Evergy (EVRG)
Market Price (11/7/2026): $87.53 | Market Cap: $20.5 BilInvestor Relations Sector: Utilities | Industry: Electric Utilities
Evergy (EVRG)
Market Price (11/7/2026): $87.53Market Cap: $20.5 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 8.4%, Dividend Yield is 3.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.0% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 32%, CFO LTM is 2.0 Bil Low stock price volatilityVol 12M is 17% Megatrend and thematic driversMegatrends include Renewable Energy Transition, and Electrification of Everything. Themes include Wind Energy Development, Battery Storage & Grid Modernization, Show more. | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 80% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -24% Key risksEVRG key risks include [1] execution challenges in its generation fleet transformation from a historic reliance on coal and [2] potential financial strain from its substantial capital expenditure plan if rate recovery is insufficient. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.4%, Dividend Yield is 3.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.0% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 32%, CFO LTM is 2.0 Bil |
| Low stock price volatilityVol 12M is 17% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, and Electrification of Everything. Themes include Wind Energy Development, Battery Storage & Grid Modernization, Show more. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 80% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -24% |
| Key risksEVRG key risks include [1] execution challenges in its generation fleet transformation from a historic reliance on coal and [2] potential financial strain from its substantial capital expenditure plan if rate recovery is insufficient. |
Qualitative Assessment
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Evergy (EVRG) stock has gained about 5% since 7/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Beat: Evergy announced on August 6, 2026, that its fiscal Q2 2026 adjusted earnings per share (EPS) reached $0.88, surpassing the consensus estimate of $0.81 by $0.07. Additionally, quarterly revenue for the period was reported at $1.50 billion, exceeding analysts' expectations of $1.36 billion.
2. Exceptional Fiscal Q3 2026 Performance and Increased 2026 Guidance: On November 5, 2026, Evergy reported robust fiscal Q3 2026 adjusted EPS of $2.58, beating the analyst consensus of $2.31. Concurrently, the company raised its full-year 2026 adjusted EPS guidance range to $4.35-$4.50, an increase from its original guidance of $4.14-$4.34. This updated guidance reflects strong operational performance and warmer weather during the quarter.
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Evergy (EVRG) stock has gained about 5% since 7/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Beat: Evergy announced on August 6, 2026, that its fiscal Q2 2026 adjusted earnings per share (EPS) reached $0.88, surpassing the consensus estimate of $0.81 by $0.07. Additionally, quarterly revenue for the period was reported at $1.50 billion, exceeding analysts' expectations of $1.36 billion.
2. Exceptional Fiscal Q3 2026 Performance and Increased 2026 Guidance: On November 5, 2026, Evergy reported robust fiscal Q3 2026 adjusted EPS of $2.58, beating the analyst consensus of $2.31. Concurrently, the company raised its full-year 2026 adjusted EPS guidance range to $4.35-$4.50, an increase from its original guidance of $4.14-$4.34. This updated guidance reflects strong operational performance and warmer weather during the quarter.
3. Significant Growth in Retail Load Driven by Data Centers: Evergy experienced a 4.5% increase in weather-normalized retail electricity demand in fiscal Q3 2026, largely fueled by new data center agreements. The company projects an approximate 7%-8% annual retail demand growth through 2030, based on signed electric service agreements (ESAs) for 3.1 gigawatts (GW) of large load customers, with further potential for additional ESAs to extend this growth profile.
4. Expanded Capital Investment Plan: Driven by the anticipated large customer demand, Evergy increased its five-year capital investment plan through 2030 by approximately $1 billion, raising the total to $22.5 billion from the initial $21.6 billion. This expanded capital plan is expected to boost the projected rate base compound annual growth rate (CAGR) through 2030 from 11.5% to approximately 12%.
5. Quarterly Dividend Increase: Evergy demonstrated confidence in its financial outlook and cash flow by announcing a 4% increase in its quarterly dividend. This raises the annualized dividend to $2.89 per share, signaling a commitment to shareholder returns.
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Stock Movement Drivers
Fundamental Drivers
The 6.3% change in EVRG stock from 7/31/2026 to 11/6/2026 was primarily driven by a 14.0% change in the company's Net Income Margin (%).| (LTM values as of) | 7312026 | 11062026 | Change |
|---|---|---|---|
| Stock Price ($) | 82.32 | 87.54 | 6.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,031 | 6,381 | 5.8% |
| Net Income Margin (%) | 14.6% | 16.7% | 14.0% |
| P/E Multiple | 21.5 | 19.0 | -11.7% |
| Shares Outstanding (Mil) | 231 | 231 | -0.1% |
| Cumulative Contribution | 6.3% |
Market Drivers
7/31/2026 to 11/6/2026| Return | Correlation | |
|---|---|---|
| EVRG | 6.3% | |
| Market (SPY) | -1.6% | -12.6% |
| Sector (XLU) | -2.8% | 80.3% |
Fundamental Drivers
The 7.4% change in EVRG stock from 4/30/2026 to 11/6/2026 was primarily driven by a 16.2% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 11062026 | Change |
|---|---|---|---|
| Stock Price ($) | 81.47 | 87.54 | 7.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,962 | 6,381 | 7.0% |
| Net Income Margin (%) | 14.4% | 16.7% | 16.2% |
| P/E Multiple | 22.0 | 19.0 | -13.5% |
| Shares Outstanding (Mil) | 231 | 231 | -0.1% |
| Cumulative Contribution | 7.4% |
Market Drivers
4/30/2026 to 11/6/2026| Return | Correlation | |
|---|---|---|
| EVRG | 7.4% | |
| Market (SPY) | 2.6% | -16.8% |
| Sector (XLU) | -7.4% | 80.6% |
Fundamental Drivers
The 17.9% change in EVRG stock from 10/31/2025 to 11/6/2026 was primarily driven by a 16.7% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 11062026 | Change |
|---|---|---|---|
| Stock Price ($) | 74.22 | 87.54 | 17.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,880 | 6,381 | 8.5% |
| Net Income Margin (%) | 14.3% | 16.7% | 16.7% |
| P/E Multiple | 20.4 | 19.0 | -6.6% |
| Shares Outstanding (Mil) | 230 | 231 | -0.3% |
| Cumulative Contribution | 17.9% |
Market Drivers
10/31/2025 to 11/6/2026| Return | Correlation | |
|---|---|---|
| EVRG | 17.9% | |
| Market (SPY) | 8.7% | -6.4% |
| Sector (XLU) | -1.2% | 79.1% |
Fundamental Drivers
The 101.3% change in EVRG stock from 10/31/2023 to 11/6/2026 was primarily driven by a 43.9% change in the company's P/E Multiple.| (LTM values as of) | 10312023 | 11062026 | Change |
|---|---|---|---|
| Stock Price ($) | 43.48 | 87.54 | 101.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,840 | 6,381 | 9.3% |
| Net Income Margin (%) | 13.0% | 16.7% | 28.5% |
| P/E Multiple | 13.2 | 19.0 | 43.9% |
| Shares Outstanding (Mil) | 230 | 231 | -0.4% |
| Cumulative Contribution | 101.3% |
Market Drivers
10/31/2023 to 11/6/2026| Return | Correlation | |
|---|---|---|
| EVRG | 101.3% | |
| Market (SPY) | 81.9% | 11.5% |
| Sector (XLU) | 56.9% | 77.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| EVRG Return | 28% | -5% | -13% | 23% | 22% | 24% | 98% |
| Peers Return | 16% | 6% | -4% | 28% | 14% | 13% | 96% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| EVRG Win Rate | 58% | 50% | 50% | 50% | 83% | 55% | |
| Peers Win Rate | 53% | 58% | 48% | 62% | 58% | 51% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| EVRG Max Drawdown | -11% | -23% | -23% | -10% | -8% | -11% | |
| Peers Max Drawdown | -14% | -23% | -20% | -10% | -12% | -16% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ETR, FE, PPL, PNW, SO. See EVRG 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] 2026 data is for the year up to 11/6/2026 (YTD)
How Low Can It Go
| Event | EVRG | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -20.4% | -9.5% |
| % Gain to Breakeven | 25.6% | 10.5% |
| Time to Breakeven | 262 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -17.0% | -24.5% |
| % Gain to Breakeven | 20.5% | 32.4% |
| Time to Breakeven | 702 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -38.8% | -33.7% |
| % Gain to Breakeven | 63.4% | 50.9% |
| Time to Breakeven | 738 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -10.2% | -3.7% |
| % Gain to Breakeven | 11.4% | 3.9% |
| Time to Breakeven | 224 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -12.1% | -12.2% |
| % Gain to Breakeven | 13.8% | 13.9% |
| Time to Breakeven | 41 days | 62 days |
| 2013 Taper Tantrum | ||
| % Loss | -10.9% | -0.2% |
| % Gain to Breakeven | 12.2% | 0.2% |
| Time to Breakeven | 126 days | 1 days |
In The Past
Evergy's stock fell -3.8% during the 2025 US Tariff Shock. Such a loss loss requires a 3.9% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | EVRG | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -20.4% | -9.5% |
| % Gain to Breakeven | 25.6% | 10.5% |
| Time to Breakeven | 262 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -38.8% | -33.7% |
| % Gain to Breakeven | 63.4% | 50.9% |
| Time to Breakeven | 738 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -38.4% | -53.4% |
| % Gain to Breakeven | 62.3% | 114.4% |
| Time to Breakeven | 397 days | 1085 days |
In The Past
Evergy's stock fell -3.8% during the 2025 US Tariff Shock. Such a loss loss requires a 3.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Evergy (EVRG)
Evergy, Inc. (EVRG) operates as an integrated electric utility primarily serving customers across Kansas and Missouri. The company is involved in every stage of electricity provision, from generating power to its transmission, distribution, and eventual sale to end-users. This full-spectrum operation ensures a reliable electricity supply to its service territories.
Evergy generates electricity using a diverse portfolio of sources, including traditional methods like coal, natural gas, hydroelectric, and uranium, alongside a growing emphasis on renewable sources such as solar and wind. With an extensive infrastructure comprising thousands of circuit miles of transmission and distribution lines, Evergy serves a broad base of approximately 1.6 million customers, encompassing residential homes, commercial businesses, industrial clients, municipalities, and other electric utilities.
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Here are 1-3 brief analogies for Evergy:
- It's like the AT&T of electricity for Kansas and Missouri, owning the vast infrastructure and delivering essential power.
- Think of it as Duke Energy or Southern Company, but focused on generating and distributing power across Kansas and Missouri.
- It's the essential electric utility for its region, similar to how Con Edison powers New York City.
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- Electricity Generation: Producing electricity from various sources including coal, hydroelectric, natural gas, nuclear, solar, and wind.
- Electricity Transmission: Transporting high-voltage electricity through an extensive network of transmission lines.
- Electricity Distribution: Delivering lower-voltage electricity to homes, businesses, and other end-users via overhead and underground distribution lines.
- Electricity Sales: Providing retail electricity service and billing to residential, commercial, industrial, municipal, and other electric utility customers.
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Evergy (EVRG) serves a diverse customer base, with major customer categories including:
- Residences
- Commercial firms
- Industrials
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David Campbell - Chairman, President and Chief Executive Officer
David Campbell joined Evergy in January 2021 as President and CEO, and was appointed Chairman in May 2024. He brings over 25 years of experience in the energy industry, including 15 years in senior leadership roles within the electric power and utility sector. Before his time at Evergy, he served as Executive Vice President and Chief Financial Officer of Vistra Corp. from June 2019 to 2020. From 2014 to 2019, Campbell was the Chief Executive Officer of InfraREIT, Inc., where he led its Initial Public Offering in January 2015 and subsequently its sale to Oncor. He also held the position of CEO of Sharyland Utilities starting in late 2016. Earlier in his career, he was Chief Financial Officer of TXU Corp. from 2004 to 2007, where he was part of the senior leadership team responsible for a financial and operational turnaround. Prior to joining TXU, Campbell was a partner at McKinsey & Company.
W. Bryan Buckler - Executive Vice President and Chief Financial Officer
W. Bryan Buckler was appointed Executive Vice President and Chief Financial Officer of Evergy, effective October 1, 2024. Before joining Evergy, Buckler served as Chief Financial Officer for Oklahoma City-based OGE Energy Corp. since January 2021. Prior to OGE Energy Corp., he worked at Duke Energy Corporation for over 14 years, holding various finance leadership roles, with his most recent position being Vice President of Investor Relations. He began his career with 11 years at Ernst & Young LLP.
Chuck Caisley - Executive Vice President of Utility Operations and Chief Customer Officer
Chuck Caisley is the Executive Vice President of Utility Operations and Chief Customer Officer for Evergy, Inc. He is responsible for the company's transmission and distribution operations, customer service, and public affairs areas. Caisley joined Evergy's predecessor company, KCP&L, in 2007 as director of government affairs. Before KCP&L, he served as president and chief executive officer of the Missouri Energy Development Association. In 2004, he was chief of staff and top political advisor to Missouri House Speaker Catherine Hanaway.
Heather Humphrey - Senior Vice President, General Counsel and Corporate Secretary
Heather Humphrey serves as the Senior Vice President, General Counsel, and Corporate Secretary at Evergy, a position she has held since July 2018. In this role, she is responsible for all litigation, regulatory, and corporate legal matters, as well as compliance and environmental functions. Prior to joining Evergy, Humphrey was General Counsel and Senior Vice President of Corporate Services at Great Plains Energy/Kansas City Power & Light. Her previous experience also includes being an equity partner with Shughart Thomson & Kilroy, where she focused on business and employment litigation, and serving as a law clerk for the Honorable W. Duane Benton of the Missouri Supreme Court.
Lesley Elwell - Senior Vice President and Chief People Officer
Lesley Elwell is the Senior Vice President and Chief People Officer at Evergy, where she leads the human resources organization, emphasizing talent strategy, employee engagement, organizational development, and performance management. She joined Evergy in August 2021. Elwell brings over 25 years of experience in human resources and operations leadership roles for large, publicly-traded companies in consumer and business-to-business industries. Before her tenure at Evergy, she served as Chief People Officer at JE Dunn from 2017 to 2021. Her prior experience includes leadership roles at Walmart Corporation (2016-2017), DIRECTV (2012-2015), and Sprint (1997-2012; 2015-2016).
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- Environmental and Regulatory Risks: Evergy operates within a highly regulated industry, making it susceptible to changes in environmental and regulatory requirements. These changes can lead to increased costs, compliance penalties, or difficulties in recovering investments and operating expenses through approved rates. The company's strategic shift toward renewable energy and the retirement of coal-fired plants necessitate favorable regulatory outcomes to ensure the cost-effective execution of these initiatives and to prevent adverse impacts on profitability and financial health.
- Cybersecurity and Operational Risks: Evergy's reliance on extensive technology networks and operational systems exposes it to significant cybersecurity threats and broader operational risks. Potential breaches or disruptions could interfere with electricity generation, transmission, and distribution, leading to data loss, service interruptions, regulatory liabilities, and reputational damage. Maintaining robust security measures and ensuring grid stability are ongoing and critical challenges.
- Inflationary Pressures and Cost Recovery: The company faces ongoing inflationary pressures, resulting in higher costs for labor, materials, and services. A substantial risk is the potential inability to fully or timely recover these increased costs from customers through regulated rates. "Regulatory lag," where there's a delay between incurring costs and obtaining approval for rate adjustments, could lead to reduced profitability and financial strain, affecting Evergy's ability to fund necessary capital expenditures.
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The increasing adoption of distributed energy resources, such as rooftop solar panels and battery storage systems, by residential and commercial customers. This trend could reduce demand for Evergy's grid-supplied electricity, potentially impacting revenue and challenging the traditional utility business model.
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Evergy (EVRG) is anticipated to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- Transformative Demand from Large Customers, Especially Data Centers: Evergy projects significant growth from new large customers, particularly data centers. The company has already executed electric service agreements for four data center projects, which are expected to add approximately 1.9 gigawatts of steady-state peak demand, representing nearly a 20% increase in total peak system demand. Evergy forecasts about 1,300 megawatts of peak demand from these large load power service (LLPS) customers by 2030, contributing to a projected consolidated retail load growth compound annual growth rate (CAGR) of approximately 6% through 2030. The company also has a substantial pipeline of over 15 gigawatts in additional large customer opportunities.
- Substantial Capital Investment Plan and Rate Base Growth: Evergy has significantly increased its five-year capital investment plan for 2026-2030 to $21.6 billion, which is a $4.1 billion, or 24%, increase over its previous plan. These investments are primarily directed towards grid modernization, transmission and distribution upgrades, and new generation capacity to meet growing customer demand and system reliability requirements, including new natural gas and solar projects. This expanded capital program is expected to drive an 11.5% annualized rate base growth through 2030, a considerable increase from its prior forecast of 8.5%.
- Favorable Regulatory Frameworks and Tariffs: The approval of new Large Load Power Service (LLPS) tariffs in both Kansas and Missouri is a crucial driver. These tariffs establish a framework for new large customers, requiring them to pay a premium demand rate, typically 15-20% higher than the standard industrial rate. These regulatory approvals, along with provisions for minimum monthly bills and termination fees, provide a stable and protected revenue stream as Evergy serves these high-demand customers.
- Underlying Retail Sales Growth: Beyond the significant impact of large industrial customers, Evergy also anticipates continued, albeit more modest, growth from its established residential and commercial customer base. While weather-related factors have caused some fluctuations, the company has seen growth in weather-normalized demand, particularly in the commercial sector, which contributes to overall margin increases and retail sales growth. Evergy projects retail load growth to be approximately 3-4% in 2026.
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Capital Allocation Decisions (Last 3-5 Years)
Share Repurchases
- Evergy has not engaged in significant share repurchases over the last 3-5 years. Available data through late 2024 indicates $0.00 in share buybacks for various quarters.
Share Issuance
- Evergy issued $350 million in aggregate principal amount of 4.250% notes due 2029 in March 2026, as part of efforts to optimize its capital structure.
Outbound Investments
- Evergy reported realized losses, unrealized losses, and impairment losses from non-regulated investments in early-stage clean energy and energy solution companies in 2024 and 2025.
- The company initiated a process to dispose of these non-regulated investments in early-stage clean energy and energy solution companies.
Capital Expenditures
- Evergy significantly increased its capital investment plans, with a new five-year capital spending plan of $21.6 billion for 2026-2030, up from a previous $17.5 billion plan for 2025-2029.
- Previous capital plans included $17.5 billion of infrastructure investments through 2029, and $12.5 billion through 2028.
- The primary focus of these capital expenditures is on grid modernization, infrastructure upgrades, and the addition of new generation resources (including nearly 1.9 GW of gas-fired generation and 325 MW of solar) to meet accelerating electricity demand, enhance reliability and resiliency, and support economic development.
Peer Outperformance in Electric Utilities
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| EVRG | Evergy | 4.5% | 19.0x | 19.9% | 96.6% | 64.6% | — |
| VST | Vistra | 6.7% | 18.9x | -32.0% | 268.4% | 563.3% | +499pp |
| ETR | Entergy | 3.7% | 25.2x | 18.4% | 149.6% | 155.1% | +90pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Independent Power Producers & Energy Traders | 5 | -47.3% | 88.7% | 139.1% | NRG 177% · OKLO 139% · TAC 26% |
| Electric Utilities ← | 24 | 5.7% | 51.9% | 50.0% | VST 563% · ETR 155% · AEP 78% |
| Multi-Utilities | 18 | 6.3% | 60.0% | 49.8% | NI 105% · PNW 103% · MDU 101% |
| Gas Utilities | 10 | 5.9% | 63.9% | 41.8% | ATO 109% · SR 74% · NJR 67% |
| Water Utilities | 11 | 13.3% | 7.5% | -5.5% | WTRG 12% · AWR 6% · AWK -1% |
| Renewable Electricity | 5 | -70.4% | -75.1% | -90.0% | ORA 26% · CWEN 18% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Evergy stock vs Duke Energy stock: Which Is A Better Investment? | 08/05/2026 | |
| Evergy Stock 9-Day Winning Spree: Stock Climbs 5.3% | 04/03/2026 | |
| EVRG Stock Surges 5.2% With A 6-day Winning Spree On Mizuho Price Target Hike | 02/28/2026 | |
| Evergy Earnings Notes | 12/29/2026 | |
| How Low Can Evergy Stock Really Go? | 10/17/2025 | |
| Evergy vs Edison International: Which Is A Better Investment? | 08/18/2025 | |
| How Does Evergy Stock Stack Up Against Its Peers? | 08/13/2025 | |
| Better Bet Than EVRG Stock: Pay Less Than Evergy To Get More From OKE, CCL | 08/12/2025 | |
| ARTICLES | ||
| S&P 500 Stocks Trading At 52-Week High | 06/29/2026 | |
| Mid Cap Stocks Trading At 52-Week High | 06/26/2026 | |
| Evergy Stock Surges 5.3%, With A 9-Day Winning Spree | 04/03/2026 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 89.93 |
| Mkt Cap | 26.8 |
| Rev LTM | 11,717 |
| Op Inc LTM | 2,542 |
| FCF LTM | -2,076 |
| FCF 3Y Avg | -1,309 |
| CFO LTM | 2,924 |
| CFO 3Y Avg | 2,772 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.2% |
| Rev Chg 3Y Avg | 5.2% |
| Rev Chg Q | 11.4% |
| QoQ Delta Rev Chg LTM | 3.1% |
| Op Inc Chg LTM | 9.5% |
| Op Inc Chg 3Y Avg | 13.9% |
| Op Mgn LTM | 24.4% |
| Op Mgn 3Y Avg | 22.9% |
| QoQ Delta Op Mgn LTM | 0.5% |
| CFO/Rev LTM | 32.0% |
| CFO/Rev 3Y Avg | 33.0% |
| FCF/Rev LTM | -18.8% |
| FCF/Rev 3Y Avg | -12.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 26.8 |
| P/S | 3.0 |
| P/Op Inc | 11.7 |
| P/EBIT | 11.2 |
| P/E | 21.3 |
| P/CFO | 9.2 |
| Total Yield | 8.1% |
| Dividend Yield | 3.1% |
| FCF Yield 3Y Avg | -5.2% |
| D/E | 0.8 |
| Net D/E | 0.8 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 7.8% |
| 3M Rtn | 3.0% |
| 6M Rtn | 4.0% |
| 12M Rtn | 12.1% |
| 3Y Rtn | 57.8% |
| 1M Excs Rtn | 8.2% |
| 3M Excs Rtn | 5.3% |
| 6M Excs Rtn | 0.1% |
| 12M Excs Rtn | -1.2% |
| 3Y Excs Rtn | -23.5% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single Segment | 5,962 | 5,847 | 5,508 | 5,859 | 5,587 |
| Total | 5,962 | 5,847 | 5,508 | 5,859 | 5,587 |
| $ Mil | 2003 | 2002 | 2000 | 1999 | 1998 |
|---|---|---|---|---|---|
| Electric Utility | 375 | 247 | |||
| Other | -4 | 68 | -28 | -102 | |
| Monitored Services | -370 | -91 | -24 | 57 | |
| Fossil Generation | 203 | 219 | 144 | ||
| Nuclear Generation | -24 | -25 | -21 | ||
| Power Delivery | 172 | 146 | 196 | ||
| Total | 371 | -54 | 259 | 288 | 275 |
| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Single Segment | 856 | 874 | 731 | 753 |
| Total | 856 | 874 | 731 | 753 |
| $ Mil | 2007 | 2006 | 2003 | 2002 | 2000 |
|---|---|---|---|---|---|
| Payroll processing | 21 | 15 | |||
| Animation | 18 | 17 | |||
| Tax credit services | 7 | 7 | |||
| Visual effects | 5 | ||||
| post production | 9 | ||||
| Electric Utility | 4,970 | 5,033 | |||
| Other | 764 | 771 | |||
| Monitored Services | 639 | 2,140 | |||
| Fossil Generation | 1,664 | ||||
| Nuclear Generation | 1,068 | ||||
| Power Delivery | 1,900 | ||||
| Total | 46 | 53 | 5,735 | 6,443 | 6,772 |
Price Behavior
| Market Price | $87.54 | |
| Market Cap ($ Bil) | 20.2 | |
| First Trading Date | 08/25/1987 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $81.80 | $81.45 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 7.0% | 7.5% |
| 3M | 1YR | |
| Volatility | 15.4% | 16.6% |
| Downside Capture | -30.65 | -20.68 |
| Upside Capture | -6.33 | 0.25 |
| Correlation (S&P 500) | -9.7% | -4.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.50 | -0.14 | -0.07 | -0.20 | -0.06 | 0.14 |
| Up Beta | 1.66 | 0.45 | 0.25 | -0.15 | 0.04 | 0.14 |
| Down Beta | -0.55 | -0.89 | -0.92 | -0.14 | -0.06 | 0.14 |
| Up Capture | 20% | 20% | 16% | -12% | 0% | 7% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 16 | 26 | 38 | 68 | 139 | 436 |
| Down Capture | -125% | -29% | -8% | -41% | -28% | 4% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 6 | 17 | 26 | 57 | 111 | 312 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EVRG | |
|---|---|---|---|---|
| EVRG | 18.1% | 16.6% | 0.81 | - |
| Sector ETF (XLU) | -0.9% | 15.7% | -0.26 | 79.1% |
| Equity (SPY) | 9.5% | 13.6% | 0.40 | -6.6% |
| Gold (GLD) | 1.6% | 28.7% | 0.05 | 4.9% |
| Commodities (DBC) | 38.4% | 21.2% | 1.42 | -9.1% |
| Real Estate (VNQ) | 11.3% | 14.2% | 0.51 | 50.3% |
| Bitcoin (BTCUSD) | -26.9% | 43.6% | -0.60 | -8.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EVRG | |
|---|---|---|---|---|
| EVRG | 10.9% | 19.0% | 0.44 | - |
| Sector ETF (XLU) | 8.3% | 17.4% | 0.32 | 82.9% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 29.1% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 15.4% |
| Commodities (DBC) | 8.1% | 19.6% | 0.30 | 6.3% |
| Real Estate (VNQ) | 1.3% | 18.9% | -0.04 | 58.6% |
| Bitcoin (BTCUSD) | 4.1% | 51.6% | 0.26 | 7.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EVRG | |
|---|---|---|---|---|
| EVRG | 7.6% | 22.8% | 0.31 | - |
| Sector ETF (XLU) | 9.3% | 19.3% | 0.41 | 82.3% |
| Equity (SPY) | 15.0% | 18.0% | 0.70 | 44.5% |
| Gold (GLD) | 11.9% | 16.5% | 0.59 | 11.2% |
| Commodities (DBC) | 7.5% | 18.1% | 0.33 | 11.0% |
| Real Estate (VNQ) | 5.9% | 20.7% | 0.24 | 62.9% |
| Bitcoin (BTCUSD) | 60.1% | 66.3% | 1.00 | 7.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 11/7/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/5/2026 | 1.4% | ||
| 8/6/2026 | -0.0% | 0.3% | -0.5% |
| 5/7/2026 | 2.1% | 1.8% | 3.7% |
| 2/19/2026 | -1.1% | 3.0% | 1.7% |
| 11/6/2025 | -1.6% | 0.7% | -3.6% |
| 8/7/2025 | -0.5% | 0.0% | -1.3% |
| 5/8/2025 | -4.4% | -8.0% | -5.4% |
| 2/27/2025 | -0.8% | -3.1% | -1.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 16 | 12 |
| # Negative | 16 | 8 | 12 |
| Median Positive | 1.4% | 1.8% | 3.6% |
| Median Negative | -0.6% | -3.1% | -1.7% |
| Max Positive | 3.2% | 3.8% | 11.4% |
| Max Negative | -4.4% | -8.0% | -7.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/5/2026 | 1.4% | ||
| 8/6/2026 | -0.0% | 0.3% | -0.5% |
| 5/7/2026 | 2.1% | 1.8% | 3.7% |
| 2/19/2026 | -1.1% | 3.0% | 1.7% |
| 11/6/2025 | -1.6% | 0.7% | -3.6% |
| 8/7/2025 | -0.5% | 0.0% | -1.3% |
| 5/8/2025 | -4.4% | -8.0% | -5.4% |
| 2/27/2025 | -0.8% | -3.1% | -1.6% |
| 11/7/2024 | 0.6% | 3.8% | 4.2% |
| 8/9/2024 | -0.5% | -0.7% | 3.6% |
| 5/9/2024 | 2.1% | 2.0% | -1.8% |
| 2/29/2024 | -0.5% | 1.8% | 8.6% |
| 11/7/2023 | -1.2% | -5.7% | 3.3% |
| 8/4/2023 | -1.9% | -0.6% | -7.2% |
| 5/5/2023 | 0.7% | 0.4% | -5.4% |
| 2/24/2023 | -0.2% | -3.2% | -1.1% |
| 11/4/2022 | 1.7% | 0.3% | -4.5% |
| 8/4/2022 | -0.2% | 1.8% | 2.8% |
| 5/5/2022 | -0.7% | -2.6% | 2.7% |
| 2/25/2022 | 3.2% | 3.0% | 11.4% |
| 11/3/2021 | -0.1% | 0.3% | 0.6% |
| 8/5/2021 | 1.2% | 2.0% | 4.9% |
| 5/6/2021 | 0.3% | -3.2% | -0.4% |
| 2/26/2021 | -0.1% | 2.1% | 11.2% |
| 11/5/2020 | -1.0% | 2.7% | -0.6% |
| SUMMARY STATS | |||
| # Positive | 9 | 16 | 12 |
| # Negative | 16 | 8 | 12 |
| Median Positive | 1.4% | 1.8% | 3.6% |
| Median Negative | -0.6% | -3.1% | -1.7% |
| Max Positive | 3.2% | 3.8% | 11.4% |
| Max Negative | -4.4% | -8.0% | -7.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/05/2026 | 10-Q |
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/05/2026 | 10-Q |
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 03/02/2020 | 10-K |
Recent Forward Guidance
Updated 11/6/2026Latest: Q3 2026 Earnings Reported 11/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Dividend Per Share | Reported | 0.72 | ||||||
| 2026 Dividend Payout Ratio Target | Reported | 0.5 | 0.55 | 0.6 | ||||
| 2026 Adjusted EPS | Reported | 4.35 | 4.43 | 4.5 | 4.4% | Raised | Guidance: 4.24 for 2026 | |
| 2030 Adjusted EPS Growth | Reported | 6.0% | 7.0% | 8.0% | 0.0% | Affirmed | Guidance: 7.0% for 2030 | |
Prior: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EPS | Reported | 4.14 | 4.24 | 4.34 | 0.0% | Affirmed | Guidance: 4.24 for 2026 | |
| 2030 Adjusted EPS Annual Growth Target | Reported | 6.0% | 7.0% | 8.0% | 0.0% | Affirmed | Guidance: 7.0% for 2030 | |
Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EPS | Reported | 4.14 | 4.24 | 4.34 | Affirmed | Guidance: 4.24 for 2026 | ||
| 2030 Adjusted EPS Annual Growth Target | Reported | 6.0% | 7.0% | 8.0% | ||||
Q4 2025 Earnings Reported 2/19/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EPS | Reported | 4.14 | 4.24 | 4.34 | 6.8% | Higher New | Actual: 3.97 for 2025 | |
| 2026 Adjusted EPS Growth | Reported | 6.0% | 7.0% | 8.0% | 1.5% | Raised | Guidance: 5.5% for 2026 | |
| 2028 Adjusted EPS Growth | Reported | 8.0% | ||||||
Insider Activity
Updated 10/9/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Rolph, Jonathan D | As Trustee, Gift Trust of Daughter | Buy | 9152026 | 81.37 | 670 | 54,520 | 54,520 | Form | |
| 2 | Rolph, Jonathan D | As Trustee, Gift Trust of Son | Buy | 9152026 | 81.46 | 770 | 62,724 | 48,876 | Form | |
| 3 | Rolph, Jonathan D | Wife | Buy | 9152026 | 81.83 | 200 | 16,367 | 16,367 | Form | |
| 4 | Caisley, Charles A | EVP & CHIEF CUST OFFCR | Direct | Sell | 6162026 | 83.46 | 10,787 | 900,236 | 3,153,704 | Form |
| 5 | Lawrence, Sandra AJ | Direct | Sell | 6042026 | 82.63 | 200 | 16,525 | 39,661 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Rolph, Jonathan D | As Trustee, Gift Trust of Daughter | Buy | 9152026 | 81.37 | 670 | 54,520 | 54,520 | Form | |
| 2 | Rolph, Jonathan D | As Trustee, Gift Trust of Son | Buy | 9152026 | 81.46 | 770 | 62,724 | 48,876 | Form | |
| 3 | Rolph, Jonathan D | Wife | Buy | 9152026 | 81.83 | 200 | 16,367 | 16,367 | Form | |
| 4 | Caisley, Charles A | EVP & CHIEF CUST OFFCR | Direct | Sell | 6162026 | 83.46 | 10,787 | 900,236 | 3,153,704 | Form |
| 5 | Lawrence, Sandra AJ | Direct | Sell | 6042026 | 82.63 | 200 | 16,525 | 39,661 | Form | |
| 6 | Lawrence, Sandra AJ | Direct | Sell | 6042026 | 81.41 | 600 | 48,848 | 55,361 | Form | |
| 7 | Lawrence, Sandra AJ | Direct | Sell | 6012026 | 82.04 | 400 | 32,816 | 105,011 | Form | |
| 8 | Lawrence, Sandra AJ | Direct | Sell | 6012026 | 83.31 | 761 | 63,400 | 139,962 | Form | |
| 9 | King, Charles L | SVP & CHIEF TECHNOLOGY OFFICER | Direct | Sell | 3132026 | 82.19 | 2,440 | 200,533 | 1,508,844 | Form |
| 10 | Humphrey, Heather A | SVP - GEN COUNSEL, CORP SEC | Direct | Sell | 3112026 | 82.61 | 3,650 | 301,527 | 3,635,430 | Form |
| 11 | Murtlow, Ann D | Direct | Sell | 2252026 | 82.34 | 2,847 | 234,422 | 190,288 | Form |
Investor Activity (13F)
Updated Nov 7, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
EVRG Trade Sentinel
Constructive
CONVICTION RATIONALE
Evergy is in the early stages of a structural growth acceleration, driven by ~2.6 GW of secured, long-term data center contracts. This visibility supports a ~$21.6 billion investment plan and a 6%-8%+ earnings per share growth outlook. While regulatory approval for this plan is the key variable, management's strong execution record provides confidence in a positive outcome.
STOCK ARCHETYPE
Regulated UtilityRevenue ≈ (Regulated Rate Base x Allowed Return on Equity) + Pass-Through Costs. Growth is driven by increasing the rate base through capital investment. Successful and timely execution of the ~$21.6 billion capital plan and receiving favorable regulatory outcomes to earn a return on these new investments serving contractually secured large-load customers.
INVESTMENT THESIS
Evidence suggests yes. Evergy is executing a transformation, underpinned by ~2.6 GW of long-term contracts, fueling a ~$21.6 billion investment plan and a projected 6%-8%+ earnings growth trajectory through 2030.
- Projecting 7%-8% annual retail load growth through 2030, a step-change from historical levels.
- Secured ~2.6 GW of steady state peak load via five long-term Electric Service Agreements (ESAs).
- Reaffirmed long-term adjusted EPS growth target of 6%-8% plus through 2030.
- Increased the five-year capital investment plan to approximately $21.6 billion.
- Latest quarter weather-normalized retail demand grew 4.5%, led by new large customers.
PRIMARY RISK
The ~$21.6 billion capital plan requires near-perfect regulatory outcomes to support a balance sheet with $16.2 billion in debt and negative free cash flow of $1.5 billion. Any significant delay, cost disallowance, or denial from state commissions in Kansas or Missouri could impair the company's ability to fund its growth and service its debt.
- Net debt is $16.2 billion, which is 5.31 times trailing-twelve-month EBITDA.
- Trailing-twelve-month free cash flow is negative at $-1.5 billion.
- The capital plan includes approximately $9.3 billion for new generation requiring regulatory approval.
- A risk exists that regulators could prohibit recovery of investments in new generation facilities.
- Missouri West customers may see rate increases above inflation over the next 5 years.
| KPI | Status | Rationale |
|---|---|---|
| Retail Load Growth Forecast (Annual CAGR) | Approximately 7%-8% annually through 2030 - Accelerating | The significant acceleration in expected demand is driven by the successful conversion of a large pipeline of data center projects into signed, long-term Electric Service Agreements (ESAs). The company now has 3.1 GW of peak load from these customers under contract. Actual weather-normalized retail demand grew 4.5% in the latest quarter. |
| Rate Base Growth Forecast (Annual CAGR) | Approximately 12% CAGR through 2030 - Accelerating | |
| Weather-Normalized Retail Demand Growth | 4.5% (Q3 2026) | Measures underlying demand growth, stripping out weather volatility. The current rate signals a "step change in demand growth" driven by new large customers. |
| Executed Large Load ESAs (Peak Load) | ~2.6 GW (as of 11/5/2026) | Quantifies the amount of future demand contractually secured from new data centers and other large customers, providing high visibility into future growth. |
| Five-Year Capital Expenditure Plan | ~$21.6 billion (2026-2030) | Represents the scale of investment in new generation and grid modernization required to meet demand, which is the primary driver of future rate base and earnings growth. |
Can Regulatory Success De-Risk High Leverage?
BULL VIEW
Yes. A bespoke tariff is already in place, and management has a strong record of execution. A series of constructive regulatory outcomes over the next 6-8 months will provide cash flow certainty for the ~$21.6 billion capital plan.
CORE TENSION
Can successful execution of a dense regulatory calendar offset the risk from $16.2 billion in debt before the ~$21.6 billion capex plan fully ramps?
PREVAILING SENTIMENT
The latest evidence favors the bulls. Management raised 2026 EPS guidance and has a strong record of delivering on its promises for new customer contracts.
BEAR VIEW
No. The 5.31x Net Debt/EBITDA ratio leaves no room for error. Any unfavorable ruling from Kansas or Missouri regulators on the massive new generation projects could strand assets, jeopardizing the entire funding and growth model.
| Timeline | Event & Metric To Watch |
|---|---|
January 2027 | Missouri Metro New Rates Effective Watch: New rates from the Missouri Metro rate case are expected to become effective. |
2/10/2027 | Entergy Earnings Report Watch: Peer Entergy (ETR) is scheduled to report earnings. |
2/15/2027 | FirstEnergy Earnings Report Watch: Peer FirstEnergy (FE) is scheduled to report earnings. |
2/17/2027 | Company Earnings Report Watch: Evergy is scheduled to report its next earnings. |
February 2027 | Kansas Regulatory Developments Watch: Outcome of the settlement conference and any KCC orders, which will signal the regulatory climate for the capex plan. |
February 2027 | Peer Read-Across on Costs Watch: Peer commentary on capex inflation, project delays, or supply chain constraints for generation and transmission equipment. |
by April 2027 | Kansas Generation Project Order Watch: An order is expected in the Kansas natural gas, solar, and battery storage predetermination proceeding. |
October 2027 | Missouri West New Rates Effective Watch: New rates from the Missouri West rate review are expected to become effective. |
December | Missouri Rate Case Outcome Watch: The final MPSC order, specifically the allowed ROE and equity ratio, setting a precedent for future cases. |
in the first half of next year | Large Customer Agreement Delay Watch: A company announcement confirming the execution of the ESA, or lack thereof by mid-2027. |
| Date | Event | Stock Impact |
|---|---|---|
2026-11-05 | Q3 Earnings Beat and Guidance Raise Details: | +1.4% $86.21 -> $87.41 |
2026-11-05 | Missouri West Rate Case Filed Details: On November 3, the company filed a rate review for its Missouri West utility, driven by new generation and grid modernization investments. | +1.4% $86.21 -> $87.41 |
2026-11-05 | New Kansas Regulatory Filing Details: On October 29, the company requested approval of its LLPS Customer Affordability Enhancement Plan in Kansas to add new tools for serving large load customers. | +1.4% $86.21 -> $87.41 |
2026-11-05 | Missouri Rate Case Settlement Details: In its Missouri Metro rate review, the company reached a partial revenue requirement settlement in October, though key items like return on capital remain open. | +1.4% $86.21 -> $87.41 |
2026-09-02 | Analyst Highlights Data Center Growth Details: | +0.5% $81.52 -> $81.93 |
2026-08-06 | Q2 Results and Pipeline Update Details: The company reported Q1 adjusted EPS of $0.69 and reaffirmed its full-year guidance. Management noted the pipeline of expansion opportunities grew to 2.0-2.5 GW. | +0.4% $82.37 -> $82.69 |
2026-05-07 | Q1 Earnings Beat Details: The company reported Q1 adjusted EPS of $0.69, beating estimates. It also announced a fifth large customer ESA and reaffirmed its 2026 guidance. | +1.0% $79.65 -> $80.43 |
Position Sizing
5% - 7%
NORMAL POSITION
Sizing is volatility-based: EVRG trades at roughly 16% annualized realized (three-month) volatility versus about 10% for the S&P 500 (1.5x the market). A 5% - 7% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
ETR - a business partner
Similar Growth Profilea business partner offers exposure to the same data center growth trend but in a different geographic region, with a large pipeline of 7 to 12 gigawatts of potential customer interest.
FE - a business partner
Alternative Regional Exposurea business partner provides a way to invest in the data center theme with a more established project backlog, having already contracted for 7.9 GW of demand across its footprint.
A regulated utility transforming into a high-growth infrastructure company fueled by the AI-driven data center boom, with growth de-risked by long-term contracts.
Evergy is capitalizing on massive electricity demand from data centers by securing long-term, high-visibility contracts under a favorable regulatory tariff. This has triggered a multi-year, multi-billion dollar capital investment cycle to build new power generation. The result is a shift from a slow-growth utility to a company with a projected 6%-8%+ EPS growth trajectory, underpinned by a foundational 7%-8% annual growth in electricity demand through 2030.
Announcements of new Electric Service Agreements (ESAs), successful and timely regulatory approvals for new power plants, and continued strong weather-normalized load growth.
Significant delays or denials in regulatory proceedings for new generation, cancellation of a major data center project, or a material change in the LLPS tariff that weakens cost recovery.
Quarter-to-quarter earnings volatility due to weather, which does not affect the long-term structural demand growth from contracted data centers.
Repricing Catalyst
The conversion of its large customer pipeline into additional signed ESAs and successful outcomes in pending regulatory cases for new generation capacity, which would further de-risk and potentially increase the company's long-term growth outlook.
Electric Utility (Single Segment)
$6.1B TTM (100% of Total)What It Is
The company generates, transmits, distributes, and sells electricity to approximately 1.7 million residential, commercial, and industrial customers across Kansas and Missouri.
Who Pays & How
Residential, commercial, and industrial customers pay for reliable electricity. A key new customer class consists of large data center operators (hyperscalers and developers) who require massive, reliable power for their facilities and are choosing Evergy's territory for its development potential and supportive regulatory framework.
Competition
Industry Resources
| Utilities Resources |
| Data.gov Energy Infrastructure |
| Data.gov Energy Resources |
| Utility Dive |
| Electric Utilities Resources |
| T&D World |
| Edison Electric Institute (EEI) |
| Smart Energy International |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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