DTE Energy vs Xcel Energy
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The short version
- DTE Energy is the larger business, with $15.8B of revenue in fiscal 2025 against $14.7B for Xcel Energy.
- DTE Energy grew revenue faster (27.0%, against 9.1%).
- Xcel Energy kept more of each dollar of sales as operating profit (17.6% operating margin, against 15.0%).
- DTE Energy earned a higher return on the capital invested in it (6.1%, against 4.9%).
- Investors pay more for each dollar of DTE Energy’s earnings: a P/E of 21.7x against 21.4x for Xcel Energy.
| Latest fiscal year | DTE · FY25 | XEL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $27.4B | $48.9B |
| Revenue | $15.8B | $14.7B |
| Free cash flow | — | −$6.8B |
| Net income | $1.5B | $2.0B |
| Growth | ||
| Revenue growth | 27.0% | 9.1% |
| 5-year growth | 6.7% | 4.9% |
| Share count change | 0.0% | 4.6% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 15.0% | 17.6% |
| Net margin | 9.2% | 13.8% |
| FCF margin | — | −46.5% |
| Return on capital | 6.1% | 4.9% |
| Return on equity | 12.2% | 9.4% |
| Balance sheet | ||
| Net debt | $26.0B | $34.4B |
| Net debt / EBITDA | 6.2x | 6.2x |
| Dividends and buybacks | $871M | $1.3B |
| Valuation & quality | ||
| P/E | 21.7x | 21.4x |
| Piotroski F-score | 6 | 4 |
Revenue
FY16
DTE $10.6B
XEL $11.1B
FY17
DTE $12.6B
XEL $11.4B
FY18
DTE $14.2B
XEL $11.5B
FY19
DTE $12.2B
XEL $11.5B
FY20
DTE $11.4B
XEL $11.5B
FY21
DTE $15.0B
XEL $13.4B
FY22
DTE $19.2B
XEL $15.3B
FY23
DTE $12.7B
XEL $14.2B
FY24
DTE $12.5B
XEL $13.4B
FY25
DTE $15.8B
XEL $14.7B
DTE
XEL
Operating margin
FY16
DTE 14.0%
XEL 20.2%
FY17
DTE 13.6%
XEL 19.5%
FY18
DTE 11.2%
XEL 17.0%
FY19
DTE 11.8%
XEL 18.3%
FY20
DTE 13.6%
XEL 18.4%
FY21
DTE 10.0%
XEL 16.4%
FY22
DTE 9.1%
XEL 15.9%
FY23
DTE 17.6%
XEL 17.5%
FY24
DTE 16.8%
XEL 17.8%
FY25
DTE 15.0%
XEL 17.6%
DTE
XEL
Free cash flow
FY16
DTE —
XEL −$143M
FY17
DTE —
XEL −$118M
FY18
DTE —
XEL −$835M
FY19
DTE —
XEL −$962M
FY20
DTE —
XEL −$2.5B
FY21
DTE —
XEL −$2.1B
FY22
DTE —
XEL −$706M
FY23
DTE —
XEL −$527M
FY24
DTE —
XEL −$2.7B
FY25
DTE —
XEL −$6.8B
DTE
XEL
Return on capital
FY16
DTE 5.6%
XEL 5.9%
FY17
DTE 6.7%
XEL 5.7%
FY18
DTE 6.1%
XEL 6.1%
FY19
DTE 4.9%
XEL 6.3%
FY20
DTE 4.9%
XEL 6.3%
FY21
DTE 5.1%
XEL 6.0%
FY22
DTE 6.0%
XEL 6.1%
FY23
DTE 6.5%
XEL 5.8%
FY24
DTE 6.3%
XEL 5.2%
FY25
DTE 6.1%
XEL 4.9%
DTE
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.