Comprehensive Stock Comparison
Compare Xcel Energy Inc. (XEL) vs Duke Energy Corporation (DUK) 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
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.
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.
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 | XELXcel Energy Inc. | DUKDuke Energy Corpo… |
|---|---|---|
| RevenueTrailing 12 months | $14.2B | $31.8B |
| EBITDAEarnings before interest/tax | $5.4B | $15.1B |
| Net IncomeAfter-tax profit | $1.9B | $5.0B |
| Free Cash FlowCash after capex | -$5.2B | $9.0B |
| Gross MarginGross profit ÷ Revenue | +46.3% | +59.7% |
| Operating MarginEBIT ÷ Revenue | +16.5% | +27.1% |
| Net MarginNet income ÷ Revenue | +13.5% | +15.7% |
| FCF MarginFCF ÷ Revenue | -36.2% | +28.2% |
| Rev. Growth (YoY)Latest quarter vs prior year | +7.4% | +6.3% |
| EPS Growth (YoY)Latest quarter vs prior year | -25.6% | +15.3% |
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 | XELXcel Energy Inc. | DUKDuke Energy Corpo… |
|---|---|---|
| Market CapShares × price | $49.3B | $101.8B |
| Enterprise ValueMkt cap + debt − cash | $79.3B | $192.4B |
| Trailing P/EPrice ÷ TTM EPS | 24.23x | 20.74x |
| Forward P/EPrice ÷ next-FY EPS est. | 20.12x | 19.52x |
| PEG RatioP/E ÷ EPS growth rate | 4.46x | 0.70x |
| EV / EBITDAEnterprise value multiple | 15.08x | 12.91x |
| Price / SalesMarket cap ÷ Revenue | 3.67x | 3.16x |
| Price / BookPrice ÷ Book value/share | 2.40x | 1.92x |
| 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 | XELXcel Energy Inc. | DUKDuke Energy Corpo… |
|---|---|---|
| ROE (TTM)Return on equity | +9.0% | +9.5% |
| ROA (TTM)Return on assets | +2.4% | +2.6% |
| ROICReturn on invested capital | +3.8% | +4.6% |
| ROCEReturn on capital employed | +3.9% | +5.0% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 5 |
| Debt / EquityFinancial leverage | 1.55x | 1.71x |
| Net DebtTotal debt minus cash | $30.0B | $90.6B |
| Cash & Equiv.Liquid assets | $179M | $245M |
| Total DebtShort + long-term debt | $30.2B | $90.9B |
| Interest CoverageEBIT ÷ Interest expense | 2.02x | 2.36x |
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 | XELXcel Energy Inc. | DUKDuke Energy Corpo… |
|---|---|---|
| YTD ReturnYear-to-date | +11.6% | +12.3% |
| 1-Year ReturnPast 12 months | +18.8% | +15.0% |
| 3-Year ReturnCumulative with dividends | +39.2% | +52.1% |
| 5-Year ReturnCumulative with dividends | +58.4% | +73.8% |
| 10-Year ReturnCumulative with dividends | +156.3% | +128.1% |
| CAGR (3Y)Annualised 3-year return | +11.7% | +15.0% |
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 | XELXcel Energy Inc. | DUKDuke Energy Corpo… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.19x | -0.05x |
| 52-Week HighHighest price in past year | $84.23 | $131.57 |
| 52-Week LowLowest price in past year | $65.21 | $111.22 |
| % of 52W HighCurrent price vs 52-week peak | +99.0% | +99.5% |
| RSI (14)Momentum oscillator 0–100 | 71.6 | 70.2 |
| Avg Volume (50D)Average daily shares traded | 4.5M | 3.4M |
Analyst Outlook
Wall Street rates XEL as "Buy" and DUK as "Hold". 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 | XELXcel Energy Inc. | DUKDuke Energy Corpo… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Hold |
| Price TargetConsensus 12-month target | $89.50 | $133.45 |
| # AnalystsCovering analysts | 26 | 31 |
| Dividend YieldAnnual dividend ÷ price | +2.5% | — |
| Dividend StreakConsecutive years of raises | 16 | 0 |
| 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 | Feb 20 | Feb 26 | Change |
|---|---|---|---|
| Xcel Energy Inc. (XEL) | 100 | 119.54 | +19.5% |
| Duke Energy Corpora… (DUK) | 100 | 130.31 | +30.3% |
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 |
|---|---|---|---|
| Xcel Energy Inc. (XEL) | $11.1B | $13.4B | +21.0% |
| Duke Energy Corpora… (DUK) | $22.7B | $32.2B | +41.7% |
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 |
|---|---|---|---|
| Xcel Energy Inc. (XEL) | 10.1% | 14.4% | +42.4% |
| Duke Energy Corpora… (DUK) | 11.7% | 15.4% | +31.5% |
Duke Energy Corporation's net margin went from 12% (2016) to 15% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Xcel Energy Inc. (XEL) | 21.4 | 19.6 | -8.4% |
| Duke Energy Corpora… (DUK) | 19.3 | 18.6 | -3.6% |
Xcel Energy Inc. has traded in a 19x–24x P/E range over 8 years; current trailing P/E is ~24x. Duke Energy Corporation has traded in a 18x–53x P/E range over 9 years; current trailing P/E is ~21x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Xcel Energy Inc. (XEL) | 2.21 | 3.44 | +55.7% |
| Duke Energy Corpora… (DUK) | 3.11 | 6.31 | +102.9% |
Duke Energy Corporation's EPS grew from $3.11 (2016) to $6.31 (2025) — a 8% CAGR.
Chart 6Free Cash Flow — 5 Years
Xcel Energy Inc. generated $-3B FCF in 2024 (-33% vs 2021). Duke Energy Corporation generated $12B FCF in 2025 (+965% vs 2021).
XEL vs DUK: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is XEL or DUK 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 — XEL or DUK?
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 — XEL or DUK?
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 — XEL or DUK?
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 — XEL or DUK?
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 XEL or DUK 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 — XEL or DUK?
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 XEL or DUK 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 XEL and DUK?
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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