Comprehensive Stock Comparison
Compare Duke Energy Corporation (DUK) vs Xcel Energy Inc. (XEL) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | DUK | 6.2% revenue growth vs XEL's -5.4% |
| Value | DUK | Lower P/E (19.5x vs 20.1x), PEG 0.66 vs 3.70 |
| Quality / Margins | DUK | 15.7% net margin vs XEL's 13.5% |
| Stability / Safety | XEL | Lower D/E ratio (154.7% vs 171.4%) |
| Dividends | XEL | 2.5% yield; 16-year raise streak; DUK pays no meaningful dividend |
| Momentum (1Y) | XEL | +18.8% vs DUK's +15.0% |
| Efficiency (ROA) | DUK | 2.6% ROA vs XEL's 2.4%, ROIC 4.6% vs 3.8% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Valuation efficiency (growth/$)
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Duke Energy is a regulated electric and gas utility serving customers across six states in the Southeast and Midwest. It makes money primarily through regulated rate-based returns on its electric utility infrastructure (~70% of revenue) and gas distribution operations (~20%), with additional income from commercial renewable energy projects. Its key advantage is its monopoly status as a regulated utility in its service territories, which provides stable, predictable returns through government-approved rate structures.
Xcel Energy is a regulated electric and natural gas utility serving customers across eight Midwestern and Western states. It generates revenue primarily through regulated rate structures — earning returns on its infrastructure investments in generation, transmission, and distribution — with electricity contributing roughly 75% of operating income and natural gas about 25%. Its key advantage is its regulated monopoly status in its service territories, providing stable, predictable returns through cost recovery mechanisms approved by state utility commissions.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
DUK leads in 5 of 6 categories (Financial Metrics, Valuation Metrics). XEL leads in 1 (Analyst Outlook).
Financial Metrics (TTM)
DUK is the larger business by revenue, generating $31.8B annually — 2.2x XEL's $14.2B. Profitability is closely matched — net margins range from 15.7% (DUK) to 13.5% (XEL).
| Metric | DUKDuke Energy Corpo… | XELXcel Energy Inc. |
|---|---|---|
| RevenueTrailing 12 months | $31.8B | $14.2B |
| EBITDAEarnings before interest/tax | $15.1B | $5.4B |
| Net IncomeAfter-tax profit | $5.0B | $1.9B |
| Free Cash FlowCash after capex | $9.0B | -$5.2B |
| Gross MarginGross profit ÷ Revenue | +59.7% | +46.3% |
| Operating MarginEBIT ÷ Revenue | +27.1% | +16.5% |
| Net MarginNet income ÷ Revenue | +15.7% | +13.5% |
| FCF MarginFCF ÷ Revenue | +28.2% | -36.2% |
| Rev. Growth (YoY)Latest quarter vs prior year | +6.3% | +7.4% |
| EPS Growth (YoY)Latest quarter vs prior year | +15.3% | -25.6% |
Valuation Metrics
At 20.7x trailing earnings, DUK trades at a 14% valuation discount to XEL's 24.2x P/E. Adjusting for growth (PEG ratio), DUK offers better value at 0.70x vs XEL's 4.46x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | DUKDuke Energy Corpo… | XELXcel Energy Inc. |
|---|---|---|
| Market CapShares × price | $101.8B | $49.3B |
| Enterprise ValueMkt cap + debt − cash | $192.4B | $79.3B |
| Trailing P/EPrice ÷ TTM EPS | 20.74x | 24.23x |
| Forward P/EPrice ÷ next-FY EPS est. | 19.52x | 20.12x |
| PEG RatioP/E ÷ EPS growth rate | 0.70x | 4.46x |
| EV / EBITDAEnterprise value multiple | 12.91x | 15.08x |
| Price / SalesMarket cap ÷ Revenue | 3.16x | 3.67x |
| Price / BookPrice ÷ Book value/share | 1.92x | 2.40x |
| Price / FCFMarket cap ÷ FCF | 8.25x | — |
Profitability & Efficiency
DUK delivers a 9.5% return on equity — every $100 of shareholder capital generates $9 in annual profit, vs $9 for XEL. XEL carries lower financial leverage with a 1.55x debt-to-equity ratio, signaling a more conservative balance sheet compared to DUK's 1.71x.
| Metric | DUKDuke Energy Corpo… | XELXcel Energy Inc. |
|---|---|---|
| ROE (TTM)Return on equity | +9.5% | +9.0% |
| ROA (TTM)Return on assets | +2.6% | +2.4% |
| ROICReturn on invested capital | +4.6% | +3.8% |
| ROCEReturn on capital employed | +5.0% | +3.9% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 5 |
| Debt / EquityFinancial leverage | 1.71x | 1.55x |
| Net DebtTotal debt minus cash | $90.6B | $30.0B |
| Cash & Equiv.Liquid assets | $245M | $179M |
| Total DebtShort + long-term debt | $90.9B | $30.2B |
| Interest CoverageEBIT ÷ Interest expense | 2.36x | 2.02x |
Total Returns (with DRIP)
A $10,000 investment in DUK five years ago would be worth $17,377 today (with dividends reinvested), compared to $15,839 for XEL. Over the past 12 months, XEL leads with a +18.8% total return vs DUK's +15.0%. The 3-year compound annual growth rate (CAGR) favors DUK at 15.0% vs XEL's 11.7% — a key indicator of consistent wealth creation.
| Metric | DUKDuke Energy Corpo… | XELXcel Energy Inc. |
|---|---|---|
| YTD ReturnYear-to-date | +12.3% | +11.6% |
| 1-Year ReturnPast 12 months | +15.0% | +18.8% |
| 3-Year ReturnCumulative with dividends | +52.1% | +39.2% |
| 5-Year ReturnCumulative with dividends | +73.8% | +58.4% |
| 10-Year ReturnCumulative with dividends | +128.1% | +156.3% |
| CAGR (3Y)Annualised 3-year return | +15.0% | +11.7% |
Risk & Volatility
DUK is the less volatile stock with a -0.05 beta — it tends to amplify market swings less than XEL's 0.19 beta. A beta below 1.0 means the stock typically moves less than the S&P 500.
| Metric | DUKDuke Energy Corpo… | XELXcel Energy Inc. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | -0.05x | 0.19x |
| 52-Week HighHighest price in past year | $131.57 | $84.23 |
| 52-Week LowLowest price in past year | $111.22 | $65.21 |
| % of 52W HighCurrent price vs 52-week peak | +99.5% | +99.0% |
| RSI (14)Momentum oscillator 0–100 | 70.2 | 71.6 |
| Avg Volume (50D)Average daily shares traded | 3.4M | 4.5M |
Analyst Outlook
Wall Street rates DUK as "Hold" and XEL as "Buy". Consensus price targets imply 7.4% upside for XEL (target: $90) vs 2.0% for DUK (target: $133). XEL is the only dividend payer here at 2.50% yield — a key consideration for income-focused portfolios.
| Metric | DUKDuke Energy Corpo… | XELXcel Energy Inc. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy |
| Price TargetConsensus 12-month target | $133.45 | $89.50 |
| # AnalystsCovering analysts | 31 | 26 |
| Dividend YieldAnnual dividend ÷ price | — | +2.5% |
| Dividend StreakConsecutive years of raises | 0 | 16 |
| Dividend / ShareAnnual DPS | — | $2.09 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Duke Energy Corpora… (DUK) | 100 | 123.61 | +23.6% |
| Xcel Energy Inc. (XEL) | 100 | 113.1 | +13.1% |
Duke Energy Corpora… (DUK) returned +74% over 5 years vs Xcel Energy Inc. (XEL)'s +58%. A $10,000 investment in DUK 5 years ago would be worth $17,377 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Duke Energy Corpora… (DUK) | $22.7B | $32.2B | +41.7% |
| Xcel Energy Inc. (XEL) | $11.1B | $13.4B | +21.0% |
Duke Energy Corporation's revenue grew from $22.7B (2016) to $32.2B (2025) — a 4.0% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Duke Energy Corpora… (DUK) | 11.7% | 15.4% | +31.5% |
| Xcel Energy Inc. (XEL) | 10.1% | 14.4% | +42.4% |
Duke Energy Corporation's net margin went from 12% (2016) to 15% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Duke Energy Corpora… (DUK) | 19.3 | 18.6 | -3.6% |
| Xcel Energy Inc. (XEL) | 21.4 | 19.6 | -8.4% |
Duke Energy Corporation has traded in a 18x–53x P/E range over 9 years; current trailing P/E is ~21x. Xcel Energy Inc. has traded in a 19x–24x P/E range over 8 years; current trailing P/E is ~24x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Duke Energy Corpora… (DUK) | 3.11 | 6.31 | +102.9% |
| Xcel Energy Inc. (XEL) | 2.21 | 3.44 | +55.7% |
Duke Energy Corporation's EPS grew from $3.11 (2016) to $6.31 (2025) — a 8% CAGR.
Chart 6Free Cash Flow — 5 Years
Duke Energy Corporation generated $12B FCF in 2025 (+965% vs 2021). Xcel Energy Inc. generated $-3B FCF in 2024 (-33% vs 2021).
DUK vs XEL: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is DUK or XEL a better buy right now?
Duke Energy Corporation (DUK) offers the better valuation at 20.7x trailing P/E (19.5x forward), making it the more compelling value choice. Analysts rate Xcel Energy Inc. (XEL) a "Buy" — based on 26 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — DUK or XEL?
On trailing P/E, Duke Energy Corporation (DUK) is the cheapest at 20.7x versus Xcel Energy Inc. at 24.2x. On forward P/E, Duke Energy Corporation is actually cheaper at 19.5x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Duke Energy Corporation wins at 0.66x versus Xcel Energy Inc.'s 3.70x — a PEG below 1.0 traditionally signals the market is underpricing earnings growth.
03Which is the better long-term investment — DUK or XEL?
Over the past 5 years, Duke Energy Corporation (DUK) delivered a total return of +73.8%, compared to +58.4% for Xcel Energy Inc. (XEL). A $10,000 investment in DUK five years ago would be worth approximately $17K today (assuming dividends reinvested). Over 10 years, the gap is even starker: XEL returned +156.3% versus DUK's +128.1%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — DUK or XEL?
By beta (market sensitivity over 5 years), Duke Energy Corporation (DUK) is the lower-risk stock at -0.05β versus Xcel Energy Inc.'s 0.19β — meaning XEL is approximately -455% more volatile than DUK relative to the S&P 500. On balance sheet safety, Xcel Energy Inc. (XEL) carries a lower debt/equity ratio of 155% versus 171% for Duke Energy Corporation — giving it more financial flexibility in a downturn.
05Which has better profit margins — DUK or XEL?
Duke Energy Corporation (DUK) is the more profitable company, earning 15.4% net margin versus 14.4% for Xcel Energy Inc. — meaning it keeps 15.4% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: DUK leads at 26.6% versus 17.8% for XEL. At the gross margin level — before operating expenses — XEL leads at 45.7%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is DUK or XEL more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential. By this metric, Duke Energy Corporation (DUK) is the more undervalued stock at a PEG of 0.66x versus Xcel Energy Inc.'s 3.70x. A PEG below 1.0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, Duke Energy Corporation (DUK) trades at 19.5x forward P/E versus 20.1x for Xcel Energy Inc. — 0.6x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for XEL: 7.4% to $89.50.
07Which pays a better dividend — DUK or XEL?
In this comparison, XEL (2.5% yield) pays a dividend. DUK does not pay a meaningful dividend and should not be held primarily for income.
08Is DUK or XEL better for a retirement portfolio?
For long-horizon retirement investors, Xcel Energy Inc. (XEL) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.19), 2.5% yield, +156.3% 10Y return). Both have compounded well over 10 years (XEL: +156.3%, DUK: +128.1%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between DUK and XEL?
Both stocks operate in the Utilities sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. XEL pays a dividend while DUK does not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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