American Electric Power vs Duke Energy
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The short version
- Duke Energy is the larger business, with $31.7B of revenue in fiscal 2025 against $21.9B for American Electric Power.
- American Electric Power grew revenue faster (10.9%, against 5.6%).
- Duke Energy kept more of each dollar of sales as operating profit (27.2% operating margin, against 24.3%).
- Duke Energy turned more of its sales into free cash flow (−5.3% FCF margin, against −6.9%).
- American Electric Power earned a higher return on the capital invested in it (6.7%, against 5.5%).
- Investors pay more for each dollar of American Electric Power’s earnings: a P/E of 19.2x against 19.1x for Duke Energy.
| Latest fiscal year | AEP · FY25 | DUK · FY25 |
|---|---|---|
| Size | ||
| Market cap | $71.0B | $97.4B |
| Revenue | $21.9B | $31.7B |
| Free cash flow | −$1.5B | −$1.7B |
| Net income | $3.7B | $5.0B |
| Growth | ||
| Revenue growth | 10.9% | 5.6% |
| 5-year growth | 8.0% | 6.4% |
| Share count change | 1.2% | 0.7% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 24.3% | 27.2% |
| Net margin | 16.9% | 15.7% |
| FCF margin | −6.9% | −5.3% |
| Return on capital | 6.7% | 5.5% |
| Return on equity | 12.7% | 9.7% |
| Balance sheet | ||
| Net debt | $48.6B | $90.2B |
| Net debt / EBITDA | 5.6x | 5.5x |
| Dividends and buybacks | $2.0B | $3.3B |
| Valuation & quality | ||
| P/E | 19.2x | 19.1x |
| Piotroski F-score | 7 | 5 |
FY16
AEP $16.4B
DUK $22.7B
FY17
AEP $15.4B
DUK $23.6B
FY18
AEP $16.2B
DUK $23.8B
FY19
AEP $15.6B
DUK $24.3B
FY20
AEP $14.9B
DUK $23.3B
FY21
AEP $16.8B
DUK $24.5B
FY22
AEP $19.6B
DUK $28.7B
FY23
AEP $19.0B
DUK $28.7B
FY24
AEP $19.7B
DUK $30.1B
FY25
AEP $21.9B
DUK $31.7B
AEP
DUK
FY16
AEP 7.1%
DUK 22.9%
FY17
AEP 22.9%
DUK 23.9%
FY18
AEP 16.6%
DUK 19.7%
FY19
AEP 16.7%
DUK 23.5%
FY20
AEP 20.0%
DUK 19.7%
FY21
AEP 20.3%
DUK 22.5%
FY22
AEP 17.7%
DUK 21.0%
FY23
AEP 18.7%
DUK 24.7%
FY24
AEP 21.8%
DUK 26.4%
FY25
AEP 24.3%
DUK 27.2%
AEP
DUK
FY16
AEP −$259M
DUK −$1.0B
FY17
AEP −$1.4B
DUK −$1.4B
FY18
AEP −$1.1B
DUK −$2.2B
FY19
AEP −$1.8B
DUK −$2.9B
FY20
AEP −$2.4B
DUK −$1.1B
FY21
AEP −$1.8B
DUK −$1.4B
FY22
AEP −$1.4B
DUK −$5.4B
FY23
AEP −$2.4B
DUK −$2.7B
FY24
AEP −$827M
DUK $48.0M
FY25
AEP −$1.5B
DUK −$1.7B
AEP
DUK
FY16
AEP 3.0%
DUK 4.2%
FY17
AEP 5.9%
DUK 4.3%
FY18
AEP 6.0%
DUK 4.1%
FY19
AEP 5.5%
DUK 4.7%
FY20
AEP 5.7%
DUK 4.1%
FY21
AEP 5.8%
DUK 4.4%
FY22
AEP 5.6%
DUK 4.6%
FY23
AEP 5.2%
DUK 5.0%
FY24
AEP 6.2%
DUK 5.3%
FY25
AEP 6.7%
DUK 5.5%
AEP
DUK
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.