Eversource Energy (ES)
Utilities · $25.0B market cap · SEC CIK 0000072741
fundamentals score out of 100
Next reports on Nov 2, 2026, after the close, with analysts expecting $1.05 in earnings per share.
The case for ES
- Earnings per share up 66.2%.
- Pays a 4.6% dividend while you wait.
- Reasonably priced at 17.3× earnings.
- A PEG of 0.26: a P/E of 17.3× is low for EPS growing 66%.
- Moves less than the market (beta 0.67).
The case against
- Burned $45.1M of free cash in FY2025.
- Long-term debt of $26.9B would take 7 years of operating cash flow to repay.
- Current liabilities exceed current assets (ratio 0.80).
- The price trend is weak (36/100): -0.2% over a year, -3.9% over three months, 22% of the way up its 52-week range.
- Net margin of 10% is thinner than 87% of Utilities companies.
- Return on equity of 9% is lower than 89% of Utilities companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Utilities companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 62 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 80 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 38 |
| Momentumhow the price has behaved lately | 36 |
| Stabilityhow violently it moves, what it owes and what it pays you | 58 |
- Each factor except momentum is half fixed thresholds, half rank among the 31 Utilities companies.
Key numbers
| Price / earnings | 17.3× |
|---|---|
| Price / book | 1.65× |
| Price / sales | 1.8× |
| Revenue growth (YoY) | +7.8% |
| EPS growth (YoY) | +66.2% |
| Gross margin | — |
| Operating margin | 18% |
| Net margin | 10% |
| Return on equity | 9% |
| Debt / equity | 1.81× |
| Current ratio | 0.80 |
| Dividend yield | 4.56% |
| Beta | 0.67 |
| 52-week range | $63.45 – $76.57 |
| Position in that range | 22% of the way up |
| 3-month return | -3.9% |
| 1-year return | -0.2% |
Five years of financials, as filed
Pulled from Eversource Energy's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $13.5B | $11.9B | $11.9B | $12.3B | $9.9B |
| Operating income | $3.0B | $2.4B | $2.4B | $2.2B | $2.0B |
| Net income | — | — | -$435M | $1.4B | $1.2B |
| Operating cash flow | $4.1B | $2.2B | $1.6B | $2.4B | $2.0B |
| Capital expenditure | $4.2B | $4.5B | $4.3B | $3.4B | $3.2B |
| Total assets | $63.8B | $59.6B | $55.6B | $53.2B | $48.5B |
| Shareholder equity | $16.2B | $15.0B | $14.2B | $15.5B | $14.6B |
| Cash | $135M | $26.7M | $53.9M | $375M | $66.8M |
| Long-term debt | $26.9B | $25.7B | $23.6B | $19.7B | $17.0B |
| Free cash flow | -$45.1M | -$2.3B | -$2.7B | -$1.0B | -$1.2B |
| Operating margin | 22.1% | 20.2% | 20.1% | 17.9% | 20.2% |
| Net margin | — | — | -3.6% | 11.5% | 12.5% |
| Diluted shares | 371M | 358M | 350M | 347M | 345M |
Share count is up 7.7% over 4 years. Mild issuance.
What Eversource Energy says it does
Please refer to the Glossary of Terms for definitions of defined terms and abbreviations used in this combined Annual Report on Form 10-K. Eversource Energy (Eversource), headquartered in Boston, Massachusetts and Hartford, Connecticut, is a public utility holding company subject to regulation by the Federal Energy Regulatory Commission (FERC) under the Public Utility Holding Company Act of 2005. We are engaged primarily in the energy delivery business through the following wholly-owned utility subsidiaries: • The Connecticut Light and Power Company (CL&P), a regulated electric utility that serves residential, commercial and industrial customers in parts of Connecticut; • NSTAR Electric Company (NSTAR Electric), a regulated electric utility that serves residential, commercial and industrial customers in parts of eastern and western Massachusetts and owns solar power facilities, and its wholly-owned subsidiary Harbor…
Risk factors ES lists in its 10-K
- Regulatory, Legislative and Compliance Risks
- The actions of regulators and legislators could result in outcomes that may adversely affect our earnings and liquidity
- Rate Regulation, Cost Recovery and Affordability
- We are exposed to significant reputational risks, which make us vulnerable to increased regulatory oversight or other sanctions
- Costs of compliance with environmental laws and regulations, including those related to climate change, may increase and have an adverse effect on our business and results of operations
- Other Regulatory and Environmental Matters
- Offshore Wind Contingent Liability and Tax Risk
- Risks Related to the Environment and Catastrophic Events
- The effects of climate change, including severe storms, could cause significant damage to any of our facilities or assets requiring extensive expenditures, the recovery for which is subject to approval by regulators
- Transitional impacts related to climate change may have an adverse effect on our business and results of operations due to costs associated with new technologies, evolving customer expectations and changing workforce needs
- Physical attacks, including acts of war or terrorism, both threatened and actual, could adversely affect our ability to operate our systems and could adversely affect our financial results and liquidity
- Strategic development or investment opportunities in electric transmission, distributed generation, or clean-energy technologies may not be successful, which could have a material adverse effect on our business prospects
- Our transmission and distribution systems may not operate as expected, and could require unplanned expenditures, which could adversely affect our financial position, results of operations, and cash flows
- New technology and alternative energy sources could adversely affect our operations and financial results