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olivLaw · US equity research

NRG NRG

Electric Services · SIC 4911 · Vertical: Electric Services (SIC 4911)

83.25USD−13.52% · 1 dayClose 04 Nov 2026

NRG Energy, Inc. provides electricity, natural gas and smart-home solutions to about 8 million customers in North America. In fiscal 2025 it sold 154 TWh of electricity and 1,857 MMDth of natural gas. After the LSP Portfolio acquisition in January 2026, its generation capacity rose to about 25 GW.

At the close of 04 Nov 2026, NRG (NRG) stock was 83.25 USD (−13.52% on the day), with market capitalisation 17.5 bn USD, P/E 21.6 on diluted EPS of 3.86 USD over the last 12 months, dividend yield 3.74%, beta 1.57, 52-week range 83.25–184.03 USD. Latest reported quarter (Q2 2026): revenue of 7.5 bn USD (+11.0% YoY), net income of 506.0 m USD, diluted EPS 2.31 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
17.5 bn USD
shares as of 31 Jul 2026
P/E (TTM)
21.6
Diluted EPS TTM 3.86 · TTM to 30 Jun 2026
E/P (TTM)
4.64%
TTM to 30 Jun 2026
Dividend yield
3.74%
DPS 12m 3.12
Beta (2y)
1.57
Volatility (1y) 52%
52-week range
83.25184.03

Price history

Loading chart…

Technical reading

RSI (14)
29.9
oversold (≤ 30)
Bollinger (20, 2)
86.85 – 110.41
below the lower band · %B -0.15 · band width 23.9%
SMA 50 / 200
103.27 / 134.39
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-3.50 / -2.85
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−14.0%−1.1%−12.9 pp—
3 months−31.0%−0.5%−30.6 pp—
6 months−44.7%+4.4%−49.1 pp—
Year to date−47.7%+12.3%−60.0 pp—
1 year−50.4%+13.5%−64.0 pp+2.4%
3 years+85.0%+76.4%+8.6 pp+49.5%
5 years+129.5%+63.7%+65.8 pp—
Max drawdown (1y)
−54.8%
24 Feb 2026 → 04 Nov 2026
Max drawdown (5y)
−54.8%
24 Feb 2026 → 04 Nov 2026
Compound annual growth (5y)
+18.1%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
7.5 bn USD
+11.0% YoY
Net income
506.0 m USD
unavailable YoY
Diluted EPS
2.31
unavailable YoY
net / operating
6.8% / 13.0%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue7.2 bn6.8 bn8.6 bn6.7 bn7.6 bn7.8 bn10.3 bn7.5 bn
Cost of revenue7.2 bn4.9 bn6.6 bn5.6 bn6.2 bn6.3 bn8.9 bn5.5 bn
SG&A645.0 m606.0 m549.0 m724.0 m612.0 m717.0 m593.0 m562.0 m
Operating income-812.0 m954.0 m1.1 bn0414.0 m297.0 m328.0 m976.0 m
Depreciation & amortisation352.0 m358.0 m326.0 m344.0 m360.0 m376.0 m432.0 m494.0 m
Interest expense213.0 m123.0 m163.0 m148.0 m187.0 m243.0 m285.0 m310.0 m
Pre-tax income-1.0 bn715.0 m985.0 m-153.0 m238.0 m64.0 m83.0 m663.0 m
Income tax-247.0 m72.0 m235.0 m-49.0 m86.0 m-2.0 m-42.0 m157.0 m
Net income-767.0 m643.0 m750.0 m-104.0 m152.0 m66.0 m125.0 m506.0 m
Diluted EPS-3.793.08 ≈3.61-0.620.690.34 ≈0.522.31
Operating cash flow31.0 m ≈952.0 m855.0 m451.0 m ≈484.0 m ≈123.0 m-169.0 m1.1 bn ≈
Capex114.0 m ≈186.0 m217.0 m378.0 m ≈254.0 m ≈298.0 m317.0 m338.0 m ≈
Dividends paid118.0 m ≈83.0 m121.0 m86.0 m ≈119.0 m ≈85.0 m135.0 m100.0 m ≈
Share repurchases226.0 m ≈619.0 m314.0 m289.0 m ≈355.0 m ≈353.0 m481.0 m450.0 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 67 percentile of its own 27-quarter history (min 1.7, median 10.2, max 156.8; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue9.5 bn9.8 bn9.1 bn27.0 bn31.5 bn28.8 bn28.1 bn30.7 bn
Revenue YoY+4.5%+3.6%−7.4%+196.8%+16.9%−8.6%−2.4%+9.2%
Net income268.0 m4.4 bn510.0 m2.2 bn1.2 bn-202.0 m1.1 bn864.0 m
Net income YoYunavailable+1,556.0%−88.5%+328.8%−44.2%−116.5%unavailable−23.2%
Diluted EPS0.8716.812.078.935.17-1.124.994.01
Diluted EPS YoYunavailable+1,832.2%−87.7%+331.4%−42.1%−121.7%unavailable−19.6%
net %2.8%45.2%5.6%8.1%3.9%-0.7%4.0%2.8%
Free cash flow989.0 m1.2 bn1.6 bn224.0 m-7.0 m-819.0 m1.8 bn766.0 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
4.7 bn USD
Financial debt
16.4 bn USD
Net debt
11.7 bn USD
Equity
1.7 bn USD
Total assets
29.1 bn USD
Debt / equity
9.78x
Current ratio
1.64x
ROE
41.5%
ROA
3.3%
FCF margin
2.5%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
28.8 bn
2024
28.1 bn
2025
30.7 bn

SEC (XBRL)· 24 Feb 2026verified

Cost of revenue
2023
26.5 bn
2024
22.1 bn
2025
24.8 bn

SEC (XBRL)· 24 Feb 2026verified

Gross profit
2023
2.3 bn ≈
2024
6.0 bn ≈
2025
6.0 bn ≈

SEC (XBRL)· 24 Feb 2026derived

Research & development
2023
—
2024
—
2025
—

SEC (XBRL)· 01 Mar 2021verified

SG&A
2023
2.1 bn
2024
2.3 bn
2025
2.6 bn

SEC (XBRL)· 24 Feb 2026verified

Operating income
2023
384.0 m
2024
2.4 bn
2025
1.8 bn

SEC (XBRL)· 24 Feb 2026verified

Depreciation & amortisation
2023
1.3 bn
2024
1.4 bn
2025
1.4 bn

SEC (XBRL)· 24 Feb 2026verified

EBITDA
2023
1.7 bn ≈
2024
3.8 bn ≈
2025
3.3 bn ≈

SEC (XBRL)· 24 Feb 2026derived

Interest expense
2023
667.0 m
2024
651.0 m
2025
741.0 m

SEC (XBRL)· 24 Feb 2026verified

Pre-tax income
2023
-213.0 m
2024
1.4 bn
2025
1.1 bn

SEC (XBRL)· 24 Feb 2026verified

Income tax
2023
-11.0 m
2024
323.0 m
2025
270.0 m

SEC (XBRL)· 24 Feb 2026verified

Net income
2023
-202.0 m
2024
1.1 bn
2025
864.0 m

SEC (XBRL)· 24 Feb 2026verified

Diluted EPS
2023
-1.12
2024
4.99
2025
4.01

SEC (XBRL)· 24 Feb 2026verified

Weighted average diluted shares
2023
228.0 m
2024
212.0 m
2025
199.0 m

SEC (XBRL)· 24 Feb 2026verified

Dividend per share
2023
1.51
2024
1.63
2025
1.76

SEC (XBRL)· 06 May 2026verified

Balance sheet · USD

Cash
2023
541.0 m
2024
966.0 m
2025
4.7 bn

SEC (XBRL)· 24 Feb 2026verified

Receivables
2023
3.5 bn
2024
3.5 bn
2025
4.1 bn

SEC (XBRL)· 24 Feb 2026verified

Inventories
2023
607.0 m
2024
478.0 m
2025
461.0 m

SEC (XBRL)· 24 Feb 2026verified

Current assets
2023
9.7 bn
2024
9.0 bn
2025
13.1 bn

SEC (XBRL)· 24 Feb 2026verified

Goodwill
2023
5.1 bn
2024
5.0 bn
2025
5.0 bn

SEC (XBRL)· 24 Feb 2026verified

Intangibles (excl. goodwill)
2023
3.9 bn
2024
2.9 bn
2025
2.3 bn

SEC (XBRL)· 24 Feb 2026verified

Total assets
2023
26.0 bn
2024
24.0 bn
2025
29.1 bn

SEC (XBRL)· 24 Feb 2026verified

Accounts payable
2023
2.3 bn
2024
2.5 bn
2025
2.8 bn

SEC (XBRL)· 24 Feb 2026verified

Short-term debt
2023
620.0 m
2024
996.0 m
2025
31.0 m

SEC (XBRL)· 06 May 2026verified

Long-term debt
2023
10.1 bn
2024
9.8 bn
2025
16.4 bn

SEC (XBRL)· 06 May 2026verified

Current liabilities
2023
9.5 bn
2024
8.8 bn
2025
8.0 bn

SEC (XBRL)· 24 Feb 2026verified

Total liabilities
2023
23.1 bn
2024
21.5 bn
2025
27.5 bn

SEC (XBRL)· 24 Feb 2026verified

Equity
2023
2.9 bn
2024
2.5 bn
2025
1.7 bn

SEC (XBRL)· 24 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
-221.0 m
2024
2.3 bn
2025
1.9 bn

SEC (XBRL)· 24 Feb 2026verified

Capex
2023
598.0 m
2024
472.0 m
2025
1.1 bn

SEC (XBRL)· 24 Feb 2026verified

Free cash flow
2023
-819.0 m ≈
2024
1.8 bn ≈
2025
766.0 m ≈

SEC (XBRL)· 24 Feb 2026derived

Investing cash flow
2023
-910.0 m
2024
-24.0 m
2025
-1.6 bn

SEC (XBRL)· 24 Feb 2026verified

Financing cash flow
2023
-400.0 m
2024
-1.8 bn
2025
3.5 bn

SEC (XBRL)· 24 Feb 2026verified

Dividends paid
2023
381.0 m
2024
405.0 m
2025
411.0 m

SEC (XBRL)· 24 Feb 2026verified

Share repurchases
2023
1.2 bn
2024
935.0 m
2025
1.3 bn

SEC (XBRL)· 24 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
9.2%
computed by olivLawFY 2025
Revenue CAGR 3Y
-0.9%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
27.6%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
-23.9%
computed by olivLawFY 2025
Net income growth (YoY)
-23.2%
computed by olivLawFY 2025
Net income CAGR 3Y
-10.9%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
11.1%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
-19.6%
computed by olivLawFY 2025
EPS CAGR 3Y
-8.1%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
14.1%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
-58.2%
computed by olivLawFY 2025

Profitability

Gross margin
18.8%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
11.1%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
6.1%
computed by olivLawTTM to 30 Jun 2026
Net margin
2.6%
computed by olivLawTTM to 30 Jun 2026
FCF margin
1.1%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
23.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
2.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
7.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROCE
6.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
80.7%
computed by olivLawTTM to 30 Jun 2026
Payout ratio (FCF)
126.1%
computed by olivLawTTM to 30 Jun 2026

Balance sheet

Net debt
24.7 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
6.7x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Debt / equity
5.1x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
2.0x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
1.0x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
0.9x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
0.0x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
1.6 bn USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
1.2 bn USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
348.0 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
41.0%
computed by olivLawTTM to 30 Jun 2026
Cash conversion
42.3%
computed by olivLawTTM to 30 Jun 2026

Efficiency

Days sales outstanding
38 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
35 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

Market and valuation

Market capitalisation
17.5 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
42.2 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
20.6x
computed by olivLawTTM to 30 Jun 2026
P/E (TTM)
21.6x
computed by olivLawTTM to 30 Jun 2026
Earnings yield
4.6%
computed by olivLawTTM to 30 Jun 2026
P/B
3.6x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
0.5x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
11.5x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBIT
21.0x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/Sales
1.3x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
P/FCF
50.3x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
FCF yield
2.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
3.7%
computed by olivLawTTM to 30 Jun 2026
Shareholder yield (distributions)
11.9%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

3 indicators that do not apply to the sector.

Valuation

olivLaw classification

Unattractive profile

Score: 33 / 100

A scoring methodology on indicators and valuation, not investment advice.

score < 40

Closing price

83.25 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 17.5 bn USD

Key indicators

Market capitalisation
17.5 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
21.6x
computed by olivLawTTM to 30 Jun 2026
P/B
3.6x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
11.5x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROE
23.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
2.6%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
9.2%
computed by olivLawFY 2025
Dividend yield
3.7%
computed by olivLawTTM to 30 Jun 2026

Coverage and freshness

35/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 31 Jul 2026
Source: SEC (XBRL)published 04 Aug 2026
verified 3061derived 228

Score by group

  • Valuation52
  • Returns59
  • Quality29
  • Balance sheet15
  • Growth5

Estimated value range

Low
32.57
USD per share
Mid
50.57
USD per share
High
85.72
USD per share
Price: 83.25 USD
The price is within the range
Potential to the central value: -39.3% (value / price − 1)
Margin of safety: -64.6% (1 − price / value)
Agreement between methods: low · 4 methods used · 3 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 8.76 – 116.58 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)8.76 – 75.43 (Mid 8.76)
    WACC 6.7% · starting FCFF 1.2 bn USD · terminal value share of EV 82%
    The WACC × g sensitivity gives the method's bounds; these are not probabilities.
    Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 19.8%
  • Dividend discount (DDM)23.13 – 31.10 (Mid 26.53)
  • Peers: EV/EBITDA42.01 – 116.58 (Mid 74.61)
    9 companies used · median multiple 11.0x · quartiles 9.1x – 13.4x
    AEP, CEG, CNP, D, EIX, ES, ETR, SO, VST
  • Peers: P/E77.44 – 96.02 (Mid 88.19)
    10 companies used · median multiple 22.8x · quartiles 20.1x – 24.9x
    AEP, CEG, CNP, D, ES, ETR, FE, PPL, SO, VST
Multiple comparisons use the SIC vertical: Electric Services (SIC 4911)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Unattractive profile · Score 33/100

FactorValueScoreWeight used
ROIC · Quality7.7%50 (vs peers)6%
Net margin · Quality2.6%8 (vs peers)6%
Revenue CAGR 3Y · Growth-0.9%11 (on a fixed band)6%
EPS CAGR 3Y · Growth-8.1%0 (on a fixed band)9%
Net debt / EBITDA · Balance sheet6.7x10 (vs peers)13%
Interest coverage · Balance sheet2.0x13 (on a fixed band)11%
Current ratio · Balance sheet1.0x33 (on a fixed band)4%
P/E (TTM) · Valuation21.6x55 (vs peers)13%
EV/EBITDA · Valuation11.5x50 (vs peers)11%
Dividend yield · Returns3.7%64 (vs peers)15%
Payout ratio (EPS) · Returns80.7%49 (on a fixed band)6%

Score groups

  • Balance sheet15/100 · 3/3 factors with a value
  • Growth5/100 · 2/2 factors with a value
  • Quality29/100 · 2/2 factors with a value
  • Returns59/100 · 2/2 factors with a value
  • Valuation52/100 · 2/2 factors with a value

Memo

NRG Energy, Inc (NRG). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 30.7 bn USD in 2025; YoY growth 9.2%; net margin 2.6%; ROE 23.8%; net debt/EBITDA 6.7x.

The estimated value range is 32.57–85.72 USD per share (median of 4 methods, agreement: low); assumptions are illustrative. Against the central value of 50.57 USD, the price of 83.25 USD leaves a potential of -39.3% (value / price − 1) and a margin of safety of -64.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 33/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • Net margin: 2.6%
  • Revenue CAGR 3Y: -0.9%
  • EPS CAGR 3Y: -8.1%
  • Net debt / EBITDA: 6.7x
  • Interest coverage: 2.0x
  • The valuation methods diverge

Versus the vertical median

Electric Services (SIC 4911) · same industry (4-digit SIC) · compared with 12 companies

Only companies with a capitalisation between 2.5 bn and 158.7 bn (within 8× of the company's); 40 of the vertical were left out.

Multiples and returns vs the median

P/E
21.6x
vertical median 21.8x
at median
EV/EBITDA
11.5x
vertical median 12.1x
at median
P/S
0.5x
vertical median 2.9x
below median (−81.6%)
P/B
3.6x
vertical median 2.3x
above median (+58.2%)
ROE
23.8%
vertical median 10.8%
above median (+120.8%)
Net margin
2.6%
vertical median 12.3%
below median (−79.2%)
EBIT margin
6.1%
vertical median 22.8%
below median (−73.4%)
Revenue YoY
9.2%
vertical median 10.2%
below median (−9.7%)
Net debt/EBITDA
6.7x
vertical median 4.7x
above median (+42.4%)
Dividend yield
3.7%
vertical median 3.1%
above median (+21.2%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
SOSouthern Co105.0 bn23.911.3%14.5%+10.6%+2% / +31%
CEGConstellation Energy Corporation87.1 bn24.015.3%11.1%+8.3%−33% / +103%
AEPAmerican Electric Power Company, Inc.70.3 bn19.012.8%16.9%+10.9%+4% / +62%
DDominion Energy, Inc61.3 bn20.610.5%16.9%+14.2%+11% / +54%
ETREntergy Corp51.2 bn28.411.1%13.6%+9.0%+15% / +121%
VSTVistra Operations Company LLC40.4 bn19.943.1%11.6%+3.0%−33% / +240%
FEFirstenergy Corp27.3 bn25.78.4%6.9%+12.0%−1% / +28%
PPLPPL Corp26.9 bn21.88.3%13.1%+6.9%−3% / +37%
CNPCenterpoint Energy Inc26.8 bn25.29.6%11.4%+8.3%+3% / +45%
ESEversource Energy26.5 bn18.29.1%10.4%+13.8%+5% / +19%
EIXEdison International23.7 bn6.520.8%19.6%+9.8%+4% / −8%
NRGNRG Energy, Inc17.5 bn21.623.8%2.6%+9.2%−50% / +85%
TLNTalen Energy Corporation14.2 bn—-16.7%-6.4%+22.0%−17% / +470%

1- and 3-year price returns: for NRG from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
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Base
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Bull
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Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
48.68
Total return -39% · Per year -39%
86.29
Total return 8% · Per year 8%
130.31
Total return 61% · Per year 61%
3 years
42.27
Total return -41% · Per year -16%
84.77
Total return 13% · Per year 4%
141.25
Total return 84% · Per year 23%
5 years
36.70
Total return -43% · Per year -11%
83.28
Total return 19% · Per year 4%
153.12
Total return 109% · Per year 16%
What moves the 3-year price the most
  • Exit P/E± 21.19
  • Net margin± 14.84
  • Annual revenue growth± 12.84
  • Annual dilution± 1.25

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

NRG Energy, Inc. provides electricity, natural gas and smart-home solutions to about 8 million customers in North America. In fiscal 2025 it sold 154 TWh of electricity and 1,857 MMDth of natural gas 1. After the LSP Portfolio acquisition in January 2026, its generation capacity rose to about 25 GW 23.

SWOT

Strengths

  • Retail scale and a large customer base, especially in Texas, give an advantage in integrating sales with owned generation.
  • An expanded generation fleet, reinforced by the LSP acquisition, provides capacity and long-term supply contracts.
  • Vivint Smart Home brings recurring revenue and long-lived customers, strengthening consumer relationships.

Weaknesses

  • Integrating acquired assets adds operational complexity and strains management and systems.
  • Debt and financing costs rose after the acquisition, which reduced adjusted profit in the second quarter of 2026.
  • Results depend on weather and volatile fuel prices, which can affect margins in the short term.

Opportunities

  • Rising data center demand could support long-term generation contracts, including the BYOP model.
  • Texas Energy Fund projects, if completed on schedule, could add new capacity by 2028.
  • Demand response and virtual power plant programs could raise customer value and grid efficiency.

Threats

  • Regulatory pressure on prices and affordability could limit retail rates and contract terms.
  • Volatile gas and power prices could compress margins, especially when customer rates adjust with a lag.
  • Plant operating risks such as outages and failures could create costs that insurance does not fully cover.

Risks

  • LSP integrationhigh

    Integrating the acquired assets could disrupt operations and reduce the expected benefits of the transaction 1.

  • Price volatilityhigh

    Power and gas prices can fluctuate sharply, and the company may not always pass these changes on to customers 1.

  • Uncertain demandmedium

    The expected rise in demand from data centers may not materialize at the forecast pace 1.

  • Plant failuresmedium

    Outages and failures can raise costs and reduce revenue, and insurance may be insufficient 1.

  • Retail regulationmedium

    Maryland price caps and contract limits could weigh on retail revenue while the litigation continues 2.

Investment thesis

What would need to be true (bull case)

  • If the LSP assets are integrated well, the company could gain greater scale, steadier revenue and a reaffirmed 2026 outlook 3.
  • The BYOP model with data center customers could turn demand growth into investment backed by those customers 3.
  • A large smart-home customer base could generate recurring revenue and support long-term retention 3.

What would break the thesis

  • If integrating the acquired assets proves difficult, costs could rise and expected benefits could be delayed 1.
  • Higher debt after the acquisition and lower liquidity could limit financial flexibility in difficult markets 2.
  • Mild winters and higher supply costs could reduce earnings in retail-exposed segments 3.

What to watch

  • LSP integration and Adjusted EBITDA against guidanceQ3 2026
  • Commissioning of the remaining Texas Energy Fund projects2028
  • Trend in liquidity and debt after the LSP acquisitionQ4 2026

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

The strategy aims to link energy with smart-home solutions, maintain a diversified supply model and add capacity for rising demand, including from data centers 12. The company aims to generate recurring cash flow, strengthen earnings and reduce risk and volatility 1.

Segments

Vivint Smart Home

Vivint Smart Home reported Adjusted EBITDA of 301 million USD in the second quarter of 2026, supported by new customer additions and a higher recurring service margin per customer 3.

Market context

Natural gas prices play an important role in setting electricity prices in many NRG regions; the average Henry Hub price was 3.43 USD per MMBtu in 2025, up 51% from 2024 1. Electricity demand could rise significantly from data centers and AI, although forecasts are not assured 1.

Bill affordability and retail market rules are changing, and some states, such as Maryland, have restricted competitive retail sales to residential customers 2.

Trends

  • Data center demandtailwind

    Rising energy demand from data centers could support new generation plans, such as the BYOP project with a hyperscaler in Texas that is still subject to final documentation 3.

  • Volatile gas pricesheadwind

    Swings in gas and power prices could weigh on margins if customer rates adjust slowly 1.

  • Regulation and affordabilitymixed

    Maryland legislation and pressure on bill affordability could limit retail pricing and contracts, although parts of the law are under court review 2.

  • LSP integrationmixed

    Integrating the LSP assets could bring scale and higher revenue, but it also carries operational and integration risk 12.

Competitive position

NRG operates in competitive energy markets where rivals include retail suppliers and wholesale generators, and results depend on pricing pressure and its share in Texas 1.

In smart home, Vivint Smart Home competes with platforms that combine home security and automation; its advantage lies in a large customer base and bundled energy services 1.

  • Texas retail electricity providers

    Competitors in retail electricity sales to residential and commercial customers in Texas.

  • Generation operators in PJM and ERCOT

    Competitors in wholesale markets where NRG sells energy and capacity, with prices shaped by supply and demand.

  • Home security and smart-home platforms

    Competitors to Vivint Smart Home in home security and automation.

  • Regional natural gas suppliers

    Competitors in natural gas sales to customers in the East and West where NRG has a position.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / NRG · 24 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / NRG · 04 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / NRG · 04 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.