公司概述
Eversource Energy operates as a public utility holding company dedicated to the energy delivery business, managing operations across electric distribution, electric transmission, natural gas distribution, and water distribution segments. The company functions within the Utilities sector and specifically the Utilities - Regulated Electric industry, a classification that implies its rates are subject to regulatory oversight and its revenue streams are typically stable but capped by government authorities. As of the latest reporting period, the entity demonstrates significant scale with a market capitalization of $26.52 billion, annual revenue of $13.55 billion, and an workforce comprising 10,731 employees. These valuation and revenue figures indicate that Eversource Energy is a major player in the energy infrastructure landscape, possessing the substantial asset base required to maintain reliable grid operations while navigating the complex regulatory environment inherent to the regulated utility industry.
财务健康
The company reported a trailing twelve-month revenue of $13.55 billion, generating $1.69 billion in net income and $4.70 billion in EBITDA, a structure that highlights the substantial impact of operating expenses and depreciation on the bottom line. The disparity between the $13.55 billion in revenue and the $1.69 billion in net income reveals a cost structure where roughly 87.5% of top-line revenue is consumed by costs before reaching the net profit, a characteristic typical of capital-intensive utility businesses. Free cash flow stands at $761.49 million, which provides the company with financial flexibility to fund capital expenditures for grid modernization or to return capital to shareholders without needing to issue new equity or debt. The margin profile shows a gross margin of 53.6%, an operating margin of 22.1%, and a profit margin of 12.5%, indicating that while the company retains more than half of its revenue as gross profit, regulatory pass-throughs and high fixed costs significantly compress the final profit margin. Regarding liquidity and leverage, the company holds $135.35 million in cash against total debt of $30.24 billion, resulting in a debt-to-equity ratio of 184.95, which suggests a highly leveraged balance sheet consistent with the heavy asset requirements of the utility sector. The current ratio is 0.65, a figure that indicates the company has fewer current assets than current liabilities, relying on long-term debt financing and operational cash flows rather than short-term liquidity buffers to meet obligations. Return on equity is 10.8% while return on assets is 3.2%, metrics that reveal management is generating returns sufficient for a regulated monopoly but constrained by the high capital intensity of the business model.
估值评估
Valuation metrics for Eversource Energy include a trailing twelve-month P/E ratio of 15.48 and a forward P/E of 13.84, suggesting that the market expects earnings to grow in the future as the forward multiple is lower than the trailing multiple. The price-to-book ratio is 1.64, indicating that the market values the company's equity at a 64% premium over its book value, reflecting the utility's stable cash flows and regulated return environment. Alternative valuation measures such as the price-to-sales ratio of 1.96 and the EV/EBITDA of 12.09 provide additional context, showing that the company trades at a reasonable multiple relative to its sales and enterprise value-adjusted earnings. The stock's trading range over the past year spans from a 52-week low of $52.28 to a high of $76.41, placing the current share price at a specific point within this historical volatility band. The beta value of 0.78 indicates that the stock exhibits lower price volatility relative to the broader market, moving roughly 22% less than the market index on average, which aligns with the defensive characteristics of utility stocks.
Growth & Income
Revenue growth year-over-year stands at 13.4%, while earnings growth year-over-year is reported at 466.2%, a divergence that implies significant non-recurring items or base effects in the prior period are influencing the earnings figure disproportionately compared to operational revenue expansion. For dividend payers, the company offers a dividend yield of 4.5% with a payout ratio of 66.0%, a level that appears sustainable given the strong generation of free cash flow and the regulated nature of the business which ensures steady earnings. The high earnings growth rate relative to revenue suggests that the company may be benefitting from one-time adjustments or specific regulatory settlements that temporarily boosted profitability. Overall, the growth and income profile presents a scenario of modest operational revenue expansion supported by a robust dividend yield, making the asset attractive for income-focused portfolios despite the leverage-heavy balance sheet.