Latest Ratios: P/E Ratio 3.3x · EV/EBITDA 7.2x · 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 | $16.1B | $19.1B | $18.2B | $18.1B | $17.6B | $20.5B | $21.2B | $19.7B | $16.9B | — | — |
| Enterprise Value | $107.7B | $110.8B | $103.3B | $98.4B | $93.2B | $88.5B | $85.0B | $82.1B | $74.2B | — | — |
| P/E Ratio → | 3.27 | 3.90 | 4.15 | 4.33 | 4.66 | 5.41 | 16.73 | 5.31 | 6.31 | — | — |
| P/S Ratio | 0.50 | 0.59 | 0.61 | 0.63 | 0.62 | 0.83 | 0.89 | 0.79 | 0.69 | — | — |
| P/B Ratio | 0.30 | 0.36 | 0.36 | 0.36 | 0.34 | 0.40 | 0.43 | 0.41 | 0.38 | — | — |
| P/FCF | — | — | 249.90 | — | — | — | — | — | — | — | — |
| P/OCF | 1.30 | 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 | 7.23 | 7.43 | 7.20 | 7.48 | 7.86 | 8.34 | 8.31 | 7.99 | 7.79 | — | — |
| EV / EBIT | 12.56 | 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 | 20.6% | 17.3% | 17.6% | 17.9% | 18.1% | 15.2% | 13.2% | 13.5% | 14.7% | — | — |
| Payout Ratio | 66.4% | 66.4% | 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 | 30.6% | 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 | 20.6% | 17.3% | 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 |
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 3.3x. The historical average is 6.4x.
Duke Energy Corporation 5.625%'s current EV/EBITDA is 7.2x. 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 3.3x. Compare with industry peers and growth rates for a complete picture.
Duke Energy Corporation 5.625%'s current dividend yield is 20.58% with a payout ratio of 66.4%.
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.
Key Metrics
Top Statement Risk
Regulatory lag and rate case outcomes
Metrics are mathematically derived from official filings.
Yield Distortion Masks Utility Valuation
DUKB trades at a P/E of 3.55 and a dividend yield of 19.0%, far above Duke's common equity yield of 4.4%. According to market data, the preferred's yield signals distressed pricing, not typical utility valuation.
The preferred's P/E of 3.55 and 19% dividend yield are anomalous for a regulated utility, suggesting the market is pricing in significant credit or regulatory risk. In contrast, Duke's common equity P/E (implied by the data) is around 20x, consistent with a utility earning its allowed ROE. The preferred's yield spread over common equity indicates investors demand a premium for perceived subordination or liquidity risk, which may be overdone given the regulated cash flows.
Earned ROE Trails Authorized Return
Quarterly ROE averaged 2.3% over the last year, annualizing to roughly 9.2%, below the typical authorized ROE of 9.5-10%. According to regulatory filings, Duke's earned return appears to lag its allowed return.
The annualized ROE of approximately 9.2% (based on quarterly ROE of 2.3% average) is below the typical authorized ROE of 9.5-10%, indicating regulatory lag or operational inefficiencies. This gap suggests that Duke is not fully recovering its allowed return, which may pressure earnings growth. Investors should monitor rate case outcomes and cost recovery mechanisms to see if the gap narrows.
Operating Margin Stability Masks Fuel Pass-Through
Operating margin held at 27.0% in 2026Q2, down from 29.7% in 2026Q1 but above the 24.4% in 2025Q2. As reported in financial statements, Duke's margins suggest effective cost recovery with minimal regulatory lag.
The stability of operating margins around 26-30% indicates that fuel and purchased power costs are being recovered through automatic adjustment mechanisms, as evidenced by the prior income statement analysis. However, the slight decline in 2026Q2 could reflect higher O&M costs or weather-related demand changes. The net margin of 14.4% in 2026Q2 is consistent with a utility earning its allowed return, but the interest coverage decline to 1.92x warrants attention as it may erode net income.
Leverage Creeps Toward Regulatory Limits
Debt-to-capital ratio remained at 0.62-0.63 over the past year, near the upper bound of typical regulatory limits. Based on reported figures, Duke's leverage appears to be approaching constraints that could limit financial flexibility.
With debt-to-capital at 0.62, Duke is operating at the high end of the 55-65% range typically allowed by regulators. The interest coverage ratio of 1.92x in 2026Q2 is below the 2.5x often required by credit rating agencies, suggesting potential downgrade risk. This leverage, combined with a negative FCF of -$5.5B in 2026Q2, indicates heavy reliance on external financing, which may become more costly if credit metrics deteriorate.
Dividend Coverage Solid but Payout Elevated
Dividend payout ratio spiked to 155% in 2026Q2, but OCF/Div coverage of 1.6x indicates the dividend is well-covered by operating cash flow. According to cash flow data, Duke's dividend appears sustainable despite high payout.
The payout ratio of 155% in 2026Q2 is distorted by seasonal earnings, as the annualized payout is closer to 70-80%. The OCF/Div coverage of 1.6x provides a more accurate picture, indicating that operating cash flow comfortably covers the dividend. However, with a large capex program and negative FCF, the dividend is increasingly funded by external capital, which may not be sustainable in the long term if cash flow generation does not improve.
P/E Misleads for Preferred Stock
The most misapplied ratio for DUKB is the P/E, which is often compared to common equity utilities. As reported in market data, DUKB's P/E of 3.55 reflects its preferred status, not a distressed common equity.
Using a standard P/E for a preferred stock is misleading because preferred dividends are fixed and do not participate in earnings growth. The appropriate metric is dividend yield relative to credit risk and alternative preferreds. DUKB's 19% yield is far above the 4.4% common dividend yield, indicating the market is pricing in significant risk. Investors should compare DUKB's yield to other preferreds and assess the company's creditworthiness, not its P/E.