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NRG Energy key statistics and ratios

In fiscal 2025, NRG Energy had return on equity of 41.5%, an operating margin of 6.0%, debt equal to 987.5% of equity and a current ratio of 1.64. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin40.5%31.4%25.7%27.1%28.0%25.6%27.0%25.1%24.1%25.0%25.6%28.1%——————
Operating margin24.1%14.8%7.0%4.2%3.0%8.0%−32.9%0.4%−8.2%10.4%13.1%12.2%12.4%6.4%1.3%8.6%6.0%6.1%
Net margin10.5%5.4%2.2%3.5%−3.4%0.8%−51.8%−8.7%−23.7%2.8%45.2%5.6%8.1%3.9%−0.7%4.0%2.8%2.6%
Free-cash-flow margin15.3%10.4%−12.6%−26.7%−6.3%3.8%2.6%15.3%14.9%10.4%12.1%17.7%0.8%−0.0%−2.8%6.5%2.5%1.1%
Return on equity12.2%6.0%2.5%3.3%−3.7%1.2%−74.6%−15.7%−67.1%73.0%—30.6%82.8%32.9%−6.0%41.8%41.5%26.0%
Return on assets4.0%1.9%0.7%1.0%−1.1%0.4%−17.4%−2.4%−8.0%1.6%38.3%3.7%11.5%4.7%−0.7%4.5%3.3%2.5%
Asset turnover0.380.350.340.270.330.430.340.280.340.560.850.661.421.211.041.121.160.96
Current ratio1.651.691.321.711.811.731.691.431.321.501.313.151.371.251.021.021.640.97
Debt to equity109.4%114.1%128.2%154.7%160.7%174.5%361.4%375.8%482.7%—364.4%527.3%225.4%211.9%377.1%440.1%987.5%482.7%
Interest cover (operating income ÷ interest)3.4x2.1x1.0x0.5x0.4x1.1xn/m0.1xn/m2.0x3.1x2.8x6.9x4.8x0.6x3.7x2.5x2.0x
Effective tax rate43.6%36.8%———2.2%———1.5%—33.0%23.5%26.6%—22.3%23.8%19.0%
R&D as % of revenue———0.8%0.7%0.6%1.2%0.5%0.2%0.1%0.1%0.1%——————
SG&A as % of revenue6.1%6.8%6.5%9.6%7.9%6.4%10.0%11.6%9.2%8.4%7.7%8.9%4.8%3.6%7.3%8.3%8.5%7.5%
Capital spending as % of revenue8.2%8.0%25.4%40.3%17.6%5.7%8.3%6.1%2.8%4.1%2.3%2.5%1.0%1.2%2.1%1.7%3.7%3.6%
Free cash flow ÷ net income145.6%192.2%−580.7%−761.7%—448.5%———369.0%26.7%315.1%10.2%−0.6%—163.0%88.7%41.0%
Dividends ÷ net income—————146.3%———13.8%0.7%57.8%14.6%27.2%—36.0%47.6%51.7%
Dividends and buybacks ÷ free cash flow36.4%19.6%———39.1%199.4%5.6%2.8%130.1%124.2%32.6%163.8%——73.1%224.8%597.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

0 of 7 checks passed · June 30, 2026
What it owns · $39.9bn
Short-term assets $9.7bnLonger-term assets $30.3bn
What it owes, and who funded it · $39.9bn
Short-term liabilities $10.0bnLonger-term liabilities $25.1bnShareholders' equity $4.9bn
  • Short-term assets cover short-term liabilities $9.7bn of assets due within a year against $10.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $9.7bn short-term assets against $25.1bn of longer-dated liabilities.
  • More cash than debt $162m of cash against $24.9bn of debt.
  • Debt below 40% of shareholders' equity Debt is 513% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 221% to 513% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.6bn of operating cash flow against $24.9bn of debt.
  • Operating profit covers interest at least five times over Operating income of $2.0bn against $1.0bn of interest.

From NRG Energy's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

46 /100

Moderate moat

How hard NRG Energy's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 11 / 20

    Cash operating profit has been a median 9.1% of total assets over 10 years.

  • Pricing power 7 / 20

    Gross margin has been a median 26.4%, moving by 5.1 percentage points (standard deviation) across 10 years.

  • Durability 1 / 20

    Operating margin has been a median 8.2%; its worst year was -7.1%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 9 of 10 years, at a median 6.4% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 16.5% over five years; stock-based pay has been a median 0.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (51 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: NRG vs TLNNRG vs TACKEN vs NRG

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Figures from NRG Energy's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to NRG Energy.