EVRGEvergy, Inc.

Electric & Other Services Combined

Revenue: $5.7B; 0.0% YoY
Operating margin: 26.9%; 4.4% YoY
EBITDA: $2.7B; 4.4% YoY
Market cap: $18.5B
Employees: 4,691; $1M revenue each
Net debt / EBITDA: 4.9×; $13.1B net debt
AI in 10-K: 1.1; mentions per 10K words

Takeover score 0 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
239% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
30% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
7% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$1M · 44th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.1 per 10K words · 36th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$18.5B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$5.3B	$5.6B	$5.3B	$5.7B	$5.7B	0.0%
Operating income	$1.4B	$1.3B	$1.3B	$1.5B	$1.5B	4.4%
Net income	$880M	$753M	$731M	$874M	$856M	2.0%
Operating cash flow	$1.4B	$1.8B	$2.0B	$2.0B	$2.0B	3.1%
Capex	$2.0B	$2.2B	$2.3B	$2.3B	$2.8B	20%
Stock-based comp	$16M	$19M	$18M	$15M	$21M	36%
Buybacks	$0	—	—	—	—
Dividends	$498M	$535M	$570M	$597M	$613M	2.7%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $134K · 7
Open-market sells, 12 mo: $2M · 9
Net: −$2M

Pay vs performance

No pay-versus-performance disclosure yet.