Latest Ratios: P/E Ratio 21.1x · EV/EBITDA 11.6x · 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 | $10.1B | $8.6B | $8.3B | $7.0B | $7.9B | $7.7B | $6.4B | $8.9B | $7.9B | $6.6B | $6.7B |
| Enterprise Value | $15.8B | $14.3B | $13.8B | $11.9B | $12.4B | $12.7B | $10.0B | $12.2B | $10.9B | $9.7B | $9.6B |
| P/E Ratio → | 21.14 | 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 | 2.00 | 1.74 | 1.79 | 1.56 | 1.80 | 1.90 | 1.76 | 2.16 | 1.96 | 1.71 | 1.94 |
| P/FCF | 122.38 | 104.56 | — | 129.71 | — | — | 102.33 | 194.02 | 20.81 | — | — |
| P/OCF | 8.90 | 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 | 11.61 | 10.53 | 10.76 | 10.25 | 11.17 | 13.20 | 10.91 | 14.24 | 13.45 | 12.26 | 11.57 |
| EV / EBIT | 19.74 | 17.90 | 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 | 2.96 | 2.96 | 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 | 3.4% | 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 | 4.7% | 5.4% | 5.3% | 5.9% | 8.4% | 9.6% | — | 4.9% | 5.4% | 9.4% | 5.1% |
| FCF Yield | 0.8% | 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 | 3.4% | 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 |
Regulatory lag and liquidity
With a forward P/E of 20.40 and a dividend yield of 3.4%, OGE's valuation appears to reflect its status as a defensive utility, though the premium relative to historical averages suggests investors are pricing in potential rate base expansion rather than current earnings power.
The current P/E multiple suggests that the market is willing to look past recent earnings volatility, likely anticipating that the Oklahoma regulatory environment will support future rate base growth. However, investors should monitor whether this valuation remains sustainable if interest rates remain elevated, as the yield spread against Treasury alternatives may compress.
As reported in financial statements, OGE's quarterly ROE has fluctuated between 0.4% and 4.9% over the last ten quarters, indicating a significant and persistent gap between the utility's actual earned returns and the typical authorized ROE levels expected in the regulated utility sector.
This volatility suggests that regulatory lag and the timing of cost recovery mechanisms are currently hindering the company's ability to consistently achieve its allowed return. Such performance may indicate that the utility is struggling to align its capital expenditure cycle with the regulatory approval process, warranting further investigation into future rate case outcomes.
Based on reported figures, OGE's debt-to-capital ratio has remained elevated, hovering near 0.54, which suggests that the utility's aggressive infrastructure investment program is increasingly reliant on debt financing rather than internal cash generation to maintain its capital structure.
The interest coverage ratio, which has dipped as low as 1.34x in recent periods, highlights a tightening margin of safety for debt service. This trend may indicate that the company's credit quality is under pressure, necessitating a disciplined approach to future capital allocation to avoid further balance sheet strain.
According to recent financial data, the dividend payout ratio has exhibited extreme swings, reaching as high as 177.5% in 2026Q1, which suggests that the current dividend policy may be temporarily disconnected from the utility's underlying cash flow generation capabilities.
The reliance on external financing to cover both CAPEX and dividend payments appears to be a structural reality for OGE at this stage of its investment cycle. Investors should monitor whether management can improve cash flow conversion to ensure that the dividend remains sustainable without further increasing the debt burden.
The most commonly misapplied metric for OGE is the standard P/E ratio, which fails to account for the distortive impact of AFUDC and regulatory lag on reported earnings, often leading to an inaccurate assessment of the utility's true earnings power.
Analysts should instead focus on rate base growth and the regulatory allowed ROE, as these are the primary drivers of long-term value for a regulated utility. Relying on P/E without adjusting for non-cash accounting items obscures the underlying cash flow reality and the potential for future earnings volatility.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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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 21.1x. The historical average is 15.2x. This places it at the 100th percentile of its historical range.
OGE Energy Corp.'s current EV/EBITDA is 11.6x. 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 21.1x. This is at the 100th 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 3.44% 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.