CEZ as CEZZY

UtilitiesElectric Utilities & IPPsCzech Republic

Last close 23.90 USD on Nov 1, 2026, – year to date

Quant rating

Quant rating C Rank 47 of 89 in Utilities

Growth C 45 of 89
Valuation D 67 of 89
Quality A 7 of 89
Revisions A 5 of 89
Momentum D 88 of 89

Wall Street consensus Sell (3.89)Average target 48.21 USD +101.7%

Historical valuation

Valuation history unavailable.

Key data

Market cap: 33.8B
Enterprise value: 43.2B
52-week range: – – –
3-year range: – – –
Dividend yield: –
Beta (5 years): –
Shares outstanding: 538M
Next earnings: Nov 12, 2026

About the company

CEZ as is a Czech Republic-based company engaged in the production and distribution of electricity. The Company’s core businesses are generation and distribution of electricity, electricity trading, generation and distribution of heat, gas trading, and relate activities. The Company’s activities are divided into four segments: Production, Distribution, Mining, and Other Business. It operates various types of power plants: nuclear, coal, hydro, biomass, photovoltaic, wind and natural gas. The Company is operational in Poland, Austria, Bulgaria and Turkey, as well as the Netherlands, Bosnia and Herzegovina, Serbia and Cyprus, among others. As a parent entity of CEZ Consolidated Group, it operates numerous subsidiaries, associates and joint-ventures.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	16,082	13,991	15,049	12,461	10,290	–
Revenue growth	14.9%	−7.0%	20.8%	21.1%	5.3%	10.5%
EPS (basic, normalized)	2.47	2.42	2.36	6.82	0.81	–
EPS growth	2.1%	2.5%	−65.4%	743.8%	–	–
Gross margin	–	–	–	–	–	–
Net margin	8.5%	8.8%	8.8%	28.7%	4.4%	11.8%
ROE	11.7%	12.4%	11.7%	38.5%	5.0%	15.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	4,283
Current ratio	1.09x
Long-term debt (mil)	10,425
Net debt (mil)	9,704
Total equity (mil)	10,974
Net debt / equity	0.88x
Net debt / EBITDA	1.51x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	16,082	+14.9%	2.7x	6,441	+14.5%	6.7x	2.47	+2.1%	9.7x
2026	14,238	−11.5%	3.0x	5,163	−19.8%	8.4x	2.97	+20.4%	8.0x
2027	13,969	−1.9%	3.1x	4,996	−3.2%	8.7x	2.79	−6.2%	8.6x
2028	13,928	−0.3%	3.1x	4,880	−2.3%	8.9x	2.65	−5.1%	9.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	14,238	−1.6%	−0.1%	−1.7%	2.97	−2.0%	+1.5%	+6.1%
2027	13,969	−1.0%	+1.2%	−0.9%	2.79	+1.8%	+6.9%	+15.9%
2028	13,928	−0.3%	+2.8%	−3.3%	2.65	+15.6%	+14.5%	+25.7%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	87,395	74,322	82,426	100,566	93,389	74,152	72,861	92,986	84,981	74,746
Sales mean (mil)	95,010	72,975	79,648	100,677	–	76,590	74,295	94,125	86,805	2,270
Surprise	−8.0%	+1.8%	+3.5%	−0.1%	–	−3.2%	−1.9%	−1.2%	−2.1%	+3,192.8%
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Electric Utilities & IPPs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CEZZY CEZ as	33.8B	1.51x	8.5%	3.15x	8.0x	8.6x	8.4x	8.7x
WEC WEC Energy Group, Inc.	38.2B	6.32x	15.9%	2.61x	20.7x	19.3x	14.1x	12.5x
FTS Fortis Inc.	30.1B	7.16x	14.1%	1.66x	22.8x	21.1x	13.3x	12.3x
PCG PG&E Corp	29.0B	6.59x	10.4%	0.84x	8.0x	7.3x	8.5x	7.7x
DTE DTE Energy Company	28.2B	6.42x	9.3%	2.32x	17.6x	16.3x	12.0x	10.5x
FE FirstEnergy Corp	27.2B	–	6.8%	2.09x	17.1x	15.9x	11.9x	10.7x
Mean		5.60x	10.8%	2.11x	15.7x	14.8x	11.3x	10.4x
Median		6.42x	9.9%	2.21x	17.4x	16.1x	11.9x	10.6x

Technical analysis

1M–
3M–
1Y–
3Y–

Price history unavailable.

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, CEZ as, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	16,082	13,991	15,049	12,461	10,290	9,769
Cost of revenue	2,908	3,173	4,327	3,599	3,211	2,985
Gross profit	13,174	10,818	10,722	8,863	7,079	6,784
Selling, general & administrative expenses	2,299	1,782	1,734	1,546	1,418	1,487
Research & development	–	–	–	–	–	–
Depreciation/amortization	2,750	1,715	1,581	1,452	1,448	1,319
Interest expense (income), operating	−90.5	−257	−694	−1,825	204	−285
Unusual expense (income)	−57.8	95.2	217	−115	730	1,131
Other operating expenses	4,296	3,642	4,097	3,307	2,562	2,561
Operating income	3,978	3,841	3,787	4,496	717	571
Net interest income (expense)	−341	−85.0	76.2	44.6	−98.0	−235
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−381	−326	−328	−124	−4.6	33.0
Net income before taxes	3,256	3,430	3,535	4,417	614	369
Provision for taxes	1,922	2,176	2,212	839	161	114
Minority interest	34.5	−23.9	−2.2	3.6	−5.4	−1.4
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,368	1,231	1,321	3,582	448	254
Extraordinary items	–	–	–	–	–	–
Net income	1,368	1,231	1,321	3,582	448	254
EBIT, normalized	3,830	3,680	3,311	2,557	1,651	1,416
EBITDA, normalized	6,579	5,394	4,892	4,167	3,270	2,912
Basic EPS, normalized	2.47	2.42	2.36	6.82	0.81	–

Balance sheet in millions of USD, fiscal years

Balance sheet, CEZ as, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,695	1,786	788	2,062	1,264	513
Receivables	3,706	3,445	4,546	7,945	6,643	3,229
Total inventory	1,100	853	1,034	1,124	638	518
Prepaid expenses	238	203	199	280	176	168
Other current assets	3,322	3,531	6,188	13,214	23,723	6,321
Total current assets	10,061	9,819	12,755	24,625	32,445	10,748
Property, plant & equipment	27,724	23,813	20,228	19,292	18,449	19,134
Goodwill	886	745	676	593	604	565
Intangibles	786	644	568	490	488	565
Long-term investments	641	314	377	384	348	611
Note receivable	95.9	64.2	220	121	208	–
Other long-term assets	1,886	1,647	2,120	3,594	1,606	1,130
Total assets	42,080	37,045	36,944	49,099	54,148	32,753
Liabilities
Accounts payable	2,381	2,091	2,678	3,756	3,933	3,413
Payable/accrued	–	–	–	–	–	–
Accrued expenses	270	250	288	290	145	126
Short-term debt	501	105	327	2,352	1,158	45.9
Current portion of long-term debt	1,578	1,090	1,367	393	762	1,340
Other current liabilities	3,922	4,144	5,793	15,705	28,742	4,757
Total current liabilities	8,653	7,680	10,454	22,496	34,740	9,681
Long-term debt	10,025	8,980	5,863	6,218	4,390	5,693
Minority interest	411	430	69.3	61.0	79.7	219
Other liabilities	11,238	10,151	9,640	8,846	7,565	6,255
Total liabilities	30,327	27,240	26,025	37,621	46,775	21,849
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2,618	2,212	2,407	2,385	2,462	2,508
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	9,377	7,771	8,339	10,443	8,294	9,416
Treasury stock	−64.9	−54.8	−59.7	−59.1	−65.1	−133
Other equity	−178	−122	233	−1,291	−3,318	−888
Total equity	11,753	9,805	10,919	11,478	7,373	10,905
Total liabilities & shareholders' equity	42,080	37,045	36,944	49,099	54,148	32,753

Cash flow statement in millions of USD, fiscal years

Cash flow statement, CEZ as, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	3,256	3,430	3,535	4,417	614	369
Depreciation, depletion & amortization	2,936	1,870	1,744	1,626	1,636	1,514
Deferred taxes	–	–	–	–	–	–
Non-cash items	−328	63.8	1,608	4,382	−674	914
Changes in working capital	−2,739	−248	−705	−10,199	1,132	568
Cash from operations	3,124	5,116	6,183	226	2,707	3,364
Investing activities
Capital expenditures	−3,052	−2,225	−2,035	−1,505	−1,475	−1,471
Other investing cash flows	−216	−927	−54.3	−123	1,149	−101
Cash from investing	−3,268	−3,151	−2,089	−1,628	−326	−1,572
Financing activities
Financing cash flow items	−109	−62.2	−108	−17.1	28.6	−47.1
Cash dividends paid	−1,226	−1,148	−3,464	−1,136	−1,273	−845
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	409	463	−1,660	3,044	−348	−997
Cash from financing	−927	−748	−5,232	1,891	−1,593	−1,889
Foreign exchange effects	−58.9	−2.9	−12.4	−47.1	−35.1	15.9
Net change in cash	−1,130	1,214	−1,151	442	754	−81.0
Free cash flow	71.9	2,891	4,148	−1,279	1,233	1,893

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.