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NRG Energy, Inc.

NRG Utilities Utilities Independent Power Producers

NRG Energy, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $30.7 billion, up 9.18% from fiscal 2024.

Revenue
+11.0%
EPS
+474.2%
Free cash flow
+8,715.1%
Total debt
+112.5%

Quarter to June 2026, against a year earlier

81.23 2.02 −2.43%
Market cap
$16.9B
P/E
21.4×
Fwd P/E
11.9×
Dividend yield
2.34%
F-score
6/9
Altman Z
2.25
Beneish M
−2.52
Dividend safety
72/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2022

  • East Segment
  • Texas Segment
  • West/Other
  • West/Other

Every year since 2012 →

Insider Decisions last twelve months

Sold, $m 632.64
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — 4 — 3 — — 1 1 — 1 — —
Insider Ownership 5.02%

Capital & Financial Ratios $m

Size
Market Cap 16,930.00
Revenue ttm 33,125.00
Net income ttm 849.00
Free cash flow ttm 366.00
Net debt Q 22,877.00
Valuation
P/E 21.38
Forward P/E 11.90
Price / sales 0.52
Forward P/S Powerpack
Price / FCF 46.83
Price / book 4.08
Financial health
Current ratio Q 0.97 (below 1: weak)
Debt / equity Q 4.79 (above 2: weak)
Interest coverage Q 3.15
Growth
Revenue growth Q +10.99% (above 0%: growing)
Operating income growth Q −13.93% (below 0%: shrinking)
EPS, this year +8.17%
EPS, next year A +16.72% (at or above 15%: strong)
Revenue, next year A +14.97% (at or above 10%: strong)
EPS, past 5 yrs +14.14%
EPS, next 5 yrs A +15.01% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.2×, against a ten-year median of 1.4×; over the ten years it ranged from 0.4× in 2022 to 3.1× in 2017.
P/E against its own 10 years 65.49%
10-year low 10-year high
P/S against its own 10 years 32.56%
10-year low 10-year high
P/B against its own 10 years 47.41%
10-year low 10-year high
EV/Sales against its own 10 years 37.62%
10-year low 10-year high
EV/FCF against its own 10 years 93.90%
10-year low 10-year high

Dividends raised 7 years running

Yield
2.34%
Annual rate
1.90
Payout ratio
50.3%
Growth, 2018–26
+41.2%/yr
  1. 0.12 ’18
  2. 0.12 ’19 +0
  3. 1.20 ’20 +900
  4. 1.30 ’21 +8
  5. 1.40 ’22 +8
  6. 1.51 ’23 +8
  7. 1.63 ’24 +8
  8. 1.76 ’25 +8
  9. 1.90 ’26 +8
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 649 1,173 4,998 379
Receivables 3,542 3,488 4,065 3,534
Inventory 607 478 461 793
Other 4,303 2,995 2,554 3,629
9,727 8,964 13,147 9,653
2023 2024 2025 Q'26
Payables 2,325 2,513 2,834 2,579
ST’ Debt 620 996 31 1,512
Other 4,103 2,496 2,517 3,287
9,500 8,813 8,029 9,975

Compound Annual Growth %

10y 5y 3y
Sales 9.56% 27.56% (0.88%)
Cash Flow 3.55% 0.81% 74.50%
Earnings 0.00% 9.34% (13.25%)
Book Value (11.07%) 0.01% (23.99%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 1.66 Actual 1.49

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 2.26 2.75 Beat by 0.49
Q4 FY25 1.01 1.03 Beat by 0.02
Q1 FY26 1.78 1.48 Miss by 0.30
Q2 FY26 1.66 1.49 Miss by 0.17
Q3 FY26 3.33 — Reports 9 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.52 2.31 — — —
’25 3.61 (0.62) 0.69 0.26 4.01
’24 2.31 3.37 (3.79) 3.01 4.99
’23 (5.82) 1.25 1.41 2.09 (1.12)
’22 7.17 2.16 0.29 (4.56) 5.17
’21 (0.33) 4.40 6.60 (1.74) 8.93
’20 0.49 1.27 1.02 (0.70) 2.07
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 10,256 7,481 — — —
’25 8,585 6,740 7,635 7,753 30,713
’24 7,429 6,659 7,223 6,819 28,130
’23 7,722 6,348 7,946 6,807 28,823
’22 7,896 7,282 8,510 7,855 31,543
’21 8,091 5,243 6,609 7,046 26,989
’20 2,019 2,238 2,809 2,027 9,093
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (169) 1,117 — — —
’25 855 451 484 123 1,913
’24 267 1,056 31 952 2,306
’23 (1,598) 570 566 241 (221)
’22 1,676 1,513 (1,431) (1,398) 360
’21 (917) 1,294 1,478 (1,362) 493
’20 208 484 694 451 1,837
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (7,241) 7,581 — — —
’25 624 86 230 (175) 772
’24 172 979 401 754 2,317
’23 (1,539) 391 397 1,914 1,188
’22 1,612 1,504 (1,520) (1,519) 96
’21 (783) 1,216 1,402 (780) 1,054
’20 157 430 643 444 1,678
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 28.3% a year for ten years. It grew 5.0% a year over the last ten.

Implied
28.3%
10 years, reported
5.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 8,915 9,074 9,478 9,821 9,093 26,989 31,543 28,823 28,130 30,713 33,125 +14.7% 35,310 36,038 37,411 +6.8%
Gross margin, % 25.11 24.11 25.01 25.64 28.08 24.11 13.00 8.12 21.44 19.38 18.80 (5.7) pt
EBT (931) (1,389) 467 786 761 2,859 1,663 (213) 1,448 1,134 1,048 n/m
EBT margin, % (10.44) (15.31) 4.93 8.00 8.37 10.59 5.27 (0.74) 5.15 3.69 3.16 +14.1 pt
Net income (891) (2,337) 268 4,441 510 2,187 1,221 (202) 1,125 864 849 n/m
Per share, $
Per share, $ Revenue 28.21 28.62 31.18 37.48 37.11 110.16 133.66 126.42 136.55 157.50 156.99 +21.1%
Earnings (2.22) (6.79) 0.88 16.94 2.08 8.93 5.17 (1.12) 5.14 4.09 3.80 n/m
Cash flow 6.04 5.08 4.53 5.39 7.50 2.01 1.53 (0.97) 11.19 9.81 7.37 +5.5%
Capex (0.96) 0.76 3.93 4.11 (0.65) 2.29 (1.12) 6.18 0.05 (5.85) (5.64) +22.3%
Free cash flow 5.08 5.84 8.46 9.50 6.85 4.30 0.41 5.21 11.25 3.96 1.73 (2.7%)
Book value 14.07 6.21 (4.06) 6.33 6.86 14.69 16.22 12.75 12.03 8.62 23.01 (5.3%)
Shares, m 316 317 304 262 245 245 236 228 206 195 202 (5.2%)
Valuation, ×
Valuation, × P/E 0.00 0.00 47.71 2.35 17.97 4.82 6.31 0.00 17.55 39.42 21.38 13.6
P/S 0.44 1.01 1.27 1.06 1.01 0.39 0.24 0.41 0.66 1.01 0.52 0.7
P/B 0.87 4.66 0.00 6.28 5.48 2.93 1.97 5.18 10.17 30.12 4.08 6.8
EV/Sales 2.13 1.92 1.89 1.62 1.54 0.65 0.42 0.76 1.00 1.38 1.21 1.3
EV/FCF 11.54 9.43 6.80 6.36 8.29 16.55 171.75 18.85 12.28 57.74 109.33 32.0
Cash, $m
Cash, $m Operating cash flow 1,908 1,610 1,377 1,413 1,837 493 360 (221) 2,306 1,913 1,555 0.0%
Capex (303) 242 1,195 1,077 (159) 561 (264) 1,409 11 (1,141) (1,189) +15.9%
Free cash flow 1,605 1,852 2,572 2,490 1,678 1,054 96 1,188 2,317 772 366 (7.8%)
Balance, $m
Balance, $m Working capital 2,012 1,083 1,202 729 4,113 2,926 3,249 227 151 5,118 (322) +10.9%
Net debt 15,087 8,298 5,908 5,506 4,762 6,860 5,861 10,104 9,635 11,445 22,877 (3.0%)
Shareholders’ equity 4,446 1,968 (1,234) 1,658 1,680 3,600 3,828 2,906 2,478 1,681 4,855 (10.2%)
Returns, %
Returns, % ROA (2.21) (7.97) 1.58 38.33 3.72 11.49 4.67 (0.93) 4.23 3.00 2.44 +5.2 pt
ROIC 0.11 (4.51) 13.13 11.25 10.72 19.96 13.02 1.84 12.51 8.79 4.54 +8.7 pt
ROE (14.19) (67.13) 73.02 2,093.40 30.56 82.84 32.88 (8.42) 51.81 55.75 26.77 +69.9 pt
People
People Employees 8,763 5,940 4,862 4,577 4,104 6,635 6,603 18,131 15,637 16,702 — +7.4%
Revenue/emp, $m 1.02 1.53 1.95 2.15 2.22 4.07 4.78 1.59 1.80 1.84 — +6.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Business profile

Updated

NRG Energy is a competitive energy and smart-home company. It sells electricity, natural gas, energy-management services and smart-home security and automation to households, businesses, industrial users, data centers, governments and wholesale customers.

Its energy business combines three activities. Customer Operations sells and services energy contracts through multiple brands and channels. Market Operations buys, sells, transports, stores and hedges power and natural gas to meet customer demand and manage price and delivery risk. Plant Operations runs, maintains and develops generation assets that supply part of its customer load and can sell into wholesale markets.

Where the money comes from and where it goes Fiscal 2022

Fiscal 2022: revenue by segment, and margins
East Segment 16,686 52.90%
Texas Segment 10,059 31.89%
West/Other 4,758 15.08%
West/Other 4,706 14.92%
Gross margin 13.00%
Operating margin 6.40%
Pre-tax margin 5.27%

Revenue by segment since 2012

NRG Energy, Inc. vs peers in Utilities Independent Power Producers (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CEG Constellation Energy Corporation $84.9B 23.4× 21.3× +23.00% (above 0%: growing) −46.82% (below 0%: shrinking) −116.62% (below 0%: shrinking) 46.39% 7.73% Compare
VST Vistra Corp. $37.9B 19.0× 14.9× −5.48% (below 0%: shrinking) −6.10% (below 0%: shrinking) +401.69% (above 0%: growing) 34.60% 13.77% Compare
NRG NRG Energy, Inc. $16.9B 21.4× 11.9× +10.99% (above 0%: growing) n/m +8,715.12% (above 0%: growing) 26.88% 13.05%
TLN Talen Energy Corporation $13.8B — (loss-making) 21.5× +63.42% (above 0%: growing) −35.89% (below 0%: shrinking) −38.44% (below 0%: shrinking) 50.26% 19.22% Compare
OKLO Oklo Inc. $3.6B — (loss-making) — — n/m −632.29% (below 0%: shrinking) 40.41% (6,048.76%) Compare
KEN Kenon Holdings Ltd. $3.0B 25.7× 5.7× +93.37% (above 0%: growing) +750.00% (above 0%: growing) −3,783.33% (below 0%: shrinking) 22.16% 15.04% Compare
HNRG Hallador Energy Company $441.3M 234× — (loss-making) −1.28% (below 0%: shrinking) n/m −3,158.67% (below 0%: shrinking) 33.82% (12.05%) Compare
DGXX Digi Power X Inc. $193.9M — (loss-making) — (loss-making) −18.28% (below 0%: shrinking) n/m −850.98% (below 0%: shrinking) (83.34%) (153.44%) Compare
ONEN ONE Nuclear Energy Inc. $183.0M — — — — — — — Compare
Median of peers $3.3B 24.5× 18.1× +10.86% −20.99% −632.29% 34.60% 7.73%

All 9 Utilities Independent Power Producers stocks →

From the latest earnings call

Updated

  • Robert Gaudette said NRG is aligned on principal terms for a 1.2-gigawatt Texas project, while final investment remains subject to negotiations and approvals.
  • Bruce Moore said NRG reaffirmed its 2026 guidance despite lower Texas load and power prices and higher regional supply costs during the first half.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Seaport Research Oct 19, 2026 Target cut Buy 190.00 → 160.00
Jefferies Oct 19, 2026 Target cut — 160.00 → 131.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 94.34%
Held by the ten largest 54.62%
Holder Shares Stake Change
Vanguard 26.84m 12.76% −412.49k
BlackRock 17.66m 8.40% −342.98k
Fidelity (FMR) 16.88m 8.03% −528.62k
Franklin Templeton 13.12m 6.24% +5.34m
State Street 11.23m 5.34% −537.51k
Victory Capital 9.52m 4.53% +2.36m
Geode Capital Management 5.98m 2.84% +8.80k
Invesco 5.28m 2.51% −10.54k
Millennium Management 4.26m 2.02% +2.27m
Morgan Stanley 4.10m 1.95% −573.13k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

NRG Energy, Inc. (NRG) Latest News

5 Nov

Impact 3 · · Trefis

29 Oct

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28 Oct

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Impact 4 · · Barchart
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Impact 4 · · Simply Wall St.

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21 Oct

Impact 3 · · Zacks
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20 Oct

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Impact 3 · · utilitydive.com

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Impact 3 · · Stocktwits

16 Oct

Impact 4 · · Simply Wall St.
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15 Oct

Impact 3 · · Simply Wall St.

14 Oct

Impact 3 · · Zacks
Impact 3 · · Insider Monkey

9 Oct

Impact 3 · · Trefis
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8 Oct

Impact 3 · · Trefis
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5 Oct

Impact 3 · · Trefis

2 Oct

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1 Oct

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27 Sep

Impact 3 · · Simply Wall St.

NRG metrics, ten years each

stockrow.com/NRG · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com