{"schemaVersion":1,"research":true,"symbol":"nrg","name":"Nrg Energy","topic":"moat","path":"/stock/nrg/moat","status":"published","version":3,"updatedAt":"2026-10-18T14:13:35.044Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"NRG has a limited current switching-cost advantage through Vivint's generally non-cancelable five-year subscriptions. Contract expiration limits its durability, and the supplied passages do not establish a comparable moat across the larger energy business. Retail leadership and integrated generation establish operating scale, but comparative cost superiority remains unproven. Pricing evidence is mixed: disclosed monthly revenue improvement contrasts with lower electric net revenue rates and enacted restrictions on retail pricing.","advantages":[{"mechanism":"switching_costs","claim":"Vivint's generally non-cancelable five-year subscription contracts create a contractual barrier to leaving during the initial term. Renewal without repurchasing products also provides an incumbent economic benefit, although its effect on actual renewals is not quantified.","durability":"The five-year majority contract structure appears in both the 2024 and 2025 annual disclosures. Protection lasts through individual initial terms; contracts generally become month-to-month afterward. This supports a limited current advantage, without establishing long-term durability across NRG.","risks":"Some customers are month-to-month from inception. Post-term attrition, concessions, nonpayment or weaker new-contract commitments could erode the advantage. Subscription commitments do not establish freedom to increase prices or superiority to competing contracts.","invalidation":"The advantage would be invalidated if the majority of subscriptions ceased carrying meaningful non-cancelable commitments, customers could exit without material economic consequences, or disclosed cohort results showed that post-term losses and concessions consistently offset the initial contractual benefit.","competitors":[],"evidenceIds":["e1","e3","e4"],"counterEvidenceIds":["e2"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Revenue recognition — Vivint subscription contract duration and cancellation","excerpt":"The majority of Vivint Smart Home's subscription contracts are five years and are generally non-cancelable."},{"id":"e2","sourceId":"filing-1","location":"Revenue recognition — conversion to month-to-month contracts","excerpt":"These contracts generally convert into month-to-month agreements at the end of the initial term, while some customers are month-to-month from inception."},{"id":"e3","sourceId":"filing-1","location":"Revenue recognition — renewal without repurchasing products","excerpt":"The Company has determined that certain contracts that do not require a long-term commitment for monitoring services by the customer contain a material right to renew the contract, because the customer does not have to purchase the products upon renewal."},{"id":"e4","sourceId":"filing-4","location":"2024 revenue recognition — Vivint subscription commitments","excerpt":"The majority of Vivint Smart Home's subscription contracts are five years and are generally non-cancelable."},{"id":"e5","sourceId":"filing-1","location":"Business — retail market position","excerpt":"NRG's retail brands, collectively, have the largest share of competitively served residential electric customers in Texas and is a leading business-to-business provider of power and natural gas in North America."},{"id":"e6","sourceId":"filing-2","location":"Strategy — generation and retail integration","excerpt":"In Texas, the Company’s generation portfolio is fully integrated with its retail load and in early 2026, the Company adopted an integrated strategy in the East, expanding this model across a broader geographic footprint."},{"id":"e7","sourceId":"filing-2","location":"Strategy — intended cash flow, cost competitiveness and risk benefits","excerpt":"This strategy is intended to generate recurring cash flow, strengthen earnings and cost competitiveness, and reduce risk and volatility."},{"id":"e8","sourceId":"filing-2","location":"Results discussion — electric supply costs, customer mix and net revenue rates","excerpt":"Higher electric gross margin due to lower supply costs of $53 million and changes in customer mix of $15 million, partially offset by lower net revenue rates of $60 million"},{"id":"e9","sourceId":"filing-2","location":"Results discussion — customer growth and monthly revenue contributions","excerpt":"Higher gross margin primarily driven by growth in customers of $68 million and higher monthly revenue of $24 million"},{"id":"e10","sourceId":"filing-1","location":"Business — fixed, indexed and month-to-month prices","excerpt":"NRG provides energy and related services at either fixed, indexed or month-to-month prices."},{"id":"e11","sourceId":"filing-1","location":"Business — residential and business contract terms","excerpt":"Home customers typically contract for terms ranging from one month to five years, while Business customers typically contract for terms ranging from one year to five years in length and extended contractual terms are available."},{"id":"e12","sourceId":"filing-1","location":"Revenue recognition — market and negotiated energy transaction terms","excerpt":"Energy Revenue Both physical and financial transactions consist of revenues billed to a third-party at either market or negotiated contract terms to optimize the financial performance of the Company's generating facilities."},{"id":"e13","sourceId":"filing-2","location":"State regulation — Maryland residential price cap","excerpt":"The legislation imposes a price cap on residential contracts tied to a trailing 12-month historical average of utility rates, with only a limited exception for renewable power products."},{"id":"e14","sourceId":"filing-2","location":"State regulation — Maryland price-change frequency and contract duration limits","excerpt":"The law also requires that any variable-price contract not contain a change in price more than once a year, except time-of-use contracts, and limits contract terms to 12 months."},{"id":"e15","sourceId":"filing-1","location":"Regulatory matters — New York retail offer restrictions","excerpt":"NYSPSC – Order to Show Cause — The NYSPSC issued an order referred to as the Retail Reset Order in December 2019 that limited the offers of ESCOs for electric and natural gas to three compliant products: guaranteed savings from the utility default rate, a fixed rate commodity product that is priced at no more than 5% greater than the trailing 12-month average utility supply rate or New York-sourced renewable energy that is at least 50% greater than the prevailing New York Renewable Energy Standard for load serving entities."},{"id":"e16","sourceId":"filing-1","location":"2025 consolidated results — revenue, costs and operating income","excerpt":"48 Consolidated Results of Operations for the years ended December 31, 2025 and 2024 The following table provides selected financial information for the Company: Year Ended December 31, (In millions) 2025 2024 Change Revenue Retail revenue $ 29,543 $ 27,149 $ 2,394 Energy revenue(a) 590 500 90 Capacity revenue(a) 280 177 103 Mark-to-market for economic hedging activities 12 (3) 15 Contract amortization (6) (29) 23 Other revenues(a)(b) 294 336 (42) Total revenue 30,713 28,130 2,583 Operating Costs and Expenses Cost of fuel 1,195 890 (305) Purchased energy and other cost of sales(c) 21,194 19,371 (1,823) Mark-to-market for economic hedging activities 358 (209) (567) Contract and emissions credit amortization(c) 53 49 (4) Operations and maintenance 1,568 1,607 39 Other cost of operations 393 392 (1) Cost of operations (excluding depreciation and amortization shown below) 24,761 22,100 (2,661) Depreciation and amortization 1,406 1,403 (3) Impairment losses — 36 36 Selling, general and administrative costs (excluding amortization of customer acquisition costs of $295, and $204, respectively, which are included in depreciation and amortization shown separately above) 2,602 2,345 (257) Acquisition-related transaction and integration costs 74 30 (44) Total operating costs and expenses 28,843 25,914 (2,929) (Loss)/Gain on sale of assets (25) 208 (233) Operating Income 1,845 2,424 (579) Other Income/(Expense) Equity in earnings of unconsolidated affiliates 11 20 (9) Impairment losses on investments (39) (7) (32) Other income, net 68 44 24 Loss on debt extinguishment (10) (382) 372 Interest expense (741) (651) (90) Total other expenses (711) (976) 265 Income Before Income Taxes 1,134 1,448 (314) Income tax expense 270 323 (53) Net Income $ 864 $ 1,125 $ (261) (a)Includes realized gains and losses from financially settled transactions (b)Includes trading gains and losses and ancillary revenues (c)Includes amortization of SO2 and NOx credits and excludes amortization of RGGI credits Gross Margin The Company calculates gross margin in order to evaluate operating performance as revenues less cost of fuel, purchased energy and other costs of sales, mark-to-market for economic hedging activities, contract and emission credit amortization and depreciation and amortization."},{"id":"e17","sourceId":"filing-2","location":"Capital allocation — completed first-half 2026 repurchases","excerpt":"Capital Allocation During the six months ended June 30, 2026, the Company completed $921 million of share repurchases at an average price of $156.52 per share."},{"id":"e18","sourceId":"filing-2","location":"Acquisition financing — notes and revolving credit proceeds","excerpt":"The Company funded the cash consideration using a portion of the net proceeds of $4.4 billion from the 5.750% 2034 Senior Notes, the 2036 Senior Notes, Senior Secured First Lien Notes, due 2030 and the Senior Secured First Lien Notes, due 2035 and proceeds of $2.5 billion from the Company’s Revolving Credit Facility."},{"id":"e19","sourceId":"filing-1","location":"Capital structure — acquisition consideration paid in common shares","excerpt":"On January 30, 2026, as part of the purchase consideration for the LSP Portfolio acquisition, the Company issued 24.25 million shares of NRG common stock, par value $0.01 per share."},{"id":"e20","sourceId":"filing-3","location":"Executive compensation — actual 2025 financial results and incentive outcomes","excerpt":"​ 2025 AIP Results and Payments The following table details the quantitative financial and non-financial performance goals and results for 2025, as approved by the Compensation Committee: ​ Performance Metric ​ ​ Weight ​ ​ Threshold ​ ​ Target ​ ​ Maximum ​ ​ Result ​ ​ AIP Metric Result ​ ​ Adjusted FCFbG ($ in millions)(1) ​ ​ ​ ​ 45% ​ ​ ​ ​ ​ $ 1,575 ​ ​ ​ ​ ​ $ 2,100 ​ ​ ​ ​ ​ $ 2,352 ​ ​ ​ ​ ​ $ 2,232 ​ ​ ​ ​ ​ ​ 152% ​ ​ ​ ​ Adjusted EBITDA ($ in millions)(1) ​ ​ ​ ​ 45% ​ ​ ​ ​ ​ $ 2,887 ​ ​ ​ ​ ​ $ 3,850 ​ ​ ​ ​ ​ $ 4,234 ​ ​ ​ ​ ​ $ 4,106 ​ ​ ​ ​ ​ ​ 167% ​ ​ ​ ​ Non-Financial Metrics ​ ​ ​ ​ 10% ​ ​ ​ ​ 50% ​ ​ 100% ​ ​ 200% ​ ​ 146% ​ ​ ​ ​ 146% ​ ​ ​ ​ Final Weighted AIP Result for Performance Metrics ​ ​ ​ ​ 158% ​ ​ ​ ​ (1) Adjusted FCFbG and Adjusted EBITDA are non-GAAP financial metrics."},{"id":"e21","sourceId":"filing-3","location":"Executive compensation — exclusions from adjusted free cash flow","excerpt":"Adjusted FCFbG excludes changes in nuclear decommissioning trust liability, growth investments, net receipts from settlement of acquired derivatives that include financing elements, changes in collateral, acquisition and divestiture transaction and integration costs, and impacts of certain major transactions approved by the Compensation Committee."},{"id":"e22","sourceId":"filing-3","location":"Executive compensation highlights — ownership, performance vesting and clawback practices","excerpt":"The Compensation Discussion and Analysis section beginning on page 72 describes our executive compensation program, which incorporates the following principles: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Significant portion of executive compensation is “at-risk” to align with stockholder interests and promote company business strategy through ties to performance metrics ​ ​ ​ Robust stock ownership guidelines, including one-year post-vest holding period for RPSUs granted in 2026 and beyond ​ ​ ​ Engage in a comprehensive performance evaluation process for all named executive officers (NEOs) and annual management succession and leadership development efforts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Require above-median performance for vesting of performance-based long-term incentive compensation awards at target ​ ​ ​ NYSE compliant clawback policy and clawback provisions in award agreements ​ ​ ​ Ensure our compensation practices do not encourage undue risk taking ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Written equity grant policy with predetermined schedule for routine equity grants ​ ​ ​ Double trigger for the payment of cash severance and the vesting of equity upon a change in control ​ ​ ​ Engage an independent compensation consultant to advise on compensation matters ​ ​ ​ ​ 2025 Year in Review​ ​ ​ ​ Pay for Performance Our strong performance in 2025 drove commensurate results in our Annual Incentive Plan (AIP) and Long Term Incentive Plan (LTIP), demonstrating alignment between Company performance and executive compensation."},{"id":"e23","sourceId":"filing-3","location":"Governance highlights — elections, independent committees and shareholder rights","excerpt":"The Governance of the Company section beginning on page 10 describes our corporate governance framework, which incorporates the following principles: ​ ​ ​ ​ ​ ​ ​ ​ ​ Annual election of directors ​ ​ ​ ​ Majority voting for directors in uncontested elections ​ ​ ​ ​ 10 director nominees, of which 9 are independent ​ ​ ​ ​ Proxy access for stockholders to nominate directors ​ ​ ​ ​ Committees consisting solely of independent directors ​ ​ ​ ​ A lead independent director to be appointed in the event the roles of Chair and CEO are held by the same person ​ ​ ​ ​ Broad array of skills, experiences and backgrounds ​ ​ ​ ​ Regular executive sessions of independent directors ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk oversight by full Board and Committees ​ ​ ​ ​ Oversight by the Finance and Risk Management Committee of our data privacy and security practices, cybersecurity-related risks and our cybersecurity program ​ ​ ​ ​ Commitment to sustainability, and oversight of environmental, social and governance matters ​ ​ ​ ​ Anti-hedging and anti-pledging policies ​ ​ ​ ​ Annual Board and committee evaluation process, periodically using a third-party facilitator ​ ​ ​ ​ Robust director onboarding and continuing education programs ​ ​ ​ NRG Energy, Inc."},{"id":"e24","sourceId":"filing-3","location":"Governance — actual 2025 director meeting attendance","excerpt":"During the 2025 fiscal year, each director attended more than 75% of the total number of Board meetings and meetings of the Committees on which they served (during the periods when they served)."},{"id":"e25","sourceId":"filing-1","location":"Contingencies — Vivint FTC settlement payment and compliance obligations","excerpt":"As part of this settlement, Vivint Smart Home paid $20 million and agreed to implement various additional compliance related measures (\"Stipulated Order\")."},{"id":"e26","sourceId":"filing-1","location":"Contingencies — reported independent assessor compliance conclusions","excerpt":"Across all assessments, the Assessor reported no material findings of non-compliance and concluded that Vivint Smart Home’s Compliance Program remains substantially effective and comprehensive."},{"id":"e27","sourceId":"filing-6","location":"Other information — April 30, 2026 shareholder approval of the incentive plan","excerpt":"As reported in the Current Report on Form 8-K filed by the Company on May 1, 2026, at the Company’s 2026 annual meeting of stockholders held on April 30, 2026, the Company’s stockholders approved the 2026 LTIP."},{"id":"e28","sourceId":"filing-2","location":"Strategy — acquired operations integrated into segment structure","excerpt":"In the first quarter of 2026, the operations acquired from LS Power were integrated into the Company’s existing segment structure, enhancing scale and portfolio optimization across the platform."},{"id":"e29","sourceId":"filing-1","location":"Business — residential purchase decision factors","excerpt":"Home customers make purchase decisions based on a variety of factors, including price, incentive, customer service, brand, innovative offers/features and referrals from friends and family."}],"changes":["Retain the previous narrow verdict, confined to Vivint's contractual switching friction; the expanded evidence does not establish an energy-wide moat.","Pricing can now be assessed as mixed rather than wholly unproven: the supplied results disclose both lower electric net revenue rates and a positive monthly revenue contribution.","Add assessments of actual capital deployment, incentive outcomes and governance. The May 6, 2026 filing confirms shareholder approval of the incentive plan that was still a proposal in the March proxy."],"limitations":["No supplied passage establishes a named company's role as a product-market competitor. Competitor arrays therefore remain empty; transaction counterparties, advisers and NRG brands are not treated as competitors.","The evidence consists of issuer filings. Contract terms and reported operating results support numerical assessments, while strategy statements about differentiation and cost competitiveness remain management assertions.","No comparative generation costs, competitor contract terms, cohort renewal rates, cancellation economics or quantified customer retention are supplied.","The isolated monthly revenue and electric margin bridges do not identify their segment or comparison period within their excerpt text. They support directional observations without establishing company-wide price realization or pure price increases.","The supplied proxy establishes incentive practices but does not provide usable executive ownership balances or comprehensive realized long-term award outcomes. Plan approval does not establish individual award grants or vesting.","Source dates are filing dates, retaining dateKind filed. Results relate to the periods described in the passages; no subsequent developments are assumed."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"Vivint's majority five-year non-cancelable subscriptions establish bounded switching friction. Retail leadership and generation integration establish scale, but neither comparative cost advantage nor an energy-wide barrier is demonstrated.","evidenceIds":["e1","e5","e6","e7"]},{"criterion":"durability","grade":1,"rationale":"The commitment structure is disclosed in successive annual filings, but individual contracts generally become month-to-month. Persistence of the contract design does not demonstrate durable customer captivity after expiration.","evidenceIds":["e1","e2","e4"]},{"criterion":"customer_dependency","grade":2,"rationale":"Initial subscription commitments and renewal without repurchasing products create economic reasons to remain. Month-to-month availability and price-sensitive energy purchase decisions limit demonstrated dependency; no renewal rate is supplied.","evidenceIds":["e1","e2","e3","e29"]},{"criterion":"erosion_resilience","grade":1,"rationale":"Existing subscription commitments provide temporary protection, but it weakens at expiration. Enacted retail price and term restrictions and observed lower electric net revenue rates constrain broader resilience; the regulatory evidence concerns energy rather than Vivint subscriptions.","evidenceIds":["e1","e2","e8","e13","e14"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Results disclose a $60 million adverse electric net revenue rate contribution alongside a $24 million favorable monthly revenue contribution. These establish mixed realized revenue outcomes, without proving sustained discretionary price increases; mix and segment coverage remain uncertain.","evidenceIds":["e8","e9"]},{"criterion":"retention","grade":2,"rationale":"Contractual switching friction, renewal without product repurchase and a positive customer-growth contribution support a mixed assessment. Retention is assessed indirectly from contracts and operating evidence; customer growth does not establish gross retention or post-term renewals.","evidenceIds":["e1","e2","e3","e9"]},{"criterion":"margin_resilience","grade":2,"rationale":"Lower supply costs and favorable customer mix more than offset the disclosed adverse electric rate contribution, while another bridge shows customer and monthly revenue gains. Conversely, 2025 consolidated operating income fell despite revenue growth. This is mixed resilience, with no basis to attribute it solely to pricing power.","evidenceIds":["e8","e9","e16"]},{"criterion":"contractual_freedom","grade":1,"rationale":"NRG offers fixed, indexed and month-to-month terms and transacts at market or negotiated prices. Freedom is constrained by contractual commitments and explicit Maryland and New York restrictions. The passages do not establish unilateral repricing rights for Vivint subscriptions.","evidenceIds":["e10","e11","e12","e13","e14","e15"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Completed repurchases and reported adjusted cash generation demonstrate capital deployment and operating funding capacity. Acquisition financing used substantial debt and 24.25 million new shares, while the adjusted cash metric excludes growth investments and several transaction items. Acquisition returns and repurchase value creation remain unestablished.","evidenceIds":["e17","e18","e19","e20","e21"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual 2025 incentives linked payouts to reported financial and nonfinancial results. Disclosed ownership guidelines, performance vesting requirements and clawbacks support strong alignment mechanisms. Later shareholder approval establishes adoption of the 2026 plan, without proving individual vesting or exceptional alignment; usable executive ownership balances are absent.","evidenceIds":["e20","e22","e27"]},{"criterion":"execution","grade":2,"rationale":"Reported adjusted financial results exceeded incentive targets, acquired operations entered the segment structure, and operating bridges show customer growth and supply-cost improvements. These are concrete achievements, but segment integration does not establish realized acquisition synergies, and consolidated 2025 operating income declined. The assessment uses operating outcomes indirectly rather than attributing every result to management.","evidenceIds":["e8","e9","e16","e20","e28"]},{"criterion":"governance","grade":3,"rationale":"Annual elections, majority voting, independent committees, proxy access and actual meeting attendance support strong demonstrated governance processes. Vivint's historical FTC settlement is adverse evidence, balanced by the issuer's report of subsequent independent assessments finding no material non-compliance. These disclosures do not establish exceptional governance durability.","evidenceIds":["e23","e24","e25","e26"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"01afd529cc2934c65a276df2b3550f3694370a05bed9222f5856b815bed2f171","updatedAt":"2026-10-18T14:13:35.044Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1013871/000101387126000004/nrg-20251231.htm","publishedAt":"2026-02-24","sha256":"bbac9982566f15417015d50d097e9dbb381cb262aa317b65c91f87d130db833a","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1013871/000101387126000020/nrg-20260630.htm","publishedAt":"2026-08-04","sha256":"bdf5cb70b2d6a56a2b4b141a5d62d596fe540d9a42d6fe88cff3a3af9bdb6be0","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1013871/000110465926030844/tm261406-2_def14a.htm","publishedAt":"2026-03-18","sha256":"754abb3b0043c86a1fef0f6db7b1da74411e59454f556d5b091781901ba243a2","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1013871/000101387125000006/nrg-20241231.htm","publishedAt":"2025-02-26","sha256":"313fb61bfdd716b105a742a7a9af84640fc1b9ba9a0b57514f6126ad69409e1c","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1013871/000101387124000005/nrg-20231231.htm","publishedAt":"2024-02-28","sha256":"6d012aea88099ac64cfc3441bffc215f1361c82c6a6a5a1de8cbcf1b03dd0a1e","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1013871/000101387126000012/nrg-20260331.htm","publishedAt":"2026-05-06","sha256":"c441b8df5a4c0fe364b1db212e2205fdc8165404eae98d6ec5b1d976a97a6083","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:0337c6c7cfde3b650280426d3267dafb1c4a64959c8273a48e7eac46ae5a4860","usage":{"input_tokens":87475,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3569,"reasoning_output_tokens":163}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":23.50898158867685,"operating_margin":12.477125891623409,"roic":28.73679923870027,"fcf_margin":0.8365388206296448,"sbc_revenue":0.0784255144340292},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pb":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roe":"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%."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":12.836636178861788,"operating_margin":6.4087906504065035,"roic":13.021456449696212,"fcf_margin":-0.022230691056910567,"sbc_revenue":0.08892276422764227},"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":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pb":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","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.","roe":"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":"2023","end":"2023-12-31","values":{"gross_margin":6.122593431483579,"operating_margin":1.3590033975084939,"roic":null,"fcf_margin":-2.8984994337485843,"sbc_revenue":0.3574462061155153},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","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.","pocf":"Trailing operating cash flow is zero or negative, so this ratio is undefined.","pb":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","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.","sbc_ocf":"Operating cash flow is zero or negative, so this ratio is undefined.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roe":"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":"2024","end":"2024-12-31","values":{"gross_margin":20.354620152803808,"operating_margin":8.735764739801066,"roic":14.806881773863351,"fcf_margin":6.609485368314834,"sbc_revenue":0.3675940608332132},"issues":{"peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pb":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roe":"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%."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":18.407091310508452,"operating_margin":6.079678386660955,"roic":10.92410853057418,"fcf_margin":2.524137476521567,"sbc_revenue":0.44155929745938644},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pb":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roe":"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%."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1013871/000101387126000004/nrg-20251231.htm","publishedAt":"2026-02-24","sha256":"bbac9982566f15417015d50d097e9dbb381cb262aa317b65c91f87d130db833a","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1013871/000101387126000020/nrg-20260630.htm","publishedAt":"2026-08-04","sha256":"bdf5cb70b2d6a56a2b4b141a5d62d596fe540d9a42d6fe88cff3a3af9bdb6be0","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1013871/000110465926030844/tm261406-2_def14a.htm","publishedAt":"2026-03-18","sha256":"754abb3b0043c86a1fef0f6db7b1da74411e59454f556d5b091781901ba243a2","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1013871/000101387125000006/nrg-20241231.htm","publishedAt":"2025-02-26","sha256":"313fb61bfdd716b105a742a7a9af84640fc1b9ba9a0b57514f6126ad69409e1c","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1013871/000101387124000005/nrg-20231231.htm","publishedAt":"2024-02-28","sha256":"6d012aea88099ac64cfc3441bffc215f1361c82c6a6a5a1de8cbcf1b03dd0a1e","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1013871/000101387126000012/nrg-20260331.htm","publishedAt":"2026-05-06","sha256":"c441b8df5a4c0fe364b1db212e2205fdc8165404eae98d6ec5b1d976a97a6083","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"}