A Business at a Glance
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EVERSOURCE ENERGY
ES
$27.8B
Mkt Cap
$74.91
+0.39%
EVERSOURCE ENERGY (ES) has a current P/E ratio of 16.4, compared to its historical median P/E of 18.2. The stock is currently considered Fair based on its historical valuation range.
EVERSOURCE ENERGY (ES) has a 5-year average return on invested capital (ROIC) of 5.3%. This is below average and may indicate limited pricing power.
EVERSOURCE ENERGY (ES) has a market capitalization of $28.2B. It is classified as a large-cap stock.
Yes, EVERSOURCE ENERGY (ES) pays a dividend with a trailing twelve-month yield of 3.95%.
Based on historical P/E analysis, EVERSOURCE ENERGY (ES) appears fair. The current P/E of 16.4 is 10% below its historical median of 18.2. The estimated fair value CAGR (P/E method) is -3.5%.
EVERSOURCE ENERGY (ES) operates in the Electric Services industry, within the Utilities sector.
EVERSOURCE ENERGY (ES) reported annual revenue of $13.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
Eversource Energy is a regulated utility holding company headquartered in Boston and Hartford that operates primarily through wholly-owned subsidiaries providing electric distribution, electric transmission, natural gas distribution, and water utility services across Connecticut, Massachusetts, and New Hampshire. The company's electric distribution segment, comprising Connecticut Light and Power, NSTAR Electric, and Public Service Company of New Hampshire, serves residential, commercial, and industrial customers through regulated rate structures that separate energy supply costs (passed through without markup), local delivery charges (which generate returns on infrastructure investments), public benefits charges, and transmission costs. The natural gas distribution segment includes NSTAR Gas, Eversource Gas Company of Massachusetts, and Yankee Gas, serving similar customer classes across Massachusetts and Connecticut, while the water distribution segment operates through Aquarion Company's five regulated water utility subsidiaries. Eversource does not own generation assets for its electric distribution business; instead, it procures power competitively for customers on standard service and supplier-of-last-resort rates, with approximately 50 percent of load served at these regulated rates and 50 percent served by competitive suppliers. The company's transmission business operates high-voltage infrastructure across New England under FERC regulation, and its business model is characterized by stable, regulated cost-recovery mechanisms with limited earnings volatility on pass-through components, though returns are earned on distribution, transmission, and water infrastructure investments. The company maintains a five-year capital investment plan focused on grid modernization, system resiliency, reliability improvements, and infrastructure replacement to support electrification and load growth across its service territories.
【Infrastructure-led earnings inflection】 Management expects meaningful acceleration in earnings growth beginning in 2027 and 2028, driven by recovery of deferred storm costs through securitization, completion of regulatory proceedings including the Connecticut Light and Power rate case, and continued distribution rate increases from performance-based regulation mechanisms in Massachusetts and New Hampshire. The company anticipates that 2026 will reflect transitory headwinds from timing of regulatory outcomes, including potential Aquarion sale impacts and storm cost recovery delays, but views these as temporary obstacles to an otherwise strong underlying business trajectory. Capital investments totaling $26.5 billion over the five-year period through 2030 are expected to support system reliability, address growing electric demand driven by electrification and data center growth, and enable the clean energy transition, with particular emphasis on transmission infrastructure and grid modernization projects. Management remains confident in delivering earnings growth toward the upper half of its 5–7 percent long-term target by 2028, supported by disciplined operational execution, strict cost management, and constructive regulatory frameworks that enable timely recovery of infrastructure investments.
| Metric | Target | Period |
|---|---|---|
| Non-GAAP EPS | $4.80–$4.95 | FY2026 |
| Five-year capital investment plan | $26.5 billion | 2026–2030 |
| Five-year equity needs | $800 million–$1.1 billion | 2026–2030 |
| Five-year operating cash flows | $24.2–$24.7 billion | 2026–2030 |
| Long-term EPS growth rate | 5%–7% | 2025–2030 |
Non-GAAP EPS (FY2026): “With that said, we are projecting earnings per share in the range of $4.80-$4.95 for 2026.”
Five-year capital investment plan (2026–2030): “Over this five-year period, from 2026 through 2030, we expect to invest approximately $26.5 billion in our regulated electric and natural gas businesses”
Five-year equity needs (2026–2030): “We continue to expect that our equity needs over the next five-year forecast period are in the range of $800 million to $1.1 billion.”
Five-year operating cash flows (2026–2030): “Over the next five years, we expect cash flows from operations to be in the range of $24.2-$24.7 billion”
Long-term EPS growth rate (2025–2030): “We are projecting the five-year long-term earnings per share growth rate to be in the range of 5%-7% based off of our 2025 non-GAAP recurring EPS of $4.76 per share.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 13.9B | 13.5B | 11.9B | 11.9B | 12.3B | 9.9B |
| Net Income | 1.7B | 1.7B | 812M | -442M | 1.4B | 1.2B |
| EPS | $4.67 | $4.56 | $2.27 | $-1.26 | $4.05 | $3.54 |
| Free Cash Flow | 237M | -45M | -2.3B | -2.7B | -1.0B | -1.2B |
| ROIC | 6.4% | 6.5% | 3.9% | 6.4% | 4.8% | 5.0% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 1.72 | 1.72 | 1.77 | 1.78 | 1.36 | 1.27 |
| Dividends/Share | $2.96 | $3.01 | $2.86 | $2.70 | $2.55 | $2.41 |
| Operating Income | 3.1B | 3.0B | 2.4B | 2.4B | 2.2B | 2.0B |
| Operating Margin | 22.5% | 22.1% | 20.2% | 20.1% | 17.9% | 20.2% |
| ROE | 10.6% | 10.8% | 5.6% | -3.0% | 9.3% | 8.5% |
| Shares Outstanding | 376M | 371M | 358M | 351M | 347M | 345M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 7.7B | 8.0B | 7.6B | 7.8B | 8.4B | 8.5B | 8.9B | 9.9B | 12.3B | 11.9B | 11.9B | 13.5B | 13.9B |
| Gross Margin | 97.9% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 5.9B | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 1.6B | 1.8B | 1.8B | 1.9B | 1.7B | 1.6B | 2.0B | 2.0B | 2.2B | 2.4B | 2.4B | 3.0B | 3.1B |
| Op. Margin | 21.1% | 22.2% | 24.1% | 24.4% | 20.1% | 18.7% | 22.3% | 20.2% | 17.9% | 20.1% | 20.2% | 22.1% | 22.5% |
| Net Income | 820M | 878M | 942M | 988M | 1.0B | 909M | 1.2B | 1.2B | 1.4B | -442M | 812M | 1.7B | 1.7B |
| Net Margin | 10.6% | 11.0% | 12.3% | 12.7% | 12.2% | 10.7% | 13.5% | 12.4% | 11.4% | -3.7% | 6.8% | 12.5% | 12.5% |
| Non-Recurring | 0 | 0 | 0 | 0 | 33M | 240M | 0 | 0 | 0 | 0 | -297M | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 5.8% | 5.8% | 6.0% | 5.6% | 5.7% | 4.8% | 5.5% | 5.0% | 4.8% | 6.4% | 3.9% | 6.5% | 6.4% |
| ROE | 8.4% | 8.6% | 8.9% | 9.1% | 9.2% | 7.5% | 9.0% | 8.5% | 9.3% | -3.0% | 5.6% | 10.8% | 10.6% |
| ROA | 2.8% | 2.9% | 3.0% | 2.9% | 2.8% | 2.3% | 2.8% | 2.6% | 2.8% | -0.8% | 1.4% | 2.7% | 2.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.7B | 1.4B | 2.2B | 2.0B | 1.8B | 2.0B | 1.7B | 2.0B | 2.4B | 1.6B | 2.2B | 4.1B | 4.4B |
| Free Cash Flow | 48M | -290M | 231M | -352M | -739M | -902M | -1.3B | -1.2B | -1.0B | -2.7B | -2.3B | -45M | 237M |
| Owner Earnings | 1.0B | 722M | 1.4B | 1.1B | 737M | 902M | 490M | 599M | 725M | 803M | 353M | 1.7B | 2.0B |
| CapEx | 1.6B | 1.7B | 2.0B | 2.3B | 2.6B | 2.9B | 2.9B | 3.2B | 3.4B | 4.3B | 4.5B | 4.2B | 4.2B |
| Maint. CapEx | 625M | 688M | 787M | 864M | 1.1B | 1.1B | 1.2B | 1.3B | 1.6B | 816M | 1.8B | 2.4B | 2.4B |
| Growth CapEx | 978M | 1.0B | 1.2B | 1.5B | 1.5B | 1.8B | 1.8B | 1.8B | 1.8B | 3.5B | 2.7B | 1.8B | 1.8B |
| D&A | 625M | 688M | 787M | 864M | 1.1B | 1.1B | 1.2B | 1.3B | 1.6B | 816M | 1.8B | 2.4B | 2.4B |
| CapEx/OCF | 98.1% | 120.3% | 90.9% | 117.6% | 140.4% | 144.9% | 174.9% | 161.8% | 143.3% | 263.5% | 207.5% | 101.1% | 94.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 475M | 530M | 564M | 602M | 640M | 663M | 745M | 805M | 860M | 919M | 1.0B | 1.1B | 1.1B |
| Dividend Yield | 4.8% | 4.8% | 4.5% | 4.2% | 4.3% | 3.4% | 3.1% | 3.3% | 3.4% | 4.2% | 4.9% | 4.7% | 4.0% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 25M | 23M | 24M | 20M | 21M | 27M | 34M | 28M | 33M | 28M | 30M | 34M | 34M |
| Debt Repayment | 577M | 217M | 200M | 745M | 1.1B | 801M | 327M | 1.1B | 1.2B | 2.0B | 1.9B | 1.4B | 1.4B |
| Balance Sheet | |||||||||||||
| Net Debt | 8.7B | 8.5B | 9.2B | 12.0B | 12.3B | 14.1B | 15.7B | 18.2B | 20.5B | 24.9B | 26.5B | 27.5B | 28.1B |
| Cash & Equiv. | 39M | 68M | 107M | 86M | 209M | 117M | 265M | 67M | 375M | 54M | 27M | 135M | 422M |
| Long-Term Debt | 8.6B | 8.8B | 8.8B | 11.8B | 12.2B | 13.8B | 15.1B | 17.0B | 19.7B | 23.6B | 25.7B | 26.9B | 26.9B |
| Debt/Equity | 0.91 | 0.85 | 0.90 | 1.12 | 1.11 | 1.15 | 1.15 | 1.27 | 1.36 | 1.78 | 1.77 | 1.72 | 1.72 |
| Interest Coverage | 4.5 | 4.7 | 4.6 | 4.5 | 3.4 | 3.0 | 3.7 | 3.4 | 3.2 | 2.8 | 2.2 | 2.4 | 46.6 |
| Equity | 10.0B | 10.4B | 10.7B | 11.1B | 11.5B | 12.6B | 14.1B | 14.6B | 15.5B | 14.2B | 15.0B | 16.2B | 16.5B |
| Total Assets | 29.7B | 30.6B | 32.1B | 36.2B | 38.2B | 41.1B | 46.1B | 48.5B | 53.2B | 55.6B | 59.6B | 63.8B | 64.7B |
| Total Liabilities | 19.8B | 20.2B | 21.3B | 25.1B | 26.8B | 28.5B | 32.0B | 33.9B | 37.8B | 41.4B | 44.6B | 47.6B | -126M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 2.4B | 2.8B | 3.2B | 3.6B | 4.0B | 4.2B | 4.6B | 5.0B | 5.5B | 4.1B | 3.9B | 4.5B | 4.8B |
| Working Capital | -442M | -371M | -1.2B | -1.1B | -1.8B | -1.2B | -1.8B | -2.6B | -2.6B | -2.1B | -1.6B | -2.7B | -2.9B |
| Current Assets | 2.7B | 2.6B | 2.5B | 2.5B | 2.3B | 2.4B | 3.1B | 3.3B | 4.2B | 4.2B | 5.1B | 5.1B | 5.3B |
| Current Liabilities | 3.1B | 3.0B | 3.6B | 3.6B | 4.1B | 3.6B | 4.9B | 5.8B | 6.8B | 6.3B | 6.7B | 7.8B | 8.2B |
| Per Share Data | |||||||||||||
| EPS | 2.58 | 2.76 | 2.96 | 3.11 | 3.25 | 2.81 | 3.55 | 3.54 | 4.05 | -1.26 | 2.27 | 4.56 | 4.67 |
| Owner EPS | 3.15 | 2.27 | 4.39 | 3.50 | 2.32 | 2.79 | 1.44 | 1.74 | 2.09 | 2.29 | 0.99 | 4.51 | 5.24 |
| Book Value | 31.41 | 32.52 | 33.65 | 34.90 | 36.14 | 39.04 | 41.43 | 42.35 | 44.61 | 40.38 | 42.06 | 43.64 | 43.97 |
| Cash Flow/Share | 5.20 | 4.50 | 6.94 | 6.28 | 5.76 | 6.21 | 4.96 | 5.69 | 6.92 | 4.69 | 6.04 | 11.08 | 11.01 |
| Dividends/Share | 1.57 | 1.67 | 1.78 | 1.90 | 2.02 | 2.14 | 2.27 | 2.41 | 2.55 | 2.70 | 2.86 | 3.01 | 2.96 |
| Shares Out. | 317.7M | 318.3M | 318.3M | 317.7M | 317.8M | 323.5M | 339.5M | 344.8M | 346.9M | 351.0M | 357.6M | 371.1M | 376.0M |
| Valuation | |||||||||||||
| P/E Ratio | 14.8 | 13.3 | 13.6 | 15.3 | 15.6 | 24.1 | 19.8 | 21.6 | 18.2 | N/A | 24.1 | 14.7 | 16.1 |
| P/FCF | 251.5 | N/A | 55.2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 119.0 |
| EV/EBIT | 12.6 | 11.6 | 12.1 | 14.5 | 17.3 | 22.6 | 20.4 | 23.0 | 21.5 | 18.6 | 19.5 | 18.1 | 17.9 |
| Price/Book | 1.2 | 1.1 | 1.2 | 1.4 | 1.4 | 1.7 | 1.7 | 1.8 | 1.7 | 1.4 | 1.3 | 1.5 | 1.7 |
| Price/Sales | 1.3 | 1.4 | 1.7 | 1.8 | 1.8 | 2.3 | 2.7 | 2.5 | 2.1 | 1.8 | 1.7 | 1.7 | 2.0 |
| FCF Yield | 0.4% | -2.5% | 1.8% | -2.3% | -4.6% | -4.1% | -5.3% | -4.6% | -4.1% | -13.6% | -11.9% | -0.2% | 0.8% |
| Market Cap | 12.1B | 11.7B | 12.8B | 15.1B | 16.1B | 21.9B | 23.8B | 26.4B | 25.6B | 19.8B | 19.6B | 25.0B | 28.2B |
| Avg. Price | 30.99 | 34.85 | 39.76 | 45.06 | 46.68 | 60.31 | 70.19 | 71.46 | 73.61 | 61.84 | 56.74 | 62.69 | 74.91 |
| Year-End Price | 38.19 | 36.79 | 40.14 | 47.62 | 50.57 | 67.79 | 70.22 | 76.50 | 73.76 | 56.40 | 54.70 | 67.24 | 74.91 |
EVERSOURCE ENERGY passes 3 of 9 quality checks, indicating weak fundamentals.
EVERSOURCE ENERGY trades at 16.4x trailing earnings, compared to its 15-year median P/E of 18.2x, suggesting it is currently Fair relative to its historical range. The company's 5-year average ROIC is 5.3%. Total shareholder yield (dividends) is 4.0%. At current prices, the estimated annualized return to fair value is -5.3%.
EVERSOURCE ENERGY (ES) has a net profit margin of 12.5%. This is a healthy margin.
EVERSOURCE ENERGY (ES) generated $-45 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
EVERSOURCE ENERGY (ES) has a debt-to-equity ratio of 1.72. This indicates higher leverage, which may increase financial risk.
EVERSOURCE ENERGY (ES) reported earnings per share (EPS) of $4.56 in its most recent fiscal year.
EVERSOURCE ENERGY (ES) has a return on equity (ROE) of 10.8%. This indicates moderate shareholder returns.
The Ledger Terminal provides 17 years of financial data for EVERSOURCE ENERGY (ES), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
EVERSOURCE ENERGY (ES) has a book value per share of $43.64, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects meaningful acceleration in earnings growth beginning in 2027 and 2028, driven by recovery of deferred storm costs through securitization, completion of regulatory proceedings including the Connecticut Light and Power rate case, and continued distribution rate increases from performance-based regulation mechanisms in Massachusetts and New Hampshire. The company anticipates that 2026 will reflect transitory headwinds from timing of regulatory outcomes, including potential Aquarion sale impacts and storm cost recovery delays, but views these as temporary obstacles to an otherwise strong underlying business trajectory. Capital investments totaling $26.5 billion over the five-year period through 2030 are expected to support system reliability, address growing electric demand driven by electrification and data center growth, and enable the clean energy transition, with particular emphasis on transmission infrastructure and grid modernization projects. Management remains confident in delivering earnings growth toward the upper half of its 5–7 percent long-term target by 2028, supported by disciplined operational execution, strict cost management, and constructive regulatory frameworks that enable timely recovery of infrastructure investments.
Based on recent SEC filings and earnings calls, EVERSOURCE ENERGY (ES) has provided the following forward guidance: Non-GAAP EPS: $4.80–$4.95 (FY2026); Five-year capital investment plan: $26.5 billion (2026–2030); Five-year equity needs: $800 million–$1.1 billion (2026–2030); Five-year operating cash flows: $24.2–$24.7 billion (2026–2030); Long-term EPS growth rate: 5%–7% (2025–2030).