NRG Energy, Inc. (NRG) Stock

NRG Energy, Inc. (NRG) is a Utilities stock trading at $126.21 (as of 2026-08-14), with a market capitalization of $26.53B and a trailing P/E of 29.2. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

NRG Energy, Inc. operates as an integrated power company in the United States through its Texas, East, and West segments, generating electricity from multiple fuel sources and providing electricity and related products and services to about 6 million residential, commercial, industrial, and wholesale customers. It also trades energy and related commodities and sells retail energy and related offerings under multiple brands.

Understand NRG Energy, Inc.: how it makes money

NRG Energy generates and sells electricity and related products and services to customers in the United States, and it makes money by producing power using resources such as natural gas, coal, oil, solar, nuclear, and battery storage, then delivering electricity and services to residential, commercial, industrial, and wholesale customers.

NRG's results are primarily shaped by regional operating performance (Texas and East adjusted EBITDA) plus energy and capacity revenue, with smaller items such as risk management results and coal availability impacts able to move the total.

Business quality (Mixed): Segment values provided are labeled around adjusted EBITDA rather than segment revenue, so they cannot be reconciled to the stated total revenue of 10.3B using only the supplied facts.

Valuation: At 162× earnings, NRG trades 637% above the Utilities average (22×). Note: one-time items can distort reported P/E.

Bull case

Regional operating contribution: Texas segment - adjusted EBITDA is shown at 0.81 USD_B, while East segment - adjusted EBITDA is 0.11 USD_B, indicating Texas is a major driver of reported operating performance.
Capacity-related revenue line item: Energy and capacity revenue is provided at 0.69 USD_B, highlighting a meaningful non-energy (capacity) revenue component in the operating mix.
Scale of customer base: NRG supplies power to approximately 6 million residential, commercial, industrial, and wholesale customers.

Bear case

Thin profitability: Operating margin is 3.2% for the period ended 2026-03-31, which leaves limited room for adverse operating changes.
Results can be affected by transient drivers: The dataset includes Gain (Loss) on risk management activities and Coal availability impact (Generation segment) on EBITDA, which suggests some factors beyond core power sales can move results.
Regional concentration of operating strength: Reported operating performance appears more heavily weighted to Texas than other areas (for example, East segment - adjusted EBITDA is 0.11 USD_B and West & other is 0.14 USD_B on the provided full-year adjusted EBITDA figures).

Valuation — source: SEC EDGAR (first-party)
Price	$126.21
Market Cap	$26.53B
P/E Ratio	29.2
EV / EBITDA	13.6
Price / Book	5.46
Price / Sales	0.74
FCF Yield	1.0%
DCF Value (model)	$51.06
DCF Upside vs Price	-59.5%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$30.71B
Net Margin	2.8%
Revenue Growth (YoY)	9.2%
EPS Growth (YoY)	-20.4%
FCF Growth (YoY)	-58.2%

Financial Health — source: SEC EDGAR
Altman Z-Score	2.16 (grey)

Valuation vs Sector & Industry
Stock P/E	29.2
Sector P/E (Utilities)	21.7
Industry P/E (Utilities)	21.1
vs Sector	34.7%
vs Industry	38.6%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($3.89B)
Institutional Holders Tracked	10
Congressional Trades (recent)	2

Company
Sector	Utilities
Industry	Utilities
CEO	Lawrence Stephen Coben
Employees	15,637
Country	US
IPO Date	2003-12-02

Related Companies (Business model: Regulated Utility (Electric / Gas); 8 closest by market cap; US-domiciled)

Data as of 2026-08-14.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.