Latest Ratios: P/E Ratio 2.9x · EV/EBITDA 7.0x · 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 | $3.7B | $4.4B | $4.6B | $5.0B | $4.2B | $5.0B | $5.2B | $4.9B | $4.0B | $4.6B | — |
| Enterprise Value | $30.0B | $30.7B | $27.8B | $26.0B | $23.4B | $23.2B | $24.4B | $22.4B | $18.2B | $17.4B | — |
| P/E Ratio → | 2.91 | 2.99 | 3.26 | 3.62 | 3.84 | 5.53 | 3.84 | 4.19 | 3.61 | 4.07 | — |
| P/S Ratio | 0.23 | 0.28 | 0.37 | 0.40 | 0.22 | 0.34 | 0.46 | 0.40 | 0.28 | 0.36 | — |
| P/B Ratio | 0.35 | 0.36 | 0.39 | 0.46 | 0.40 | 0.58 | 0.42 | 0.41 | 0.38 | 0.46 | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | 1.07 | 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 | 7.00 | 7.16 | 7.27 | 6.75 | 7.26 | 7.87 | 8.13 | 8.32 | 6.70 | 6.37 | — |
| EV / EBIT | 12.62 | 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 | 20.5% | 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 | 34.4% | 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 | 20.5% | 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 |
Regulatory lag and leverage
According to current market data, DTE trades at a P/E of 2.91 and a dividend yield of 20.5%, which significantly deviates from historical utility norms and suggests that investors are pricing in substantial regulatory risk or potential structural distress within the Michigan service territory.
The extreme valuation discount relative to peers like NextEra or Southern Company implies that the market may be discounting the company's ability to earn its authorized ROE. Investors should monitor whether this yield is a reflection of a distressed equity valuation or a fundamental mispricing of the company's long-term earnings power.
Based on quarterly financial data, DTE's earned ROE has struggled to exceed 4.2% in any of the last ten quarters, which appears to be significantly below the typical authorized ROE for regulated utilities, indicating a persistent and material regulatory lag in cost recovery.
This consistent under-earning suggests that the company is failing to capture the full profit potential of its rate base investments. The gap between earned and allowed returns warrants further investigation into whether the MPSC is imposing stricter performance requirements or if O&M cost inflation is permanently eroding margins.
As reported in recent financial statements, the debt-to-capital ratio has remained elevated near 0.69, which, when combined with an interest coverage ratio that dipped to 1.65x in 2026Q1, suggests that the company's balance sheet is increasingly strained by its aggressive capital expenditure program.
The reliance on debt to fund infrastructure modernization in a high-interest-rate environment may be creating a feedback loop of rising financing costs. This leverage profile appears to limit the company's financial flexibility and could necessitate future equity issuance if regulatory recovery remains delayed.
Based on reported figures, the dividend payout ratio has shown extreme volatility, reaching as high as 94.3% in 2026Q1, which indicates that the dividend is consuming nearly all available net income and leaving little room for internal funding of the company's massive CAPEX requirements.
While the dividend remains a primary return driver for utility investors, the current payout levels appear unsustainable if the company continues to experience negative free cash flow. Investors should monitor whether management prioritizes dividend stability over the necessary capital investment required for grid reliability and decarbonization.
The most commonly misapplied metric for DTE is the P/E ratio, which obscures the reality that utility earnings are heavily influenced by regulatory accounting deferrals rather than pure operational growth, making it a poor proxy for the company's actual cash-generating capacity or long-term value.
Comparing DTE's P/E to industrial peers ignores the fact that utility earnings are anchored to the regulatory compact and the rate base. A more appropriate metric would be the Price-to-Rate-Base or an adjusted cash-flow-based valuation that accounts for the timing of regulatory asset recovery.
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 2.9x. The historical average is 3.9x.
DTE Energy Company JR SUB DB 2017 E's current EV/EBITDA is 7.0x. 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 2.9x. Compare with industry peers and growth rates for a complete picture.
DTE Energy Company JR SUB DB 2017 E's current dividend yield is 20.51% 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.