ES vs IBDRY: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of October 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: ES is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. ES and IBDRY share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined ES and IBDRY exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Eversource Energy is a public utility holding company that delivers electricity and natural gas to roughly 4 million customers across Connecticut, Massachusetts, and New Hampshire. Its earnings come almost entirely from regulated electric distribution, electric transmission, and gas distribution, where allowed returns and rate base (the capital investment regulators let it earn on) drive results. After several turbulent years, the company completed its exit from offshore wind in 2024 and closed the ~$2.4 billion sale of its Aquarion Water business in mid-2026, repositioning itself as a pure-play regulated utility focused on wires and pipes.

Full ES guide

Iberdrola, S.A. is a Bilbao-based electricity group with two main businesses. Networks owns and runs regulated transmission and distribution grids in Spain (i-DE), the UK (SP Energy Networks, part of ScottishPower), the US (through Avangrid, whose utilities include New York State Electric & Gas, Rochester Gas and Electric, Central Maine Power and United Illuminating) and Brazil (Neoenergia). Power and Customers combines renewable generation (onshore and offshore wind, solar, hydro and storage), some conventional plants and a retail supply business. In 2025 revenue was ~€45.5 billion, reported net profit a record ~€6.29 billion and adjusted net profit ~€6.23 billion. The company ended 2025 with 58,343 MW of installed capacity, ~29.8 million supply contracts and ~45,400 employees, and says 83% of EBITDA comes from countries with A credit ratings.

Full IBDRY guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• ES drivers: Rate-base growth from a large capital plan; Simplified pure-play regulated profile.
• IBDRY drivers: Grid investment and the regulated asset base; Electricity demand from data centers and electrification.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Regulatory outcomes are the central risk: a FERC reduction to the base transmission ROE is expected to lower after-tax earnings by roughly $70 million in 2026 and contributed to a downward revision of full-year guidance. For IBDRY, iberdrola's growth depends on regulators.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick ES if you believe its drivers more; IBDRY if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the ES and IBDRY guides.

ES. Eversource beat Q1 2026 estimates with revenue of about $4.5 billion and non-GAAP EPS of $1.73, but trimmed full-year non-GAAP guidance to roughly $4.57 to $4.72 (from $4.80 to $4.95) to reflect the FERC ROE reduction and the loss of Aquarion earnings. The valuation, a P/E in the mid-teens and a yield above 4 percent, is typical for a regulated utility where the stock trades on rate-base growth and interest rates more than on quarterly momentum.

IBDRY. At roughly €140 billion, Iberdrola trades at about 21 times its 2026 adjusted profit guidance of more than €6.7 billion, a premium to most European utilities that reflects how much of its earnings now comes from regulated networks with visible growth. Adding ~€54 billion of net debt gives an enterprise value near €195 billion against 2025 EBITDA of ~€16.6 billion reported. Trailing reported profit of ~€7.1 billion is higher than adjusted because of the Mexico gain. The ~3.2% dividend yield is modest for a utility, which is consistent with a market that values Iberdrola for growth rather than income. Market cap is estimated from the ~€4.5 billion total 2025 payout at €0.685 per share, implying ~6.6 billion shares.

Headline figures (approximate, JULY 2026): ES shows revenue (ttm) ~$12.5B, market cap ~$25B, 2026 non-gaap eps guidance ~$4.57 to $4.72, long-term eps growth target ~5 to 7% through 2030; IBDRY shows revenue (ttm to june 2026) ~€45.9B, adjusted net profit (ttm) ~€6.5B, 2026 adjusted net profit guidance >€6.7B (growth above 8%), market cap ~€140B at ~€21.26 (IBDRY ~$95).

ES and IBDRY are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined ES and IBDRY exposure against your real portfolio. It is not an investment adviser.