Latest Ratios: P/E Ratio 23.6x · EV/EBITDA 13.0x · ROE 8.4%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $19.9B | $16.9B | $14.2B | $12.0B | $14.5B | $15.8B | $12.6B | $15.6B | $12.2B | $7.5B | $8.0B |
| Enterprise Value | $35.3B | $32.3B | $28.2B | $25.2B | $26.5B | $26.9B | $22.8B | $25.5B | $20.5B | $11.6B | $12.0B |
| P/E Ratio → | 23.57 | 19.81 | 16.24 | 16.47 | 19.24 | 17.91 | 20.41 | 23.33 | 22.71 | 23.26 | 23.19 |
| P/S Ratio | 3.36 | 2.86 | 2.44 | 2.19 | 2.47 | 2.82 | 2.57 | 3.03 | 2.84 | 2.93 | 3.13 |
| P/B Ratio | 1.96 | 1.65 | 1.42 | 1.24 | 1.53 | 1.70 | 1.45 | 1.83 | 1.22 | 1.95 | 2.09 |
| P/FCF | — | — | — | — | — | — | 65.26 | 68.88 | 28.39 | 50.94 | — |
| P/OCF | 9.72 | 8.28 | 7.16 | 6.08 | 8.04 | 11.65 | 7.20 | 18.98 | 8.11 | 8.25 | 9.76 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.46 | 4.85 | 4.59 | 4.52 | 4.81 | 4.64 | 4.96 | 4.80 | 4.51 | 4.70 |
| EV / EBITDA | 13.03 | 11.94 | 10.80 | 10.49 | 11.58 | 11.66 | 10.95 | 12.17 | 11.77 | 10.60 | 11.39 |
| EV / EBIT | 23.67 | 21.36 | 19.20 | 19.69 | 21.92 | 19.68 | 20.72 | 22.27 | 23.34 | 17.79 | 17.03 |
| EV / FCF | — | — | — | — | — | — | 117.85 | 112.67 | 47.93 | 78.48 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.3% | 32.3% | 32.6% | 30.4% | 29.1% | 31.1% | 30.7% | 30.1% | 31.6% | 33.4% | 44.3% |
| Operating Margin | 25.2% | 25.2% | 24.8% | 23.0% | 22.3% | 24.3% | 23.3% | 23.0% | 25.3% | 26.9% | 27.0% |
| Net Profit Margin | 14.5% | 14.5% | 15.0% | 13.3% | 12.8% | 15.7% | 12.6% | 13.0% | 12.5% | 12.6% | 13.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.4% | 8.4% | 8.9% | 7.6% | 8.0% | 9.8% | 7.2% | 7.2% | 7.7% | 8.4% | 9.2% |
| ROA | 2.5% | 2.5% | 2.8% | 2.4% | 2.6% | 3.2% | 2.3% | 2.6% | 2.9% | 2.8% | 3.1% |
| ROIC | 4.5% | 4.5% | 4.6% | 4.3% | 4.7% | 5.2% | 4.6% | 4.8% | 6.2% | 6.6% | 6.9% |
| ROCE | 4.9% | 4.9% | 5.2% | 4.7% | 5.1% | 5.4% | 4.7% | 5.1% | 6.5% | 6.5% | 6.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.50 | 1.50 | 1.41 | 1.36 | 1.27 | 1.21 | 1.18 | 1.16 | 0.85 | 1.06 | 1.05 |
| Debt / EBITDA | 5.70 | 5.70 | 5.38 | 5.48 | 5.26 | 4.84 | 4.96 | 4.74 | 4.89 | 3.72 | 3.80 |
| Net Debt / Equity | — | 1.50 | 1.41 | 1.35 | 1.27 | 1.21 | 1.17 | 1.16 | 0.84 | 1.05 | 1.05 |
| Net Debt / EBITDA | 5.69 | 5.69 | 5.37 | 5.47 | 5.25 | 4.83 | 4.89 | 4.73 | 4.80 | 3.72 | 3.80 |
| Debt / FCF | — | — | — | — | — | — | 52.59 | 43.79 | 19.54 | 27.54 | — |
| Interest Coverage | 2.46 | 2.46 | 2.61 | 2.43 | 2.99 | 3.67 | 2.87 | 3.07 | 3.14 | 3.81 | 4.38 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.49 | 0.49 | 0.50 | 0.51 | 0.53 | 0.55 | 0.69 | 0.63 | 0.59 | 0.88 | 0.73 |
| Quick Ratio | 0.27 | 0.27 | 0.27 | 0.29 | 0.33 | 0.37 | 0.48 | 0.42 | 0.41 | 0.53 | 0.45 |
| Cash Ratio | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.06 | 0.01 | 0.06 | 0.00 | 0.00 |
| Asset Turnover | — | 0.17 | 0.18 | 0.18 | 0.20 | 0.20 | 0.18 | 0.20 | 0.17 | 0.22 | 0.22 |
| Inventory Turnover | 4.84 | 4.84 | 4.53 | 4.92 | 6.18 | 6.79 | 6.75 | 7.47 | 5.72 | 5.83 | 4.75 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.0% | 3.6% | 4.2% | 4.7% | 3.7% | 3.2% | 3.7% | 3.0% | 3.9% | 3.0% | 2.5% |
| Payout Ratio | 71.7% | 71.7% | 68.3% | 77.9% | 71.1% | 56.6% | 75.2% | 69.0% | 88.7% | 68.9% | 59.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.2% | 5.0% | 6.2% | 6.1% | 5.2% | 5.6% | 4.9% | 4.3% | 4.4% | 4.3% | 4.3% |
| FCF Yield | — | — | — | — | — | — | 1.5% | 1.5% | 3.5% | 2.0% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 10.4% | 8.6% | 3.5% | 0.0% |
| Total Shareholder Yield | 3.0% | 3.6% | 4.2% | 4.7% | 3.7% | 3.2% | 3.7% | 13.4% | 12.5% | 6.4% | 2.5% |
| Shares Outstanding | — | $234M | $231M | $231M | $230M | $230M | $228M | $240M | $214M | $143M | $143M |
Regulatory and Liquidity Constraints
With a forward P/E of 20.50 and a dividend yield of 3.0%, Evergy's valuation appears to reflect investor caution regarding the Kansas regulatory environment, as reported in recent market data, which may be discounting the potential earnings upside from significant industrial load growth in the region.
The current P/E multiple suggests that the market views Evergy as a defensive bond proxy rather than a growth-oriented utility, likely due to historical regulatory friction. Investors should monitor whether the Panasonic battery plant project acts as a catalyst to re-rate the stock closer to peers with more constructive regulatory frameworks.
Based on quarterly financial data, Evergy's earned ROE has frequently dipped below 2.0%, significantly trailing typical industry authorized levels, which suggests that regulatory lag and the timing of rate case outcomes continue to suppress the company's ability to achieve its full allowed return on equity.
The volatility in ROE, ranging from 0.6% to 4.7% over the last ten quarters, indicates that the utility struggles to align its capital deployment with timely rate recovery. This inconsistency warrants further investigation into whether future rate filings can effectively bridge this gap and stabilize earnings power.
As reported in recent balance sheet filings, the debt-to-capital ratio has remained elevated near 0.60, which, combined with interest coverage ratios that have fluctuated as low as 1.32, suggests a vulnerable balance sheet that relies heavily on external financing to support its ongoing capital expenditure program.
The high debt load relative to equity appears to limit financial flexibility, particularly given the company's minimal cash reserves. Analysts should scrutinize the company's access to credit facilities to ensure that the current capital structure remains sustainable under potential interest rate volatility.
According to historical cash flow data, the dividend payout ratio has shown extreme volatility, exceeding 100% in several quarters, which indicates that dividend sustainability is currently secondary to the company's aggressive and essential infrastructure funding requirements in its Midwestern service territories.
While the dividend remains a primary return driver for investors, the high payout ratios in periods of low earnings suggest that the company is effectively funding its dividend through external capital markets rather than organic free cash flow. This practice warrants monitoring to ensure long-term dividend security.
The most commonly misapplied metric for Evergy is the standard P/E ratio, which fails to account for the non-cash earnings impact of AFUDC and regulatory assets, often obscuring the true cash-generating capability of the utility's underlying regulated assets compared to non-regulated industrial peers.
Investors should instead focus on the relationship between rate base growth and authorized ROE, as these are the primary determinants of long-term value. Relying on P/E alone ignores the regulatory compact, which effectively caps upside and dictates the timing of earnings recognition through the rate-setting process.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying EVRG stock.
Evergy, Inc.'s current P/E ratio is 23.6x. The historical average is 19.9x. This places it at the 93th percentile of its historical range.
Evergy, Inc.'s current EV/EBITDA is 13.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.8x.
Evergy, Inc.'s return on equity (ROE) is 8.4%. The historical average is 6.5%.
Based on historical data, Evergy, Inc. is trading at a P/E of 23.6x. This is at the 93th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Evergy, Inc.'s current dividend yield is 3.04% with a payout ratio of 71.7%.
Evergy, Inc. has 32.3% gross margin and 25.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Evergy, Inc.'s Debt/EBITDA ratio is 5.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.