 | 18.70 | 18.80 | 17.09 | 11.63 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.5% | 4.4% | 4.9% | 4.3% | 3.0% | 2.6% | 2.5% | 2.4% | 3.1% | 3.0% | 3.2% |
| Payout Ratio | 64.6% | 64.6% | 123.4% | — | 61.2% | 66.0% | 61.8% | 73.0% | 62.0% | 60.9% | 59.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.0% | 6.8% | 4.0% | — | 4.8% | 3.9% | 4.1% | 3.3% | 5.0% | 4.9% | 5.4% |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | 1.1% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.5% | 4.4% | 4.9% | 4.3% | 3.0% | 2.6% | 2.5% | 2.4% | 3.1% | 3.0% | 3.2% |
| Shares Outstanding | — | $371M | $357M | $350M | $347M | $345M | $340M | $323M | $318M | $318M | $318M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying ES stock.
Eversource Energy's current P/E ratio is 14.2x. The historical average is 20.9x. This places it at the 16th percentile of its historical range.
Eversource Energy's current EV/EBITDA is 10.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.1x.
Eversource Energy's return on equity (ROE) is 10.7%. The historical average is 6.1%.
Based on historical data, Eversource Energy is trading at a P/E of 14.2x. This is at the 16th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Eversource Energy's current dividend yield is 4.54% with a payout ratio of 64.6%.
Eversource Energy has 30.1% gross margin and 22.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Eversource Energy's Debt/EBITDA ratio is 5.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Regulatory friction in Connecticut
Metrics are mathematically derived from official filings.
Discount Reflecting Regulatory Overhang
Eversource trades at 15.4x trailing earnings with a 4.2% dividend yield, per current market data, a discount to peers like ED at 19.2x, likely pricing in Connecticut regulatory risk.
The P/E of 15.4x sits below the peer median of roughly 20x, suggesting the market assigns a discount for the perceived regulatory headwinds in Connecticut. The 4.2% dividend yield is attractive relative to the 10-year Treasury, but the yield spread may narrow if rates stay elevated. Investors appear to be paying for the transmission growth pipeline while discounting distribution earnings stability.
Earned ROE Trails Authorized Levels
Eversource's trailing twelve-month ROE is approximately 2.3%, per quarterly data, well below typical authorized ROEs of 9-10%, indicating significant regulatory lag or one-time charges compressing returns.
The quarterly ROE figures, ranging from -0.8% to 3.7%, are far below the authorized returns on equity that regulators typically grant. This gap suggests that either the company is experiencing regulatory lag in recovering costs or that non-recurring items, such as offshore wind impairments, are distorting earnings. The 2026Q2 ROE of 0.3% is particularly weak, implying that the market's discount may be justified if this trend persists.
Operating Margin Stability Masks Net Pressure
Operating margins have held steady around 21-24% over the past year, per Eversource's financial statements, but net margins fell to 1.8% in 2026Q2, suggesting cost recovery mechanisms are not fully offsetting non-operating charges.
The stability in operating margins indicates that the core regulated delivery business is recovering its operating costs effectively. However, the sharp decline in net margin in 2026Q2 points to items below the operating line, such as interest expense or impairments, that are not covered by rate mechanisms. This divergence between operating and net margins warrants monitoring, as it may signal that the company's earnings power is being eroded by factors outside regulatory control.
Leverage Stretched Above Peer Group
Eversource's debt-to-capital ratio stands at 0.64, per the latest quarterly data, higher than peers like ED at 0.54 and PPL at 0.57, indicating a more leveraged capital structure.
The debt-to-capital ratio of 64% is elevated relative to the peer group, which averages around 55-60%. This higher leverage, combined with interest coverage of 1.83x in 2026Q2, suggests limited financial flexibility. The company's aggressive capital expenditure program appears to be debt-funded, as equity growth lags asset expansion. If interest rates remain high, this leverage could pressure credit ratings and increase the cost of future debt issuance.
Dividend Coverage Adequate but Payout Volatile
Eversource's dividend payout ratio fluctuated from 3.5% to 76.7% over the past year, per quarterly data, with operating cash flow covering dividends by over 2.5x, indicating a sustainable but variable payout.
The wide swings in the payout ratio reflect the volatility in quarterly earnings, driven by seasonal factors and one-time charges. However, the cash flow coverage of the dividend remains healthy, suggesting that the dividend is supported by underlying cash generation. The company's ability to maintain this coverage while funding a large capex program will depend on its success in reducing regulatory lag and improving cash conversion.
Misapplied Metric: Debt-to-Equity
The commonly cited debt-to-equity ratio of 1.85 for Eversource, per reported data, is misleading for utilities because it ignores off-balance-sheet obligations like power purchase agreements and regulatory deferrals.
For utilities, the standard debt-to-equity ratio fails to capture the full extent of financial obligations, as many costs are recovered through regulated mechanisms and may not appear on the balance sheet. A more appropriate metric is the debt-to-capital ratio, which includes all interest-bearing debt, or FFO-to-debt, which measures cash flow adequacy. Eversource's FFO-to-debt of 2.9% in 2026Q2 is low, but this may be understated due to regulatory timing. Investors should focus on cash flow-based leverage metrics rather than the simplistic D/E ratio.