NYSE: NRG · Independent Power Producers & Energy Traders
NRG Energy
NRG Energy, based in Houston, sells electricity, natural gas and smart-home services to about 8 million residential customers (6 million retail energy, 2 million Vivint Smart Home) plus commercial, industrial, data center and wholesale customers, backed by its own power plants. It sold 154 TWh of electricity in 2025, calls itself one of the largest competitive energy retailers in the U.S., and says its retail brands have the largest share of competitively served residential electric customers in Texas. 2025 revenue was $30,713 million (East $14,263 million, Texas $11,139 million, West/Other $3,202 million, Vivint Smart Home $2,144 million) and net income $864 million. In January 2026 NRG completed the purchase of LS Power’s LSP Portfolio — 18 gas-fired and dual-fuel plants totaling about 13 GW in nine states plus the CPower demand-response platform — for $6.4 billion in cash, 24.25 million shares and about $3.2 billion of assumed debt, roughly doubling its generation fleet from about 12 GW.
Last updated
Analysis last edited: October 30, 2026 · Financial data fetched: October 30, 2026 14:38 (SEC EDGAR) · Source 10-K filed: February 24, 2026
Built on10-K FY2025 · filed 2026-02-2410-Q (quarter ended 2026-06-30) · filed 2026-08-04Proxy statement (2026)
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.
- 27.6%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 6.0%
- 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.
- 3.7x
- 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.
- 2.21x
- 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.
- 19.6x
- 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.
- 1.30
Higher than 92% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 18% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 29% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 79% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 79% 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$87.32close on 2026-11-04
Market cap$16.62B
- 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
- 19.6x
- 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
- 9.9x
- 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
- 8.8x
- 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
- 4.6%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 2.0%
At FY2025 year-end: 39.7x
Earnings: trailing 12 months to 2026-06-30
At FY2025 year-end: 18.0x
Book value at FY2025 year-end
At FY2025 year-end: 13.0x
EBITDA for FY2025
At FY2025 year-end: 2.5%
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.
- Revenue$6.74B → $7.48B (vs. a year earlier)↑ +11.0%$6.74B → $7.48B (vs. a year earlier)
- Operating margin0.0% → 13.0% (vs. a year earlier)↑ +13.0 pts0.0% → 13.0% (vs. a year earlier)
- Net income−$104M → $506M (vs. a year earlier)↑ $506M−$104M → $506M (vs. a year earlier)
- Diluted EPS$-0.62 → $2.31 (vs. a year earlier)↑ $2.31$-0.62 → $2.31 (vs. a year earlier)
- Cash$178M → $162M (vs. previous quarter-end)↓ −9.0%$178M → $162M (vs. previous quarter-end)
- Long-term debt$23.18B → $23.39B (vs. previous quarter-end)↑ +0.9%$23.18B → $23.39B (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 Aug 4, 2026.
Management outlook → Reaffirmed
Reaffirmed 2026 guidance. Source sentence
NRG is reaffirming its guidance for 2026 as set forth below.
Key changes
Q2 GAAP net income $506M, up $610M. Source sentence
NRG reported GAAP Net Income of $506 million for the second quarter of 2026, an increase of $610 million from the prior year.
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
- NRG ENERGY, INC.
- Headquarters
- HOUSTON, TX
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: NRG
- Industry
- Independent Power Producers & Energy Traders
- CIK
- 1013871
- Website
- https://www.nrg.com/ ↗
- IR page
- https://investors.nrg.com/ ↗
Workforce (as of FY2025 year-end)
Employees
16,702
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
Q3 FY2026
Quarter end: September 2026. In past years, Q3 results were released 33–39 days after quarter end (Nov 6, 2025; Nov 8, 2024; Nov 2, 2023). 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 33–59 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q2 FY2026 | Jun 30, 2026 | Aug 4, 2026 (+35 days) | Aug 4, 2026 10-Q (+35 days) |
| Q1 FY2026 | Mar 31, 2026 | May 6, 2026 (+36 days) | May 6, 2026 10-Q (+36 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 24, 2026 (+55 days) | Feb 24, 2026 10-K (+55 days) |
| Q3 FY2025 | Sep 30, 2025 | Nov 6, 2025 (+37 days) | Nov 6, 2025 10-Q (+37 days) |
| Q2 FY2025 | Jun 30, 2025 | Aug 6, 2025 (+37 days) | Aug 6, 2025 10-Q (+37 days) |
| Q1 FY2025 | Mar 31, 2025 | May 12, 2025 (+42 days) | May 12, 2025 10-Q (+42 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 26, 2025 (+57 days) | Feb 26, 2025 10-K (+57 days) |
| Q3 FY2024 | Sep 30, 2024 | Nov 8, 2024 (+39 days) | Nov 8, 2024 10-Q (+39 days) |
| Q2 FY2024 | Jun 30, 2024 | Aug 8, 2024 (+39 days) | Aug 8, 2024 10-Q (+39 days) |
| Q1 FY2024 | Mar 31, 2024 | May 7, 2024 (+37 days) | May 7, 2024 10-Q (+37 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 28, 2024 (+59 days) | Feb 28, 2024 10-K (+59 days) |
| Q3 FY2023 | Sep 30, 2023 | Nov 2, 2023 (+33 days) | Nov 2, 2023 10-Q (+33 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
Texas / East / West
Retail electricity and natural gas
Retail power and gas to homes and businesses in 25 states, D.C. and 8 Canadian provinces.
Texas / East / West
Wholesale generation
Gas, coal, oil and renewable plants selling into ERCOT, PJM and other markets.
Vivint Smart Home
Smart home
Home security, automation and monitoring for about 2 million customers.
From the Form 10-K, FY2025.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Residential retail electricity
Texas competitive residential electricity
U.S. share
—
Not disclosedWorldwide share
—
Not disclosedTexas
Largest share
Company-disclosed“NRG’s retail brands, collectively, have the largest share of competitively served residential electric customers in Texas.”
Retail energy
U.S. competitive energy retail
U.S. share
One of the largest
Company-disclosedSold 154 TWh of electricity and 1,857 MMDth of gas in 2025, “making it one of the largest competitive energy retailers in the U.S.”
Worldwide share
—
Not disclosed
07
Recent strategic focusSite analysis
Recent developments.
LSP acquisition
Closed January 30, 2026; ~13 GW across nine states plus CPower.
Source: Form 8-K (2026-01-30) — Items 1.01/2.01 (LSP Portfolio acquisition closed)
PJM capacity
6,839 MW cleared in the 2028–2029 PJM auction at $325/MW-day.
Source: Form 8-K (2026-07-15) — Item 8.01 (PJM capacity auction results)
CEO change
Robert Gaudette became CEO on April 30, 2026, succeeding Lawrence Coben.
Source: Form 8-K (2026-01-07) — Item 5.02 (CEO succession)
Capex ÷ D&A (FY2025)
0.82x
Roughly matches depreciation — mostly maintenance/replacement
formulacapital expenditures ÷ depreciation & amortization
e.g.$1,147M ÷ $1,406M = 0.82x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Where the money goes, over time
Unit: $M. Capex went from $230M in FY2020 to $1.15B in FY2025
- Capex
- R&D
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$30.71B
As reported in the 10-K
Revenue CAGR (5 years)
+27.6%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($30,713M ÷ $9,093M) ^ (1÷5) − 1 = 27.6%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
6.0%▼caution
-6.1pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$1,845M ÷ $30,713M × 100 = 6.0%
ROE (FY2025)
41.5%▲favorable
6-year average: 37.2%
As reported in the 10-K
P/B (FY2025 end)
18.03x
formulafiscal year-end closing price ÷ book value per share
e.g.$159.24 ÷ $8.83 = 18.03x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
13.0x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($30,316M + $16,600M − $4,708M) ÷ ($1,845M + $1,406M) = 13.0x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +27.6% a year over 5 years (strong growth)
From $9.09B in FY2020 to $30.71B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▼
Operating margin declined: 12.2% → 6.0%
How much operating profit is left per $100 of revenue. It moved -6.1 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▼
Equity ratio is 5.8% (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 4 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 37.2% over 6 years (latest: 41.5%)
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
- LS Power
07 · what it does
Key activities
- Retail electricity and natural gas sales
- Wholesale power generation (Texas, East, West)
- Vivint Smart Home services
- Demand response (CPower)
06 · what it draws on
Key resources
- 16,702 employees (incl. 7,929 Vivint direct sales and installation staff)
- About 12 GW of generation at 23 plants (end-2025) plus about 13 GW from the LSP Portfolio
- Retail brands and Vivint smart home platform
02 · why customers buy
Value propositions
- Retail electricity and gas plus home services, backed by its own generation; a broad range of value propositions.
04 · how it keeps them
Customer relationships
- Customer retention activities: billing, payment, collections and customer service; recurring smart-home subscriptions.
03 · how it reaches them
Channels
- Retail brands selling to about 8 million residential customers; commercial and wholesale sales.
01 · who it serves
Customer segments
- About 8 million residential customers
- Commercial, industrial and data center customers
- Wholesale markets (ERCOT, PJM)
09 · where money goes
Cost structure
FY2025, share of revenue ($30.71B)
- Cost of revenue80.6%
- Selling, general & administrative8.5%
- Other operating costs4.9%
Operating profit left: 6.0% of revenue. Depreciation & amortization (inside the costs above): $1.41B. Capital spending: $1.15B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- East $14,263M (2025)
- Texas $11,139M
- West/Other $3,202M
- Vivint Smart Home $2,144M
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Pairs retail electricity and gas sales with its own generation fleet to hedge supply, and sells recurring smart-home security and automation services through Vivint.
01 what it draws on
Inputs & resources
- 16,702 employees (incl. 7,929 Vivint direct sales and installation staff)
- About 12 GW of generation at 23 plants (end-2025) plus about 13 GW from the LSP Portfolio
- Retail brands and Vivint smart home platform
02 what it does
Activities
- Retail electricity and natural gas sales
- Wholesale power generation (Texas, East, West)
- Vivint Smart Home services
- Demand response (CPower)
03 who it serves
Customers
- About 8 million residential customers
- Commercial, industrial and data center customers
- Wholesale markets (ERCOT, PJM)
04 how money comes in
How it earns
- East $14,263M (2025)
- Texas $11,139M
- West/Other $3,202M
- Vivint Smart Home $2,144M
How the business makes money
- No customer exceeded 10% of revenue.
- Annual dividend raised 8% to $1.90 in 2026.
- $3.0B buyback authorized October 2025 (through 2028).
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.
NRG’s generation business benefits from Texas grant programs for new dispatchable generation.
Government funding & tax credits
Texas generation grants
The PUCT completion bonus program offers grants of $120,000 per MW for dispatchable generation interconnected before June 1, 2026.
Supports the businessTouches: Inputs & resourcesSource: Form 10-K (FY2025)
Political engagement
Stakeholder backlash
May face criticism from government entities and advocacy groups over company positions.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
East
14,263 (46%)Texas
11,139 (36%)West/Other
3,202 (10%)Vivint Smart Home
2,144 (7%)
Source: Form 10-K (FY2025) Segment revenue for 2025 before eliminations; total $30,713M.
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
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Pending or recent acquisition
LS Power
Acquired the LSP Portfolio (18 gas-fired/dual-fuel plants, ~13 GW, plus CPower) on January 30, 2026 for $6.4B cash, 24.25M NRG shares and ~$3.2B of assumed debt; sellers received registration rights.
Source: Form 8-K (2026-01-30) — Items 1.01/2.01 (LSP Portfolio acquisition closed)
12
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
About 8 million residential customers plus commercial, industrial, data center and wholesale customers.
Named by the company
No customer exceeded 10% of consolidated revenues in 2025.
Suppliers
Natural gas, coal and purchased power suppliers; equipment vendors.
Named by the company
No material supplier is named.
13
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.
In Texas, NRG competes with other retail electric providers; elsewhere, retailers compete with incumbent utilities and other providers. NRG may also face competition from other energy service providers and nationally branded consumer companies. The 10-K names no specific competitors.
Competitors named in the 10-K
Peer group the company chose
Performance peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
The 2026 proxy uses the S&P 500 constituents as the relative TSR peer group and the UTY Index for pay-versus-performance; no named compensation peer list.
Source: Proxy statement (2026)Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
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 2026-02-24
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24
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 2026-02-24
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 2026-02-24
| 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 ($M) | ||||||
| Revenue | 9,093 | 26,989 | 31,543 | 28,823 | 28,130 | 30,713 |
| Operating income | 1,105 | 3,341 | 2,018 | 384 | 2,424 | 1,845 |
| Pretax income | 761 | 2,859 | 1,663 | -213 | 1,448 | 1,134 |
| Net income (attributable) | 510 | 2,187 | 1,221 | -202 | 1,125 | 864 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 196.8% | 16.9% | -8.6% | -2.4% | 9.2% |
| Operating margincalcoperating income ÷ revenue × 100 | 12.2% | 12.4% | 6.4% | 1.3% | 8.6% | 6.0% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 5.6% | 8.1% | 3.9% | -0.7% | 4.0% | 2.8% |
| Balance sheet ($M) | ||||||
| Total assets | 14,902 | 23,182 | 29,146 | 26,038 | 24,022 | 29,140 |
| Total equity | 1,680 | 3,600 | 3,828 | 2,906 | 2,478 | 1,681 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 8,855 | 8,100 | 8,100 | 10,940 | 10,892 | 16,600 |
| Equity ratio | 11.3% | 15.5% | 13.1% | 11.2% | 10.3% | 5.8% |
| ROE | 30.4% | 82.8% | 32.9% | -6.0% | 41.8% | 41.5% |
| Cash flow ($M) | ||||||
| Operating CF | 1,837 | 493 | 360 | -221 | 2,306 | 1,913 |
| Investing CF | -494 | -3,039 | -332 | -910 | -24 | -1,638 |
| Financing CF | 2,204 | -272 | 1,043 | -400 | -1,755 | 3,546 |
| Free cash flowcalccash flow from operations − capital expenditures | 1,607 | 224 | -7 | -819 | 1,834 | 766 |
| Cash and equivalents | 3,905 | 250 | 430 | 541 | 966 | 4,708 |
| Per share & other | ||||||
| EPS ($) | 2.07 | 8.93 | 5.17 | -1.12 | 4.99 | 4.01 |
| BVPS ($) | 6.88 | 14.77 | 16.68 | 13.96 | 12.48 | 8.83 |
| Dividend per share ($) | 1.20 | 1.30 | 1.40 | 1.51 | 1.63 | 1.76 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 58.0% | 14.6% | 27.1% | — | 32.7% | 43.9% |
| P/E (x) | 18.1 | 4.8 | 6.2 | — | 18.1 | 39.7 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 9.2 | 4.4 | 5.5 | 12.6 | 7.3 | 13.0 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 5.46 | 2.92 | 1.91 | 3.70 | 7.23 | 18.03 |
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 | $7.48B+11.0% | $976M | $506M | $2.31 |
| 2026-03-31 | $10.26B+19.5% | $328M-71.1% | $125M-83.3% | $0.52 |
| 2025-12-31 † | $7.75B+13.7% | $297M-68.9% | $66M-89.7% | — |
| 2025-09-30 | $7.64B+5.7% | $414M | $152M | $0.69 |
| 2025-06-30 | $6.74B | $0 | −$104M | $-0.62 |
| 2025-03-31 | $8.59B | $1.13B | $750M | $3.61 |
| 2024-12-31 † | $6.82B | $954M | $643M | — |
| 2024-09-30 | $7.22B | −$812M | −$767M | $-3.79 |
† 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.
15
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)
8.8%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$1,845M × (1 − 24.5%) ÷ $15,826M × 100 = 8.8%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
9.01%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $30.32B ÷ ($30.32B + $16.6B) = 64.6%
e.g.Debt weight: $16.6B ÷ ($30.32B + $16.6B) = 35.4%
e.g.WACC: 12.1% × 64.6% + 4.5% × (1 − 24.5%) × 35.4% = 9.01%
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 7.6%–10.7% and ROIC − WACC runs −1.9 to +1.2 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 9.01% 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
- 1.30 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 12.10%
- Cost of debt
- 4.46%
- Tax rate
- 24.5% (effective rate, FY2022–FY2025)
- Capital structure (equity : debt)
- 65% : 35%
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 9.01%
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: 1.30 (price-derived adjusted beta. Raw β 1.45, R² 0.19, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 1.452 + 0.33 = 1.303
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% + 1.3 × 5.5% = 12.1%
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)
16
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.
Growth the price implies (price on 2026-11-04)
6.3%
Perpetual FCF growth: g = r − FCF ÷ EV = 9.0% − 2.7%
Past FCF growth (FY2020–FY2025)
-13.8%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+27.6%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $766M (operating CF − capex); enterprise value $28.52B = market cap $16.62B (latest close, 2026-11-04) + debt $16.6B − cash and short-term investments $4.71B; r = WACC of 9.0% using this page’s default assumptions (β 1.30, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$28.37B
FCF $766M ÷ (9.0% − 6.3%)
Theoretical ÷ actual enterprise value
0.99x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 7.0% | 8.0% | 9.0% | 10.0% | 11.0% |
|---|---|---|---|---|---|
| 0% | 0.38x | 0.34x | 0.30x | 0.27x | 0.24x |
| 2% | 0.54x | 0.45x | 0.38x | 0.34x | 0.30x |
| 4% | 0.90x | 0.67x | 0.54x | 0.45x | 0.38x |
| 6% | 2.69x | 1.34x | 0.90x | 0.67x | 0.54x |
| 8% | — | — | 2.69x | 1.34x | 0.90x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
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 1.68x
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): 163%
Most profit comes from core operations.
- ✓
Days sales outstanding: 36 → 45 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 2026-02-24
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 2026-02-24
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory 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.$1,913M ÷ $864M = 2.21x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$1,845M ÷ $1,134M × 100 = 163%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($3,488M + $4,065M) ÷ 2 ÷ $30,713M × 365 = 45 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($478M + $461M) ÷ 2 ÷ $24,761M × 365 = 7 days
termsInventory · Cost of revenue (COGS)
18
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
- 94.5%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 5.5%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 126 of 416
- Beta (adjusted)
- 1.30
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 30% of covered companies have more
above 1 = swings more than the market
- 198.6M shares reported by 1,019 13F filers ÷ 210.2M 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; 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 2026-03-18 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-31)
19
Strengths & weaknessesSite analysis
Strengths
1. Retail scale
Largest share of competitively served residential electric customers in Texas.
Evidence: Form 10-K (FY2025)
2. Integrated model
Owned generation supplies part of retail load, reducing transaction costs and stabilizing cash flows.
Evidence: Form 10-K (FY2025)
3. Shareholder returns
Dividend raised from $1.20 (2020) to $1.76 (2025) and $1.90 for 2026, plus large buybacks.
Evidence: Form 10-K (FY2025)
Weaknesses
1. High leverage
Debt rose to $16.6B at end-2025 ahead of the LSP acquisition (plus ~$3.2B assumed).
Evidence: Form 10-K (FY2025)
2. Thin equity
Stockholders’ equity fell from $3,828M (2022) to $1,681M (2025) after buybacks.
Evidence: Form 10-K (FY2025)
3. Volatile earnings
Net loss of $202M in 2023 versus net income of $2,187M in 2021.
Evidence: Form 10-K (FY2025)
20
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)
39.7x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
1.11%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
44%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
2.5%
(Operating CF − capex) ÷ market cap
1. Power demand growth
Larger generation fleet positioned for data center and load growth.
- What has to hold
- Power prices and capacity payments stay firm.
- The other side
- Leverage and integration risk.
Evidence: Form 10-K (FY2025)
2. Capital returns
Dividend growth of 8% a year plus a $3.0B buyback through 2028.
- What has to hold
- Free cash flow grows with LSP.
- The other side
- Debt reduction needs.
Evidence: Form 10-K (FY2025)
2021 revenue jump follows the Direct Energy acquisition. 2026 figures will include the LSP Portfolio.
21
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
100x+
$4.71B vs. $31M
Interest coverage (operating income ÷ interest expense)
2.5x
$1.85B vs. $741M
Free cash flow ÷ dividends paid
1.9x
$766M vs. $411M (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 | -8.6% in FY2023 ($31.54B → $28.82B) | Not yet, as of FY2025 |
| Operating income | -81.0% in FY2023 ($2.02B → $384M) | Yes, by FY2024 |
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)
Loss year
Net loss of $202M in 2023; profitable in the other years 2020–2025.
Source: Form 10-K (FY2025)
22
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.
NRG faces consumer class actions from acquired retailers, Winter Storm Uri suits as a generator, and an Illinois coal ash groundwater case.
4 open matters · 1 settled or closed
Winter Storm Uri lawsuits
PendingLawsuitPlaintiffs v. Texas generators incl. NRG
Property damage and wrongful death claims consolidated in Harris County MDL; retail providers dismissed; the appeals court ordered dismissal for generators and on March 27, 2026 the Texas Supreme Court denied plaintiffs’ review.
Mirkin v. XOOM Energy
PendingClass actionCustomers v. XOOM Energy
Variable-rate class action (E.D.N.Y., 2019); class certified, but the court excluded plaintiffs’ damages experts and is considering whether certification remains appropriate. Accrued at the XOOM acquisition.
Direct Energy TCPA class actions
PendingClass actionConsumers v. Direct Energy
Putative class actions alleging telemarketing calls/texts without consent (N.D. Ohio, 2018); accrued at the Direct Energy acquisition.
Sierra Club v. Midwest Generation
PendingEnvironmentalEnvironmental groups v. Midwest Generation
IPCB found in 2019 that coal ash handling at four Illinois plants affected groundwater; relief hearings were held in 2023.
NYSPSC order to show cause
SettledRegulatory proceedingNew York PSC v. NRG retail units
NYSPSC approved a settlement on April 16, 2026 resolving all outstanding claims and keeping NRG eligible to serve New York customers.
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-Q (quarter ended 2026-06-30), reviewed 2026-10-30. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
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.
- 1Demand & macro
Power prices and weather
- Company disclosure (summarized from the 10-K)
- Retail and wholesale margins swing with weather and energy prices.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 2Law & regulation
Market rules
- Company disclosure (summarized from the 10-K)
- ERCOT, PJM and state retail rules (e.g., Texas SB 6 large-load rules, NYSPSC orders).
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 3M&A & integration
LSP integration
- Company disclosure (summarized from the 10-K)
- Integrating 13 GW of plants and CPower.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4FX & interest rates
Leverage
- Company disclosure (summarized from the 10-K)
- Higher debt after the LSP acquisition.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Governance & quality
Sales practices
- Company disclosure (summarized from the 10-K)
- Door-to-door and telemarketing practices have led to investigations and class actions.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
24
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)
The integration of NRG and the LSP Portfolio may disrupt or have a negative impact on the Company’s business.
The LSP Portfolio is comprised of 13 GW of natural gas-fired generation and dual fuel assets and a demand response platform. Read more
The acquisition significantly increases NRG’s owned generation capacity and operational footprint. The acquisition is large and complex, and the Company will need to devote significant time and resources to integrating the plants, equipment, personnel, operations, and fuel arrangements with NRG’s existing generation, retail and commercial businesses. Any difficulties encountered in the transition and integration process could adversely affect the Company’s business, results of operations and financial condition.
• difficulties in implementing and maintaining uniform processes, systems, standards, controls, procedures, practices, and policies pertaining to commercial, operational, financial, legal, regulatory, and/or accounting matters;
• the inability to timely implement and enact effective internal control over financial reporting for the acquired assets, including harmonizing the LSP Portfolio’s accounting policies and internal controls with the Company’s;
• unforeseen expenses, unknown liabilities, or adverse changes arising from events, conditions, or actions occurring prior to or in connection with the acquisition, as well as unanticipated capital investments, environmental upgrades, or decommissioning liabilities;
• the risk that the Company may not realize all the expected benefits of the acquisition, including enhanced generation capabilities, if the assets and businesses cannot be integrated in an efficient and effective manner, which could result in increased costs or lower-than-expected revenues.
If the Company is not successful in addressing these risks effectively, the business could be impacted. Read more
Many of these factors will be outside of the Company’s control, and any one of them could result in delays, increased costs, decreases in the amount of expected revenues and diversion of management’s time and energy, which could materially affect NRG’s business, results of operations and financial condition. Similar risks may apply to any future acquisitions or dispositions the Company may undertake.
Inflation and customer affordability concerns may limit the Company’s ability to recover costs, constrain its pricing and reduce market demand for its products and services.
No longer in the text (4)
Because NRG owns less than a majority of the ownership interests of some of its project investments, the Company cannot exercise complete control over their operations.
NRG has limited control over the operation of some project investments and joint ventures because the Company's investments are in projects where it beneficially owns less than a majority of the ownership interests. Read more
NRG seeks to exert a degree of influence with respect to the management and operation of projects in which it owns less than a majority of the ownership interests by negotiating to obtain positions on management committees or to receive certain limited governance rights, such as rights to veto significant actions. However, the Company may not always succeed in such negotiations. NRG may be dependent on its co-venturers to operate such projects. The Company's co-venturers may not have the level of experience, technical expertise, human resources management or other attributes necessary to operate these projects optimally. The approval of co-venturers also may be required for…
The Company has made investments focused on consumer products that may not be successful, may not achieve the intended financial results or may result in product liability and reputational risk that could adversely affect the Company.
issues, unintended biases and discriminatory outcomes, or may create content that appears correct but is actually inaccurate or flawed. Read more
If the recommendations, content, or analyses that AI applications produce are or are alleged to be deficient or inaccurate, NRG could be subjected to potential legal liability and business harm, including brand or reputational harm and operational interruptions and ultimately have a material adverse effect on NRG’s results of operations. In addition, the evolving nature of AI may cause new laws and regulations to be enacted which may require significant resources and costs to modify and maintain business practices in order to comply with these new laws and regulations.
11 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 24, 2026 ↗ with the 10-K filed Feb 26, 2025 ↗.
25
What to watch going forwardSite analysis
- LSP Portfolio integration and PJM capacity revenue.
- Data center contracts in Texas.
- Debt reduction versus buybacks.
- New CEO Robert Gaudette’s strategy.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: October 30, 2026 · Financial data fetched: October 30, 2026 14:38 (SEC EDGAR) · Source 10-K filed: February 24, 2026
Built on10-K FY2025 · filed 2026-02-24Proxy statement (2026)
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 NRG 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.