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DTBDTE Energy Company 2020 Series
$17.10$3.6B
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DTE Energy Company 2020 Series (DTB) Financial Ratios

Latest Ratios: P/E Ratio 2.4x · EV/EBITDA 7.5x · ROE 12.2%. (2001–2025 historical series)

Income StatementBalance SheetCash FlowRatios
AnnualQuarterly

DTB Valuation Multiples

Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020FY 2019FY 2018FY 2017FY 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 →2.422.422.682.913.465.623.83————
P/S Ratio0.230.230.300.320.190.340.45————
P/B Ratio0.290.290.320.370.360.580.42————
P/FCF———————————
P/OCF1.041.031.021.251.881.651.41————

P/E links to full P/E history page with 30-year chart

DTB EV Ratios

Enterprise-value multiples — capital-structure-neutral measures of total business value

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020FY 2019FY 2018FY 2017FY 2016
EV / Revenue—1.952.171.961.191.562.11————
EV / EBITDA7.547.537.067.406.839.238.11————
EV / EBIT14.5511.4411.6211.1012.8415.4214.48————
EV / FCF———————————

DTB Profitability

Margins and return-on-capital ratios measuring operating efficiency

Margins

Full margin charts and quarterly trend are on the Earnings History page

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020FY 2019FY 2018FY 2017FY 2016
Gross Margin16.9%16.9%81.8%34.0%12.0%22.3%18.0%24.8%14.8%16.0%18.0%
Operating Margin13.4%13.4%16.8%17.6%9.6%10.0%14.5%11.8%12.0%12.9%14.5%
Net Profit Margin9.6%9.6%11.3%11.0%5.6%6.1%11.9%9.6%7.9%9.0%8.1%

Return on Capital

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020FY 2019FY 2018FY 2017FY 2016
ROE12.2%12.2%12.3%13.0%11.3%8.5%11.2%10.4%10.8%11.6%9.5%
ROA2.8%2.8%3.0%3.2%2.6%2.1%3.1%3.0%3.2%3.4%2.9%
ROIC4.2%4.2%4.7%5.5%4.9%3.8%4.1%4.0%5.4%5.5%5.9%
ROCE4.4%4.4%5.1%5.9%5.2%3.9%4.1%4.1%5.4%5.4%5.6%

DTB Leverage & Debt

Solvency and debt-coverage ratios — lower is generally safer

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020FY 2019FY 2018FY 2017FY 2016
Debt / Equity2.162.161.991.901.852.091.561.491.331.291.24
Debt / EBITDA6.706.706.086.215.737.236.537.624.964.774.54
Net Debt / Equity—2.131.981.891.852.091.521.481.321.281.23
Net Debt / EBITDA6.646.646.076.205.727.216.377.584.934.744.50
Debt / FCF———————————
Interest Coverage2.472.472.442.642.492.262.642.073.243.483.49

DTB Liquidity & Efficiency

Short-term solvency ratios and asset-utilisation metrics

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020FY 2019FY 2018FY 2017FY 2016
Current Ratio0.800.800.710.600.810.521.300.770.731.101.13
Quick Ratio0.550.550.460.420.630.391.040.580.550.820.82
Cash Ratio0.050.050.020.010.010.010.180.020.020.030.05
Asset Turnover—0.280.260.280.450.380.250.290.390.370.34
Inventory Turnover9.249.241.827.9917.9613.5513.3612.0514.9113.5611.41
Days Sales Outstanding———————————

DTB Shareholder Yields

Earnings, FCF, buyback, and dividend yields — total returns to shareholders

Dividends

Full dividend history and growth charts are on the Dividend History page

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020FY 2019FY 2018FY 2017FY 2016
Dividend Yield24.6%24.7%21.5%18.5%18.3%15.5%14.5%————
Payout Ratio59.6%59.6%57.7%53.8%63.4%87.2%55.6%59.2%55.5%52.3%61.3%

Total Shareholder Return Metrics

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020FY 2019FY 2018FY 2017FY 2016
Earnings Yield41.3%41.4%37.3%34.4%28.9%17.8%26.1%————
FCF Yield———————————
Buyback Yield0.0%0.0%0.0%0.0%1.5%1.3%0.0%————
Total Shareholder Yield24.6%24.7%21.5%18.5%19.8%16.8%14.5%————
Shares Outstanding—$207M$207M$206M$196M$194M$193M$185M$181M$179M$179M

Key Metrics

Growth RegimeMixed
ProfitabilityStrained
Balance SheetVulnerable
Cash FlowBurning
Top Statement Risk

Regulatory lag and liquidity

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q1)

Valuation Disconnect Amidst Earnings Volatility

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.

ROE Compression Signals Regulatory Friction

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.

Leverage Constraints and Capital Structure

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.

Dividend Sustainability Under Capital Pressure

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.

Misapplication of P/E in Utilities

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.

Download Financial Ratios Data

Includes 30+ ratios · 25 years · Updated daily

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DTB — Frequently Asked Questions

Quick answers to the most common questions about buying DTB stock.

What is DTE Energy Company 2020 Series's P/E ratio?

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.

What is DTE Energy Company 2020 Series's EV/EBITDA?

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.

What is DTE Energy Company 2020 Series's ROE?

DTE Energy Company 2020 Series's return on equity (ROE) is 12.2%. The historical average is 7.7%.

Is DTB stock overvalued?

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.

What is DTE Energy Company 2020 Series's dividend yield?

DTE Energy Company 2020 Series's current dividend yield is 24.61% with a payout ratio of 59.6%.

What are DTE Energy Company 2020 Series's profit margins?

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.

How much debt does DTE Energy Company 2020 Series have?

DTE Energy Company 2020 Series's Debt/EBITDA ratio is 6.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.