Evergy, Inc（EVRG）の決算・業績分析
Evergy, Incの2025年有価証券報告書をAI分析。売上高$5.7B(+0.0%)。営業利益$1.5B。Utilities。
目次
Evergy, Incの2025年度 業績サマリー
Evergy, Inc（証券コード: EVRG）の2025年度決算・業績分析。売上高は$5.7B（前年比+0.0%）。営業利益は$1.5B（前年比+4.4%）。純利益は$856M（前年比-2.0%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
Evergy, Incの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Revenue grew 4.9% YoY to $5.6B (XBRL), but operating income fell 6.5% to $1.3B (XBRL) and net income declined 14.4% to $753M (XBRL).
- Net debt of $11.0B (5.0x EBITDA) (XBRL) highlights significant leverage, while cash remains low at $28M (XBRL).
- Dividends paid reached $535M (XBRL), with a 71.0% payout ratio (XBRL), despite declining net income.
Evergy, Incの売上高変化の要因
- •Total revenue reached $5.6B (XBRL), up 4.9% YoY (from $5.3B in FY2023). Historical growth shows a 5Y CAGR of +4.8% (XBRL), though FY2025 revenue dipped to $5.3B (XBRL). Growth drivers include infrastructure investments and economic development in service territories (10-K). Segment-specific revenue data is unavailable in XBRL (XBRL).
Evergy, Incの営業利益変化の要因
- •Operating income fell 6.5% YoY to $1.3B (XBRL), while net income declined 14.4% to $753M (XBRL). Operating margin remained stable at 22.7% (XBRL), but net margin dropped to 13.5% (XBRL). EBITDA of $2.2B (39.3% of revenue) (XBRL) reflects strong pre-interest profitability despite declining net income.
Evergy, Incの事業リスクと対応
Regulatory risks: Rate-setting by FERC, KCC, and MPSC may limit cost recovery (10-K).
Cost-recovery shortfalls: Historical data-based rate structures risk under-recovery of inflation-driven costs (10-K).
PISA provisions: Annual rate increase caps (1.5% Kansas, 2.5% Missouri) (10-K) could hinder investment recovery.
High leverage: Net debt of $11.0B (5.0x EBITDA) (XBRL) increases financial vulnerability.
Infrastructure investment risks: Failure to recover costs from renewable programs or regulatory disallowances (10-K).
Evergy, Incの今後の見通し・業績予想
Evergy, Incの事業内容
Evergy, Inc. (EVRG) operates as a regulated electric utility in Kansas and Missouri, generating revenue through retail electricity sales (residential 37%, commercial 34%, industrial 12%) and transmission services (8%) (10-K). The company serves ~1.7 million customers with no significant concentration (10-K). Competitive advantages include infrastructure investments and regulatory focus on reliability/sustainability (10-K), though explicit competitors or intellectual property are not detailed (10-K).
Evergy, IncのAI業績分析レポート（2024年度）
Evergy, Inc. (EVRG) FY2024 Annual Report Analysis
Highlights
Business Overview
Evergy operates as a regulated electric utility in Kansas and Missouri, generating revenue through retail electricity sales (residential 37%, commercial 34%, industrial 12%) and transmission services (8%) (10-K). The company serves ~1.7 million customers with no significant concentration (10-K). Competitive advantages include infrastructure investments and regulatory focus on reliability/sustainability (10-K), though explicit competitors or intellectual property are not detailed (10-K).
Revenue Analysis
Total revenue reached $5.6B (XBRL), up 4.9% YoY (from $5.3B in FY2023). Historical growth shows a 5Y CAGR of +4.8% (XBRL), though FY2025 revenue dipped to $5.3B (XBRL). Growth drivers include infrastructure investments and economic development in service territories (10-K). Segment-specific revenue data is unavailable in XBRL (XBRL).
Profitability Analysis
Operating income fell 6.5% YoY to $1.3B (XBRL), while net income declined 14.4% to $753M (XBRL). Operating margin remained stable at 22.7% (XBRL), but net margin dropped to 13.5% (XBRL). EBITDA of $2.2B (39.3% of revenue) (XBRL) reflects strong pre-interest profitability despite declining net income.
Balance Sheet Analysis
Equity ratio of 31.2% (XBRL) and current ratio of 0.51x (XBRL) indicate weak liquidity. Total assets grew to $31.0B (XBRL) in FY2024, but long-term debt rose to $11.1B (XBRL). Net debt of $11.0B (5.0x EBITDA) (XBRL) highlights leverage risks. Total equity increased to $9.7B (XBRL) in FY2024.
Cash Flow Analysis
Operating cash flow of $1.8B (XBRL) was offset by $2.2B in CapEx (XBRL), resulting in negative free cash flow of $365M (XBRL). Dividends paid totaled $535M (XBRL). CapEx intensity of 38.8% (XBRL) reflects heavy investment in grid modernization and renewables (10-K).
Working Capital Analysis
N/A. Receivables days (17) and payables days (40) (XBRL) are provided, but CCC and inventory data are unavailable. Asset turnover of 0.18x (XBRL) suggests underutilized assets.
Risks
Outlook
Management targets $17.5B in capital investments through 2029 (10-K) and a 60%-70% dividend payout ratio (10-K). Key trends include infrastructure modernization, renewable energy transition, and regulatory proceedings (10-K). Economic development and rate case outcomes are expected to impact future results (10-K).
Historical Time Series
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | 4.2B | 5.0B | 4.8B | 5.3B | 5.6B | 5.3B |
| Operating Income | 934M | 1.2B | 1.1B | 1.4B | 1.3B | 1.3B |
| Net Income | 536M | 670M | 618M | 880M | 753M | 731M |
| Total Assets | 26.0B | 27.1B | 28.5B | 29.5B | 31.0B | 32.3B |
| Total Equity | 8.6B | 8.7B | 9.2B | 9.5B | 9.7B | 10.0B |
| Operating Cash Flow | 1.5B | 1.7B | 1.8B | 1.4B | 1.8B | 2.0B |
Utilitiesの企業一覧
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