Evergy Inc.

EVRG
Financial Analysis · Updated May 18, 2026 · Coverage 2026-Q2
Latest Q Revenue
$1.4B
Q1 2026 · +5% YoY
TTM ROIC
9.7%
FY2025 · Allowed ROE on regulated rate base equity (regulatory framework) · WACC ~8% · Moat spread +1.7pp

Financial Snapshot

ticker: EVRG step: 04 generated: 2026-05-13 source: quick-research

Evergy, Inc. (EVRG) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue ~$5.2B $5.51B $5.85B +6.2%
Operating Margin ~20% ~19% ~21% +2pp
Net Income $753M $731M $874M +19.5%
EPS (adj. non-GAAP) $3.71 $3.54 $3.81 +7.6%

FY2025: New rates in effect (Missouri West +$105M, Kansas Central +$128M); Q1 2025 EPS beat consensus

Cash Flow & Balance Sheet (FY2024)

Metric Value
Operating Cash Flow ~$1.4B
Free Cash Flow Negative (heavy capex cycle)
Capital Expenditures ~$2.0B
Cash & Equivalents ~$150M
Total Debt ~$9B

Note: Evergy has planned $3.3B in equity issuances to fund the capital program — significant dilution risk that offsets EPS growth from rate base expansion.

Key Ratios (approximate)

  • P/E: ~17x (adj.) | EV/EBITDA: ~11x | Dividend Yield: ~4.0%
  • Adj. EPS CAGR target: 6–8%+ through 2030 (Citi estimate) | Load growth CAGR: ~6%

Growth Profile

Evergy's adj. EPS dipped in 2023 due to rate timing and weather, then recovered sharply in 2024. New rate orders in 2025 ($233M combined) provide a meaningful earnings floor reset. The $21.6B long-term capital plan, 1,900 MW in signed data center ESAs, and a >15 GW economic development pipeline underpin Citi's upgraded 6–8%+ long-term EPS growth view. However, $3.3B in planned equity issuances (~22% of market cap) represent meaningful EPS dilution that investors must model carefully.

Forward Estimates

  • FY2025: Rate revenue increase of ~$233M in effect; load growth ~6% CAGR expected
  • Long-term EPS CAGR: 6–8%+ through 2030 (Citi; raised from prior target)
  • Capital plan: $21.6B long-term; ~$14B through 2028
  • Data center ESAs: ~1,900 MW signed; >15 GW pipeline
  • Planned equity: $3.3B (dilutive; partially offsets rate base EPS growth)
  • Citi price target: $95 (Buy); UBS downgraded on valuation

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $EVRG.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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Markdown: /stocks/evrg/financials/md · → thesis · → memo