Evergy (EVRG)
Market Price (10/24/2026): $84.42 | Market Cap: $19.5 BilInvestor Relations Sector: Utilities | Industry: Electric Utilities
Evergy (EVRG)
Market Price (10/24/2026): $84.42Market Cap: $19.5 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 7.9%, Dividend Yield is 3.2% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33% Low stock price volatilityVol 12M is 16% 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 -3.4%, Dist 3Y High is -3.4% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 85% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -23% 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 7.9%, Dividend Yield is 3.2% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33% |
| Low stock price volatilityVol 12M is 16% |
| 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 -3.4%, Dist 3Y High is -3.4% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 85% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -23% |
| 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 remained largely at the same level since 6/30/2026 because of the following key factors:
1. Rising Interest Rates and Reduced Relative Appeal.
The sustained increase in interest rates has negatively impacted the utilities sector, including Evergy, by raising borrowing costs for capital-intensive infrastructure projects and diminishing the relative attractiveness of utility dividends compared to higher-yielding Treasury bonds. The spread between utility dividend yields and Treasury yields reached one of its widest discounts in nearly two decades during this period, prompting a shift in investor focus away from income and stability-oriented utilities.
2. Broader Utilities Sector Underperformance.
Evergy's stock movement mirrored a broader trend within the utilities sector, which has significantly lagged the wider market since June 30, 2026, ending a two-year period of market-beating performance. Despite sector-wide earnings growth expected at 6%-8% annually for the next three years, the sector experienced a pullback during 2026, contributing to Evergy's decline of approximately 5% to 6% in its stock price over the last quarter.
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Evergy (EVRG) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Rising Interest Rates and Reduced Relative Appeal.
The sustained increase in interest rates has negatively impacted the utilities sector, including Evergy, by raising borrowing costs for capital-intensive infrastructure projects and diminishing the relative attractiveness of utility dividends compared to higher-yielding Treasury bonds. The spread between utility dividend yields and Treasury yields reached one of its widest discounts in nearly two decades during this period, prompting a shift in investor focus away from income and stability-oriented utilities.
2. Broader Utilities Sector Underperformance.
Evergy's stock movement mirrored a broader trend within the utilities sector, which has significantly lagged the wider market since June 30, 2026, ending a two-year period of market-beating performance. Despite sector-wide earnings growth expected at 6%-8% annually for the next three years, the sector experienced a pullback during 2026, contributing to Evergy's decline of approximately 5% to 6% in its stock price over the last quarter.
3. Investor Reallocation to Growth-Oriented Sectors.
Higher interest rates have led to investor reallocation of capital toward growth-oriented sectors, diverting attention from traditional utility stocks. This trend has occurred even as analysts noted that utility valuations became more attractive following the sector's recent decline, with sector-wide earnings expected to grow, driven by rising electricity demand and expanding capital investment programs.
4. Ongoing Capital Investment Needs and Regulatory Scrutiny.
The utilities industry faces massive capital investment requirements, with an estimated $1.4 trillion projected between 2026 and 2030, for grid modernization, renewable energy development, and to meet increasing electricity demand, particularly from new data centers. While these investments are crucial for long-term earnings growth, they often lead to rate hike requests (such as the record $4.5 billion requested across the sector in fiscal Q3 2026), which can face heightened regulatory and customer affordability scrutiny, introducing a degree of investor caution.
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Stock Movement Drivers
Fundamental Drivers
The -1.5% change in EVRG stock from 6/30/2026 to 10/23/2026 was primarily driven by a -6.1% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10232026 | Change |
|---|---|---|---|
| Stock Price ($) | 85.71 | 84.43 | -1.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,031 | 6,094 | 1.0% |
| Net Income Margin (%) | 14.6% | 15.2% | 3.9% |
| P/E Multiple | 22.4 | 21.1 | -6.1% |
| Shares Outstanding (Mil) | 231 | 231 | -0.1% |
| Cumulative Contribution | -1.5% |
Market Drivers
6/30/2026 to 10/23/2026| Return | Correlation | |
|---|---|---|
| EVRG | -1.5% | |
| Market (SPY) | 1.8% | -5.4% |
| Sector (XLU) | -6.1% | 84.9% |
Fundamental Drivers
The 4.8% change in EVRG stock from 3/31/2026 to 10/23/2026 was primarily driven by a 5.9% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 10232026 | Change |
|---|---|---|---|
| Stock Price ($) | 80.57 | 84.43 | 4.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,962 | 6,094 | 2.2% |
| Net Income Margin (%) | 14.4% | 15.2% | 5.9% |
| P/E Multiple | 21.7 | 21.1 | -3.1% |
| Shares Outstanding (Mil) | 231 | 231 | 0.0% |
| Cumulative Contribution | 4.8% |
Market Drivers
3/31/2026 to 10/23/2026| Return | Correlation | |
|---|---|---|
| EVRG | 4.8% | |
| Market (SPY) | 17.2% | -10.6% |
| Sector (XLU) | -6.7% | 82.7% |
Fundamental Drivers
The 14.9% change in EVRG stock from 9/30/2025 to 10/23/2026 was primarily driven by a 6.3% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 10232026 | Change |
|---|---|---|---|
| Stock Price ($) | 73.46 | 84.43 | 14.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,880 | 6,094 | 3.6% |
| Net Income Margin (%) | 14.3% | 15.2% | 6.3% |
| P/E Multiple | 20.1 | 21.1 | 4.5% |
| Shares Outstanding (Mil) | 230 | 231 | -0.2% |
| Cumulative Contribution | 14.9% |
Market Drivers
9/30/2025 to 10/23/2026| Return | Correlation | |
|---|---|---|
| EVRG | 14.9% | |
| Market (SPY) | 15.0% | -4.3% |
| Sector (XLU) | -0.3% | 77.9% |
Fundamental Drivers
The 88.2% change in EVRG stock from 9/30/2023 to 10/23/2026 was primarily driven by a 54.5% change in the company's P/E Multiple.| (LTM values as of) | 9302023 | 10232026 | Change |
|---|---|---|---|
| Stock Price ($) | 44.86 | 84.43 | 88.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,840 | 6,094 | 4.4% |
| Net Income Margin (%) | 13.0% | 15.2% | 17.1% |
| P/E Multiple | 13.6 | 21.1 | 54.5% |
| Shares Outstanding (Mil) | 230 | 231 | -0.3% |
| Cumulative Contribution | 88.2% |
Market Drivers
9/30/2023 to 10/23/2026| Return | Correlation | |
|---|---|---|
| EVRG | 88.2% | |
| Market (SPY) | 83.9% | 13.4% |
| Sector (XLU) | 56.8% | 78.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| EVRG Return | 28% | -5% | -13% | 23% | 22% | 20% | 92% |
| Peers Return | 13% | 21% | 17% | -8% | 13% | 3% | 71% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| EVRG Win Rate | 58% | 50% | 50% | 50% | 83% | 50% | |
| Peers Win Rate | 57% | 63% | 52% | 48% | 55% | 48% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| EVRG Max Drawdown | -11% | -23% | -23% | -10% | -8% | -11% | |
| Peers Max Drawdown | -18% | -23% | -36% | -28% | -22% | -22% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: FE, ES, HE, GNE, 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 10/23/2026 (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 | 1.5% | 21.1x | 12.2% | 95.0% | 59.4% | — |
| ETR | Entergy | 0.7% | 27.1x | 15.0% | 156.1% | 146.8% | +87pp |
| AEP | American Electric Power | 5.5% | 22.5x | 15.1% | 93.4% | 81.4% | +22pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Independent Power Producers & Energy Traders | 5 | -43.0% | 100.6% | 155.3% | OKLO 168% · NRG 155% · TAC 16% |
| Multi-Utilities | 18 | 1.7% | 58.1% | 46.8% | NI 103% · PNW 97% · MDU 92% |
| Gas Utilities | 10 | 3.1% | 64.0% | 46.6% | ATO 107% · NJR 68% · SR 64% |
| Electric Utilities ← | 24 | 3.2% | 51.6% | 45.7% | VST 699% · ETR 147% · AEP 81% |
| Water Utilities | 11 | 1.4% | 10.2% | -9.3% | WTRG 8% · AWR 6% · HTO -2% |
| Renewable Electricity | 6 | -67.3% | -69.4% | -92.3% | CWEN 26% · ORA 25% |
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 | 56.82 |
| Mkt Cap | 22.4 |
| Rev LTM | 10,014 |
| Op Inc LTM | 2,155 |
| FCF LTM | -986 |
| FCF 3Y Avg | -1,001 |
| CFO LTM | 2,550 |
| CFO 3Y Avg | 2,530 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.1% |
| Rev Chg 3Y Avg | 3.5% |
| Rev Chg Q | 6.6% |
| QoQ Delta Rev Chg LTM | 1.5% |
| Op Inc Chg LTM | 4.5% |
| Op Inc Chg 3Y Avg | 13.0% |
| Op Mgn LTM | 19.8% |
| Op Mgn 3Y Avg | 20.0% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 25.6% |
| CFO/Rev 3Y Avg | 22.7% |
| FCF/Rev LTM | -11.6% |
| FCF/Rev 3Y Avg | -7.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 22.4 |
| P/S | 1.8 |
| P/Op Inc | 11.0 |
| P/EBIT | 10.9 |
| P/E | 19.3 |
| P/CFO | 9.2 |
| Total Yield | 8.0% |
| Dividend Yield | 3.1% |
| FCF Yield 3Y Avg | -4.7% |
| D/E | 1.0 |
| Net D/E | 1.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 5.6% |
| 3M Rtn | -4.7% |
| 6M Rtn | 1.3% |
| 12M Rtn | 2.0% |
| 3Y Rtn | 45.0% |
| 1M Excs Rtn | 7.4% |
| 3M Excs Rtn | -6.6% |
| 6M Excs Rtn | -5.1% |
| 12M Excs Rtn | -13.4% |
| 3Y Excs Rtn | -32.6% |
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 | $84.43 | |
| Market Cap ($ Bil) | 19.5 | |
| First Trading Date | 08/25/1987 | |
| Distance from 52W High | -3.4% | |
| 50 Days | 200 Days | |
| DMA Price | $81.10 | $80.81 |
| DMA Trend | down | up |
| Distance from DMA | 4.1% | 4.5% |
| 3M | 1YR | |
| Volatility | 15.4% | 16.5% |
| Downside Capture | 2.73 | -16.74 |
| Upside Capture | -10.12 | -1.77 |
| Correlation (S&P 500) | 0.5% | -4.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.27 | 0.23 | 0.06 | -0.09 | -0.03 | 0.16 |
| Up Beta | 0.14 | 0.15 | 0.04 | -0.11 | 0.04 | 0.13 |
| Down Beta | -0.32 | -0.49 | 0.49 | -0.02 | -0.06 | 0.13 |
| Up Capture | 21% | 15% | -21% | -9% | 1% | 8% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 11 | 22 | 30 | 63 | 139 | 431 |
| Down Capture | 63% | 69% | 30% | -10% | -13% | 22% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 11 | 20 | 33 | 62 | 112 | 317 |
[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 | 11.0% | 16.5% | 0.45 | - |
| Sector ETF (XLU) | -3.9% | 15.7% | -0.45 | 78.7% |
| Equity (SPY) | 14.8% | 12.7% | 0.80 | -4.6% |
| Gold (GLD) | -2.8% | 28.5% | -0.11 | 4.8% |
| Commodities (DBC) | 52.1% | 20.7% | 1.91 | -7.8% |
| Real Estate (VNQ) | 4.3% | 13.9% | 0.06 | 52.0% |
| Bitcoin (BTCUSD) | -24.8% | 43.5% | -0.54 | -7.6% |
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 | 10.2% | 18.9% | 0.41 | - |
| Sector ETF (XLU) | 8.4% | 17.4% | 0.33 | 83.0% |
| Equity (SPY) | 12.7% | 17.1% | 0.56 | 29.9% |
| Gold (GLD) | 17.3% | 18.9% | 0.73 | 15.5% |
| Commodities (DBC) | 9.5% | 19.5% | 0.37 | 6.9% |
| Real Estate (VNQ) | 1.1% | 18.9% | -0.05 | 58.9% |
| Bitcoin (BTCUSD) | 5.7% | 51.7% | 0.29 | 8.3% |
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 | 7.3% | 22.8% | 0.30 | - |
| Sector ETF (XLU) | 9.2% | 19.3% | 0.40 | 82.3% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 44.8% |
| Gold (GLD) | 11.8% | 16.4% | 0.59 | 11.2% |
| Commodities (DBC) | 8.4% | 18.1% | 0.38 | 11.2% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 62.9% |
| Bitcoin (BTCUSD) | 62.4% | 66.2% | 1.02 | 7.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 9/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 16 | 12 |
| # Negative | 16 | 8 | 12 |
| Median Positive | 1.5% | 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 |
| 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 | 8 | 16 | 12 |
| # Negative | 16 | 8 | 12 |
| Median Positive | 1.5% | 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 |
|---|---|---|
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 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 |
| 09/30/2019 | 11/06/2019 | 10-Q |
Recent Forward Guidance
Updated 8/7/2026Latest: 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 | |
Prior: 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% | ||||||
Q3 2025 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Adjusted EPS | Reported | 3.92 | 3.97 | 4.02 | -1.2% | Lowered | Guidance: 4.02 for 2025 | |
| 2029 Adjusted EPS Growth | Reported | 4.0% | 5.0% | 6.0% | 0.0% | 0.0% | Affirmed | Guidance: 5.0% for 2029 |
| 2026 Adjusted EPS Growth | Reported | 5.0% | 5.5% | 6.0% | ||||
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 Oct 24, 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 executing a visible transformation into a high-growth infrastructure company. This is supported by 3 gigawatts of secured, long-term data center contracts fueling a projected 12% annual growth in its asset base. While execution and financing of the $21.6 billion plan carry risk, the contracted nature of the demand provides a clear, multi-year path to earnings acceleration.
STOCK ARCHETYPE
Regulated UtilityRevenue = (Regulated Rate Base x Allowed Rate of Return) + Pass-Through Costs. The key variable is the rapid expansion of the Rate Base through capital investment. Successfully executing the $21.6 billion capital plan to grow the rate base at a ~12% CAGR, and earning the allowed regulatory return on these new investments serving contractually secured, premium-priced load.
INVESTMENT THESIS
Evidence suggests Evergy is successfully transitioning from a slow-growth utility to a high-growth business with a visible, multi-year build cycle.
- Projected 7% to 8% annual retail load growth through 2030.
- Signed long-term contracts for 3 gigawatts of new large customer demand.
- A $21.6 billion five-year capital investment plan is underway.
- New customer contracts feature a 15% to 20% premium demand rate.
- Company projects adjusted EPS growth to exceed 8% annually starting in 2028.
PRIMARY RISK
The primary risk is that the company cannot execute its unprecedented $21.6 billion capital plan on budget or secure necessary financing on acceptable terms, given its 5.75x net debt to EBITDA.
- Net debt is 5.75 times trailing-twelve-month EBITDA.
- The company plans to issue $12.3 billion in debt through 2030.
- The company plans to issue $3.3 billion in equity through 2030.
- Trailing-twelve-month free cash flow is negative $1.4 billion.
- Capital expenditure is 55.6% of trailing-twelve-month revenue.
| KPI | Status | Rationale |
|---|---|---|
| Retail Load Growth CAGR | approximately 7% to 8% annual CAGR through 2030 - Accelerating | The acceleration in expected long-term load growth is driven by the successful execution of multiple large, long-term Electric Service Agreements (ESAs) with data center customers. The forecast was raised from 6% to 7-8% in the first quarter of 2026 and reaffirmed in the second quarter. |
| Rate Base Growth CAGR | approximately 12% annual CAGR through 2030 - Accelerating | The significant increase in the rate base growth forecast is a direct result of the company's updated $21.6 billion five-year capital investment plan, which was increased to support the new, higher load growth from data center customers. |
| Annual Retail Load Growth Forecast (through 2030) | 7% to 8% (2026-2030 Forecast) | Indicates the expected annual increase in electricity demand, a primary driver of revenue growth. This rate is substantially higher than historical utility norms, driven by new data center contracts. |
| Signed Large Customer ESAs (Steady-State Peak Load) | 3 gigawatts (as of August 2026) | Quantifies the total contracted demand from new large customers, providing a tangible measure of the secured, long-term growth pipeline. |
| Five-Year Capital Investment Plan | $21.6 billion (2026-2030) | Represents the scale of infrastructure investment required to meet new demand. This spending directly drives growth in the company's regulated rate base, the primary determinant of its earnings power. |
Contracted Growth vs. Execution Risk
BULL VIEW
Bulls believe the 3 GW of secured, long-term contracts de-risks the growth story, providing high visibility into a 12% rate base CAGR and justifying the large, externally-funded capital plan.
CORE TENSION
Can the high-visibility revenue from new contracts, which support 7-8% load growth, offset the financial strain of a $21.6 billion capital plan that has pushed leverage to 5.75x?
PREVAILING SENTIMENT
The latest evidence favors the bulls. The company has secured the contracts, received regulatory approval for premium pricing, and reaffirmed its 2026 financial targets, indicating the plan is proceeding as scheduled.
BEAR VIEW
Bears focus on the 5.75x leverage and negative free cash flow, arguing the $21.6 billion build-out is too large and creates significant risk of costly delays or value-destructive financing.
| Timeline | Event & Metric To Watch |
|---|---|
10/20/2026 | Negative Peer Data Center Commentary Watch: Peer earnings calls for signs of slowing data center demand, rising construction costs, or regulatory pushback in the region. |
11/2/2026 | Peer Pinnacle West Earnings Watch: Peer Pinnacle West Capital (PNW) is scheduled to report earnings. |
11/3/2026 | Peer PPL Earnings Report Watch: Peer PPL (PPL) is scheduled to report earnings. |
11/4/2026 | Failure to Announce New ESA Watch: The company's Q3 earnings report and call on 11/4/2026. Absence of a new ESA announcement could signal slowing momentum. |
January 2027 | New Missouri Rates Effective Watch: New rates from the Evergy Metro 2026 Rate Case Proceeding are expected to be effective. |
hearings beginning October 5 | Adverse Missouri Rate Case Outcome Watch: News from settlement conferences or the hearings regarding disallowed costs or a lower-than-requested revenue increase. |
September 23 | Missouri Rate Case Settlement Talks Watch: Evergy Metro's Missouri rate case has settlement conferences scheduled to commence. |
October 5 | Missouri Rate Case Hearings Watch: Evergy Metro's Missouri rate case has hearings scheduled to begin. |
| Date | Event | Stock Impact |
|---|---|---|
2026-09-02 | Analyst Assigns Buy Rating Details: A press report noted an analyst assigned a Buy rating with a $93 target price, citing accelerated growth from data center contracts and a 12% annual regulated asset base expansion. | +0.5% $81.52 -> $81.93 |
2026-08-06 | Guidance Affirmed for 2026 Details: At the Q2 earnings report, the company affirmed its 2026 Adjusted EPS guidance with a midpoint of $4.24. | +0.4% $82.37 -> $82.69 |
2026-08-06 | Q2 Earnings Beat Estimates Details: Evergy reported Q2 adjusted earnings of $0.88 per share, beating estimates, compared to $0.82 per share a year ago. The company reaffirmed its 2026 guidance. | +0.4% $82.37 -> $82.69 |
2026-06-29 | Grid Investment Plan Highlighted Details: A news report highlighted Evergy's $21.6 billion grid investment plan, noting it targets rising power demand and that strong Q1 sales and large-load projects are driving growth. | -0.9% $86.49 -> $85.71 |
2026-05-07 | Q1 Earnings Beat Estimates Details: The company announced first quarter 2026 adjusted earnings of $0.69 per share, beating estimates, and announced a new large customer electric service agreement. | +1.0% $79.65 -> $80.43 |
2026-03-31 | Positive Analyst Note on Dividend Details: A press report noted the company has raised its payout for 23 consecutive years and that recent data center signings would likely accelerate growth. | +0.8% $80.24 -> $80.92 |
Position Sizing
5% - 7%
NORMAL POSITION
Sizing is volatility-based: EVRG trades at roughly 18% annualized options-implied volatility versus about 13% for the S&P 500 (1.3x the market), around the 68th percentile of its own trailing year. A 5% - 7% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
FE - a business partner
Regional Peer Exposurea business partner offers exposure to similar regional dynamics but with a different capital plan intensity; its capital expenditure is 32.1% of revenue versus Evergy's 55.6%.
ETR - a business partner
Alternative Data Center Playa business partner provides exposure to the same data center demand theme but in a different geography with its own regulatory environment. The company has highlighted a large potential hyperscale pipeline.
Evergy is no longer a typical slow-growth utility; it is a high-growth infrastructure company with a visible, multi-year build cycle funded by contractually secured demand from the world's largest technology companies.
Evergy is capitalizing on its geography and supportive regulatory environment to become a key power provider for the data center boom. The company has secured 3 GW of long-term, premium-priced contracts, which underpins a $21.6 billion capital plan and a projected 12% rate base CAGR. This transforms its financial profile from a standard utility to a high-growth, regulated infrastructure story with significant earnings acceleration expected after 2028.
Execution of additional large customer Electric Service Agreements (ESAs), constructive outcomes in upcoming rate cases that approve cost recovery for new investments, and meeting or exceeding capital deployment and load growth targets.
Cancellation or significant delays of contracted data center projects, adverse regulatory decisions disallowing recovery of capital investments, or major cost overruns and schedule delays on new generation projects.
Short-term earnings volatility due to weather, as seen in prior periods, which does not affect the long-term infrastructure build-out thesis.
Repricing Catalyst
The market fully digesting the magnitude and predictability of the company's updated long-term growth outlook, including the 12% rate base CAGR and the expectation for EPS growth to exceed 8% annually starting in 2028.
Evergy — Investor Video Playlist
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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