Latest Ratios: P/E Ratio 19.1x · EV/EBITDA 10.9x · 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 | $9.1B | $8.6B | $8.3B | $7.0B | $7.9B | $7.7B | $6.4B | $8.9B | $7.9B | $6.6B | $6.7B |
| Enterprise Value | $14.8B | $14.3B | $13.8B | $11.9B | $12.4B | $12.7B | $10.0B | $12.2B | $10.9B | $9.7B | $9.6B |
| P/E Ratio → | 19.09 | 18.41 | 18.84 | 16.87 | 11.91 | 10.43 | — | 20.59 | 18.49 | 10.62 | 19.79 |
| P/S Ratio | 2.81 | 2.65 | 2.78 | 2.62 | 2.35 | 2.10 | 3.00 | 4.00 | 3.46 | 2.91 | 2.96 |
| P/B Ratio | 1.80 | 1.74 | 1.79 | 1.56 | 1.80 | 1.90 | 1.76 | 2.16 | 1.96 | 1.71 | 1.94 |
| P/FCF | 110.61 | 104.56 | — | 129.71 | — | — | 102.33 | 194.02 | 20.81 | — | — |
| P/OCF | 8.04 | 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 | 10.89 | 10.53 | 10.76 | 10.25 | 11.17 | 13.20 | 10.91 | 14.24 | 13.45 | 12.26 | 11.57 |
| EV / EBIT | 18.52 | 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 | 3.8% | 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 | 5.2% | 5.4% | 5.3% | 5.9% | 8.4% | 9.6% | — | 4.9% | 5.4% | 9.4% | 5.1% |
| FCF Yield | 0.9% | 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 | 3.8% | 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
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Quick answers to the most common questions about buying OGE stock.
OGE Energy Corp.'s current P/E ratio is 19.1x. The historical average is 15.2x. This places it at the 90th percentile of its historical range.
OGE Energy Corp.'s current EV/EBITDA is 10.9x. 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 19.1x. This is at the 90th 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 3.81% 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 cost recovery
Metrics are mathematically derived from official filings.
Premium Anchored to Allowed ROE
OGE trades at 19.66x trailing earnings and a 3.7% dividend yield, according to current market data, reflecting a modest premium to peers that appears justified by its low-cost position and growth prospects.
The P/E of 19.66x sits above the peer median of roughly 22x for EVRG and IDA, but below NWE's 23.62x, suggesting investors are pricing in steady, regulated growth rather than aggressive expansion. The dividend yield of 3.7% is competitive with 10-year Treasuries, reinforcing OGE's role as a bond proxy, though the yield is lower than AVA's 5.1%, indicating a premium for perceived stability. Given the authorized ROE environment, the current multiple implies the market expects OGE to earn close to its allowed return, with limited discount for regulatory lag.
Earned ROE Trails Authorized
OGE's trailing twelve-month ROE of 10.9%, based on reported figures, appears below the typical authorized ROE of 9.5-10.5%, suggesting regulatory lag and rising costs are compressing returns relative to the allowed level.
Quarterly ROE fluctuates sharply, from 0.4% in 2024Q1 to 4.9% in 2025Q3, reflecting seasonality and timing of rate recovery, but the annualized average of roughly 10% indicates the company is earning near the lower end of its allowed range. The gap between earned and allowed ROE may signal that the OCC's rate decisions are not fully compensating for capital investments and operating cost increases, which could pressure future earnings growth if not addressed. Investors should monitor the outcome of upcoming rate cases, as a favorable reset could close the gap and support the current valuation.
Operating Margin Holds Despite Lag
OGE's operating margin averaged 24.5% over the last four quarters, as per financial data, indicating effective cost recovery despite regulatory lag, though quarterly volatility suggests weather and timing effects remain significant.
The operating margin of 26.9% in 2026Q2 is above the 10-quarter average of 23.2%, suggesting that fuel pass-through mechanisms are working as intended, insulating margins from commodity price swings. However, the low gross margin of 44.18% reflects the high proportion of pass-through fuel costs, meaning that margin expansion must come from rate base growth and operational efficiency rather than commodity spreads. The consistent operating margin around 24-27% in recent quarters implies that OGE is recovering its costs adequately, but the thin cash position and reliance on regulatory riders warrant close attention to the timing of recoveries.
Leverage Creeps Higher
OGE's debt-to-capital ratio rose from 0.53 to 0.54 over the past year, according to balance sheet data, while interest coverage averaged 2.8x, indicating adequate but tightening credit metrics as capital spending outpaces internal cash generation.
The debt-to-capital ratio of 0.54 is within the typical utility range of 50-60%, but the trend is upward, reflecting the $700 million increase in total debt over ten quarters. Interest coverage of 4.35x in 2026Q2 is healthy, but the 10-quarter average of 2.8x is below the 3.0x threshold often considered comfortable for the sector, suggesting limited headroom for additional debt without pressuring credit ratings. FFO-to-debt of 5.65% in 2026Q2 is low, indicating that cash flow generation is not keeping pace with debt accumulation, which may constrain future borrowing capacity for the CAPEX program.
Payout Stretches Cash Flow
OGE's dividend payout ratio averaged 75% over the last four quarters, based on reported figures, with coverage from operating cash flow at 2.5x, suggesting the dividend is sustainable but leaves limited internal funding for the capital program.
The dividend payout ratio spiked to 177.5% in 2026Q1 due to seasonal earnings weakness, but the trailing average of 75% is manageable for a utility, though it implies that a significant portion of earnings is returned to shareholders. OCF-to-dividend coverage of 2.5x indicates that cash flow is sufficient to cover the dividend, but with negative free cash flow in five of the last ten quarters, the company relies on external financing for CAPEX. The low cash balance of $200,000 suggests that OGE is operating with minimal liquidity buffer, making dividend stability dependent on continued access to credit markets.
P/E Misleads on Earnings Quality
Comparing OGE's P/E to industrial companies is misleading because AFUDC and regulatory assets inflate reported earnings, as noted in financial statements, obscuring the true cash-generative capacity of the business.
The P/E ratio of 19.66x appears reasonable, but it is based on net income that includes non-cash items like AFUDC, which can overstate earnings relative to cash flow. For utilities, a more appropriate metric is the price-to-cash-flow ratio or the EV/EBITDA, which adjusts for differences in capital intensity and non-cash charges. OGE's EV/EBITDA of 11.10x is below the peer average of 12.5x, suggesting that on a cash earnings basis, the stock may be undervalued relative to peers, but investors should adjust for the potential for regulatory disallowances that could impair earnings quality.