NRG Energy
ConvictionModerate
Integrated model: sells electricity & gas to ~6M+ retail customers under multiple brands (Reliant, Green Mountain, Direct Energy, NRG) while owning generation that naturally hedges that retail load; adds Vivint smart-home/home-energy services and a growing book of contracted data-center power. Earnings driven by retail margin + generation spark spreads + capacity, not a regulated rate base.
Revenue
$30.7BFY2025); $10.26B Q1'26Rev growth
~+9% FY25$28.1B -> $30.7B); Q1'26 +19.5% YoYGross margin
Not disclosed as a clean lineintegrated retail+gen); Adj-EBITDA margin ~13% FY25 ($4.1B / $30.7BOp margin
GAAP net margin ~2.9% FY25~$0.9B / $30.7B), depressed by non-cash mark-to-market hedge swings; Adjusted Net Income $1.6B FY25Capex intensity
Moderateorganic maintenance/growth capex ~$1B/yr, with major fleet growth funded via M&A (LS Power) rather than organic buildoutMarket cap
~$30BNYSE: NRG, early Jul 2026; sources range ~$28-31.5BThe read
Where our coverage leans
Coverage leans bullish
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Full financial intelligence for NRG Energy
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence