Forensic Analysis · Utilities · as of Aug 11, 2026

Evergy, Inc. (EVRG)

A forensic read on Evergy, Inc. 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

1.1

Distress distance

Clean

Earnings quality

Forensic signals

21.7

P / E (ttm)

8.4%

ROE

$19.0B

Market cap

3.35%

Dividend yield

2.0%

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.

Evergy, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 1.1, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by shareholder returns.

What the filings flag

FCF ($752M)

FY2025

Shareholder returns. Returned $613M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($752M) after capex — there was no free cash flow to fund the payout from at all, though operating cash flow alone was $2.0B — 30% 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.

4.5%

FY2025

Return on invested capital. Return on invested capital is 4.5% in the latest fiscal year and steady — slightly below its ~6% cost of capital — reinvestment is roughly a wash.

+0.5%/yr

FY2022–FY2025

Share count. Diluted share count changed +1% over the last 3 years to FY2025 (+0.5%/yr). Roughly flat — the count is neither shrinking nor growing meaningfully. Per-share value isn't being meaningfully helped or hurt by the count.

Key fundamentals

Latest Revenue$5.96B

Revenue Growth YoY+2.0%

Revenue CAGR (3yr)+0.6%

Net Margin14.4%

Free Cash Flow-$751.7M

Return on Equity8.4%

Debt / Equity1.31x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.