Latest Ratios: P/E Ratio 21.8x · EV/EBITDA 13.6x · ROE 12.2%. (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 | $32.0B | $26.7B | $25.0B | $22.7B | $23.0B | $23.2B | $19.9B | $20.4B | $17.0B | $16.7B | $15.0B |
| Enterprise Value | $58.3B | $53.0B | $48.2B | $43.7B | $42.2B | $41.4B | $39.1B | $38.0B | $31.2B | $29.5B | $26.7B |
| P/E Ratio → | 21.79 | 18.27 | 17.84 | 16.31 | 21.29 | 25.60 | 14.59 | 17.51 | 15.21 | 14.74 | 17.35 |
| P/S Ratio | 2.02 | 1.69 | 2.01 | 1.78 | 1.20 | 1.55 | 1.75 | 1.68 | 1.20 | 1.32 | 1.41 |
| P/B Ratio | 2.59 | 2.17 | 2.14 | 2.05 | 2.21 | 2.66 | 1.58 | 1.73 | 1.59 | 1.67 | 1.58 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | 9.34 | 7.79 | 6.86 | 7.05 | 11.65 | 7.56 | 5.39 | 7.72 | 6.34 | 7.87 | 7.20 |
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 | — | 3.35 | 3.87 | 3.43 | 2.20 | 2.77 | 3.42 | 3.12 | 2.19 | 2.34 | 2.51 |
| EV / EBITDA | 13.61 | 12.37 | 12.61 | 11.34 | 13.14 | 14.02 | 13.03 | 14.10 | 11.46 | 10.77 | 10.84 |
| EV / EBIT | 24.55 | 25.84 | 20.77 | 18.52 | 23.64 | 32.20 | 23.22 | 24.01 | 17.55 | 16.19 | 16.93 |
| 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 | 84.9% | 84.9% | 34.8% | 34.0% | 19.1% | 22.3% | 28.7% | 24.8% | 22.2% | 25.2% | 26.7% |
| Operating Margin | 15.0% | 15.0% | 16.8% | 17.6% | 9.1% | 10.0% | 13.6% | 11.8% | 11.2% | 13.6% | 14.0% |
| Net Profit Margin | 9.2% | 9.2% | 11.2% | 11.0% | 5.6% | 6.1% | 12.0% | 9.6% | 7.9% | 9.0% | 8.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.2% | 12.2% | 12.3% | 13.0% | 11.3% | 8.5% | 11.2% | 10.4% | 10.8% | 11.6% | 9.5% |
| ROA | 2.8% | 2.8% | 3.0% | 3.2% | 2.6% | 2.1% | 3.1% | 3.0% | 3.2% | 3.4% | 2.9% |
| ROIC | 4.8% | 4.8% | 4.7% | 5.5% | 4.6% | 3.8% | 3.8% | 4.0% | 5.0% | 5.8% | 5.6% |
| ROCE | 5.1% | 5.1% | 5.1% | 5.9% | 4.9% | 3.9% | 3.8% | 4.1% | 5.1% | 5.7% | 5.3% |
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 | 2.16 | 2.16 | 1.99 | 1.90 | 1.85 | 2.09 | 1.56 | 1.49 | 1.33 | 1.29 | 1.24 |
| Debt / EBITDA | 6.19 | 6.19 | 6.08 | 5.45 | 5.98 | 6.18 | 6.54 | 6.54 | 5.24 | 4.71 | 4.79 |
| Net Debt / Equity | — | 2.13 | 1.98 | 1.89 | 1.85 | 2.09 | 1.52 | 1.48 | 1.32 | 1.29 | 1.23 |
| Net Debt / EBITDA | 6.14 | 6.14 | 6.07 | 5.44 | 5.97 | 6.17 | 6.38 | 6.50 | 5.21 | 4.69 | 4.75 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | 1.94 | 1.94 | 2.44 | 2.98 | 2.65 | 2.04 | 2.80 | 2.78 | 3.18 | 3.40 | 3.34 |
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 | 0.80 | 0.80 | 0.71 | 0.60 | 0.81 | 0.52 | 1.30 | 0.77 | 0.73 | 1.10 | 1.13 |
| Quick Ratio | 0.80 | 0.80 | 0.46 | 0.42 | 0.63 | 0.39 | 1.04 | 0.58 | 0.55 | 0.82 | 0.82 |
| Cash Ratio | 0.05 | 0.05 | 0.00 | 0.00 | 0.01 | 0.00 | 0.18 | 0.02 | 0.02 | 0.02 | 0.04 |
| Asset Turnover | — | 0.29 | 0.26 | 0.28 | 0.45 | 0.38 | 0.25 | 0.29 | 0.39 | 0.37 | 0.33 |
| Inventory Turnover | — | — | 6.52 | 7.99 | 16.52 | 13.55 | 11.50 | 12.05 | 13.64 | 12.11 | 10.09 |
| 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% | 3.3% | 3.1% | 3.3% | 3.0% | 3.4% | 3.8% | 3.4% | 3.6% | 3.6% | 3.5% |
| Payout Ratio | 59.6% | 59.6% | 55.4% | 53.8% | 63.3% | 87.2% | 55.6% | 59.2% | 55.4% | 52.2% | 61.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.6% | 5.5% | 5.6% | 6.1% | 4.7% | 3.9% | 6.9% | 5.7% | 6.6% | 6.8% | 5.8% |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.3% | 0.0% | 0.0% | 0.0% | 0.3% | 0.2% |
| Total Shareholder Yield | 2.7% | 3.3% | 3.1% | 3.3% | 3.2% | 3.7% | 3.8% | 3.4% | 3.6% | 3.9% | 3.8% |
| Shares Outstanding | — | $207M | $207M | $206M | $196M | $194M | $193M | $185M | $181M | $179M | $179M |
Regulatory recovery lag risk
As reported in recent financial statements, DTE trades at a forward P/E of 20.01, which appears to reflect a market-assigned discount relative to peers like WEC Energy Group, likely due to investor concerns regarding the company's ability to achieve authorized returns within the current Michigan regulatory environment.
The current valuation multiple suggests that the market is pricing in a higher risk premium for DTE compared to its Midwestern peers. Investors should monitor whether the ongoing transition to renewable assets can eventually justify a premium multiple as the rate base expands, or if the current valuation remains capped by persistent regulatory lag.
Based on the provided quarterly data, DTE's earned ROE has fluctuated between 1.9% and 4.2% over the last ten quarters, which appears significantly below typical industry-authorized levels, suggesting that the company is experiencing substantial regulatory lag in recovering its massive capital investments through the current rate structure.
This consistent under-earning relative to standard utility benchmarks warrants further investigation into the MPSC's rate case outcomes. The inability to bridge this gap may indicate that the company's aggressive decarbonization spending is not being matched by timely or sufficient rate relief, potentially pressuring long-term shareholder value.
According to recent SEC filings, DTE's interest coverage ratio has deteriorated from 3.32 in 2023Q4 to 1.41 in 2026Q1, indicating that the company's reliance on debt to fund its capital-intensive CleanVision plan is placing significant strain on its ability to service existing obligations comfortably.
The anomalous debt-to-equity metrics observed in the data suggest that the company's balance sheet may be more leveraged than headline figures imply. Investors should be cautious of the potential for future equity dilution if the company needs to bolster its capital structure to maintain its credit ratings amidst ongoing infrastructure spending.
As evidenced by the fluctuating dividend payout ratios, which reached as high as 90.4% in 2025Q2, DTE's ability to sustain its dividend appears increasingly dependent on external financing rather than organic free cash flow, given the substantial capital expenditure requirements currently weighing on the company's overall financial position.
While the dividend yield of 2.7% remains attractive to income-focused investors, the underlying cash flow volatility suggests that the payout is not currently supported by excess operational cash. The sustainability of this dividend will likely depend on the company's success in securing more favorable regulatory outcomes to improve its internal cash generation.
The most commonly misapplied ratio for DTE is the standard P/E multiple, which fails to account for the significant non-cash earnings volatility introduced by the company's energy trading segment and the distortive impact of regulatory assets on reported net income, obscuring the true underlying utility earnings power.
Investors should instead focus on the Price-to-Rate-Base or adjusted ROE metrics, which better reflect the core regulated business performance. Relying on P/E without adjusting for these utility-specific accounting nuances risks misinterpreting the company's valuation relative to its peers and its actual capacity for sustainable earnings growth.
Includes 30+ ratios · 30 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying DTE stock.
DTE Energy Company's current P/E ratio is 21.8x. The historical average is 14.5x. This places it at the 93th percentile of its historical range.
DTE Energy Company's current EV/EBITDA is 13.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.0x.
DTE Energy Company's return on equity (ROE) is 12.2%. The historical average is 10.5%.
Based on historical data, DTE Energy Company is trading at a P/E of 21.8x. This is at the 93th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
DTE Energy Company's current dividend yield is 2.74% with a payout ratio of 59.6%.
DTE Energy Company has 84.9% gross margin and 15.0% operating margin. Operating margin between 10-20% is typical for established companies.
DTE Energy Company's Debt/EBITDA ratio is 6.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.