Capital intensity remains elevated, highlighted by a peak CapEx-to-OCF ratio of 193.0% in 2025Q3, necessitating ongoing reliance on external financing.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Cash from Operations | 3.31B | 3.43B | 3.67B | 3.25B | 1.99B | 3.08B | 3.72B | 2.66B | 2.69B | 2.13B | 2.1B | 1.94B | 1.84B | 2.15B | 2.21B | 2.01B | 1.82B | 1.82B | 1.56B | 1.13B | 1.46B | 1B | 995M | 950M | 974M | 811M |
| Operating CF Growth % | -36.81% | -6.7% | 13.19% | 62.82% | -35.4% | -17.09% | 39.94% | -1.12% | 26.42% | 1.53% | 8.27% | 4.88% | -14.35% | -2.49% | 10.01% | 10.03% | 0.33% | 16.68% | 38.58% | -22.73% | 45.45% | 0.6% | 4.74% | -2.46% | 20.1% | - |
| Operating CF / Revenue % | 20.71% | 22.43% | 29.49% | 25.46% | 10.37% | 20.62% | 32.57% | 21.85% | 18.94% | 16.91% | 19.51% | 18.75% | 15% | 22.3% | 25.13% | 22.57% | 21.33% | 22.7% | 16.71% | 13.23% | 16.14% | 11.1% | 13.99% | 13.49% | 14.43% | 11.94% |
| Net Income | 1.02B | 1.46B | 1.4B | 1.39B | 1.08B | 794M | 1.05B | 1.17B | 1.12B | 1.13B | 866M | 725M | 905M | 661M | 618M | 720M | 639M | 535M | 546M | 971M | 433M | 537M | 431M | 521M | 632M | 0 |
| Depreciation & Amortization | 1.56B | 1.91B | 1.79B | 1.67B | 1.51B | 1.44B | 1.33B | 1.32B | 1.17B | 1.08B | 1.03B | -898M | 666M | 611M | 1.02B | 995M | 1.03B | 1.02B | 899M | 926M | 1.01B | 872M | 744M | 691M | 759M | 0 |
| Deferred Taxes | 305M | 358M | 194M | 181M | 44M | -32M | 407M | 329M | 114M | 196M | 265M | 237M | 356M | 164M | 47M | 220M | 457M | 205M | 348M | 144M | 28M | 147M | 129M | -220M | -208M | 0 |
| Other Non-Cash Items | 865M | -79M | -37M | 2M | 3M | 607M | 532M | 54M | 2.22B | 2.27B | 2.08B | 103M | 896M | 585M | 526M | 73M | -298M | 59M | -234M | -916M | -19M | -555M | -309M | -42M | -209M | 0 |
| Working Capital Changes | -375M | -219M | 328M | 3M | -644M | 281M | 401M | -214M | 336M | -261M | -36M | -23M | -725M | 197M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditures | -3.56B | -4.43B | -4.47B | -3.93B | -3.38B | -3.77B | -3.86B | -6B | -2.71B | -2.25B | -3.29B | -2.02B | -2.05B | -1.88B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx / Revenue % | 22.25% | 28.98% | 35.86% | 30.87% | 17.57% | 25.21% | 33.77% | 49.34% | 19.11% | 17.89% | 30.6% | 19.57% | 16.66% | 19.42% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| CapEx / D&A | 2.28x | 2.32x | 2.50x | 2.36x | 2.24x | 2.63x | 2.90x | 4.54x | 2.32x | 2.08x | 3.18x | -2.25x | 3.08x | 3.07x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | - |
| CapEx Coverage (OCF/CapEx) | 0.93x | 0.77x | 0.82x | 0.82x | 0.59x | 0.82x | 0.96x | 0.44x | 0.99x | 0.95x | 0.64x | 0.96x | 0.90x | 1.15x | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash from Investing | -5.67B | -5.32B | -4.98B | -4.12B | -3.44B | -3.84B | -4.06B | -6B | -3.3B | -2.52B | -3.29B | -2.3B | -2.06B | -1.91B | -1.77B | -1.56B | -1.23B | -1.06B | -1.52B | 330M | -1.19B | -802M | -681M | 10M | -1.11B | -2.29B |
| Acquisitions | -178M | -178M | 46M | 5M | 27M | 47M | -77M | -2.73B | 53M | 50M | -1.03B | -202M | 0 | 0 | -198M | 0 | 0 | 0 | 0 | 0 | -42M | -50M | 0 | 0 | 0 | -1.21B |
| Purchase of Investments | -578M | -720M | -1.64B | -705M | -891M | -1.05B | -2.39B | -943M | -1.82B | -1.52B | -1.7B | -996M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale of Investments | 578M | 717M | 1.6B | 681M | 879M | 1.05B | 2.35B | 788M | 1.2B | 1.24B | 1.46B | 885M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -1.93B | -712M | -529M | -165M | -81M | -105M | -87M | -120M | -21M | -37M | 31M | 36M | -11M | -30M | -1.57B | -1.56B | -1.23B | -1.06B | -1.52B | 330M | -1.15B | -752M | -681M | 10M | -1.11B | -1.07B |
| Cash from Financing | 2.54B | 2.06B | 1.34B | 881M | 1.46B | 271M | 760M | 3.36B | 601M | 371M | 1.25B | 254M | 211M | -261M | -443M | -445M | -586M | -789M | -84M | -1.47B | -203M | -167M | -312M | -1.04B | 6M | 1.68B |
| Dividends Paid | -887M | -871M | -810M | -752M | -685M | -791M | -760M | -692M | -620M | -592M | -531M | -501M | -470M | -445M | -407M | -389M | -360M | -348M | -344M | -364M | -365M | -360M | -354M | -346M | -338M | -325M |
| Dividend Payout Ratio % | - | 59.58% | 57.69% | 53.83% | 63.25% | 87.21% | 55.56% | 59.2% | 55.46% | 52.3% | 61.32% | 69.1% | 51.99% | 67.42% | 66.72% | 54.03% | 57.14% | 65.41% | 63% | 37.49% | 84.3% | 67.04% | 82.13% | 66.41% | 53.48% | 90.03% |
| Debt Issuance (Net) | 3M | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 1.3B | 0 | 2M | 2.29B | 0 | 0 | 654M | 9M | 0 | 39M | 39M | 0 | 36M | 35M | 0 | 0 | 17M | 172M | 41M | 44M | 265M | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -55M | -66M | 0 | 0 | 0 | -51M | -33M | 0 | -52M | 0 | 0 | -18M | 0 | 0 | -16M | -708M | -61M | -13M | 0 | -3M | -9M | -438M |
| Other Financing | 651M | -25M | -23M | -39M | -89M | -527M | -502M | -138M | -106M | -121M | 100M | 12M | 234M | 20M | -16M | -31M | -36M | 0 | -10M | -6M | -10M | -6M | -9M | -693M | 344M | 2B |
| Net Change in Cash | 188M | 162M | 37M | 8M | 8M | -439M | 381M | 17M | -13M | -24M | 76M | -11M | -4M | -13M | -3M | 3M | 13M | -34M | -37M | -24M | 59M | 32M | 2M | -79M | -135M | 204M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 42M | -42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11M | -11M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 250M | 88M | 51M | 43M | 35M | 474M | 93M | 76M | 89M | 113M | 37M | 48M | 52M | 65M | 68M | 65M | 52M | 86M | 123M | 147M | 88M | 56M | 54M | 133M | 268M | 0 |
| Cash at End | 278M | 250M | 88M | 51M | 43M | 35M | 474M | 93M | 76M | 89M | 113M | 37M | 48M | 52M | 65M | 68M | 65M | 52M | 86M | 123M | 147M | 88M | 56M | 54M | 133M | 204M |
| Free Cash Flow | -246M | -1B | -794M | -689M | -1.39B | -687M | -136M | -3.35B | -24M | -123M | -1.19B | -85M | -204M | 278M | 2.21B | 2.01B | 1.82B | 1.82B | 1.56B | 1.13B | 1.46B | 1B | 995M | 950M | 974M | 811M |
| FCF Growth % | -114.68% | -26.2% | -15.24% | 50.25% | -101.6% | -405.15% | 95.93% | -13837.5% | 80.49% | 89.67% | -1301.18% | 58.33% | -173.38% | -87.42% | 10.01% | 10.03% | 0.33% | 16.68% | 38.58% | -22.73% | 45.45% | 0.6% | 4.74% | -2.46% | 20.1% | - |
| FCF Margin % | -1.54% | -6.56% | -6.37% | -5.41% | -7.2% | -4.59% | -1.19% | -27.49% | -0.17% | -0.98% | -11.09% | -0.82% | -1.66% | 2.88% | 25.13% | 22.57% | 21.33% | 22.7% | 16.71% | 13.23% | 16.14% | 11.1% | 13.99% | 13.49% | 14.43% | 11.94% |
| FCF / Net Income % | -24.16% | -68.54% | -56.55% | -49.32% | -127.89% | -75.74% | -9.94% | -286.14% | -2.15% | -10.87% | -137.53% | -11.72% | -22.57% | 42.12% | 362.13% | 278.89% | 289.68% | 341.92% | 285.53% | 115.86% | 336.26% | 186.41% | 230.86% | 182.34% | 154.11% | 224.65% |
Regulatory lag and execution
As reported in recent financial statements, DTE Energy’s capital expenditure intensity remains elevated, with the company recording a peak CapEx-to-OCF ratio of 193.0% in 2025Q3, reflecting a significant reliance on external funding to support its ongoing transition toward a decarbonized generation fleet and grid modernization.
The consistent trend of CapEx exceeding operating cash flow suggests that the utility is in a heavy investment phase, which is typical for its current regulatory cycle. However, the volatility in this ratio indicates that the company may be struggling to align its massive infrastructure spending with the timing of authorized rate recovery.
Based on the provided quarterly data, DTE Energy consistently maintains a free cash flow deficit, with a notable $1.1 billion outflow in 2024Q2, necessitating a reliance on debt markets to bridge the gap between heavy infrastructure investment requirements and the cash generated from regulated operations.
The persistent negative free cash flow highlights the company's structural need for continuous access to capital markets. Investors should monitor whether the company's ability to issue debt remains cost-effective, especially given the potential for interest rate sensitivity to erode the returns on its regulated asset base.
According to the company's cash flow filings, the OCF-to-dividend coverage ratio has fluctuated between 2.9x and 6.5x over the last ten quarters, suggesting that while the dividend appears supported by operating cash, the underlying cash burn from heavy CapEx creates a precarious balance for long-term sustainability.
While the coverage ratios appear superficially healthy, the absolute cash flow deficit suggests that dividends are effectively being funded through debt issuance rather than organic free cash flow. This dynamic warrants caution, as any regulatory delay in rate recovery could force management to choose between dividend growth and necessary infrastructure maintenance.
Analysis of the provided cash flow data reveals that the company's reliance on external financing, including consistent long-term debt issuance, may mask the impact of regulatory lag where the recovery of capital investments is delayed by the Michigan Public Service Commission's rate-setting processes.
The disconnect between reported net income and actual cash flow suggests that significant portions of earnings may be tied to non-cash regulatory assets rather than immediate liquidity. This implies that the company's true financial flexibility may be more constrained than the headline earnings figures suggest, particularly if the MPSC mandates stricter cost-recovery timelines.
Quick answers to the most common questions about buying DTG stock.
DTE Energy Company 2021 Series (DTG) generated $3.43B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
DTE Energy Company 2021 Series (DTG) reported negative free cash flow of $1.00B in 2025, indicating capital requirements exceeded cash from operations.
DTE Energy Company 2021 Series (DTG) spent $4.43B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, DTE Energy Company 2021 Series (DTG) returned $871.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.