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olivLaw · US equity research

Evergy, Inc. EVRG

Electric & Other Services Combined · SIC 4931 · Vertical: Electric & Other Services Combined (SIC 4931)

86.21USD+0.89% · 1 dayClose 04 Nov 2026

Evergy, Inc. is a public utility holding company headquartered in Kansas City, Missouri, serving approximately 1.7 million customers in Kansas and Missouri. The company operates with about 15,800 MW of owned generating capacity and renewable power purchase agreements. For 2026, Evergy reaffirmed adjusted EPS guidance of $4.14 to $4.34 per share and a long-term growth target of 6% to 8%+ through 2030.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Evergy, Inc. (EVRG) stock was 86.21 USD (+0.89% on the day), with market capitalisation 19.9 bn USD, P/E 22.9 on diluted EPS of 3.77 USD over the last 12 months, dividend yield 3.16%, beta 0.12, 52-week range 72.31–88.13 USD. Latest reported quarter (Q1 2026): revenue of 1.4 bn USD (+5.0% YoY), net income of 151.5 m USD (+21.2% YoY), diluted EPS 0.64 USD.

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

Market cap
19.9 bn USD
shares as of 30 Apr 2026
P/E (TTM)
22.9
Diluted EPS TTM 3.77 · TTM to 31 Mar 2026
E/P (TTM)
4.37%
TTM to 31 Mar 2026
Dividend yield
3.16%
DPS 12m 2.73
Beta (2y)
0.12
Volatility (1y) 17%
52-week range
72.3188.13

Price history

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Technical reading

RSI (14)
64.1
strong (55–70)
Bollinger (20, 2)
80.01 – 87.33
in the upper half of the band · %B 0.85 · band width 8.7%
SMA 50 / 200
81.57 / 82.21
mixed trend
MACD (12, 26, 9)
1.40 / 1.17
MACD above 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+9.0%−1.1%+10.1 pp—
3 months+3.8%−0.5%+4.2 pp—
6 months+6.4%+4.4%+2.1 pp—
Year to date+18.9%+12.3%+6.6 pp—
1 year+11.9%+13.5%−1.6 pp+2.6%
3 years+68.3%+76.4%−8.1 pp+33.5%
5 years+32.9%+63.7%−30.8 pp—
Max drawdown (1y)
−11.9%
02 Jul 2026 → 24 Sept 2026
Max drawdown (5y)
−33.8%
20 Apr 2022 → 13 Nov 2023
Compound annual growth (5y)
+5.8%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q1 2026 · 31 Mar 2026

Revenue
1.4 bn USD
+5.0% YoY
Net income
151.5 m USD
+21.2% YoY
Diluted EPS
0.64
+18.5% YoY
net / operating
10.5% / 22.1%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Revenue1.4 bn1.8 bn1.3 bn1.4 bn1.4 bn1.8 bn1.3 bn1.4 bn
Operating income358.1 m627.5 m222.2 m291.6 m343.8 m658.5 m239.0 m318.4 m
Depreciation & amortisation280.1 m282.3 m275.5 m288.1 m288.4 m290.3 m296.1 m305.3 m
Interest expense143.6 m143.9 m142.4 m152.5 m153.8 m152.0 m158.0 m174.5 m
Pre-tax income215.5 m486.6 m74.6 m136.1 m182.6 m502.1 m70.2 m155.6 m
Income tax7.4 m20.0 m-4.7 m9.6 m10.0 m26.0 m-15.7 m3.4 m
Net income207.0 m465.6 m78.2 m125.0 m171.3 m475.0 m84.3 m151.5 m
Diluted EPS0.902.020.34 ≈0.540.742.030.36 ≈0.64
Operating cash flow317.5 m ≈953.3 m ≈395.6 m449.6 m323.9 m ≈937.7 m ≈334.0 m362.5 m
Capex677.5 m ≈526.3 m ≈514.2 m592.8 m627.3 m ≈712.3 m ≈864.5 m851.9 m
Dividends paid147.7 m ≈147.8 m ≈153.5 m153.6 m151.0 m ≈151.1 m ≈157.4 m157.6 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 79 percentile of its own 33-quarter history (min 16.2, median 18.9, max 25.7; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue4.3 bn5.1 bn4.9 bn5.6 bn5.9 bn5.5 bn5.8 bn6.0 bn
Revenue YoY+66.3%+20.4%−4.6%+13.7%+4.9%−6.0%+6.2%+2.0%
Net income535.8 m669.9 m618.3 m879.7 m752.7 m731.3 m873.5 m855.6 m
Net income YoY+65.4%+25.0%−7.7%+42.3%−14.4%−2.8%+19.4%−2.0%
Diluted EPS2.502.792.723.833.273.173.793.66
Diluted EPS YoY+10.1%+11.6%−2.5%+40.8%−14.6%−3.1%+19.6%−3.4%
net %12.5%13.0%12.6%15.7%12.8%13.3%14.9%14.4%
Free cash flow428.1 m538.9 m193.5 m-620.8 m-364.6 m-353.8 m-352.9 m-751.7 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
19.8 m USD
Financial debt
13.4 bn USD
Net debt
13.4 bn USD
Equity
10.3 bn USD
Total assets
33.9 bn USD
Debt / equity
1.31x
Current ratio
0.49x
ROE
8.4%
ROA
2.6%
FCF margin
-12.6%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
5.5 bn
2024
5.8 bn
2025
6.0 bn

SEC (XBRL)· 19 Feb 2026verified

Operating income
2023
1.3 bn
2024
1.5 bn
2025
1.5 bn

SEC (XBRL)· 19 Feb 2026verified

Depreciation & amortisation
2023
1.1 bn
2024
1.1 bn
2025
1.2 bn

SEC (XBRL)· 19 Feb 2026verified

EBITDA
2023
2.4 bn ≈
2024
2.6 bn ≈
2025
2.7 bn ≈

SEC (XBRL)· 19 Feb 2026derived

Interest expense
2023
525.8 m
2024
563.1 m
2025
616.3 m

SEC (XBRL)· 19 Feb 2026verified

Pre-tax income
2023
751.8 m
2024
908.0 m
2025
891.0 m

SEC (XBRL)· 19 Feb 2026verified

Income tax
2023
15.6 m
2024
30.0 m
2025
29.9 m

SEC (XBRL)· 19 Feb 2026verified

Net income
2023
731.3 m
2024
873.5 m
2025
855.6 m

SEC (XBRL)· 19 Feb 2026verified

Diluted EPS
2023
3.17
2024
3.79
2025
3.66

SEC (XBRL)· 19 Feb 2026verified

Weighted average diluted shares
2023
230.5 m
2024
230.6 m
2025
233.6 m

SEC (XBRL)· 19 Feb 2026verified

Dividend per share
2023
2.48
2024
2.60
2025
2.70

SEC (XBRL)· 19 Feb 2026verified

Balance sheet · USD

Cash
2023
27.7 m
2024
22.0 m
2025
19.8 m

SEC (XBRL)· 19 Feb 2026verified

Receivables
2023
256.9 m
2024
245.4 m
2025
214.2 m

SEC (XBRL)· 19 Feb 2026verified

Current assets
2023
1.8 bn
2024
1.8 bn
2025
1.8 bn

SEC (XBRL)· 19 Feb 2026verified

Property, plant & equipment, net
2023
23.7 bn
2024
24.9 bn
2025
26.3 bn

SEC (XBRL)· 19 Feb 2026verified

Goodwill
2023
2.3 bn
2024
2.3 bn
2025
2.3 bn

SEC (XBRL)· 19 Feb 2026verified

Total assets
2023
31.0 bn
2024
32.3 bn
2025
33.9 bn

SEC (XBRL)· 19 Feb 2026verified

Accounts payable
2023
616.9 m
2024
613.8 m
2025
654.3 m

SEC (XBRL)· 19 Feb 2026verified

Short-term debt
2023
800.0 m
2024
651.7 m
2025
367.0 m

SEC (XBRL)· 19 Feb 2026verified

Long-term debt
2023
11.1 bn
2024
11.8 bn
2025
13.0 bn

SEC (XBRL)· 19 Feb 2026verified

Current liabilities
2023
3.5 bn
2024
3.7 bn
2025
3.7 bn

SEC (XBRL)· 19 Feb 2026verified

Equity
2023
9.7 bn
2024
10.0 bn
2025
10.3 bn

SEC (XBRL)· 19 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
2.0 bn
2024
2.0 bn
2025
2.0 bn

SEC (XBRL)· 19 Feb 2026verified

Capex
2023
2.3 bn
2024
2.3 bn
2025
2.8 bn

SEC (XBRL)· 19 Feb 2026verified

Free cash flow
2023
-353.8 m ≈
2024
-352.9 m ≈
2025
-751.7 m ≈

SEC (XBRL)· 19 Feb 2026derived

Investing cash flow
2023
-2.5 bn
2024
-2.3 bn
2025
-2.6 bn

SEC (XBRL)· 19 Feb 2026verified

Financing cash flow
2023
494.0 m
2024
280.3 m
2025
522.0 m

SEC (XBRL)· 19 Feb 2026verified

Dividends paid
2023
569.6 m
2024
596.7 m
2025
613.1 m

SEC (XBRL)· 19 Feb 2026verified

Share repurchases
2023
—
2024
—
2025
—

SEC (XBRL)· 25 Feb 2022verified

Computed indicators

Growth

Revenue growth (YoY)
2.0%
computed by olivLawFY 2025
Revenue CAGR 3Y
0.6%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
3.9%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
4.4%
computed by olivLawFY 2025
Net income growth (YoY)
-2.0%
computed by olivLawFY 2025
Net income CAGR 3Y
4.4%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
6.7%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
-3.4%
computed by olivLawFY 2025
EPS CAGR 3Y
3.8%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
6.1%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
45.4%
computed by olivLawTTM to 31 Mar 2026
EBIT margin
25.9%
computed by olivLawTTM to 31 Mar 2026
Net margin
14.6%
computed by olivLawTTM to 31 Mar 2026
FCF margin
-18.2%
computed by olivLawTTM to 31 Mar 2026

Returns

ROE
8.8%
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
ROA
2.6%
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
ROIC
6.5%
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
ROCE
5.2%
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
Payout ratio (EPS)
72.3%
computed by olivLawTTM to 31 Mar 2026
Payout ratio (FCF)
unavailable
the base of the ratio is not positive

Balance sheet

Net debt
13.5 bn USD
computed by olivLawbalance sheet at 31 Mar 2026
Net debt / EBITDA
4.9x
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
Debt / equity
1.3x
computed by olivLawbalance sheet at 31 Mar 2026
Interest coverage
2.4x
computed by olivLawTTM to 31 Mar 2026

Liquidity

Current ratio
0.4x
computed by olivLawbalance sheet at 31 Mar 2026
Quick ratio
unavailable
input data missing
Cash ratio
0.0x
computed by olivLawbalance sheet at 31 Mar 2026

Cash

Operating cash flow
2.0 bn USD
computed by olivLawTTM to 31 Mar 2026
Capital expenditure
3.1 bn USD
computed by olivLawTTM to 31 Mar 2026
Free cash flow
-1.1 bn USD
computed by olivLawTTM to 31 Mar 2026
FCF conversion
-124.5%
computed by olivLawTTM to 31 Mar 2026
Cash conversion
71.5%
computed by olivLawTTM to 31 Mar 2026

Efficiency

Days sales outstanding
12 days
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
Days payables outstanding
unavailable
input data missing

Market and valuation

Market capitalisation
19.9 bn USD
computed by olivLawbalance sheet at 31 Mar 2026
Enterprise value
33.4 bn USD
computed by olivLawbalance sheet at 31 Mar 2026
Market cap / net income TTM
22.5x
computed by olivLawTTM to 31 Mar 2026
P/E (TTM)
22.9x
computed by olivLawTTM to 31 Mar 2026
Earnings yield
4.4%
computed by olivLawTTM to 31 Mar 2026
P/B
2.0x
computed by olivLawbalance sheet at 31 Mar 2026
P/S
3.3x
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
EV/EBITDA
12.2x
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
EV/EBIT
21.4x
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
EV/Sales
5.5x
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-5.5%
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
Dividend yield
3.2%
computed by olivLawTTM to 31 Mar 2026
Shareholder yield (distributions)
3.1%
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026

3 indicators that do not apply to the sector.

Valuation

olivLaw classification

Neutral profile

Score: 48 / 100

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

Closing price

86.21 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 19.9 bn USD

Key indicators

Market capitalisation
19.9 bn USD
computed by olivLawbalance sheet at 31 Mar 2026
P/E (TTM)
22.9x
computed by olivLawTTM to 31 Mar 2026
P/B
2.0x
computed by olivLawbalance sheet at 31 Mar 2026
EV/EBITDA
12.2x
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
ROE
8.8%
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
Net margin
14.6%
computed by olivLawTTM to 31 Mar 2026
Revenue growth (YoY)
2.0%
computed by olivLawFY 2025
Dividend yield
3.2%
computed by olivLawTTM to 31 Mar 2026

Coverage and freshness

29/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Mar 2026
Latest balance sheet date: 31 Mar 2026
Share count (cover of the latest filing), as of: 30 Apr 2026
Source: SEC (XBRL)published 07 May 2026
verified 1257derived 100

Score by group

  • Balance sheet45
  • Growth33
  • Quality65
  • Returns63
  • Valuation38

Estimated value range

Low
69.02
USD per share
Mid
75.63
USD per share
High
80.58
USD per share
Price: 86.21 USD
The price is above the range
Potential to the central value: -12.3% (value / price − 1)
Margin of safety: -14.0% (1 − price / value)
Agreement between methods: low · 3 methods used · 2 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: 35.45 – 115.29 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)unavailable · the base of the ratio is not positive
  • Dividend discount (DDM)35.45 – 47.67 (Mid 40.66)
  • Peers: EV/EBITDA69.02 – 115.29 (Mid 102.14)
    8 companies used · median multiple 13.5x · quartiles 10.7x – 14.6x
    AEE, CMS, DUK, EXC, LNT, NI, WEC, XEL
  • Peers: P/E71.62 – 80.58 (Mid 75.63)
    10 companies used · median multiple 20.1x · quartiles 19.0x – 21.4x
    AEE, CMS, DUK, ED, EXC, LNT, NI, PEG, WEC, XEL
Multiple comparisons use the SIC vertical: Electric & Other Services Combined (SIC 4931)

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

Neutral profile · Score 48/100

FactorValueScoreWeight used
ROIC · Quality6.5%80 (vs peers)6%
Net margin · Quality14.6%50 (vs peers)6%
Revenue CAGR 3Y · Growth0.6%26 (on a fixed band)6%
EPS CAGR 3Y · Growth3.8%38 (on a fixed band)9%
Net debt / EBITDA · Balance sheet4.9x75 (vs peers)13%
Interest coverage · Balance sheet2.4x27 (on a fixed band)11%
Current ratio · Balance sheet0.4x0 (on a fixed band)4%
P/E (TTM) · Valuation22.9x18 (vs peers)13%
EV/EBITDA · Valuation12.2x63 (vs peers)11%
Dividend yield · Returns3.2%64 (vs peers)15%
Payout ratio (EPS) · Returns72.3%63 (on a fixed band)6%

Score groups

  • Balance sheet45/100 · 3/3 factors with a value
  • Growth33/100 · 2/2 factors with a value
  • Quality65/100 · 2/2 factors with a value
  • Returns63/100 · 2/2 factors with a value
  • Valuation38/100 · 2/2 factors with a value

Memo

Evergy, Inc. (EVRG). Latest full fiscal year: 2025; data up to 2026-03-31.

Figures computed from the financial statements: revenue 6.0 bn USD in 2025; YoY growth 2.0%; net margin 14.6%; ROE 8.8%; net debt/EBITDA 4.9x.

The estimated value range is 69.02–80.58 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 75.63 USD, the price of 86.21 USD leaves a potential of -12.3% (value / price − 1) and a margin of safety of -14.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 48/100, methodological classification: neutral 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

  • ROIC: 6.5%
  • Net debt / EBITDA: 4.9x

What contradicts it

  • Revenue CAGR 3Y: 0.6%
  • Interest coverage: 2.4x
  • Current ratio: 0.4x
  • P/E (TTM): 22.9x
  • The price is above the estimated value range
  • The valuation methods diverge

Versus the vertical median

Electric & Other Services Combined (SIC 4931) · same industry (4-digit SIC) · compared with 11 companies

Only companies with a capitalisation between 2.4 bn and 156.7 bn (within 8× of the company's); 6 of the vertical were left out.

Multiples and returns vs the median

P/E
22.9x
vertical median 19.9x
above median (+15.0%)
EV/EBITDA
12.2x
vertical median 13.5x
below median (−9.9%)
P/S
3.3x
vertical median 2.7x
above median (+20.2%)
P/B
2.0x
vertical median 2.1x
below median (−7.1%)
ROE
8.8%
vertical median 11.3%
below median (−22.2%)
Net margin
14.6%
vertical median 14.2%
at median
EBIT margin
25.9%
vertical median 22.0%
above median (+17.3%)
Revenue YoY
2.0%
vertical median 10.9%
below median (−82.1%)
Net debt/EBITDA
4.9x
vertical median 5.4x
below median (−8.9%)
Dividend yield
3.2%
vertical median 2.9%
above median (+8.7%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
DUKDuke Energy CORP101.0 bn19.89.8%15.8%+5.6%+5% / +40%
XELXcel Energy Inc51.7 bn18.811.4%—+1.2%−2% / +32%
EXCExelon Corporation47.3 bn16.99.8%11.2%+5.3%−2% / +20%
EDConsolidated Edison Inc44.3 bn20.38.7%12.5%+10.9%+20% / +34%
WECWec Energy Group, Inc.38.9 bn21.412.5%17.6%+14.0%+5% / +41%
PEGPublic Service Enterprise Group Incorporated36.5 bn18.211.8%16.0%+18.3%−12% / +17%
PCGPg&E Corp35.9 bn9.69.7%12.3%+2.1%−17% / −22%
AEEAmeren Corp31.3 bn19.912.1%17.9%+15.4%+6% / +46%
CMSCms Energy Corp22.3 bn21.311.3%11.6%+13.6%−6% / +25%
NINiSource Inc.21.7 bn23.110.1%8.2%+23.5%+3% / +77%
EVRGEvergy, Inc.19.9 bn22.98.8%14.6%+2.0%+12% / +68%
LNTAlliant Energy Corp19.1 bn23.111.3%18.6%+9.6%+6% / +46%

1- and 3-year price returns: for EVRG 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
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
49.71
Total return -40% · Per year -40%
88.06
Total return 5% · Per year 5%
132.87
Total return 58% · Per year 58%
3 years
44.52
Total return -41% · Per year -16%
89.08
Total return 13% · Per year 4%
148.12
Total return 84% · Per year 23%
5 years
39.87
Total return -43% · Per year -11%
90.12
Total return 21% · Per year 4%
165.11
Total return 113% · Per year 16%
What moves the 3-year price the most
  • Exit P/E± 22.27
  • Net margin± 15.59
  • Annual revenue growth± 13.30
  • Annual dilution± 1.31

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.

Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 10-Q (05 Nov 2026), 8-K (05 Nov 2026 · results).

In brief

Evergy, Inc. is a public utility holding company headquartered in Kansas City, Missouri, serving approximately 1.7 million customers in Kansas and Missouri 1. The company operates with about 15,800 MW of owned generating capacity and renewable power purchase agreements 1. For 2026, Evergy reaffirmed adjusted EPS guidance of $4.14 to $4.34 per share and a long-term growth target of 6% to 8%+ through 2030 3.

SWOT

Strengths

  • A diversified generation portfolio of coal, wind, nuclear and gas supports reliability 1.
  • A stable regulated environment with franchised service territories and rates approved by local regulators 1.
  • Reaffirmed 2026 EPS guidance and a long-term growth target through 2030 3.

Weaknesses

  • Reliance on coal remains significant in total capacity, exposing the company to environmental pressure 1.
  • The large investment program requires frequent external financing, affecting the cost of capital 1.
  • Regulatory lag can cause cost under-recovery between rate cases 1.

Opportunities

  • Demand from data centers and large customers could expand the invested capital base 12.
  • New gas plants and battery storage could support growth in the regulated asset base 1.
  • If Transource wins competitive transmission projects, the stake could add incremental revenue 1.

Threats

  • Regulators could limit rate increases or reduce allowed returns, affecting profitability 1.
  • Legislative changes in Kansas or Missouri could introduce customer choice and risks to regulated assets 1.
  • If data center demand does not materialize, investment plans could prove oversized 1.

Risks

  • Cost recovery through rateshigh

    Rates are set by regulators and may not cover costs or provide an adequate return on investment 1.

  • Data center demandhigh

    If promised loads from large customers fail to materialize or are delayed, financial plans could be affected 1.

  • Environmental costs and compliancemedium

    Environmental rules are increasingly stringent and could impose added costs or early retirement of assets 1.

  • Access to financingmedium

    Market volatility or a ratings downgrade could raise borrowing costs and limit access to capital 1.

  • Convertible notes dilutionlow

    Dilution from convertible notes weighs on diluted EPS, although the company repurchased part of them in 2026 2.

Investment thesis

What would need to be true (bull case)

  • The company reaffirmed EPS guidance and a long-term growth target, supported by a pipeline of large customers 23.
  • Planned investments in generation and grid could expand the regulated asset base and long-term revenue 1.
  • Recent Missouri and Kansas legislation could facilitate recovery of natural gas investments 1.

What would break the thesis

  • Growth depends on data center demand, which could fall short of expectations 1.
  • Large investments could strain financing and credit ratings, raising the cost of capital 1.
  • Higher rates could meet resistance from customers and regulators in periods of high costs 1.

What to watch

  • MPSC decision on the Evergy Metro rate increase request, with hearing scheduledQ4 2026
  • Announcement of additional electric service agreements with large customers2026
  • Quarterly results and any update to 2026 EPS guidanceQ3 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.

Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 10-Q (05 Nov 2026), 8-K (05 Nov 2026 · results).

The business

Revenue mix is stable: residential accounted for 37% and commercial for 33% of 2025 revenues 1. For planning, Evergy targets about $21.6 billion of capital investment through 2030, including roughly $9.3 billion of new generation, mainly natural gas, renewables and battery storage 1. Data center and large customer demand is a key driver of the plan, but also a source of uncertainty 1.

Recent results were solid: net income attributable to Evergy in the second quarter of 2026 was $215.0 million, with diluted EPS of $0.91 2. The company declared a quarterly dividend of $0.6950 per share and reaffirmed 2026 guidance 3. Evergy said it expects to execute at least one more electric service agreement with a large customer in 2026 3.

Segments

Regulated utility operations

Evergy reports one segment, with resources allocated on a consolidated basis 1. The core activity is distribution and sale of electricity to residential, commercial and industrial customers in Kansas and Missouri 1. Rates are set by the KCC and MPSC 1.

Market context

Evergy operates in regulated, integrated utility markets where it does not compete for retail customers in its franchised areas 1. Competition arises mainly in the wholesale market within the SPP Integrated Marketplace, where units are dispatched for regional cost-effectiveness 1. Demand is seasonal, with about one-third of retail revenues recorded in the third quarter 1.

Trends

  • Data center demandmixed

    Load growth from data centers and large customers supports investment plans and EPS guidance 13. If these loads do not materialize or are not sustained, financial results could be affected 1.

  • Generation fleet modernizationmixed

    A shift toward natural gas and battery storage, combined with coal retirements, could reduce emissions and support reliability 1. However, large investments increase external financing needs and could pressure credit ratings 1.

  • Supportive state legislationtailwind

    Missouri and Kansas laws passed in 2025 expand cost recovery mechanisms for natural gas plants and limit litigation exposure for utilities 1. These could accelerate recovery of investments, though customer rate pressure remains 1.

  • Cost and financing pressureheadwind

    Inflation and rising costs for equipment and labor could lead to under-recovery if regulators do not fully cover them 1. Volatile capital markets or a ratings downgrade could raise financing costs 1.

Competitive position

Evergy does not compete for retail customers in its franchised territories, as Kansas and Missouri operate an integrated, regulated model 1. Real competition is in the SPP wholesale market, where generating units are selected on cost 1. Retail competition would arise only if legislation introduced customer choice 1.

  • AEP Transmission (American Electric Power)AEP

    Partner in Transource and Prairie Wind, holds the majority of Transource and is involved in transmission within the SPP 1.

  • Berkshire Hathaway Energy

    Partner in the Prairie Wind joint venture alongside Evergy Kansas Central and AEP 1.

  • Southwest Power Pool operator

    Regional transmission organization and wholesale market that determines which units run in the region 1.

  • Other SPP wholesale market participants

    Participants in the SPP wholesale market compete for surplus power sales without affecting franchised customers 1.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

  • Current report05 Nov 2026
    Results of operations · Regulation FD disclosure · Other events · Financial statements and exhibits
  • Quarterly report05 Nov 2026
  • Current report16 Sept 2026
    Other events · Financial statements and exhibits
  • Current report24 Aug 2026
    Termination of a material agreement · Other events · Financial statements and exhibits
  • Current report06 Aug 2026
    Results of operations · Regulation FD disclosure · Financial statements and exhibits
  • Quarterly report06 Aug 2026
  • Current report01 Jul 2026
    Other events · Financial statements and exhibits
  • Current report01 Jul 2026
    Material agreement · Termination of a material agreement · Creation of a direct financial obligation · Financial statements and exhibits
  • Current report07 May 2026
    Results of operations · Regulation FD disclosure · Financial statements and exhibits
  • Quarterly report07 May 2026

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Evergy, Inc. · 19 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Evergy, Inc. · 06 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Evergy, Inc. · 06 Aug 2026

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