Latest Ratios: P/E Ratio 2.4x · EV/EBITDA 7.5x · ROE 12.2%. (2001–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.6B | $3.5B | $3.8B | $4.1B | $3.7B | $5.1B | $5.2B | — | — | — | — |
| Enterprise Value | $29.8B | $29.8B | $27.0B | $25.0B | $22.9B | $23.3B | $24.4B | — | — | — | — |
| P/E Ratio → | 2.42 | 2.42 | 2.68 | 2.91 | 3.46 | 5.62 | 3.83 | — | — | — | — |
| P/S Ratio | 0.23 | 0.23 | 0.30 | 0.32 | 0.19 | 0.34 | 0.45 | — | — | — | — |
| P/B Ratio | 0.29 | 0.29 | 0.32 | 0.37 | 0.36 | 0.58 | 0.42 | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | 1.04 | 1.03 | 1.02 | 1.25 | 1.88 | 1.65 | 1.41 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.95 | 2.17 | 1.96 | 1.19 | 1.56 | 2.11 | — | — | — | — |
| EV / EBITDA | 7.54 | 7.53 | 7.06 | 7.40 | 6.83 | 9.23 | 8.11 | — | — | — | — |
| EV / EBIT | 14.55 | 11.44 | 11.62 | 11.10 | 12.84 | 15.42 | 14.48 | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 16.9% | 16.9% | 81.8% | 34.0% | 12.0% | 22.3% | 18.0% | 24.8% | 14.8% | 16.0% | 18.0% |
| Operating Margin | 13.4% | 13.4% | 16.8% | 17.6% | 9.6% | 10.0% | 14.5% | 11.8% | 12.0% | 12.9% | 14.5% |
| Net Profit Margin | 9.6% | 9.6% | 11.3% | 11.0% | 5.6% | 6.1% | 11.9% | 9.6% | 7.9% | 9.0% | 8.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.2% | 12.2% | 12.3% | 13.0% | 11.3% | 8.5% | 11.2% | 10.4% | 10.8% | 11.6% | 9.5% |
| ROA | 2.8% | 2.8% | 3.0% | 3.2% | 2.6% | 2.1% | 3.1% | 3.0% | 3.2% | 3.4% | 2.9% |
| ROIC | 4.2% | 4.2% | 4.7% | 5.5% | 4.9% | 3.8% | 4.1% | 4.0% | 5.4% | 5.5% | 5.9% |
| ROCE | 4.4% | 4.4% | 5.1% | 5.9% | 5.2% | 3.9% | 4.1% | 4.1% | 5.4% | 5.4% | 5.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.16 | 2.16 | 1.99 | 1.90 | 1.85 | 2.09 | 1.56 | 1.49 | 1.33 | 1.29 | 1.24 |
| Debt / EBITDA | 6.70 | 6.70 | 6.08 | 6.21 | 5.73 | 7.23 | 6.53 | 7.62 | 4.96 | 4.77 | 4.54 |
| Net Debt / Equity | — | 2.13 | 1.98 | 1.89 | 1.85 | 2.09 | 1.52 | 1.48 | 1.32 | 1.28 | 1.23 |
| Net Debt / EBITDA | 6.64 | 6.64 | 6.07 | 6.20 | 5.72 | 7.21 | 6.37 | 7.58 | 4.93 | 4.74 | 4.50 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | 2.47 | 2.47 | 2.44 | 2.64 | 2.49 | 2.26 | 2.64 | 2.07 | 3.24 | 3.48 | 3.49 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.80 | 0.80 | 0.71 | 0.60 | 0.81 | 0.52 | 1.30 | 0.77 | 0.73 | 1.10 | 1.13 |
| Quick Ratio | 0.55 | 0.55 | 0.46 | 0.42 | 0.63 | 0.39 | 1.04 | 0.58 | 0.55 | 0.82 | 0.82 |
| Cash Ratio | 0.05 | 0.05 | 0.02 | 0.01 | 0.01 | 0.01 | 0.18 | 0.02 | 0.02 | 0.03 | 0.05 |
| Asset Turnover | — | 0.28 | 0.26 | 0.28 | 0.45 | 0.38 | 0.25 | 0.29 | 0.39 | 0.37 | 0.34 |
| Inventory Turnover | 9.24 | 9.24 | 1.82 | 7.99 | 17.96 | 13.55 | 13.36 | 12.05 | 14.91 | 13.56 | 11.41 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 24.6% | 24.7% | 21.5% | 18.5% | 18.3% | 15.5% | 14.5% | — | — | — | — |
| Payout Ratio | 59.6% | 59.6% | 57.7% | 53.8% | 63.4% | 87.2% | 55.6% | 59.2% | 55.5% | 52.3% | 61.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 41.3% | 41.4% | 37.3% | 34.4% | 28.9% | 17.8% | 26.1% | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 1.5% | 1.3% | 0.0% | — | — | — | — |
| Total Shareholder Yield | 24.6% | 24.7% | 21.5% | 18.5% | 19.8% | 16.8% | 14.5% | — | — | — | — |
| Shares Outstanding | — | $207M | $207M | $206M | $196M | $194M | $193M | $185M | $181M | $179M | $179M |
Regulatory lag and liquidity
Based on the provided market data, DTE's current P/E of 2.39 appears significantly detached from historical utility norms, likely reflecting investor skepticism regarding the sustainability of earnings following the reported 99.7% EPS decline in 2026Q1 and the company's aggressive, debt-funded capital expenditure program.
The exceptionally low P/E ratio suggests that the market is heavily discounting the company's future earnings power, potentially due to the high volatility observed in recent quarters. Investors should monitor whether this valuation reflects a permanent impairment of earnings quality or a temporary reaction to the significant regulatory and operational headwinds currently facing the Michigan utility.
As reported in quarterly financial statements, the company's ROE has struggled to maintain momentum, falling to 0.0% in 2026Q1 from a peak of 4.2% in 2024Q3, which suggests that DTE is currently failing to earn its authorized return on equity within the Michigan regulatory framework.
The persistent gap between the earned ROE and typical utility industry standards indicates that regulatory lag is likely eroding profitability. This trend warrants further investigation into whether the MPSC's current rate structures are sufficient to cover the company's rising operational costs and the massive capital investments required for grid modernization.
According to reported financial data, the debt-to-capital ratio has remained consistently elevated near 0.68, which, when combined with an interest coverage ratio that dropped to 1.65 in 2026Q1, suggests that the company's balance sheet is increasingly vulnerable to rising interest rates and restricted access to capital.
The reliance on debt to fund capital-intensive projects appears to be placing significant pressure on the company's credit quality. Investors should monitor the sustainability of this capital structure, as the current interest coverage levels provide a narrowing margin of safety against potential operational or regulatory shocks.
Based on the provided quarterly data, the dividend payout ratio has shown extreme volatility, reaching 95.2% in 2025Q2, which indicates that the company's ability to fund its dividend from operating cash flow is being severely challenged by its massive, ongoing capital expenditure requirements.
The high payout ratio suggests that the dividend may be at risk if the company cannot improve its internal cash generation or secure more favorable regulatory outcomes. The current trend of prioritizing shareholder returns while simultaneously facing a liquidity crunch warrants caution regarding the long-term stability of the dividend growth profile.
The most commonly misapplied metric for DTE is the standard P/E ratio, which fails to account for the distortive impact of regulatory accounting, commodity price pass-throughs, and non-recurring items that frequently mask the underlying regulated earnings power of the utility's core operations.
Investors should instead focus on Rate Base Growth and the gap between earned and authorized ROE, as these metrics provide a more accurate reflection of the company's long-term value creation. Relying on P/E in this context obscures the reality that utility earnings are fundamentally a function of regulatory recovery rather than traditional market-driven growth.
Includes 30+ ratios · 25 years · Updated daily
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Quick answers to the most common questions about buying DTB stock.
DTE Energy Company 2020 Series's current P/E ratio is 2.4x. The historical average is 3.5x. This places it at the 17th percentile of its historical range.
DTE Energy Company 2020 Series's current EV/EBITDA is 7.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.7x.
DTE Energy Company 2020 Series's return on equity (ROE) is 12.2%. The historical average is 7.7%.
Based on historical data, DTE Energy Company 2020 Series is trading at a P/E of 2.4x. This is at the 17th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
DTE Energy Company 2020 Series's current dividend yield is 24.61% with a payout ratio of 59.6%.
DTE Energy Company 2020 Series has 16.9% gross margin and 13.4% operating margin. Operating margin between 10-20% is typical for established companies.
DTE Energy Company 2020 Series's Debt/EBITDA ratio is 6.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.