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Evergy, Inc. (EVRG)

適正価値
UtilitiesUtilities - Regulated ElectricUnited States

ファンダメンタル

52

株価

$78.42

時価総額

$17.91B

パート1 · 企業の価値

概要

Evergy owns two regulated electric utilities, Evergy Kansas Central and Evergy Metro, that generate and deliver power to homes and businesses across Kansas and parts of Missouri, including the Kansas City area. Like other regulated utilities it does not compete for customers within its territory; instead it builds and maintains power plants and grid infrastructure and asks state regulators to approve the rates it can charge to recover those costs.

収益の仕組み

Customers pay metered rates set through regulatory rate cases, in which Evergy asks state commissions to approve charges that let it recover its costs and earn a set return on capital invested in generation and grid assets. In 2025 Evergy Kansas Central sought roughly $196 million in additional annual retail revenue through such a filing, and new rates from an earlier case added about $128 million during the year — illustrating how earnings growth is tied to the pace and outcome of these regulatory proceedings rather than to selling more electricity.

競争優位性(moat)

規模の経済 · 狭い

Duplicating a power grid and generation fleet to compete for the same customers is not economically realistic, so Evergy operates as a practical monopoly within its service territory. The advantage is narrow rather than wide because state regulators, not the company, decide the prices it can charge and the profit it is allowed to earn.

需要を左右する要因

ディフェンシブ

Electricity is a necessity that households and businesses keep buying regardless of economic conditions, so baseline demand is stable and driven mainly by weather and population trends rather than the business cycle. New large industrial and data-center customers, which Evergy has highlighted as a growth source, add a variable, less predictable layer on top of that stable base.

主なリスク

  • Outcome and timing of rate cases — Earnings growth depends on Kansas and Missouri regulators approving the rate increases Evergy requests to recover its investments; a smaller or delayed approval slows growth directly.
  • Large capital investment program — Funding grid upgrades and new generation requires ongoing debt and equity financing; higher interest rates or construction cost inflation raise the cost of that program and pressure returns.
  • Weather dependence — Unusually mild winters or summers reduce heating and cooling demand and can lower revenue in a given period independent of the underlying customer count.
  • Large-load customers may not materialize as planned — New large industrial and data-center load is a highlighted growth driver, but such projects can be delayed, scaled back or cancelled, leaving planned grid investment ahead of actual demand.

強気材料

Buyers argue that a regulated monopoly with predictable rate-case-driven earnings, now supplemented by new large industrial and data-center customers, offers steady growth largely insulated from the broader economic cycle.

弱気材料

Sellers fear that regulators could approve smaller or slower rate increases than the capital plan assumes, and that some of the large new customers driving the growth narrative fail to materialize at the scale currently projected.

Written by the editors, published on 2026年8月18日

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 2026年9月18日 with claude-haiku-4-5 — shared with all users

P/E: 17.5Score: 61Market cap: $27.52B

The other large regulated electric utility in Missouri, answering to the same Missouri Public Service Commission and courting the same industrial and data-centre loads deciding where to site in the state.

P/E: 20.2Score: 57Market cap: $9.14B

A vertically integrated regulated electric utility next door in Oklahoma that bids into the same Southwest Power Pool marketplace where Evergy sells the power its retail customers do not absorb.

P/E: 17.6Score: 60Market cap: $63.97B

Through Public Service Company of Oklahoma and Southwestern Electric Power, it is an investor-owned member of the same Southwest Power Pool market and bids the same regional generation revenue.

P/E: 19.3Score: 49Market cap: $43.45B

Its Southwestern Public Service arm participates in the same SPP marketplace, and the group competes with Evergy for the regulatory approvals and investor capital that fund grid and generation build-out.

The Empire District Electric Company (Liberty Utilities)Not tracked

Serves electricity in southwest Missouri and southeast Kansas immediately alongside Evergy's territory, under the same two state regulators and inside the same SPP wholesale market.

貸借対照表と流動性

売上高

$5.76B

直近12か月(2026/3/31まで)

純利益

$882M

直近12か月(2026/3/31まで)

フリーキャッシュフロー

$-752M

自己資本合計

$10.22B

負債合計

$23.68B

流動比率

0.45

利払い倍率

2.44

負債/EBITDA

5.74

一株当たり利益(EPS)

売上高と純利益

フリーキャッシュフロー

収益内訳

財務推移表

利益率の推移

負債の推移

負債の重さ

成長率グリッド

成長率 — 売上高

適正価値の推定

規制公益事業適正価値

適正価値

$67.57

現在株価

$78.42

安全マージン

-16.1%

適正価値レンジ

$49.64 - $85.49

使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。

推定方法

アナリストの目標株価:$91.27
ディスカウンテッド・キャッシュフロー(DCF):$53.37
利益倍率(P/E):$70.04
グレアムの成長公式:この種の企業には適用されません
収益力価値(EPV):$27.08
正当化されたP/B:この種の企業には適用されません
配当割引モデル(ゴードン):$50.30
P/FFO(運用から生まれる資金):この種の企業には適用されません
中間サイクル利益:この種の企業には適用されません
売上高倍率:この種の企業には適用されません
アナリスト・コンセンサス:強い買い (13B / 6H / 0S)
直近の決算サプライズ:+4.01%

バリュエーション指標

P/E レシオ

20.86

ROE

8.4%

P/B レシオ

1.78

P/FCF

-

粗利益率

-

ROIC

4.1%

収益性レーダー

価値創造(経済的モート)

ROIC

4.1%

WACC

5.8%

ROIC − WACC

-1.7 pp

ROICが資本コストを下回っています。投資した1ドルごとに企業は価値を破壊しています。

ファンダメンタル分析基準

合格(13)

  • EPS shows upward trend
  • P/B Ratio 1.78
  • Debt/Equity ratio
  • Operating Margin 27.1%
  • Interest Coverage
  • Debt/EBITDA
  • Return on Tangible Assets
  • Low reliance on intangibles
  • ROE 9.1%
  • Revenue Growth 5Y 76.4%
  • Analyst Consensus 68% Buy
  • Earnings Quality (OCF/NI) 2.22
  • Share Dilution 1.4%

不合格(11)

  • EPS CAGR 4.66%
  • Price CAGR 3.36%
  • ROIC 4.1%
  • Positive Free Cash Flow
  • Current Ratio
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • Earnings Surprise avg -5.5%
  • PEG Ratio 3.16
  • Net Margin Trend 15.3% vs 15.3%
  • Piotroski F-Score 3/9

データなし(4)

  • Gross Margin NaN%
  • P/FCF NaN
  • Dividend Payout NaN%
  • CapEx intensity

Piotroski F-スコア

3/9

重大な財務上の懸念

score
criteria

利益の質

2.22

高品質:利益はキャッシュに裏付けられている

株式希薄化

1.4%

株式数は安定している

機関投資家の保有

ガバナンス

経営陣

氏名役職年齢
Mr. David A. Campbell J.D.CEO, President & Chairman of the Board57
Ms. Heather A. Humphrey J.D.Senior VP, General Counsel & Corporate Secretary54
Mr. Charles A. CaisleyExecutive Vice President of Utility Operations & Chief Customer Officer52
Mr. Cleveland O. Reasoner IIISenior VP & Chief Nuclear Officer59
Mr. Matthew B. GummigVP & Chief Accounting Officer39
Mr. Peter Francis FlynnDirector of Investor Relations-
Ms. Katie McDonaldVice President of Public Affairs-
Mr. John T. BridsonSenior Vice President of Generation & Operations Support56
Mr. Darrin R. IvesSenior Vice President of Regulatory & Government Affairs55
Ms. Kara LarsonVP, Chief Ethics Officer and Assistant General Counsel-

監査リスク

7

取締役会リスク

4

報酬リスク

1

株主権利リスク

4

パート2 · 株価と買い時

この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。

書類

  • 年次報告書(10-K)

    事業内容、財務実績、リスクをまとめた年次の概要。

    提出日: 2026-02-19

    書類を見る
  • 四半期報告書(10-Q)

    直近3か月間の業績に関する最新情報。

    提出日: 2026-08-06

    書類を見る
  • 臨時報告書(8-K)

    経営陣の交代や重要な発表など、大きな出来事に関するお知らせ。

    提出日: 2026-09-16

    書類を見る

via SEC EDGAR

業績推移

via SEC EDGAR

Latest News

Recent headlines for EVRG, sourced from Markets Gazette.

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