Eversource Energy (ES) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Utilities · as of Aug 11, 2026
Eversource Energy (ES)
A forensic read on Eversource Energy built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
0.8
Distress distance
Clean
Earnings quality
4
Forensic signals
15.4
P / E (ttm)
10.4%
ROE
$26.7B
Market cap
4.37%
Dividend yield
13.8%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Eversource Energy earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 0.8, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+2.3%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +7% over the last 3 years to FY2025 (+2.3%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~2.3% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~6%.
0.2% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 0.2% of revenue in FY2025 — about $0.09 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 2.3% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
FCF ($45M)
FY2025
Shareholder returns.Returned $1.1B to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($45M) after capex — there was no free cash flow to fund the payout from at all, though operating cash flow alone was $4.1B — 27% of that. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
4.1%
FY2025
Return on invested capital.Return on invested capital is 4.1% in the latest fiscal year and steady — slightly below its ~6% cost of capital — reinvestment is roughly a wash.
Key fundamentals
Latest Revenue$13.55B
Revenue Growth YoY+13.8%
Revenue CAGR (3yr)+3.3%
Net Margin12.5%
Free Cash Flow-$45.1M
Return on Equity10.4%
Debt / Equity1.75x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Eversource Energy's actual 10-K/10-Q/8-K filings?