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DTE Energy Company

DTE Utilities Utilities Regulated Electric

DTE Energy Company’s revenue for fiscal 2025 (year ended December 2025) was $15.8 billion, up 26.9% from fiscal 2024.

Revenue
+5.67%
EPS
+11.9%
Free cash flow
+230.2%
Total debt
−0.40%

Quarter to September 2026, against a year earlier

134.67 0.20 −0.15%
Market cap
$28.1B
P/E
20.5×
Fwd P/E
18.8×
Dividend yield
3.46%
F-score
6/9
Altman Z
0.94
Beneish M
−2.36
Dividend safety
39/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2014

  • Electric
  • Energy Trading segment
  • Power and Industrial Projects
  • Gas segment
  • Gas Storage and Pipelines
  • Corporate and Other

Every year since 2011 →

Insider Decisions last twelve months

Sold, $m 0.82
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — 1 — — — 1 — —
Insider Ownership 0.39%

Capital & Financial Ratios $m

Size
Market Cap 28,060.00
Revenue ttm 16,665.00
Net income ttm 1,368.00
Free cash flow ttm 3,495.00
Net debt Q 24,862.00
Valuation
P/E 20.48
Forward P/E 18.80
Price / sales 1.68
Forward P/S Powerpack
Price / FCF 0.00
Price / book 2.21
Financial health
Current ratio Q 0.62 (below 1: weak)
Debt / equity Q 1.97
Interest coverage Q 1.90
Growth
Revenue growth Q +5.67% (above 0%: growing)
Operating income growth Q −2.58% (below 0%: shrinking)
EPS, this year +4.77%
EPS, next year A +7.52%
Revenue, next year A +1.38%
EPS, past 5 yrs −0.14% (below 0%: weak)
EPS, next 5 yrs A +6.83%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.3×, against a ten-year median of 2.8×; over the ten years it ranged from 2.1× in 2023 to 4.1× in 2025.
P/E against its own 10 years 82.51%
10-year low 10-year high
P/S against its own 10 years 62.71%
10-year low 10-year high
P/B against its own 10 years 71.14%
10-year low 10-year high
EV/Sales against its own 10 years 64.39%
10-year low 10-year high

Dividends raised 3 years running

Yield
3.46%
Annual rate
4.66
Payout ratio
70.9%
Growth, 2017–25
+2.35%/yr
  1. 3.68 ’17
  2. 3.94 ’18 +7
  3. 3.27 ’19 −17
  4. 3.51 ’20 +7
  5. 4.64 ’21 +32
  6. 3.61 ’22 −22
  7. 3.88 ’23 +7
  8. 4.15 ’24 +7
  9. 4.44 ’25 +7
  10. 4.75 ’26e +7
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 51 88 250 77
Receivables 1,787 1,827 2,149 1,879
Inventory 1,054 1,245 1,375 1,495
Other 647 447 574 775
3,539 3,607 4,348 4,226
2023 2024 2025 Q'26
Payables 1,361 1,387 1,753 —
ST’ Debt 3,425 2,363 2,238 —
Other 700 885 871 —
5,883 5,106 5,409 6,794

Compound Annual Growth %

10y 5y 3y
Sales 4.34% 6.72% (6.31%)
Cash Flow 5.93% (1.61%) 19.91%
Earnings 7.24% 1.34% 10.52%
Book Value 3.42% (0.45%) 5.77%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 1.14 Actual 1.32

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 2.10 2.25 Beat by 0.15
Q4 FY25 1.52 1.65 Beat by 0.13
Q1 FY26 1.98 1.95 Miss by 0.03
Q2 FY26 1.14 1.32 Beat by 0.18
Q3 FY26 2.10 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 1.19 1.35 2.26 — —
’25 2.14 1.10 2.01 1.77 7.03
’24 1.51 1.55 2.30 1.41 6.77
’23 2.16 0.97 1.61 2.02 6.76
’22 2.03 0.19 1.99 1.31 5.52
’21 2.05 0.92 0.13 1.57 4.67
’20 1.76 1.44 2.46 1.42 7.08
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 5,141 3,369 3,727 — —
’25 4,440 3,419 3,527 4,428 15,814
’24 3,240 2,875 2,906 3,436 12,457
’23 3,779 2,684 2,888 3,394 12,745
’22 4,577 4,924 5,251 4,476 19,228
’21 3,581 3,021 3,715 4,647 14,964
’20 3,022 2,583 3,080 2,738 11,423
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 906 773 768 — —
’25 1,020 709 632 1,048 3,409
’24 1,042 759 758 1,084 3,643
’23 924 835 616 845 3,220
’22 808 328 276 565 1,977
’21 1,057 859 456 695 3,067
’20 1,061 620 1,100 916 3,697
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (323) (719) 768 — —
’25 147 (257) (590) (288) (988)
’24 (9) (237) (369) (163) (778)
’23 (13) (104) (321) (273) (711)
’22 44 (439) (590) (392) (1,377)
’21 389 (345) (370) (376) (702)
’20 (123) (215) 238 (47) (147)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 1.9% a year for ten years.

Implied
1.9%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 10,630 12,607 14,212 12,168 11,423 14,964 19,228 12,745 12,457 15,814 16,665 +4.5% 16,032 16,645 17,367 +3.2%
Gross margin, % 47.98 43.17 39.41 43.84 48.88 38.47 31.56 50.90 52.98 45.37 0.00 (2.6) pt
EBT 1,105 1,287 1,216 1,013 1,082 656 1,112 1,566 1,370 1,550 1,273 +3.8%
EBT margin, % 10.40 10.21 8.56 8.33 9.47 4.38 5.78 12.29 11.00 9.80 7.64 (0.6) pt
Net income 834 1,112 1,118 1,172 1,371 903 1,083 1,397 1,404 1,462 1,368 +6.4%
Per share, $
Per share, $ Revenue 59.39 70.43 78.52 65.77 59.19 77.53 98.61 61.87 60.18 76.40 80.12 +2.8%
Earnings 4.84 6.32 6.18 6.31 7.08 4.68 5.53 6.76 6.77 7.04 6.58 +4.3%
Cash flow 11.64 11.83 14.81 14.32 19.16 15.89 10.14 15.63 17.60 16.47 16.80 +3.9%
Capex (11.42) (12.57) (14.99) (16.20) (19.92) (19.53) (17.20) (19.08) (21.36) (21.24) 0.00 +7.1%
Free cash flow 0.22 (0.74) (0.18) (1.88) (0.76) (3.64) (7.06) (3.45) (3.76) (4.77) 16.80 n/m
Book value 53.07 55.81 59.21 63.98 65.23 45.15 53.34 53.67 56.54 59.46 60.89 +1.3%
Shares, m 179 179 181 185 193 193 195 206 207 207 208 +1.6%
Valuation, ×
Valuation, × P/E 17.46 14.71 15.30 17.65 14.71 25.54 21.35 16.53 17.81 18.32 20.48 17.9
P/S 1.42 1.32 1.21 1.70 1.76 1.54 1.20 1.81 2.01 1.69 1.68 1.6
P/B 1.59 1.67 1.60 1.74 1.60 2.65 2.21 2.08 2.14 2.17 2.21 1.9
EV/Sales 2.52 2.34 2.20 3.12 3.43 2.75 2.19 3.44 3.85 3.32 3.27 2.9
EV/FCF 686.30 (221.79) (948.85) (109.17) (266.38) (58.69) (30.57) (61.63) (61.65) (53.11) (30.59) (112.6)
Cash, $m
Cash, $m Operating cash flow 2,084 2,117 2,680 2,649 3,697 3,067 1,977 3,220 3,643 3,409 3,495 +5.6%
Capex (2,045) (2,250) (2,713) (2,997) (3,844) (3,769) (3,354) (3,931) (4,421) (4,397) (5,279) +8.9%
Free cash flow 39 (133) (33) (348) (147) (702) (1,377) (711) (778) (988) 3,495 n/m
Balance, $m
Balance, $m Working capital 325 269 (1,178) (911) 807 (3,029) (993) (2,344) (1,499) (1,061) (2,568) n/m
Net debt 11,669 12,826 14,166 17,357 19,034 18,128 19,116 20,794 22,965 25,773 24,862 +9.2%
Shareholders’ equity 9,499 9,990 10,717 11,836 12,589 8,713 10,401 11,055 11,704 12,308 12,666 +2.9%
Returns, %
Returns, % ROA 2.86 3.45 3.20 2.98 3.12 2.13 2.63 3.20 3.00 2.84 2.50 0.0 pt
ROIC 4.39 4.69 4.00 3.06 3.07 3.48 3.70 4.40 3.77 3.90 3.63 (0.5) pt
ROE 9.49 11.64 10.82 10.37 11.20 8.52 11.33 13.02 12.34 12.18 11.02 +2.7 pt
People
People Employees 10,000 10,200 10,600 10,700 10,600 10,300 10,250 9,950 9,500 9,650 — (0.4%)
Revenue/emp, $m 1.06 1.24 1.34 1.14 1.08 1.45 1.88 1.28 1.31 1.64 — +4.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

DTE Energy is a Michigan energy company whose main businesses generate and deliver electricity and deliver natural gas. DTE Electric serves homes and businesses in southeastern Michigan, while DTE Gas purchases, stores, transports and distributes natural gas throughout the state. Both utilities operate under state and federal regulation.

DTE Electric generates power from coal, natural gas, nuclear, hydroelectric, wind and solar facilities and buys additional electricity when needed. DTE Gas buys natural gas from producers and marketers, stores it underground and delivers it through pipelines. It also sells storage and transportation capacity to other businesses.

Where the money comes from and where it goes Fiscal 2014

Fiscal 2014: revenue by segment, and margins
Electric 5,283 42.95%
Energy Trading segment 3,762 30.58%
Power and Industrial Projects 2,289 18.61%
Gas segment 1,636 13.30%
Gas Storage and Pipelines 203 1.65%
Corporate and Other 2 0.02%
Gross margin 42.92%
Operating margin 12.93%
Pre-tax margin 10.37%

Revenue by segment since 2011

DTE Energy Company vs peers in Utilities Regulated Electric (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
FTS Fortis $31.3B 23.2× 22.6× +4.39% (above 0%: growing) +28.66% (above 0%: growing) −10.20% (below 0%: shrinking) 47.83% 30.08% Compare
AEE Ameren Corporation $31.2B 19.7× 20.5× −5.81% (below 0%: shrinking) +11.76% (above 0%: growing) −51.22% (below 0%: shrinking) 73.90% 21.94% Compare
PCG Pacific Gas & Electric Co. $29.1B 9.8× 11.2× −0.99% (below 0%: shrinking) −8.11% (below 0%: shrinking) −892.50% (below 0%: shrinking) 83.63% 20.18% Compare
DTE DTE Energy Company $28.1B 20.5× 18.8× +5.67% (above 0%: growing) +11.88% (above 0%: growing) +230.17% (above 0%: growing) 0.00% 16.18%
FE FirstEnergy Corporation $27.3B 22.6× 17.1× +9.86% (above 0%: growing) +26.32% (above 0%: growing) −44.47% (below 0%: shrinking) 63.57% 20.52% Compare
PPL PPL Corporation $27.1B 21.2× 18.7× +4.25% (above 0%: growing) +24.00% (above 0%: growing) −112.80% (below 0%: shrinking) 71.67% 22.50% Compare
ES Eversource Energy $27.1B 18.6× 15.6× +2.29% (above 0%: growing) −85.42% (below 0%: shrinking) +398.93% (above 0%: growing) 67.64% 18.63% Compare
CNP CenterPoint Energy, Inc. $26.5B 22.8× 23.3× +10.21% (above 0%: growing) +11.29% (above 0%: growing) −27.29% (below 0%: shrinking) 91.42% 30.44% Compare
EIX Edison International $23.4B 6.5× 9.9× −15.03% (below 0%: shrinking) −12.96% (below 0%: shrinking) +41.59% (above 0%: growing) 65.47% 20.06% Compare
Median of peers $27.2B 20.4× 17.9× +3.27% +11.52% −35.88% 69.66% 21.23%

All 39 Utilities Regulated Electric stocks →

From the latest earnings call

Updated

  • CEO Joi Harris said DTE plans to sell most of DTE Vantage and direct the proceeds toward utility investments, reducing future equity and debt needs.
  • Harris said DTE’s data center agreements could help delay future electric rate cases, while its five-year utility investment plan totals approximately $44 billion.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 80.88%
Held by the ten largest 52.11%
Holder Shares Stake Change
Vanguard 25.91m 12.45% −558.59k
BlackRock 25.70m 12.35% +3.27m
Capital Group 22.64m 10.88% −2.66m
State Street 11.23m 5.40% +118.67k
Geode Capital Management 5.87m 2.82% +90.76k
Ameriprise (Columbia Threadneedle) 5.61m 2.69% −143.76k
Jupiter Topco 3.13m 1.51% +3.13m
Invesco 2.98m 1.43% −6.67k
Bank of America 2.74m 1.32% +1.02m
AQR Capital Management 2.60m 1.25% +2.00m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 12 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2024 12.59m 13.07m 133.36
2023 10.28m 12.67m 117.53
2022 10.46m 13.11m 120.93
2021 11.13m 18.17m 119.42
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

DTE Energy Company (DTE) Latest News

6 Nov

Impact 4 · · power-technology.com

5 Nov

Impact 4 · · The Motley Fool transcript
Impact 4 · · PR Newswire
Impact 3 · · Zacks

29 Oct

Impact 4 · · PR Newswire
Impact 4 · · GlobeNewswire
Impact 3 · · Zacks

28 Oct

Impact 4 · · PR Newswire

23 Oct

Impact 3 · · Trefis

22 Oct

Impact 4 · · PR Newswire

15 Oct

Impact 4 · · 24/7 Wall St.

13 Oct

Impact 3 · · Barchart

4 Oct

Impact 3 · · Simply Wall St.

1 Oct

Impact 4 · · PR Newswire
Impact 3 · · PR Newswire

25 Sep

Impact 4 · · 24/7 Wall St.

21 Sep

Impact 3 · · GuruFocus.com

18 Sep

Impact 4 · · 24/7 Wall St.

16 Sep

Impact 4 · · 24/7 Wall St.

11 Sep

Impact 4 ·

16 Aug

Impact 3 · · beincrypto.com

10 Aug

Impact 3 ·

3 Aug

Impact 4 · · utilitydive.com

28 Jul

Impact 4 · · MarketBeat
Impact 3 · transcript

17 Jun

Impact 3 · · utilitydive.com

16 Jun

Impact 4 · · 24/7 Wall St.

3 Jun

Impact 4 · · utilitydive.com

29 May

Impact 4 · · Benzinga
Impact 4 · · Zacks

DTE metrics, ten years each

stockrow.com/DTE · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com