Latest Ratios: P/E Ratio 18.8x · EV/EBITDA 11.3x · ROE 9.8%. (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 | $10.5B | $8.6B | $8.3B | $7.0B | $7.9B | $7.7B | $6.4B | $8.9B | $7.9B | $6.6B | $6.7B |
| Enterprise Value | $16.1B | $14.3B | $13.8B | $11.9B | $12.4B | $12.7B | $10.0B | $12.2B | $10.9B | $9.7B | $9.6B |
| P/E Ratio → | 18.81 | 18.41 | 18.84 | 16.87 | 11.91 | 10.43 | — | 20.59 | 18.49 | 10.62 | 19.79 |
| P/S Ratio | 3.10 | 2.65 | 2.78 | 2.62 | 2.35 | 2.10 | 3.00 | 4.00 | 3.46 | 2.91 | 2.96 |
| P/B Ratio | 2.06 | 1.74 | 1.79 | 1.56 | 1.80 | 1.90 | 1.76 | 2.16 | 1.96 | 1.71 | 1.94 |
| P/FCF | 26.70 | 104.56 | — | 129.71 | — | — | 102.33 | 194.02 | 20.81 | — | — |
| P/OCF | 9.20 | 7.60 | 10.22 | 5.69 | 8.34 | — | 8.94 | 13.10 | 8.26 | 8.39 | 10.37 |
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 | — | 4.39 | 4.63 | 4.43 | 3.67 | 3.47 | 4.69 | 5.48 | 4.81 | 4.31 | 4.23 |
| EV / EBITDA | 11.30 | 10.53 | 10.76 | 10.25 | 11.17 | 13.20 | 10.91 | 14.24 | 13.45 | 12.26 | 11.57 |
| EV / EBIT | 20.17 | 17.22 | 17.84 | 17.08 | 12.98 | 12.18 | — | 19.92 | 16.40 | 13.31 | 15.02 |
| EV / FCF | — | 173.01 | — | 219.17 | — | — | 159.93 | 265.92 | 28.90 | — | — |
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 | 44.2% | 44.2% | 46.7% | 47.1% | 35.9% | 29.1% | 47.8% | 42.7% | 39.8% | 40.0% | 41.7% |
| Operating Margin | 24.5% | 24.5% | 25.0% | 24.3% | 19.2% | 14.9% | 24.6% | 22.6% | 21.6% | 22.6% | 22.3% |
| Net Profit Margin | 14.4% | 14.4% | 14.8% | 15.6% | 19.7% | 20.2% | -8.2% | 19.4% | 18.7% | 27.4% | 15.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.8% | 9.8% | 9.6% | 9.3% | 15.7% | 19.2% | -4.5% | 10.6% | 10.8% | 17.0% | 10.0% |
| ROA | 3.4% | 3.4% | 3.3% | 3.3% | 5.3% | 6.3% | -1.6% | 4.0% | 4.0% | 6.1% | 3.5% |
| ROIC | 5.8% | 5.8% | 5.7% | 5.4% | 5.4% | 5.0% | 5.3% | 5.2% | 5.2% | 5.7% | 6.1% |
| ROCE | 6.2% | 6.2% | 6.2% | 5.8% | 5.8% | 5.1% | 5.1% | 5.0% | 5.1% | 5.6% | 5.7% |
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 | 1.14 | 1.14 | 1.19 | 1.07 | 1.03 | 1.23 | 0.99 | 0.80 | 0.79 | 0.82 | 0.83 |
| Debt / EBITDA | 4.17 | 4.17 | 4.30 | 4.18 | 4.10 | 5.19 | 3.93 | 3.85 | 3.88 | 3.99 | 3.47 |
| Net Debt / Equity | — | 1.14 | 1.19 | 1.07 | 1.01 | 1.23 | 0.99 | 0.80 | 0.76 | 0.82 | 0.83 |
| Net Debt / EBITDA | 4.16 | 4.16 | 4.30 | 4.18 | 4.02 | 5.19 | 3.93 | 3.85 | 3.76 | 3.97 | 3.47 |
| Debt / FCF | — | 68.45 | — | 89.45 | — | — | 57.60 | 71.90 | 8.09 | — | — |
| Interest Coverage | 3.07 | 3.07 | 3.05 | 3.04 | 5.75 | 6.43 | -0.88 | 4.07 | 3.97 | 4.52 | 4.25 |
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 | 0.78 | 0.78 | 0.73 | 0.65 | 0.74 | 0.56 | 0.61 | 0.65 | 0.64 | 0.52 | 0.53 |
| Quick Ratio | 0.49 | 0.49 | 0.42 | 0.30 | 0.58 | 0.42 | 0.40 | 0.45 | 0.43 | 0.35 | 0.38 |
| Cash Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.05 | — | 0.00 | — | 0.11 | 0.02 | 0.00 |
| Asset Turnover | — | 0.23 | 0.22 | 0.21 | 0.27 | 0.29 | 0.20 | 0.20 | 0.21 | 0.22 | 0.23 |
| Inventory Turnover | 5.60 | 5.60 | 4.21 | 3.43 | 7.48 | 16.35 | 7.25 | 9.34 | 7.42 | 8.22 | 8.16 |
| 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 | 3.3% | 4.0% | 0.0% | 4.7% | 4.1% | 4.2% | 4.9% | 3.4% | 3.5% | 3.8% | 3.4% |
| Payout Ratio | 72.6% | 72.6% | 0.3% | 79.9% | 49.5% | 44.1% | — | 69.0% | 64.0% | 40.0% | 66.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.3% | 5.4% | 5.3% | 5.9% | 8.4% | 9.6% | — | 4.9% | 5.4% | 9.4% | 5.1% |
| FCF Yield | 3.7% | 1.0% | — | 0.8% | — | — | 1.0% | 0.5% | 4.8% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.3% | 4.0% | 0.0% | 4.7% | 4.1% | 4.2% | 5.2% | 3.4% | 3.5% | 3.8% | 3.4% |
| Shares Outstanding | — | $203M | $201M | $201M | $201M | $200M | $200M | $201M | $201M | $200M | $200M |
Includes 30+ ratios · 30 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying OGE stock.
OGE Energy Corp.'s current P/E ratio is 18.8x. The historical average is 15.2x. This places it at the 86th percentile of its historical range.
OGE Energy Corp.'s current EV/EBITDA is 11.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.3x.
OGE Energy Corp.'s return on equity (ROE) is 9.8%. The historical average is 12.3%.
Based on historical data, OGE Energy Corp. is trading at a P/E of 18.8x. This is at the 86th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
OGE Energy Corp.'s current dividend yield is 3.33% with a payout ratio of 72.6%.
OGE Energy Corp. has 44.2% gross margin and 24.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
OGE Energy Corp.'s Debt/EBITDA ratio is 4.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Coal retirement stranded cost recovery
Metrics are mathematically derived from official filings.
Premium Multiple Rests on Dividend Stability
Based on reported figures, OGE trades at 21.91x trailing earnings and 2.07x book value, with a 3.3% dividend yield that appears to be doing much of the work for income-oriented holders against Treasury alternatives. The multiple suggests the market is pricing regulated predictability rather than growth.
A trailing P/E near 22x is high for a regulated utility whose earnings are anchored to an allowed return on equity, which suggests investors are willing to accept a rate-anchored multiple in exchange for defensive cash flow. The forward P/E of 20.14x implies modest expected earnings expansion. Investors should monitor whether the 3.3% yield remains competitive if long-term yields rise, since bond-proxy valuation is sensitive to that spread.
Earned Returns Lag Regulatory Expectations
According to recent filings, OGE's trailing quarterly ROE ranged from 1.0% in 2026Q1 to 6.3% in 2026Q3, with seasonal volatility making the earned return difficult to read against the authorized level. The reported figures alone cannot confirm the allowed ROE gap.
Quarterly ROE figures are seasonal and annualizing them is misleading, so the 6.3% peak and 1.0% trough should be read as a range rather than a run rate. The gap between earned and authorized returns is the central question for earnings durability, and the supplied data does not include the authorized ROE needed to quantify it. Analysts should retrieve the Oklahoma Corporation Commission authorized figure before drawing a conclusion about regulatory lag.
Debt Burden Elevated Versus Regulated Peers
As reported in financial statements, OGE's debt-to-capital has held near 0.53 to 0.56 across the last ten quarters, while interest coverage has swung from 1.99x to 7.92x, signaling a balance sheet that appears stretched in lean quarters. Coverage volatility is the more informative signal here.
Debt-to-capital stability suggests the capital structure is being maintained within regulatory norms, but the reported debt-to-equity of 1.14 is high relative to peers such as OTTR at 0.59 and AVA at 1.25. Quarterly interest coverage troughs near 2x in 2026Q1 and 2025Q1 indicate limited cushion during weak-earnings periods. Investors should monitor FFO-to-debt, which fell to roughly 4x in several quarters, as a more reliable credit-quality indicator.
Payout Ratios Swing Too Widely to Trust
Based on OGE's reported figures, the dividend payout ratio ranged from 27.4% in 2026Q3 to 177.5% in 2026Q1, a spread driven by seasonal earnings rather than changes in the dividend itself. Trailing payout cannot be read at face value.
A payout above 100% in some quarters reflects earnings timing, not necessarily an unsustainable dividend, but it reduces the cushion available to fund the capital program internally. The dividend appears to depend on full-year cash generation rather than any single period. Investors should watch whether retained cash is sufficient to avoid incremental external equity or debt needs as capex runs at roughly $244M to $323M per quarter.
Discount to Growth Peers Reflects Coal Exposure
Based on peer data, OGE's implied valuation sits between low-multiple OTTR at 12.21x and higher-multiple IDA at 24.94x, while EVRG and NWE trade at 23.88x and 27.90x. OGE's 9.9% ROE range is broadly comparable to peers.
OGE's profitability is not materially behind peers, but its valuation appears to carry a discount relative to the cleaner-transition group, plausibly reflecting its coal-heavy generation mix and decarbonization timeline. The 3.3% dividend yield is above IDA at 2.3% and EVRG at 3.0%, suggesting the market is willing to pay for yield rather than growth. Investors should consider whether the discount narrows if coal retirement is resolved with clear cost recovery.
Trailing Payout Ratio Misleads on Dividend Safety
The most commonly misapplied metric for OGE is the trailing payout ratio, which the reported 27.4% to 177.5% quarterly range shows is distorted by seasonal earnings. Operating cash flow coverage over full years is a more appropriate test.
Applying a standard payout ratio ignores external funding needs, since the capital program is financed partly through debt and retained cash rather than earnings alone. A payout ratio also cannot capture the stranded-cost exposure from the Sooner and Muskogee coal units, which could pressure earned returns if recovery is disallowed. Analysts should instead use trailing twelve-month operating cash flow to dividends paid, combined with FFO-to-debt, to judge dividend durability.