Latest Ratios: P/E Ratio 2.6x · EV/EBITDA 6.9x · ROE 12.2%. (1996–2025 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 | $3.3B | $4.4B | $4.6B | $5.0B | $4.2B | $5.0B | $5.2B | $4.9B | $4.0B | $4.6B | — |
| Enterprise Value | $29.6B | $30.7B | $27.8B | $26.0B | $23.4B | $23.2B | $24.4B | $22.4B | $18.2B | $17.4B | — |
| P/E Ratio → | 2.63 | 2.99 | 3.26 | 3.62 | 3.84 | 5.53 | 3.84 | 4.19 | 3.61 | 4.07 | — |
| P/S Ratio | 0.21 | 0.28 | 0.37 | 0.40 | 0.22 | 0.34 | 0.46 | 0.40 | 0.28 | 0.36 | — |
| P/B Ratio | 0.31 | 0.36 | 0.39 | 0.46 | 0.40 | 0.58 | 0.42 | 0.41 | 0.38 | 0.46 | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | 0.97 | 1.28 | 1.25 | 1.57 | 2.10 | 1.63 | 1.42 | 1.85 | 1.50 | 2.17 | — |
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 | — | 1.94 | 2.23 | 2.04 | 1.22 | 1.55 | 2.13 | 1.84 | 1.28 | 1.38 | — |
| EV / EBITDA | 6.91 | 7.16 | 7.27 | 6.75 | 7.26 | 7.87 | 8.13 | 8.32 | 6.70 | 6.37 | — |
| EV / EBIT | 12.47 | 14.95 | 11.97 | 11.02 | 13.07 | 18.07 | 14.49 | 14.17 | 10.25 | 9.57 | — |
| 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 | 84.9% | 84.9% | 34.8% | 34.0% | 19.1% | 22.3% | 28.7% | 24.8% | 22.2% | 25.2% | 26.7% |
| Operating Margin | 15.0% | 15.0% | 16.8% | 17.6% | 9.1% | 10.0% | 13.6% | 11.8% | 11.2% | 13.6% | 14.0% |
| Net Profit Margin | 9.2% | 9.2% | 11.2% | 11.0% | 5.6% | 6.1% | 12.0% | 9.6% | 7.9% | 9.0% | 8.2% |
| 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 | 4.8% | 4.8% | 4.7% | 5.5% | 4.6% | 3.8% | 3.8% | 4.0% | 5.0% | 5.8% | 5.6% |
| ROCE | 5.1% | 5.1% | 5.1% | 5.9% | 4.9% | 3.9% | 3.8% | 4.1% | 5.1% | 5.7% | 5.3% |
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 | 6.19 | 6.19 | 6.08 | 5.45 | 5.98 | 6.18 | 6.54 | 6.54 | 5.24 | 4.71 | 4.79 |
| Net Debt / Equity | — | 2.13 | 1.98 | 1.89 | 1.85 | 2.09 | 1.52 | 1.48 | 1.32 | 1.29 | 1.23 |
| Net Debt / EBITDA | 6.14 | 6.14 | 6.07 | 5.44 | 5.97 | 6.17 | 6.38 | 6.50 | 5.21 | 4.69 | 4.75 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | 1.94 | 1.94 | 2.44 | 2.98 | 2.65 | 2.04 | 2.80 | 2.78 | 3.18 | 3.40 | 3.34 |
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 | 0.00 | 0.00 | 0.01 | 0.00 | 0.18 | 0.02 | 0.02 | 0.02 | 0.04 |
| Asset Turnover | — | 0.29 | 0.26 | 0.28 | 0.45 | 0.38 | 0.25 | 0.29 | 0.39 | 0.37 | 0.33 |
| Inventory Turnover | 1.73 | 1.73 | 6.52 | 7.99 | 16.52 | 13.55 | 11.50 | 12.05 | 13.64 | 12.11 | 10.09 |
| 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 | 22.6% | 19.9% | 17.0% | 14.9% | 16.5% | 15.8% | 14.5% | 14.1% | 15.4% | 12.9% | — |
| Payout Ratio | 59.6% | 59.6% | 55.4% | 53.8% | 63.3% | 87.2% | 55.6% | 59.2% | 55.4% | 52.2% | 61.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 38.0% | 33.4% | 30.7% | 27.6% | 26.0% | 18.1% | 26.0% | 23.9% | 27.7% | 24.6% | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 1.3% | 1.3% | 0.0% | 0.0% | 0.0% | 1.1% | — |
| Total Shareholder Yield | 22.6% | 19.9% | 17.0% | 14.9% | 17.8% | 17.1% | 14.5% | 14.1% | 15.4% | 14.0% | — |
| Shares Outstanding | — | $207M | $207M | $206M | $196M | $194M | $193M | $185M | $181M | $179M | $179M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying DTW stock.
DTE Energy Company JR SUB DB 2017 E's current P/E ratio is 2.6x. The historical average is 3.9x.
DTE Energy Company JR SUB DB 2017 E's current EV/EBITDA is 6.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.3x.
DTE Energy Company JR SUB DB 2017 E's return on equity (ROE) is 12.2%. The historical average is 10.5%.
Based on historical data, DTE Energy Company JR SUB DB 2017 E is trading at a P/E of 2.6x. Compare with industry peers and growth rates for a complete picture.
DTE Energy Company JR SUB DB 2017 E's current dividend yield is 22.65% with a payout ratio of 59.6%.
DTE Energy Company JR SUB DB 2017 E has 84.9% gross margin and 15.0% operating margin. Operating margin between 10-20% is typical for established companies.
DTE Energy Company JR SUB DB 2017 E's Debt/EBITDA ratio is 6.2x, 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
DTW's 21.1% dividend yield and 2.82 P/E reflect preferred-share mechanics, not common equity economics. As reported in SEC filings, the yield is 7x DTE's common 3.0%, signaling a market discount.
The P/E of 2.82 and dividend yield of 21.1% are anomalous for a regulated utility, indicating this is a junior subordinated debenture, not common stock. The yield spread over DTE common (3.0%) suggests the market prices in higher risk or a forced conversion. Investors should compare DTW's yield to its own historical range and DTE's credit spreads, not to utility common equity.
Earned ROE Trails Authorized Levels
Quarterly ROE averaged 2.9% over the last four quarters, per financial statements, well below typical authorized returns of 9-10%. This gap suggests regulatory lag or a capital structure distortion from the preferred issue.
The earned ROE of 2.3% in 2026Q2 is far below the authorized ROE typical for DTE's regulated utilities, indicating that either the rate base is earning below allowed returns or the preferred equity dilutes common ROE. The trend shows slight improvement from 2.0% in 2026Q1, but the persistent sub-3% level implies regulatory recovery is not keeping pace with investment. This gap may pressure the common dividend and credit metrics.
Operating Margin Volatility Reflects Fuel Timing
Operating margin swung from 8.0% in 2026Q1 to 17.6% in 2025Q3, per reported figures, indicating fuel cost pass-through and weather effects. The 11.9% margin in 2026Q2 is below the 15% peer average.
The wide quarterly swings in operating margin, from 8.0% to 17.6%, are typical of regulated utilities where fuel costs pass through with a timing lag. The 2026Q2 margin of 11.9% is below the peer average of 15.0%, suggesting that cost recovery mechanisms may be lagging or that O&M expenses are elevated. Investors should monitor the regulatory treatment of fuel and weather normalization to assess margin stability.
Leverage Creeps Toward Regulatory Limits
Debt-to-capital rose from 0.66 in 2024Q1 to 0.70 by 2026Q2, as reported, while interest coverage fell to 1.32x in 2026Q2 from 2.53x a year earlier, signaling tightening credit headroom.
The debt-to-capital ratio of 0.70 is high for a regulated utility, approaching the upper bounds of typical regulatory limits (often 60-65%). Interest coverage of 1.32x in 2026Q2 is critically low, down from 2.53x in 2024Q1, indicating that earnings are barely covering interest expense. This may reflect the preferred structure's fixed charges or a temporary earnings dip, but it warrants close monitoring of credit ratings and refinancing ability.
Payout Ratio Signals Coverage Strain
Dividend payout averaged 83% of earnings in 2026Q2, per financial statements, up from 42.6% in 2024Q3, indicating that earnings volatility is squeezing dividend coverage despite stable cash flow.
The payout ratio of 83% in 2026Q2 is elevated for a utility, though it fluctuates with quarterly earnings. The 2026Q1 payout of 94.3% suggests that in weak quarters, dividends consume nearly all earnings, leaving little retained for CAPEX. However, cash flow coverage remains adequate, with OCF-to-dividend at 3.9x per prior analysis, so the dividend appears safe but may limit internal equity funding.
Misapplied P/E on Preferred Structure
The most misapplied ratio is P/E, as DTW's 2.82 P/E reflects preferred-share accounting, not common equity value. As reported in financial statements, this obscures the true earnings power of the regulated utility.
Comparing DTW's P/E to common utility peers is misleading because the preferred structure has different dividend and conversion features. The low P/E and high yield indicate the market prices the security as a hybrid, not as a common equity. Investors should use yield-to-maturity or yield-to-call for the preferred, and for the underlying utility, focus on earned ROE relative to authorized ROE and FFO-to-debt, not P/E.