Evergy, Inc. (EVRG)

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AI: Fair-priced

Price checkThe shares look fairly priced, but leave little room for growth disappointments.

At the latest close of $84.03, Evergy trades at about 19.8 times the $4.24 midpoint of its 2026 adjusted earnings guidance. Adjusted earnings exclude selected investment and note-repurchase items. The annualized $2.78 dividend yields roughly 3.3%, while the price is about 23 times 2025 reported earnings of $3.66 per share. That valuation assumes signed data-center demand and rate recovery deliver management’s 6%-8%+ growth target through 2030. Utility stability supports the multiple, but limited room for delays makes fair-priced the balanced verdict.

Big pictureRegulated earnings are durable, while heavy construction keeps cash flow deeply negative.

From 2020 to 2025, revenue rose 19% to $5.71 billion and operating income rose 34% to $1.53 billion, supporting the durability of the regulated business. Reported earnings per share were less smooth: $2.72 in 2020, $3.83 in 2021 and $3.66 in 2025, reflecting weather, interest costs and other items. Operating cash flow reached $2.05 billion in 2025, but capital spending was $2.80 billion. Free cash flow—cash left after running and investing in the business—was therefore about negative $752 million, versus negative $353 million in 2024.

Business strengthCustomer growth strengthens the franchise, but debt and new shares weaken protection.

At March 31, 2026, debt was $15.47 billion against $10.16 billion of equity, cash was only $18.4 million, and current liabilities of $4.22 billion exceeded current assets of $1.88 billion. This is manageable for a regulated utility with market access, but not conservative. Evergy plans $21.6 billion of 2026-2030 capital spending and $3.3 billion of common-share financing; $425 million was already priced, with $700 million-$900 million expected yearly through 2029. That issuance dilutes existing shares. The $613 million 2025 dividend continued despite negative free cash flow, leaving payouts and growth dependent on financing and timely rate recovery.

What could change the storyData-center contracts could justify today’s price; delays or weak rate rulings would not.

The bull case is concrete: five signed large-customer contracts support about 3,000 megawatts of peak demand, including 16-17-year minimum bills, while management targets 7%-8% annual load growth and 6%-8%+ earnings growth through 2030. The bear case is financing and approval risk: the 2026 resource plan adds about $1 billion beyond the $21.6 billion capital plan, and further contracts require more generation. Another binding contract, favorable Missouri rate decisions and cash generation relative to debt near management’s 14%-15% target would strengthen value; project delays, weaker cost recovery or more equity issuance would weaken it.

$84.03 price considered

AI: News

Quarterly earnings improveHigher demand and recovered investments lifted earnings, while full-year guidance remained unchanged.

On August 6, 2026, Evergy reported second-quarter earnings of $0.91 per share, up from $0.74 a year earlier; adjusted earnings, excluding selected nonrecurring items, rose to $0.88 from $0.82. The company kept its 2026 adjusted guidance at $4.14-$4.34 and declared a $0.695 quarterly dividend. Regulated-investment recovery, demand growth and large-customer revenue supported results. Shares closed at $83.02, virtually unchanged from $83.06 the prior day, so the trading data shows no clear event-driven reaction.

Expansion plan gets largerMore planned generating capacity offers growth, but increases financing and approval risks.

On August 6, Evergy said its 2026 resource filings imply about $1 billion of investment beyond February’s $21.6 billion five-year plan. The proposed 5,144 megawatts comprise 3,920 of natural gas, 774 of solar and 450 of batteries. This capacity can serve signed data-center demand and enlarge the regulated asset base on which the utility may earn returns. However, it also needs regulatory approval and additional financing, increasing construction, customer-affordability and dilution risk. The stock’s flat earnings-day close does not isolate investor reaction to this disclosure.

Fifth customer contractA fifth data-center contract improved demand visibility but also raised future construction needs.

On May 7, 2026, Evergy announced a fifth large-customer agreement; the August presentation identified Digital Realty alongside Google, Meta and Beale Infrastructure. Signed projects plus existing large loads now total about 3,000 megawatts at peak. Roughly 1,700 megawatts of new agreements include binding minimum bills lasting 16-17 years, which can stabilize recovery of generation and grid costs even if actual usage ramps slowly. This materially improves long-run demand visibility, although customers, construction and regulatory approvals still must perform as planned.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Revenue	$5.71B	$5.70B	$5.35B	$5.59B	$5.33B	$4.78B	$5.02B	$4.22B	$2.57B	$2.56B
Operating income	$1.53B	$1.47B	$1.28B	$1.27B	$1.35B	$1.14B	$1.19B	$933.6M	$678.8M	$702.4M
EBITDAderived	$2.70B	$2.58B	$2.36B	$2.20B	$2.25B	$2.02B	$2.05B	$1.55B	$1.05B	$1.04B
Net income	$855.6M	$873.5M	$731.3M	$752.7M	$879.7M	$618.3M	$669.9M	$535.8M	$323.9M	$346.6M
Basic EPSper diluted share	$3.71	$3.79	$3.18	$3.27	$3.84	$2.72	$2.80	$2.50	$2.27	$2.43
Diluted EPSper diluted share	$3.66	$3.79	$3.17	$3.27	$3.83	$2.72	$2.79	$2.50	$2.27	$2.43

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)22$6.82M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 15, 2026Form 4	Caisley Charles A.EVP & CHIEF CUST OFFCR	SellCommon Stock	10.8K	$83.46	$900.3K	37.8K
Jun 3, 2026Form 4	Lawrence Sandra AJDirector	SellCommon Stock	200	$82.63	$16.5K	480
Jun 2, 2026Form 4	Lawrence Sandra AJDirector	SellCommon Stock	600	$81.41	$48.8K	680
May 29, 2026Form 4	Lawrence Sandra AJDirector	SellCommon Stock	400	$82.04	$32.8K	1.3K
May 28, 2026Form 4	Lawrence Sandra AJDirector	SellCommon Stock	761	$83.31	$63.4K	1.7K

Review ownership filings at SEC.gov ↗

Evergy, Inc. (EVRG)

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Financial statements

Insider buys & sells