OGE Energy Corp.

OGE
Financial Analysis · Updated May 18, 2026 · Coverage 2026-Q2
Latest Q Revenue
$752.6M
Q1 2026 · +0.7% YoY
TTM ROIC
5.5%
FY2024 · NOPAT / Invested Capital (blended debt+equity) · WACC ~6.75% · Moat spread +-1.25pp

Financial Snapshot


ticker: OGE step: 04 generated: 2026-05-13 source: quick-research

OGE Energy Corp. (OGE) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue $3.38B* $2.67B $2.99B +11.6%
Operating Margin ~14% ~22% ~22% flat
Net Income $666M* $417M $442M +6.0%
EPS (diluted) $3.32* $2.07 $2.19 +5.8%

FY2022 includes $1.16/share from midstream (Energy Transfer units sold); underlying utility EPS ~$2.16. Revenue decline in 2023 reflects midstream exit, not utility deterioration.

FY2025: EPS $2.32 (+5.9%); 7% weather-normalized load growth

Cash Flow & Balance Sheet (FY2024)

Metric Value
Operating Cash Flow ~$600M
Free Cash Flow Modestly negative (capex cycle)
Capital Expenditures ~$700M
Cash & Equivalents ~$50M
Total Debt ~$3.5B

Key Ratios (approximate)

  • P/E: ~20x (adj.) | EV/EBITDA: ~11x | Dividend Yield: ~3.5%
  • EPS CAGR (utility, 2023–2025): ~6% | Load growth (weather-normalized, 2025): ~7%

Growth Profile

OGE's utility earnings have grown at a steady 5–7% annual rate post-midstream exit, driven by infrastructure investment and modest customer growth in Oklahoma. The step-change catalyst is data centers: a 1 GW Google commitment and 7% weather-normalized load growth in 2025 signal a potential acceleration from the historical 5–6% growth rate. The company plans to file an Oklahoma rate case to recover costs from 1.9 GW of new capacity additions required to serve growing demand.

Forward Estimates

  • FY2025 EPS: $2.32 (+5.9% vs FY2024)
  • FY2026 EPS guidance: $2.43 (+4.7%)
  • New capacity: 1.9 GW planned (gas, renewables, storage)
  • Google data center: 1 GW contract; 3 facilities in Oklahoma
  • Oklahoma rate case: planned filing 2025/2026
  • Analyst avg. price target: ~$48.89 (consensus Buy, 9 analysts)

Deeper Financial Analysis

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

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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