Evergy, Inc. (EVRG) — Fundamental Analysis & Key Financial Ratios

Kaplio's reading: Evergy, Inc.

Updated on October 2, 2026 · accounts published on August 6, 2026

Reading of October 2, 2026: A steady regulated utility with solid margins and a stretched balance sheet

Evergy trades at a P/E of 19.9, in line with its sector median and 4 % below its ten-year median of 20.8.

• Is Evergy expensive or cheap? Evergy's P/E of 19.9 matches its sector median and sits 4 % below its ten-year median of 20.8.
• How is the business doing? The 25.9 % operating margin over the last 12 months beats the 2014-2025 average of 24.6 %, even as EPS fell 3.4 %.
• How strong is the balance sheet? Net debt reached 5.6× EBITDA in fiscal 2025, just above the 5.5× ceiling considered healthy for a utility.
• What to expect from the next earnings? Evergy reports on November 5, 2026; analysts expect EPS of $2.17, and the 2026 consensus is steady at $4.26.
• Is the dividend sustainable with this debt? Evergy paid out 72 % of fiscal 2025 earnings, under the 80 % utility ceiling, and has raised its dividend six years running.

Is Evergy expensive or cheap?

Over the last 12 months Evergy trades at a P/E of 19.9, exactly in line with the 19.9 median of 120 utilities and 4 % below its own ten-year median of 20.8. Over the decade the multiple ranged from 14.7 to 29.1, and the stock was cheaper than today only 41 % of the time, so the current multiple sits near the middle of its history. An earnings yield of 5.7 % and a P/B of 1.8× tell the same story. The shares are up 6 % over 12 months but remain 11 % below their 52-week high of $88.13.

How is the business doing?

Revenue grew 1.7 % over the last 12 months while EPS slipped 3.4 %. That is a soft patch for a company whose EPS compounded at 6.4 % a year over fiscal 2020-2025. Margins are holding up: the 25.9 % operating margin over the last 12 months is above both the 24.6 % average of fiscal 2014-2025 and the 25.2 % of fiscal 2025. ROIC of 4.5 % is 0.5 points above the sector median of 4.0 %, although it has not topped 10 % in any of the last ten fiscal years. ROE of 9.1 % sits inside the 8 % to 12 % regulated range.

How strong is the balance sheet?

Debt is the main pressure point. Net debt stood at $69.54 per share in fiscal 2025, equal to 88 % of the current share price, and debt to equity is 1.61 over the last 12 months. Interest coverage of 2.4× in fiscal 2025 falls short of the 3× a healthy utility usually shows, so a large share of operating profit goes to lenders. Short-term liquidity is thin, with a current ratio of 0.36, and the Piotroski score over the last 12 months is a weak 3 of 9. Leverage is normal for a capital-heavy utility, but this level leaves little room if interest rates rise.

What to expect from the next earnings?

Eighteen analysts cover Evergy: 7 rate it a buy, 9 a hold and 2 a sell, a lukewarm consensus. Expectations are stable. The 2026 EPS consensus has held at $4.26 over the last 17 days, and revenue estimates have barely moved. The latest report, on August 6, 2026, delivered EPS of $0.88 against $0.81 expected, an 8.5 % beat. Over the last eight quarters, though, Evergy has beaten estimates only 4 times. With EPS down 3.4 % over the last 12 months, the $2.17 expected for the quarter reported on November 5 is the number to watch.

Is the dividend sustainable with this debt?

Utilities behave like bonds on steroids. Their earnings are regulated and slow-moving, so investors judge them on debt, interest rates and how consistently the payout is covered, not on fast growth. Here the picture is mixed. The 3.5 % dividend yield over the last 12 months is backed by a 72 % payout in fiscal 2025, below the 80 % healthy ceiling. The dividend has grown 7.0 % a year over 2015-2025, above the 4 % benchmark, with six consecutive years of increases. The weak spots are interest coverage of 2.4× and net debt at 5.6× EBITDA, which leave the dividend exposed if borrowing costs climb.

How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.