Eversource Energy (ES)
Utilities · Electric Utilities · US stock · S&P 500 component
$67.84
▲ +2.24 (3.41%)
Fair valueUndervalued
$81 +20.0% to fair value
$41fair band $69–$99$122
Day's range
$65.42 – $67.87
52-week range
$62.72 – $76.57
Red flags⚠ Dividend may be at risk⚠ Dividend may be at risk⚠ Dividend may be at risk⚠ Dividend may be at risk⚠ Dividend may be at risk
About Eversource Energy
Eversource Energy is a regulated utility holding company that delivers electricity, natural gas and water service in several northeastern states, including Massachusetts, Connecticut and New Hampshire. It owns the wires and pipes that carry energy to homes and businesses, and does not primarily earn money by producing power. Revenue is set largely by rate cases approved by state regulators, which allow recovery of costs and an authorized return.
A dividend is paid, with a yield of 4.6%. Looking at the numbers, trailing revenue is $14.1 billion, and it expanded at 3.3% a year across three years. Operating margin is 21.4%, while return on invested capital is 5%. Leverage, measured as net debt to EBITDA, is 5.2 times. Taken together, these figures give an X-Ray Score of 65 out of 100.
Price chart
52-wk range $62.72 – $76.57Volume 3,253,980Daily, split-adjusted
Vitals
Market cap$25.6B
52-week range$62.72 – $76.57
Volume (last day)3,253,980
P/E (TTM)17.4
EBIT / EV yield5.7%
Free-cash-flow yield1.2%
Dividend yield4.6%
Revenue (TTM)$14.1B
Net income (TTM)$1.5B
Operating margin21.4%
Return on capital5.5%
Debt incl. leases$29.1B
Cash & securities$1.8B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$81middle half of models $70 – $87
Undervalued
+20.0% to fair value
Average of the 13 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $68
Undervalued < $69Fair $69 – $99Overvalued > $99
P/E multiple
$70
P/B multiple
$70
P/S multiple
$78
EV/EBITDA multiple
$93
EV/EBIT multiple
$84
EV/revenue multiple
$77
10-year DCF, EBITDA exit
$70
5-year DCF, EBITDA exit
$79
10-year DCF, revenue exit
$65
5-year DCF, revenue exit
$73
10-year DCF, growth exit
$87
5-year DCF, growth exit
$99
Dividend discount, stable · not used
$170
Dividend discount, multi-stage · not used
$347
Earnings power value
$114
Growth the price implies
9.3%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Average business at a low price
Our models put fair value above today's price, but models can be wrong, so check the business first. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Utilities peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Strong
80/100
Cheap against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield5.7%
Free-cash-flow yield1.2%
Fair value vs price1.2×
Growth
Fair
53/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)3.3%
EPS growth (3y)4.0%
Growth consistency80%
Profitability
Fair
63/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital5.5%
Operating margin21.4%
Financial health
Fair
60/100
Balance sheet is in typical shape for its sector.
See the numbers →
Piotroski F-Score7 / 9
Net debt / EBITDA5.2×
Interest cover2.2×
Dividends
Fair
63/100
Dividend is typical for its sector.
See the numbers →
Dividend yield4.6%
Dividends vs free cash flow394%
Dividend growth8.3%
Quarterly results: last 6 quarters
+23.6%
Mar '25
+12.0%
Jun '25
+5.2%
Sep '25
+13.4%
Dec '25
+10.2%
Mar '26
+5.1%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $3.0B, diluted EPS $0.14.
Compare with peers
EIX Edison International71 EXC Exelon Corp62 DUK Duke Energy CORP58 AEP American Electric Powe...58Other Electric Utilities companies by X-Ray Score.
SWOT analysis: Eversource Energy
Strengthsinside the company
- Passes 7 of the 9 Piotroski tests, which points to improving profitability, funding and efficiency.
Weaknessesinside the company
- Return on invested capital is only 5.5% (median 5.5% for industry peers), so the business earns little above its cost of capital.
- Net debt is 5.2x EBITDA, above the 3x level that lenders usually watch.
- Operating profit covers interest only 2.2x.
- Altman Z-score of 0.8 is in the zone linked with financial distress in past studies.
Opportunitiesvaluation and setting
- Revenue growth picked up to 13.8% last year from 3.3% a year over three years.
- The price is 20% below our fair value estimate, with the gap larger than the margin we allow for error.
Threatsvaluation and setting
- Heavy debt makes profits sensitive to interest rates and refinancing conditions.
- Our Market Compass rates the backdrop for Utilities as unfavourable.
- Our checks raised: Dividend may be at risk; Dividend may be at risk.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare ES with peers and sector
Medians of 14 Electric Utilities peers and of 30 Utilities stocks in our universe.
Largest peers (X-Ray Score): SO 45, DUK 58, CEG 49, AEP 58, ETR 43, VST 53.
| Metric | ES | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 65 | 51 | 50 |
| Valuation | 80 | 49 | 49 |
| Growth | 53 | 58 | 53 |
| Profitability | 63 | 53 | 49 |
| Financial health | 60 | 52 | 51 |
| Dividends | 63 | 49 | 53 |
Sector leaders: highest X-Ray Score in Utilities
ES ranks #3 of 31 in Utilities and #2 of 15 in Electric Utilities by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for ES
Each factor is rated by where ES stands among the 31 Utilities stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 10 Good · 6 Average · 4 Bad of 20
Growth: 1 · 1 · 1
Profitability: 0 · 2 · 2
Financial strength: 2 · 1 · 1
Valuation: 5 · 0 · 0
Cash flow: 2 · 1 · 0
Efficiency: 0 · 1 · 0
| Factor | ES | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +3.3% | Average beats 48% | +3.4% | – | – |
| Revenue growth, last year | +13.8% | Good beats 82% | +9.6% | +10.8% | ▲ Better |
| EPS growth, 3 years a year | +4.0% | Bad beats 24% | +8.1% | – | – |
| Profitability | |||||
| Operating margin | 21.4% | Average beats 38% | 22.9% | 20.2% | ≈ In line |
| Net margin | 10.3% | Bad beats 18% | 14.4% | 11.5% | ▼ Worse |
| Return on invested capital | 5.5% | Average beats 47% | 5.5% | – | – |
| Return on equity | 8.9% | Bad beats 21% | 10.1% | 8.4% | ≈ In line |
| Financial strength | |||||
| Net debt / EBITDA | 5.2x | Good beats 82% | 5.8x | 5.5x | ≈ In line |
| Interest cover | 2.2x | Bad beats 27% | 2.5x | 2.8x | ≈ In line |
| Current ratio | 0.80 | Average beats 53% | 0.78 | 0.65 | ▲ Better |
| Piotroski F-score | 7 / 9 | Good beats 87% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 17.6x | Good beats 85% | 21.8x | 22.8x | ▲ Better |
| Price / book | 1.6x | Good beats 89% | 2.1x | 1.5x | ≈ In line |
| Price / sales | 1.8x | Good beats 82% | 2.9x | 1.8x | ≈ In line |
| EV / EBITDA | 10.0x | Good beats 85% | 14.0x | 13.0x | ▲ Better |
| Free cash flow yield | 1.2% | Good beats 85% | -4.9% | -3.9% | ▲ Better |
| Cash flow | |||||
| Free cash flow margin | 2.1% | Average beats 65% | -9.1% | -12.3% | ▲ Better |
| Cash from operations / net income | 3.04 | Good beats 92% | 2.20 | 2.06 | ▲ Better |
| Accruals (lower is better) | −4.7% | Good beats 82% | −3.3% | – | – |
| Efficiency | |||||
| Days sales outstanding | 45 days | Average beats 46% | 44 days | 45 days | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 6 Good · ● 6 Average · ● 2 BadCash quality
Earnings backed by cashGood
Free-cash-flow yieldGood
Risk models
Altman Z''Average
Piotroski F-ScoreGood
Growth
EPS growth (3y)Bad
Revenue growth (3y)Average
Growth consistencyAverage
Balance sheet
Current ratioAverage
Net debt / EBITDAGood
Interest coverBad
Valuation
Fair value vs priceGood
EBIT / EV yieldGood
Profitability
Return on invested capitalAverage
Operating marginAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 59/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $9.9B | $12.3B | $11.9B | $11.9B | $13.5B |
| Operating income | $2.0B | $2.2B | $2.4B | $2.4B | $3.0B |
| Net income | $1.2B | $1.4B | −$435M | $819M | $1.7B |
| Operating cash flow | $2.0B | $2.4B | $1.6B | $2.2B | $4.1B |
| Operating margin | 20.2% | 17.9% | 20.1% | 20.2% | 22.1% |
| Free cash flow | −$1.2B | −$1.0B | −$2.7B | −$2.3B | −$45M |
| Diluted EPS | $3.54 | $4.05 | $-1.26 | $2.27 | $4.56 |
Fiscal years, from SEC filings.
Technical summary
Daily
Neutral
7 bullish · 1 neutral · 8 bearish
Weekly
Neutral
6 bullish · 1 neutral · 5 bearish
Monthly
Bullish
5 bullish · 1 neutral · 2 bearish
Moving averages (daily)
| SMA 10 | 66.05 | Bullish |
| EMA 10 | 66.02 | Bullish |
| SMA 20 | 65.26 | Bullish |
| EMA 20 | 65.99 | Bullish |
| SMA 50 | 67.55 | Bullish |
| EMA 50 | 67.19 | Bullish |
| SMA 100 | 69.46 | Bearish |
| EMA 100 | 68.16 | Bearish |
| SMA 200 | 68.81 | Bearish |
| EMA 200 | 67.90 | Bearish |
Oscillators (daily)
| RSI (14) | 58.15 | Neutral |
| MACD (12, 26) | -0.23 | Bearish |
| Momentum (12) | 3.95 | Bullish |
| Stochastic %K (14) | 99.22 | Bearish |
| Williams %R (14) | -0.78 | Bearish |
| CCI (20) | 147.7 | Bearish |
Pivot points (classic, last session)
S3 63.77 | S2 64.59 | S1 66.22 | Pivot 67.04 | R1 68.67 | R2 69.49 | R3 71.12 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
3.11 USD
Yield on today's price
4.59%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.7875 | |
| 0.7875 | |
| 0.7875 | |
| 0.7525 | |
| 0.7525 | |
| 0.7525 | |
| 0.7525 | |
| 0.7150 | |
| 0.7150 | |
| 0.7150 | |
| 0.7150 | |
| 0.6750 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold ES
| ETF | Share of the fund |
|---|---|
| XLU Utilities Select Sector SPDR | 1.91% |
| SPHD Invesco S&P 500 High Dividend Low Vola... | 1.82% |
| PEY Invesco High Yield Equity Dividend Ach... | 1.80% |
| FUTY Fidelity MSCI Utilities Index | 1.75% |
| VPU Vanguard Utilities | 1.69% |
| IDU iShares U.S. Utilities | 1.66% |
| NOBL ProShares S&P 500 Dividend Aristocrats | 1.50% |
| KNG FT Cboe Vest S&P 500 Dividend Aristocr... | 1.42% |
The eight funds with the largest weight in ES among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
ES stock splits
ES has split its stock once since 2013. The latest was a 2-for-1 split on 30 Apr 2013.
Full ES stock split history →ES SEC filings
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
8-KSEC EDGAR
Results of operations; Other events
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Shareholder vote results
8-KSEC EDGAR
Regulation FD disclosure; Other events
DEF 14ASEC EDGAR
Proxy statement
8-KSEC EDGAR
Current report
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.