NRGNRG ENERGY, INC.

Electric Services

Revenue: $30.3B; 9.4% YoY
Operating margin: 6.1%; 30% YoY
EBITDA: $3.3B; 15% YoY
Market cap: $20.2B
Employees: 16,702; $2M revenue each
Net debt / EBITDA: 6.6×; $21.6B net debt
AI in 10-K: 2.0; mentions per 10K words

Takeover score 1 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
221% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
90% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
22% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$2M · 58th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.0 per 10K words · 55th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
6.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$20.2B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$5.3B net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$26.8B	$31.5B	$28.3B	$27.7B	$30.3B	9.4%
Operating income	$3.3B	$2.0B	$384M	$2.4B	$1.8B	24%
Net income	$2.2B	$1.2B	−$202M	$1.1B	$864M	23%
Operating cash flow	$493M	$360M	−$221M	$2.3B	$1.9B	17%
Capex	$269M	$367M	$598M	$472M	$1.1B	143%
Stock-based comp	$21M	$28M	$101M	$102M	$134M	31%
Buybacks	$48M	$600M	$1.1B	$935M	$1.3B	40%
Dividends	$319M	$332M	$381M	$405M	$411M	1.5%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $5.3B · 15
Net: −$5.3B

Pay vs performance

No pay-versus-performance disclosure yet.