Eversource Energy (D/B/A) ES

Competitive advantage analysis · utilities

Regulated Utilities
Overall moat score
49/100
Developing

Ranked against 46 peers in Utilities - Regulated Electric

About Eversource Energy (D/B/A)

Eversource Energy, a public utility holding company, engages in the energy delivery business. The company operates through Electric Distribution, Electric Transmission, Natural Gas Distribution, and Water Distribution segments. It is involved in the transmission and distribution of electricity; solar power facilities; and distribution of natural gas. The company also operates regulated water utilities that provides water services to residential, commercial, … Full ES analysis →

Key strengths

  • Predictable Regulated Cash Flows Margin stability is high (score 0.89), reflecting the contractual nature of regulated tariffs.
  • Consistent Dividend Coverage Cash flow payout coverage is stable (score 0.66), reducing dividend cut risk.

Key risks

  • Interest Coverage Below Peers Interest coverage is weak (score 0.31), which may pressure credit ratings.
  • Volatile Rate-Base Returns ROE stability is poor (score 0.29), reflecting inconsistent regulatory outcomes.

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Regulatory Franchise

Moderate
65
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Signals, strengths and risks for Regulatory Franchise

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Signals, strengths and risks for Rate-Base Return Quality

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Signals, strengths and risks for Dividend Sustainability

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Signals, strengths and risks for Capital Structure Discipline

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Signals, strengths and risks for Operational Efficiency

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Signals, strengths and risks for Essential Service Resilience

Where ES ranks in Utilities - Regulated Electric

Eversource Energy (D/B/A) ranks #24 of 40 scored companies in Utilities - Regulated Electric by moat score — the top 60%. The widest moat in the group is MGE Energy Inc. (MGEE) at 73/100.

# Company Moat score Rating
20 Pinnacle West Capital Corporati PNW 54/100 Moderate
21 Dominion Energy, Inc. D 52/100 Moderate
22 Portland General Electric Co POR 50/100 Developing
23 Via Renewables, Inc. - 8.75% Se VIASP 50/100 Developing
24 Eversource Energy (D/B/A) ES 49/100 Developing
25 Consolidated Edison, Inc. ED 48/100 Developing
26 Exelon Corporation EXC 46/100 Developing
27 PPL Corporation PPL 46/100 Developing
28 Xcel Energy Inc. XEL 43/100 Developing

See every Regulated Utilities company ranked by moat score →

How ES scores on the Regulated Utilities defenses

Regulatory Franchise

Score 65 · 25% of the moat score

The franchise is the moat, granted rather than earned: an exclusive right to serve a territory in exchange for regulated prices and an obligation to supply.

Rate-Base Return Quality

Score 40 · 20% of the moat score

A utility earns an allowed return on the capital invested in its network, the rate base.

Dividend Sustainability

Score 55 · 18% of the moat score

Utilities are owned largely for income, and the dividend is only as safe as the operating cash flow behind it.

Capital Structure Discipline

Score 31 · 17% of the moat score

Regulated utilities carry more debt than almost any other sector, which suits how predictable their revenue is but makes credit quality a core competitive asset.

Operational Efficiency

Score 40 · 12% of the moat score

Efficiency is unusually consequential under regulation.

Essential Service Resilience

Score 64 · 8% of the moat score

Electricity, gas and water are bought in a recession at close to the volume bought in an expansion, which is why utility revenue barely tracks the economic cycle.

How each Regulated Utilities defense is measured, in full →

Understanding ES's moat

What is Eversource Energy (D/B/A)'s moat score?

Eversource Energy (D/B/A) (ES) scores 49 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as developing. It ranks #24 of 40 scored companies in Utilities - Regulated Electric, the top 60%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 46 companies in Utilities - Regulated Electric. Its strongest defense is Regulatory Franchise (65/100) and its weakest is Capital Structure Discipline (31/100).

How does Eversource Energy (D/B/A) compare with other Utilities - Regulated Electric companies?

Eversource Energy (D/B/A) ranks #24 of 40 scored companies in Utilities - Regulated Electric by moat score. The widest moat in Utilities - Regulated Electric is MGE Energy Inc. (MGEE) at 73/100. The companies ranked closest are Via Renewables, Inc. - 8.75% Se (VIASP) at 50 just above it and Consolidated Edison, Inc. (ED) at 48 just below it.

How is the moat score calculated?

Each company is scored with an industry-specific template — Regulated Utilities in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 46 companies in Utilities - Regulated Electric. The defenses are then weighted to produce the overall score out of 100.

Why is Eversource Energy (D/B/A) scored with the Regulated Utilities template?

A regulated utility is a legal monopoly whose prices are set by a regulator rather than by a market. It cannot raise prices at will and it cannot be undercut, so most of the usual questions about competitive advantage barely apply. What matters is the quality of the regulatory bargain: whether the company earns the return it is allowed, funds its capital programme cheaply, and sustains the dividend investors own it for.

Which competitive defenses are measured for Eversource Energy (D/B/A)?

The Regulated Utilities template measures 6 defenses, and ES scores: Regulatory Franchise (65), Rate-Base Return Quality (40), Dividend Sustainability (55), Capital Structure Discipline (31), Operational Efficiency (40), Essential Service Resilience (64). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.

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