Forensic Analysis · Combined Electric & Other Services · as of Nov 9, 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.
C · Mixed — selective
Forensic grade
Clean
Earnings quality
2
Forensic signals
8.5%
ROE
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 (auditor quality, say on pay, board independence, going concern). 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 C (Mixed — selective) forensic quality grade. 2 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. Capex and the payout together ran $1.4B past operating cash flow — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of. The balance sheet covered it: cash fell $2M and total debt rose $945M over FY2025 — $948M of the $1.4B. The FY2025 cash-flow statement filed $1.7B of debt issued against $751M repaid; $1M from shares issued; net cash used in investing activities of $2.6B; net cash provided by financing activities of $522M.
4.6%
FY2025
Return on invested capital.Return on invested capital is 4.6% in the latest fiscal year and steady across FY2023–FY2025, inside a 0.5-point range. After-tax operating profit was $1.2B in FY2023 and $1.4B in FY2025, with operating income at 23.3% of revenue in FY2023, 25.1% in FY2024 and 25.7% in FY2025. The capital base behind it went from $28.2B in FY2023 to $29.9B in FY2025 (+6%), while the revenue it carried went from $5.5B to $6.0B. Across FY2024–FY2025, $5.1B went into capital expenditure against $2.3B of total depreciation and amortisation. The base is struck net of amortisation, write-downs and the current liabilities that fund it, so it moved by less than that spending net of the wear, and this row does not say which of those absorbed the difference.
Key fundamentals
Latest Revenue$5.96B
Revenue Growth YoY+2.0%
Revenue CAGR (2yr)+4.0%
Net Margin14.4%
Free Cash Flow-$751.7M
Return on Equity8.5%
Debt / Equity1.31x
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 Evergy, Inc.'s actual 10-K/10-Q/8-K filings?