Nrg ENERGY, Inc. (NRG) intrinsic value & 10-year financials
Nrg ENERGY, Inc. (NRG) has a Graham intrinsic value of $133.19 per share. At $103.75 on Oct 17, 2026, the stock trades 22% below that value. Over the last 10 fiscal years revenue grew 10.5% a year to $30.3B, with an average return on invested capital of 11.3%.
- Graham intrinsic value
- $133.19
- Share price (Oct 17, 2026)
- $103.75
- Price vs Graham value
- 22% below
- Market cap
- $20.6B
- Revenue (FY2025)
- $30.3B
- Revenue growth (10-yr CAGR)
- 10.5%
- ROIC (10-yr avg)
- 11.3%
- Free cash flow (FY2025)
- $766.0M
NRG 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $30.3B | $864.0M | $4.01 | $766.0M | 6.1% | 11.4% |
| FY2024 | $27.7B | $1.1B | $4.99 | $1.8B | 8.7% | 15.8% |
| FY2023 | $28.3B | -$202.0M | -$1.12 | -$819.0M | 1.4% | 3.1% |
| FY2022 | $31.5B | $1.2B | $5.17 | -$7.0M | 6.4% | 13.1% |
| FY2021 | $26.8B | $2.2B | $8.93 | $224.0M | 12.5% | 28.7% |
| FY2020 | $8.7B | $510.0M | $2.07 | $1.6B | 12.7% | 10.9% |
| FY2019 | $8.0B | $4.4B | $16.81 | $1.2B | 16.1% | 21.9% |
| FY2018 | $8.1B | $268.0M | $0.87 | $989.0M | 12.1% | 9.0% |
| FY2017 | $10.6B | -$2.2B | -$6.79 | $276.0M | -5.5% | -3.2% |
| FY2016 | $12.4B | -$774.0M | -$2.22 | $828.0M | 4.3% | 2.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
NRG Energy is a consistent compounder, expanding top-line revenue at 10.5% annually over the past decade.
NRG Energy returns on capital have been average, hovering around 11.3% ROIC over the decade.
Over the decade, NRG Energy shows that management has aggressively returned capital to shareholders by retiring 37.0% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, NRG Energy is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $133.19 per share.