At a glance
Eversource Energy is worth $26.20B, about 15 times its fiscal 2025 earnings. Revenue grew 13.8% to $13.55B in fiscal 2025, with 12.5% kept as profit; over 5 years it has grown 8.8% a year. It pays a 4.49% dividend yield, raised every year for at least 9 years, and returned $4.68B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −1.4% over the past year with dividends reinvested and +0.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 36.8% in the 2020 crash (S&P 500: 33.7%) and 23.1% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Eversource Energy, based in Boston and Hartford, is a holding company: it owns regulated utilities that deliver electricity, natural gas and water to homes and businesses in Connecticut, Massachusetts and New Hampshire. The electric utilities are The Connecticut Light and Power Company (CL&P), NSTAR Electric and Public Service Company of New Hampshire. They also run Eversource's transmission business, the high-voltage lines linking power plants to local networks. Its gas utilities serve parts of Massachusetts and Connecticut, and its Aquarion unit owns five water utilities.
Regulators set Eversource's prices in formal reviews called rate cases. It earns a return on money invested in poles, wires, pipes and other equipment. At CL&P, which serves about 1.32 million customers in 157 Connecticut cities and towns, local delivery and transmission charges, which include that return, made up 34% and 17% of $4.16 billion in 2025 retail revenue. Power supply (25%) and government-mandated public-benefit programs (23%) were passed through to customers at cost.
Eversource reports four segments: electric distribution, electric transmission, natural gas distribution and water distribution. Of $13.5 billion in 2025 revenue, residential customers supplied 50.6%, commercial customers 29.9%, wholesale market sales 8.8%, wholesale transmission 4.9% and industrial customers 4.5%. After its 2024 offshore wind exit, it keeps only a minority stake in South Fork Wind held mainly for tax benefits.
Price history
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ES -1.4% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Residential | $6.86B | 50.6% |
| Commercial | $4.05B | 29.9% |
| Wholesale Market Sales Revenues | $1.19B | 8.8% |
| Wholesale Transmission Revenues | $665.3M | 4.9% |
| Industrial | $610.3M | 4.5% |
| Other Revenues from Contracts with Customers | $114.3M | 0.8% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $2.98B, up 5.1% from a year earlier, and net income was $53.7M (-84.8%).
- For fiscal 2025, revenue was $13.55B (+13.8% year over year; +8.8% a year from FY2020 to FY2025) with a 12.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +8.8% good |
|---|---|
| Operating margin | 22.1% good |
| Free cash flow margin | -0.3% weak |
| Return on equity (FY2025) | 10.4% watch |
| Return on assets (FY2025) | 2.7% weak |
| Net cash (cash minus debt) | $1.75B good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $8.90B | $1.21B | $-1.26B |
| FY2021 | $9.86B | $1.23B | $-1.21B |
| FY2022 | $12.29B | $1.41B | $-1.04B |
| FY2023 | $11.91B | $-434.7M | $-2.69B |
| FY2024 | $11.90B | $811.7M | $-2.32B |
| FY2025 | $13.55B | $1.69B | $-45.1M |
Valuation snapshot
| Market value | $26.20B |
|---|---|
| P/E ratio | 15.3 |
| Dividend yield | 4.49% |
Rank among 1514 US companies
Market value at each year end
Eversource Energy’s market value went from $17.50B at the end of 2016 to $26.20B on Nov 2, 2026, up 50%; since the end of 2025 it is up 4%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $26.20B | +3.7% |
| 2025 | $25.26B | +20.0% |
| 2024 | $21.04B | -2.4% |
| 2023 | $21.56B | -26.2% |
| 2022 | $29.20B | -6.6% |
| 2021 | $31.28B | +5.5% |
| 2020 | $29.66B | +7.7% |
| 2019 | $27.54B | +33.6% |
| 2018 | $20.61B | +2.9% |
| 2017 | $20.02B | +14.4% |
| 2016 | $17.50B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ES price data to Nov 2, 2026 | +6.9% | -1.4% | +13.8% | +0.2% | +6.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +6.9% |
| 2025 | +22.8% |
| 2024 | -2.4% |
| 2023 | -23.4% |
| 2022 | -5.0% |
| 2021 | +8.2% |
| 2020 | +4.5% |
| 2019 | +34.5% |
| 2018 | +6.5% |
| 2017 | +18.0% |
| 2016 | +11.8% |
| 2015 | -1.2% |
| 2014 | +30.6% |
| 2013 | +12.4% |
| 2012 | +12.3% |
| 2011 | +16.8% |
| 2010 | +28.7% |
| 2009 | +12.1% |
| 2008 | -20.4% |
| 2007 | +14.1% |
| 2006 | +47.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 30.2% over that stretch · deepest drop along the way 40.2%, back to its old high 22.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 33.6% over that stretch · deepest drop along the way 36.8%, back to its old high 24.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 17.7% over that stretch · deepest drop along the way 23.1%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 1 open-market purchases ($50K) and 12 sales ($3.3M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 19, 2026 | John M. Moreira EVP, CFO and Treasurer | sell | $576K |
| Jun 4, 2026 | Gregory B Butler Executive VP & General Counsel | sell | $489K |
| Feb 23, 2026 | John Y Kim Trustee | sell | $472K |
| Feb 19, 2026 | John Y Kim Trustee | sell | $441K |
| Feb 20, 2026 | John Y Kim Trustee | sell | $441K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.53% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.33% | Mar 31, 2026 |
ETFs with the most weight in ES
| WBIF WBI BullBear Value 3000 ETF | 3.93% |
| DIVY Sound Equity Dividend Income ETF | 3.68% |
| ZAP Global X U.S. Electrification ETF | 3.67% |
| BAMD Brookstone Dividend Stock ETF | 3.14% |
| BKGI BNY Mellon Global Infrastructure Income ETF | 3.06% |
| SNPD Xtrackers S&P Dividend Aristocrats Screened ETF | 2.33% |
| SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 2.28% |
| PEY Invesco High Yield Equity Dividend Achievers™ ETF | 2.01% |
What could go wrong
- Lingering exposure to sold offshore wind projects. Eversource sold its offshore wind stakes in 2024 but remains exposed: higher costs or weaker final returns on Revolution Wind and South Fork Wind, or tax credits it can't use, could still hurt results.
- Rate decisions by regulators and lawmakers. Regulators set Eversource's rates and allowed returns. A Connecticut law ends a CL&P charge for recovering extra grid spending after its next rate case, and regulators plan rates tied to performance targets.
- Heavy reliance on borrowing and new shares. The parent earns no revenue and relies on its utilities' dividends, borrowing and stock sales. Capital spending outran operating cash flow every year from 2020 through 2025, so higher borrowing costs could strain its plans.
- Storm damage with uncertain cost recovery. Severe storms and other effects of climate change can badly damage poles, wires and equipment across its service area. Repairs can be costly, and recovering those costs from customers requires regulators' approval.
- Water supply and dam problems at Aquarion. Eversource's water utilities could face supply shortfalls, contaminated sources or failing reservoir dams. Any of these could disrupt service, and required dam repairs, upgrades or removal could bring large extra costs.
- Cyberattacks on grid, gas and water controls. Attacks on the systems that control Eversource's electric, gas and water networks are growing more sophisticated. A major breach could disrupt service and bring repair costs, fines and lawsuits; insurance may not cover everything.
Recent events
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Other company announcement
- Quarterly results released; Shareholder vote results; Investor presentation or announcement
- Investor presentation or announcement; Other company announcement
- New debt or financial obligation
- Quarterly results released; Investor presentation or announcement
- Code of ethics changed
- Executive or board change
- Other company announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Eversource has raised its dividend at least nine years in a row through 2025. Dividends per share rose from $2.27 in 2020 to $3.01 in 2025, or 5.8% a year, and grew even in 2023, a loss year. Its 2025 payout was 64.6% of earnings. Free cash flow (operating cash minus equipment spending) was negative every year from 2020 to 2025, so borrowing and new shares filled the gap. It did no buybacks; its share count rose 9.6% from October 2021 to July 2026. The yield was 4.66% as of October 28, 2026.
During the financial crisis, the stock fell 40.2% between December 2007 and October 2008 and recovered about 23 months later. In the 2020 COVID crash it fell 36.8% in March and recovered about 25 months later. It fell 23.1% from August to October 2022 and had not regained that peak as of October 28, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
Does Eversource Energy raise its dividend every year?
Yes, as far back as its SEC filings show. Eversource has raised its dividend at least nine years in a row through 2025, and the streak may be longer. Dividends per share grew from $2.27 in 2020 to $3.01 in 2025, about 5.8% a year. The increases continued in 2023 even though the company posted a loss. The dividend yield (yearly dividends divided by the share price) was 4.66% as of October 28, 2026.
How does Eversource Energy make money?
Eversource makes money delivering electricity, natural gas and water in Connecticut, Massachusetts and New Hampshire at prices set by regulators. It earns a return on what it invests in local delivery networks and high-voltage transmission lines. At CL&P, its Connecticut electric utility, the cost of the power itself passes to customers without mark-up. Of $13.5 billion in 2025 revenue, residential customers supplied 50.6% and commercial customers 29.9%.
Is Eversource's dividend covered by cash flow?
Not by free cash flow, but earnings covered it in 2025, when Eversource paid out 64.6% of earnings as dividends. Free cash flow, the cash left after spending on equipment, was negative every year from 2020 through 2025. The shortfall narrowed to about $45 million in 2025 from $2.69 billion in 2023, but the $1.09 billion in dividends paid in 2025 came on top of that gap. The parent company's cash comes from its utilities' dividends, borrowing and issuing shares.
Does Eversource still own offshore wind projects?
Mostly no. In the third quarter of 2024, Eversource sold its 50% interests in the companies behind the Revolution Wind, South Fork Wind and Sunrise Wind projects. It keeps only a noncontrolling tax equity investment in South Fork Wind, a minority stake held mainly for tax benefits. The company warns that changes in costs and final returns on Revolution Wind and South Fork Wind, or failing to cash in expected tax credits, could still hurt its results.
How has Eversource stock performed?
Unevenly. As of October 28, 2026, the stock had lost 6.5% over one year and about 4% over five years, or 0.8% a year. Over ten years it gained 76%, about 5.8% a year. Calendar years swung widely: the stock fell 23.4% in 2023 and rose 22.8% in 2025. The price-to-earnings (P/E) ratio, the share price divided by a year's earnings per share, was 14.7 on 2025 earnings, and the dividend yield was 4.66%.