Xcel Energy Inc. (XEL) Financial Ratios
30 years of historical data (1996–2025) · Utilities · Regulated Electric
EV/EBITDA
↓
14.52
+12% vs avg
5yr avg: 13.02
30Y Low0.0·High13.7
P/FCF
N/A
—
5yr avg: N/A
30Y Low14.3·High73.7
P/B Ratio
↓
2.01
-3% vs avg
5yr avg: 2.07
30Y Low0.9·High2.5
ROE
↓
9.4%
-9% vs avg
5yr avg: 10.3%
30Y Low-38%·High12%
Debt/EBITDA
↑
5.96
+7% vs avg
5yr avg: 5.59
30Y Low0.0·High6.0
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
XEL Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Xcel Energy Inc. trades at 23.5x earnings, 11% above its 5-year average of 21.1x, sitting at the 93rd percentile of its historical range. Compared to the Utilities sector median P/E of 19.5x, the stock trades at a premium of 20%.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $50.2B | $43.5B | $38.0B | $34.2B | $38.4B | $36.6B | $35.2B | $33.0B | $25.2B | $24.5B | $20.7B |
| Enterprise Value | $84.7B | $78.0B | $68.0B | $61.6B | $64.3B | $61.1B | $57.3B | $53.2B | $42.3B | $40.2B | $35.5B |
| P/E Ratio → | 23.52 | 21.60 | 19.63 | 19.29 | 22.12 | 22.87 | 23.90 | 24.05 | 19.95 | 21.38 | 18.42 |
| P/S Ratio | 3.42 | 2.97 | 2.83 | 2.41 | 2.50 | 2.72 | 3.05 | 2.86 | 2.18 | 2.15 | 1.87 |
| P/B Ratio | 2.01 | 1.84 | 1.95 | 1.94 | 2.30 | 2.34 | 2.42 | 2.49 | 2.06 | 2.14 | 1.88 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | 12.30 | 10.65 | 8.19 | 6.42 | 9.75 | 16.70 | 12.36 | 10.12 | 8.06 | 7.83 | 6.79 |
P/E links to full P/E history page with 30-year chart
XEL EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Xcel Energy Inc.'s enterprise value stands at 14.5x EBITDA, 12% above its 5-year average of 13.0x. The Utilities sector median is 12.0x, placing the stock at a 22% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.32 | 5.06 | 4.33 | 4.20 | 4.55 | 4.97 | 4.62 | 3.66 | 3.52 | 3.20 |
| EV / EBITDA | 14.52 | 13.38 | 12.93 | 12.19 | 12.90 | 13.71 | 13.64 | 13.34 | 11.34 | 10.63 | 9.76 |
| EV / EBIT | 29.42 | 25.04 | 25.05 | 23.42 | 25.44 | 26.09 | 25.61 | 24.08 | 20.19 | 17.52 | 15.44 |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
XEL Profitability
Margins and return-on-capital ratios measuring operating efficiency
Xcel Energy Inc. earns an operating margin of 19.6%, roughly in line with the Utilities sector average. Operating margins have expanded from 17.5% to 19.6% over the past 3 years, signaling improving operational efficiency. ROE of 9.4% is modest. ROIC of 4.0% represents below-average returns on invested capital.
Margins
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 | 24.3% | 24.3% | 45.7% | 42.1% | 38.3% | 39.1% | 43.1% | 41.0% | 38.6% | 39.6% | 38.9% |
| Operating Margin | 19.6% | 19.6% | 17.8% | 17.5% | 15.9% | 16.4% | 18.4% | 18.2% | 17.0% | 19.2% | 19.9% |
| Net Profit Margin | 13.8% | 13.8% | 14.4% | 12.5% | 11.3% | 11.9% | 12.8% | 11.9% | 10.9% | 10.1% | 10.1% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.4% | 9.4% | 10.4% | 10.3% | 10.8% | 10.6% | 10.6% | 10.8% | 10.7% | 10.2% | 10.4% |
| ROA | 2.7% | 2.7% | 2.9% | 2.8% | 2.9% | 2.9% | 2.8% | 2.8% | 2.8% | 2.7% | 2.8% |
| ROIC | 4.0% | 4.0% | 3.8% | 4.2% | 4.4% | 4.3% | 4.5% | 5.0% | 5.2% | 6.2% | 6.6% |
| ROCE | 4.2% | 4.2% | 3.9% | 4.4% | 4.5% | 4.3% | 4.4% | 4.8% | 4.9% | 5.7% | 6.1% |
XEL Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Xcel Energy Inc. carries a Debt/EBITDA ratio of 6.0x, which is highly leveraged (17% above the sector average of 5.1x). Net debt stands at $34.5B ($34.8B total debt minus $274M cash). Interest coverage of just 2.3x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.47 | 1.47 | 1.55 | 1.56 | 1.56 | 1.58 | 1.52 | 1.54 | 1.41 | 1.38 | 1.35 |
| Debt / EBITDA | 5.96 | 5.96 | 5.74 | 5.45 | 5.23 | 5.55 | 5.29 | 5.13 | 4.63 | 4.17 | 4.08 |
| Net Debt / Equity | — | 1.46 | 1.54 | 1.55 | 1.55 | 1.57 | 1.51 | 1.53 | 1.40 | 1.37 | 1.34 |
| Net Debt / EBITDA | 5.92 | 5.92 | 5.71 | 5.42 | 5.20 | 5.51 | 5.26 | 5.06 | 4.59 | 4.15 | 4.06 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | 2.32 | 2.32 | 2.30 | 2.62 | 2.73 | 2.87 | 2.78 | 3.02 | 3.21 | 3.80 | 3.74 |
XEL Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.71x is below 1.0, meaning current liabilities exceed current assets.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.71 | 0.71 | 0.67 | 0.72 | 0.85 | 0.84 | 0.77 | 0.68 | 0.69 | 0.73 | 0.88 |
| Quick Ratio | 0.60 | 0.60 | 0.57 | 0.59 | 0.71 | 0.72 | 0.65 | 0.56 | 0.57 | 0.58 | 0.69 |
| Cash Ratio | 0.04 | 0.04 | 0.03 | 0.02 | 0.02 | 0.03 | 0.03 | 0.05 | 0.03 | 0.02 | 0.03 |
| Asset Turnover | — | 0.18 | 0.19 | 0.22 | 0.25 | 0.23 | 0.21 | 0.23 | 0.25 | 0.27 | 0.27 |
| Inventory Turnover | 14.59 | 14.59 | 10.95 | 11.57 | 11.77 | 12.95 | 12.27 | 12.51 | 12.93 | 11.29 | 11.23 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
XEL Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Xcel Energy Inc. returns 2.7% to shareholders annually primarily through dividends. A payout ratio of 63.5% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 4.3% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 2.7% | 2.9% | 3.1% | 3.2% | 2.6% | 2.6% | 2.4% | 2.4% | 2.9% | 2.9% | 3.3% |
| Payout Ratio | 63.5% | 63.5% | 60.7% | 61.7% | 58.3% | 58.5% | 58.1% | 57.7% | 57.9% | 62.8% | 60.6% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.3% | 4.6% | 5.1% | 5.2% | 4.5% | 4.4% | 4.2% | 4.2% | 5.0% | 4.7% | 5.4% |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% |
| Total Shareholder Yield | 2.7% | 2.9% | 3.1% | 3.2% | 2.6% | 2.6% | 2.4% | 2.4% | 2.9% | 3.0% | 3.4% |
| Shares Outstanding | — | $589M | $563M | $552M | $547M | $540M | $528M | $520M | $511M | $509M | $509M |
Peer Comparison
Compare XEL with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 XELYou | $50B | 23.5 | 14.5 | — | 24.3% | 19.6% | 9.4% | 4.0% | 6.0 |
 ED | $39B | 18.9 | 12.6 | 1088.8 | 62.0% | 17.3% | 8.8% | 4.4% | 5.5 |
 WEC | $37B | 23.3 | 15.3 | — | 50.5% | 24.2% | 11.6% | 5.1% | 5.8 |
 ES | $25B | 14.7 | 10.3 | — | 30.1% | 22.1% | 10.7% | 4.9% | 5.6 |
 DTE | $30B | 20.1 | 13.0 | — | 84.9% | 15.0% | 12.2% | 4.8% | 6.2 |
 CMS | $23B | 21.0 | 14.3 | — | 60.9% | 20.2% | 11.6% | 4.9% | 6.6 |
 EVRG | $19B | 22.6 | 12.7 | — | 32.3% | 25.2% | 8.4% | 4.5% | 5.7 |
 PNW | $12B | 19.7 | 14.3 | — | 25.4% | 20.9% | 8.8% | 3.9% | 8.5 |
 AEP | $72B | 19.8 | 13.8 | — | 31.8% | 24.3% | 12.1% | 5.1% | 5.7 |
 EXC | $45B | 16.2 | 10.8 | — | 27.9% | 21.2% | 9.9% | 5.1% | 5.8 |
 PPL | $27B | 23.0 | 12.7 | — | 39.1% | 23.6% | 6.6% | 4.6% | 5.2 |
| Utilities Median | — | 19.5 | 12.0 | 16.2 | 39.6% | 19.8% | 9.3% | 4.8% | 5.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Includes 30+ ratios · 30 years · Updated daily
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Start ComparisonXEL — Frequently Asked Questions
Quick answers to the most common questions about buying XEL stock.
What is Xcel Energy Inc.'s P/E ratio?
Xcel Energy Inc.'s current P/E ratio is 23.5x. The historical average is 17.4x. This places it at the 93th percentile of its historical range.
What is Xcel Energy Inc.'s EV/EBITDA?
Xcel Energy Inc.'s current EV/EBITDA is 14.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.4x.
What is Xcel Energy Inc.'s ROE?
Xcel Energy Inc.'s return on equity (ROE) is 9.4%. The historical average is 8.6%.
Is XEL stock overvalued?
Based on historical data, Xcel Energy Inc. is trading at a P/E of 23.5x. This is at the 93th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Xcel Energy Inc.'s dividend yield?
Xcel Energy Inc.'s current dividend yield is 2.71% with a payout ratio of 63.5%.
What are Xcel Energy Inc.'s profit margins?
Xcel Energy Inc. has 24.3% gross margin and 19.6% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Xcel Energy Inc. have?
Xcel Energy Inc.'s Debt/EBITDA ratio is 6.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.