# Evergy (EVRG) Sector: Electric utility | Field | Value | |---|---| | Price | $88.27 | | Market cap | $20B | | Intrinsic value source | Analysts | | Data as of | 2026-11-13 | | Next earnings | 2027-02-18 (estimate) | Analysts: Bullish Picks: Research only Discount category: Far above intrinsic value ## In short The market weighs the data center growth of Evergy against the large debt and new shares that its building plan needs, and fair rate orders with on-time new load through 2027 can lift its value. ## Themes and gap - Themes: Power and energy (power-energy), Regulation and courts (regulation-legal), Interest rates (interest-rates) - Gap type: Can close (closable) - Why: The Missouri rate order, expected before the end of 2026, the Kansas large load order, requested for February 2027, and the Q4 2026 report, expected in late February 2027, show whether new load earns a fair return. ## About Evergy, Inc. (Evergy) is based in Kansas City, Missouri. It is a holding company of regulated electric utilities that generate, transmit and sell electricity to about 1.7 million customers in Kansas and Missouri. Its utilities are Evergy Kansas Central, Evergy Metro and Evergy Missouri West. They have about 15,800 MW of owned generating capacity and renewable power purchase agreements. Revenue was $2,096.6 million in Q3 2026 and $5,040.4 million for nine months. State regulators in Kansas and Missouri and FERC set its prices. The common stock trades on Nasdaq in US dollars. Evergy files 10-K and 10-Q reports. ## Thesis The price of Evergy depends on whether new data center demand in Kansas and Missouri turns into a larger rate base that regulators let it earn a fair return on. In 2026 Evergy signed agreements to serve data centers with a peak load of about 2,600 MW, and it plans capital spending of about $21.6 billion from 2026 to 2030, much of it for new gas, solar and battery plants. It targets adjusted EPS growth of 6% to 8%+ a year through 2030, with growth above 8% a year from 2028. The plan needs much new debt and some new shares, and Evergy issued about 3.9 million shares in September 2026. For the price to hold or rise, three things must be true. Regulators must approve rates and new plants on fair terms, first in the Evergy Metro order in Missouri, expected before the end of 2026, and the Kansas large load plan, for which Evergy asked for an order in February 2027. Data center customers must start service from 2026 to 2028 as their agreements say. Interest costs and new shares must not push EPS growth below the target. The Q4 2026 report, expected in late February 2027, and the 2027 guidance are the next tests. ## Checkpoints - Dec 2026 (estimate): Evergy Metro rate order in Missouri. Status: Pending. Watch: The Missouri regulator issues its order before the end of 2026 and new rates start in January 2027, and this passes; a delay past January 2027 or an increase below half of the $140 million request fails. - Feb 18, 2027 (estimate): Q4 2026 results and 2027 guidance. Status: Pending. Watch: 2026 adjusted EPS is in the guided range of $4.35 to $4.50 and Evergy keeps its growth target of 6% to 8%+ a year through 2030, and this passes; a result below the range or a lower target fails. ## Balance sheet - Cash: $19M - Debt: $15.8B - Net debt: $15.8B - Undrawn credit line: $2.7B, to June 2031 - Debt due within 12 months: $2.3B - Last debt due: 2057 At September 30, 2026, Evergy had long-term debt with a carrying amount of $13,551.3 million, current maturities of long-term debt of $1,495.3 million and commercial paper of $780.9 million, a total of $15,827.5 million. The current maturities include $1,155.9 million of convertible notes, which holders can convert through December 2026. Cash and cash equivalents were $18.7 million. The $3.5 billion master credit facility, which expires in June 2031, had $2,698.5 million available. Operating cash flow was $1,699.2 million for nine months, against additions to property, plant and equipment of $2,714.6 million. Forward sale agreements could deliver 4.7 million shares for about $363.5 million in cash. Evergy, Inc. shareholders' equity was $11,008.4 million. As of 2026-09-30. Sources: - https://www.sec.gov/Archives/edgar/data/1711269/000171126926000117/evrg-20260930.htm - https://www.sec.gov/Archives/edgar/data/1711269/000119312526448521/d193466dex991.htm ## Dividends - Dividend yield: 3.1% (last 12 months, at the current price) - Paid per share, last 12 months: $2.78 (4 payments) - Current annual rate: $2.78 ($0.695 x 4 a year) - Payout ratio: 74% of the earnings of the last fiscal year (the year ended 2025-12-31) - Latest ex-dividend date: 2026-08-18, $0.695 per share - Growth from 2020 to 2025: 5.7% a year - Growth from 2015 to 2025: 6.5% a year Dividends per share by year: 2016: $1.52, 2017: $1.60, 2018: $1.735, 2019: $1.93, 2020: $2.05, 2021: $2.178, 2022: $2.332, 2023: $2.482, 2024: $2.597, 2025: $2.699. Source: company filings and market data, read on 2026-11-12. ## Recent events - 2026-11-05: Evergy reported Q3 2026 results. GAAP EPS was $2.59 and adjusted EPS was $2.58, against $2.03 a year before. It raised its 2026 adjusted EPS guidance to $4.35 to $4.50 from $4.14 to $4.34 and declared a quarterly dividend of $0.7225 per share. It signed three amendments to earlier agreements with large customers for about 250 MW more load and a letter of intent with Digital Realty for a 1.4 GW project. - 2026-11-05: The Form 10-Q says that Evergy Missouri West asked the Missouri regulator in November 2026 for a rate increase of about $229.5 million, with new rates expected in October 2027. It also says that Evergy asked the Kansas regulator in October 2026 to approve a plan that adds cost rules for new large load customers, with an order requested in February 2027. - 2026-09-16: Evergy Kansas Central issued $350 million of 5.60% first mortgage bonds due 2034. In September 2026 Evergy also issued about 3.9 million shares of common stock for net proceeds of about $321.2 million. - 2026-08-24: Evergy issued $600 million of 6.40% junior subordinated notes due 2057. It used the proceeds to repay its $500 million term loan and to pay down commercial paper. - 2026-06-30: Evergy entered into a new $3.5 billion master credit facility that expires in June 2031. It replaced the earlier $2.5 billion facility. ## Latest news and filings - Last earnings: 2026-11-05 (8-K: https://www.sec.gov/Archives/edgar/data/1711269/000119312526448521/) - Next earnings: 2027-02-18 (expected; the company has not confirmed it) | Filed | Form | Headline | Period end | XBRL document | Link | | --- | --- | --- | --- | --- | --- | | 2026-11-05 | 8-K | Earnings release and Investor disclosure | | | https://www.sec.gov/Archives/edgar/data/1711269/000119312526448521/ | | 2026-11-05 | 10-Q | Quarterly report for the period ended Sep 30, 2026 | 2026-09-30 | evrg-20260930 | https://www.sec.gov/Archives/edgar/data/1711269/000171126926000117/evrg-20260930.htm | | 2026-09-16 | 8-K | Other company news | | | https://www.sec.gov/Archives/edgar/data/1711269/000119312526393088/d504888d8k.htm | | 2026-08-24 | 8-K | End of a material agreement and Other company news | | | https://www.sec.gov/Archives/edgar/data/1711269/000119312526363625/d417229d8k.htm | | 2026-08-06 | 8-K | Earnings release and Investor disclosure | | | https://www.sec.gov/Archives/edgar/data/1711269/000119312526336661/ | | 2026-08-06 | 10-Q | Quarterly report for the period ended Jun 30, 2026 | 2026-06-30 | evrg-20260630 | https://www.sec.gov/Archives/edgar/data/1711269/000171126926000100/evrg-20260630.htm | | 2026-07-01 | 8-K | Other company news | | | https://www.sec.gov/Archives/edgar/data/1711269/000119312526292566/d917808d8k.htm | | 2026-07-01 | 8-K | New material agreement and End of a material agreement | | | https://www.sec.gov/Archives/edgar/data/1711269/000119312526292565/d82314d8k.htm | | 2026-05-07 | 8-K | Earnings release and Investor disclosure | | | https://www.sec.gov/Archives/edgar/data/1711269/000119312526210269/ | | 2026-05-07 | 10-Q | Quarterly report for the period ended Mar 31, 2026 | 2026-03-31 | evrg-20260331 | https://www.sec.gov/Archives/edgar/data/1711269/000171126926000057/evrg-20260331.htm | Every filing on SEC EDGAR (CIK 1711269): https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001711269&type=&dateb=&owner=include&count=40 ## Risks - High: Rate orders can be lower than requested. Evergy Metro asked for about $140 million in Missouri and Evergy Missouri West for about $229.5 million. Lower orders or delays would cut the return on the new investment. - Medium: Growth depends on data center customers. The 2026 agreements cover a peak load of about 2,600 MW, with service from 2026 to 2028. A delay or a smaller project would slow the growth of sales. - Medium: The building plan needs much new capital. Debt was $15,827.5 million at September 30, 2026, and interest expense rose to $508.4 million for nine months from $458.3 million. Evergy also sells new shares, and forward sale agreements could deliver 4.7 million more shares. - Medium: New plants can cost more or come late. Evergy plans new gas plants such as Mullin Creek Unit 2 for 2030 and Buchanan Bluffs Energy Center Unit 2 for 2032, and these need regulator approval. - Low: Weather moves earnings. Cooling degree days rose 31% in Q3 2026, which helped results, and a mild year would lower them. ## Links - Page: https://picks.utilarium.app/company/EVRG/ - History of changes: https://picks.utilarium.app/company/EVRG/history/ - JSON with full history: https://picks.utilarium.app/data/company/EVRG.json > Picks is a personal record of stock picks. It gives general opinions about stocks, including a "Top pick" label. They are not tailored to your needs, goals or risk tolerance. Kevin is not a registered adviser and relies on the general-advice exemption in Canadian securities law (NI 31-103 s.8.25). Do your own research, or ask a registered adviser. Kevin may hold any stock on this site. Prices, intrinsic values and ratings can be delayed or wrong; check the original source. Full disclaimer: /disclaimer/.