A Business at a Glance
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PART I NRG Energy, Inc., or NRG or the Company, serves electricity, natural gas, and smart-home technology solutions to approximately 8 million residential customers (comprised of 6 million retail energy and 2 million smart home), in addition to large commercial and industrial, data center, and wholesale customers. Across North America, NRG is redefining customers’ experience with energy under brand names such as NRG, Reliant, Direct Energy, Green Mountain Energy, and Vivint. As of December 31, 2025, the Company’s core power and natural gas business consists of approximately 12 GW of competitive power generation, primarily in Texas, and a natural gas portfolio that serves approximately 1,900 MMDth annually. NRG sold 154 TWhs of electricity and 1,857 MMDth of natural gas in 2025, making it one of the largest competitive energy retailers in the U.S. As of the end of 2025, NRG had recurring electricity and/or natural gas sales in 25 U.S.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 30.7B | 30.7B | 28.1B | 28.8B | 31.5B | 27.0B |
| Net Income | 797M | 797M | 1.1B | -256M | 1.2B | 2.2B |
| EPS | $4.01 | $4.01 | $4.99 | $-1.12 | $5.17 | $8.93 |
| Free Cash Flow | 766M | 766M | 1.8B | -819M | -7.0M | 224M |
| ROIC | 10.1% | 13.2% | 15.0% | 2.9% | 13.1% | 22.4% |
| Gross Margin | 19.4% | 19.4% | 21.4% | 8.1% | 13.0% | 24.1% |
| Debt/Equity | 9.91 | 9.91 | 4.84 | 3.99 | 2.19 | 2.30 |
| Dividends/Share | $2.07 | $1.76 | $1.63 | $1.51 | $1.40 | $1.30 |
| Operating Income | 1.8B | 1.8B | 2.4B | 384M | 2.0B | 3.3B |
| Operating Margin | 6.0% | 6.0% | 8.6% | 1.3% | 6.4% | 12.4% |
| ROE | 47.4% | 38.3% | 42.7% | -8.8% | 31.9% | 60.8% |
| Shares Outstanding | 199M | 199M | 212M | 229M | 236M | 245M |
NRG ENERGY, INC. passes 5 of 9 quality checks, suggesting mixed fundamentals.
NRG ENERGY, INC. trades at 42.5x trailing earnings, compared to its 15-year median P/E of 14.7x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 47.7x vs a median of 10.2x. The company's 5-year average ROIC is 13.3% with a gross margin of 17.2%. Total shareholder yield (dividends + buybacks) is 5.1%. At current prices, the estimated annualized return to fair value is +7.6%.
NRG ENERGY, INC. (NRG) has a current P/E ratio of 42.5, compared to its historical median P/E of 14.7. The stock is currently considered Expensive based on its historical valuation range.
NRG ENERGY, INC. (NRG) has a 5-year average return on invested capital (ROIC) of 13.3%. This indicates solid capital allocation.
NRG ENERGY, INC. (NRG) has a market capitalization of $33.8B. It is classified as a large-cap stock.
Yes, NRG ENERGY, INC. (NRG) pays a dividend with a trailing twelve-month yield of 1.21%. The company also returns capital through share buybacks, with a buyback yield of 3.87%.
Based on historical P/E analysis, NRG ENERGY, INC. (NRG) appears expensive. The current P/E of 42.5 is 190% above its historical median of 14.7. The estimated fair value CAGR (P/E method) is -5.0%.
NRG ENERGY, INC. (NRG) operates in the Electric Services industry, within the Utilities sector.
NRG ENERGY, INC. (NRG) reported annual revenue of $30.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
NRG ENERGY, INC. (NRG) has a net profit margin of 2.6%. This is a modest margin.
NRG ENERGY, INC. (NRG) generated $766 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
NRG ENERGY, INC. (NRG) has a debt-to-equity ratio of 9.91. This indicates higher leverage, which may increase financial risk.
NRG ENERGY, INC. (NRG) reported earnings per share (EPS) of $4.01 in its most recent fiscal year.
NRG ENERGY, INC. (NRG) has a return on equity (ROE) of 38.3%. This indicates the company generates strong returns for shareholders.
NRG ENERGY, INC. (NRG) has a 5-year average gross margin of 17.2%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 19 years of financial data for NRG ENERGY, INC. (NRG), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
NRG ENERGY, INC. (NRG) has a book value per share of $8.46, based on its most recent annual SEC filing.