NRG Energy Inc NRG

UtilitiesElectric Utilities & IPPsUnited States of America

Last close 94.62 USD on Nov 2, 2026, −39.7% year to date

Quant rating

Quant rating D Rank 68 of 90 in Utilities

Growth B 26 of 90
Valuation B 35 of 90
Quality A 7 of 90
Revisions D 84 of 90
Momentum D 72 of 90

Wall Street consensus Buy (1.89)Average target 168.56 USD +78.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 19.9B
Enterprise value: 43.6B
52-week range: 90.93 – 189.42
3-year range: 45.00 – 189.42
Dividend yield: 1.98%
Beta (5 years): 1.20
Shares outstanding: 210M
Next earnings: Nov 9, 2026

About the company

NRG Energy, Inc. is an energy and home services company. The Company’s businesses are the sale of electricity and natural gas to residential, commercial, and industrial and wholesale customers, supported by its wholesale electric generation, as well as the sale of smart home products and services. Across the United States and Canada, the Company delivers sustainable solutions, predominately under brand names such as NRG, Reliant, Direct Energy, Green Mountain Energy, and Vivint. Its segments include Texas, East, West/Services/Other, Vivint Smart Home and Corporate activities. It sells a variety of products to residential and small commercial customers, including retail electricity and energy management, natural gas, line and surge protection products and home protection products, repair and maintenance, and carbon offsets. It owns and leases a diversified wholesale generation portfolio with approximately 13 gigawatts of fossil fuel and renewable generation capacity at 18 plants.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	30,713	28,130	28,823	31,543	26,989	–
Revenue growth	9.2%	−2.4%	−8.6%	16.9%	196.8%	27.6%
EPS (basic, normalized)	8.07	6.64	−1.12	5.17	8.93	–
EPS growth	21.5%	–	–	−42.1%	–	–
Gross margin	20.5%	20.7%	18.4%	8.8%	13.4%	16.4%
Net margin	2.6%	3.8%	−0.9%	3.9%	8.1%	3.5%
ROE	41.5%	41.8%	−6.0%	32.9%	82.8%	38.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	162
Current ratio	0.97x
Long-term debt (mil)	21,744
Net debt (mil)	23,744
Total equity (mil)	4,855
Net debt / equity	4.89x
Net debt / EBITDA	5.81x

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	30,713	+9.2%	1.4x	4,087	+13.5%	10.7x	8.07	+21.5%	11.7x
2026	34,592	+12.6%	1.3x	5,486	+34.2%	8.0x	8.61	+6.7%	11.0x
2027	34,835	+0.7%	1.3x	5,883	+7.2%	7.4x	10.12	+17.5%	9.4x
2028	36,369	+4.4%	1.2x	6,293	+7.0%	6.9x	12.15	+20.1%	7.8x

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	34,592	−0.1%	−2.6%	−0.3%	8.61	−2.1%	−3.2%	−2.6%
2027	34,835	−1.2%	−3.3%	−2.6%	10.12	−6.9%	−8.5%	−10.9%
2028	36,369	−0.8%	−3.3%	−0.4%	12.15	−4.9%	−6.1%	−6.9%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	7,429	6,659	7,223	6,819	8,585	6,740	7,601	7,753	10,256	7,481
Sales mean (mil)	7,642	8,320	9,381	7,586	7,826	6,669	7,482	6,343	8,499	7,312
Surprise	−2.8%	−20.0%	−23.0%	−10.1%	+9.7%	+1.1%	+1.6%	+22.2%	+20.7%	+2.3%
EPS reported	2.31	3.37	1.90	1.52	2.68	1.68	2.75	1.03	1.48	1.49
EPS mean	0.66	1.55	2.00	1.29	1.49	1.56	2.10	0.96	1.78	1.70
Surprise	+248.2%	+117.8%	−4.9%	+17.6%	+79.6%	+7.7%	+31.0%	+7.6%	−16.8%	−12.2%

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
NRG NRG Energy Inc	19.9B	5.81x	2.6%	4.10x	11.0x	9.4x	8.0x	7.4x
GEV GE Vernova Inc.	228.2B	−3.88x	12.8%	20.05x	28.7x	34.2x	32.5x	21.7x
NEE NextEra Energy, Inc.	178.3B	8.16x	24.9%	2.90x	21.1x	19.4x	17.0x	14.5x
SO Southern Co	108.8B	5.56x	14.7%	2.75x	20.6x	19.2x	13.1x	12.0x
DUK Duke Energy Corp	100.1B	6.28x	15.2%	1.83x	19.1x	17.9x	11.8x	10.8x
CEG Constellation Energy Corp	91.1B	4.28x	9.1%	2.86x	21.2x	19.3x	13.4x	12.4x
Mean		4.37x	13.2%	5.75x	20.3x	19.9x	16.0x	13.1x
Median		5.69x	13.8%	2.88x	20.9x	19.2x	13.3x	12.2x

Technical analysis

1M−0.1%
3M−28.9%
1Y−44.0%
3Y+120.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, NRG Energy Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	30,713	28,130	28,823	31,543	26,989	9,093
Cost of revenue	24,403	22,309	23,519	28,777	23,362	6,326
Gross profit	6,310	5,821	5,304	2,766	3,627	2,767
Selling, general & administrative expenses	2,602	2,345	2,219	1,239	1,991	916
Research & development	–	–	–	–	–	8.0
Depreciation/amortization	896	1,071	1,127	634	785	435
Interest expense (income), operating	358	−209	3,007	−1,331	−2,880	214
Unusual expense (income)	148	247	−1,440	206	467	116
Other operating expenses	510	332	0	0	0	0
Operating income	1,796	2,035	391	2,018	3,264	1,078
Net interest income (expense)	−730	−631	−651	−411	−468	−384
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	68.0	44.0	47.0	56.0	63.0	67.0
Net income before taxes	1,134	1,448	−213	1,663	2,859	761
Provision for taxes	270	323	−11.0	442	672	251
Minority interest	–	–	–	–	0	0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	864	1,125	−202	1,221	2,187	510
Extraordinary items	–	–	–	–	0	0
Net income	864	1,125	−202	1,221	2,187	510
EBIT, normalized	2,302	2,073	1,958	893	851	1,408
EBITDA, normalized	3,198	3,144	3,269	1,739	1,793	1,967
Basic EPS, normalized	8.07	6.64	−1.12	5.17	8.93	–

Balance sheet in millions of USD, fiscal years

Balance sheet, NRG Energy Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	4,708	966	541	430	250	3,905
Receivables	4,065	3,488	3,542	4,773	3,245	904
Total inventory	461	478	607	751	498	327
Prepaid expenses	1,069	830	626	383	395	257
Other current assets	2,844	3,202	4,411	9,894	6,453	635
Total current assets	13,147	8,964	9,727	16,231	10,841	6,028
Property, plant & equipment	3,762	2,172	1,942	1,917	1,959	2,848
Goodwill	5,017	5,011	5,079	1,650	1,795	579
Intangibles	2,309	2,908	3,927	2,132	2,511	668
Long-term investments	23.0	51.0	48.0	133	157	346
Note receivable	–	–	–	–	–	–
Other long-term assets	4,882	4,916	5,315	7,083	5,919	4,433
Total assets	29,140	24,022	26,038	29,146	23,182	14,902
Liabilities
Accounts payable	2,834	2,513	2,325	3,643	2,274	649
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,899	2,097	1,732	1,373	1,405	747
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	31.0	996	620	63.0	4.0	1.0
Other current liabilities	3,265	3,207	4,823	7,903	4,232	518
Total current liabilities	8,029	8,813	9,500	12,982	7,915	1,915
Long-term debt	16,412	9,812	10,133	7,976	7,966	8,691
Minority interest	–	–	–	–	–	0
Other liabilities	3,018	2,919	3,499	4,360	3,701	2,616
Total liabilities	27,459	21,544	23,132	25,318	19,582	13,222
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2.0	2.0	3.0	4.0	4.0	4.0
Additional paid-in capital	215	705	3,416	8,457	8,531	8,517
Retained earnings (accumulated deficit)	1,982	1,535	820	1,408	464	−1,403
Treasury stock	−1,087	−297	−1,892	−5,864	−5,273	−5,232
Other equity	569	533	559	−177	−126	−206
Total equity	1,681	2,478	2,906	3,828	3,600	1,680
Total liabilities & shareholders' equity	29,140	24,022	26,038	29,146	23,182	14,902

Cash flow statement in millions of USD, fiscal years

Cash flow statement, NRG Energy Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	864	1,125	−202	1,221	2,187	510
Depreciation, depletion & amortization	896	1,071	1,311	846	942	559
Deferred taxes	213	165	−92.0	382	604	228
Non-cash items	1,516	1,054	−466	−1,399	−2,310	691
Changes in working capital	−1,576	−1,109	−772	−690	−930	−151
Cash from operations	1,913	2,306	−221	360	493	1,837
Investing activities
Capital expenditures	−1,147	−472	−598	−367	−269	−230
Other investing cash flows	−491	448	−312	35.0	−2,770	−264
Cash from investing	−1,638	−24.0	−910	−332	−3,039	−494
Financing activities
Financing cash flow items	−1,622	−983	310	1,986	920	−89.0
Cash dividends paid	−411	−405	−381	−332	−319	−295
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	5,579	−367	−329	−611	−873	2,588
Cash from financing	3,546	−1,755	−400	1,043	−272	2,204
Foreign exchange effects	4.0	−3.0	2.0	−3.0	−2.0	−2.0
Net change in cash	3,825	524	−1,529	1,068	−2,820	3,545
Free cash flow	766	1,834	−819	−7.0	224	1,607

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 2, 2026 after market close.