Recent News
On January 30, 2026 the company completed the acquisition of a portfolio of generation assets and CPower from LS Power, adding roughly 13 GW of capacity and demand-response capability. On January 23, 2026 the board declared a quarterly dividend of $0.475 per share, payable February 17, 2026. On March 2–3, 2026 affiliates of LS Power launched and priced a secondary offering of common stock (14.3M shares priced at $164), and NRG agreed to repurchase $300M of shares privately at the offering price.
Technical Analysis
ADX / DI+ / DI-: ADX at 20.24 signals an emerging trend strength. DI+ is decreasing while DI- is increasing, which indicates directional pressure to the downside and aligns with recent distribution from heavy volume activity.
MACD: The MACD sits above its signal line (MACD 5.01 vs signal 4.75) yet the MACD trend shows a peak-and-reversal, indicating a shift toward bearish momentum despite the recent crossover.
MRO (Momentum/Regression Oscillator): MRO at 31.42 with a peak-and-reversal indicates the price stands above the model target and faces downward potential; the magnitude implies a material reversion pressure into the coming weeks.
RSI: RSI at 52.23 and a peak-and-reversal point to momentum rolling over from a neutral range rather than showing fresh overbought strength.
Price vs Moving Averages & Volatility: The last close at $162.06 sits below the 20-day average ($173.97) while remaining modestly above the 50-day ($159.50) and 200-day ($159.32) averages; the 12-day EMA and price12dayEMA trend show a peak-and-reversal, reinforcing short-term weakness. Bollinger bands place the current price nearer the lower 1x band ($165.24), and realized intraday volume (11.46M) far exceeds short- and long-term averages, consistent with supply-heavy sessions tied to the secondary offering.
Fundamental Analysis
Profitability & Earnings: GAAP net income near $66M for the period accompanies an EPS actual of $1.04 versus an estimate of $0.89, producing an EPS surprise of +$0.15 or +16.85%. EBIT reached $307M with an EBIT margin of 3.96%; that margin contracted QoQ by -28.85% and YoY by -67.78%.
Revenue & Cash Flow: Total revenue at $7,753M with reported revenue growth of 1.55%; reported revenue QoQ change shows -88.36% and revenue YoY shows -127.64% per the QoQ/YoY fields. Operating cash flow at $123M and free cash flow at -$170M produce a free cash flow yield of -0.56%, and free cash flow to net income reads -257.58%, indicating cash conversion lags reported earnings.
Balance Sheet & Leverage: Cash and short-term investments total $4.708B while total debt stands at $16.622B and net debt at $11.735B. Total equity registers $1.031B, producing a debt-to-equity ratio of 16.12x and debt-to-assets of 57.04%. Interest coverage near 1.26x signals limited cushion against higher rates and earnings volatility.
Returns & Margins: Return on equity at 6.40% and return on assets at 0.25% remain low relative to absolute leverage; gross margin sits at 18.35% and operating margin at 4.26%, both showing QoQ and YoY contraction in the periods reported.
Capital Allocation & Dividend: The board’s declared quarterly dividend ($0.475 / $1.90 annualized) corresponds to a trailing dividend yield of approximately 0.28%. Dividend coverage reads 77.65% and payout ratio 128.79%, reflecting a payout level that exceeds current earnings on a GAAP basis.
Valuation: Price-to-earnings at 153.70 and price-to-book at 29.52 produce an elevated multiple profile; forward PE near 57.76 compresses versus trailing but remains high. WMDST values the stock as over-valued. The PEG ratio at -2.46 sits below the industry peer mean (approximately 0.28), while the PE of 153.7 sits above the industry peer mean; reported earnings growth at -62.59% appears above the industry peer mean (industry peer mean roughly -1.445 expressed in provided figures). These comparisons show valuation stretched versus the peer center while growth metrics diverge from peer averages.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-24 |
| NEXT REPORT DATE: | 2026-05-26 |
| CASH FLOW | Begin Period Cash Flow | $ 1.1 B |
| Operating Cash Flow | $ 123.0 M | |
| Capital Expenditures | $ -293.00 M | |
| Change In Working Capital | $ -548.00 M | |
| Dividends Paid | $ -85.00 M | |
| Cash Flow Delta | $ 3.9 B | |
| End Period Cash Flow | $ 5.0 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 7.8 B | |
| Forward Revenue | $ 15.6 B | |
| COSTS | ||
| Cost Of Revenue | $ 6.3 B | |
| Depreciation | $ 229.0 M | |
| Depreciation and Amortization | $ 229.0 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 7.4 B | |
| PROFITABILITY | ||
| Gross Profit | $ 1.4 B | |
| EBITDA | $ 683.0 M | |
| EBIT | $ 307.0 M | |
| Operating Income | $ 330.0 M | |
| Interest Income | — | |
| Interest Expense | $ 243.0 M | |
| Net Interest Income | $ -243.00 M | |
| Income Before Tax | $ 64.0 M | |
| Tax Provision | $ -2.00 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ 66.0 M | |
| Net Income From Continuing Operations | $ 66.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.89 | |
| EPS Actual | $ 1.04 | |
| EPS Difference | $ 0.15 | |
| EPS Surprise | 16.854 % | |
| Forward EPS | $ 2.80 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 29.1 B | |
| Intangible Assets | $ 7.3 B | |
| Net Tangible Assets | $ -5.64 B | |
| Total Current Assets | $ 13.1 B | |
| Cash and Short-Term Investments | $ 4.7 B | |
| Cash | $ 4.7 B | |
| Net Receivables | $ 4.1 B | |
| Inventory | $ 461.0 M | |
| Long-Term Investments | $ 1.5 B | |
| LIABILITIES | ||
| Accounts Payable | $ 2.8 B | |
| Short-Term Debt | $ 31.0 M | |
| Total Current Liabilities | $ 8.0 B | |
| Net Debt | $ 11.7 B | |
| Total Debt | $ 16.6 B | |
| Total Liabilities | $ 27.5 B | |
| EQUITY | ||
| Total Equity | $ 1.0 B | |
| Retained Earnings | $ 2.0 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 5.42 | |
| Shares Outstanding | 190.377 M | |
| Revenue Per-Share | $ 40.72 | |
| VALUATION | Market Capitalization | $ 30.4 B |
| Enterprise Value | $ 42.3 B | |
| Enterprise Multiple | 62.0 | |
| Enterprise Multiple QoQ | 14.305 % | |
| Enterprise Multiple YoY | 272.362 % | |
| Enterprise Multiple IPRWA | — | |
| EV/R | 5.462 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 28.264 | |
| Asset To Liability | 1.061 | |
| Debt To Capital | 0.942 | |
| Debt To Assets | 0.57 | |
| Debt To Assets QoQ | 12.901 % | |
| Debt To Assets YoY | 1275.832 % | |
| Debt To Assets IPRWA | — | |
| Debt To Equity | 16.122 | |
| Debt To Equity QoQ | 75.719 % | |
| Debt To Equity YoY | 2858.964 % | |
| Debt To Equity IPRWA | — | |
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 29.517 | |
| Price To Book QoQ | 24.879 % | |
| Price To Book YoY | 171.359 % | |
| Price To Book IPRWA | — | |
| Price To Earnings (P/E) | 153.702 | |
| Price To Earnings QoQ | 163.299 % | |
| Price To Earnings YoY | 133.352 % | |
| Price To Earnings IPRWA | high: 495.244 NRG: 153.702 mean: -40.185 low: -118.73 median: -118.73 |
|
| PE/G Ratio | -2.456 | |
| Price To Sales (P/S) | 3.925 | |
| Price To Sales QoQ | -3.947 % | |
| Price To Sales YoY | 34.61 % | |
| Price To Sales IPRWA | — | |
| FORWARD MULTIPLES | ||
| Forward P/E | 57.76 | |
| Forward PE/G | -0.923 | |
| Forward P/S | 1.934 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -17.965 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.292 | |
| Asset Turnover Ratio QoQ | -8.114 % | |
| Asset Turnover Ratio YoY | 2.209 % | |
| Asset Turnover Ratio IPRWA | — | |
| Receivables Turnover | 2.096 | |
| Receivables Turnover Ratio QoQ | -7.295 % | |
| Receivables Turnover Ratio YoY | 3.691 % | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | 13.866 | |
| Inventory Turnover Ratio QoQ | 0.315 % | |
| Inventory Turnover Ratio YoY | 44.898 % | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 43.53 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 12.533 | |
| Cash Conversion Cycle Days QoQ | 51.787 % | |
| Cash Conversion Cycle Days YoY | -45.852 % | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.515 | |
| CapEx To Revenue | -0.038 | |
| CapEx To Depreciation | -1.279 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 18.1 B | |
| Net Invested Capital | $ 17.5 B | |
| Invested Capital | $ 17.5 B | |
| Net Tangible Assets | $ -5.64 B | |
| Net Working Capital | $ 5.1 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.586 | |
| Current Ratio | 1.637 | |
| Current Ratio QoQ | 55.46 % | |
| Current Ratio YoY | 60.986 % | |
| Current Ratio IPRWA | — | |
| Quick Ratio | 1.58 | |
| Quick Ratio QoQ | 58.847 % | |
| Quick Ratio YoY | 64.09 % | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 24.337 | |
| Cost Of Debt | 1.336 % | |
| Interest Coverage Ratio | 1.263 | |
| Interest Coverage Ratio QoQ | -44.412 % | |
| Interest Coverage Ratio YoY | -81.457 % | |
| Interest Coverage Ratio IPRWA | — | |
| Operating Cash Flow Ratio | 0.008 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 37.671 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 0.776 | |
| Dividend Payout Ratio | 1.288 | |
| Dividend Rate | $ 0.45 | |
| Dividend Yield | 0.003 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 21.564 % | |
| Revenue Growth | 1.546 % | |
| Revenue Growth QoQ | -88.358 % | |
| Revenue Growth YoY | -127.642 % | |
| Revenue Growth IPRWA | — | |
| Earnings Growth | -62.59 % | |
| Earnings Growth QoQ | -203.124 % | |
| Earnings Growth YoY | 212.95 % | |
| Earnings Growth IPRWA | high: 94.118 % NRG: -62.59 % mean: -144.5 % low: -334.783 % median: -334.783 % |
|
| MARGINS | ||
| Gross Margin | 18.354 % | |
| Gross Margin QoQ | 0.526 % | |
| Gross Margin YoY | -35.751 % | |
| Gross Margin IPRWA | — | |
| EBIT Margin | 3.96 % | |
| EBIT Margin QoQ | -28.854 % | |
| EBIT Margin YoY | -67.776 % | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | 4.256 % | |
| Return On Sales QoQ | -22.996 % | |
| Return On Sales YoY | -65.367 % | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -170.00 M | |
| Free Cash Flow Yield | -0.559 % | |
| Free Cash Flow Yield QoQ | -175.541 % | |
| Free Cash Flow Yield YoY | -114.55 % | |
| Free Cash Flow Yield IPRWA | — | |
| Free Cash Growth | -173.593 % | |
| Free Cash Growth QoQ | -173.938 % | |
| Free Cash Growth YoY | -82.07 % | |
| Free Cash Growth IPRWA | — | |
| Free Cash To Net Income | -2.576 | |
| Cash Flow Margin | 0.877 % | |
| Cash Flow To Earnings | 1.03 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 0.249 % | |
| Return On Assets QoQ | -60.664 % | |
| Return On Assets YoY | -90.754 % | |
| Return On Assets IPRWA | — | |
| Return On Capital Employed (ROCE) | 1.454 % | |
| Return On Equity (ROE) | 0.064 | |
| Return On Equity QoQ | -44.403 % | |
| Return On Equity YoY | -81.8 % | |
| Return On Equity IPRWA | — | |
| DuPont ROE | 5.613 % | |
| Return On Invested Capital (ROIC) | 1.388 % | |
| Return On Invested Capital QoQ | -32.26 % | |
| Return On Invested Capital YoY | -99.945 % | |
| Return On Invested Capital IPRWA | — | |