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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. In the quarter to June 2026, revenue grew 11.0%, EPS grew 474.2%, free cash flow grew 8,715.1% and total debt rose 112.5%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years.

103.75 0.89 +0.87%
Market cap
$21.6B
P/E
27.3×
Fwd P/E
14.9×
Dividend yield
1.80%
F-score
6/9
Altman Z
2.25
Beneish M
−2.52
Dividend safety
72/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K
Share dilution
All filings →

Insider Decisions trades per month

Total sells 635.92
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 1 — 4 — 3 — — 1 1 — 1 —
Insider Ownership 5.02%

Capital & Financial Ratios $m

Market Cap 21,620.00
Revenue 33,125.00
Net Income 849.00
Free Cash Flow 366.00
Net Debt 22,877.00
Current Ratio 0.97 (below 1: weak)
Debt/Equity 4.79 (above 2: weak)
P/E ratio 27.30
Fwd P/E 14.90
P/S ratio 0.66
P/B ratio 5.21
Past 5Y EPS Growth 14.14%
This Y EPS Growth 9.69%
Next Y EPS Growth 24.55% (at or above 15%: strong)
Next Y revenue growth 15.70% (at or above 10%: strong)
Next 5Y EPS Growth 16.67% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.4×, 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 79.24%
10-year low 10-year high
P/S against its own 10 years 47.44%
10-year low 10-year high
P/B against its own 10 years 62.65%
10-year low 10-year high
EV/Sales against its own 10 years 41.95%
10-year low 10-year high
EV/FCF against its own 10 years 95.04%
10-year low 10-year high

Dividends

Payout Ratio 0.49
Annual Dividend Rate 1.87
Annual Dividend Yield 1.80%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 1.90
0.48
0.48
0.48
2025 1.76
0.44
0.44
0.44
0.44
2024 1.63
0.41
0.41
0.41
0.41
2023 1.51
0.38
0.38
0.38
0.38
2022 1.40
0.35
0.35
0.35
0.35
2021 1.30
0.33
0.33
0.33
0.33
2020 1.20
0.30
0.30
0.30
0.30
2019 0.12
0.03
0.03
0.03
0.03
2018 0.12
0.03
0.03
0.03
0.03
2017 0.12
0.03
0.03
0.03
0.03
2016 0.24
0.15
0.03
0.03
0.03
predictions special payouts not included in total or ratios

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%)

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 8.92 12.19 23.75 32.63 19.54 31.94 30.64 30.25 50.23 79.57

Analyst estimates 2026–2028

Powerpack
High 18.32 29.78 43.08 43.66 40.25 46.10 47.82 52.16 103.14 180.54
People
People Employees 8,763 5,940 4,862 4,577 4,104 6,635 6,603 18,131 15,637 16,702
Revenue/emp, $m 1.02 1.53 1.95 2.15 2.22 4.07 4.78 1.59 1.80 1.84
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
Gross margin, % 25.11 24.11 25.01 25.64 28.08 24.11 13.00 8.12 21.44 19.38
EBT (931) (1,389) 467 786 761 2,859 1,663 (213) 1,448 1,134
EBT margin, % (10.44) (15.31) 4.93 8.00 8.37 10.59 5.27 (0.74) 5.15 3.69
Net income (891) (2,337) 268 4,441 510 2,187 1,221 (202) 1,125 864
Depreciation 932 809 632 594 674 1,032 1,038 1,659 1,683 1,717
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
Earnings (2.22) (6.79) 0.88 16.94 2.08 8.93 5.17 (1.12) 5.14 4.09
Cash flow 6.04 5.08 4.53 5.39 7.50 2.01 1.53 (0.97) 11.19 9.81
Capex (0.96) 0.76 3.93 4.11 (0.65) 2.29 (1.12) 6.18 0.05 (5.85)
Free cash flow 5.08 5.84 8.46 9.50 6.85 4.30 0.41 5.21 11.25 3.96
Book value 14.07 6.21 (4.06) 6.33 6.86 14.69 16.22 12.75 12.03 8.62
Shares, m 316 317 304 262 245 245 236 228 206 195
Valuation, ×
Valuation, × P/E 0.00 0.00 47.71 2.35 17.97 4.82 6.31 0.00 17.55 39.42
P/S 0.44 1.01 1.27 1.06 1.01 0.39 0.24 0.41 0.66 1.01
P/B 0.87 4.66 0.00 6.28 5.48 2.93 1.97 5.18 10.17 30.12
EV/Sales 2.13 1.92 1.89 1.62 1.54 0.65 0.42 0.76 1.00 1.38
EV/FCF 11.54 9.43 6.80 6.36 8.29 16.55 171.75 18.85 12.28 57.74
Cash, $m
Cash, $m Operating cash flow 1,908 1,610 1,377 1,413 1,837 493 360 (221) 2,306 1,913
Capex (303) 242 1,195 1,077 (159) 561 (264) 1,409 11 (1,141)
Free cash flow 1,605 1,852 2,572 2,490 1,678 1,054 96 1,188 2,317 772
Balance, $m
Balance, $m Working capital 2,012 1,083 1,202 729 4,113 2,926 3,249 227 151 5,118
Total debt 16,473 9,384 6,521 5,891 8,692 7,970 8,039 10,753 10,808 16,443
Net debt 15,087 8,298 5,908 5,506 4,762 6,860 5,861 10,104 9,635 11,445
Shareholders’ equity 4,446 1,968 (1,234) 1,658 1,680 3,600 3,828 2,906 2,478 1,681
Returns, %
Returns, % ROA (2.21) (7.97) 1.58 38.33 3.72 11.49 4.67 (0.93) 4.23 3.00
ROIC 0.11 (4.51) 13.13 11.25 10.72 19.96 13.02 1.84 12.51 8.79
ROE (14.19) (67.13) 73.02 2,093.40 30.56 82.84 32.88 (8.42) 51.81 55.75
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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 $97.4B 26.4× 20.9× +23.00% (above 0%: growing) −46.82% (below 0%: shrinking) −116.62% (below 0%: shrinking) 46.39% 7.73% Compare
VST Vistra Corp. $51.7B 25.3× 15.3× −5.48% (below 0%: shrinking) −6.10% (below 0%: shrinking) +401.69% (above 0%: growing) 34.60% 13.77% Compare
NRG NRG Energy, Inc. $21.6B 27.3× 14.9× +10.99% (above 0%: growing) n/m +8,715.12% (above 0%: growing) 26.88% 13.05%
TLN Talen Energy Corporation $16.7B — (loss-making) 17.5× +18.57% (above 0%: growing) n/m −176.92% (below 0%: shrinking) 49.40% (9.64%) Compare
OKLO Oklo Inc. $5.6B — (loss-making) — — n/m −632.29% (below 0%: shrinking) 40.41% (6,048.76%) Compare
KEN Kenon Holdings Ltd. $3.3B 22.5× 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 $599.2M 293× 21.4× −1.28% (below 0%: shrinking) n/m −3,158.67% (below 0%: shrinking) 33.82% (12.05%) Compare
DGXX Digi Power X Inc. $284.8M — (loss-making) — (loss-making) −18.28% (below 0%: shrinking) n/m −850.98% (below 0%: shrinking) (83.34%) (153.44%) Compare
Median of peers $5.6B 25.9× 17.5× +8.65% −6.10% −632.29% 34.60% (9.64%)

All 8 Utilities Independent Power Producers stocks →

NRG metrics, ten years each

NRG Energy, Inc. (NRG) key facts

  • Strength: NRG Energy, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $30.7 billion, up 9.18% from fiscal 2024.
  • NRG Energy, Inc. (NRG) is an Utilities Independent Power Producers company in the Utilities sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, NRG traded at $103.75, a market capitalization of $21.6 billion.
  • NRG Energy, Inc. pays an annual dividend of $1.87 per share, a yield of 1.80%, with a payout ratio of 49.3%.
  • Return on equity was 55.8% and debt-to-equity 4.79.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 2.25 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

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