Latest Ratios: P/E Ratio 24.4x · EV/EBITDA 15.7x · ROE 11.6%. (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 | $38.3B | $34.6B | $29.8B | $26.6B | $29.6B | $30.7B | $29.1B | $29.2B | $21.9B | $21.1B | $18.6B |
| Enterprise Value | $60.6B | $56.9B | $50.1B | $45.3B | $47.0B | $46.3B | $43.4B | $41.9B | $33.7B | $32.1B | $28.7B |
| P/E Ratio → | 24.36 | 21.83 | 19.47 | 19.95 | 21.07 | 23.62 | 24.28 | 25.76 | 20.67 | 17.53 | 19.81 |
| P/S Ratio | 3.91 | 3.53 | 3.46 | 2.99 | 3.09 | 3.69 | 4.02 | 3.88 | 2.86 | 2.75 | 2.49 |
| P/B Ratio | 2.75 | 2.46 | 2.32 | 2.20 | 2.55 | 2.76 | 2.73 | 2.85 | 2.23 | 2.21 | 2.07 |
| P/FCF | — | — | 69.11 | 50.60 | — | — | — | 344.86 | 66.55 | 175.45 | 27.34 |
| P/OCF | 11.34 | 10.23 | 9.27 | 8.81 | 14.38 | 15.10 | 13.26 | 12.45 | 8.98 | 10.13 | 8.84 |
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 | — | 5.80 | 5.82 | 5.10 | 4.89 | 5.56 | 5.99 | 5.57 | 4.38 | 4.19 | 3.84 |
| EV / EBITDA | 15.73 | 14.76 | 14.28 | 14.29 | 15.42 | 16.59 | 16.18 | 17.05 | 14.55 | 12.41 | 11.75 |
| EV / EBIT | 25.52 | 22.14 | 19.55 | 20.04 | 20.90 | 23.49 | 22.57 | 23.79 | 20.09 | 16.00 | 15.04 |
| EV / FCF | — | — | 116.28 | 86.29 | — | — | — | 494.77 | 102.07 | 266.99 | 42.25 |
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 | 50.5% | 50.5% | 44.0% | 40.5% | 34.4% | 36.1% | 39.9% | 35.4% | 32.7% | 36.2% | 35.5% |
| Operating Margin | 24.2% | 24.2% | 25.0% | 21.5% | 20.0% | 20.6% | 23.6% | 20.4% | 19.1% | 23.3% | 22.5% |
| Net Profit Margin | 15.9% | 15.9% | 17.8% | 15.0% | 14.7% | 15.7% | 16.6% | 15.1% | 13.8% | 15.8% | 12.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.6% | 11.6% | 12.3% | 11.3% | 12.4% | 12.0% | 11.5% | 11.3% | 11.0% | 13.0% | 10.6% |
| ROA | 3.2% | 3.2% | 3.3% | 3.1% | 3.5% | 3.4% | 3.3% | 3.3% | 3.3% | 3.9% | 3.2% |
| ROIC | 5.1% | 5.1% | 5.0% | 4.8% | 5.2% | 5.0% | 5.3% | 5.2% | 5.2% | 6.8% | 6.6% |
| ROCE | 5.4% | 5.4% | 5.3% | 5.0% | 5.3% | 5.0% | 5.3% | 4.9% | 5.1% | 6.4% | 6.2% |
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 | 1.59 | 1.59 | 1.59 | 1.56 | 1.50 | 1.40 | 1.34 | 1.24 | 1.20 | 1.16 | 1.13 |
| Debt / EBITDA | 5.79 | 5.79 | 5.80 | 5.93 | 5.70 | 5.59 | 5.33 | 5.18 | 5.10 | 4.27 | 4.16 |
| Net Debt / Equity | — | 1.59 | 1.59 | 1.55 | 1.49 | 1.40 | 1.34 | 1.24 | 1.19 | 1.15 | 1.13 |
| Net Debt / EBITDA | 5.78 | 5.78 | 5.79 | 5.91 | 5.69 | 5.58 | 5.32 | 5.17 | 5.06 | 4.26 | 4.15 |
| Debt / FCF | — | — | 47.17 | 35.69 | — | — | — | 149.91 | 35.52 | 91.54 | 14.91 |
| Interest Coverage | 2.87 | 2.87 | 3.14 | 3.11 | 4.36 | 4.18 | 3.90 | 3.51 | 3.76 | 4.82 | 4.74 |
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 | 0.47 | 0.47 | 0.60 | 0.55 | 0.69 | 0.71 | 0.50 | 0.66 | 0.67 | 0.57 | 0.89 |
| Quick Ratio | 0.34 | 0.34 | 0.43 | 0.40 | 0.52 | 0.54 | 0.37 | 0.49 | 0.51 | 0.43 | 0.65 |
| Cash Ratio | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | 0.00 | 0.01 | 0.01 | 0.03 | 0.01 | 0.02 |
| Asset Turnover | — | 0.19 | 0.18 | 0.20 | 0.23 | 0.21 | 0.20 | 0.22 | 0.23 | 0.24 | 0.25 |
| Inventory Turnover | 6.03 | 6.03 | 5.92 | 6.83 | 7.80 | 8.36 | 8.23 | 8.85 | 9.43 | 9.05 | 8.20 |
| 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 | 3.0% | 3.3% | 3.5% | 3.7% | 3.1% | 2.8% | 2.7% | 2.5% | 3.2% | 3.1% | 3.4% |
| Payout Ratio | 73.7% | 73.7% | 69.1% | 73.8% | 65.1% | 65.7% | 66.4% | 65.6% | 65.8% | 54.5% | 66.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.1% | 4.6% | 5.1% | 5.0% | 4.7% | 4.2% | 4.1% | 3.9% | 4.8% | 5.7% | 5.0% |
| FCF Yield | — | — | 1.4% | 2.0% | — | — | — | 0.3% | 1.5% | 0.6% | 3.7% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.1% | 0.2% | 0.1% | 0.3% | 0.5% | 0.3% | 0.3% | 0.6% |
| Total Shareholder Yield | 3.0% | 3.3% | 3.6% | 3.8% | 3.3% | 2.9% | 3.1% | 3.0% | 3.5% | 3.5% | 3.9% |
| Shares Outstanding | — | $328M | $317M | $316M | $316M | $316M | $317M | $317M | $317M | $317M | $317M |
Regulatory rate case fatigue
With a forward P/E of 21.23, WEC trades at a notable premium to the broader utility sector, which appears to be driven by market confidence in its 6-7% earnings growth target and the perceived stability of its Wisconsin-based regulatory footprint as reported in recent financial disclosures.
The current valuation suggests that investors are pricing in a superior execution of the ESG Progress Plan compared to regional peers. However, this premium warrants caution, as any compression in the growth trajectory toward the industry average of 4-5% could trigger a significant valuation de-rating.
Based on quarterly data, WEC's reported ROE has fluctuated significantly, ranging from 1.7% to 5.6% over the last ten quarters, which may indicate timing differences in regulatory recovery rather than a fundamental erosion of the company's ability to earn its authorized returns in its primary jurisdictions.
The wide variance in quarterly ROE figures likely reflects the impact of seasonal demand and the timing of rate case outcomes. Investors should monitor whether these fluctuations stabilize as the company integrates its massive renewable energy investments into the permanent rate base.
As reported in recent financial statements, WEC maintains a debt-to-capital ratio consistently near 0.60, reflecting the heavy reliance on external financing required to fund its aggressive capital expenditure cycle while maintaining its commitment to dividend growth in a capital-intensive utility environment.
The consistent debt-to-capital level suggests management is balancing infrastructure investment with credit quality preservation. However, the reliance on debt to fund the ESG transition leaves the company sensitive to interest rate volatility and potential credit rating pressure if regulatory recovery lags.
According to historical quarterly data, WEC's dividend payout ratio has shown extreme volatility, occasionally exceeding 100% in specific quarters, which highlights the tension between maintaining shareholder distributions and funding the substantial cash requirements of the company's ongoing multi-year renewable energy infrastructure investment plan.
While the dividend remains a core component of the total return proposition, the high payout ratios in certain periods suggest that internal cash generation is currently insufficient to cover both dividends and CAPEX. This necessitates ongoing access to capital markets, which could become more expensive if market conditions tighten.
The most commonly misapplied metric for WEC is the standard P/E ratio, which fails to account for the distortive effects of AFUDC and regulatory accounting, often leading investors to misinterpret the quality of earnings during periods of heavy capital deployment for renewable energy infrastructure projects.
Investors should instead focus on the relationship between rate base growth and authorized ROE, as these are the true drivers of long-term value. Relying on P/E alone obscures the reality that earnings are often smoothed by regulatory mechanisms that do not necessarily correlate with immediate cash flow generation.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying WEC stock.
WEC Energy Group, Inc.'s current P/E ratio is 24.4x. The historical average is 19.2x. This places it at the 93th percentile of its historical range.
WEC Energy Group, Inc.'s current EV/EBITDA is 15.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.6x.
WEC Energy Group, Inc.'s return on equity (ROE) is 11.6%. The historical average is 11.1%.
Based on historical data, WEC Energy Group, Inc. is trading at a P/E of 24.4x. This is at the 93th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
WEC Energy Group, Inc.'s current dividend yield is 2.97% with a payout ratio of 73.7%.
WEC Energy Group, Inc. has 50.5% gross margin and 24.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
WEC Energy Group, Inc.'s Debt/EBITDA ratio is 5.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.