Eversource Energy (ES)
Market Price (12/26/2025): $67.1 | Market Cap: $25.0 BilSector: Utilities | Industry: Electric Utilities
Eversource Energy (ES)
Market Price (12/26/2025): $67.1Market Cap: $25.0 BilSector: UtilitiesIndustry: Electric Utilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.7%, Dividend Yield is 4.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.5% | Weak multi-year price returns2Y Excs Rtn is -26%, 3Y Excs Rtn is -89% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 118% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 13% | Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -4.0% | |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 29%, CFO LTM is 3.8 Bil | Key risksES key risks include [1] adverse regulatory actions, Show more. | |
| Low stock price volatilityVol 12M is 27% | ||
| Megatrend and thematic driversMegatrends include Offshore Wind Development, Smart Grids & Grid Modernization, and Water Infrastructure. Themes include Offshore Wind Project Development, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.7%, Dividend Yield is 4.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.5% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 13% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 29%, CFO LTM is 3.8 Bil |
| Low stock price volatilityVol 12M is 27% |
| Megatrend and thematic driversMegatrends include Offshore Wind Development, Smart Grids & Grid Modernization, and Water Infrastructure. Themes include Offshore Wind Project Development, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -26%, 3Y Excs Rtn is -89% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 118% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -4.0% |
| Key risksES key risks include [1] adverse regulatory actions, Show more. |
Why The Stock Moved
Qualitative Assessment
AI Analysis | Feedback
Here are five key points explaining the positive movement of Eversource Energy (ES) from approximately August 31, 2025, to today: 1. Strong Third Quarter 2025 Earnings and Reaffirmed GuidanceEversource Energy reported strong third-quarter 2025 recurring earnings of $1.19 per share, an increase from $1.13 per share in the third quarter of 2024. The company also narrowed and reaffirmed its 2025 recurring earnings per share guidance to a range of $4.72 to $4.80, and maintained its long-term EPS growth target of 5% to 7% off its 2024 base year. This consistent performance and positive outlook contributed to investor confidence.
2. Favorable Regulatory Approvals and Rate Increases
Significant regulatory progress, including approvals for rate increases, bolstered Eversource's financial position. The New Hampshire Public Utilities Commission approved a $100 million permanent rate increase for Public Service Company of New Hampshire, effective August 1, 2025, which included a 9.5% return on equity and performance-based ratemaking. Additionally, Eversource secured rate increases for its gas and electric businesses in Massachusetts.
Show more
Stock Movement Drivers
Fundamental Drivers
The -0.9% change in ES stock from 9/25/2025 to 12/25/2025 was primarily driven by a -36.1% change in the company's P/E Multiple.| 9252025 | 12252025 | Change | |
|---|---|---|---|
| Stock Price ($) | 67.74 | 67.16 | -0.86% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 12991.21 | 13148.61 | 1.21% |
| Net Income Margin (%) | 6.60% | 10.22% | 54.72% |
| P/E Multiple | 29.11 | 18.59 | -36.13% |
| Shares Outstanding (Mil) | 368.66 | 371.91 | -0.88% |
| Cumulative Contribution | -0.86% |
Market Drivers
9/25/2025 to 12/25/2025| Return | Correlation | |
|---|---|---|
| ES | -0.9% | |
| Market (SPY) | 4.9% | 11.2% |
| Sector (XLU) | 0.2% | 37.8% |
Fundamental Drivers
The 8.6% change in ES stock from 6/26/2025 to 12/25/2025 was primarily driven by a 54.2% change in the company's Net Income Margin (%).| 6262025 | 12252025 | Change | |
|---|---|---|---|
| Stock Price ($) | 61.85 | 67.16 | 8.59% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 12686.61 | 13148.61 | 3.64% |
| Net Income Margin (%) | 6.63% | 10.22% | 54.22% |
| P/E Multiple | 27.03 | 18.59 | -31.21% |
| Shares Outstanding (Mil) | 367.32 | 371.91 | -1.25% |
| Cumulative Contribution | 8.57% |
Market Drivers
6/26/2025 to 12/25/2025| Return | Correlation | |
|---|---|---|
| ES | 8.6% | |
| Market (SPY) | 13.1% | 16.3% |
| Sector (XLU) | 6.2% | 49.1% |
Fundamental Drivers
The 22.9% change in ES stock from 12/25/2024 to 12/25/2025 was primarily driven by a 13.1% change in the company's Total Revenues ($ Mil).| 12252024 | 12252025 | Change | |
|---|---|---|---|
| Stock Price ($) | 54.66 | 67.16 | 22.87% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 11623.50 | 13148.61 | 13.12% |
| P/S Multiple | 1.69 | 1.90 | 12.36% |
| Shares Outstanding (Mil) | 359.52 | 371.91 | -3.45% |
| Cumulative Contribution | 22.72% |
Market Drivers
12/25/2024 to 12/25/2025| Return | Correlation | |
|---|---|---|
| ES | 22.9% | |
| Market (SPY) | 15.8% | 28.6% |
| Sector (XLU) | 14.3% | 59.2% |
Fundamental Drivers
The -8.9% change in ES stock from 12/26/2022 to 12/25/2025 was primarily driven by a -13.8% change in the company's Net Income Margin (%).| 12262022 | 12252025 | Change | |
|---|---|---|---|
| Stock Price ($) | 73.72 | 67.16 | -8.90% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 11741.42 | 13148.61 | 11.98% |
| Net Income Margin (%) | 11.85% | 10.22% | -13.77% |
| P/E Multiple | 18.40 | 18.59 | 1.03% |
| Shares Outstanding (Mil) | 347.30 | 371.91 | -7.09% |
| Cumulative Contribution | -9.35% |
Market Drivers
12/26/2023 to 12/25/2025| Return | Correlation | |
|---|---|---|
| ES | 20.1% | |
| Market (SPY) | 48.3% | 19.0% |
| Sector (XLU) | 43.2% | 62.0% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ES Return | 4% | 8% | -5% | -23% | -2% | 21% | -3% |
| Peers Return | -3% | 23% | 5% | -6% | 16% | 8% | 48% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 18% | 115% |
Monthly Win Rates [3] | |||||||
| ES Win Rate | 50% | 50% | 50% | 42% | 50% | 50% | |
| Peers Win Rate | 47% | 58% | 55% | 50% | 58% | 57% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| ES Max Drawdown | -26% | -10% | -19% | -36% | -14% | -4% | |
| Peers Max Drawdown | -34% | -9% | -13% | -19% | -7% | -7% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: ED, PEG, EXC, UTL, NEE. See ES Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/24/2025 (YTD)
How Low Can It Go
| Event | ES | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -44.2% | -25.4% |
| % Gain to Breakeven | 79.1% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -36.8% | -33.9% |
| % Gain to Breakeven | 58.3% | 51.3% |
| Time to Breakeven | Not Fully Recovered days | 148 days |
| 2018 Correction | ||
| % Loss | -19.7% | -19.8% |
| % Gain to Breakeven | 24.5% | 24.7% |
| Time to Breakeven | 157 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -42.9% | -56.8% |
| % Gain to Breakeven | 75.1% | 131.3% |
| Time to Breakeven | 844 days | 1,480 days |
Compare to CEG, DTE, AEE, CNP, CMS
In The Past
Eversource Energy's stock fell -44.2% during the 2022 Inflation Shock from a high on 8/18/2022. A -44.2% loss requires a 79.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth over time.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
Eversource Energy, a public utility holding company, engages in the energy delivery business. The company operates through Electric Distribution, Electric Transmission, Natural Gas Distribution, and Water Distribution segments. It is involved in the transmission and distribution of electricity; solar power facilities; and distribution of natural gas. The company operates regulated water utilities that provide water services to approximately 226,000 customers. It serves residential, commercial, industrial, municipal and fire protection, and other customers in Connecticut, Massachusetts, and New Hampshire. The company was formerly known as Northeast Utilities and changed its name to Eversource Energy in April 2015. Eversource Energy is based in Springfield, Massachusetts.
AI Analysis | Feedback
- Verizon for power and gas delivery in the home.
- Waste Management for essential home utilities like electricity, gas, and water.
AI Analysis | Feedback
- Electricity Distribution and Transmission: Delivers electricity from generating sources to residential, commercial, and industrial customers.
- Natural Gas Distribution: Provides natural gas service to homes and businesses for heating and other uses.
- Water Distribution: Supplies potable water to customers in specific service areas.
AI Analysis | Feedback
```htmlEversource Energy (Symbol: ES) - Major Customers
Eversource Energy (ES) is a public utility company that sells electricity, natural gas, and water directly to end-users. Therefore, it primarily serves individuals and businesses within its service territories, rather than selling to other companies for resale.
The major categories of customers Eversource Energy serves are:
- Residential Customers: This category includes individual households and apartment dwellers who use electricity, natural gas, or water for personal consumption in their homes.
- Commercial Customers: This category encompasses a wide range of businesses, such as retail stores, offices, restaurants, educational institutions, government facilities, and other commercial enterprises that utilize energy and water for their operations.
- Industrial Customers: This category includes manufacturing plants, factories, and other large industrial facilities that have significant energy demands for their production processes.
AI Analysis | Feedback
nullAI Analysis | Feedback
Joseph R. Nolan, Jr. Chairman, President, and Chief Executive Officer
Mr. Nolan joined Eversource (or its predecessor company, Boston Edison Co.) in 1985 and has held various leadership positions within customer service, government affairs, and corporate relations. He was appointed President and CEO in May 2021, and became Chairman in January 2023. During his tenure as CEO, he oversaw the decision to divest Eversource's offshore wind business and the planned sale of its Aquarion Water Co. subsidiary. Mr. Nolan earned his undergraduate degree in communications and an MBA from Boston College.
John M. Moreira Executive Vice President, Chief Financial Officer, and Treasurer
Mr. Moreira was appointed Executive Vice President, Chief Financial Officer, and Treasurer in May 2022, succeeding Phil Lembo. He has a 22-year tenure with Eversource and its predecessor companies. Prior to his current role, he served as Senior Vice President of the Financial and Regulatory division and Treasurer since 2018. Mr. Moreira holds a Bachelor of Science in Accounting from the University of Massachusetts – Dartmouth and a Master of Business Administration from Curry College.
Paul Chodak III Executive Vice President; Chief Operating Officer
Mr. Chodak has served as Executive Vice President and Chief Operating Officer of Eversource Energy since November 2023. Before joining Eversource, he was Executive Vice President for the Generation division of American Electric Power Co Inc from January 2019 to September 2023, and Executive Vice President for the Utilities division of AEP from January 2017 to December 2018.
Susan Sgroi Executive Vice President - Human Resources; Executive Vice President - Information Technology
Ms. Sgroi has been the Executive Vice President of the Human Resources and Information Technology divisions of Eversource Energy since January 2024. Prior to her role at Eversource, she served as Executive Vice President and Chief Human Resources Officer of Blue Cross and Blue Shield from 2015 to 2023.
AI Analysis | Feedback
The key risks for Eversource Energy (ES) primarily revolve around regulatory challenges, its financial health due to high debt, and execution risks related to strategic initiatives.
- Regulatory Environment and Challenges: Eversource Energy operates in a heavily regulated industry, and unfavorable decisions from regulatory bodies, particularly in Connecticut, pose a significant risk to its growth prospects and financial performance. These challenges can impact the company's ability to secure adequate rate increases, recover costs, and earn its allowed return on equity, which in turn can limit investments in infrastructure and affect projected earnings per share (EPS) growth. A notable instance of this risk was the rejection by Connecticut regulators of Eversource's plan to sell its Aquarion water utility business, which was intended to help streamline operations and reduce debt. This regulatory uncertainty can also create investor unease and impact stock valuation.
- High Debt Levels and Financial Health: Eversource Energy's financial strength has been noted as poor due to its substantial debt levels. The company's high debt-to-equity ratio signals a significant reliance on borrowed capital. The need to refinance this debt, especially in an environment of potentially higher interest rates, could put pressure on the company's EPS and its dividend payout ratio. Strengthening the balance sheet through non-core asset divestments and equity issuance has been a strategic focus for Eversource.
- Execution Risk and Past Missteps: The company faces execution risk related to its strategic initiatives and capital expenditure plans. Past challenges, such as significant losses from exiting offshore wind investments and the after-tax loss from the Aquarion divestiture, underscore the pressure on management to efficiently execute its current capital plans. These past missteps highlight the importance of effective management in navigating complex projects and transactions to avoid further financial setbacks.
AI Analysis | Feedback
The clear emerging threat to Eversource Energy (ES) is the increasing adoption of decentralized energy generation, particularly rooftop solar and behind-the-meter battery storage.
This trend allows residential and commercial customers to generate and store their own electricity, significantly reducing their reliance on grid-supplied power from traditional utilities like Eversource. As costs for solar panels and battery storage continue to decline and adoption rates grow in Eversource's service territories (Massachusetts, Connecticut, New Hampshire), it directly threatens the utility's traditional revenue model, which is based on volumetric sales of electricity. This phenomenon can lead to "load defection," where customers consume less electricity from the grid, thereby impacting Eversource's sales volumes and potentially necessitating fundamental changes to rate structures and grid investment recovery.
AI Analysis | Feedback
Eversource Energy (ES) primarily operates in the electricity transmission and distribution, natural gas distribution, and water distribution sectors across New England, specifically in Connecticut, Massachusetts, and New Hampshire. The company serves approximately 4.4 to 4.6 million electric, natural gas, and water customers in these states.Addressable Market Sizes for Eversource Energy's Main Products/Services in New England:
- Electricity Distribution: The New England region, where Eversource operates its electricity distribution services, encompasses 7.5 million retail electricity customers and a population of 15.1 million people. The total annual energy served in New England was 116,719 gigawatt-hours (GWh) in 2024. The wholesale electricity market in New England saw $7 billion in transactions in 2024, with $5.6 billion in energy markets and $1.4 billion in capacity and ancillary services markets. New England's average annual net load is forecasted to increase by more than 11% by 2034.
- Natural Gas Distribution: The addressable market for natural gas distribution in New England includes 2.9 million gas customers. Annual natural gas consumption in the region was 894 billion cubic feet (Bcf) in 2021. Under normal weather conditions, the annual local distribution company (LDC) natural gas demand in New England was projected to be 518,718 billion British thermal units (BBtu) in 2022, increasing to 578,273 BBtu by 2032. Natural gas constituted 32% of the primary energy consumption in New England in 2020 and fuels 40% of the region's power supply.
- Water Distribution: null
AI Analysis | Feedback
Eversource Energy (ES) is expected to drive future revenue growth over the next two to three years through significant capital investments in its regulated electric transmission and distribution infrastructure, favorable regulatory outcomes leading to rate base increases, and continued strategic focus on grid modernization and the integration of renewable energy sources.
- Large-Scale Capital Investments in Electric Transmission and Distribution: Eversource Energy is undertaking substantial capital expenditure programs focused on upgrading and modernizing its electric transmission and distribution systems across its service territories in Connecticut, Massachusetts, and New Hampshire. The company plans to invest a total of $24.2 billion across its gas and electric businesses between 2025 and 2029, with a significant portion, nearly $7 billion, allocated to transmission investments and over $10 billion for electric distribution upgrades. These investments are aimed at replacing aging infrastructure, increasing resilience against extreme weather, and enhancing overall reliability. Specifically, in 2025, Eversource is on track to invest nearly $5 billion in infrastructure. These expenditures form the foundation for future rate base growth, a key driver of regulated utility revenue.
- Rate Base Growth and Favorable Regulatory Approvals: Revenue growth for Eversource is intrinsically linked to its growing rate base, which is supported by ongoing infrastructure investments and subsequent regulatory approvals for rate increases. The company has already seen improved results in its electric distribution segment due to base distribution rate increases in New Hampshire and Massachusetts. Similarly, the natural gas distribution segment has benefited from base distribution rate increases in its Massachusetts gas businesses, effective November 1, 2024, to recover investments in infrastructure. Regulatory frameworks are designed to enable timely cost recovery for these investments, ensuring a predictable revenue stream. Analysts anticipate that supportive regulations and recent favorable rate case outcomes will enhance cost recovery and contribute to more predictable profit margins.
- Grid Modernization and Renewable Energy Integration: Eversource is strategically focusing on grid modernization, which involves significant investments in smart grid technologies, energy storage, and facilitating the adoption of electric vehicles and heat pumps. This pivot aligns with the growing consumer demand for clean energy and regulatory mandates for decarbonization. While Eversource has exited the offshore wind generation business, its regulated companies are building the necessary facilities to enable over 9,000 MW of offshore wind generation to reach homes and businesses in Southern New England. The company is also committed to supporting large solar projects and providing incentives for customer-sited solar, with expectations for thousands of megawatts of new solar to be developed in Massachusetts and Connecticut over the next several years. These initiatives not only support sustainability goals but also drive revenue through enhanced grid capabilities and the integration of new energy sources.
- Operational Efficiencies from Advanced Metering Infrastructure (AMI) Deployment: Eversource plans to invest $850 million to deploy advanced metering infrastructure (AMI) in Massachusetts, with a goal of full deployment by 2029. This technology is expected to drive operational efficiency and cost reductions, directly contributing to net margins and supporting revenue stability by allowing customers to better manage their energy usage and enabling improved grid management.
AI Analysis | Feedback
Capital Allocation Decisions for Eversource Energy (ES)
Share Issuance
- In June 2020, Eversource Energy priced a public offering of 6,000,000 common shares at $86.26 per share, generating approximately $517.56 million, with net proceeds intended to fund a portion of the purchase of Massachusetts natural gas assets.
- Approximately $1 billion in equity was issued through an At-The-Market (ATM) program in 2024, along with 15.7 million common shares.
Outbound Investments
- Eversource exited the offshore wind business, incurring a net after-tax loss of $524 million from the sale in 2024, following a $1.95 billion loss in 2023.
- The company is in the process of divesting its Aquarion water businesses, with a planned sale by the end of 2025 for $2.4 billion, which is expected to reduce debt and allow for reinvestment in regulated utilities.
- Eversource acquired the Massachusetts natural gas assets of Columbia Gas from NiSource, Inc. in October 2020.
Capital Expenditures
- Eversource's capital expenditures averaged $3.898 billion annually from fiscal years 2020 to 2024, peaking at $4.481 billion in December 2024.
- The company has announced an ambitious $24.2 billion capital investment plan for 2025-2029, focusing on modernizing its electric grid infrastructure.
- This five-year plan includes approximately $7 billion for transmission investments and over $10 billion for electric distribution upgrades, primarily aimed at enhancing reliability, resilience, replacing aging infrastructure, and integrating renewable energy.
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to ES. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | PEG | Public Service Enterprise | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.1% | 0.1% | -2.4% |
| 09262025 | PCG | PG&E | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 5.9% | 5.9% | -0.8% |
| 09052025 | AES | AES | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 9.3% | 9.3% | -3.2% |
| 03312020 | ES | Eversource Energy | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 7.6% | 13.9% | -4.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Eversource Energy
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 73.81 |
| Mkt Cap | 38.1 |
| Rev LTM | 14,870 |
| Op Inc LTM | 2,971 |
| FCF LTM | -122 |
| FCF 3Y Avg | -627 |
| CFO LTM | 4,235 |
| CFO 3Y Avg | 3,288 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.2% |
| Rev Chg 3Y Avg | 5.7% |
| Rev Chg Q | 8.9% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Mgn LTM | 21.5% |
| Op Mgn 3Y Avg | 20.2% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 27.2% |
| CFO/Rev 3Y Avg | 23.1% |
| FCF/Rev LTM | -2.7% |
| FCF/Rev 3Y Avg | -7.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 38.1 |
| P/S | 2.0 |
| P/EBIT | 9.4 |
| P/E | 18.1 |
| P/CFO | 7.3 |
| Total Yield | 8.6% |
| Dividend Yield | 3.1% |
| FCF Yield 3Y Avg | -4.3% |
| D/E | 0.9 |
| Net D/E | 0.8 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -2.0% |
| 3M Rtn | 1.3% |
| 6M Rtn | 3.5% |
| 12M Rtn | 14.4% |
| 3Y Rtn | 8.7% |
| 1M Excs Rtn | -4.5% |
| 3M Excs Rtn | -3.6% |
| 6M Excs Rtn | -9.4% |
| 12M Excs Rtn | -1.8% |
| 3Y Excs Rtn | -70.8% |
Comparison Analyses
Segment Financials
Assets by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Electric Distribution | 29,426 | 27,365 | 25,411 | 24,982 | 22,542 |
| Other | 26,338 | 26,365 | 22,675 | 22,089 | 18,844 |
| Electric Transmission | 14,806 | 13,370 | 12,378 | 11,695 | 10,904 |
| Natural Gas Distribution | 8,775 | 8,085 | 7,216 | 6,450 | 4,346 |
| Water Distribution | 2,945 | 2,784 | 2,551 | 2,375 | 2,352 |
| Eliminations | -26,678 | -24,738 | -21,739 | -21,492 | -17,863 |
| Total | 55,612 | 53,231 | 48,492 | 46,100 | 41,124 |
Price Behavior
Price Behavior
| Market Price | $67.16 | |
| Market Cap ($ Bil) | 25.0 | |
| First Trading Date | 12/29/2006 | |
| Distance from 52W High | -9.3% | |
| 50 Days | 200 Days | |
| DMA Price | $69.45 | $64.15 |
| DMA Trend | up | indeterminate |
| Distance from DMA | -3.3% | 4.7% |
| 3M | 1YR | |
| Volatility | 30.5% | 27.1% |
| Downside Capture | 32.82 | 36.14 |
| Upside Capture | 21.32 | 51.09 |
| Correlation (SPY) | 11.3% | 28.6% |
ES Betas & Captures as of 11/30/2025
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.29 | 0.25 | 0.35 | 0.44 | 0.41 | 0.41 |
| Up Beta | 0.90 | 0.24 | -0.12 | 0.22 | 0.38 | 0.37 |
| Down Beta | 0.63 | 0.25 | 0.20 | 0.27 | 0.44 | 0.34 |
| Up Capture | -79% | -4% | 57% | 46% | 30% | 13% |
| Bmk +ve Days | 12 | 25 | 38 | 73 | 141 | 426 |
| Stock +ve Days | 12 | 26 | 40 | 77 | 142 | 388 |
| Down Capture | 56% | 46% | 49% | 68% | 49% | 79% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 7 | 15 | 22 | 47 | 104 | 355 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of ES With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| ES | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 25.9% | 17.2% | 19.2% | 71.9% | 8.9% | 6.0% | -10.1% |
| Annualized Volatility | 27.0% | 16.0% | 19.5% | 19.3% | 15.3% | 17.1% | 35.0% |
| Sharpe Ratio | 0.83 | 0.80 | 0.78 | 2.69 | 0.36 | 0.18 | -0.12 |
| Correlation With Other Assets | 59.4% | 28.8% | 10.9% | 12.5% | 52.8% | 8.4% | |
ETFs used for asset classes: Sector ETF = XLU, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Comparison of ES With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| ES | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -0.9% | 9.8% | 14.9% | 18.7% | 11.7% | 4.8% | 32.7% |
| Annualized Volatility | 23.8% | 17.2% | 17.1% | 15.5% | 18.7% | 18.9% | 48.7% |
| Sharpe Ratio | -0.06 | 0.44 | 0.70 | 0.97 | 0.51 | 0.17 | 0.60 |
| Correlation With Other Assets | 77.1% | 31.2% | 15.5% | 5.8% | 53.6% | 7.8% | |
ETFs used for asset classes: Sector ETF = XLU, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Comparison of ES With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| ES | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 6.3% | 10.5% | 14.7% | 14.9% | 6.9% | 5.2% | 69.3% |
| Annualized Volatility | 24.1% | 19.2% | 18.0% | 14.8% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.27 | 0.48 | 0.70 | 0.83 | 0.31 | 0.22 | 0.90 |
| Correlation With Other Assets | 84.6% | 41.7% | 16.4% | 8.6% | 60.2% | 5.6% | |
ETFs used for asset classes: Sector ETF = XLU, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/14/2025 | -0.5% | 2.6% | 3.3% |
| 7/31/2025 | -0.8% | -0.3% | -3.1% |
| 5/1/2025 | -0.4% | 6.1% | 11.2% |
| 2/11/2025 | -2.8% | 2.0% | -1.0% |
| 11/4/2024 | -2.1% | -3.6% | -2.5% |
| 7/31/2024 | 1.8% | 0.7% | 2.7% |
| 5/1/2024 | -1.4% | -0.9% | -2.7% |
| 1/24/2024 | 3.2% | 2.0% | 10.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 12 | 12 |
| # Negative | 15 | 13 | 13 |
| Median Positive | 1.5% | 1.9% | 4.7% |
| Median Negative | -0.8% | -2.4% | -3.1% |
| Max Positive | 3.2% | 6.1% | 14.3% |
| Max Negative | -2.8% | -7.3% | -17.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 11062025 | 10-Q 9/30/2025 |
| 6302025 | 8042025 | 10-Q 6/30/2025 |
| 3312025 | 5052025 | 10-Q 3/31/2025 |
| 12312024 | 2142025 | 10-K 12/31/2024 |
| 9302024 | 11062024 | 10-Q 9/30/2024 |
| 6302024 | 8022024 | 10-Q 6/30/2024 |
| 3312024 | 5032024 | 10-Q 3/31/2024 |
| 12312023 | 2142024 | 10-K 12/31/2023 |
| 9302023 | 11072023 | 10-Q 9/30/2023 |
| 6302023 | 8042023 | 10-Q 6/30/2023 |
| 3312023 | 5052023 | 10-Q 3/31/2023 |
| 12312022 | 2152023 | 10-K 12/31/2022 |
| 9302022 | 11042022 | 10-Q 9/30/2022 |
| 6302022 | 8042022 | 10-Q 6/30/2022 |
| 3312022 | 5062022 | 10-Q 3/31/2022 |
| 12312021 | 2172022 | 10-K 12/31/2021 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.