NYSE: ES · Electric Utilities
Eversource Energy
Eversource Energy is a New England utility holding company. Its subsidiaries CL&P (Connecticut), NSTAR Electric (Massachusetts) and PSNH (New Hampshire) deliver electricity to about 3.5 million customers and own regional transmission. NSTAR Gas, EGMA and Yankee Gas deliver natural gas to about 900,000 customers. In 2024 it exited offshore wind by selling its project stakes to Ørsted and GIP, and it completed the sale of its Aquarion water business for about $2.4 billion on June 30, 2026. 2025 revenue was $13.5 billion and net income attributable to common shareholders $1.70 billion ($4.56 per diluted share), after a $284 million offshore wind charge. It plans $26.5 billion of capital spending in 2026–2030.
Last updated
Analysis last edited: October 21, 2026 · Financial data fetched: October 21, 2026 13:40 (SEC EDGAR) · Source 10-K filed: February 17, 2026
Built on10-K FY2025 · filed 2026-02-1710-Q (quarter ended 2026-09-30) · filed 2026-11-06
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 8.8%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 22.1%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +0.2 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 5.2x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 2.42x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 18.0x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.45
Higher than 54% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 62% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 32% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 88% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 83% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-06-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$69.74close on 2026-11-04
Market cap$26.18B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 18.0x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 1.6x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 10.1x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- -0.2%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 4.3%
At FY2025 year-end: 14.8x
Earnings: trailing 12 months to 2026-06-30
At FY2025 year-end: 1.6x
Book value at FY2025 year-end
At FY2025 year-end: 9.9x
EBITDA for FY2025
At FY2025 year-end: -0.2%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Jun 30, 2026.
These figures are behind: a newer quarter was reported on Nov 4, 2026, but SEC's structured data doesn't include it yet. Read the release ↗
- Revenue$2.84B → $2.9B (vs. a year earlier)↑ +2.3%$2.84B → $2.9B (vs. a year earlier)
- Operating margin23.4% → 18.6% (vs. a year earlier)↓ −4.7 pts23.4% → 18.6% (vs. a year earlier)
- Net income$355M → $56M (vs. a year earlier)↓ −84.3%$355M → $56M (vs. a year earlier)
- Diluted EPS$0.96 → $0.14 (vs. a year earlier)↓ −85.4%$0.96 → $0.14 (vs. a year earlier)
- Cash$270M → $1.82B (vs. previous quarter-end)↑ +573.3%$270M → $1.82B (vs. previous quarter-end)
- Long-term debt$29.5B → $29.11B (vs. previous quarter-end)↓ −1.3%$29.5B → $29.11B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Nov 4, 2026.
Management outlook ↑ Raised
Updated recurring EPS guidance to $4.62–$4.70, with an increased midpoint of $4.66. Source sentence
to be in the range of $4.62 per share 1 and $4.70 per share 1 reflecting an increased midpoint of $4.66 per share 1 .
Key changes
After-tax $111.4M charge on the Aquarion sale. Source sentence
after-tax charge of $111.4 million, or $0.30 per share, related to the sale of Aquarion Water Company on June 30, 2026, an after-tax
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- EVERSOURCE ENERGY
- Headquarters
- SPRINGFIELD, MA
- Incorporated in
- Massachusetts
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: ES
- Industry
- Electric Utilities
- CIK
- 72741
Workforce (as of FY2025 year-end)
Employees
10,731
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 42–45 days after quarter end (Feb 12, 2026; Feb 11, 2025; Feb 14, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 30–45 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Nov 4, 2026 (+35 days) | Nov 6, 2026 10-Q (+37 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 30, 2026 (+30 days) | Aug 3, 2026 10-Q (+34 days) |
| Q1 FY2026 | Mar 31, 2026 | May 6, 2026 (+36 days) | May 7, 2026 10-Q (+37 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 12, 2026 (+43 days) | Feb 17, 2026 10-K (+48 days) |
| Q3 FY2025 | Sep 30, 2025 | Nov 4, 2025 (+35 days) | Nov 6, 2025 10-Q (+37 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 31, 2025 (+31 days) | Aug 4, 2025 10-Q (+35 days) |
| Q1 FY2025 | Mar 31, 2025 | May 1, 2025 (+31 days) | May 5, 2025 10-Q (+35 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 11, 2025 (+42 days) | Feb 14, 2025 10-K (+45 days) |
| Q3 FY2024 | Sep 30, 2024 | Nov 4, 2024 (+35 days) | Nov 6, 2024 10-Q (+37 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 31, 2024 (+31 days) | Aug 2, 2024 10-Q (+33 days) |
| Q1 FY2024 | Mar 31, 2024 | May 1, 2024 (+31 days) | May 3, 2024 10-Q (+33 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 14, 2024 (+45 days) | Feb 14, 2024 10-K (+45 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Electric
Electric distribution and transmission
Examples: CL&P (Connecticut), NSTAR Electric (Massachusetts, including Boston), PSNH (New Hampshire)
Natural gas
Natural gas distribution
Examples: NSTAR Gas, EGMA (Massachusetts), Yankee Gas (Connecticut)
From the FY2025 Form 10-K.
U.S. and worldwide share of flagship products/services
The filings reviewed give no market share figure; the utilities serve exclusive franchise territories in Connecticut, Massachusetts and New Hampshire.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-06-30)
07
Recent strategic focusSite analysis
Recent developments.
H1 2026
Net income attributable to common shareholders $660.5M ($1.75 per diluted share) versus $903.5M ($2.45) a year earlier; Q2 included the Aquarion sale charge.
Source: Form 10-Q Q2 2026
Aquarion sale
PURA approved the sale on March 25, 2026, and it closed June 30, 2026 at a total price of about $2.4B. This followed PURA's November 2025 denial of the original application.
Source: Form 10-K FY2025; Form 10-Q Q2 2026
Storm cost decision
On July 29, 2026 PURA approved $869.4M of CL&P's 2018–2023 storm costs, deferred review of $63.3M and denied most carrying costs. CL&P is evaluating legal options.
Source: Form 10-Q Q2 2026
Capex ÷ D&A (FY2025)
1.73x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$4,159M ÷ $2,405M = 1.73x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$1.11B
Latest year: $0
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $2.94B in FY2020 to $4.16B in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$13.55B
As reported in the 10-K
Revenue CAGR (5 years)
+8.8%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($13,547M ÷ $8,904M) ^ (1÷5) − 1 = 8.8%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
22.1%
-0.3pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$2,989M ÷ $13,547M × 100 = 22.1%
ROE (FY2025)
10.9%▲favorable
6-year average: 6.7%
As reported in the 10-K
P/B (FY2025 end)
1.56x
formulafiscal year-end closing price ÷ book value per share
e.g.$67.33 ÷ $43.14 = 1.56x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
9.9x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($25,277M + $28,265M − $135M) ÷ ($2,989M + $2,405M) = 9.9x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +8.8% a year over 5 years (strong growth)
From $8.9B in FY2020 to $13.55B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ―
Operating margin held roughly flat: 22.3% → 22.1%
How much operating profit is left per $100 of revenue. It moved -0.3 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▼
Equity ratio is 25.4% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▼
Free cash flow was positive in 0 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ―
ROE averaged 6.7% over 6 years (latest: 10.9%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- Electric distribution (CL&P, NSTAR Electric, PSNH)
- Electric transmission in New England
- Natural gas distribution (NSTAR Gas, EGMA, Yankee Gas)
06 · what it draws on
Key resources
- 10,731 employees
- Utility plant of about $51B (June 2026)
- Capital spending of $4.2B in 2025
02 · why customers buy
Value propositions
- Electric and gas distribution and electric transmission in Connecticut, Massachusetts and New Hampshire.
04 · how it keeps them
Customer relationships
- Regulated service; performance-based rate plans such as the five-year plan renewed by the Massachusetts DPU.
03 · how it reaches them
Channels
- Its own regulated networks.
01 · who it serves
Customer segments
- About 1.32M (CL&P), 1.62M (NSTAR Electric) and 549,000 (PSNH) electric customers
- About 900,000 natural gas customers in Massachusetts and Connecticut
09 · where money goes
Cost structure
FY2025, share of revenue ($13.55B)
- Other operating costs (incl. cost of goods sold)77.9%
Operating profit left: 22.1% of revenue. Depreciation & amortization (inside the costs above): $2.4B. Capital spending: $4.16B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Electric distribution $10.04B
- Natural gas distribution $2.63B
- Electric transmission $2.28B (2025, before eliminations)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Earns regulated returns on its electric distribution, transmission and gas distribution networks. Rates are set by state regulators (PURA, DPU, NHPUC) and, for transmission, by FERC.
01 what it draws on
Inputs & resources
- 10,731 employees
- Utility plant of about $51B (June 2026)
- Capital spending of $4.2B in 2025
02 what it does
Activities
- Electric distribution (CL&P, NSTAR Electric, PSNH)
- Electric transmission in New England
- Natural gas distribution (NSTAR Gas, EGMA, Yankee Gas)
03 who it serves
Customers
- About 1.32M (CL&P), 1.62M (NSTAR Electric) and 549,000 (PSNH) electric customers
- About 900,000 natural gas customers in Massachusetts and Connecticut
04 how money comes in
How it earns
- Electric distribution $10.04B
- Natural gas distribution $2.63B
- Electric transmission $2.28B (2025, before eliminations)
How the business makes money
- Energy supply costs are passed through to customers without mark-up.
- CL&P must buy output from Millstone and Seabrook under state-approved contracts and resell it into the wholesale market.
- Long-term EPS growth target of 5–7% through 2030 (2026 guidance $4.80–$4.95).
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Eversource is regulated in New England, where state laws set carbon targets.
Regulated prices & reimbursement
Regulated rates
Rates and returns are set through rate cases before state commissions in Connecticut, Massachusetts and New Hampshire, and FERC; revenue depends on what regulators allow.
Supports and constrainsTouches: How it earnsSource: Form 10-K (FY2025)
Environmental rules
State carbon targets
Connecticut targets zero-carbon electricity by 2040 and net-zero emissions by 2050.
Supports and constrainsTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Electric Distribution
10,040 (59%)Natural Gas Distribution
2,635 (16%)Electric Transmission
2,283 (13%)Water Distribution (sold June 2026)
237 (1%)Other
1,733 (10%)
Source: Form 10-K (FY2025) — revenue by segment Segments total $16,927M before $3,380M of eliminations (mainly transmission and service-company revenue from affiliates), leaving consolidated revenue of $13,547M.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Residential, commercial and industrial electric and gas customers in Connecticut, Massachusetts and New Hampshire.
Named by the company
No customer is named.
Suppliers
Power and natural gas suppliers; nuclear plants Millstone and Seabrook under state-mandated contracts.
Named by the company
No supplier is named apart from the Millstone and Seabrook contracts.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The utilities hold exclusive service territories; customers can buy energy supply from competitive suppliers, but delivery stays with Eversource.
Competitors named in the 10-K
No competitor is named in the 10-K.
Peer group the company chose
2026 proxy compensation peer group (20 utilities), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Companies similar to Eversource in size, business model and long-term strategy.
- Alliant Energysite ↗
- Amerensite ↗
- American Electric Powersite ↗
- CenterPoint Energysite ↗
- CMS Energysite ↗
- Consolidated Edisonsite ↗
- Dominion Energysite ↗
- DTE Energysite ↗
- Edison Internationalsite ↗
- Entergysite ↗
- Evergysite ↗
- Exelonsite ↗
- FirstEnergysite ↗
- NiSourcesite ↗
- PG&Esite ↗
- PPLsite ↗
- PSEGsite ↗
- Semprasite ↗
- WEC Energy Groupsite ↗
- Xcel Energysite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 8,904 | 9,863 | 12,289 | 11,911 | 11,901 | 13,547 |
| Operating income | 1,989 | 1,993 | 2,198 | 2,399 | 2,409 | 2,989 |
| Pretax income | 1,559 | 1,572 | 1,866 | -275 | 1,244 | 1,840 |
| Net income (attributable) | 1,213 | 1,228 | 1,412 | -435 | 819 | 1,700 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 10.8% | 24.6% | -3.1% | -0.1% | 13.8% |
| Operating margincalcoperating income ÷ revenue × 100 | 22.3% | 20.2% | 17.9% | 20.1% | 20.2% | 22.1% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 13.6% | 12.5% | 11.5% | -3.6% | 6.9% | 12.5% |
| Balance sheet ($M) | ||||||
| Total assets | 46,100 | 48,492 | 53,231 | 55,612 | 59,595 | 63,787 |
| Total equity | 14,064 | 14,600 | 15,473 | 14,174 | 15,039 | 16,197 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 16,179 | 18,217 | 21,044 | 24,413 | 26,705 | 28,265 |
| Equity ratio | 30.5% | 30.1% | 29.1% | 25.5% | 25.2% | 25.4% |
| ROE | 8.6% | 8.6% | 9.4% | -2.9% | 5.6% | 10.9% |
| Cash flow ($M) | ||||||
| Operating CF | 1,683 | 1,963 | 2,401 | 1,646 | 2,160 | 4,114 |
| Investing CF | -4,129 | -3,447 | -4,130 | -4,871 | -4,536 | -4,306 |
| Financing CF | 2,595 | 1,441 | 2,030 | 2,869 | 2,337 | 312 |
| Free cash flowcalccash flow from operations − capital expenditures | -1,260 | -1,212 | -1,041 | -2,691 | -2,321 | -45 |
| Cash and equivalents | 265 | 67 | 375 | 54 | 27 | 135 |
| Per share & other | ||||||
| EPS ($) | 3.55 | 3.54 | 4.05 | -1.26 | 2.27 | 4.56 |
| BVPS ($) | 41.01 | 42.39 | 44.41 | 40.55 | 41.02 | 43.14 |
| Dividend per share ($) | 2.27 | 2.41 | 2.55 | 2.70 | 2.86 | 3.01 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 63.9% | 68.1% | 63.0% | — | 126.0% | 66.0% |
| P/E (x) | 24.4 | 25.7 | 20.7 | — | 25.3 | 14.8 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 14.5 | 14.9 | 13.0 | 14.3 | 11.4 | 9.9 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 2.11 | 2.15 | 1.89 | 1.52 | 1.40 | 1.56 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-06-30 | $2.9B+2.3% | $541M-18.4% | $56M-84.3% | $0.14 |
| 2026-03-31 | $4.5B+9.4% | $1.08B+16.2% | $609M+10.1% | $1.61 |
| 2025-12-31 † | $3.37B+13.4% | $710M+104.3% | $423M+468.8% | — |
| 2025-09-30 | $3.22B+5.1% | $689M+12.5% | $369M | $0.99 |
| 2025-06-30 | $2.84B | $663M | $355M | $0.96 |
| 2025-03-31 | $4.12B | $926M | $553M | $1.50 |
| 2024-12-31 † | $2.97B | $348M | $74M | — |
| 2024-09-30 | $3.06B | $612M | −$116M | $-0.33 |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
14
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
5.5%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$2,989M × (1 − 20.5%) ÷ $43,103M × 100 = 5.5%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
5.35%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $25.28B ÷ ($25.28B + $28.27B) = 47.2%
e.g.Debt weight: $28.27B ÷ ($25.28B + $28.27B) = 52.8%
e.g.WACC: 7.4% × 47.2% + 4.4% × (1 − 20.5%) × 52.8% = 5.35%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 4.7%–6.2% and ROIC − WACC runs −0.7 to +0.8 points. The sign flips inside this range, so the result depends on the assumptions. This describes the latest year and does not predict future value creation.
WACC 5.35% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.45 (price-derived adjusted beta, but correlation with the market is low (R² 0.01), so reliability is limited)
- Equity risk premium
- 5.5%
- Cost of equity
- 7.43%
- Cost of debt
- 4.40%
- Tax rate
- 20.5% (effective rate, FY2022–FY2025)
- Capital structure (equity : debt)
- 47% : 53%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 5.35%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.45 (price-derived adjusted beta. Raw β 0.17, R² 0.01, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.172 + 0.33 = 0.445
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.45 × 5.5% = 7.4%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
15
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Not enough data for this calculation (FY2025): it needs positive free cash flow, a fiscal year-end P/E, and a positive enterprise value.
16
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.95x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -3.9%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 162%
Most profit comes from core operations.
- ✓
Days sales outstanding: 49 → 47 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$4,114M ÷ $1,700M = 2.42x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$2,989M ÷ $1,840M × 100 = 162%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($1,651M + $1,847M) ÷ 2 ÷ $13,547M × 365 = 47 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
17
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 86.1%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 13.9%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 250 of 416
- Beta (adjusted)
- 0.45
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 60% of covered companies have more
above 1 = swings more than the market
- 324.5M shares reported by 1,122 13F filers ÷ 376.7M shares outstanding on 2026-07-31. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table (percentage computed from the group’s share count ÷ shares outstanding); includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-27 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-31)
18
Strengths & weaknessesSite analysis
Strengths
1. Regulated asset base
Rate-regulated electric, gas and transmission businesses across three New England states.
Evidence: Form 10-K FY2025
2. Simplified portfolio
Exited offshore wind in 2024 and sold Aquarion in June 2026; the roughly $1.7B of net equity proceeds will reduce parent debt.
Evidence: Form 10-Q Q2 2026
Weaknesses
1. High leverage
Interest-bearing debt of $28.3B and an equity ratio of 25% at the end of 2025.
Evidence: SEC EDGAR XBRL
2. Charges from past strategy
Offshore wind losses ($464M in 2024, $284M in 2025), a 2023 net loss and a $111M after-tax charge on the Aquarion sale.
Evidence: Form 10-K FY2025; Form 10-Q Q2 2026
19
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
14.8x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
4.47%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
66%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
-0.2%
(Operating CF − capex) ÷ market cap
1. Regulated growth plan
Targets 5–7% long-term EPS growth on $26.5B of planned capital spending through 2030.
- What has to hold
- Regulators allow recovery and adequate returns.
- The other side
- Recent FERC and PURA decisions went against the company.
Evidence: Form 10-K FY2025
2. Dividend
Dividend per share rose from $2.27 (2020) to $3.01 (2025).
- What has to hold
- Earnings recover as guided.
- The other side
- Equity issuance dilutes shareholders.
Evidence: SEC EDGAR XBRL
2023 shows a net loss from offshore wind impairments.
20
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
0.1x
$135M vs. $1.39B
Interest coverage (operating income ÷ interest expense)
2.4x
$2.99B vs. $1.24B
Free cash flow ÷ dividends paid
-0.0x
−$45M vs. $1.09B (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -3.1% in FY2023 ($12.29B → $11.91B) | Yes, by FY2025 |
| Operating income | No decline in the record | — |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Cost pass-through
Energy supply costs are recovered from customers without mark-up.
Source: Form 10-K FY2025
Debt reduction from sales
About $1.7B of net equity proceeds from the Aquarion sale will reduce parent company debt.
Source: Form 10-Q Q2 2026
21
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Eversource reports no material legal proceedings beyond its 10-K disclosures. The most significant open item is a 2026 FERC order cutting New England transmission returns and requiring refunds back to 2011.
1 open matter
FERC New England transmission ROE complaints
PendingRegulatory proceedingNew England state attorneys general, regulators and consumer advocates v. the New England Transmission Owners (FERC)
Four complaints since 2011 challenged the transmission base ROE. On March 19, 2026 FERC Opinion No. 594 set a replacement base ROE of 9.57% (incentive cap 12.09%) for the first complaint period and prospectively from October 16, 2014, ordered refunds with interest and dismissed the other complaints. Eversource calls the refunds material.
- Amounts
- Regulatory liability for refunds of $62.0M pre-tax at June 30, 2026.
- Next step
- Possible rehearing or appeal.
Source: Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings / contingencies
Company statement: Eversource reports no material legal proceedings or changes beyond those in its 2025 10-K.
Based on Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings / contingencies, reviewed 2026-10-21. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
22
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Law & regulation
Regulatory outcomes
- Company disclosure (summarized from the 10-K)
- Rates depend on state regulators and FERC. In 2026 FERC cut the New England transmission base ROE to 9.57% with refunds, and PURA disallowed part of CL&P's storm costs.
- Company’s stated mitigation
- Rate cases and appeals.
- This site’s assessment
- Impact High / Likelihood High
- 2Disaster
Severe storms
- Company disclosure (summarized from the 10-K)
- Extreme weather damages the network and creates large restoration costs whose recovery requires regulatory approval.
- Company’s stated mitigation
- Storm cost recovery mechanisms, subject to prudence review.
- This site’s assessment
- Impact Med / Likelihood High
- 3Funding & liquidity
Capital needs
- Company disclosure (summarized from the 10-K)
- $26.5B of planned capital spending in 2026–2030 requires debt and equity financing, including an at-the-market equity program.
- Company’s stated mitigation
- Asset-sale proceeds used to reduce debt.
- This site’s assessment
- Impact Med / Likelihood Med
- 4M&A & integration
Offshore wind obligations
- Company disclosure (summarized from the 10-K)
- Eversource still owes post-closing purchase price adjustments to GIP on Revolution Wind, including sharing cost overruns.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
23
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
We are increasingly integrating artificial intelligence (AI) into our operations, and while these technologies offer operational benefits, they also introduce significant risks that could adversely impact our business and results of operations.
We deploy AI tools and models in areas such as weather forecasting, grid planning, asset management, customer service and internal support functions. Read more
This deployment is overseen by an internal governance and oversight committee, which has established policies and procedures and reviews and approves the use of AI throughout the organization. AI systems may produce inaccurate, biased or otherwise unreliable forecasts or recommendations due to flawed algorithms, limited training data or unforeseen conditions which could result in service disruptions, regulatory penalties and reputational harm. Evolving AI regulations may impose new compliance and reporting obligations or restrict usage and stakeholders may raise concerns about transparency, bias, and accountability. Despite implementing a governance framework and policies and controls in place related to AI use, including human oversight…
Customer affordability concerns, driven by volatility in energy supply costs, evolving public policy mandates and inflationary pressures, may limit our ability to recover costs or fund infrastructure upgrades. Read more
Regulators may respond by imposing stricter cost recovery standards, delaying or denying rate increases or cost recovery or requiring alternative funding mechanisms increasing financial uncertainty. Heightened political and public scrutiny of rate-setting processes may also lead to additional compliance obligations or reputational risk. These factors could adversely affect our financial position, results of operations and cash flows.
Regulatory approval is also required for certain dispositions of property and plant, mergers and consolidations and issuances of long-term securities, and construction and operation of facilities. Read more
Failure to obtain required approvals on a timely basis, or at all, could result in increased costs, the postponement or cancellation of planned transactions or projects, changes in financing strategies, and an adverse effect on our financial condition, results of operations, and ability to implement our business strategy.
The FERC has jurisdiction over our transmission cost recovery and our allowed ROEs on transmission investments. Read more
If FERC changes its methodology on developing ROEs or eliminates certain transmission incentives, it could negatively impact our financial position, results of operations and cash flows. From time to time, various matters are pending before FERC relating to transmission rates, incentives, interconnections and transmission planning. Depending on the outcome, any of these matters could materially impact our results of operations and financial
New processes and planning frameworks, including ISO-NE’s Longer-Term Transmission Planning (LTTP) competitive solicitation process and advisory role as asset condition reviewer, introduce uncertainty around project timing, scope and cost recovery. Competitive solicitations for certain transmission projects may require us to compete against non-incumbent developers, rather than relying on traditional cost-of-service recovery. Failure to secure projects through these processes could reduce transmission investment opportunities and associated incentives, adversely affecting our financial position, results of operations and cash flows.
Our electric, natural gas and water utility subsidiaries serve large customer bases and are subject to adverse publicity regarding service safety, reliability and response times to outages, leaks or other interruptions, including those related to storms or climate change. Negative publicity can harm our reputation, influence legislative and regulatory bodies, and result in unfavorable outcomes, such as stricter operational standards, vegetation management requirements, fines, penalties or other sanctions.
We also depend on third-party suppliers for power and natural gas. Read more
Factors such as inflation, tariffs, geopolitical conflicts, rising energy demand, supply costs, and public policy charges contribute to high customer bills in New England. In extreme cases, ISO-NE may require load shed if regional power capacity is insufficient. High customer bills or failure to meet energy needs could reduce customer satisfaction adversely affecting our business, reputation, financial position, results of operations, and cash flows.
No longer in the text (4)
The rates that our electric, natural gas and water companies charge their customers are determined by their state regulatory commissions. Read more
These commissions also regulate the companies' accounting, operations, the issuance of certain securities and certain other matters. The FERC regulates the transmission of electric energy, the sale of electric energy at wholesale, accounting, issuance of certain securities and certain other matters, including reliability standards through the NERC. The regulatory process may be adversely affected by the political, regulatory and economic environment in the states in which we operate.
The federal, state and local political and economic environment currently has, and may in the future have, an adverse effect on regulatory decisions with negative consequences for us. Read more
These regulatory decisions currently, and may in the future, require us to cancel, reduce, or delay planned development activities or other planned capital expenditures or investments or otherwise incur costs that we may not be able to recover through rates. There can be no assurance that regulators will approve the recovery of all costs incurred by our electric, natural gas and water companies, including costs for construction, operation and maintenance, and storm restoration. The inability to recover a significant amount of operating costs in a timely manner or at all could have an adverse effect on our credit ratings, financial position, results of operations, and cash flows. Changes to rates may occur…
We continue to experience challenges related to the regulatory environment in Connecticut with respect to our electric distribution, natural gas, and water businesses. Read more
S&P recently downgraded the credit ratings of Eversource and its regulated utilities as a result of the challenging regulatory environment in Connecticut.
The FERC also has jurisdiction over our transmission rate incentives such as the regional transmission organization (RTO) participation ROE incentive adder, CWIP in rate base incentive and the abandoned plant incentive. Read more
If the FERC changes its policies regarding these incentives, there could be a negative impact on our financial position, results of operations, and cash flows. Additionally, the FERC issued a Supplemental Notice of Proposed Rulemaking (NOPR) on Transmission Incentives that proposes to eliminate the existing RTO ROE incentive adder for utilities that have been participating in an RTO for more than three years. A FERC decision approving this proposal could adversely affect our financial position, results of operations, and cash flows.
4 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 17, 2026 ↗ with the 10-K filed Feb 14, 2025 ↗.
24
What to watch going forwardSite analysis
- CL&P's July 2026 rate case request (about $451M a year, $727M including storm costs).
- Revolution Wind purchase price adjustments, expected to finish in late 2026.
- Effect of the FERC ROE refunds and possible rehearing or appeal.
25
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 21, 2026 · Financial data fetched: October 21, 2026 13:40 (SEC EDGAR) · Source 10-K filed: February 17, 2026
Built on10-K FY2025 · filed 2026-02-17
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Eversource Energy’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.