Latest Ratios: P/E Ratio 2.2x · 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 | $3.2B | $3.6B | $3.8B | $4.3B | $3.4B | $5.1B | — | — | — | — | — |
| Enterprise Value | $29.5B | $29.8B | $27.0B | $25.3B | $22.6B | $23.3B | — | — | — | — | — |
| P/E Ratio → | 2.18 | 2.43 | 2.71 | 3.09 | 3.17 | 5.63 | — | — | — | — | — |
| P/S Ratio | 0.21 | 0.23 | 0.30 | 0.34 | 0.18 | 0.34 | — | — | — | — | — |
| P/B Ratio | 0.26 | 0.29 | 0.32 | 0.39 | 0.33 | 0.59 | — | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | 0.93 | 1.04 | 1.03 | 1.33 | 1.72 | 1.65 | — | — | — | — | — |
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 | 1.98 | 1.18 | 1.56 | — | — | — | — | — |
| EV / EBITDA | 7.45 | 7.54 | 7.07 | 7.48 | 8.07 | 9.23 | — | — | — | — | — |
| EV / EBIT | 14.38 | 11.45 | 11.64 | 11.23 | 12.97 | 15.43 | — | — | — | — | — |
| 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% | 19.1% | 22.3% | 28.7% | 24.8% | 14.8% | 16.0% | 18.0% |
| Operating Margin | 13.4% | 13.4% | 16.8% | 17.6% | 9.1% | 10.0% | 13.6% | 11.8% | 12.0% | 12.9% | 14.5% |
| Net Profit Margin | 9.6% | 9.6% | 11.3% | 11.0% | 5.6% | 6.1% | 12.0% | 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% | 4.6% | 3.8% | 3.8% | 4.0% | 5.4% | 5.5% | 5.9% |
| ROCE | 4.4% | 4.4% | 5.1% | 5.9% | 4.9% | 3.9% | 3.8% | 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 | 6.87 | 7.23 | 7.81 | 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 | 6.21 | 6.85 | 7.21 | 7.62 | 7.58 | 4.93 | 4.74 | 4.50 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | 2.47 | 2.47 | 2.44 | 2.64 | 2.43 | 2.26 | 2.42 | 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 | 0.00 | 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 | 16.52 | 13.55 | 11.50 | 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 | 27.3% | 24.5% | 21.3% | 17.4% | 20.0% | 15.5% | — | — | — | — | — |
| Payout Ratio | 59.6% | 59.6% | 57.7% | 53.8% | 63.3% | 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 | 45.8% | 41.1% | 37.0% | 32.3% | 31.6% | 17.8% | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 1.6% | 1.3% | — | — | — | — | — |
| Total Shareholder Yield | 27.3% | 24.5% | 21.3% | 17.4% | 21.6% | 16.8% | — | — | — | — | — |
| Shares Outstanding | — | $207M | $207M | $206M | $196M | $194M | $193M | $185M | $181M | $179M | $179M |
Includes 30+ ratios · 25 years · Updated daily
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Quick answers to the most common questions about buying DTG stock.
DTE Energy Company 2021 Series's current P/E ratio is 2.2x. The historical average is 3.4x.
DTE Energy Company 2021 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 7.9x.
DTE Energy Company 2021 Series's return on equity (ROE) is 12.2%. The historical average is 7.7%.
Based on historical data, DTE Energy Company 2021 Series is trading at a P/E of 2.2x. Compare with industry peers and growth rates for a complete picture.
DTE Energy Company 2021 Series's current dividend yield is 27.30% with a payout ratio of 59.6%.
DTE Energy Company 2021 Series has 16.9% gross margin and 13.4% operating margin. Operating margin between 10-20% is typical for established companies.
DTE Energy Company 2021 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 weather volatility
Metrics are mathematically derived from official filings.
Yield Distortion Masks Utility Value
DTG's P/E of 2.32 and dividend yield of 25.7% reflect preferred-share characteristics, not common equity. According to peer data, DTE's common P/E is 19.64, aligning with the regulated utility average.
The extreme valuation metrics for DTG are consistent with a preferred security, where the dividend is fixed and the price is par-based. The 25.7% yield is unsustainable for common equity but typical for a preferred with a high coupon relative to market price. Investors should compare DTG's yield to preferred indices, not utility common stocks, to assess relative value.
Earned ROE Lags Authorized Returns
Quarterly ROE averaged 2.7% over the last ten quarters, per financial statements, well below typical authorized returns of 9-10%. This suggests significant regulatory lag or weather impacts compressing earned returns.
The gap between earned and allowed ROE indicates that DTE is not currently earning its authorized return, which may reflect timing of rate cases, weather normalization, or other regulatory mechanisms. If this gap persists, it could signal a need for more frequent rate filings or improved cost recovery mechanisms. Investors should monitor regulatory proceedings for adjustments that could close this gap.
Operating Margin Volatility Reflects Pass-Through
Operating margin swung from 8.0% to 17.8% over the last ten quarters, per financial statements, indicating that fuel and purchased power costs are not perfectly matched with revenues, creating earnings volatility.
The wide range in operating margins suggests that cost recovery mechanisms have lag, and weather or commodity price swings can temporarily compress margins. The 2026Q1 net margin of 0.0% highlights a quarter where costs outpaced revenues, likely due to a one-time charge or severe weather. Over time, regulatory riders should smooth these effects, but the volatility warrants close attention.
Debt-to-Capital Approaches Ceiling
Debt-to-capital rose to 0.69 in 2026Q2, per balance sheet data, up from 0.66 in 2024Q1, approaching typical regulatory limits of 0.70 and reducing financial flexibility.
The increasing leverage is consistent with the aggressive CAPEX program, but it leaves little headroom for additional debt without credit rating pressure. Interest coverage of 1.52x in 2026Q2 is thin, though it has been higher in other quarters. If regulatory lag persists, the combination of high leverage and low coverage could strain credit metrics, potentially leading to higher financing costs.
Payout Ratio Signals Coverage Risk
Dividend payout spiked to 195.8% in 2026Q1, per financial statements, but averaged 83% over the last ten quarters, indicating that dividends are generally covered by earnings but vulnerable to quarterly volatility.
The high payout in 2026Q1 reflects the near-zero net income that quarter, but the average payout is manageable. However, with FFO/debt averaging 3.7% and negative free cash flow in most quarters, dividends are funded by external sources, not internal cash generation. This is typical for utilities in a growth phase, but investors should monitor whether the dividend growth rate remains sustainable relative to earnings growth.
P/E Misleading for Preferred Shares
The most misapplied ratio for DTG is P/E, as the 2.32 multiple reflects preferred-share pricing, not common equity. According to peer data, DTE's common P/E is 19.64, which is the appropriate comparison.
Using DTG's P/E to assess valuation would lead to a false conclusion of extreme undervaluation. Instead, investors should use dividend yield relative to preferred benchmarks and assess the credit quality of the issuer. For DTE common, the P/E of 19.64 is in line with peers, and the dividend yield of 3.0% is competitive. The preferred shares should be evaluated on their own terms, focusing on coverage and the issuer's ability to pay dividends.