Evergy is a regulated electric utility where deeply negative free cash flow conversion, concentrated geographic and regulatory exposure to a single state, and a potentially unsustainable dividend combine to create an unattractive setup — compounded by the stock trading above its near-term price target with negative risk/reward.
Thesis pillars
- Geographic Regulatory Concentration↑Improving
- Negative Free Cash Flow Conversion→Stable
- Dividend Yield Sustainability Risk↓Deteriorating
- +1 more pillar — see the Why tab for full reasoning
Pillars as of Jul 3, 2026, based on the 10-K filed Feb 19, 2026
Evergy, Inc. (EVRG) Stock Analysis
Breakout setup
Utilities · Utilities - Regulated Electric
Sell if holding. At $84.25, A.R:R is negative (-0.8) — price has exceeded the analyst target. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Concentration risk — Geographic: Kansas (60.0%); Concentration risk — Regulatory: KCC (60.0%).
Evergy provides regulated electric service to approximately 1.7 million customers across Kansas and Missouri through three integrated utility subsidiaries, with rate regulation by the Kansas Corporation Commission and Missouri Public Service Commission. The company holds roughly... Read more
Sell if holding. At $84.25, A.R:R is negative (-0.8) — price has exceeded the analyst target. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Concentration risk — Geographic: Kansas (60.0%); Concentration risk — Regulatory: KCC (60.0%). Chart setup: Golden cross, above all MAs, RSI 65, MACD bullish. Score 5.2/10, moderate confidence.
Passes 6/8 gates (positive momentum, clean insider activity, no SEC red flags, news events none recent, semi cycle peak clear, materials cycle peak clear). Fails on favorable risk/reward ratio and earnings proximity 6d<=7d. Suitability: moderate.
About Evergy, Inc.
About Evergy, Inc.
Evergy serves roughly 1.7 million customers in Kansas and Missouri from 15,800 megawatts of total generating capacity and renewable PPAs, with coal at 47%, wind at 28%, uranium at 18%, and natural gas and oil at 7% of the 2025 actual fuel mix. Kansas operations account for about 60% of projected 2026 retail revenues, with Missouri contributing 40%. Rate regulation by the Kansas Corporation Commission (KCC) and Missouri Public Service Commission (MPSC) governs retail pricing across all three utility subsidiaries.
Evergy earns revenue through regulated cost-of-service rates authorized by the KCC and MPSC, which allow recovery of prudently incurred costs plus a return on invested capital. Current authorized ROE is 9.7% for Evergy Kansas Central (effective October 2025) and 9.4% for Evergy Metro's Kansas operations (effective December 2023); current Missouri orders do not contain explicit authorized ROEs. Residential customers represent 37% of revenues, commercial 33%, and industrial 11%, with wholesale and transmission together contributing 14%. Coal supply for 2026 is contracted at approximately 75% of projected requirements through Powder River Basin agreements, with rail transportation contracted for about 70% of 2026 needs. Wolf Creek nuclear generating station, in which Evergy holds an indirect 94% interest, contributes 18% of the actual fuel mix and has uranium supply contracted through 2030 and fabrication services through 2045. The One Big Beautiful Bill Act, signed July 4, 2025, modified federal renewable energy tax credit provisions, adding uncertainty to future tax credit utilization.
Show full overview
Evergy's generation portfolio carries 37% coal by nameplate capacity, with coal at 47% of the 2025 actual fuel mix — the highest-cost segment at 2.27 cents per kWh delivered. The company targets net-zero CO2e scope 1 and scope 2 emissions by 2050, though the 10-K conditions that goal on enabling technology developments and supportive energy policies, introducing timing uncertainty. EPA coal combustion residual (CCR) rule developments — including extended interpretations of unit closure requirements — may impose modified compliance plans on the Evergy Companies beyond what is currently reflected in authorized rate base, depending on how regulators treat incremental costs.
See also: Utilities · Utilities - Regulated Electric
From Evergy, Inc.'s most recent 10-K filing, extracted June 10, 2026.
Recent developments
updated 2026-10-29Recent Developments — Evergy, Inc.
Latest news
- NEWS Evergy Inc. (EVRG) Q1 2026 Earnings: EPS Tops Estimates but Shares Slide - Net Profit Margin - dars.gov.et — dars.gov.et positive
- NEWS Evergy Inc. stock underperforms Wednesday when compared to competitors - MarketWatch — MarketWatch negative
- NEWS Evergy Inc. stock underperforms Wednesday when compared to competitors - marketwatch.com — marketwatch.com negative
- NEWS Evergy Inc (EVRG) Institutional Confidence - TradingKey — TradingKey neutral
- NEWS Evergy Inc (EVRG) Institutional Confidence - tradingkey.com — tradingkey.com neutral
Generated 2026-10-29T11:53:51Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- HIGHGeographicKansas60%10-K Item 1: 'Evergy expects its 2026 Kansas and Missouri jurisdictional retail revenues to be approximately 60% and 40%, respectively'
- HIGHregulatoryKCC60%10-K Item 1: 'Evergy Kansas Central and Evergy Metro's Kansas operations are regulated by the State Corporation Commission of the State of Kansas (KCC) ... approximately 60%'
- MEDIUMregulatoryMPSC40%10-K Item 1: 'Evergy Metro's Missouri operations and Evergy Missouri West are regulated by the Public Service Commission of the State of Missouri (MPSC) ... 40%, respectively'
- MEDIUMCommoditycoal47%10-K Item 1: 'actual 2025 fuel mix ... Coal| 47| %'
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Editorial policy
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Rating Breakdown
1 floor-breaker
No near-term catalyst priced in. Thesis progression will come from fundamentals grinding, not event reaction.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. At $84.25, A.R:R is negative (-0.8) — price has exceeded the analyst target. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Concentration risk — Geographic: Kansas (60.0%); Concentration risk — Regulatory: KCC (60.0%). Chart setup: Golden cross, above all MAs, RSI 65, MACD bullish. Prior stop was $81.47. Score 5.2/10, moderate confidence.
Analyst target $78.86 reached (−6.4% from $84.25); no take-profit level is published. Prior stop was $81.47. Stop-loss: $81.47.
Concentration risk — Geographic: Kansas (60.0%); Concentration risk — Regulatory: KCC (60.0%); Analyst target reached - limited upside remaining.
Evergy, Inc. trades at a P/E of 21.4 (forward 18.5). TrendMatrix value score: 5.5/10. Verdict: Sell.
19 analysts cover EVRG with a consensus score of 4.1/5. Average price target: $91.
What does Evergy, Inc. do?Evergy provides regulated electric service to approximately 1.7 million customers across Kansas and Missouri through...
Evergy provides regulated electric service to approximately 1.7 million customers across Kansas and Missouri through three integrated utility subsidiaries, with rate regulation by the Kansas Corporation Commission and Missouri Public Service Commission. The company holds roughly 15,800 MW of generating capacity and PPAs, with coal comprising 47% of the 2025 actual fuel mix.