Eversource Energy trades at a notable discount to regulated utility peers (P/E 15.1x vs. median 20.2x) after a sharp earnings recovery in FY2025 (diluted EPS $4.56 vs. $2.27 in FY2024) and a near-breakeven free cash flow of -$45M, a dramatic improvement from -$2.32B. However, the recent FERC decision lowering transmission ROE and a subsequent guidance revision create regulatory overhang, while high leverage (debt/equity ~1.9x) and net insider selling of $8.1M over 24 months limit conviction. The stock is a hold pending clearer regulatory outcomes and sustained free cash flow generation.