MeritValue

EVERSOURCE ENERGY

ESdata completeness 100%17 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

The thesis, from the filings

EVERSOURCE ENERGY earns about 6% on equity, but has diluted owners by 8% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $34.28 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$9.82B1$12.3B2$11.9B3$11.8B3$13.5B3
Net income$1.23B4$1.41B4−$434.7M4$819.2M5$1.7B5
Operating cash flow$1.96B6$2.4B7$1.65B8$2.16B8$4.11B8
Capital expenditure$3.18B9$3.44B10$4.34B11$4.48B11$4.16B11
Free cash flow (derived)−$1.21B6−$1.04B7−$2.69B8−$2.32B8−$45.1M8
Total debt$18.2B12$21B13$24.4B14$26.7B15$28.3B15
Cash & equivalents$66.8M16$374.6M17$53.9M18$26.7M19$135.4M19
Diluted shares344.6M347.2M349.8M357.8M371.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$436.28
your share of equity
Profit it earned you last year
$45.79
Free cash flow it threw off
−$1.21
Debt you’d be carrying
$761.34

10 shares is a claim on $436.28 of net worth that earned you $45.79 and generated −$1.21 of cash last year, against $761.34 of debt.

iii. Is this a good business?
Moat signal · return on equity
6% avg · 5y
FY21 8%FY22 9%FY23 -3%FY24 5%FY25 10%

It earned an average 6% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+8% shares · 5y

Share count is up 8% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 55% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
$34.28
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.23B
  • growthAssumed0.0%
Graham Number
$66.9
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000072741-24-000005 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000072741-25-000007 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-26-008461 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000072741-24-000005 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001628280-26-008461 (ProfitLoss)
  6. 10-K · period ending 2021-12-31 · accession 0000072741-24-000005 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0000072741-25-000007 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001628280-26-008461 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0000072741-24-000005 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0000072741-25-000007 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001628280-26-008461 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2021-12-31 · accession 0000072741-23-000004 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2022-12-31 · accession 0000072741-24-000005 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-12-31 · accession 0000072741-25-000007 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-12-31 · accession 0001628280-26-008461 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2021-12-31 · accession 0000072741-23-000004 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0000072741-24-000005 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0000072741-25-000007 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001628280-26-008461 (CashAndCashEquivalentsAtCarryingValue)