A Business at a Glance
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OGE ENERGY CORP.
OGE
$10.1B
Mkt Cap
$49.95
+0.69%
OGE ENERGY CORP. (OGE) has a current P/E ratio of 21.5, compared to its historical median P/E of 13.4. The stock is currently considered Expensive based on its historical valuation range.
OGE ENERGY CORP. (OGE) has a 5-year average return on invested capital (ROIC) of 6.2%. This is below average and may indicate limited pricing power.
OGE ENERGY CORP. (OGE) has a market capitalization of $10.3B. It is classified as a large-cap stock.
Yes, OGE ENERGY CORP. (OGE) pays a dividend with a trailing twelve-month yield of 3.34%.
Based on historical P/E analysis, OGE ENERGY CORP. (OGE) appears expensive. The current P/E of 21.5 is 60% above its historical median of 13.4. The estimated fair value CAGR (P/E method) is 9.3%.
OGE ENERGY CORP. (OGE) operates in the Electric Services industry, within the Utilities sector.
OGE ENERGY CORP. (OGE) reported annual revenue of $3.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
OGE Energy is a holding company whose primary investment is OG&E, a wholly-owned electric utility subsidiary that generates, transmits, distributes, and sells electricity in Oklahoma and western Arkansas. OG&E serves approximately 913,000 retail customers across a 30,000 square-mile service territory encompassing Oklahoma City, Fort Smith, Arkansas, and surrounding communities, with 92 percent of revenues derived from Oklahoma operations. The company operates as a regulated utility subject to oversight by the Oklahoma Corporation Commission, Arkansas Public Service Commission, and the Federal Energy Regulatory Commission, earning revenue through regulated rates for electricity delivery and generation. OG&E's business model centers on long-term infrastructure investment in generation capacity, transmission, and distribution systems to support customer growth and grid reliability, with a focus on maintaining among the lowest customer rates in the nation while investing in proven generation technologies including natural gas combustion turbines and energy storage projects. The company's competitive position is anchored in its established franchise territory, regulatory relationships, and strategic investments in capacity expansion to meet growing demand driven by economic development and large industrial customers in its service area.
【Strong load growth momentum】 Management expects weather-normalized load growth of 4%-6% in 2026, building on a five-year trend with total retail weather-normalized load up more than 24% since 2021, supported by customer growth of approximately 1% and significant large load opportunities including Google's data center operations. The company is advancing multiple generation and transmission projects to meet capacity needs, including 450 MW of combustion turbines expected online in the fourth quarter of 2026, 300 MW of energy storage capacity, and direct-assigned SPP transmission projects expected to be accepted in October 2026. Management plans to file a rate review in Oklahoma in 2026 with new rates anticipated in 2027, and is evaluating a potential Arkansas filing by year-end, while finalizing a standalone large load tariff expected to be filed with the Oklahoma Corporation Commission by July 1st. The company expects to maintain investment-grade credit ratings with FFO to Debt around 17% over the planning horizon and continues to target a 60%-70% dividend payout ratio with earnings per share growth expected to outpace dividend growth.
| Metric | Target | Period |
|---|---|---|
| Consolidated earnings per share | $2.43 per share with a range of $2.38-$2.48 | FY2026 |
| Weather-normalized load growth | 4%-6% | FY2026 |
| Consolidated earnings per share growth | 5%-7% | Through 2030 |
| Consolidated earnings per share | Top half of the range | FY2027 and FY2028 |
| Dividend payout ratio | 60%-70% | Over the next five years |
Consolidated earnings per share (FY2026): “We expect to achieve our consolidated earnings guidance of $2.43 per share with a range of $2.38-$2.48, assuming normal weather for the balance of the year.”
Weather-normalized load growth (FY2026): “we expect customer count to increase about 1% and weather-normalized load to grow 4%-6% in 2026”
Consolidated earnings per share growth (Through 2030): “OGE Energy creates long-term shareholder value by targeting the consistent growth of consolidated earnings per share of five to seven percent through 2030”
Consolidated earnings per share (FY2027 and FY2028): “consolidated earnings per share in the top half of the range in 2027 and 2028”
Dividend payout ratio (Over the next five years): “OGE Energy plans to continue to grow its dividend over the next five years, targeting a payout ratio of 60 percent to 70 percent.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.3B | 3.3B | 3.0B | 2.7B | 3.4B | 3.7B |
| Net Income | 458M | 471M | 442M | 417M | 666M | 737M |
| EPS | $2.26 | $2.32 | $2.19 | $2.07 | $3.32 | $3.68 |
| Free Cash Flow | 225M | 83M | -278M | 54M | -99M | -1.0B |
| ROIC | 6.0% | 6.5% | 6.5% | 6.3% | 6.1% | 5.6% |
| Gross Margin | - | 61.4% | 63.9% | 65.9% | 50.8% | 41.8% |
| Debt/Equity | 1.19 | 1.14 | 1.19 | 1.07 | 1.03 | 1.23 |
| Dividends/Share | $1.67 | $1.69 | $1.68 | $1.66 | $1.65 | $1.63 |
| Operating Income | 779M | 799M | 745M | 650M | 650M | 544M |
| Operating Margin | 23.9% | 24.5% | 25.0% | 24.3% | 19.2% | 14.9% |
| ROE | 9.3% | 9.8% | 9.6% | 9.3% | 15.7% | 19.2% |
| Shares Outstanding | 206M | 203M | 202M | 201M | 201M | 200M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 2.5B | 2.2B | 2.3B | 2.3B | 2.3B | 2.2B | 2.1B | 3.7B | 3.4B | 2.7B | 3.0B | 3.3B | 3.3B |
| Gross Margin | 54.9% | 60.6% | 61.0% | 60.3% | 60.7% | 64.7% | 69.6% | 41.8% | 50.8% | 65.9% | 63.9% | 61.4% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 810M | 851M | 848M | 832M | 888M | 940M | 141M | 139M | 136M | 148M | 1.2B | 1.2B | 1.2B |
| EBIT | 537M | 481M | 531M | 532M | 490M | 504M | 522M | 544M | 650M | 650M | 745M | 799M | 779M |
| Op. Margin | 21.9% | 21.9% | 23.5% | 23.5% | 21.6% | 22.6% | 24.6% | 14.9% | 19.2% | 24.3% | 25.0% | 24.5% | 23.9% |
| Net Income | 396M | 271M | 338M | 400M | 485M | 360M | -174M | 737M | 666M | 417M | 442M | 471M | 458M |
| Net Margin | 16.1% | 12.3% | 15.0% | 17.7% | 21.4% | 16.1% | -8.2% | 20.2% | 19.7% | 15.6% | 14.8% | 14.4% | 14.0% |
| Non-Recurring | 200K | 200K | 0 | 0 | 0 | 0 | 0 | 344M | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 6.2% | 5.9% | 6.0% | 8.0% | 6.0% | 6.5% | 7.1% | 5.6% | 6.1% | 6.3% | 6.5% | 6.5% | 6.0% |
| ROE | 12.6% | 8.3% | 10.0% | 11.0% | 12.4% | 8.8% | -4.5% | 19.2% | 15.7% | 9.3% | 9.6% | 9.8% | 9.3% |
| ROA | 4.2% | 2.8% | 3.5% | 3.9% | 4.6% | 3.3% | -1.6% | 6.3% | 5.3% | 3.3% | 3.3% | 3.4% | 3.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 722M | 867M | 645M | 785M | 951M | 682M | 713M | -230M | 952M | 1.2B | 813M | 1.1B | 1.3B |
| Free Cash Flow | 152M | 319M | -15M | -40M | 378M | 46M | 62M | -1.0B | -99M | 54M | -278M | 83M | 225M |
| Owner Earnings | 438M | 552M | 317M | 492M | 616M | 313M | 312M | -656M | 482M | 713M | 262M | 563M | -4.1B |
| CapEx | 569M | 548M | 660M | 824M | 574M | 636M | 651M | 779M | 1.1B | 1.2B | 1.1B | 1.1B | 1.1B |
| Maint. CapEx | 281M | 308M | 323M | 284M | 322M | 355M | 391M | 416M | 461M | 507M | 540M | 560M | 5.4B |
| Growth CapEx | 288M | 240M | 338M | 541M | 252M | 281M | 259M | 363M | 590M | 672M | 551M | 495M | 0 |
| D&A | 281M | 308M | 323M | 284M | 322M | 355M | 391M | 416M | 461M | 507M | 540M | 560M | 5.4B |
| CapEx/OCF | 78.9% | 63.3% | 102.4% | 105.0% | 60.3% | 93.3% | 91.3% | N/A | 110.3% | 95.6% | 134.2% | 92.7% | 82.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 184M | 205M | 225M | 248M | 272M | 299M | 315M | 325M | 329M | 333M | 339M | 342M | 344M |
| Dividend Yield | 4.1% | 5.3% | 5.6% | 7.9% | 4.7% | 5.7% | 6.0% | 5.9% | 4.9% | 5.1% | 4.8% | 3.9% | 3.3% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 15M | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | 0.3% | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 2.7M | 7.6M | 4.7M | 9.1M | 13M | 14M | 9.8M | 9.8M | 9.7M | 13M | 12M | 14M | 15M |
| Debt Repayment | 240M | 200K | 110M | 225M | 250M | 250M | 100K | 100K | 100K | 1.0B | 100K | 33M | 33M |
| Balance Sheet | |||||||||||||
| Net Debt | 2.8B | 2.7B | 2.9B | 3.2B | 3.1B | 3.3B | 3.6B | 5.0B | 4.5B | 4.8B | 5.5B | 5.7B | 5.9B |
| Cash & Equiv. | 5.5M | 75M | 300K | 14M | 94M | 0 | 1.1M | 0 | 88M | 200K | 600K | 200K | 200K |
| Long-Term Debt | 2.8B | 2.6B | 2.4B | 2.7B | 2.9B | 3.2B | 3.5B | 4.5B | 3.5B | 4.3B | 5.0B | 5.4B | 5.4B |
| Debt/Equity | 0.88 | 0.82 | 0.83 | 0.82 | 0.79 | 0.80 | 0.99 | 1.23 | 1.03 | 1.07 | 1.19 | 1.14 | 1.19 |
| Interest Coverage | 3.6 | 3.2 | 3.7 | 3.7 | 3.1 | 3.4 | 3.3 | 3.4 | 3.9 | 2.9 | 2.9 | 3.0 | 3.0 |
| Equity | 3.2B | 3.3B | 3.4B | 3.9B | 4.0B | 4.1B | 3.6B | 4.1B | 4.4B | 4.5B | 4.6B | 5.0B | 4.9B |
| Total Assets | 9.5B | 9.6B | 9.9B | 10.4B | 10.7B | 11.0B | 10.7B | 12.6B | 12.5B | 12.8B | 13.7B | 14.4B | 14.5B |
| Total Liabilities | 6.3B | 6.3B | 6.5B | 6.6B | 6.7B | 6.9B | 7.1B | 8.6B | 8.1B | 8.3B | 9.1B | 9.4B | 9.5B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 2.2B | 2.3B | 2.4B | 2.8B | 2.9B | 3.0B | 2.5B | 3.0B | 3.3B | 3.4B | 3.5B | 3.6B | 3.6B |
| Working Capital | 134M | -183M | -478M | -454M | -312M | -228M | -269M | -476M | -461M | -408M | -335M | -236M | -423M |
| Current Assets | 707M | 570M | 550M | 497M | 557M | 430M | 429M | 614M | 1.3B | 772M | 895M | 858M | 809M |
| Current Liabilities | 573M | 753M | 1.0B | 951M | 869M | 658M | 697M | 1.1B | 1.8B | 1.2B | 1.2B | 1.1B | 1.2B |
| Per Share Data | |||||||||||||
| EPS | 1.98 | 1.36 | 1.69 | 3.10 | 2.12 | 2.16 | -0.87 | 3.68 | 3.32 | 2.07 | 2.19 | 2.32 | 2.26 |
| Owner EPS | 2.19 | 2.77 | 1.59 | 3.81 | 2.69 | 1.88 | 1.56 | -3.27 | 2.40 | 3.54 | 1.30 | 2.78 | -20.07 |
| Book Value | 16.23 | 16.67 | 17.21 | 29.82 | 17.50 | 24.84 | 18.19 | 20.25 | 22.01 | 22.41 | 23.02 | 24.53 | 23.93 |
| Cash Flow/Share | 3.61 | 4.35 | 3.22 | 6.08 | 4.15 | 4.09 | 3.57 | -1.15 | 4.75 | 6.12 | 4.03 | 5.60 | 28.51 |
| Dividends/Share | 0.95 | 1.05 | 1.16 | 1.92 | 1.40 | 1.51 | 1.58 | 1.63 | 1.65 | 1.66 | 1.68 | 1.69 | 1.67 |
| Shares Out. | 199.9M | 199.5M | 200.1M | 129.1M | 228.9M | 166.7M | 199.7M | 200.4M | 200.5M | 201.4M | 201.6M | 202.9M | 206.4M |
| Valuation | |||||||||||||
| P/E Ratio | 11.4 | 12.8 | 13.3 | 7.5 | 13.4 | 15.4 | N/A | 8.6 | 10.4 | 15.4 | 18.0 | 18.3 | 22.1 |
| P/FCF | 29.6 | 10.9 | N/A | N/A | 17.3 | 120.6 | 79.7 | N/A | N/A | 118.3 | N/A | 103.9 | 45.8 |
| EV/EBIT | 13.7 | 12.6 | 14.6 | 14.6 | 17.7 | 19.8 | 16.4 | 20.7 | 17.4 | 17.3 | 18.0 | 17.8 | 20.8 |
| Price/Book | 1.4 | 1.0 | 1.3 | 1.2 | 1.4 | 1.6 | 1.4 | 1.6 | 1.6 | 1.4 | 1.7 | 1.7 | 2.1 |
| Price/Sales | 1.8 | 1.8 | 1.8 | 2.1 | 2.2 | 2.9 | 2.5 | 1.5 | 2.0 | 2.4 | 2.4 | 2.7 | 3.2 |
| FCF Yield | 3.4% | 9.2% | -0.3% | -0.9% | 6.6% | 0.7% | 1.3% | -16.0% | -1.4% | 0.8% | -3.5% | 1.0% | 2.2% |
| Market Cap | 4.5B | 3.5B | 4.5B | 4.6B | 5.7B | 6.7B | 5.0B | 6.3B | 6.9B | 6.4B | 7.9B | 8.6B | 10.3B |
| Avg. Price | 22.51 | 19.27 | 19.91 | 24.33 | 25.14 | 31.71 | 26.25 | 27.46 | 33.26 | 32.14 | 34.94 | 43.25 | 49.95 |
| Year-End Price | 22.58 | 17.43 | 22.50 | 23.14 | 28.49 | 33.27 | 24.86 | 31.48 | 34.65 | 31.78 | 39.34 | 42.36 | 49.95 |
OGE ENERGY CORP. passes 4 of 9 quality checks, suggesting mixed fundamentals.
OGE ENERGY CORP. trades at 21.5x trailing earnings, compared to its 15-year median P/E of 13.4x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 124.6x vs a median of 48.5x. The company's 5-year average ROIC is 6.2% with a gross margin of 56.7%. Total shareholder yield (dividends) is 3.3%. At current prices, the estimated annualized return to fair value is -18.8%.
OGE ENERGY CORP. (OGE) has a net profit margin of 14.4%. This is a healthy margin.
OGE ENERGY CORP. (OGE) generated $83 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
OGE ENERGY CORP. (OGE) has a debt-to-equity ratio of 1.14. This indicates moderate leverage.
OGE ENERGY CORP. (OGE) reported earnings per share (EPS) of $2.32 in its most recent fiscal year.
OGE ENERGY CORP. (OGE) has a return on equity (ROE) of 9.8%. This indicates moderate shareholder returns.
OGE ENERGY CORP. (OGE) has a 5-year average gross margin of 56.7%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for OGE ENERGY CORP. (OGE), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
OGE ENERGY CORP. (OGE) has a book value per share of $24.53, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects weather-normalized load growth of 4%-6% in 2026, building on a five-year trend with total retail weather-normalized load up more than 24% since 2021, supported by customer growth of approximately 1% and significant large load opportunities including Google's data center operations. The company is advancing multiple generation and transmission projects to meet capacity needs, including 450 MW of combustion turbines expected online in the fourth quarter of 2026, 300 MW of energy storage capacity, and direct-assigned SPP transmission projects expected to be accepted in October 2026. Management plans to file a rate review in Oklahoma in 2026 with new rates anticipated in 2027, and is evaluating a potential Arkansas filing by year-end, while finalizing a standalone large load tariff expected to be filed with the Oklahoma Corporation Commission by July 1st. The company expects to maintain investment-grade credit ratings with FFO to Debt around 17% over the planning horizon and continues to target a 60%-70% dividend payout ratio with earnings per share growth expected to outpace dividend growth.
Based on recent SEC filings and earnings calls, OGE ENERGY CORP. (OGE) has provided the following forward guidance: Consolidated earnings per share: $2.43 per share with a range of $2.38-$2.48 (FY2026); Weather-normalized load growth: 4%-6% (FY2026); Consolidated earnings per share growth: 5%-7% (Through 2030); Consolidated earnings per share: Top half of the range (FY2027 and FY2028); Dividend payout ratio: 60%-70% (Over the next five years).