{"schemaVersion":1,"research":true,"symbol":"evrg","name":"Evergy","topic":"moat","path":"/stock/evrg/moat","status":"published","version":3,"updatedAt":"2026-10-18T00:43:29.189Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Evergy has a narrow efficient-scale advantage supported by its established electricity infrastructure, approximately 1.7 million customers in defined service territories, and demonstrated regulatory cost recovery. Pricing power is constrained: approved rates produced actual revenue gains, but regulators also require price reductions and earnings sharing. The passages do not establish exclusive franchises, superior costs or exceptional durability. Distributed generation and financing-intensive expansion could weaken the advantage; projected data-center demand is not yet fully realized.","advantages":[{"mechanism":"efficient_scale","claim":"An established generation, transmission and distribution system serving approximately 1.7 million customers across existing service territories supports a local infrastructure advantage. Regulatory recovery and implemented rate adjustments help sustain that system. This supports a narrow advantage, without establishing exclusive service rights or a cost advantage over alternatives.","durability":"The installed infrastructure and continuing customer demand support persistence, but its economic value depends on affordable service, regulatory recovery and continued use of the grid. The supplied passages do not establish a guaranteed duration.","risks":"Self-generation technologies are disclosed as economically competitive. Adoption could reduce the customer pool supporting fixed costs. Regulators constrain prices and returns, while expansion requires substantial external financing. Signed large-load agreements provide potential demand, but projected steady-state loads remain partly prospective.","invalidation":"The thesis would fail if sustained customer bypass or declining grid demand materially undermined fixed-cost recovery, or if repeated regulatory disallowances prevented recovery of necessary investment. Persistent failure of new large-load demand to materialize alongside unrecovered infrastructure spending would also weaken it.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5"],"counterEvidenceIds":["e6","e7","e8","e9","e10","e11"]}],"evidence":[{"id":"e1","sourceId":"filing-2","location":"Organization and Basis of Presentation: service territories","excerpt":"Evergy Kansas Central, Evergy Kansas South, Evergy Metro and Evergy Missouri West conduct business in their respective service territories using the name Evergy."},{"id":"e2","sourceId":"filing-2","location":"Organization and Basis of Presentation: capacity, infrastructure activities and customers","excerpt":"Collectively, the Evergy Companies have approximately 15,800 megawatts (MWs) of owned generating capacity and renewable power purchase agreements and engage in the generation, transmission, distribution and sale of electricity to approximately 1.7 million customers in the states of Kansas and Missouri."},{"id":"e3","sourceId":"filing-1","location":"Critical accounting estimates: regulatory assets and probable recovery","excerpt":"Regulatory assets represent incurred costs that are probable of recovery from future revenues."},{"id":"e4","sourceId":"filing-2","location":"Results of Operations: actual contribution from new retail rates and demand","excerpt":"Evergy's gross margin (GAAP) increased $34.4 million for the three months ended June 30, 2026, compared to the same period in 2025 and Evergy's utility gross margin (non-GAAP) increased $61.1 million for the three months ended June 30, 2026, compared to the same period in 2025, both measures were driven by: •a $30.8 million increase primarily due to favorable weather (cooling degree days increased by 25%) and higher weather-normalized demand driven by a data center customer that began taking service in 2026 and higher demand from a large load industrial customer; and •a $30.3 million increase from new Evergy Kansas Central retail rates effective in October 2025."},{"id":"e5","sourceId":"filing-2","location":"Results of Operations: retail revenues, volumes and GAAP gross margin","excerpt":"64 Table of Contents Revenues and Expenses MWhs Sold Year to Date June 30 2026 Change 2025 2026 Change 2025 Retail revenues (millions) (thousands) Residential $ 1,011.1 $ 9.3 $ 1,001.8 7,520 (83) 7,603 Commercial 947.2 43.1 904.1 9,316 390 8,926 Industrial 330.5 25.0 305.5 4,224 269 3,955 Other retail revenues 23.6 2.8 20.8 41 (6) 47 Total electric retail 2,312.4 80.2 2,232.2 21,101 570 20,531 Wholesale revenues 175.2 35.4 139.8 6,122 (1,449) 7,571 Transmission revenues 268.1 5.8 262.3 N/A N/A N/A Other revenues 188.1 10.9 177.2 N/A N/A N/A Operating revenues 2,943.8 132.3 2,811.5 27,223 (879) 28,102 Fuel and purchased power (688.5) (2.8) (685.7) SPP network transmission costs (228.4) (17.1) (211.3) Operating and maintenance(a) (277.6) (11.7) (265.9) Depreciation and amortization (609.6) (33.1) (576.5) Taxes other than income tax (214.2) 1.3 (215.5) Gross margin (GAAP) 925.5 68.9 856.6 Operating and maintenance(a) 277.6 11.7 265.9 Depreciation and amortization 609.6 33.1 576.5 Taxes other than income tax 214.2 (1.3) 215.5 Utility gross margin (non-GAAP) $ 2,026.9 $ 112.4 $ 1,914.5 (a) Operating and maintenance expenses which are deemed to be directly attributable to revenue-producing activities include plant operating and maintenance expenses at generating units and transmission and distribution operating and maintenance expenses and have been separately presented in order to calculate gross margin as defined under GAAP."},{"id":"e6","sourceId":"filing-1","location":"Risk factors: economic competitiveness of self-generation and storage","excerpt":"Self-generation and distributed generation technologies, including microturbines, wind turbines, fuel cells and solar cells, as well as those related to the storage of energy produced by these systems, have become economically competitive with the manner and price at which the Evergy Companies sell electricity."},{"id":"e7","sourceId":"filing-1","location":"Risk factors: distributed generation and fixed-cost recovery","excerpt":"Increased adoption of these technologies could reduce electricity demand and the pool of customers from whom fixed costs are recovered, resulting in under recovery of the fixed costs of the Evergy Companies."},{"id":"e8","sourceId":"filing-2","location":"Rate Matters and Regulation: earnings-sharing obligation","excerpt":"Under this mechanism, Evergy Kansas Central’s jurisdiction is required to refund customers 50% of annual earnings in excess of a 9.7% return on equity."},{"id":"e9","sourceId":"filing-2","location":"Rate Matters and Regulation: effective Evergy Metro transmission price reduction","excerpt":"The new prices became effective in May 2026 and are expected to decrease Evergy Metro's annual retail revenues by $4.3 million when compared to 2025."},{"id":"e10","sourceId":"filing-2","location":"Evergy consolidated cash flows: operating cash, investment and financing","excerpt":"Consolidated Statements of Cash Flows (Unaudited) Year to Date June 30 2026 2025 CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: (millions) Net income $ 372.7 $ 302.5 Adjustments to reconcile income to net cash from operating activities: Depreciation and amortization 609.6 576.5 Amortization of nuclear fuel 33.7 32.4 Amortization of deferred refueling outage 14.0 8.4 Amortization of corporate-owned life insurance 12.7 13.3 Stock compensation 13.2 11.3 Net deferred income taxes and credits (6.7) (11.1) Allowance for equity funds used during construction (22.9) (5.9) Payments for asset retirement obligations (1.8) (5.8) Equity in earnings of equity method investees, net of income taxes (3.9) (3.4) Income from corporate-owned life insurance (8.9) (7.9) (Gains) losses from investments in early-stage clean energy and energy solution companies (8.1) 29.0 Losses on induced conversion of convertible notes 10.3 — Other 1.0 0.8 Changes in working capital items: Accounts receivable (154.3) (137.6) Accounts receivable pledged as collateral 46.0 63.0 Fuel inventory and supplies (38.4) 21.9 Prepaid expenses and other current assets (61.9) 15.0 Accounts payable (106.1) (169.5) Accrued taxes 115.9 105.6 Other current liabilities (71.0) (16.1) Changes in other assets (4.8) 20.1 Changes in other liabilities (29.2) (69.0) Cash Flows from Operating Activities 711.1 773.5 CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: Additions to property, plant and equipment (1,811.8) (1,220.1) Purchase of securities - trusts (50.7) (70.8) Sale of securities - trusts 58.5 68.0 Proceeds from nonrefundable contributions in aid of construction 130.0 — Investment in corporate-owned life insurance (10.8) (14.8) Proceeds from investment in corporate-owned life insurance 54.5 5.2 Other investing activities 1.8 (2.9) Cash Flows used in Investing Activities (1,628.5) (1,235.4) CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: Short-term debt, net 437.0 215.6 Proceeds from term loan facility 555.0 — Repayment of term loan facility (55.0) — Collateralized short-term borrowings, net (46.0) (63.0) Issuance of common stock 0.7 0.4 Proceeds from long-term debt 724.3 593.4 Retirements of long-term debt (397.4) (8.0) Borrowings against cash surrender value of corporate-owned life insurance 47.1 46.1 Repayment of borrowings against cash surrender value of corporate-owned life insurance (42.1) (3.3) Proceeds from refundable advances for construction 27.5 — Cash dividends paid (315.3) (304.6) Other financing activities (18.1) (9.6) Cash Flows from Financing Activities 917.7 467.0 NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 0.3 5.1 CASH, CASH EQUIVALENTS AND RESTRICTED CASH: Beginning of period 27.0 29.9 End of period $ 27.3 $ 35.0 The accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements."},{"id":"e11","sourceId":"filing-1","location":"Critical accounting estimates: consequences of regulatory non-recovery","excerpt":"If recovery or refund of regulatory assets or liabilities is not approved by regulators or is no longer deemed probable, these regulatory assets or liabilities are recognized in the current period results of operations."},{"id":"e12","sourceId":"filing-2","location":"MD&A: signed large-load service agreements and projected demand","excerpt":"Large Load Customers In 2026, the Evergy Companies signed ESAs with multiple large load customers to serve data centers with a projected peak steady state load of approximately 2,600 MWs."},{"id":"e13","sourceId":"filing-2","location":"MD&A: transitional load period and actual or expected service commencement","excerpt":"The service of these large load customers, inclusive of an optional transitional load period not to exceed five years, has commenced or is expected to commence at dates ranging from 2026 to 2028."},{"id":"e14","sourceId":"filing-2","location":"Evergy Results of Operations: operating income, expenses and net income","excerpt":"Three Months Ended June 30 Year to Date June 30 2026 Change 2025 2026 Change 2025 (millions) Operating revenues $ 1,500.1 $ 63.1 $ 1,437.0 $ 2,943.8 $ 132.3 $ 2,811.5 Fuel and purchased power 328.5 (1.9) 330.4 688.5 2.8 685.7 SPP network transmission costs 118.8 3.9 114.9 228.4 17.1 211.3 Operating and maintenance 260.9 5.8 255.1 504.1 17.0 487.1 Depreciation and amortization 304.3 15.9 288.4 609.6 33.1 576.5 Taxes other than income tax 107.0 2.6 104.4 214.2 (1.3) 215.5 Income from operations 380.6 36.8 343.8 699.0 63.6 635.4 Other income (expense), net 18.3 25.7 (7.4) 30.0 40.4 (10.4) Interest expense 165.9 12.1 153.8 340.4 34.1 306.3 Income tax expense 16.4 6.4 10.0 19.8 0.2 19.6 Equity in earnings of equity method investees, net of income taxes 1.5 (0.3) 1.8 3.9 0.5 3.4 Net income 218.1 43.7 174.4 372.7 70.2 302.5 Less: Net income attributable to noncontrolling interests 3.1 — 3.1 6.2 — 6.2 Net income attributable to Evergy, Inc."},{"id":"e15","sourceId":"filing-3","location":"Shareholder letter: 2025 financial performance below expectations","excerpt":"A year of strong operational performance: While our financial results in 2025 were below expectations due primarily to lower-than-expected weather-normalized demand and mild weather in the second and third quarters, our operational performance was strong."},{"id":"e16","sourceId":"filing-3","location":"Shareholder letter: reported reliability and generation outage improvements","excerpt":"We also improved reliability performance, as reflected by lower average outage duration and frequency for our customers and a lower forced outage rate in our generation fleet."},{"id":"e17","sourceId":"filing-3","location":"Compensation Discussion and Analysis: 2025 equity incentive mix","excerpt":"Compensation Discussion and Analysis | Summary and Analysis of Executive Compensation | Evergy 2026 Proxy Statement 44 TABLE OF CONTENTS The Committee grants the annual award of equity incentives generally effective within the first few business days in March of each year and uses a mix of time-based RSUs (30% for 2025) and performance-based RSUs (70% for 2025) that are paid on the basis of the attainment of performance goals and satisfaction of other standard criteria."},{"id":"e18","sourceId":"filing-3","location":"Compensation Discussion and Analysis: three-year vesting terms","excerpt":"RSUs generally “cliff” vest in three years from the respective dates of grant, subject to satisfaction of the award terms, such as continued employment through the vesting date."},{"id":"e19","sourceId":"filing-3","location":"Compensation governance: disclosed safeguards and ownership guidelines","excerpt":"Strong Compensation Governance Practices Our Committee believes our executive compensation program also features best-in-class governance practices, such as: ✔ Alignment between pay and performance ✔ Annual risk assessment ✔ Compensation heavily weighted to performance ✔ Standard annual equity grant cycle ✔ Regular review of performance against compensation targets and outlook for payouts ✔ SEC compliant clawback policy and provisions in award agreements ✔ Independent Committee oversight ✔ No employment agreements – NEOs employed at will ✔ Standing Committee executive sessions ✔ No stock options ✔ Independent compensation consultant ✔ No repricing or backdating of stock options ✔ “Double trigger” change-in-control benefits ✔ No dividends for unvested awards ✔ Robust stock ownership guidelines ✔ No short selling, hedging or pledging ✔ Board review of succession plans ✔ No tax “gross-ups” Executive Summary of Compensation Matters | Evergy 2026 Proxy Statement 37 TABLE OF CONTENTS Compensation Discussion and Analysis Compensation Philosophy, Objectives, and Process Compensation Philosophy and Objectives Evergy’s executive compensation program is designed to support achievement of our business strategy without encouraging excessive risk-taking."},{"id":"e20","sourceId":"filing-3","location":"Corporate Governance: lead independent director responsibilities","excerpt":"Lead Independent Director Responsibilities The Lead Independent Director is responsible for developing agendas for executive sessions of independent directors and calling and presiding over the same."},{"id":"e21","sourceId":"filing-3","location":"Audit Committee Report: current independent committee membership","excerpt":"Proposal 3 - Ratification of Appointment of Deloitte & Touche LLP | Evergy 2026 Proxy Statement 72 TABLE OF CONTENTS Audit Committee Report The Audit Committee is currently comprised of four independent directors."},{"id":"e22","sourceId":"filing-3","location":"Corporate Governance: actual 2025 director attendance","excerpt":"Each incumbent director nominee attended greater than 75% of the aggregate number of meetings of the Board and committees on which he or she served during 2025 (or portion of 2025 during which he or she served as a director or committee member)."},{"id":"e23","sourceId":"filing-1","location":"Independent auditor report: unqualified internal-control opinion","excerpt":"We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 18, 2026, expressed an unqualified opinion on the Company's internal control over financial reporting."},{"id":"e24","sourceId":"filing-2","location":"Liquidity and Capital Resources: available credit capacity","excerpt":"As of June 30, 2026, Evergy had $1,648.4 million of available borrowing capacity under its master credit facility."},{"id":"e25","sourceId":"filing-2","location":"MD&A: completed convertible-note repurchases and cost","excerpt":"repurchased $244.1 million aggregate principal amount of its $1.4 billion aggregate principal amount of Convertible Notes, under separate, privately negotiated repurchase agreements with certain holders of its Convertible Notes, for a total repurchase cost (including fees and excluding accrued and unpaid interest) of $309.5 million."},{"id":"e26","sourceId":"filing-2","location":"Rate Matters and Regulation: accepted 2025 earnings calculation","excerpt":"In July 2026, the KCC issued an order accepting Evergy Kansas Central's 2025 earnings calculation and determined that there was no refund obligation for 2025."},{"id":"e27","sourceId":"filing-3","location":"Strategic performance discussion: cumulative retail-rate history","excerpt":"Since 2017, Evergy’s overall retail rates have increased a cumulative 4.9%, equal to approximately 0.5% annual inflation, well below the average rate increases in regional peer states and economy-wide inflation (as measured by the Consumer Price Index) over the same time period.(1) • Reliability: Our focus on safe and reliable service includes investments to modernize our transmission and distribution infrastructure to improve reliability for our customers and improve the resiliency of the electric grid and its ability to withstand extreme weather."}],"changes":["No comparable previous version."],"limitations":["The assessment uses only supplied passages. Source dates are filing dates: February 19, August 6 and March 26, 2026; they are not retrieval dates.","Service territories and installed infrastructure support an efficient-scale inference, but exclusive franchises, entry restrictions, asset replacement economics and comparative capital returns are not supplied.","No company is established as a direct competitor in the supplied passages. Named joint-venture partners and companies appearing in director biographies are not competitor evidence; competitive alternatives are described generically.","Operating and contractual disclosures support numerical grades, but most evidence remains issuer-sourced. The annual auditor's internal-control opinion provides narrower external assurance, not validation of the moat.","Large-load agreements are signed, but full demand, minimum-payment protections, termination provisions and infrastructure recovery commitments are not disclosed. The approximately 2,600 MW projection is not treated as realized load.","The proxy supplies actual compensation structures and governance practices, but the selected passages omit executive ownership amounts, detailed performance targets and evidence of ownership-guideline compliance. Nominee independence and advisory votes are not treated as completed election or approval outcomes.","Customer dependency and retention are assessed indirectly from service continuity, volumes and actual customer demand; no customer retention rate or contractual lock-in is established."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"The established integrated system and customer base across defined territories support local efficient scale. Exclusive rights and superior replacement or operating economics are not demonstrated.","evidenceIds":["e1","e2","e3"]},{"criterion":"durability","grade":2,"rationale":"Continuing retail demand and implemented rate recovery support persistence. Recovery remains conditional, and economically competitive self-generation limits confidence in long-term protection.","evidenceIds":["e4","e5","e6","e11"]},{"criterion":"customer_dependency","grade":2,"rationale":"Serving approximately 1.7 million customers and substantial recurring retail volumes indicates ongoing dependence on the system indirectly. Economically competitive alternatives and missing switching or exclusivity disclosures prevent a stronger grade.","evidenceIds":["e2","e5","e6"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Actual rate recovery and increased retail volumes show current resilience. Distributed-generation exposure and heavy externally financed investment remain meaningful vulnerabilities; the risk disclosures do not establish realized customer erosion.","evidenceIds":["e4","e5","e7","e10"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"New Kansas Central retail rates contributed $30.3 million in the second quarter of 2026. Metro transmission prices also decreased. The disclosed cumulative retail-rate increase since 2017 was modest, supporting mixed, regulator-mediated pricing power rather than broad discretion.","evidenceIds":["e4","e9","e27"]},{"criterion":"retention","grade":2,"rationale":"Retail volumes increased from 20.531 million to 21.101 million MWh, and a data-center customer began taking service. These are indirect signs of continuing demand, influenced by weather and customer mix; they do not establish customer-level retention or lock-in.","evidenceIds":["e2","e4","e5"]},{"criterion":"margin_resilience","grade":3,"rationale":"First-half 2026 GAAP gross margin increased from $856.6 million to $925.5 million and operating income from $635.4 million to $699.0 million despite higher depreciation, transmission and operating costs. This demonstrates resilience over the reported comparison, with weather and demand also contributing; exceptional durability is unproven.","evidenceIds":["e5","e14","e4"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Regulators determine rate adjustments in both directions, and Kansas Central must refund half of earnings above the specified return threshold. No refund was owed for 2025, but the mechanism directly limits upside and pricing discretion.","evidenceIds":["e8","e9","e26"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"First-half operating cash flow of $711.1 million fell below $1,811.8 million of cash capital additions, with dividends and substantial financing needs. Available credit capacity and construction contributions provide offsets. Completed note repurchases cost $309.5 million for $244.1 million principal, but their full economic benefit and investment returns are not established.","evidenceIds":["e10","e24","e25"]},{"criterion":"incentive_alignment","grade":3,"rationale":"The disclosed 2025 equity program used 70% performance-based RSUs and generally three-year cliff vesting, alongside clawback, hedging and unvested-dividend safeguards. These are actual program disclosures, not merely proposed awards. Missing ownership amounts and detailed targets limit assessment of alignment outcomes.","evidenceIds":["e17","e18","e19"]},{"criterion":"execution","grade":2,"rationale":"Actual 2026 operating-income growth and commencement of data-center service support execution indirectly. Management reported improved reliability but acknowledged below-expectation 2025 financial results. Signed future-load agreements demonstrate commercial progress, not delivery of the full projected demand.","evidenceIds":["e14","e4","e15","e16","e12","e13"]},{"criterion":"governance","grade":3,"rationale":"A functioning independent audit committee, lead independent director responsibilities, actual director attendance and an unqualified internal-control audit support strong governance processes. These do not prove exceptional board effectiveness or eliminate the limitations of issuer disclosures.","evidenceIds":["e20","e21","e22","e23"]}]}],"qualityPolicy":"quality-scores-2","basisHash":"763ea87dc1686bd5bec7d30f07f0ff72d2bbe73344d0939f758f8c86f44fff3b","updatedAt":"2026-10-18T00:43:29.189Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/54476/000171126926000017/evrg-20251231.htm","publishedAt":"2026-02-19","sha256":"00a077e5c6fc849ddd2f283ae4fc5afadb56ce029bf796b09f0170ea27e5798f","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1711269/000171126926000100/evrg-20260630.htm","publishedAt":"2026-08-06","sha256":"c6b8d0844ae7c4b9503c5056ad63f8185be8e5d61d71796eb883e286457a2c99","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1711269/000114036126011357/ny20059674x1_def14a.htm","publishedAt":"2026-03-26","sha256":"c6c04589565482f549199450659aa0aae9c5f41f44f7e2a3e2a57530c0469682","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:1ad55526e8e1cdd7d7d0d5609eb0d72ca706ece65398d9d083b2a74ae07305f5","usage":{"input_tokens":55618,"cached_input_tokens":20992,"cache_write_input_tokens":0,"output_tokens":3404,"reasoning_output_tokens":122}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":25.424555741119516,"roic":6.446865099497185,"fcf_margin":-11.649246589480398,"sbc_revenue":0.2927323563078193},"issues":{"pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":22.67229657196021,"roic":6.160028007518129,"fcf_margin":-6.5232949259285755,"sbc_revenue":0.3363629857582481},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":23.992067501075752,"roic":5.941010207539998,"fcf_margin":-6.619146508016686,"sbc_revenue":0.3311444126396138},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":25.734520720847065,"roic":6.15859567902724,"fcf_margin":-6.186452562933874,"sbc_revenue":0.2664609774910595},"issues":{"pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":null,"operating_margin":26.868941823982052,"roic":6.086033567713,"fcf_margin":-13.175930307970063,"sbc_revenue":0.36283325445653886},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/54476/000171126926000017/evrg-20251231.htm","publishedAt":"2026-02-19","sha256":"00a077e5c6fc849ddd2f283ae4fc5afadb56ce029bf796b09f0170ea27e5798f","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1711269/000171126926000100/evrg-20260630.htm","publishedAt":"2026-08-06","sha256":"c6b8d0844ae7c4b9503c5056ad63f8185be8e5d61d71796eb883e286457a2c99","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1711269/000114036126011357/ny20059674x1_def14a.htm","publishedAt":"2026-03-26","sha256":"c6c04589565482f549199450659aa0aae9c5f41f44f7e2a3e2a57530c0469682","dateKind":"filed"}],"history":[{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}