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Evergy, Inc. (EVRG)

合理估值
UtilitiesUtilities - Regulated ElectricUnited States

基本面

52

价格

$78.42

市值

$17.91B

第一部分 · 这家公司值多少

概览

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.

盈利方式

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.

护城河

规模效应 · 狭窄

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.

需求驱动因素

防御型

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.

主要风险

  • 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.

看多理由

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.

看空理由

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.

资产负债表与流动性

营收

$5.76B

最近12个月(截至2026/3/31)

净利润

$882M

最近12个月(截至2026/3/31)

自由现金流

$-752M

股东权益合计

$10.22B

负债合计

$23.68B

流动比率

0.45

利息覆盖率

2.44

债务/EBITDA

5.74

每股收益

营收与净利润

自由现金流

收入构成

历史财务表

利润率变化

债务变化

债务负担有多重

增长一览表

增长 — 营业收入

公允价值估算

受监管公用事业合理估值

公允价值

$67.57

当前价格

$78.42

安全边际

-16.1%

公允价值区间

$49.64 - $85.49

所用估值方法之间的离散区间,并非经过统计校准的置信区间。

估算方法

分析师目标价:$91.27
现金流折现法(DCF):$53.37
市盈率法(P/E):$70.04
格雷厄姆成长公式:不适用于此类公司
盈利能力价值(EPV):$27.08
合理市净率(P/B):不适用于此类公司
股息折现模型(戈登模型):$50.30
P/FFO(运营资金):不适用于此类公司
周期中段收益:不适用于此类公司
市销率法(P/S):不适用于此类公司
分析师共识:强力买入 (13B / 6H / 0S)
最近财报超预期:+4.01%

估值指标

市盈率(P/E)

20.86

ROE

8.4%

市净率(P/B)

1.78

P/FCF

-

毛利率

-

ROIC

4.1%

盈利能力雷达图

价值创造(经济护城河)

ROIC

4.1%

WACC

5.8%

ROIC − WACC

-1.7 pp

ROIC 低于资本成本:公司每投入一美元都在毁灭价值。

基本面分析标准

通过(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%

未通过(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

不可用(4)

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

Piotroski F-评分

3/9

存在严重财务隐患

score
criteria

盈利质量

2.22

高质量:盈利有现金流支撑

股权稀释

1.4%

股份数量稳定

机构持股

公司治理

管理团队

姓名职位年龄
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-

审计风险

7

董事会风险

4

薪酬风险

1

股东权利风险

4

第二部分 · 价格与买入时机

这一部分不判断公司是否值得拥有:它帮助你在基本面说服你之后,选择何时买入。包含:技术分析、潜力、历史回撤、Gamma 敞口。

文件

  • 年度报告(10-K)

    对公司业务、财务业绩和风险的年度概述。

    提交日期:2026-02-19

    查看文件
  • 季度报告(10-Q)

    最近三个月财务表现的最新情况。

    提交日期:2026-08-06

    查看文件
  • 临时报告(8-K)

    关于重大事件(如管理层变动或重要公告)的通知。

    提交日期:2026-09-16

    查看文件

via SEC EDGAR

损益历史

via SEC EDGAR

Latest News

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