# Evergy Inc. (EVRG) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/EVRG/thesis · /stocks/EVRG/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/EVRG/fundamental

## Navigation

- Overview: /stocks/EVRG
- Financials (this page): /stocks/EVRG/financials
- Thesis: /stocks/EVRG/thesis
- Investment Memo: /stocks/EVRG/memo
- Coverage universe: /stocks