Evergy, Inc.

EVRG

NASDAQ · Electric & Multi-Utilities

$87.54

At close - Nov 6, 4:00 PM EST - USD

Market Cap$20.18B

P/E19.5x

52W High$89.66

Volume3.82M

VCP Research Verdict2026Q2

Rate Base Growth Offsets Regulatory Disallowance Risk

Evergy's accelerating rate base expansion, evidenced by 10.1% YoY growth in net PPE to $27.4B in 2026Q2, is driving revenue growth of 5.1% and EPS growth of 23.0%, but the company faces rising leverage (D/E of 1.61) and regulatory disallowance risk from the KCC on coal retirements.

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MARKET ACTION

EVRG price & volume

Price trend, volume and key moving averages

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Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis

Fundamental Trajectory

Revenue grew 5.1% YoY to $1.5B in 2026Q2, with operating margin expanding to 25.4% and EPS up 23.0% to $0.91, though earned ROE trails authorized levels due to regulatory lag.

Analyst Consensus+2.4% target

Hold(18 analysts)

7 Buy9 Hold2 Sell

The Bull Case

Upside Catalysts

Economic Development and Demand Growth

Evergy is experiencing strong demand growth driven by economic development in its service territories, particularly from large-load customers like data centers. This trend is expected to continue, with projections for significant data center load by 2029.

Capital Investment and Growth

The company has outlined a substantial capital investment plan, with figures around $17.5 billion for 2025-2029 and $21.6 billion for 2026-2030. This investment is targeted at infrastructure, new generation assets, and grid modernization, supporting a long-term adjusted earnings per share (EPS) growth target of 6% to 8%+ through 2030.

Supportive Regulatory Environment

Recent legislation in Missouri and Kansas has improved the regulatory framework, which is expected to reduce regulatory lag and boost earnings growth. This supportive regulation is seen as a key factor in Evergy's ability to execute its growth plan and receive constructive regulatory treatment.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return

EVRG+22.64%

S&P 500 (^GSPC)+7.63%

1-Year Return

EVRG+19.53%

S&P 500 (^GSPC)+9.69%

3-Year Return

EVRG+87.63%

S&P 500 (^GSPC)+69.00%

5-Year Return

EVRG+57.41%

S&P 500 (^GSPC)+57.00%

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis

Trailing P/E5Y High

19.5x

Forward P/E

20.4x

EV/EBITDA80th %ile

12.0x

FCF YieldCash Flow

N/A

Valuation vs 5-Year History

Multiple Range

Metric

Current

5Y Median

Historical Range

Percentile

P/E

19.5x

17.9x

80th· High

EV/EBITDA

12.0x

11.6x

80th· High

Price/FCF

N/A

Current Multiple

5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection

Bear$114.39+30.7%

Base (Fair)$118.04+34.8%

Bull$130.75+49.4%

$114.39 Bear$118.04 Base$130.75 Bull

Current Market Price: $87.54

Trades at a 25.8% discount to Base DCF ($118.04)

Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend

Revenue FY25

$5.92B+1.7% YoY

Net income FY25

$856M-2.0% YoY

Free cash flow FY25

-$752M-113.0% YoY

Operating margin FY25

25.2%+0.4 pts YoY

ROIC (FY25)4.5%

Avg ROIC 5Y4.6%

ROE (TTM)10.2%

Piotroski Score4 / 9

Financial Statements →

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History

EPS Beat Rate6/12 (50%)

Revenue Beat Rate6/12 (50%)

Quarter	EPS (Act vs Est)	Revenue (Act vs Est)
Q4 2026Latest Nov 5, 2026	$2.58+10.7% vs $2.33	$2.1B+8.7% vs $1.9B
Q3 2026 Aug 6, 2026	$0.88+8.5% vs $0.81	$1.5B+10.0% vs $1.4B
Q2 2026 May 7, 2026	$0.69+13.9% vs $0.61	$1.4B+13.6% vs $1.3B
Q1 2026 Feb 19, 2026	$0.42-23.8% vs $0.55	$1.3B-6.1% vs $1.4B

Historical baseline: 12 quarters analyzedGAAP / Adjusted

MARKET COVERAGE

Latest News

4 Stories

Seeking Alpha·2d ago

Evergy, Inc. (EVRG) Q3 2026 Earnings Call Transcript

Evergy, Inc. ( EVRG ) Q3 2026 Earnings Call November 5, 2026 9:00 AM EST Company Participants Peter Flynn - Director of Investor Relations David Campbell - CEO, President & Chairman of the Board W. Buckler - Executive VP & CFO Conference Call Participants Richard Sunderland - Truist Securities, Inc., Research Division Nicholas Campanella - Barclays Bank PLC, Research Division Stephen D'Ambrisi - RBC Capital Markets, Research Division Andrew Kadavy - Wells Fargo Securities, LLC, Research Division Presentation Operator Good day, and thank you for standing by.

MarketBeat·2d ago

Evergy Q3 Earnings Call Highlights

Evergy NASDAQ: EVRG raised its 2026 earnings guidance after warmer-than-normal weather and growing electricity demand helped lift third-quarter adjusted earnings, while the utility outlined further opportunities to serve large customers in Kansas and Missouri.

Zacks Investment Research·2d ago

Evergy's Q3 Earnings and Revenues Beat Estimates, '26 EPS View Raised

EVRG beats Q3 2026 earnings and revenue estimates, fueled by growth in its Kansas Central and Metro businesses, and raises its full-year EPS outlook.

Zacks Investment Research·2d ago

Evergy Inc (EVRG) Q3 Earnings and Revenues Surpass Estimates

Evergy Inc (EVRG) came out with quarterly earnings of $2.58 per share, beating the Zacks Consensus Estimate of $2.3 per share. This compares to earnings of $2.03 per share a year ago.

Filtered for Evergy, Inc.More Headlines

Compare before deciding

Benchmark EVRG against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Evergy, Inc. (EVRG)

Full Screener →

Company	Price	Market Cap	P/E Ratio	Rev Growth (1Y)	Net Margin	ROE	Div Yield
EVRGEvergy, Inc.Current	$87.54	$20.18B	19.49	1.65%	16.7%	10.18%	3%
WECWEC Energy Group, Inc.	$115.87	$37.74B	21.04	13.96%	17.54%	12.45%	3.02%
OGEOGE Energy Corp.	$50.64	$10.46B	18.81	9.21%	16.61%	11.14%	3.33%
OTTROtter Tail Corporation	$78.44	$3.29B	18.77	-1.99%	13.45%	9.33%	2.67%
NWENorthwestern Energy Group Inc	$82.73	$5.09B	31.20	6.38%	9.48%	5.66%	3.18%
AVAAvista Corporation	$40.23	$3.32B	13.65	1.34%	12.75%	8.87%	4.88%

Compare EVRG vs Peers

Evergy, Inc. (EVRG) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs WEC

Most directly comparable listed peer for EVRG.

Scale Benchmark

vs GE

Larger-name benchmark to compare EVRG against a more recognizable public peer.

Peer Set

Compare Top 5

vs WEC, OGE, OTTR, NWE

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

EVRG SEC Filings & Documents

Evergy, Inc. (EVRG) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

Aug 6, 2026·SEC

Material company update

Jul 1, 2026·SEC

Material company update

Jul 1, 2026·SEC

10-K Annual Reports

FY 2026

Feb 19, 2026·SEC

FY 2025

Feb 27, 2025·SEC

FY 2024

Feb 29, 2024·SEC

10-Q Quarterly Reports

FY 2026

Aug 6, 2026·SEC

FY 2026

May 7, 2026·SEC

FY 2025

Nov 6, 2025·SEC

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EVRG Frequently Asked Questions

Evergy, Inc. (EVRG) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

What is Evergy, Inc.'s revenue?

Evergy, Inc. (EVRG) reported $6.37B in revenue over the trailing twelve months. Revenue was $5.92B in fiscal year 2025. That is 189% more than the $2.05B of fiscal year 1996.

How fast is Evergy, Inc. growing?

Evergy, Inc. (EVRG) grew revenue by 9.7% over the trailing twelve months, compared with the twelve months before.

Is EVRG profitable?

Yes. Evergy, Inc. (EVRG) earned $1.06B in net income over the trailing twelve months (a 16.7% net margin).

Dividend & Returns

Does EVRG pay dividends?

Yes. Evergy, Inc. (EVRG) pays a dividend that yields 3.00% at the current price, a moderate yield.

What is EVRG's return on equity?

Evergy, Inc. (EVRG) had a return on equity (ROE) of 10.2% over the trailing twelve months. That is in line with the market's typical 10-15%.

What is Evergy, Inc.'s free cash flow?

Evergy, Inc. (EVRG) had negative free cash flow of $1.55B over the trailing twelve months.

Industry Metrics

Is EVRG's dividend sustainable?

Evergy, Inc. (EVRG) has a dividend payout ratio of 72%. The dividend is reasonably covered.

What if you invested $1,000 in EVRG back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →

Quarter

EPS (Act vs Est)

Revenue (Act vs Est)

Q4 2026Latest

Nov 5, 2026

$2.58+10.7%

vs $2.33

$2.1B+8.7%

vs $1.9B

Q3 2026

Aug 6, 2026

$0.88+8.5%

vs $0.81

$1.5B+10.0%

vs $1.4B

Q2 2026

May 7, 2026

$0.69+13.9%

vs $0.61

$1.4B+13.6%

vs $1.3B

Q1 2026

Feb 19, 2026

$0.42-23.8%

vs $0.55

$1.3B-6.1%

vs $1.4B

Company

Price

Market Cap

P/E Ratio

Rev Growth (1Y)

Net Margin

ROE

Div Yield

EVRGEvergy, Inc.Current

$87.54

$20.18B

19.49

1.65%

16.7%

10.18%

WECWEC Energy Group, Inc.

$115.87

$37.74B

21.04

13.96%

17.54%

12.45%

3.02%

OGEOGE Energy Corp.

$50.64

$10.46B

18.81

9.21%

16.61%

11.14%

3.33%

OTTROtter Tail Corporation

$78.44

$3.29B

18.77

-1.99%

13.45%

9.33%

2.67%

NWENorthwestern Energy Group Inc

$82.73

$5.09B

31.20

6.38%

9.48%

5.66%

3.18%

AVAAvista Corporation

$40.23

$3.32B

13.65

1.34%

12.75%

8.87%

4.88%