NRG Energy management check
NRG · Utilities · Independent Power Producers & Energy Traders · CEO Robert J Gaudette (since the last proxy; previously Lawrence Coben)
Filings as of
4 good · 3 to watch · 0 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $507, against $155 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.96 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Watch
What does the CEO cost owners?
2.3% of net income$20.1m of reported pay in fiscal 2025, against $864.0m of net income.
- Watch
Do they own the stock?
New CEO since the proxyRobert J Gaudette filed as President & CEO after the last proxy (which named Lawrence Coben) and holds 64,069 shares. Their pay will be in the next proxy. Light activity: no buys, $4.3m sold in six months. 3 of 3 sales ran on pre-arranged 10b5-1 plans.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -6.6% a year over the last three fiscal years. Stock-based pay was 0.4% of revenue in the latest year.
- Watch
Is leadership stable?
New CEO: Robert J GaudetteRobert J Gaudette has filed as CEO since the last proxy. CEO in the pay table: Lawrence Coben. 12 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Utilities.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 100 | 53 | |
| Pay for performance | 98 | 81 | |
| CEO cost | 19 | 50 | |
| Skin in the game | — | — | 45 |
| Dilution | 100 | 37 | |
| Stable leadership | 65 | 80 | |
| Clean books | 100 | 100 |
Closest peers
Others in Independent Power Producers & Energy Traders, by management score. NRG Energy is 2nd of 30 in its sector.
Pay versus performance
From the proxy statement filed March 18, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Lawrence Coben | $20.1m | $35.5m | $12.1m | $507 | $155 | $864.0m |
| 2024 | — | $5.5m | $18.1m | $4.7m | $283 | $133 | $1.1bn |
| 2023 | — | $13.1m | $12.7m | $4.6m | $159 | $110 | −$202.0m |
| 2022 | — | $10.2m | −$939k | $2.5m | $94 | $121 | $1.2bn |
| 2021 | — | $10.9m | $10.7m | $2.0m | $122 | $120 | $2.2bn |
The board says pay is tied most to Adjusted EBITDA. Its other key measures: Adjusted FCFbG, Relative TSR.
Insiders and the CEO's stake
Robert J Gaudette (President & CEO) held 64,069 shares directly after their latest Form 4 on Aug 3, 2026.
Light activity: no buys, $4.3m sold in six months. 3 of 3 sales ran on pre-arranged 10b5-1 plans.
- SoldVirginia KinneyExec VP, Chief Admin Officer · 10b5-1 plan$4.1mJul 15, 2026
- SoldGerald Alfred SpencerSVP & Chief Accounting Officer · 10b5-1 plan$191kSep 8, 2026
Leadership and governance on file
- May 21, 2026Leadership change8-K 5.02
- Apr 30, 2026Leadership change8-K/A 5.02
- Apr 7, 2026Leadership change8-K 5.02
- Feb 4, 2026Leadership change8-K 5.02
- Jan 7, 2026Leadership change8-K 5.02
- Jan 2, 2026Leadership change8-K 5.02
- Apr 7, 2025Leadership change8-K 5.02
- Aug 1, 2024Leadership change8-K 5.02
- Mar 26, 2024Leadership change8-K 5.02
- Dec 13, 2023Leadership change8-K/A 5.02
- Nov 29, 2023Leadership change8-K 5.02
- Nov 20, 2023Leadership change8-K 5.02
Latest shareholder vote results: May 1, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $5.9bn returned to owners in buybacks and dividends, 113% of net income, and $386.0m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $26.8bn | $31.5bn | $28.3bn | $27.7bn | $30.3bn |
| Net income | $2.2bn | $1.2bn | −$202.0m | $1.1bn | $864.0m |
| Stock-based pay | $21.0m | $28.0m | $101.0m | $102.0m | $134.0m |
| Buybacks | $48.0m | $600.0m | $1.1bn | $935.0m | $1.3bn |
| Dividends | $319.0m | $332.0m | $381.0m | $405.0m | $411.0m |
| Diluted shares | 245m | 236m | 228m | 212m | 199m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.