Latest Ratios: P/E Ratio 3.7x · EV/EBITDA 7.4x · ROE 9.5%. (2006–2025 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 | $18.1B | $19.1B | $18.2B | $18.1B | $17.6B | $20.5B | $21.2B | $19.7B | $16.9B | — | — |
| Enterprise Value | $109.8B | $110.8B | $103.3B | $98.4B | $93.2B | $88.5B | $85.0B | $82.1B | $74.2B | — | — |
| P/E Ratio → | 3.69 | 3.90 | 4.15 | 4.33 | 4.66 | 5.41 | 16.73 | 5.31 | 6.31 | — | — |
| P/S Ratio | 0.56 | 0.59 | 0.61 | 0.63 | 0.62 | 0.83 | 0.89 | 0.79 | 0.69 | — | — |
| P/B Ratio | 0.34 | 0.36 | 0.36 | 0.36 | 0.34 | 0.40 | 0.43 | 0.41 | 0.38 | — | — |
| P/FCF | — | — | 249.90 | — | — | — | — | — | — | — | — |
| P/OCF | 1.47 | 1.55 | 1.48 | 1.83 | 2.96 | 2.47 | 2.36 | 2.40 | 2.34 | — | — |
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 | — | 3.44 | 3.45 | 3.44 | 3.29 | 3.59 | 3.56 | 3.27 | 3.03 | — | — |
| EV / EBITDA | 7.37 | 7.43 | 7.20 | 7.48 | 7.86 | 8.34 | 8.31 | 7.99 | 7.79 | — | — |
| EV / EBIT | 12.80 | 11.85 | 13.01 | 13.44 | 14.15 | 14.27 | 28.33 | 13.03 | 14.36 | — | — |
| EV / FCF | — | — | 1414.83 | — | — | — | — | — | — | — | — |
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 | 31.6% | 31.6% | 50.8% | 48.9% | 46.4% | 29.2% | 28.8% | 28.0% | 27.4% | 30.7% | 29.9% |
| Operating Margin | 26.6% | 26.6% | 26.5% | 24.7% | 21.2% | 23.7% | 23.2% | 22.8% | 22.2% | 25.4% | 24.9% |
| Net Profit Margin | 15.4% | 15.4% | 15.1% | 9.9% | 9.0% | 15.9% | 5.8% | 14.9% | 10.9% | 13.0% | 11.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.5% | 9.5% | 8.9% | 5.6% | 5.0% | 7.8% | 2.8% | 8.2% | 6.2% | 7.4% | 6.6% |
| ROA | 2.6% | 2.6% | 2.4% | 1.6% | 1.4% | 2.3% | 0.8% | 2.4% | 1.8% | 2.2% | 2.0% |
| ROIC | 4.6% | 4.6% | 4.5% | 4.1% | 3.7% | 3.8% | 3.7% | 4.1% | 4.2% | 4.8% | 4.9% |
| ROCE | 5.0% | 5.0% | 4.7% | 4.3% | 3.8% | 3.8% | 3.7% | 4.0% | 4.1% | 4.6% | 4.6% |
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 | 1.73 | 1.73 | 1.67 | 1.61 | 1.47 | 1.33 | 1.31 | 1.31 | 1.32 | 1.30 | 1.23 |
| Debt / EBITDA | 6.17 | 6.17 | 5.96 | 6.13 | 6.43 | 6.44 | 6.28 | 6.13 | 6.08 | 5.72 | 5.63 |
| Net Debt / Equity | — | 1.73 | 1.66 | 1.60 | 1.46 | 1.33 | 1.30 | 1.30 | 1.31 | 1.29 | 1.22 |
| Net Debt / EBITDA | 6.15 | 6.15 | 5.93 | 6.11 | 6.38 | 6.41 | 6.24 | 6.07 | 6.02 | 5.67 | 5.59 |
| Debt / FCF | — | — | 1164.93 | — | — | — | — | — | — | — | — |
| Interest Coverage | 2.57 | 2.57 | 2.35 | 2.43 | 2.70 | 2.81 | 1.39 | 2.86 | 2.47 | 3.15 | 2.85 |
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 | 0.55 | 0.55 | 0.67 | 0.74 | 0.70 | 0.62 | 0.53 | 0.62 | 0.65 | 0.68 | 0.70 |
| Quick Ratio | 0.33 | 0.33 | 0.44 | 0.49 | 0.51 | 0.43 | 0.34 | 0.40 | 0.44 | 0.42 | 0.39 |
| Cash Ratio | 0.01 | 0.01 | 0.02 | 0.02 | 0.03 | 0.02 | 0.03 | 0.02 | 0.04 | 0.04 | 0.03 |
| Asset Turnover | — | 0.16 | 0.16 | 0.16 | 0.15 | 0.15 | 0.14 | 0.15 | 0.16 | 0.16 | 0.16 |
| Inventory Turnover | 4.83 | 4.83 | 3.27 | 3.41 | 4.24 | 5.60 | 5.37 | 5.59 | 5.77 | 5.03 | 4.53 |
| 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 | — | — | 17.6% | 17.9% | 18.1% | 15.2% | 13.2% | 13.5% | 14.7% | — | — |
| Payout Ratio | — | — | 71.0% | 114.2% | 124.7% | 79.7% | 204.2% | 71.2% | 92.7% | 80.1% | 87.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 27.1% | 25.7% | 24.1% | 23.1% | 21.4% | 18.5% | 6.0% | 18.8% | 15.8% | — | — |
| FCF Yield | — | — | 0.4% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 5.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 23.1% | 17.9% | 18.1% | 15.2% | 13.2% | 13.5% | 14.7% | — | — |
| Shares Outstanding | — | $777M | $772M | $771M | $770M | $769M | $738M | $729M | $708M | $700M | $691M |
Regulatory lag and capital intensity
Based on reported figures, Duke Energy's forward P/E of 3.47 suggests the market is pricing the utility as a defensive bond proxy, though this valuation may fail to account for the potential earnings durability provided by the company's concentrated footprint in high-growth industrial service territories.
The low P/E multiple appears to reflect investor caution regarding interest rate sensitivity rather than a lack of growth potential. Investors should monitor whether the current valuation adequately compensates for the regulatory risk inherent in the Carolinas and Florida, as any compression in allowed returns could further pressure these multiples.
According to quarterly data, the company's ROE has fluctuated between 1.8% and 2.9% over the last ten quarters, which appears significantly below typical industry-authorized levels, suggesting that regulatory lag or high capital expenditure cycles may be temporarily suppressing the realized return on equity for shareholders.
This persistent under-earning relative to standard utility benchmarks warrants further investigation into the specific timing of rate case filings and the impact of non-cash accounting adjustments. If the earned ROE does not trend toward authorized levels, it may indicate structural inefficiencies in cost recovery that could hinder long-term dividend growth.
As reported in financial statements, the debt-to-capital ratio has remained relatively stable at approximately 0.63, though the significant volatility in reported debt-to-equity figures suggests that the company's balance sheet remains highly sensitive to the external financing required to fund its massive multi-year infrastructure investment program.
The reliance on external capital markets to bridge the gap between operating cash flow and capital expenditure requirements may leave the company vulnerable to shifts in credit market conditions. Analysts should monitor the FFO-to-debt ratio closely, as it serves as a critical indicator of the company's ability to maintain its credit rating while executing its capital plan.
Based on the provided quarterly data, the dividend payout ratio has shown significant variability, reaching as high as 87.1% in 2024Q2, which indicates that the company's ability to sustain its dividend is tightly linked to the timing of regulatory rate recovery and the intensity of its capital spending.
While the dividend remains a primary return driver, the high payout levels during certain periods suggest limited flexibility for internal funding of the CAPEX program. Investors should monitor whether the company can improve its cash flow conversion to ensure that dividend payments do not compete with essential grid modernization investments.
The most commonly misapplied ratio for Duke Energy is the standard P/E multiple, which obscures the utility's true earnings power by failing to account for the non-cash nature of AFUDC and the distortive impact of regulatory assets that are not yet reflected in current cash earnings.
Comparing a regulated utility's P/E to that of an industrial firm ignores the fundamental reality that utility earnings are constrained by the regulatory compact. A more appropriate metric for evaluating this utility would be the price-to-rate-base or an adjusted P/E that normalizes for regulatory lag and capital expenditure cycles.
Includes 30+ ratios · 20 years · Updated daily
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Quick answers to the most common questions about buying DUKB stock.
Duke Energy Corporation 5.625%'s current P/E ratio is 3.7x. The historical average is 6.4x.
Duke Energy Corporation 5.625%'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 7.8x.
Duke Energy Corporation 5.625%'s return on equity (ROE) is 9.5%. The historical average is 6.6%.
Based on historical data, Duke Energy Corporation 5.625% is trading at a P/E of 3.7x. Compare with industry peers and growth rates for a complete picture.
Duke Energy Corporation 5.625% has 31.6% gross margin and 26.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Duke Energy Corporation 5.625%'s Debt/EBITDA ratio is 6.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.