Eversource Energy (ES) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-101.2%

-$0.84

vs $69.41 price

Levered DCF

-$23.00

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.79

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	14.77×	25.3×	-48.6×	20.7×	25.63×	24.3×	30.06×	20.01×
P/B	1.54×	1.37×	1.52×	1.88×	2.14×	2.08×	2.16×	1.8×
P/S	1.84×	1.73×	1.81×	2.37×	3.17×	3.29×	3.21×	2.44×
EV / EBITDA	10.04×	12.01×	34.58×	12.33×	14.75×	14.53×	15.31×	12.14×
Gross margin	30.1%	31.1%	40.7%	44.0%	48.2%	49.8%	48.4%	47.0%
Operating margin	22.1%	22.7%	20.1%	17.9%	20.2%	22.3%	18.7%	20.1%
Net margin	12.5%	6.8%	-3.7%	11.4%	12.4%	13.5%	10.7%	12.2%
Current ratio	0.65×	0.76×	0.67×	0.62×	0.56×	0.64×	0.67×	0.56×
Debt / equity	1.87×	1.94×	1.89×	1.48×	1.38×	1.29×	1.23×	1.27×
Interest coverage	2.4×	2.43×	2.8×	3.24×	3.42×	3.69×	2.98×	3.41×
Dividend yield	4.4%	4.9%	4.3%	3.0%	2.6%	2.6%	2.5%	3.1%
Payout ratio	65.0%	124.3%	-209.5%	61.8%	66.6%	62.4%	73.8%	62.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.4%	5.4%	-3.1%	9.1%	8.4%	8.6%	7.2%	9.0%
Return on invested capital	4.7%	3.2%	4.6%	3.4%	3.4%	3.6%	3.2%	3.7%
Return on assets	2.7%	1.4%	-0.8%	2.6%	2.5%	2.6%	2.2%	2.7%
Free cash flow yield	-0.2%	-11.3%	-12.5%	-3.6%	-3.9%	-4.3%	-3.3%	-3.6%
Earnings yield	6.8%	4.0%	-2.0%	4.8%	3.9%	4.1%	3.3%	5.0%
Enterprise value	$55.1B	$49.6B	$48.3B	$51.6B	$51.4B	$47.3B	$42.9B	$35.2B
Net debt / EBITDA	5.49×	7.04×	19.12×	5.39×	5.78×	5.53×	5.55×	5.01×
Cash conversion cycle (days)	4	7	-20	-40	-47	-32	-26	-21