Evergy, Inc. (EVRG)
合理估值基本面
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
Generated on 2026年9月18日 with claude-haiku-4-5 — shared with all users
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.
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.
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.
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.
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
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
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
存在严重财务隐患
盈利质量
高质量:盈利有现金流支撑
股权稀释
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 Board | 57 |
| Ms. Heather A. Humphrey J.D. | Senior VP, General Counsel & Corporate Secretary | 54 |
| Mr. Charles A. Caisley | Executive Vice President of Utility Operations & Chief Customer Officer | 52 |
| Mr. Cleveland O. Reasoner III | Senior VP & Chief Nuclear Officer | 59 |
| Mr. Matthew B. Gummig | VP & Chief Accounting Officer | 39 |
| Mr. Peter Francis Flynn | Director of Investor Relations | - |
| Ms. Katie McDonald | Vice President of Public Affairs | - |
| Mr. John T. Bridson | Senior Vice President of Generation & Operations Support | 56 |
| Mr. Darrin R. Ives | Senior Vice President of Regulatory & Government Affairs | 55 |
| Ms. Kara Larson | VP, 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
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损益历史
via SEC EDGAR
Latest News
Recent headlines for EVRG, sourced from Markets Gazette.