Latest Ratios: P/E Ratio 18.9x · EV/EBITDA 13.4x · ROE 9.4%. (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 | $49.7B | $43.5B | $38.0B | $34.2B | $38.4B | $36.6B | $35.2B | $33.0B | $25.2B | $24.5B | $20.7B |
| Enterprise Value | $84.2B | $78.0B | $68.0B | $61.6B | $64.3B | $61.1B | $57.3B | $53.2B | $42.3B | $40.2B | $35.5B |
| P/E Ratio → | 18.87 | 21.60 | 19.63 | 19.29 | 22.12 | 22.87 | 23.90 | 24.05 | 19.95 | 21.38 | 18.42 |
| P/S Ratio | 3.34 | 2.97 | 2.83 | 2.41 | 2.50 | 2.72 | 3.05 | 2.86 | 2.18 | 2.15 | 1.87 |
| P/B Ratio | 1.99 | 1.84 | 1.95 | 1.94 | 2.30 | 2.34 | 2.42 | 2.49 | 2.06 | 2.14 | 1.88 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | 12.18 | 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
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 | — | 5.32 | 5.06 | 4.33 | 4.20 | 4.55 | 4.97 | 4.62 | 3.66 | 3.52 | 3.20 |
| EV / EBITDA | 13.36 | 13.09 | 12.93 | 12.19 | 12.90 | 13.71 | 13.64 | 13.28 | 11.29 | 10.58 | 9.72 |
| EV / EBIT | 29.26 | 25.04 | 25.05 | 23.42 | 25.44 | 26.09 | 25.61 | 24.08 | 20.19 | 17.52 | 15.44 |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
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 | 47.2% | 47.2% | 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% |
| 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% |
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 | 1.47 | 1.47 | 1.55 | 1.56 | 1.56 | 1.58 | 1.52 | 1.54 | 1.41 | 1.38 | 1.35 |
| Debt / EBITDA | 5.83 | 5.83 | 5.74 | 5.45 | 5.23 | 5.55 | 5.29 | 5.10 | 4.60 | 4.16 | 4.07 |
| 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 | 5.79 | 5.79 | 5.71 | 5.42 | 5.20 | 5.51 | 5.26 | 5.04 | 4.56 | 4.13 | 4.04 |
| 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 |
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 | 0.71 | 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 | 10.18 | 10.18 | 10.95 | 11.57 | 11.77 | 12.95 | 12.27 | 12.51 | 12.93 | 11.29 | 11.23 |
| 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 | 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% |
| 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% | 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 |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying XEL stock.
Xcel Energy Inc.'s current P/E ratio is 18.9x. The historical average is 17.4x. This places it at the 62th percentile of its historical range.
Xcel Energy Inc.'s current EV/EBITDA is 13.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.3x.
Xcel Energy Inc.'s return on equity (ROE) is 9.4%. The historical average is 8.6%.
Based on historical data, Xcel Energy Inc. is trading at a P/E of 18.9x. This is at the 62th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Xcel Energy Inc.'s current dividend yield is 2.73% with a payout ratio of 63.5%.
Xcel Energy Inc. has 47.2% gross margin and 19.6% operating margin. Operating margin between 10-20% is typical for established companies.
Xcel Energy Inc.'s Debt/EBITDA ratio is 5.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
CAPEX-driven external financing dependence
Metrics are mathematically derived from official filings.
Premium Multiple Strains Utility Bond-Proxy Logic
Based on reported figures, XEL trades at 23.5x trailing P/E and a 2.7% dividend yield, a premium to its own 2024 range and to most regulated peers, leaving a thinner margin for error on allowed returns.
A trailing P/E of 23.5x and a forward P/E of 19.4x imply the market is pricing in earnings recovery and rate base growth rather than the bond-like stability utilities typically command. The 2.7% yield sits below a 3.0% peer median, which suggests investors are accepting lower income in exchange for growth, a trade that depends on the regulatory compact delivering authorized returns on expanding capital. Investors should monitor whether the premium persists if Treasury yields remain elevated, since the yield gap versus risk-free alternatives narrows the cushion.
Earned Returns Lag Regulatory Expectations
As reported in quarterly filings, XEL's ROE ranged from 1.7% to 3.9% across ten quarters, a level that appears far below typical authorized utility returns and may indicate recovery lag or rate case timing.
Quarterly ROE figures are annualized poorly by seasonality, so the trend matters more than any single print, and the 2026Q3 reading of 3.9% reflects a peak rather than a durable run-rate. The persistent gap between earned ROE and what regulators typically authorize suggests a meaningful portion of invested capital is not yet earning its allowed return, consistent with rate base growing faster than rate recovery. This warrants further investigation into pending rate case outcomes before drawing conclusions about earnings power.
Margin Volatility Reveals Uneven Recovery Timing
Based on XEL's reported quarterly figures, operating margin swung from 11.1% in 2024Q4 to 28.5% in 2026Q3, a spread that appears more consistent with regulatory timing effects than steady cost recovery.
The wide operating margin range suggests that O&M and depreciation costs are being recovered on a lagged and irregular basis through riders and rate cases rather than in step with incurred expenses. Fuel and purchased power pass-throughs can also inflate revenue without affecting earnings power, so the margin percentage may overstate or understate underlying efficiency. Investors may find unit O&M trends and rider effectiveness more informative than headline margins.
Debt-Funded Rate Base Growth Tightens Coverage
As reported in balance sheets, XEL's debt-to-capital held near 0.63 while interest coverage fell to 1.04x in 2026Q2 and FFO-to-debt ranged from 2.5x to 5.3x, figures that appear to tighten credit cushion during heavy construction.
Debt-to-capital has held in a narrow band near 0.60 to 0.63, which suggests management is operating close to regulatory capital structure thresholds rather than building headroom. Interest coverage volatility, including the 1.04x trough, indicates that earnings can be thin relative to interest obligations in weaker quarters. FFO-to-debt movements suggest credit metrics depend heavily on the timing of rate recovery, warranting monitoring of rating agency thresholds.
Dividend Coverage Depends on External Capital
Based on XEL's reported cash flows, payout ratios swung from 43% to 168% across recent quarters, with 2025Q4 operating cash flow turning negative against $954.0M in dividends, suggesting the dividend is not internally funded during heavy capital spending.
A 168% payout ratio in 2025Q4 and negative quarterly operating cash flow indicate that dividends were paid from balance sheet or financing sources in that period rather than current earnings. With capex running well ahead of operating cash flow, the dividend effectively competes with the CAPEX program for external capital. Investors should monitor whether payout levels remain sustainable if equity issuance continues to fund shortfalls.
Premium Valuation Lacks Peer-Beating Returns
According to peer data, XEL's ROE of roughly 2.5% trails the 8.6% to 12.4% range of peers such as WEC and ED, yet its P/E of 23.5x sits near the upper end of the group, a premium that the returns profile does not clearly justify.
XEL's earned ROE lags nearly every peer in the group, while its P/B of around 2.0x is in line with peers but its earnings base is weaker. WEC leads on ROE at 12.4% and commands a comparable multiple, which highlights how far XEL's realized returns sit below the sector. The valuation premium therefore appears to rest on expected rate base growth and regulatory recovery rather than current earnings power, a judgment that depends on execution.
Trailing ROE Misleads on Regulated Earnings Power
The most commonly misapplied ratio here is trailing ROE on book equity, which may understate authorized earning power for a utility whose equity base is growing through construction, as reported by XEL's 42% equity expansion against 34% asset growth.
Book ROE on a rapidly expanding equity base is diluted by capital not yet earning a return, so a low reported figure can reflect construction timing rather than deteriorating economics. Comparing P/E to growth-stock multiples or to industrials similarly obscures that utility earnings are anchored to allowed returns and interest rates. A more useful alternative is earned ROE measured against authorized ROE on rate base, adjusted for AFUDC and CWIP, which better isolates regulatory performance.