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what it is
Evergy delivers electricity to 1.7 million customers in Kansas and Missouri.
how it gets paid
Last year Evergy made $5.7B in revenue. Residential electricity was the main engine at $2.11B, or 37% of sales.
growth snapshot
Revenue was roughly flat last year at $5.7B. For the full year, adjusted share earnings totaled $3.83, below the earlier guided $3.92, reflecting unfavorable weather and weak industrial demand.
what just happened
Evergy missed the $1.41B revenue bar after posting $1.34B.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
85/100 earnings predictability — you can trust these numbers
21.4x trailing p/e — priced about right
5.5% return on capital — nothing to write home about
xvary composite: 58/100 — below average
What they do
Evergy delivers electricity to 1.7 million customers in Kansas and Missouri.
Evergy serves 1.7 million customers in Kansas and Missouri. You do not switch electric service like a streaming app. The grid is physical, local, and expensive to duplicate. Its fuel mix is 37% coal and 29% wind, so you are buying a utility built on steel, wires, and fuel contracts, not software.
How they make money
$5.7B
annual revenue · their business grew +0.0% last year
Residential electricity
$2.11B
Commercial electricity
$1.88B
Industrial electricity
$0.63B
Wholesale electricity
$0.29B
Other services
$0.80B
The products that matter
generates and delivers electricity
regulated electric utility
$5.7B revenue · 100% of sales
it's the entire business: 1.7 million customers inside a protected territory generating all $5.7B of revenue.
the whole story
Key numbers
$13.0B
long-term debt
That debt stack is 41% of capital, so higher rates matter.
1.7M
customers
This is the base that pays the bill in Kansas and Missouri.
26.9%
operating margin
The company keeps 26.9 cents of every revenue dollar before interest and taxes.
$86
18-month target
VL sees only 5% upside from $82.11.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 2 — safer than 80% of stocks
- price stability 100 / 100
- long-term debt $13.0B (41% of capital)
- return on equity 9% — $0.09 profit for every $1 investors have put in
B++ — risk rank looks solid but long-term debt needs watching.
Total return vs. market
You invested $10,000 in EVRG 3 years ago → it's now worth $15,360.
The index would have given you $13,880.
source: institutional data · total return
What just happened
missed estimates
Evergy missed the $1.41B revenue bar after posting $1.34B.
Revenue rose more than 6% vs. prior year, but it still came in below consensus. Adjusted EPS rose 20% to $0.42, which did not stop the miss.
$1.34B
revenue
$0.42
eps
26.9%
operating margin
the number that mattered
The $1.34B revenue print mattered because it missed $1.41B consensus even after a 6%+ increase.
-
evergy inc. finished 2025 on a solid footing, despite some softness in the fourth quarter.
-
while revenue increased more than 6%, vs. prior year, to $1.34 billion, it missed the $1.41 billion consensus.
-
meanwhile, adjusted earnings per share rose 20%, to $0.42.for the full year, adjusted share earnings totaled $3.83, below the earlier guided $3.92, reflecting unfavorable weather and weak industrial demand.
-
these pressures weighed on results throughout much of the year.
-
still, ongoing cost-control and mitigation efforts helped offset part of the impact.residential and industrial load also came in lighter than anticipated late in the year, though trends have shown improvement more recently.
source: quarterly update, 2025
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What could go wrong
the #1 risk is kansas and missouri rate-setting pressure.
med
rate cases decide the return on the whole business
evergy generates 100% of its $5.7B revenue inside a regulated monopoly. if allowed returns disappoint, the earnings ceiling comes down with them.
this touches the entire revenue base, not a side segment.
med
$13.0B of debt makes financing costs matter
long-term debt is 41% of capital. utilities live with leverage, but higher funding costs or delayed recovery through rates can squeeze the equity story.
the balance sheet is fine until borrowing costs stay high for longer than regulators allow you to recover.
low
weather and load are still real variables
the news feed itself points to unfavorable weather and weak industrial demand. one softer stretch showed $1.34B of revenue, $0.42 adjusted EPS, and full-year adjusted EPS of $3.83 versus $3.92 guidance.
this is rarely thesis-breaking in one quarter, but it can chip away at annual targets fast.
regulators influence the return on a business that produces 100% of its $5.7B revenue from one regulated electric franchise, and $13.0B of debt limits room for mistakes.
source: institutional data · regulatory filings · risk analysis
Pay attention to
risk
rate outcomes in kansas and missouri
this is the main event. if regulators get tougher, the return profile on the whole $5.7B business gets tougher too.
metric
fy2026 eps versus the $4.25 estimate
that number tells you whether evergy is merely steady or actually compounding a little faster than the market expects.
trend
revenue path toward $6B
the top-line target implies roughly 5% growth from $5.7B. for a utility, that is meaningful enough to watch closely.
calendar
next earnings update
you want cleaner confirmation that results look more like the $2.03 EPS / $1.8B quarter than the softer $0.42 / $1.34B one.
Analyst rankings
short-term outlook
below average
momentum score 4 — in human-speak, analysts think this is more of a defensive holding than a near-term outperformer.
risk profile
above average
stability score 2 — safer than roughly 80% of stocks. this is the part of the story utilities usually win on.
chart momentum
average
technical score 3 — no big signal here. the stock is acting like a utility stock, which is another way of saying calmly.
earnings predictability
85 / 100
management's earnings pattern is reliable enough that surprises tend to be measured, not dramatic.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 337 buyers vs. 280 sellers in 4q2025. total institutional holdings: 0.2B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$71
$101
$82
current price
$86
target midpoint · +5% from current · 3-5yr high: $110 (+35% · 11% ann'l return)
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