DTE Energy Company

DTE
Financial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
Latest Q Revenue
$2.6B
Q1 2026 · +13.7% YoY
TTM ROIC
3.8%
FY2025 · NOPAT (~$1.85B operating income × 78% net-of-tax) ÷ Invested Capital (~$48–50B total assets minus non-interest-bearing current liabilities) · WACC ~6.25% · Moat spread +-2.25pp

Financial Snapshot

ticker: DTE step: 04 generated: 2026-05-12 source: quick-research

DTE Energy Company (DTE) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue ~$19.3B ~$12.8B $12.46B -2.3%
Operating Income $2.21B $2.30B $2.53B +9.9%
Net Income ~$1.1B ~$1.4B ~$1.4B ~flat
EPS (GAAP, diluted) $5.52 $6.76 $6.77 +0.1%

FY2022 revenue elevated due to energy trading/commodity price spike; normalized revenue $12-14B. Operating earnings have grown steadily via rate base expansion and rate case outcomes. FY2025 EPS: $7.03 per diluted share (+3.8% YoY), with record $4.3B capex deployed.

Cash Flow & Balance Sheet (FY2024)

Metric Value
Capital Expenditures ~$3.8B (FY2024) / $4.3B (FY2025)
Capital Plan (5-year) $30B+ (FY2025-2029)
Long-Term Debt ~$22B
Dividend Yield ~3.4%

DTE funds its massive capital plan through a combination of operating cash flow, debt issuance, and periodic equity. FCF is negative — common for capital-intensive utilities investing ahead of rate case recovery. Dividend has grown consistently at ~5-7% annually.

Key Ratios (approximate)

  • P/E: ~18x (operating earnings basis) | Dividend Yield: ~3.4%
  • Rate Base: ~$24B+ (growing toward $35B+ by 2029 at ~8% CAGR)
  • Operating EPS Growth Target: 6–8% annually through 2029
  • Long-term Debt / Total Capital: ~55%

Growth Profile

DTE is a steady regulated utility compounder — 6–8% annual operating EPS growth driven by rate base expansion. FY2022 revenue was inflated by energy trading activity; core utility earnings have grown consistently. The $30B+ five-year capital plan is the largest in the company's history, targeting grid modernization, renewable buildout, and gas system upgrades — all recoverable through rate cases in Michigan.

Forward Estimates

  • FY2026 operating EPS: ~$7.50–$7.75 (consensus; management 2026 early outlook guidance pending confirmation)
  • FY2026 EPS growth target: ~6–8% (consistent with long-term guidance)
  • 5-year rate base CAGR: ~8–10% through 2029

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $DTE.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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