Latest Ratios: P/E Ratio 21.4x · EV/EBITDA 12.4x · ROE 8.4%. (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 | $18.1B | $16.9B | $14.2B | $12.0B | $14.5B | $15.8B | $12.6B | $15.6B | $12.2B | $7.5B | $8.0B |
| Enterprise Value | $33.5B | $32.3B | $28.2B | $25.2B | $26.5B | $26.9B | $22.8B | $25.5B | $20.5B | $11.6B | $12.0B |
| P/E Ratio → | 21.43 | 19.81 | 16.24 | 16.47 | 19.24 | 17.91 | 20.41 | 23.33 | 22.71 | 23.26 | 23.19 |
| P/S Ratio | 3.05 | 2.86 | 2.44 | 2.19 | 2.47 | 2.82 | 2.57 | 3.03 | 2.84 | 2.93 | 3.13 |
| P/B Ratio | 1.78 | 1.65 | 1.42 | 1.24 | 1.53 | 1.70 | 1.45 | 1.83 | 1.22 | 1.95 | 2.09 |
| P/FCF | — | — | — | — | — | — | 65.26 | 68.88 | 28.39 | 50.94 | — |
| P/OCF | 8.84 | 8.28 | 7.16 | 6.08 | 8.04 | 11.65 | 7.20 | 18.98 | 8.11 | 8.25 | 9.76 |
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 | — | 5.46 | 4.85 | 4.59 | 4.52 | 4.81 | 4.64 | 4.96 | 4.80 | 4.51 | 4.70 |
| EV / EBITDA | 12.36 | 11.94 | 10.80 | 10.49 | 11.58 | 11.66 | 10.95 | 12.17 | 11.77 | 10.60 | 11.39 |
| EV / EBIT | 22.46 | 21.36 | 19.20 | 19.69 | 21.92 | 19.68 | 20.72 | 22.27 | 23.34 | 17.79 | 17.03 |
| EV / FCF | — | — | — | — | — | — | 117.85 | 112.67 | 47.93 | 78.48 | — |
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 | 32.3% | 32.3% | 32.6% | 30.4% | 29.1% | 31.1% | 30.7% | 30.1% | 31.6% | 33.4% | 44.3% |
| Operating Margin | 25.2% | 25.2% | 24.8% | 23.0% | 22.3% | 24.3% | 23.3% | 23.0% | 25.3% | 26.9% | 27.0% |
| Net Profit Margin | 14.5% | 14.5% | 15.0% | 13.3% | 12.8% | 15.7% | 12.6% | 13.0% | 12.5% | 12.6% | 13.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.4% | 8.4% | 8.9% | 7.6% | 8.0% | 9.8% | 7.2% | 7.2% | 7.7% | 8.4% | 9.2% |
| ROA | 2.5% | 2.5% | 2.8% | 2.4% | 2.6% | 3.2% | 2.3% | 2.6% | 2.9% | 2.8% | 3.1% |
| ROIC | 4.5% | 4.5% | 4.6% | 4.3% | 4.7% | 5.2% | 4.6% | 4.8% | 6.2% | 6.6% | 6.9% |
| ROCE | 4.9% | 4.9% | 5.2% | 4.7% | 5.1% | 5.4% | 4.7% | 5.1% | 6.5% | 6.5% | 6.8% |
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 | 1.50 | 1.50 | 1.41 | 1.36 | 1.27 | 1.21 | 1.18 | 1.16 | 0.85 | 1.06 | 1.05 |
| Debt / EBITDA | 5.70 | 5.70 | 5.38 | 5.48 | 5.26 | 4.84 | 4.96 | 4.74 | 4.89 | 3.72 | 3.80 |
| Net Debt / Equity | — | 1.50 | 1.41 | 1.35 | 1.27 | 1.21 | 1.17 | 1.16 | 0.84 | 1.05 | 1.05 |
| Net Debt / EBITDA | 5.69 | 5.69 | 5.37 | 5.47 | 5.25 | 4.83 | 4.89 | 4.73 | 4.80 | 3.72 | 3.80 |
| Debt / FCF | — | — | — | — | — | — | 52.59 | 43.79 | 19.54 | 27.54 | — |
| Interest Coverage | 2.46 | 2.46 | 2.61 | 2.43 | 2.99 | 3.67 | 2.87 | 3.07 | 3.14 | 3.81 | 4.38 |
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 | 0.49 | 0.49 | 0.50 | 0.51 | 0.53 | 0.55 | 0.69 | 0.63 | 0.59 | 0.88 | 0.73 |
| Quick Ratio | 0.27 | 0.27 | 0.27 | 0.29 | 0.33 | 0.37 | 0.48 | 0.42 | 0.41 | 0.53 | 0.45 |
| Cash Ratio | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.06 | 0.01 | 0.06 | 0.00 | 0.00 |
| Asset Turnover | — | 0.17 | 0.18 | 0.18 | 0.20 | 0.20 | 0.18 | 0.20 | 0.17 | 0.22 | 0.22 |
| Inventory Turnover | 4.84 | 4.84 | 4.53 | 4.92 | 6.18 | 6.79 | 6.75 | 7.47 | 5.72 | 5.83 | 4.75 |
| 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 | 3.3% | 3.6% | 4.2% | 4.7% | 3.7% | 3.2% | 3.7% | 3.0% | 3.9% | 3.0% | 2.5% |
| Payout Ratio | 71.7% | 71.7% | 68.3% | 77.9% | 71.1% | 56.6% | 75.2% | 69.0% | 88.7% | 68.9% | 59.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.7% | 5.0% | 6.2% | 6.1% | 5.2% | 5.6% | 4.9% | 4.3% | 4.4% | 4.3% | 4.3% |
| FCF Yield | — | — | — | — | — | — | 1.5% | 1.5% | 3.5% | 2.0% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 10.4% | 8.6% | 3.5% | 0.0% |
| Total Shareholder Yield | 3.3% | 3.6% | 4.2% | 4.7% | 3.7% | 3.2% | 3.7% | 13.4% | 12.5% | 6.4% | 2.5% |
| Shares Outstanding | — | $234M | $231M | $231M | $230M | $230M | $228M | $240M | $214M | $143M | $143M |
Includes 30+ ratios · 30 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying EVRG stock.
Evergy, Inc.'s current P/E ratio is 21.4x. The historical average is 19.9x. This places it at the 79th percentile of its historical range.
Evergy, Inc.'s current EV/EBITDA is 12.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.8x.
Evergy, Inc.'s return on equity (ROE) is 8.4%. The historical average is 6.5%.
Based on historical data, Evergy, Inc. is trading at a P/E of 21.4x. This is at the 79th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Evergy, Inc.'s current dividend yield is 3.35% with a payout ratio of 71.7%.
Evergy, Inc. has 32.3% gross margin and 25.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Evergy, Inc.'s Debt/EBITDA ratio is 5.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
KCC regulatory disallowance risk
Metrics are mathematically derived from official filings.
Premium Priced for Growth
Evergy trades at 22.96x trailing earnings and a 3.1% dividend yield, per market data, a premium to peers like OGE and AVA, suggesting investors are pricing in robust rate base growth.
The forward P/E of 19.74 implies expected earnings growth, but the PEG of 3.75 indicates that growth is not cheap. The dividend yield of 3.1% is below the peer average, reflecting a lower payout but also a higher reinvestment rate. This valuation appears to hinge on the successful execution of the capital plan and constructive regulatory outcomes, particularly in Missouri.
Earned ROE Trails Authorized
Quarterly ROE averaged 2.1% in 2026Q2, per financial statements, far below the typical authorized ROE of 9-10%, indicating significant regulatory lag and cost pressures compressing realized returns.
The gap between earned and allowed ROE is stark, with even the best quarter (2025Q3) showing only 4.7% ROE. This suggests that Evergy is not fully recovering its allowed return, possibly due to timing lags in rate cases or disallowed costs. Investors should monitor whether future rate cases in Kansas and Missouri can close this gap, as persistent under-earning could pressure the stock's valuation.
Margins Reflect Fuel Pass-Through
Operating margin of 25.4% in 2026Q2, per reported data, is stable but below the 35.9% peak in 2025Q3, indicating that fuel cost pass-through and seasonal demand drive quarterly volatility.
The operating margin trend shows a clear seasonal pattern, with Q3 peaks and Q4 troughs, typical for a utility with high heating and cooling loads. The net margin of 14.3% in 2026Q2 is consistent with historical levels, suggesting that cost recovery mechanisms are functioning, but the low interest coverage of 2.40x in the same quarter highlights the strain of high fixed costs and debt service. The company's ability to recover fuel costs without regulatory lag is critical to maintaining these margins.
Leverage Creeps Toward Limits
Debt-to-capital rose to 0.62 in 2026Q2, per balance sheet data, from 0.58 a year earlier, approaching the upper bounds of typical regulatory capital structures and pressuring credit metrics.
The FFO/debt ratio of 4.13% in 2026Q2 is weak, indicating that cash flow from operations is thin relative to debt. Interest coverage of 2.40x is also low, suggesting that Evergy is increasingly reliant on external financing to fund its capital program. If the KCC disallows recovery of certain assets, leverage could become a more serious constraint, potentially leading to credit downgrades or equity issuance.
Payout Strained by Earnings Dip
Dividend payout spiked to 186.7% in 2025Q4, per financial statements, as earnings fell, but the 2026Q2 payout of 73.3% suggests a return to more sustainable levels, though coverage remains thin.
The dividend is a key return component for utility investors, and Evergy's payout has been volatile, with Q4 quarters showing payouts above 100% due to seasonal earnings troughs. The cash flow statement shows dividends covered 2.2x by operating cash flow in 2026Q2, which is reassuring, but the low cash balance of $21.8M indicates that the dividend is funded from operations, not cash reserves. Investors should monitor whether the capital plan can generate sufficient cash flow to maintain the dividend without increasing leverage.
Misapplied P/E to Utilities
Comparing Evergy's P/E to industrial companies is misleading, as utilities are bond proxies; instead, investors should focus on the dividend yield relative to Treasuries and the earned ROE versus authorized.
The P/E of 22.96 is elevated relative to the S&P 500, but for utilities, the P/E is anchored to the allowed ROE and interest rates, not growth. A more appropriate metric is the dividend yield spread over the 10-year Treasury, which at 3.1% may be insufficient if rates rise. Additionally, the earned ROE of 2.1% in 2026Q2 is far below the authorized level, indicating that the P/E may be overstating earnings power. Investors should adjust for AFUDC and regulatory assets to get a true picture of cash-generative earnings.