MeritValue

Evergy, Inc.

EVRGdata completeness 100%10 fiscal years on file
The thesis, from the filings

Evergy, Inc. earns about 6% on invested capital, with a roughly flat share count. The applicable estimate puts fair value near $37.96 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$5.33B1$5.59B2$5.35B3$5.7B3$5.71B3
Net income$879.7M4$752.7M5$731.3M6$873.5M6$855.6M6
Operating cash flow$1.35B7$1.8B8$1.98B9$1.98B9$2.05B9
Capital expenditure$1.97B10$2.17B11$2.33B12$2.34B12$2.8B12
Free cash flow (derived)−$620.8M7−$364.6M8−$353.8M9−$352.9M9−$751.7M9
Total debt$9.69B13$10.3B14$12.8B15$13.7B16$14.8B16
Cash & equivalents$26.2M17$25.2M18$27.7M19$22M20$19.8M20
Diluted shares229.6M230.3M230.5M230.6M233.6M

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
$437.56
your share of equity
Profit it earned you last year
$36.63
Free cash flow it threw off
−$32.18
Debt you’d be carrying
$633.57

10 shares is a claim on $437.56 of net worth that earned you $36.63 and generated −$32.18 of cash last year, against $633.57 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
6% avg · 5y
FY21 6%FY22 6%FY23 6%FY24 6%FY25 6%

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

seeing a moat in the numbers →
Management signal · capital allocation
+2% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 53% 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
$37.96
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$855.6M
  • growthAssumed0.0%
Graham Number
$60.03
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 0001711269-24-000007 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001711269-25-000004 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001711269-26-000017 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001711269-24-000007 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001711269-25-000004 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001711269-26-000017 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001711269-24-000007 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001711269-25-000004 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001711269-26-000017 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001711269-24-000007 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001711269-25-000004 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001711269-26-000017 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001711269-23-000011 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001711269-24-000007 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001711269-25-000004 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001711269-26-000017 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001711269-23-000011 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001711269-24-000007 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001711269-25-000004 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001711269-26-000017 (CashAndCashEquivalentsAtCarryingValue)