NYSE: ES
Eversource Energy
Utilities · Electric Services
52-week range
$62.72$76.57
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$27.2B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $17.5B |
| FY2017, ended Dec 31, 2017 | $20.0B |
| FY2018, ended Dec 31, 2018 | $20.6B |
| FY2019, ended Dec 31, 2019 | $28.1B |
| FY2020, ended Dec 31, 2020 | $29.7B |
| FY2021, ended Dec 31, 2021 | $31.3B |
| FY2022, ended Dec 31, 2022 | $29.2B |
| FY2023, ended Dec 31, 2023 | $21.6B |
| FY2024, ended Dec 31, 2024 | $21.1B |
| FY2025, ended Dec 31, 2025 | $25.3B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $27.2B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$14.1B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $7.64B |
| FY2017, ended Dec 31, 2017 | $7.75B |
| FY2018, ended Dec 31, 2018 | $8.47B |
| FY2019, ended Dec 31, 2019 | $8.53B |
| FY2020, ended Dec 31, 2020 | $8.90B |
| FY2021, ended Dec 31, 2021 | $9.86B |
| FY2022, ended Dec 31, 2022 | $12.3B |
| FY2023, ended Dec 31, 2023 | $11.9B |
| FY2024, ended Dec 31, 2024 | $11.9B |
| FY2025, ended Dec 31, 2025 | $13.5B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $14.1B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $950M | $231M |
| FY2017, ended Dec 31, 2017 | $996M | −$352M |
| FY2018, ended Dec 31, 2018 | $1.04B | −$739M |
| FY2019, ended Dec 31, 2019 | $917M | −$902M |
| FY2020, ended Dec 31, 2020 | $1.21B | −$1.26B |
| FY2021, ended Dec 31, 2021 | $1.23B | −$1.21B |
| FY2022, ended Dec 31, 2022 | $1.41B | −$1.04B |
| FY2023, ended Dec 31, 2023 | −$435M | −$2.69B |
| FY2024, ended Dec 31, 2024 | $812M | −$2.32B |
| FY2025, ended Dec 31, 2025 | $1.69B | −$45.1M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.45B | $298M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$1.82B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $107M |
| FY2017, ended Dec 31, 2017 | $85.9M |
| FY2018, ended Dec 31, 2018 | $209M |
| FY2019, ended Dec 31, 2019 | $15.4M |
| FY2020, ended Dec 31, 2020 | $265M |
| FY2021, ended Dec 31, 2021 | $66.8M |
| FY2022, ended Dec 31, 2022 | $375M |
| FY2023, ended Dec 31, 2023 | $53.9M |
| FY2024, ended Dec 31, 2024 | $26.7M |
| FY2025, ended Dec 31, 2025 | $135M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.82B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$29.1B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $9.60B |
| FY2017, ended Dec 31, 2017 | $12.3B |
| FY2018, ended Dec 31, 2018 | $13.1B |
| FY2019, ended Dec 31, 2019 | $14.1B |
| FY2020, ended Dec 31, 2020 | $16.2B |
| FY2021, ended Dec 31, 2021 | $18.2B |
| FY2022, ended Dec 31, 2022 | $21.0B |
| FY2023, ended Dec 31, 2023 | $24.4B |
| FY2024, ended Dec 31, 2024 | $26.7B |
| FY2025, ended Dec 31, 2025 | $28.3B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $29.1B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 18.9% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.377M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 317M |
| FY2017, ended Dec 31, 2017 | 317M |
| FY2018, ended Dec 31, 2018 | 317M |
| FY2019, ended Dec 31, 2019 | 330M |
| FY2020, ended Dec 31, 2020 | 343M |
| FY2021, ended Dec 31, 2021 | 344M |
| FY2022, ended Dec 31, 2022 | 348M |
| FY2023, ended Dec 31, 2023 | 350M |
| FY2024, ended Dec 31, 2024 | 367M |
| FY2025, ended Dec 31, 2025 | 375M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 377M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $268M more issued than bought back
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| Period | Paid to employees | Sold for cash | Used in acquisitions |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $23.6M | — | — |
| FY2017, ended Dec 31, 2017 | $19.7M | $0 | — |
| FY2018, ended Dec 31, 2018 | $21.4M | $0 | — |
| FY2019, ended Dec 31, 2019 | $27.3M | $852M | — |
| FY2020, ended Dec 31, 2020 | $33.9M | $929M | — |
| FY2021, ended Dec 31, 2021 | $28.2M | $0 | $38.1M |
| FY2022, ended Dec 31, 2022 | $33.4M | $197M | $72.1M |
| FY2023, ended Dec 31, 2023 | $27.8M | $0 | — |
| FY2024, ended Dec 31, 2024 | $30.0M | $989M | — |
| FY2025, ended Dec 31, 2025 | $33.6M | $465M | — |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | — | $268M | — |
Revenue (TTM)
$14.1B
+8.6% YoY
Net income (TTM)
$1.45B
+68.9% YoY
Cash
$1.82B
+429% YoY
Total debt
$29.1B
+3.4% YoY
Valuation
At current price- Market Cap
- $25.8B
- P/E
- 17.8×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 1.8×
- Price / Book
- 1.6×
- EV / EBITDA
- 10.0×
Growth
Trailing 12 months- Revenue (TTM)
- $14.1B
- Revenue Growth YoY
- 8.6%
- Revenue CAGR 3Y
- 3.3%
- Revenue CAGR 5Y
- 8.8%
- EPS Growth YoY
- 68.6%
- Net Income Growth YoY
- 68.9%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 21.4%
- Net Margin
- 10.3%
- FCF Margin
- 2.1%
- Return on Equity
- 9.1%
Earnings
Trailing 12 months- Net Income
- $1.45B
- EPS (diluted)
- $3.86
- EBITDA
- $5.29B
- Operating Income
- $3.02B
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $1.82B
- Total Debt
- $29.1B
- Net Debt
- $27.3B
- Total Assets
- $63.4B
- Total Liabilities
- $47.1B
- Shareholders' Equity
- $16.3B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $4.43B
- Capital Expenditure
- $4.13B
- Free Cash Flow
- $298M
Dividends and risk
Last 12 months- Dividend Yield
- 4.5%
- Dividend / Share
- $3.12
- Beta (5Y)
- 0.67
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 8.6% year over year, at $14.1B.
Note
Net margin of 10.3% over the last 12 months.
Watch
Net debt is 5.2× EBITDA ($27.3B), a heavy load.
Note
Free cash flow of $298M, 2.1% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 17, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K59Nothing notable
59Nothing notable
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 14, 2025 · Read the filing on EDGAR
- Eversource returned to a $811.7 million profit from a $442.2 million loss, though wind sale losses and the Aquarion write-down still reduced earnings.
- It finished selling its offshore wind stakes, but recorded a $365 million liability for future payments and warns that losses could exceed it.
- It agreed in January 2025 to sell its water business, Aquarion, for about $2.4 billion and plans to use net proceeds to reduce parent debt.
- S&P downgraded the company over Connecticut regulation, and management cut planned Connecticut distribution spending in response.
Business momentum
Strong improvement
“We earned $811.7 million, or $2.27 per share, in 2024, compared with a loss of $442.2 million, or $1.26 per share, in 2023.”
Outlook
Positive
“We project that we will earn within a 2025 earning guidance range of between $4.67 per share and $4.82 per share.”
Financial stress
Moderate
“Eversource, with its current credit ratings, has several options available in the financial markets to repay or refinance these maturities with the issuance of new long-term debt.”
Tone against the previous report
More positive
Red flags
- Medium
Large write-down
“recorded a goodwill impairment of $297 million, as the estimated fair value of the business based on the anticipated sale was less than the carrying value”
- Medium
Other
“In December 2024, S&P downgraded the ratings for Eversource parent and its subsidiaries primarily due to S&P's negative assessment of the Connecticut regulatory construct for Eversource’s Connecticut utilities.”
- Medium
Other
“The Company believes it is reasonably possible that there is an additional loss in excess of the liability recorded, but management cannot reasonably estimate a range of loss beyond the $365 million recorded at this time.”
- Medium
Other
“The continuing pattern of adverse regulatory outcomes for Connecticut utilities and associated credit downgrades from our credit rating agencies necessitated a reduction to Connecticut’s electric and natural gas distribution projected capital expenditures.”
Positives
Underlying earnings grew, excluding wind and water sale charges
“Excluding these charges, our non-GAAP earnings were $1.63 billion, or $4.57 per share, in 2024, compared with non-GAAP earnings of $1.52 billion, or $4.34 per share, in 2023.”
Water business sale should bring cash to reduce debt
“Eversource plans to use the net proceeds from the pending sale to pay down parent company debt.”
Operating cash flow increased, helped partly by payment and collection timing
“Cash flows provided by operating activities totaled $2.16 billion in 2024, compared with $1.65 billion in 2023.”
Concerns
Connecticut regulation is hurting credit ratings and investment plans
“These credit ratings and outlook changes reflect higher regulatory risk in Connecticut with the regulatory construct and adverse regulatory developments, including recent rate orders and the passage of Senate Bill 7”
Large storm costs still await regulators' approval or review
“We have $2.10 billion of deferred storm costs that either have yet to be filed with the applicable regulatory commission, are pending regulatory approval, or are subject to prudency review as of December 31, 2024.”
Thin cash and short-term shortfall leave the company reliant on borrowing
“These factors have resulted in current liabilities exceeding current assets by $1.64 billion, $291.7 million and $112.0 million at Eversource, NSTAR Electric and PSNH, respectively, as of December 31, 2024.”
New risks since the previous report
Revolution Wind tax credit shortfall could trigger further loss on the sold project
“A change in the expected value or qualification of ITC adders could result in a significant loss in a future period.”
Aquarion sale still needs approval from state regulators and antitrust clearance
“The sale is subject to approval by PURA, DPU and the NHPUC, as well as other approvals pursuant to the Hart-Scott-Rodino Antitrust Improvements Act as well as other customary closing conditions.”
Federal transmission return complaints could be affected by a 2024 ruling involving other utilities
“The resolution of these proceedings could have a material impact on the financial condition, results of operations, and cash flows.”
Massachusetts climate policy may force changes to the natural gas business model
“The DPU will consider and, in some cases, require new processes and analysis for traditional natural gas investments, which may require significant changes to the LDC planning process and business models.”
Biggest risks named
- Further offshore wind payments and tax credit losses after the sale
- Connecticut regulators limiting cost recovery and returns
- Credit downgrades, higher interest costs and reliance on capital markets
- Cyberattacks disrupting service or exposing confidential information
- Severe storms causing costly damage that regulators may not let it recover
Artificial intelligence in this business: Not mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | +3 | |
| Tone against the previous report | +2 | |
| Financial stress | −8 | |
| Red flags | −8.4 | |
| New risks | −2 | |
| Score | 59 | |
Written by AI (Claude Opus 5.5) from the report’s text. 17 of 17 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 17, 2026 | Pro | |||
| 10-K | Feb 14, 2025 | 59 | Strong improvement | 4 medium | |
| 10-K | Feb 14, 2024 | 31 | Sharp deterioration | 1 medium2 minor | |
| 10-K | Feb 15, 2023 | 59 | Improving | None | |
| 10-K | Feb 17, 2022 | 56 | Improving | 1 medium | |
| 10-K | Feb 17, 2021 | 61 | Strong improvement | 1 medium1 minor | |
| 10-K | Feb 27, 2020 | 47 | Mixed | 1 medium | |
| 10-K | Feb 26, 2019 | 47 | Mixed | 1 medium1 minor | |
| 10-K | Feb 26, 2018 | 57 | Improving | 1 medium | |
| 10-K | Feb 23, 2017 | 50 | Mixed | 1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 3, 2026. View filings on SEC EDGAR