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Competitive power generator and retail electricity/energy-services provider, selling power directly to consumers and businesses.
Competitive power generator and retail electricity/energy-services provider, selling power directly to consumers and businesses.
Sells electricity to homes and businesses under retail contracts, mostly in Texas and the Northeast, under brands such as Reliant and Direct Energy, earning the difference between that price and what it pays to generate or buy the power. Its own plants hedge the retail side when wholesale prices spike. It bought Vivint Smart Home in 2023 to add subscription home-security services.
Moat: none (scale, brand). Competes in deregulated power markets with limited pricing power versus rivals.
Headquarters: Houston, Texas, US · Founded: 1989 · Employees: 16,702
Size NRG Energy (NRG) is a United States Utilities company (Electric Utilities) with a market value of $18.6B, the 515th largest of 3,117 United States companies the cockpit tracks. Shares closed at $88.29 on 6 Nov 2026.
Performance Over six months the shares fell 36.1%, against +1.6% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 12.7% over the last twelve months (peer median +2.6%); the operating margin is 5.5% (peer median 19.5%).
Valuation It trades at 9.0× forward earnings against a peer median of 17.8× (5th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is +28%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.8 points below its cost of capital (7.9% WACC).
Credit NRG Energy has 16 bonds outstanding ($13.9B), rated BB by the agencies and trading like BB+ at a weighted spread of 170 bp.
Short interest Short interest is 2.8% of the free float (15 Oct 2026).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $33.1B | $30.7B | $28.1B | $28.6B | $31.6B |
| Revenue growth | — | +9% | -2% | -10% | — |
| Gross profit | $4.29B | $4.85B | $4.39B | $3.95B | $2.22B |
| EBITDA | $3.50B | $3.69B | $3.48B | $3.06B | $1.88B |
| Net income | $849M | $864M | $1.12B | -$202M | $1.22B |
| Free cash flow | $348M | $766M | $1.83B | -$819M | -$7.00M |
| Capital expenditure | $1.24B | $1.15B | $490M | $622M | $373M |
| Total debt | $23.5B | $16.6B | $11.0B | $11.0B | $8.30B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| NRG Energy NRG | $18.6B | -36% | +13% | 5% | 9.0× | 15.4% |
| Vistra VST | $41.9B | -15% | +9% | 19% | 12.8× | 12.5% |
| Constellation Energy CEG | $88.6B | -18% | +21% | 15% | 20.5× | 20.3% |
| Talen Energy TLN | $14.7B | -12% | +20% | 20% | 13.0× | 21.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NRG | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -17.0% | +5.8% | lowest of 21 |
| 6-month return | -36.1% | +1.6% | lowest of 21 |
| Distance from 52-week high | -53.4% | -9.5% | 2nd lowest of 21 |
| Revenue growth (TTM) | +12.7% | +2.6% | 3rd highest of 21 |
| Operating margin | 5.5% | 19.5% | 4th lowest of 21 |
| Forward P/E | 9.0× | 17.8× | 5th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 15.4% | 0.7% | 2nd most demanding of 11 |
| Growth delivered (Del g) | +27.9% | +4.6% | highest of 11 |
| Hurdle (Req g minus delivered) | -12.5 pp | -2.8 pp | 2nd least demanding of 11 |
| ROIC minus cost of capital | -2.8 pp | -1.6 pp | 6th lowest of 21 |
| EV / EBITDA | 12.1× | 13.1× | 6th cheapest of 14 |
| Net debt / EBITDA | 6.7× | 5.2× | 3rd most indebted of 17 |
| Bond spread | 170 bp | 80 bp | widest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| NRG Energy NRG | United States | $18.6B | -36% | +13% | 5% | 9.0× | 15.4% | +27.9% |
| Alliant Energy LNT | United States | $18.8B | +1% | +5% | 23% | 20.8× | n/a | n/a |
| Adani Energy Solutions ADANIENSOL.NS | India | $18.9B | +5% | +33% | 25% | 37.4× | n/a | n/a |
| SDIC Power 600886.SS | China | $19.0B | +16% | -3% | 32% | 17.5× | -1.6% | +6.5% |
| Power Assets 0006.HK | Hong Kong | $17.8B | +3% | -12% | 50% | 21.0× | 35.8% | -9.5% |
| Kansai Electric Power 9503.T | Japan | $17.3B | +2% | +2% | 6% | 8.2× | 11.0% | +5.6% |
| Evergy EVRG | United States | $20.2B | +8% | +4% | 26% | 19.4× | n/a | n/a |
| Uniper UN0.DE | Germany | $20.6B | 0% | -14% | -8% | 33.3× | 1.7% | +3.6% |
| Huaneng Power International 600011.SS | China | $16.4B | +9% | -5% | 9% | 13.5× | -2.1% | +6.2% |
| Cki 1038.HK | Hong Kong | $21.6B | +9% | -9% | -3% | 7.1× | -0.9% | -9.3% |
| CMS Energy CMS | United States | $21.7B | -5% | +8% | 20% | 17.1× | n/a | n/a |
| Emera EMA.TO | Canada | $15.7B | 0% | +11% | 19% | 20.2× | n/a | n/a |
| Terna TRN.MI | Italy | $22.0B | -2% | +11% | 42% | 17.8× | n/a | n/a |
| Edison International EIX | United States | $22.8B | -14% | +3% | 27% | 9.2× | n/a | n/a |
| Fortum FORTUM.HE | Finland | $23.3B | +15% | +14% | 17% | 23.4× | 9.2% | -36.7% |
| Kepco 015760.KS | South Korea | $14.4B | -30% | +2% | 13% | 4.5× | -1.9% | +10.7% |
| GD Power Development 600795.SS | China | $14.4B | +13% | -1% | 9% | 19.2× | -0.4% | +3.4% |
| ENBW Energie Baden-Wuerttemberg EBK.DE | Germany | $24.2B | -3% | +9% | 5% | n/a | 5.2% | +11.8% |
| Hydro One H.TO | Canada | $24.7B | -2% | +9% | 24% | 24.5× | n/a | n/a |
| China Res Power 0836.HK | Hong Kong | $13.5B | +6% | +2% | 18% | 9.0× | n/a | n/a |
| Power Grid Corporation of India POWERGRID.NS | India | $25.6B | -17% | +3% | 55% | 14.4× | n/a | n/a |
NRG Energy has 16 bonds outstanding with $13.9B face value. The agencies rate it BB; its bonds trade like BB+. Weighted yield 6.38%, a spread of 170 bp over government bonds.