NRG Energy (NRG)
Utilities · $21.8B market cap · SEC CIK 0001013871
$102.75
▼-0.51% on the day
close of Sep 22, 2026
43
Screens poorly
fundamentals score out of 100
fundamentals score out of 100
Next reports on Nov 4, 2026, with analysts expecting $3.65 in earnings per share.
The case for NRG
- Revenue growing 12.8% year over year.
- Earnings per share up 62.1%.
- Pays a 3.3% dividend while you wait.
- A PEG of 0.41: a P/E of 25.7× is low for EPS growing 62%.
- Has compounded revenue at 27.6% a year over five years.
- Price/sales of 0.7× is lower than 100% of Utilities companies.
The case against
- Down 37.2% over the past year.
- Long-term debt of $16.4B would take 9 years of operating cash flow to repay.
- Net margin of 2.6% leaves very little room for error.
- Growth is slowing: revenue up 12.8% this year against 27.6% a year over five.
- Current liabilities exceed current assets (ratio 0.97).
- Near the bottom of its 52-week range, 46% below the high. Falling prices usually have a reason; find it first.
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 | 58 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 91 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 22 |
| Momentumhow the price has behaved lately | 9 |
| Stabilityhow violently it moves, what it owes and what it pays you | 25 |
- Equity is a sliver of assets, so return on assets stands in for return on equity, and price-to-book and debt-to-equity are left out.
- Each factor except momentum is half fixed thresholds, half rank among the 31 Utilities companies.
Key numbers
| Price / earnings | 25.7× |
|---|---|
| Price / book | n/m (equity a sliver of assets) |
| Price / sales | 0.7× |
| Revenue growth (YoY) | +12.8% |
| EPS growth (YoY) | +62.1% |
| Gross margin | 20% |
| Operating margin | 6% |
| Net margin | 3% |
| Return on assets | 2.5% (ROE not meaningful: equity a sliver of assets) |
| Debt / equity | n/m (equity a sliver of assets) |
| Current ratio | 0.97 |
| Dividend yield | 3.29% |
| Beta | 1.22 |
| 52-week range | $101.33 – $189.96 |
| Position in that range | 2% of the way up |
| 3-month return | -23.5% |
| 1-year return | -37.2% |
Five years of financials, as filed
Pulled from NRG Energy's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $30.3B | $27.7B | $28.3B | $31.5B | $26.8B |
| Operating income | $1.8B | $2.4B | $384M | $2.0B | $3.3B |
| Net income | $864M | $1.1B | -$202M | $1.2B | $2.2B |
| Operating cash flow | $1.9B | $2.3B | -$221M | $360M | $493M |
| Capital expenditure | $1.1B | $472M | $598M | $367M | $269M |
| Total assets | $29.1B | $24.0B | $26.0B | $29.1B | $23.2B |
| Total liabilities | $27.5B | $21.5B | $23.1B | $25.3B | $19.6B |
| Cash | $4.7B | $966M | $541M | $430M | $250M |
| Long-term debt | $16.4B | $9.8B | $10.1B | $8.0B | $8.0B |
| Free cash flow | $766M | $1.8B | -$819M | -$7.0M | $224M |
| Operating margin | 6.1% | 8.7% | 1.4% | 6.4% | 12.5% |
| Net margin | 2.8% | 4.1% | -0.7% | 3.9% | 8.2% |
| Diluted shares | 199M | 212M | 228M | 236M | 245M |
Share count is down 18.8% over 4 years. Buybacks have been shrinking the pie.
Risk factors NRG lists in its 10-K
- Development, Engineering & Construction
- Customer count - Electricity customers
- Customer count - Natural gas customers
- Total Ending retail and Vivint Smart Home
- Net Generation (In thousands of MWh)
- Annual Equivalent Availability Factor
- Annual Equivalent Availability Factor, or EAF
- State and Provincial Energy Regulation
- PUCT’s Actions with Respect to Wholesale Pricing and Market Design —
- Real-time Co-optimization of Energy and Ancillary Services plus Batteries ("RTC+B")
- Capacity Market Litigation and Reforms
- Revisions to PJM Locational Deliverability Area ("LDA") Reliability Requirement
- PJM Base Residual Auction Revisions and Delay —
- PJM’s Reforms to Large Load Additions