Sempra vs Xcel Energy
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The short version
- Xcel Energy is the larger business, with $14.7B of revenue in fiscal 2025 against $13.7B for Sempra.
- Xcel Energy grew revenue faster (9.1%, against 3.9%).
- Sempra turned more of its sales into free cash flow (−44.1% FCF margin, against −46.5%).
- Xcel Energy earned a higher return on the capital invested in it (4.9%, against 2.8%).
- Investors pay more for each dollar of Sempra’s earnings: a P/E of 28.5x against 21.4x for Xcel Energy.
| Latest fiscal year | SRE · FY25 | XEL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $55.1B | $48.9B |
| Revenue | $13.7B | $14.7B |
| Free cash flow | −$6.0B | −$6.8B |
| Net income | $1.8B | $2.0B |
| Growth | ||
| Revenue growth | 3.9% | 9.1% |
| 5-year growth | 3.8% | 4.9% |
| Share count change | 2.5% | 4.6% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | 17.6% |
| Net margin | 13.4% | 13.8% |
| FCF margin | −44.1% | −46.5% |
| Return on capital | 2.8% | 4.9% |
| Return on equity | 5.9% | 9.4% |
| Balance sheet | ||
| Net debt | $35.0B | $34.4B |
| Net debt / EBITDA | 6.0x | 6.2x |
| Dividends and buybacks | $1.7B | $1.3B |
| Valuation & quality | ||
| P/E | 28.5x | 21.4x |
| Piotroski F-score | 5 | 4 |
Revenue
FY16
SRE $10.2B
XEL $11.1B
FY17
SRE $9.6B
XEL $11.4B
FY18
SRE $10.1B
XEL $11.5B
FY19
SRE $10.8B
XEL $11.5B
FY20
SRE $11.4B
XEL $11.5B
FY21
SRE $12.9B
XEL $13.4B
FY22
SRE $14.4B
XEL $15.3B
FY23
SRE $16.7B
XEL $14.2B
FY24
SRE $13.2B
XEL $13.4B
FY25
SRE $13.7B
XEL $14.7B
SRE
XEL
Operating margin
FY16
SRE —
XEL 20.2%
FY17
SRE —
XEL 19.5%
FY18
SRE —
XEL 17.0%
FY19
SRE —
XEL 18.3%
FY20
SRE —
XEL 18.4%
FY21
SRE —
XEL 16.4%
FY22
SRE —
XEL 15.9%
FY23
SRE —
XEL 17.5%
FY24
SRE —
XEL 17.8%
FY25
SRE —
XEL 17.6%
SRE
XEL
Free cash flow
FY16
SRE −$1.9B
XEL −$143M
FY17
SRE −$80.0M
XEL −$118M
FY18
SRE −$28.0M
XEL −$835M
FY19
SRE −$620M
XEL −$962M
FY20
SRE −$2.1B
XEL −$2.5B
FY21
SRE −$1.2B
XEL −$2.1B
FY22
SRE −$4.2B
XEL −$706M
FY23
SRE −$2.2B
XEL −$527M
FY24
SRE −$3.3B
XEL −$2.7B
FY25
SRE −$6.0B
XEL −$6.8B
SRE
XEL
Return on capital
FY16
SRE 6.4%
XEL 5.9%
FY17
SRE 2.9%
XEL 5.7%
FY18
SRE 3.5%
XEL 6.1%
FY19
SRE 5.1%
XEL 6.3%
FY20
SRE 5.2%
XEL 6.3%
FY21
SRE 3.6%
XEL 6.0%
FY22
SRE 4.1%
XEL 6.1%
FY23
SRE 6.4%
XEL 5.8%
FY24
SRE 5.1%
XEL 5.2%
FY25
SRE 2.8%
XEL 4.9%
SRE
XEL
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.