NRG Energy, Inc.NRG
NYSE•Utilities•Utilities - Independent Power Producers
NRG Energy, Inc., together with its subsidiaries, operates as an energy and home services company in the United States and Canada. It operates through the Texas, East, West/Other, Vivint Smart Home, and Corporate Activities segments. The company offers retail electricity, energy management, demand response and virtual power plant programs, carbon offsets, smart home security, and automation services. It also offers system power, distributed and backup generation, energy storage, energy management, renewable and low-carbon products, and carbon management solutions for large business and commercial customers; a cloud-based home platform, including hardware, software, sales, installation, customer service, technical support, and professional monitoring solutions; and generation portfolio includes fossil fuel and renewable generation assets diversified by fuel type and dispatch level, with ongoing development of new natural gas and renewable projects. In addition, the company trades in power, natural gas, and related products; environmental products; weather products; and financial products, including forwards, futures, options, and swaps. It offers its products and services under the NRG, Reliant, Direct Energy, Green Mountain Energy, and Vivint. It serves residential, commercial, government, industrial, data center, and wholesale customers. NRG Energy, Inc. was founded in 1989 and is headquartered in Houston, Texas.
NRG Energy, Inc. (NRG) reported trailing twelve months revenue of $32.38B as of March 2026, a 10.6% increase year-over-year. Quarterly revenue reached $10.26B, reflecting continued top-line momentum.
NRG Energy, Inc. generated $239.00M in TTM net income, with quarterly EBITDA of $760.00M. The operating margin contracted from 13.2% to 3.2%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (3.2%) and net margin (1.2%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 8.7% a year ago, reflecting increased costs or interest expense.
NRG trades at a P/E of 122.3x (a premium multiple) and a P/S of 0.9x. The price-to-book ratio of 6.0x indicates a significant premium over book value.
The company reported negative free cash flow of $-486.00M, indicating cash consumption over the period. The balance sheet shows $40.05B in total assets with $19.78B in long-term debt against $4.87B in stockholders equity for a debt-to-equity ratio of 4.1, a relatively leveraged position. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 6.2%. The business may lack pricing power or face rising costs.'
ROE averages 42.8% but has fluctuated — the competitive advantage may be cyclical or emerging.
5 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (6 of 7 quarters up), with ~12.3% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins dropped 66.5% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.
D/E ratio is 4.1 — dangerously high. The company is heavily leveraged and vulnerable to rising rates or cash flow dips.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 3 of the last 8 quarters — occasional cash consumption.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation