Latest Ratios: P/E Ratio 2.1x · EV/EBITDA 7.4x · 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 | $3.1B | $3.5B | $3.8B | $4.1B | $3.7B | $5.1B | $5.2B | — | — | — | — |
| Enterprise Value | $29.4B | $29.8B | $27.1B | $25.0B | $22.9B | $23.3B | $24.4B | — | — | — | — |
| P/E Ratio → | 2.10 | 2.42 | 2.68 | 2.91 | 3.46 | 5.62 | 3.83 | — | — | — | — |
| P/S Ratio | 0.20 | 0.23 | 0.30 | 0.32 | 0.19 | 0.34 | 0.45 | — | — | — | — |
| P/B Ratio | 0.25 | 0.29 | 0.32 | 0.37 | 0.36 | 0.58 | 0.42 | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | 0.90 | 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 | 7.42 | 7.53 | 7.08 | 7.40 | 6.83 | 9.23 | 8.11 | — | — | — | — |
| EV / EBIT | 14.32 | 11.44 | 11.67 | 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 | 2.00 | 1.90 | 1.85 | 2.09 | 1.56 | 1.49 | 1.33 | 1.29 | 1.24 |
| Debt / EBITDA | 6.70 | 6.70 | 6.12 | 6.21 | 5.73 | 7.23 | 6.53 | 7.62 | 4.96 | 4.77 | 4.54 |
| Net Debt / Equity | — | 2.13 | 1.99 | 1.89 | 1.85 | 2.09 | 1.52 | 1.48 | 1.32 | 1.28 | 1.23 |
| Net Debt / EBITDA | 6.64 | 6.64 | 6.10 | 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 | 28.4% | 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 | 47.6% | 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 | 28.4% | 24.7% | 21.5% | 18.5% | 19.8% | 16.8% | 14.5% | — | — | — | — |
| Shares Outstanding | — | $207M | $207M | $206M | $196M | $194M | $193M | $185M | $181M | $179M | $179M |
Includes 30+ ratios · 25 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying DTB stock.
DTE Energy Company 2020 Series's current P/E ratio is 2.1x. The historical average is 3.5x.
DTE Energy Company 2020 Series's current EV/EBITDA is 7.4x. 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 2.1x. Compare with industry peers and growth rates for a complete picture.
DTE Energy Company 2020 Series's current dividend yield is 28.35% 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.
Key Metrics
Top Statement Risk
Regulatory lag and rate case outcomes
Metrics are mathematically derived from official filings.
Yield Distortion Masks Utility Value
DTB's 26.2% dividend yield and 2.27 P/E reflect preferred-share mechanics, not utility fundamentals; the common equity trades at 19.6x earnings with a 3.0% yield, per peer data.
The preferred series' yield is nearly nine times the common's 3.0%, signaling that the market prices in mandatory distribution requirements and potential deferral risk, not the regulated earnings power. The common P/E of 19.6x sits near the peer median of 19.7x, suggesting the market values DTE's rate base growth in line with the sector. Investors should monitor the spread between the preferred yield and the common's cost of equity, as a widening gap may indicate rising credit concerns.
Earned ROE Lags Authorized Return
Quarterly ROE averaged 2.7% over the last four quarters, per financial statements, well below the typical 9-10% authorized ROE, indicating significant regulatory lag or non-recurring items.
The gap between earned and allowed ROE is stark, with 2026Q2 ROE at 2.3% versus the peer average of 10.8%. This suggests that either rate recovery is trailing asset additions or that one-time charges are depressing earnings, as seen in the 2026Q1 EPS collapse to $0.01. The 2025 rate case reset appears to have improved margins in 2025Q3 and Q4, but the 2026Q1 dip warrants caution. If the earned ROE does not converge toward the authorized level over the next two quarters, the regulatory construct may be less constructive than management implies.
Margin Volatility Reflects Pass-Through
Operating margin swung from 8.0% in 2026Q1 to 17.6% in 2025Q3, per financial statements, with fuel costs largely pass-through, as evidenced by gross margins near 85%.
The wide quarterly swings in operating margin—ranging from 8.0% to 17.6% over the last ten quarters—suggest that while fuel and purchased power costs are passed through, timing mismatches and weather effects create earnings volatility. The 2026Q1 margin of 8.0% aligns with the EPS collapse, indicating that cost recovery mechanisms may have lagged during that period. The 2025Q4 revenue jump of 23.4% likely reflects a rate case reset that improved cost recovery, but the sustainability of margins near 14% depends on regulatory riders and timely adjustments.
Debt-Funded Capex Pressures Credit
Debt-to-capital rose to 0.69 in 2026Q2, per balance sheet data, while FFO interest coverage fell to 3.18x, indicating leverage is approaching regulatory limits and credit metrics are weakening.
The debt-to-capital ratio of 0.69 is at the high end for regulated utilities, and the FFO interest coverage of 3.18x is below the 4.0x level seen in 2025Q3, suggesting that the aggressive capex program is increasingly debt-funded. Equity growth of only 3.4% year-over-year versus asset growth of 14.8% confirms that retained earnings are insufficient to fund the investment plan. If leverage continues to climb, rating agencies may pressure the company to issue equity, which could dilute common shareholders but is a typical remedy for utilities approaching capital structure limits.
Preferred Payout Strains Cash Flow
Dividend payout on the preferred series reached 83% of net income in 2026Q2, per financial statements, while common dividends are covered 3.6x by operating cash flow, per cash flow data.
The preferred dividend payout of 83% in 2026Q2 is elevated, but the common dividend coverage of 3.6x from OCF indicates that the overall dividend obligation is manageable. However, with free cash flow negative in seven of the last eight quarters and a cumulative deficit of $2.1B, the company relies on external financing to fund both capex and dividends. The preferred's high yield of 26.2% suggests the market is pricing in a risk of deferral, but the cash flow coverage of 3.6x for common dividends implies that the preferred distributions are likely secure in the near term.
P/E Misleads on Preferred Series
The most misapplied ratio is P/E for the preferred series, which at 2.27x obscures the utility's true earnings power; the common equity P/E of 19.6x is the relevant metric.
Applying a standard P/E to a preferred security is inappropriate because preferred dividends are fixed and the earnings stream is not directly comparable to common equity. The low P/E and high yield reflect the preferred's fixed-income characteristics and potential credit risk, not the utility's operational performance. Analysts should instead evaluate the preferred based on coverage ratios, such as FFO interest coverage and dividend coverage from cash flow, and compare the yield to the common's cost of equity. For the common equity, the P/E of 19.6x is more meaningful and aligns with peer valuations, but even that should be anchored to the authorized ROE and interest rate environment.