Upside case
Bull case
$124+49.7%
EVRG would need investors to value it at roughly 29x earnings — about 10x more generous than today's 19x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewHoldUpdated Jun 18, 2026
Evergy, Inc. (EVRG) 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
18
analysts
7 bullish · 2 bearish · 18 covering EVRG
Strong Buy
0
Buy
7
Hold
9
Sell
2
Strong Sell
0
Consensus Target
$89
+8.4% vs today
Scenario Range
$59 – $124
Model bear to bull value window
Coverage
18
Published analyst ratings
Valuation Context
19.4x
Forward P/E · Market cap $19.0B
EVRG price targets
Three scenarios for where EVRG stock could go
Current
~$83
Confidence
47 / 100
Updated
Jun 18, 2026
Where we are now
Current · $83
Bear
$59
Base
$94
Bull
$124
Market caseClosest to today
Base case
$94+13.6%
At 22x 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
$59-28.4%
If investor confidence fades or macro conditions deteriorate, a 6x multiple contraction could push EVRG down roughly 28% 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.
Evergy, Inc.
EVRG · NASDAQUtilitiesRegulated ElectricDecember year-end
Evergy is a regulated electric utility that generates, transmits, and distributes electricity to approximately 1.6 million customers in Kansas and Missouri. It makes money primarily through regulated rate-based returns on its utility infrastructure — earning revenue from residential, commercial, and industrial customers — with additional income from wholesale power sales. Its key advantage is its regulated monopoly status in its service territories, providing stable cash flows through cost recovery mechanisms approved by state utility commissions.
Market Cap
$19.0B
Revenue TTM
$6.0B
Net Income TTM
$882M
Net Margin
14.7%
EVRG 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
50%Exceptional
12 quarters tracked
Revenue Beat Rate
33%Exceptional
vs consensus estimates
Avg EPS Surprise
-4.8%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 2 of 4Q3 2025
EPS
$0.82/$0.78
Revenue
$1.4B/$1.3B
Q4 2025
EPS
$2.03/$2.08
Revenue
$1.8B/$2.6B
Q1 2026
EPS
$0.42/$0.55
Revenue
$1.3B/$1.4B
Q2 2026
EPS
$0.69/$0.61
Revenue
$1.4B/$1.3B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $0.82/$0.78 | +5.7% | $1.4B/$1.3B | +8.4% |
| Q4 2025 | $2.03/$2.08 | -2.4% | $1.8B/$2.6B | -30.5% |
| Q1 2026 | $0.42/$0.55 | -23.8% | $1.3B/$1.4B | -6.1% |
| Q2 2026 | $0.69/$0.61 | +13.9% | $1.4B/$1.3B | +13.6% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$6.2B
+2.7% YoY
FY2
$6.5B
+4.8% YoY
EPS Outlook
FY1
$3.94
+5.2% YoY
FY2
$4.09
+3.9% YoY
Trailing FCF (TTM)-$1.1B
FCF Margin: -18.3%
Next Earnings
August 6, 2026
Expected EPS
$0.87
Expected Revenue
$1.4B
EVRG beat EPS estimates in 2 of 4 tracked quarters. Mixed delivery makes the upcoming report a key data point for re-rating.
EVRG Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2017
Total disclosed revenue $2.7B
Product Mix
Latest annual revenue by segment or product family
Electric Utility Segment
100.0%
+1.2% 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.
Electric Utility Segment is the largest disclosed segment at 100.0% of FY 2017 revenue, up 1.2% YoY.
EVRG Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Slightly expensive versus peers
Fair value est. $72 — implies -12.4% from today's price.
Premium to Fair Value
12.4%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
EVRG
22.5x
vs
S&P 500
24.4x
8% discount
vs Utilities Trailing P/E
EVRG
22.5x
vs
Utilities
19.0x
+19% premium
vs EVRG 5Y Avg P/E
Today
22.5x
vs
5Y Average
17.9x
+26% premium
Forward PE
19.4x
S&P 500
18.8x
+3%
Utilities
17.4x
+12%
5Y Avg
—
—
Trailing PE
22.5x
S&P 500
24.4x
-8%
Utilities
19.0x
+19%
5Y Avg
17.9x
+26%
PEG Ratio
3.69x
S&P 500
1.66x
+122%
Utilities
1.82x
+102%
5Y Avg
—
—
EV/EBITDA
12.7x
S&P 500
15.2x
-16%
Utilities
11.9x
+7%
5Y Avg
11.3x
+13%
Price/FCF
—
S&P 500
20.7x
—
Utilities
18.6x
—
5Y Avg
—
—
Price/Sales
3.2x
S&P 500
3.1x
+4%
Utilities
2.3x
+38%
5Y Avg
2.6x
+26%
Dividend Yield
3.18%
S&P 500
1.91%
+66%
Utilities
3.10%
+3%
5Y Avg
3.88%
-18%
| Metric | EVRG | S&P 500 | Utilities | 5Y Avg EVRG |
|---|---|---|---|---|
| Forward PE | 19.4x | 18.8x | 17.4x+12% | — |
| Trailing PE | 22.5x | 24.4x | 19.0x+19% | 17.9x+26% |
| PEG Ratio | 3.69x | 1.66x+122% | 1.82x+102% | — |
| EV/EBITDA | 12.7x | 15.2x-16% | 11.9x | 11.3x+13% |
| Price/FCF | — | 20.7x | 18.6x | — |
| Price/Sales | 3.2x | 3.1x | 2.3x+38% | 2.6x+26% |
| Dividend Yield | 3.18% | 1.91% | 3.10% | 3.88% |
EVRG trades above S&P 500 benchmarks on 1 of 5 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 toolEVRG Financial Health
Verdict
Exceptional
EVRG earns 25.4% operating margin on regulated earnings, 3.2% 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
$6.0B
Revenue Growth
TTM vs prior year
+2.4%
Operating Margin
Operating income divided by revenue
25.4%
Net Margin
Net income divided by revenue
14.7%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$3.74
Operating Margin
Operating income over revenue — primary regulated earnings signal
25.4%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
4.5%
ROA
Return on assets, trailing twelve months
2.6%
Cash & Equivalents
Liquid assets on the balance sheet
$25M
Net Debt
Total debt minus cash
$15.4B
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
8.6%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
3.2%
Dividend
3.2%
Buyback
0.0%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$0
Dividend / Share
Annualized trailing dividend per share
$2.62
Payout Ratio
Share of earnings distributed as dividends
71.7%
Shares Outstanding
Current diluted share count
231M
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 pageEVRG 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
Nuclear Power Generation
Evergy is exposed to significant risks associated with operating a nuclear generating unit, particularly due to its indirect ownership of 94% of the Wolf Creek nuclear plant. These industry-specific risks could negatively impact its business and financial results.
High Risk
Regulatory Outcomes
Evergy must obtain regulatory approval to charge higher rates, and adverse regulatory decisions, especially concerning rate settlements or environmental rules, could negatively affect earnings, cash flow, and dividend growth. The company's recent rate settlement in Kansas was based on a return on equity below that awarded in other states.
High Risk
Capital Expenditures and Debt
Increased capital expenditures for infrastructure and new generation assets could lead Evergy to exceed financial limitations. Given the company's significant amount of debt, insufficient rate recovery could cause financial strain.
Medium
Supply Chain Disruptions and Inflation
Disruptions in the global supply chain, tariffs, and inflation can negatively impact Evergy's operations and corporate strategy by affecting the procurement of necessary equipment and materials. This could lead to increased costs and operational delays.
Medium
Weather Events
Evergy's geographic concentration in Tornado Alley exposes it to severe weather events like tornadoes, which can interrupt operations. Such interruptions could have a detrimental effect on service delivery and financial performance.
Medium
Interest Rate Environment
A sustained environment of higher interest rates can make Evergy's dividend yield less attractive, potentially pressuring its stock price. This could lead to decreased investor interest and lower market valuation.
Lower
Employee Retention and Labor Relations
Failure to attract and retain qualified employees, retrain existing staff, or maintain satisfactory collective bargaining agreements could adversely impact Evergy's operations and financial performance. Labor issues may lead to increased operational costs and reduced efficiency.
Lower
Weak Revenue Growth and Cash Flow
Evergy has experienced weak revenue growth and is currently not cash flow generative. This could limit its ability to invest in growth opportunities and meet financial obligations.
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 EVRG 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
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.
Attractive Dividend
Evergy offers a competitive dividend yield, with expectations for annual dividend increases in line with earnings growth. The company has a long history of dividend growth, with a 22-year dividend growth streak, and the dividend payout ratio is considered sustainable.
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.
EVRG 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
$82.50
52W Range Position
85%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$66.19
+24.6% from the low
52-Week High
$85.27
-3.2% from the high
1 Month
+0.66%
3 Month
+1.18%
YTD
+12.9%
1 Year
+23.5%
3Y CAGR
+11.9%
5Y CAGR
+5.7%
10Y CAGR
+4.0%
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.
EVRG vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
19.4x
vs 18.7x median
+4% above peer median
Revenue Growth
+2.7%
vs +4.3% median
-37% below peer median
Net Margin
14.7%
vs 14.0% median
+5% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
EVR EVRG Evergy, Inc. | $19.0B | 19.4x | +2.7% | 14.7% | Hold | +8.4% |
WEC WEC WEC Energy Group, Inc. | $36.5B | 20.0x | +5.2% | 16.2% | Hold | +9.9% |
OGE OGE OGE Energy Corp. | $9.8B | 19.5x | +4.3% | 14.0% | Hold | +0.4% |
OTT OTTR Otter Tail Corporation | $3.7B | 15.4x | +1.2% | 21.3% | Hold | -7.4% |
NWE NWE Northwestern Energy Group Inc | $4.3B | 18.7x | +6.0% | 10.2% | Hold | -5.1% |
AVA AVA Avista Corporation | $3.3B | 15.3x | +3.9% | 10.7% | Hold | -1.9% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
EVRG Dividend and Capital Return
EVRG returns 3.2% total yield, led by a 3.18% dividend, raised 22 consecutive years.
Dividend WatchFCF Unknown
Total Shareholder Yield
3.2%
Dividend + buyback return per year
Buyback Yield
0.0%
Dividend Yield
3.18%
Payout Ratio
71.7%
How EVRG Splits Its Return
Div 3.18%
Dividend 3.18%Buybacks 0.0%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$2.62
Growth Streak
Consecutive years of dividend increases
22Y
3Y Div CAGR
5.0%
5Y Div CAGR
5.6%
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
231M
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $1.39 | — | — | — |
| 2025 | $2.70 | +3.9% | 0.0% | 3.6% |
| 2024 | $2.59 | +4.6% | 0.0% | 4.2% |
| 2023 | $2.48 | +6.4% | 0.0% | 4.7% |
| 2022 | $2.33 | +7.0% | 0.0% | 3.7% |
FAQ
7 questionsEVRG Investor Questions
Common questions answered from live analyst data and company financials.
01Is Evergy, Inc. (EVRG) stock a buy or sell in 2026?
Evergy, Inc. (EVRG) is rated Hold by Wall Street analysts as of 2026. Of 18 analysts covering the stock, 7 rate it Buy or Strong Buy, 9 rate it Hold, and 2 rate it Sell or Strong Sell. The consensus 12-month price target is $89, implying +8.4% from the current price of $83. The bear case scenario is $59 and the bull case is $124.
02What is the EVRG stock price target for 2026?
The Wall Street consensus price target for EVRG is $89 based on 18 analyst estimates. The high-end target is $99 (+20.0% from today), and the low-end target is $82 (-0.6%). The base case model target is $94.
03Is Evergy, Inc. (EVRG) stock overvalued in 2026?
EVRG trades at 19.4x times forward earnings. The stock's valuation is broadly in line with the broader market. Based on current multiples versus the peer group, the relative model signals slightly expensive versus peers. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Evergy, Inc. (EVRG) stock in 2026?
The primary risks for EVRG in 2026 are: (1) Nuclear Power Generation — Evergy is exposed to significant risks associated with operating a nuclear generating unit, particularly due to its indirect ownership of 94% of the Wolf Creek nuclear plant. (2) Regulatory Outcomes — Evergy must obtain regulatory approval to charge higher rates, and adverse regulatory decisions, especially concerning rate settlements or environmental rules, could negatively affect earnings, cash flow, and dividend growth. (3) Capital Expenditures and Debt — Increased capital expenditures for infrastructure and new generation assets could lead Evergy to exceed financial limitations. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Evergy, Inc.'s revenue and earnings forecast?
Analyst consensus estimates EVRG will report consensus revenue of $6.2B (+2.7% year-over-year) and EPS of $3.94 (+5.2% year-over-year) for the upcoming fiscal year. The following year, analysts project $6.5B in revenue.
06When does Evergy, Inc. (EVRG) report its next earnings?
Evergy, Inc. is expected to report its next earnings on approximately 2026-08-06. Consensus expects EPS of $0.87 and revenue of $1.4B. Over recent quarters, EVRG has beaten EPS estimates 50% of the time.
07How much free cash flow does Evergy, Inc. generate?
Evergy, Inc. (EVRG) had a free cash outflow of $1.1B in free cash flow over the trailing twelve months — a free cash flow margin of 18.3%. EVRG returns capital to shareholders through dividends (3.2% yield) and share repurchases ($0 TTM).