Eversource Energy

ticker: ES step: 01 generated: 2026-05-12 source: quick-research

Eversource Energy (ES) — Business Overview

Business Description

Eversource Energy is New England's largest regulated utility, serving approximately 4.6 million customers across Connecticut, Massachusetts, and New Hampshire. The company operates electric transmission and distribution networks, natural gas distribution, and water services (Aquarion Water Company). Eversource is a pure-play regulated utility following its 2024 divestiture of offshore wind investments.

Revenue Model

Revenue is earned through regulated tariffs set by state public utility commissions (PUCA in CT, DPU in MA, PUC in NH) and FERC (for transmission). Customers pay rates based on allowed return on rate base — a cost-plus regulatory model. Revenue is largely predictable but subject to periodic rate case outcomes that can reset allowed returns. Electric distribution is the largest revenue driver, followed by electric transmission and gas distribution.

Products & Services

• Electric distribution (CT, MA, NH)
• Electric transmission (federally regulated FERC rates)
• Natural gas distribution (CT, MA)
• Water distribution (Aquarion Water, CT)
• Grid modernization and EV infrastructure programs

Customer Base & Go-to-Market

Customers are residential (majority), commercial, and industrial end users in New England. No customer concentration risk — regulated monopoly service territories. Revenue is driven by rate cases and volumetric usage, with weather influencing gas and electric demand seasonally.

Competitive Position

Eversource holds natural monopoly positions in its service territories with no meaningful competition. Competitive positioning is driven by regulatory relationships, capital execution efficiency, and rate case outcomes vs. peers. Following the exit from offshore wind, the company is refocused on its regulated core with a $26.5B capital plan through 2030 to upgrade transmission, grid, and gas infrastructure.

Key Facts

• Founded: 1966 (as Northeast Utilities; rebranded Eversource 2015)
• Headquarters: Springfield, MA / Hartford, CT
• Employees: ~9,800
• Exchange: NYSE
• Sector / Industry: Utilities / Electric & Gas Utilities
• Market Cap: ~$19–22B

ticker: ES step: 04 generated: 2026-05-12 source: quick-research

Eversource Energy (ES) — Financial Snapshot

Income Statement Summary

FY2023 GAAP loss driven by offshore wind investment impairments (Ørsted partnership). Non-GAAP recurring EPS, which excludes impairments, has grown steadily at ~5% annually — consistent with regulated utility growth.

Cash Flow & Balance Sheet (FY2024)

Eversource has a net working capital deficit and significant debt load. FCF is negative — as with most capital-intensive utilities, cash needs are funded through debt issuance and equity. The balance sheet is stretched following years of offshore wind investments.

Key Ratios (approximate)

• P/E (non-GAAP): ~14x | Dividend Yield: ~3.3%
• Rate Base Growth: ~10% CAGR through 2030 (to $49.3B)
• Non-GAAP EPS Growth Target: 5–7% annually
• Long-term Debt / Total Capital: ~65% (elevated)

Growth Profile

Eversource is a pure-play regulated utility recovering from the offshore wind write-downs that depressed FY2023 GAAP earnings. The non-GAAP earnings story (recurring regulated operations) has been stable at ~$4+ EPS with 5–7% annual growth. The $26.5B capital plan through 2029 drives rate base expansion, which underpins the long-term EPS growth trajectory — but requires significant ongoing debt financing.

Forward Estimates

• FY2025 non-GAAP EPS: ~$4.75–$4.90 (reaffirmed guidance range)
• FY2026 non-GAAP EPS: ~$5.10–$5.30 (consensus)
• Rate base target: $49.3B by 2030 (vs. $30.6B in 2024) — ~10% CAGR