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 | $3.5B | $3.6B | $3.8B | $4.3B | $3.4B | $5.1B | — | — | — | — | — |
| Enterprise Value | $29.8B | $29.8B | $27.0B | $25.3B | $22.6B | $23.3B | — | — | — | — | — |
| P/E Ratio → | 2.42 | 2.43 | 2.71 | 3.09 | 3.17 | 5.63 | — | — | — | — | — |
| P/S Ratio | 0.23 | 0.23 | 0.30 | 0.34 | 0.18 | 0.34 | — | — | — | — | — |
| P/B Ratio | 0.29 | 0.29 | 0.32 | 0.39 | 0.33 | 0.59 | — | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | 1.03 | 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 | 7.53 | 7.54 | 7.07 | 7.48 | 8.07 | 9.23 | — | — | — | — | — |
| EV / EBIT | 14.55 | 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 | 24.7% | 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 | 41.4% | 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 | 24.7% | 24.5% | 21.3% | 17.4% | 21.6% | 16.8% | — | — | — | — | — |
| Shares Outstanding | — | $207M | $207M | $206M | $196M | $194M | $193M | $185M | $181M | $179M | $179M |
Regulatory lag and leverage
According to current market data, DTE Energy trades at a TTM P/E of 2.40, a figure that appears significantly detached from historical utility norms and suggests the market is heavily discounting the company's earnings quality due to recent regulatory and operational headwinds in the Michigan jurisdiction.
The exceptionally low P/E ratio warrants caution, as it likely reflects investor skepticism regarding the sustainability of earnings rather than a genuine value opportunity. Given the utility's role as a bond proxy, this valuation compression may indicate that the market is pricing in a higher risk premium for regulatory lag and the potential for future dividend adjustments.
As reported in the quarterly financial data, the company's ROE has struggled to maintain momentum, peaking at only 4.2% in 2024Q3 and falling to 0.0% in 2026Q1, which indicates a significant gap between authorized returns and actual performance in the current regulatory environment.
This persistent under-earning relative to typical utility authorized ROEs suggests that DTE is facing substantial regulatory lag or operational inefficiencies that prevent it from capturing its full allowed profit. Investors should monitor whether future rate cases can bridge this gap or if the current cost structure remains fundamentally misaligned with MPSC expectations.
Based on the provided quarterly figures, the debt-to-capital ratio has remained consistently elevated near 0.68, which, when viewed alongside an interest coverage ratio that dipped to 1.65 in 2026Q1, suggests a balance sheet that is increasingly sensitive to rising interest rate environments.
The reliance on debt to fund aggressive capital expenditure programs appears to be straining the company's financial flexibility. This leverage profile may limit management's ability to navigate unforeseen operational shocks without further diluting equity or risking credit rating pressure.
According to recent financial statements, 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 internal cash flow is currently compromised by heavy capital investment requirements.
While the dividend yield of 24.8% appears attractive on the surface, it likely reflects a market pricing in significant risk of a dividend reset. The disconnect between cash generation and capital deployment suggests that the current payout level may not be sustainable without continued reliance on external financing.
The most commonly misapplied ratio for DTE Energy is the P/E ratio, which investors often use to compare the company against broader industrial sectors, failing to account for the distortive impact of regulatory accounting and non-recurring items on net income.
Using P/E for a utility like DTE obscures the underlying cash-generating capacity of the rate base, which is better analyzed through EV/EBITDA or price-to-book metrics. Relying on P/E in this context ignores the reality that utility earnings are often a function of accounting decisions regarding regulatory assets rather than pure operational performance.
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 2.4x. The historical average is 3.4x.
DTE Energy Company 2021 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 7.9x.
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 2.4x. Compare with industry peers and growth rates for a complete picture.
DTE Energy Company 2021 Series's current dividend yield is 24.68% 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.