NRG Energy is one of the largest retail energy providers in the US, with 6 million customers. Vivint Smart Home, which NRG acquired in 2023, has 2 million home-services customers.
It is a $22.7B utility company. Revenue grew 12.8% over the last year, it keeps 2¢ of every dollar of sales as profit, and its net debt equals ~33.7 years of free cash flow. It trades at 26.7× earnings — in the most expensive third of its own history.
- Website
- nrg.com
- Location
- Houston, TX
- Employees
- 16 702
- Sector
- Utilities
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Valuation, Profitability, Health, Quality and Moat lag behind.
Valuation42
- P/E vs own history82th pct · 0/25
- FCF yield1.5% · 5/25
- P/S0.7x · 25/25
- EV/EBITDA15.2x · 12/25
Growth51
- Revenue CAGR3.3% · 6/25
- Net income CAGR-22.3% · 0/25
- EPS CAGR ~5Y14.1% · 20/25
- Fwd implied growth167.9% · 25/25
Profitability41
- ROIC5.9% · 5/25
- ROE25.4% · 25/25
- Net margin2.4% · 6/25
- Operating margin5.9% · 5/25
Health21
- Altman Zn/a · 0/25
- Current ratio0.97 · 6/25
- Interest coverage2.0x · 10/25
- Net cash / debtD/A 40% · 5/25
Quality47
- Piotroski F5/9 · 15/25
- Beneish M-2.07 · 12/25
- FCF conversion45% · 8/25
- Margin stabilityσ 8.6% · 12/25
Moat23
- ROIC >12% years6/10 yrs · 13/25
- Median gross margin9.7% · 0/25
- FCF-positive years7/10 yrs · 10/25
- Worst-year net marginworst -20.3% · 0/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- 2020AcquisitionNRG Energy and Centrica entered an agreement under which NRG would acquire Direct Energy for $3.625…
- FY2019FinancialBest year on record$4.44B net income
- 2018AcquisitionNRG acquired XOOM Energy, a mainly residential-focused, retail energy supplier with 300,000 RCE…
- 2018MilestoneNRG Energy no longer owned SpaceTag as Station A became a standalone company
- FY2017FinancialRevenue crossed $10B$10.6B for the year
- FY2016FinancialFirst recorded profitable year$81.0M net income
- FY2016FinancialRevenue already above $1B$1.86B in first reported year
- 2014AcquisitionNRG Energy acquired Roof Diagnostics Solar (RDS), a residential solar power installation company, for…
- 2013AcquisitionNRG acquired Energy Curtailment Specialists, a Buffalo, New York-based Demand response company
- 2012AcquisitionNRG Energy completed its acquisition of GenOn Energy in December 2012 for $1.7 billion in stock and cash
- 2010AcquisitionFollowing the acquisition of Reliant, NRG extended its retail footprint with the acquisition of Green Mountain…
- 2009AcquisitionAfterwards, in May 2009, NRG Energy acquired the retail operations of Reliant Energy
- 2006AcquisitionNRG Energy bought Texas Genco from a group of private equity firms for roughly $5.9 billion
- 2000MilestoneIt was formerly the wholesale arm of Northern States Power Company (NSP)
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- Revenue growing 12.8% year over year
Watch-outs
- Loss-making in 2 of the recent years
- Net debt equals ~33.7 years of free cash flow
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+12.8% YoY
- Profitable — makes more than it spends$782M TTM
- Profit growing — earnings are higher than last year-5.7% YoY
- Generates cash — cash left after running and investing$348M TTM
- Debt under control — could handle its obligations~33.7y of cash flow to repay
- Established company — not a micro-cap — lower blow-up risk$22.7B market cap
- Not printing shares — share count not ballooning — you keep your slice-19.1% shares over ~5y
- Proven track record — years of profitability behind it8/10 profitable years
- Financially stable — balance sheet not near distresshealth score 16/100
- Pays a dividend — returns cash to shareholdersyield 1.93%
- Valuation not extreme — price not wildly above earningsP/E 26.7
Peer comparisonNRG Energy, Inc. vs 6 largest utilities peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| NRG this company | $22.7B | 26.7 | +12.8% | 2.4% | Strained |
| NEE NextEra Energy, Inc. | $161.3B | 17.4 | +10.8% | 32.4% | Strained |
| CEG Constellation Energy Corporation | $105.8B | 30.5 | +26.0% | 11.1% | Strained |
| SO The Southern Company | $99.1B | 21.3 | +6.4% | 15.4% | Strained |
| DUK Duke Energy Corporation | $90.9B | 17.3 | +6.3% | 15.8% | Strained |
| WMB Williams Companies Inc. | $89.2B | 29.0 | +8.7% | 25.2% | Strained |
| KMI Kinder Morgan, Inc. | $72.4B | 20.9 | +12.5% | 19.3% | Strained |
Head-to-head: NRG vs NEE · NRG vs CEG · NRG vs SO
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/NRG
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Deeper analysis of NRG on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $107.97 · market cap $22.7B.