NRG ENERGY, INC.
$97.10
−0.95 (−0.97%) · delayed · Nov 13, 2026
Five-year price
52w $79.65 to $189.96
- Market cap
- $20.4B
- Enterprise value
- $32.1B
- P/E
- 24.2×
- 37.0× on 3y avg EPS
- EV / EBIT
- 17.4×
- FCF yield
- 3.8%
- ROIC
- 10.5%
- Debt / equity
- 9.76
- Piotroski F
- 5/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
83
- ●ROIC > 12% (5y avg)5y avg ROIC 12.6%
- ●ROE > 15% (5y avg)5y avg ROE 36.5%
- ●Stable operating marginsMargin volatility 3.6% (σ, 5y)
- ○Earnings convert to cashFCF / net income 65% (5y avg)
- ●Growing revenueRevenue CAGR 5y 28.4%
- ●Shrinking share countDiluted shares -19.1% over 5y
Value
0
- ○P/E below 15P/E 24.2
- ○EV/EBIT below 12EV/EBIT 17.4
- ○FCF yield above 6%FCF yield 3.8%
- ○Price below Graham NumberGraham Number $26.87
- ○P/B below 3P/B 12.1
Safety
20
- ○Debt / equity below 0.5D/E 9.76
- ○Debt payable in < 4 yrs of earningsNet debt $11.7B
- ○Interest coverage > 8xCoverage 2.5x
- ●Current ratio > 1.5Current ratio 1.64
- ○Piotroski F-score ≥ 6F-score 5/9
Graham Defensive
33
- ●Adequate size (revenue > $2B)Revenue $30.3B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.64
- ○Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- –Earnings growth ≥ 33% (10y, 3y avgs)n/a
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 37.0
- ○P/E × P/B ≤ 22.5Product 448.5
Valuation lab
What do you have to believe?
At $97.10, the market is pricing in about 15.4% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $11.7B · 210M shares · 5y revenue CAGR 28.4%
Intrinsic value
$158.97
Price
$97.10
Margin of safety
39%
What the price implies
The market is paying for 15.4% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
70% of the value sits beyond year 10. That means the answer depends mostly on the long-run assumptions.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 8,915 | 9,074 | 8,148 | 7,991 | 8,690 | 26,777 | 31,488 | 28,256 | 27,748 | 30,347 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 33 | (741) | 982 | 1,290 | 1,105 | 3,341 | 2,018 | 384 | 2,424 | 1,845 |
| Operating margin | 0.4% | -8.2% | 12.1% | 16.1% | 12.7% | 12.5% | 6.4% | 1.4% | 8.7% | 6.1% |
| Pre-tax income | (931) | (1,389) | 467 | 786 | 761 | 2,859 | 1,663 | (213) | 1,448 | 1,134 |
| Income tax | 25 | (44) | 7 | (3,334) | 251 | 672 | 442 | (11) | 323 | 270 |
| Net income | (774) | (2,153) | 268 | 4,438 | 510 | 2,187 | 1,221 | (202) | 1,125 | 864 |
| EPS (diluted) | -2.22 | -6.79 | 0.87 | 16.81 | 2.07 | 8.93 | 5.17 | -1.12 | 4.99 | 4.01 |
| Diluted shares | 316 | 317 | 308 | 264 | 246 | 245 | 236 | 228 | 212 | 199 |
Who owns it