Latest Ratios: P/E Ratio 34.1x · EV/EBITDA 10.7x · ROE 41.5%. (1997–2025 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 | $28.8B | $31.7B | $19.1B | $11.8B | $7.5B | $10.6B | $9.2B | $10.5B | $12.2B | $9.0B | $3.9B |
| Enterprise Value | $40.9B | $43.7B | $29.2B | $22.2B | $15.4B | $18.6B | $14.4B | $16.6B | $18.2B | $24.4B | $21.1B |
| P/E Ratio → | 34.09 | 39.71 | 18.08 | — | 6.15 | 4.82 | 18.14 | 2.36 | 45.52 | — | — |
| P/S Ratio | 0.94 | 1.03 | 0.68 | 0.41 | 0.24 | 0.39 | 1.02 | 1.07 | 1.29 | 0.99 | 0.43 |
| P/B Ratio | 16.18 | 18.85 | 7.72 | 4.06 | 1.96 | 2.93 | 5.50 | 6.25 | — | 4.41 | 0.86 |
| P/FCF | 37.65 | 41.37 | 10.43 | — | — | — | 6.88 | 5.33 | 12.33 | 9.30 | 3.48 |
| P/OCF | 15.08 | 16.56 | 8.29 | — | 20.86 | 21.41 | 5.03 | 7.43 | 8.86 | 6.51 | 1.87 |
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 | — | 1.42 | 1.04 | 0.77 | 0.49 | 0.69 | 1.58 | 1.69 | 1.92 | 2.69 | 2.37 |
| EV / EBITDA | 10.74 | 11.49 | 7.62 | 13.23 | 5.62 | 4.45 | 8.64 | 9.29 | 11.93 | — | 22.91 |
| EV / EBIT | 22.09 | 23.63 | 13.89 | 48.94 | 7.39 | 5.56 | 12.37 | 13.84 | 19.11 | — | — |
| EV / FCF | — | 57.07 | 15.90 | — | — | — | 10.70 | 8.43 | 18.36 | 25.17 | 19.00 |
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 | 21.8% | 21.8% | 21.4% | 8.0% | 13.0% | 24.1% | 28.1% | 25.6% | 25.0% | 24.1% | 25.1% |
| Operating Margin | 6.0% | 6.0% | 8.6% | 1.3% | 6.4% | 12.4% | 12.2% | 13.1% | 10.4% | -8.2% | 0.4% |
| Net Profit Margin | 2.8% | 2.8% | 4.0% | -0.7% | 3.9% | 8.1% | 5.6% | 45.2% | 2.8% | -23.7% | -8.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 41.5% | 41.5% | 41.8% | -6.0% | 32.9% | 82.8% | 30.4% | 1917.1% | 64.5% | -65.9% | -15.1% |
| ROA | 3.3% | 3.3% | 4.5% | -0.7% | 4.7% | 11.5% | 3.7% | 38.3% | 1.6% | -8.0% | -2.4% |
| ROIC | 10.6% | 10.6% | 14.1% | 2.3% | 13.0% | 27.2% | 11.4% | 15.5% | 9.6% | -3.6% | 0.1% |
| ROCE | 10.2% | 10.2% | 15.3% | 2.3% | 12.8% | 23.6% | 9.5% | 14.0% | 7.0% | -3.2% | 0.1% |
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 | 9.97 | 9.97 | 4.44 | 3.78 | 2.17 | 2.30 | 5.38 | 3.84 | — | 4.59 | 3.67 |
| Debt / EBITDA | 4.41 | 4.41 | 2.87 | 6.53 | 3.03 | 1.98 | 5.43 | 3.61 | 4.28 | — | 17.87 |
| Net Debt / Equity | — | 7.16 | 4.05 | 3.59 | 2.06 | 2.23 | 3.06 | 3.64 | — | 7.53 | 3.84 |
| Net Debt / EBITDA | 3.16 | 3.16 | 2.62 | 6.21 | 2.88 | 1.92 | 3.09 | 3.41 | 3.91 | — | 18.71 |
| Debt / FCF | — | 15.70 | 5.47 | — | — | — | 3.82 | 3.10 | 6.02 | 15.87 | 15.52 |
| Interest Coverage | 2.40 | 2.40 | 3.22 | 0.68 | 4.99 | 6.89 | 2.90 | 2.90 | 1.97 | -1.49 | -0.60 |
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 | 1.64 | 1.64 | 1.02 | 1.02 | 1.25 | 1.37 | 3.15 | 1.31 | 1.50 | 1.34 | 1.54 |
| Quick Ratio | 1.58 | 1.58 | 0.96 | 0.96 | 1.19 | 1.31 | 2.98 | 1.15 | 1.33 | 1.20 | 1.37 |
| Cash Ratio | 0.86 | 0.86 | 0.11 | 0.06 | 0.03 | 0.03 | 2.04 | 0.15 | 0.23 | 0.23 | 0.21 |
| Asset Turnover | — | 1.05 | 1.17 | 1.11 | 1.08 | 1.16 | 0.61 | 0.78 | 0.89 | 0.39 | 0.29 |
| Inventory Turnover | 52.06 | 52.06 | 46.23 | 43.70 | 36.54 | 41.13 | 20.00 | 19.07 | 17.25 | 15.20 | 9.26 |
| 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 | 1.5% | 1.3% | 2.1% | 3.2% | 4.4% | 3.0% | 3.2% | 0.3% | 0.3% | 0.4% | 2.0% |
| Payout Ratio | 47.6% | 47.6% | 36.0% | — | 27.2% | 14.6% | 57.8% | 0.7% | 13.8% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.9% | 2.5% | 5.5% | — | 16.2% | 20.7% | 5.5% | 42.3% | 2.2% | — | — |
| FCF Yield | 2.7% | 2.4% | 9.6% | — | — | — | 14.5% | 18.8% | 8.1% | 10.8% | 28.7% |
| Buyback Yield | 4.9% | 4.4% | 4.9% | 9.9% | 8.1% | 0.5% | 2.5% | 13.7% | 10.2% | 0.0% | 5.8% |
| Total Shareholder Yield | 6.4% | 5.7% | 7.0% | 13.2% | 12.5% | 3.5% | 5.7% | 14.0% | 10.6% | 0.4% | 7.8% |
| Shares Outstanding | — | $199M | $212M | $228M | $236M | $245M | $246M | $264M | $308M | $317M | $316M |
ERCOT commodity and regulatory volatility
According to recent financial data, NRG trades at a TTM P/E of 37.25, which appears significantly elevated compared to its forward P/E of 15.95, suggesting that market participants are heavily discounting current earnings volatility while pricing in a recovery that remains contingent on commodity price stability.
The wide spread between trailing and forward multiples indicates that investors are looking past recent earnings troughs, likely anticipating a normalization of the spark spread. However, given the company's shift toward home services, the traditional utility-style P/E anchor may be less relevant, potentially leading to mispricing if the market fails to distinguish between commodity-driven earnings and recurring service-based cash flows.
As reported in quarterly filings, NRG's ROE has fluctuated wildly from a peak of 28.5% in 2025Q1 to a low of -25.0% in 2024Q3, illustrating that the company's profitability is driven by market-based commodity outcomes rather than the predictable, regulated returns typical of traditional utility peers.
Unlike regulated utilities that operate under authorized ROEs, NRG's earned returns are highly sensitive to ERCOT market design and wholesale power price fluctuations. This volatility suggests that investors should monitor the company's ability to maintain positive margins during periods of low price volatility, as the current ROE profile appears inconsistent with long-term capital stability.
Based on the company's reported figures, the debt-to-capital ratio remains elevated at 0.83 as of 2026Q1, signaling a highly leveraged balance sheet that leaves limited room for error during periods of tightening liquidity or unexpected capital expenditure requirements in the retail and home services segments.
The interest coverage ratio of 1.15 in 2026Q1 highlights a precarious position where operating income barely covers debt service obligations. This leverage profile warrants further investigation, as any sustained increase in interest rates or a contraction in retail margins could severely constrain the company's financial flexibility and ability to fund ongoing operations.
Financial data indicates that NRG's dividend payout ratio reached 108.0% in 2026Q1, a concerning level that suggests the current dividend is not being supported by recurring cash flows and may be reliant on external financing or balance sheet depletion to maintain payments to shareholders.
The disconnect between the dividend payout and cash generation capacity suggests that the current yield may be unsustainable without a significant improvement in operational efficiency. Investors should monitor whether management prioritizes dividend maintenance over the necessary capital investment required to integrate the Vivint platform and stabilize the retail customer base.
As noted in institutional research, the most commonly misapplied metric for NRG is the traditional utility P/E ratio, which obscures the company's underlying exposure to commodity price volatility and the high-growth, high-acquisition-cost nature of its recent pivot into home security and smart home services.
Applying a standard utility P/E multiple to NRG fails to account for the non-cash mark-to-market accounting gains and losses that frequently distort GAAP earnings. Analysts should instead focus on adjusted EBITDA and free cash flow metrics to better capture the true economic performance of the integrated retail and generation model.
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying NRG stock.
NRG Energy, Inc.'s current P/E ratio is 34.1x. The historical average is 24.2x. This places it at the 78th percentile of its historical range.
NRG Energy, Inc.'s current EV/EBITDA is 10.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.4x.
NRG Energy, Inc.'s return on equity (ROE) is 41.5%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 5.2%.
Based on historical data, NRG Energy, Inc. is trading at a P/E of 34.1x. This is at the 78th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
NRG Energy, Inc.'s current dividend yield is 1.51% with a payout ratio of 47.6%.
NRG Energy, Inc. has 21.8% gross margin and 6.0% operating margin.
NRG Energy, Inc.'s Debt/EBITDA ratio is 4.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.