NRG Energy (NRG) vs peers in numbers

Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
NRG NRG Energy	FY2025	$30.7B	+9.4%	6.0%	2.8%	2.5%	51.4%	9.86
DUK Duke Energy	FY2025	$32.2B	+5.6%	26.8%	15.4%	−5.3%	9.6%	1.73
CEG Constellation Energy	FY2025	$25.5B	+19.5%	12.1%	9.1%	5.0%	16.0%	0.62
SO Southern Company	FY2025	$29.6B	+10.6%	24.7%	14.7%	−9.9%	12.1%	2.02
NEE NextEra Energy	FY2025	$27.4B	+9.8%	30.2%	24.9%	-	12.5%	1.74
PCG PG&E Corporation	FY2025	$24.9B	+2.1%	19.0%	10.4%	−12.3%	8.0%	1.85
EXC Exelon	FY2025	$24.3B	+5.3%	21.2%	11.4%	−9.4%	9.6%	1.74
AEP American Electric Power	FY2025	$21.9B	+8.7%	24.3%	16.4%	16.0%	11.5%	1.54
VST Vistra Corp.	FY2025	$17.7B	+19.1%	10.7%	5.3%	7.4%	18.5%	3.70
EIX Edison International	FY2025	$19.3B	+9.8%	36.7%	23.1%	−3.7%	25.4%	2.30

RevenueSales growthOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
NRG Dec	$8.9B	$9.1B	$9.5B	$9.8B	$9.1B	$27.0B	$31.5B	$28.8B	$28.1B	$30.7B
DUK Dec	$22.7B	$23.6B	$24.5B	$25.1B	$23.4B	$24.6B	$28.8B	$29.1B	$30.4B	$32.2B
CEG Dec	-	-	-	-	$17.6B	$19.6B	$24.4B	$24.9B	$23.6B	$25.5B
SO Dec	$19.9B	$23.0B	$23.5B	$21.4B	$20.4B	$23.1B	$29.3B	$25.3B	$26.7B	$29.6B
NEE Dec	$16.1B	$17.2B	$16.7B	$19.2B	$18.0B	$17.1B	$21.0B	$28.1B	$24.8B	$27.4B
PCG Dec	$17.7B	$17.1B	$16.8B	$17.1B	$18.5B	$20.6B	$21.7B	$24.4B	$24.4B	$24.9B
EXC Dec	$31.4B	$33.6B	$36.0B	$34.4B	$16.7B	$17.9B	$19.1B	$21.7B	$23.0B	$24.3B
AEP Dec	$16.4B	$15.4B	$16.2B	$15.6B	$14.9B	$16.8B	$19.6B	$19.5B	$20.0B	$21.9B
VST Dec	-	$5.4B	$9.8B	$11.8B	$11.4B	$17.7B	$15.6B	$14.8B	$17.2B	$17.7B
EIX Dec	$11.9B	$12.3B	$12.7B	$12.3B	$13.6B	$14.9B	$17.2B	$16.3B	$17.6B	$19.3B
Peer median	$17.7B	$17.2B	$16.7B	$18.2B	$17.6B	$17.9B	$21.0B	$24.4B	$23.6B	$24.9B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
NRG Dec	−14.7%	+1.8%	+4.5%	−1.9%	+8.7%	+208%	+17.6%	−10.3%	−1.8%	+9.4%
DUK Dec	+1.7%	+3.6%	+4.1%	+2.5%	−3.6%	+5.3%	+17.1%	0.0%	+4.8%	+5.6%
CEG Dec	-	-	-	-	-	+11.6%	+25.0%	−3.4%	−9.0%	+19.5%
SO Dec	+13.8%	+15.8%	+2.0%	−8.8%	−4.9%	+13.4%	+26.7%	−13.8%	+5.8%	+10.6%
NEE Dec	−7.6%	+6.4%	−2.6%	+13.6%	−2.9%	+10.6%	+22.3%	+7.8%	−5.2%	+9.8%
PCG Dec	+4.9%	−3.0%	−2.2%	+2.2%	+7.8%	+11.8%	+5.0%	+12.7%	0.0%	+2.1%
EXC Dec	+6.5%	+7.0%	+7.2%	−4.3%	−4.1%	+7.7%	+6.4%	+13.9%	+6.0%	+5.3%
AEP Dec	−0.4%	−5.8%	+5.0%	−3.9%	−4.1%	+12.6%	+17.0%	+0.3%	+2.6%	+8.7%
VST Dec	-	-	+68.4%	+17.9%	−6.0%	+63.1%	−11.7%	−11.7%	+6.9%	+19.1%
EIX Dec	+3.0%	+3.8%	+2.7%	−2.4%	+10.0%	+9.8%	+15.5%	−5.1%	+7.7%	+9.8%
Peer median	+3.0%	+3.8%	+3.4%	−0.1%	−3.8%	+11.6%	+17.0%	0.0%	+4.8%	+9.8%

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
NRG Dec	0.4%	−8.2%	10.4%	13.1%	12.2%	12.4%	6.4%	1.3%	8.6%	6.0%
DUK Dec	22.9%	23.9%	19.1%	22.8%	19.6%	22.3%	20.9%	24.3%	26.1%	26.8%
CEG Dec	-	-	-	-	1.5%	−1.8%	2.0%	6.5%	18.5%	12.1%
SO Dec	22.5%	10.1%	17.8%	36.1%	24.0%	16.0%	18.3%	23.1%	26.4%	24.7%
NEE Dec	27.6%	30.1%	25.6%	27.9%	28.4%	17.1%	19.5%	36.4%	30.2%	30.2%
PCG Dec	11.8%	17.0%	−57.9%	−58.9%	9.5%	9.1%	8.5%	10.9%	18.3%	19.0%
EXC Dec	10.2%	13.1%	10.8%	12.7%	13.1%	15.0%	17.4%	18.5%	18.8%	21.2%
AEP Dec	7.1%	22.9%	16.6%	16.7%	20.0%	20.3%	17.7%	18.3%	21.6%	24.3%
VST Dec	-	3.6%	5.0%	16.9%	13.3%	−8.6%	−7.5%	18.0%	23.7%	10.7%
EIX Dec	17.4%	11.8%	−4.4%	14.4%	9.0%	9.9%	8.6%	16.1%	16.6%	36.7%
Peer median	17.4%	15.0%	13.7%	16.8%	13.3%	15.0%	17.4%	18.3%	21.6%	24.3%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
NRG Dec	−8.7%	−23.7%	2.8%	45.2%	5.6%	8.1%	3.9%	−0.7%	4.0%	2.8%
DUK Dec	9.5%	13.0%	10.9%	14.9%	5.9%	15.9%	8.9%	9.8%	14.9%	15.4%
CEG Dec	-	-	-	-	3.3%	−1.0%	−0.7%	6.5%	15.9%	9.1%
SO Dec	12.3%	3.7%	9.5%	22.1%	15.3%	10.4%	12.0%	15.7%	16.5%	14.7%
NEE Dec	18.0%	31.3%	39.7%	19.6%	16.2%	20.9%	19.8%	26.0%	28.1%	24.9%
PCG Dec	7.9%	9.6%	−40.9%	−44.7%	−7.1%	−0.5%	8.3%	9.2%	10.1%	10.4%
EXC Dec	3.6%	11.3%	5.6%	8.5%	11.8%	9.5%	11.4%	10.7%	10.7%	11.4%
AEP Dec	3.7%	12.4%	11.9%	12.3%	14.7%	14.8%	11.7%	11.3%	14.9%	16.4%
VST Dec	-	−4.7%	−0.6%	7.9%	5.6%	−7.2%	−7.8%	10.1%	15.4%	5.3%
EIX Dec	11.0%	4.6%	−3.3%	10.4%	5.4%	5.1%	3.6%	7.3%	7.3%	23.1%
Peer median	9.5%	10.4%	7.5%	11.4%	5.9%	9.5%	8.9%	10.1%	14.9%	14.7%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
NRG Dec	$1.4B	$1.4B	$989.0M	$1.2B	$1.6B	$224.0M	−$7.0M	−$819.0M	$1.8B	$766.0M
DUK Dec	−$1.0B	−$1.4B	−$2.2B	−$2.9B	−$1.1B	−$1.4B	−$5.4B	−$2.7B	$48.0M	−$1.7B
CEG Dec	-	-	-	-	−$1.2B	−$2.7B	−$4.0B	−$7.7B	−$5.0B	$1.3B
SO Dec	−$2.4B	−$1.0B	−$1.1B	−$1.8B	−$826.0M	−$1.4B	−$1.6B	−$1.5B	$833.0M	−$2.9B
NEE Dec	-	-	-	-	-	-	-	-	-	-
PCG Dec	−$1.3B	$336.0M	−$1.8B	−$1.5B	−$26.8B	−$5.4B	−$5.9B	−$5.0B	−$2.3B	−$3.1B
EXC Dec	−$92.0M	−$104.0M	$1.1B	−$589.0M	−$3.8B	−$5.0B	−$2.3B	−$2.7B	−$1.5B	−$2.3B
AEP Dec	$4.4B	$4.3B	$5.2B	$3.4B	$3.8B	-	-	$4.9B	$6.4B	$3.5B
VST Dec	-	$1.3B	$941.0M	$2.0B	$2.1B	−$1.2B	−$816.0M	$3.8B	$2.5B	$1.3B
EIX Dec	−$495.0M	−$247.0M	−$1.3B	−$5.2B	−$4.2B	−$5.5B	−$2.6B	−$2.0B	−$693.0M	−$715.0M
Peer median	−$766.5M	−$104.0M	−$1.1B	−$1.5B	−$1.1B	−$2.7B	−$2.6B	−$2.4B	−$322.5M	−$1.2B

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
NRG Dec	15.3%	14.9%	10.4%	12.1%	17.7%	0.8%	0.0%	−2.8%	6.5%	2.5%
DUK Dec	−4.6%	−6.1%	−9.0%	−11.6%	−4.5%	−5.8%	−18.9%	−9.4%	0.2%	−5.3%
CEG Dec	-	-	-	-	−6.6%	−13.6%	−16.5%	−31.0%	−21.3%	5.0%
SO Dec	−12.1%	−4.5%	−4.5%	−8.3%	−4.1%	−6.1%	−5.5%	−6.1%	3.1%	−9.9%
NEE Dec	-	-	-	-	-	-	-	-	-	-
PCG Dec	−7.4%	2.0%	−10.5%	−8.7%	−145.2%	−26.3%	−27.0%	−20.3%	−9.6%	−12.3%
EXC Dec	−0.3%	−0.3%	2.9%	−1.7%	−22.9%	−27.7%	−11.9%	−12.4%	−6.6%	−9.4%
AEP Dec	26.9%	27.7%	32.3%	21.5%	25.7%	-	-	25.0%	32.1%	16.0%
VST Dec	-	23.4%	9.6%	17.1%	18.2%	−7.0%	−5.2%	25.6%	14.4%	7.4%
EIX Dec	−4.2%	−2.0%	−10.5%	−42.0%	−31.1%	−36.9%	−14.9%	−12.5%	−3.9%	−3.7%
Peer median	−4.4%	−0.3%	−4.5%	−8.3%	−5.6%	−13.6%	−14.9%	−10.9%	−1.9%	−4.5%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
NRG Dec	−17.4%	−109.4%	n/m	n/m	30.4%	60.8%	31.9%	−7.0%	45.4%	51.4%
DUK Dec	5.2%	7.3%	6.1%	8.0%	2.9%	7.9%	5.2%	5.8%	9.0%	9.6%
CEG Dec	-	-	-	-	4.0%	−1.8%	−1.5%	14.9%	28.5%	16.0%
SO Dec	9.9%	3.5%	9.0%	17.2%	11.2%	8.6%	11.6%	12.6%	13.3%	12.1%
NEE Dec	11.9%	19.1%	19.4%	10.2%	8.0%	9.6%	10.6%	15.4%	13.9%	12.5%
PCG Dec	7.8%	8.6%	−54.2%	−149.1%	−6.3%	−0.5%	7.9%	9.0%	8.2%	8.0%
EXC Dec	4.3%	12.6%	6.5%	9.1%	6.0%	5.0%	8.8%	9.0%	9.1%	9.6%
AEP Dec	3.5%	10.5%	10.1%	9.8%	10.7%	11.1%	9.7%	8.7%	11.0%	11.5%
VST Dec	-	−4.0%	−0.7%	11.7%	7.6%	−15.4%	−25.0%	28.1%	47.7%	18.5%
EIX Dec	9.2%	4.1%	−3.3%	8.3%	5.3%	4.8%	3.9%	7.7%	8.2%	25.4%
Peer median	7.8%	7.9%	6.3%	9.4%	6.0%	5.0%	7.9%	9.0%	11.0%	12.1%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
NRG Dec	3.76	4.82	n/m	3.64	5.27	2.25	2.12	3.76	4.40	9.86
DUK Dec	1.23	1.30	1.32	1.31	1.31	1.36	1.49	1.62	1.68	1.73
CEG Dec	-	-	-	-	-	0.58	0.53	0.85	0.64	0.62
SO Dec	1.92	2.10	1.89	1.70	1.76	1.93	1.89	1.97	1.95	2.02
NEE Dec	1.26	1.23	0.94	1.14	1.30	1.45	1.62	1.54	1.64	1.74
PCG Dec	0.10	0.07	3.48	0.00	1.95	2.14	2.18	2.19	1.83	1.85
EXC Dec	1.34	1.15	1.17	1.16	1.17	0.99	1.61	1.70	1.73	1.74
AEP Dec	1.22	1.21	1.29	1.47	1.60	1.60	1.66	1.67	1.64	1.54
VST Dec	-	0.70	1.41	1.35	1.11	1.29	2.57	2.71	2.93	3.70
EIX Dec	0.88	1.05	1.22	1.22	1.62	1.74	2.03	2.20	2.35	2.30
Peer median	1.23	1.18	1.31	1.26	1.46	1.45	1.66	1.70	1.73	1.74

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
NRG Dec	−$2.22	−$6.79	$0.87	$16.81	$2.07	$8.93	$5.17	−$1.12	$4.99	$4.01
DUK Dec	$3.11	$4.36	$3.76	$5.06	$1.72	$4.94	$3.17	$3.54	$5.71	$6.31
CEG Dec	-	-	-	-	$0.00	$0.00	−$0.49	$5.01	$11.89	$7.40
SO Dec	$2.55	$0.84	$2.17	$4.50	$2.93	$2.24	$3.26	$3.62	$3.99	$3.92
NEE Dec	$1.56	$2.85	$3.47	$1.94	$1.48	$1.81	$2.10	$3.60	$3.37	$3.30
PCG Dec	$2.78	$3.21	−$13.25	−$14.50	−$1.05	−$0.05	$0.84	$1.05	$1.15	$1.18
EXC Dec	$1.21	$3.98	$2.07	$3.01	$2.01	$1.74	-	-	-	-
AEP Dec	$1.24	$3.88	$3.90	$3.88	$4.42	$4.96	$4.49	$4.24	$5.58	$6.66
VST Dec	-	−$0.59	−$0.11	$1.86	$1.30	−$2.69	−$3.26	$3.58	$7.00	$2.18
EIX Dec	$3.97	$1.72	−$1.30	$3.77	$1.98	$2.00	$1.60	$3.11	$3.31	$11.55
Peer median	$2.55	$3.03	$2.12	$3.39	$1.72	$1.81	$1.85	$3.59	$4.79	$5.12

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out NRG and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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NRG and 9 peers, year by year