# Evergy (EVRG.US)

Canonical: https://gigainvestors.com/s/EVRG

Analysis as of: 2026-10-16T07:34:49.051Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $81.57 per share; close as of 2026-10-15.

Estimated value: low $35.33 per share, central $44.47 per share, high $51.92 per share. Buy at or below the central value $44.47 per share. Valuation as of 2026-10-16T07:34:49.051Z; scenarios are not confidence intervals.

Expected annual return: 6.8% at the stated quote. About 6.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.06×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.27×

- FY2018: 0.25×

- FY2019: 0.23×

- FY2020: 0.23×

- FY2021: 0.24×

- FY2022: 0.22×

- FY2023: 0.23×

- FY2024: 0.25×

- FY2025: 0.25×

- LTM to Jun 2026: 0.26×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 6.2%

- ROIC, second-lowest year: 6.0%

- Typical minus recent gross margin: -1.2 pp

- Typical gross margin (annual median): 31.4%

- Recent gross margin (lower of latest and 3-year median): 32.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 36.1%

- ROIC including acquisitions, ten-year median: 1.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 6.0%

- FY2018: 6.1%

- FY2019: 6.4%

- FY2020: 5.9%

- FY2021: 6.7%

- FY2022: 6.4%

- FY2023: 6.0%

- FY2024: 6.4%

- FY2025: 6.2%

- LTM to Jun 2026: 6.3%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.38×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.6B

- Net income, five-year total: $4.1B

- Return on incremental invested capital: 12.2%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: -2.4 pp

- Working capital / revenue, final three-year average: 10.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.87×

- FY2023: -0.63×

- FY2024: 1.00×

- FY2025: -0.45×

- LTM to Jun 2026: -0.64×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 6.0% vs 6.2%

- Per-share earnings: 2.27 to 3.66 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 5.1%

- Ordinary dilution, 5-year annual growth: 0.5%

- Market cap gain: $8.9B

- Cumulative retained earnings: $1.9B

- Diluted shares, 10-year annual growth: 5.1%

- Diluted shares, 5-year annual growth: 0.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 6.2%

- Per-share value change: $1.39

- Per-share value, starting three-year median: $2.27

- Per-share value, ending three-year median: $3.66

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 9.5%

- Buyback history: 2 years

- Debt-funded buybacks: Yes

- Acquisition spending: $2.3B

- Cumulative net income, 10 years: $6.6B

- ROIC, first three-year median: 6.0%

- ROIC, last three-year median: 6.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.43

- FY2017: $2.27

- FY2018: $2.50

- FY2019: $2.79

- FY2020: $2.72

- FY2021: $3.83

- FY2022: $3.27

- FY2023: $3.17

- FY2024: $3.79

- FY2025: $3.66

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -3.4%

- Receivables to sales index (DSRI): 2.39×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.39×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.23×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.1%

- FY2017: -5.1%

- FY2018: -3.8%

- FY2019: -0.6%

- FY2020: -4.2%

- FY2021: -1.7%

- FY2022: -3.6%

- FY2023: -4.0%

- FY2024: -3.4%

- FY2025: -3.4%

## Holders

## Price story

Price needs cash profits to grow 11% a year for ten years · sales +2.5%

Story as of 2026-10-16T10:00:02.612Z; price observation 2026-10-15.

Price needs cash profits to grow 11% a year for ten years

- 2025-11-06: Evergy Announces Third Quarter 2025 Results, Increases Quarterly Dividend and Narrows 2025 Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/evergy-announces-third-quarter-2025-120000303.html))

- 2026-02-19: Evergy Non-GAAP EPS of $0.42 misses by $0.13; initiates FY26 outlook ([seekingalpha.com](https://seekingalpha.com/news/4553855-evergy-non-gaap-eps-of-042-misses-by-013-initiates-fy26-outlook?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-05-08: Evergy expects retail sales to rise up to 8% annually on data center growth ([finance.yahoo.com](https://finance.yahoo.com/sectors/energy/articles/evergy-expects-retail-sales-rise-091324018.html))

### Sales · FY2025–2026

sales +2.5%; source https://www.sec.gov/Archives/edgar/data/1711269/000171126926000017/evrg-20251231.htm; observed 2026-02-19.

- FY2017: $2.6B 

- FY2018: $4.3B 

- FY2019: $5.1B 

- FY2020: $4.9B 

- FY2021: $5.6B 

- FY2022: $5.9B 

- FY2023: $5.5B 

- FY2024: $5.8B 

- FY2025: $5.9B 

- FY2026: $6.1B 

### Gross margin · FY2026

gross margin 40.1%; source https://www.sec.gov/Archives/edgar/data/1711269/000171126926000017/evrg-20251231.htm; observed 2026-02-19.

- FY2017: 33.4% 

- FY2018: 31.6% 

- FY2019: 30.1% 

- FY2020: 30.7% 

- FY2021: 31.1% 

- FY2022: 29.1% 

- FY2023: 30.4% 

- FY2024: 32.6% 

- FY2025: 32.3% 

- FY2026: 40.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in utilities regulated electric; annual sales are USD 5.9 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1711269/000171126926000017/evrg-20251231.htm (filed 2026-02-19); FY2025: revenue 5919800000; grossProfit 1911200000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 30.4% to 32.6% during 2023–25; it earns 6.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: grossProfit / revenue = 30.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: grossProfit / revenue = 32.6%.

- Source: https://www.sec.gov/Archives/edgar/data/1711269/000171126926000017/evrg-20251231.htm (filed 2026-02-19); FY2025: grossProfit / revenue = 32.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); 10-year return on capital observations [[2017,0.059743581602141875],[2018,0.060625661637469075],[2019,0.06408623454470253],[2020,0.0593878707321764],[2021,0.06653895323968528],[2022,0.0641060011081934],[2023,0.06033580634815286],[2024,0.0644830813461717],[2025,0.06187211952000095],[2026,0.06255164979908584]]; median 0.062211884659543394. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2018: growth capex 407300000; upkeep 662400000; owner earnings 535800000. Growth capex / owner earnings = 0.7601717058603956.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2019: growth capex 0; upkeep 596100000; owner earnings 986900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2021: growth capex 1024700000; upkeep 947800000; owner earnings 879700000. Growth capex / owner earnings = 1.164828918949642.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2022: growth capex 1082542546.1524918; upkeep 1083957453.8475082; owner earnings 653642546.1524918. Growth capex / owner earnings = 1.6561690369218096.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: growth capex 1166100000; upkeep 1170500000; owner earnings 873500000. Growth capex / owner earnings = 1.3349742415569548.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Dividend observations: [[2016,204340000],[2017,223117000],[2018,475000000],[2019,110000000],[2020,465000000],[2021,497900000],[2022,534800000],[2023,569600000],[2024,596700000],[2025,613100000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EVRG.US SharesStats.PercentInsiders = 0.187 percentage points; cache date 2026-10-16.

### What could break it

"The Evergy Companies are subject to commodity and other risks associated with energy markets." (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1711269/000171126926000017/evrg-20251231.htm (filed 2026-02-19); The Evergy Companies are subject to commodity and other risks associated with energy markets.

### What the price says

The price assumes cash profits grow 11% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Ten-year compound average after fade. Initial solved rate 0.14567665622991732. Price 81.57; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.4979268885025025 → FY2025 -1.6333070175305764. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $57.32 per share

- 2016-11: $56.96 per share

- 2016-12: $56.35 per share

- 2017-01: $54.69 per share

- 2017-02: $53.98 per share

- 2017-03: $54.27 per share

- 2017-04: $52.03 per share

- 2017-05: $52.95 per share

- 2017-06: $53.02 per share

- 2017-07: $50.75 per share

- 2017-08: $51.31 per share

- 2017-09: $49.60 per share

- 2017-10: $53.48 per share

- 2017-11: $57.21 per share

- 2017-12: $52.80 per share

- 2018-01: $51.66 per share

- 2018-02: $48.73 per share

- 2018-03: $52.59 per share

- 2018-04: $54.18 per share

- 2018-05: $56.70 per share

- 2018-06: $56.15 per share

- 2018-07: $56.09 per share

- 2018-08: $57.05 per share

- 2018-09: $54.92 per share

- 2018-10: $55.99 per share

- 2018-11: $59.37 per share

- 2018-12: $56.77 per share

- 2019-01: $57.32 per share

- 2019-02: $55.91 per share

- 2019-03: $58.05 per share

- 2019-04: $57.82 per share

- 2019-05: $58.14 per share

- 2019-06: $60.15 per share

- 2019-07: $60.49 per share

- 2019-08: $65.00 per share

- 2019-09: $66.56 per share

- 2019-10: $63.91 per share

- 2019-11: $63.27 per share

- 2019-12: $65.09 per share

- 2020-01: $72.16 per share

- 2020-02: $65.35 per share

- 2020-03: $55.05 per share

- 2020-04: $58.43 per share

- 2020-05: $61.69 per share

- 2020-06: $59.29 per share

- 2020-07: $64.83 per share

- 2020-08: $53.22 per share

- 2020-09: $50.82 per share

- 2020-10: $55.20 per share

- 2020-11: $55.41 per share

- 2020-12: $55.51 per share

- 2021-01: $53.73 per share

- 2021-02: $53.63 per share

- 2021-03: $59.53 per share

- 2021-04: $63.97 per share

- 2021-05: $61.99 per share

- 2021-06: $60.43 per share

- 2021-07: $65.22 per share

- 2021-08: $68.45 per share

- 2021-09: $62.20 per share

- 2021-10: $63.75 per share

- 2021-11: $63.30 per share

- 2021-12: $68.61 per share

- 2022-01: $64.96 per share

- 2022-02: $62.41 per share

- 2022-03: $68.34 per share

- 2022-04: $67.85 per share

- 2022-05: $69.94 per share

- 2022-06: $65.25 per share

- 2022-07: $68.26 per share

- 2022-08: $68.53 per share

- 2022-09: $59.40 per share

- 2022-10: $61.13 per share

- 2022-11: $59.21 per share

- 2022-12: $62.93 per share

- 2023-01: $62.65 per share

- 2023-02: $58.81 per share

- 2023-03: $61.12 per share

- 2023-04: $62.11 per share

- 2023-05: $57.85 per share

- 2023-06: $58.42 per share

- 2023-07: $59.97 per share

- 2023-08: $54.97 per share

- 2023-09: $50.70 per share

- 2023-10: $49.14 per share

- 2023-11: $51.04 per share

- 2023-12: $52.20 per share

- 2024-01: $50.77 per share

- 2024-02: $49.54 per share

- 2024-03: $53.38 per share

- 2024-04: $52.45 per share

- 2024-05: $54.66 per share

- 2024-06: $52.97 per share

- 2024-07: $58.00 per share

- 2024-08: $59.14 per share

- 2024-09: $62.01 per share

- 2024-10: $60.44 per share

- 2024-11: $64.63 per share

- 2024-12: $61.55 per share

- 2025-01: $64.17 per share

- 2025-02: $68.91 per share

- 2025-03: $68.95 per share

- 2025-04: $69.10 per share

- 2025-05: $66.41 per share

- 2025-06: $68.93 per share

- 2025-07: $70.80 per share

- 2025-08: $71.26 per share

- 2025-09: $76.02 per share

- 2025-10: $76.81 per share

- 2025-11: $77.65 per share

- 2025-12: $72.49 per share

- 2026-01: $76.73 per share

- 2026-02: $83.66 per share

- 2026-03: $81.92 per share

- 2026-04: $82.84 per share

- 2026-05: $82.04 per share

- 2026-06: $86.43 per share

- 2026-07: $83.01 per share

- 2026-08: $81.02 per share

- 2026-09: $78.44 per share

- 2026-10: $81.57 per share

## Annual estimated value (USD per share)

- FY2016: low $3.98 per share, central $4.53 per share, high $5.26 per share

- FY2021: low $35.75 per share, central $43.79 per share, high $51.06 per share

- FY2022: low $38.03 per share, central $47.45 per share, high $55.37 per share

- FY2023: low $30.89 per share, central $37.53 per share, high $43.74 per share

- FY2024: low $32.90 per share, central $40.13 per share, high $46.77 per share

- FY2025: low $34.02 per share, central $42.82 per share, high $49.99 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:34.996Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1711269/000171126926000017/evrg-20251231.htm); period 2025-12-31, filed 2026-02-19.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations