NRG Utilities

NRG Energy, Inc.

$96.26+1.73%

Price as of close on Nov 3, 2026 · Financials updated Oct 10, 2026

Basics

Sector: Utilities
Industry: Utilities - Independent Power Producers
Country: United States
Market cap: 20.2B USD
Enterprise value: 45.1B USD
Full-time employees: 16,702

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.16 vs a peer median of 0.46) and more debt relative to equity (4.83× vs a peer median of 1.19×)higher risk: bigger price swings (beta 1.16 vs peers 0.46) and more debt vs equity (4.83× vs peers 1.19×)
About average: valuation

Ranks #257 of 348 utilities companies (bottom 27%)

See how it ranks against its peers

Worth knowing

Returning more cash than it generates. Paid out $4.6B vs $1.8B of free cash flow over the 3 fiscal years to 2025.
NRG Energy returned $4.6B to shareholders over three years, 258% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.
Profit isn't fully turning into cash. Free cash flow is only 41% of reported profit.
Free cash flow is only 41% of reported profit. That usually means heavy spending on facilities and equipment, or cash tied up in inventory and unpaid bills. Worth checking whether it's a phase of investment or a lasting pattern.
Much more borrowing than peers. Debt is 4.8× equity vs a peer median of 1.2×.Debt is 4.8× equity vs peers 1.2×.
Debt is 4.8× shareholders' equity, against a peer median of 1.2×, among the highest 10% of its peer group.Debt is 4.8× shareholders' equity, vs peers 1.2×, among the highest 10% of its peer group.
Borrowing rising faster than profit. Since 2022: debt +105%, operating profit −8.6%.
NRG Energy's debt grew 105% since 2022 while operating profit changed −8.6%.

StockQuotient Score

40/ 100

Oct 5 40 → Nov 4 40

Valuation

Is the price right?

45/100

Moderate▼ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 46 → 45

Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Held back by:

▼ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield4.2%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.20Sector median: 0.0485 · MAD: 0.0319

EBITDA yield8.4%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.06Sector median: 0.0859 · MAD: 0.0250

Free cash flow yield1.7%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield24.0%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.6310 · MAD: 0.2684

Growth

Is it growing?

85/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 2.3%

Why

Stronger than most peers on:

▲ EPS growth
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth49.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 2.68Sector median: 0.0172 · MAD: 0.1791

3-year revenue growth2.9%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.17Sector median: 0.0196 · MAD: 0.0523

Revenue growth12.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.51Sector median: 0.0254 · MAD: 0.0681

Profitability

Does it earn well?

27/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Operating margin rose 2.9 points to 6.1%
Free cash flow turned positive over the last 12 months

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin6.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.45Sector median: 0.1864 · MAD: 0.0865

Return on assets2.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.43Sector median: 0.0266 · MAD: 0.0124

Return on invested capital5.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.18Sector median: 0.0524 · MAD: 0.0237

Other data (not scored)

Gross margin18.8%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.3581 · MAD: 0.1545

Return on equity17.5%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0807 · MAD: 0.0381

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Beta
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.16

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -3.60Sector median: 0.4590 · MAD: 0.1730

Current ratio0.97×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.18Sector median: 1.0330 · MAD: 0.3620

Debt / equity4.83×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score -4.40Sector median: 1.1925 · MAD: 0.5265

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about NRG Energy

Is NRG Energy getting weaker?: Its latest SEC filing (Aug 4, 2026) got stronger: operating margin rose 2.9 points to 6.1%; free cash flow turned positive over the last 12 months. Its overall score is unchanged at 40/100 since Oct 28, 2026.
How is NRG Energy valued vs its peers?: Priced about in line with its peers. Valuation scores 45/100 against 360 utilities peers. Earnings yield 4.2% vs a peer median of 4.8% (weaker than 61% of peers).Earnings yield 4.2% vs peers 4.8% (weaker than 61% of peers).
Is NRG Energy growing?: Yes, faster than most of its peers. Growth scores 85/100 against 360 utilities peers. Earnings per share growth 49.7% vs a peer median of 1.7% (stronger than 85% of peers).Earnings per share growth 49.7% vs peers 1.7% (stronger than 85% of peers).
How profitable is NRG Energy?: Less profitable than most of its peers. Profitability scores 27/100 against 360 utilities peers. Operating margin 6.1% vs a peer median of 18.6% (weaker than 85% of peers).Operating margin 6.1% vs peers 18.6% (weaker than 85% of peers).
How risky is NRG Energy?: Higher risk relative to 360 utilities peers, judged on debt, liquidity and share-price swings. Beta 1.16 vs a peer median of 0.46 (weaker than 100% of peers).Beta 1.16 vs peers 0.46 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 4, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Operating margin rose 2.9 points to 6.1%
Free cash flow turned positive over the last 12 months

	Previous quarter	Latest quarter	Change
Revenue (12 months)	32.4B USD	33.1B USD	+2.3%
Net income (12 months)	239.0M USD	849.0M USD	+255.2%
Operating margin	3.2%	6.1%	+2.9 pts
Free cash flow (12 months)	−358.0M USD	348.0M USD	turned positive
Debt	23.2B USD	23.4B USD	+1.0%
Cash	178.0M USD	162.0M USD	−9.0%
Shares outstanding	211.0M	210.2M	−0.4%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Utilities · 59 companies

Valuations in Utilities are above their usual range since 2016.

61% of months since 2016 were valued lower than now.
20% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +18% and earnings +20% (medians): prices and earnings moved broadly together.
Median price-to-sales is +2% vs the whole market, against a usual +0%.

2016Shaded: most expensive fifth of its range2026

Shown for Utilities: too few Utilities - Independent Power Producers companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	—	—	—	—	—	—
Operating margin	12.4%	6.4%	1.3%	8.6%	6.0%	▼ 2.6 pts
Net margin	8.1%	3.9%	-0.7%	4.0%	2.8%	▼ 1.2 pts
Return on assets (ROA)	9.4%	4.2%	-0.8%	4.7%	3.0%	▼ 1.7 pts
Return on equity (ROE)	60.8%	31.9%	-7.0%	45.4%	51.4%	▲ 6.0 pts
Free cash flow margin	0.8%	-0.0%	-2.8%	6.5%	2.5%	▼ 4.0 pts
Current ratio	1.37×	1.25×	1.02×	1.02×	1.64×	▲ 61%
Quick ratio	1.31×	1.19×	0.96×	0.96×	1.58×	▲ 64%
Debt to equity	2.25×	2.12×	3.77×	4.40×	9.88×	▲ 124%
Interest coverage	6.89×	4.84×	0.58×	3.72×	2.49×	▼ 33%

NRG price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.16 vs a peer median of 0.46) and more debt relative to equity (4.83× vs a peer median of 1.19×)higher risk: bigger price swings (beta 1.16 vs peers 0.46) and more debt vs equity (4.83× vs peers 1.19×)

About average: valuation

Ranks #257 of 348 utilities companies (bottom 27%)

See how it ranks against its peers

Worth knowing

Returning more cash than it generates. Paid out $4.6B vs $1.8B of free cash flow over the 3 fiscal years to 2025.

NRG Energy returned $4.6B to shareholders over three years, 258% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.

Profit isn't fully turning into cash. Free cash flow is only 41% of reported profit.

Free cash flow is only 41% of reported profit. That usually means heavy spending on facilities and equipment, or cash tied up in inventory and unpaid bills. Worth checking whether it's a phase of investment or a lasting pattern.

Much more borrowing than peers. Debt is 4.8× equity vs a peer median of 1.2×.Debt is 4.8× equity vs peers 1.2×.

Debt is 4.8× shareholders' equity, against a peer median of 1.2×, among the highest 10% of its peer group.Debt is 4.8× shareholders' equity, vs peers 1.2×, among the highest 10% of its peer group.

Borrowing rising faster than profit. Since 2022: debt +105%, operating profit −8.6%.

NRG Energy's debt grew 105% since 2022 while operating profit changed −8.6%.

Questions investors ask about NRG Energy

Is NRG Energy getting weaker?

Its latest SEC filing (Aug 4, 2026) got stronger: operating margin rose 2.9 points to 6.1%; free cash flow turned positive over the last 12 months. Its overall score is unchanged at 40/100 since Oct 28, 2026.

How is NRG Energy valued vs its peers?

Priced about in line with its peers. Valuation scores 45/100 against 360 utilities peers. Earnings yield 4.2% vs a peer median of 4.8% (weaker than 61% of peers).Earnings yield 4.2% vs peers 4.8% (weaker than 61% of peers).

Is NRG Energy growing?

Yes, faster than most of its peers. Growth scores 85/100 against 360 utilities peers. Earnings per share growth 49.7% vs a peer median of 1.7% (stronger than 85% of peers).Earnings per share growth 49.7% vs peers 1.7% (stronger than 85% of peers).

How profitable is NRG Energy?

Less profitable than most of its peers. Profitability scores 27/100 against 360 utilities peers. Operating margin 6.1% vs a peer median of 18.6% (weaker than 85% of peers).Operating margin 6.1% vs peers 18.6% (weaker than 85% of peers).

How risky is NRG Energy?

Higher risk relative to 360 utilities peers, judged on debt, liquidity and share-price swings. Beta 1.16 vs a peer median of 0.46 (weaker than 100% of peers).Beta 1.16 vs peers 0.46 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

32.4B USD

33.1B USD

+2.3%

Net income (12 months)

239.0M USD

849.0M USD

+255.2%

Operating margin

3.2%

6.1%

+2.9 pts

Free cash flow (12 months)

−358.0M USD

348.0M USD

turned positive

Debt

23.2B USD

23.4B USD

+1.0%

Cash

178.0M USD

162.0M USD

−9.0%

Shares outstanding

211.0M

210.2M

−0.4%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

—

Operating margin

12.4%

6.4%

1.3%

8.6%

6.0%

▼ 2.6 pts

Net margin

8.1%

3.9%

-0.7%

4.0%

2.8%

▼ 1.2 pts

Return on assets (ROA)

9.4%

4.2%

-0.8%

4.7%

3.0%

▼ 1.7 pts

Return on equity (ROE)

60.8%

31.9%

-7.0%

45.4%

51.4%

▲ 6.0 pts

Free cash flow margin

0.8%

-0.0%

-2.8%

6.5%

2.5%

▼ 4.0 pts

Current ratio

1.37×

1.25×

1.02×

1.64×

▲ 61%

Quick ratio

1.31×

1.19×

0.96×

1.58×

▲ 64%

Debt to equity

2.25×

2.12×

3.77×

4.40×

9.88×

▲ 124%

Interest coverage

6.89×

4.84×

0.58×

3.72×

2.49×

▼ 33%