NRG Energy, Inc.
- Open
- 110.47
- Day high
- 110.97
- Day low
- 108.54
- Prev close
- 111.12
- Volume
- 3.6M
- Mkt cap
- $23.1B
- P/E (TTM)
- 28.8
- EPS (TTM)
- $3.82
- P/B
- 4.8
- P/S
- 0.6
- Yield
- 1.69%
- Per share
- $1.86
- ▼Insiders net selling -$4.1M over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions accumulating (13F)
NRG Energy, Inc. (NRG) is a Utilities company listed on NYSE. The stock is down 25% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4). Drillr has 2 published research articles covering NRG.
NRG Energy, Inc. (NRG) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 7 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
NRG earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 4, 2026 | $1.69 | $1.49 | -11.8% | $7.5B | +2.3% |
| May 6, 2026 | $1.78 | $1.48 | -16.9% | $10.3B | +22.1% |
| Feb 24, 2026 | $0.97 | $1.03 | +6.0% | $7.8B | +16.1% |
| Nov 6, 2025 | $2.14 | $2.75 | +28.5% | $7.6B | +2.3% |
| Aug 6, 2025 | $1.74 | $1.68 | -3.4% | $6.7B | +4.5% |
| Feb 26, 2025 | $1.04 | $1.52 | +46.2% | $6.8B | -12.7% |
| Nov 8, 2024 | $1.95 | $1.85 | -5.1% | $7.2B | -23.0% |
| Feb 28, 2024 | $0.94 | $1.14 | +21.3% | $6.7B | +5.1% |
| Nov 2, 2023 | $4.04 | $1.41 | -65.1% | $7.9B | -27.4% |
| May 4, 2023 | $0.90 | $0.86 | -4.4% | $7.7B | +117.2% |
| Feb 16, 2023 | $1.43 | $1.64 | +14.7% | $7.9B | +154.1% |
| Aug 4, 2022 | $0.31 | $0.33 | +6.5% | $7.3B | +6.9% |
NRG insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 5, 2026 | Curci Brianofficer: Exec VP & General Counsel | Grant | 44 | — |
| Aug 5, 2026 | Liyanearachchi Dakofficer: Exec VP, Chief Technology Ofc. | Grant | 24 | — |
| Aug 5, 2026 | Donohue Elisabeth Bdirector | Grant | 81 | — |
| Aug 5, 2026 | Bentley Bradofficer: Exec VP, Pres NRG Consumer | Tax | 3,401 | — |
| Aug 5, 2026 | Bentley Bradofficer: Exec VP, Pres NRG Consumer | Tax | 1,570 | — |
| Aug 5, 2026 | Cox Heatherdirector | Grant | 68 | — |
| Aug 5, 2026 | Bentley Bradofficer: Exec VP, Pres NRG Consumer | Grant | 112 | — |
| Aug 5, 2026 | Kapoor Sanjaydirector | Grant | 13 | — |
| Aug 5, 2026 | ZLOTNIK MARCIEdirector | Grant | 29 | — |
| Aug 5, 2026 | Kinney Virginiaofficer: Exec VP, Chief Admin Officer | Grant | 27 | — |
| Aug 5, 2026 | Gaudette Robert Jdirector, officer: President & CEO | Grant | 53 | — |
| Aug 5, 2026 | Carter Matthew Jrdirector | Grant | 149 | — |
| Aug 5, 2026 | Pourbaix Alexander Jdirector | Grant | 44 | — |
| Aug 5, 2026 | Pruner Alexandradirector | Grant | 112 | — |
| Aug 5, 2026 | Spencer Gerald Alfredofficer: SVP & Chief Accounting Officer | Grant | 14 | — |
Source: NRG SEC Form 4 filings, latest Aug 5, 2026. For informational purposes only — not investment advice.
See the full NRG insider & 13F page →NRG research & analysis
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NRG Energy, Inc. company profile
Overview
NRG Energy, Inc. (NYSE:NRG) is a Houston-based integrated power company founded in 1989 that went public in December 2003. The company has evolved from a traditional independent power producer into one of North America's largest integrated energy platforms, serving approximately 8 million customers across the United States. Through strategic acquisitions, including the transformative purchase of Direct Energy in 2020 and Vivint Smart Home in 2023, NRG has positioned itself as a comprehensive energy solutions provider spanning electricity generation, retail energy services, and smart home technologies. The company operates across multiple regions including Texas, the Eastern United States (primarily PJM markets), and Western markets, with a generation portfolio of approximately 18,000 megawatts of capacity from diverse fuel sources.
Business
NRG Energy operates as an integrated power company in the competitive electricity markets of the United States, combining three primary business segments that work synergistically to serve both wholesale and retail customers. The company's Generation business forms the foundation of its operations, owning and operating approximately 18,000 megawatts of electricity generation capacity across 25 power plants. This diverse portfolio includes natural gas-fired plants (the largest component), coal facilities, nuclear plants, solar installations, and battery storage systems. These assets generate electricity that is sold into wholesale power markets or used to serve the company's retail customers. The generation fleet is strategically located in key markets including Texas (ERCOT), the Mid-Atlantic and Northeast (PJM), and Western markets. The Retail Energy Services segment represents NRG's customer-facing business, serving approximately 6 million residential, commercial, and industrial customers through various brand names including NRG, Reliant, Direct Energy, Green Mountain Energy, Stream, and XOOM Energy. This segment procures electricity from NRG's own generation assets and third-party sources, then sells it directly to end-use customers along with related services such as demand response, energy efficiency solutions, and backup generation services. The retail business also includes trading operations in electricity, natural gas, and related financial products. The Smart Home Services segment, significantly expanded through the 2023 acquisition of Vivint Smart Home, provides integrated home security, automation, and energy management solutions to residential customers. This includes security systems, smart thermostats, solar panels, home automation devices, and related monitoring services. The segment generates recurring monthly revenue through service subscriptions and benefits from high customer retention rates and opportunities for cross-selling additional services. Based on recent financial performance, the Generation and Retail Energy segments collectively represent approximately 75-80% of total EBITDA, while Smart Home Services contributes roughly 20-25%. The company also operates ancillary businesses including carbon management services, distributed generation solutions, and energy advisory services for large commercial and industrial customers.
Revenue model
NRG Energy employs a multi-faceted revenue model that capitalizes on different aspects of the electricity value chain and leverages vertical integration to optimize margins and reduce risk. The Generation business makes money primarily through wholesale electricity sales in competitive power markets. NRG sells electricity from its power plants at prevailing market prices, which fluctuate based on supply and demand dynamics, fuel costs, weather conditions, and grid reliability needs. The company also enters into longer-term power purchase agreements (PPAs) with utilities and large commercial customers, providing more predictable revenue streams. Additionally, NRG provides ancillary services to grid operators, such as frequency regulation and spinning reserves, which generate additional revenue streams from the same generation assets. The Retail Energy Services segment operates on a spread-based model, purchasing electricity at wholesale prices (often from NRG's own generation assets) and selling it to end customers at retail rates. Revenue comes from the margin between wholesale procurement costs and retail selling prices, plus various fees and charges for energy-related services. The company serves residential customers through variable and fixed-rate plans, while offering more complex structured products to commercial and industrial customers. This segment also generates revenue from energy trading activities, capitalizing on market volatility and price differences across regions and time periods. The Smart Home Services business operates primarily on a subscription model, generating recurring monthly revenue from customers who pay for monitoring services, equipment leasing, and ongoing support. Initial equipment installation provides upfront revenue, while the ongoing service contracts create predictable cash flows with high customer retention rates typically exceeding 85%. The segment also benefits from opportunities to sell additional products and services to existing customers. Several factors significantly impact NRG's profitability margins. Favorable conditions include extreme weather events that drive higher electricity demand and prices, natural gas price volatility that benefits efficient gas-fired generation, growing electricity demand from data centers and industrial facilities, and successful cross-selling of smart home services to existing energy customers. Challenging conditions include mild weather that reduces energy consumption, oversupply of generation capacity in key markets, rising fuel costs that compress generation margins, increased competition in retail markets, and economic downturns that affect both commercial demand and residential customer payment patterns. The company's integrated model provides some natural hedging, as higher wholesale prices that benefit generation can be partially offset by higher procurement costs in the retail business.
Competitive moat
NRG Energy possesses a moderate competitive moat built primarily on operational scale, market position, and integrated business model advantages, though the company faces meaningful competitive pressures across its business segments. The company's strongest competitive advantages stem from its integrated platform approach, which allows NRG to capture value across multiple points in the electricity value chain. By owning both generation assets and retail customer relationships, NRG can optimize dispatch decisions, hedge market risks more effectively, and reduce overall business volatility compared to pure-play competitors. This integration provides cost advantages and operational flexibility that standalone generators or retailers cannot easily replicate. The company's scale in key markets like Texas and PJM also provides negotiating leverage with suppliers, access to favorable financing terms, and the ability to spread fixed costs across a large customer base. NRG's customer relationships and brand portfolio create switching costs and loyalty, particularly in the Smart Home segment where customers invest in integrated systems and benefit from ongoing service relationships. The company's data and analytics capabilities, enhanced through its diverse customer base, enable more sophisticated pricing, risk management, and customer acquisition strategies than smaller competitors can deploy. However, NRG's moat faces several significant competitive threats. The electricity generation business is inherently commodity-like, with new entrants able to build competing facilities and wholesale markets that ensure price transparency. Renewable energy sources, particularly solar and wind with battery storage, are becoming increasingly cost-competitive and may displace NRG's fossil fuel generation over time. In retail markets, regulatory changes could reduce switching barriers or increase competition, while large technology companies and new entrants with superior digital capabilities could disrupt traditional customer acquisition and service models. The Smart Home segment, while offering higher switching costs, faces intense competition from technology giants like Google, Amazon, and Apple, as well as traditional security companies and telecommunications providers. These competitors often have superior technology resources, brand recognition, and customer acquisition capabilities. Additionally, regulatory risks in electricity markets, environmental regulations affecting fossil fuel generation, and the potential for grid modernization to reduce the value of traditional generation assets all pose long-term challenges to NRG's competitive position. Overall, NRG's moat is moderately strong in the near term but faces meaningful erosion risks over the longer term without continued strategic evolution and capital investment in emerging technologies and business models.
Risks & safety
NRG Energy presents a moderate margin of safety with manageable near-term financial risks but elevated leverage metrics that require careful monitoring. **Liquidity and Solvency:** - Current cash position of $693 million with current ratio of 1.06, indicating tight but adequate short-term liquidity - Debt-to-equity ratio of 3.96 represents high leverage, though typical for capital-intensive utilities - Strong operational cash flow generation of $855 million in Q1 2025 supports debt service capabilities - Free cash flow of $638 million demonstrates ability to self-fund operations and return capital to shareholders **Valuation Metrics:** - Price-to-earnings ratio of 6.3 suggests reasonable valuation relative to earnings power - EV/EBITDA of 4.95 indicates moderate valuation for utility sector - Price-to-book ratio of 6.8 reflects premium to asset value, typical for integrated utilities with customer relationships - Graham number of $34.57 compared to current price of $150.61 suggests potential overvaluation by traditional value metrics **Other Considerations:** - Recent major acquisition from LS Power significantly increases business scale but also adds integration risks and higher leverage - Strong EBITDA generation of $1.47 billion provides adequate coverage for interest expenses and capital requirements - Commitment to reduce debt by $3.7 billion over 24-36 months demonstrates management focus on deleveraging - Exposure to commodity price volatility and weather patterns creates earnings variability risks
Recent development
Over the past several years, NRG Energy has executed a comprehensive transformation strategy focused on building an integrated energy platform and positioning for long-term electricity market growth trends. The company's most significant recent development is the $12 billion acquisition of assets from LS Power in early 2025, which doubles NRG's generation fleet by adding 13 gigawatts of natural gas generation capacity and a 6-gigawatt commercial and industrial Virtual Power Plant platform. This transformative deal enhances NRG's market position in both PJM and Texas markets while significantly expanding its ability to serve large customers and data centers seeking reliable power solutions. NRG has been actively developing its Virtual Power Plant (VPP) capabilities, partnering with Renew Home and Google Cloud to create distributed energy resources that can be dispatched like traditional power plants. The company is targeting 1 gigawatt of residential VPP capacity in Texas and aims to reach 650 megawatts of dispatchable capacity by 2030, with projected annual recurring margins of $110 million at full scale. This initiative leverages NRG's Smart Home customer base to create grid-scale resources while providing additional value to residential customers. The company has been pursuing significant brownfield development projects, filing applications for 1.5 gigawatts of new natural gas generation in Texas and evaluating 21 development sites for potential data center and power plant opportunities. These projects are designed to capture growing electricity demand from data centers, artificial intelligence computing, and industrial electrification trends. NRG has established strategic partnerships with GE Vernova and KeyWitt to provide integrated energy solutions for large load customers and has signed multiple letters of intent with data center developers. In terms of operational improvements, NRG has successfully integrated its major acquisitions, achieving $550 million in synergies from the Direct Energy acquisition by the end of 2025 and demonstrating strong performance from the Vivint Smart Home business with 5% subscriber growth and 83% recurring service margins. The company has also implemented comprehensive cost reduction programs, targeting an additional $250 million in savings by 2025 while investing in technology platforms and customer experience enhancements. NRG's capital allocation strategy has evolved to emphasize aggressive shareholder returns while maintaining investment capacity for growth. The company has committed to $1 billion in annual share repurchases, increased its dividend by 8%, and plans to return approximately 85% of free cash flow to shareholders while funding organic growth investments of $1.6 billion through 2029.
NRG company profile · for informational purposes only — not investment advice.
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