A Business at a Glance
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XCEL ENERGY INC
XEL
$48.2B
Mkt Cap
$81.67
+1.11%
XCEL ENERGY INC (XEL) has a current P/E ratio of 23.9, compared to its historical median P/E of 19.5. The stock is currently considered Expensive based on its historical valuation range.
XCEL ENERGY INC (XEL) has a 5-year average return on invested capital (ROIC) of 6.7%. This is below average and may indicate limited pricing power.
XCEL ENERGY INC (XEL) has a market capitalization of $51.0B. It is classified as a large-cap stock.
Yes, XCEL ENERGY INC (XEL) pays a dividend with a trailing twelve-month yield of 2.60%.
Based on historical P/E analysis, XCEL ENERGY INC (XEL) appears expensive. The current P/E of 23.9 is 23% above its historical median of 19.5. The estimated fair value CAGR (P/E method) is 4.7%.
XCEL ENERGY INC (XEL) operates in the Electric & Other Services Combined industry, within the Utilities sector.
XCEL ENERGY INC (XEL) reported annual revenue of $14.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
Xcel Energy is a major U.S. regulated electric and natural gas delivery company serving approximately 3.9 million electric customers and 2.2 million natural gas customers across eight states (Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas, and Wisconsin) through four utility subsidiaries: NSP-Minnesota, NSP-Wisconsin, PSCo, and SPS. The company operates a capital-intensive, rate-regulated utility business model where revenues are earned through regulated tariffs approved by state public utility commissions, with cost recovery mechanisms including fuel clause adjustments, gas cost adjustments, and various rider mechanisms that allow recovery of specific investments and expenses. Xcel Energy's competitive advantages include a geographically diversified footprint with high penetrations of low-cost renewable energy, a lean operating program that has generated $1.5 billion in cumulative customer savings since 2020, and a "Steel for Fuel" strategy that has saved customers nearly $6 billion since 2017 in avoided fuel costs and production tax credits. The company's customer base spans residential, commercial and industrial, and large industrial segments, with residential customers in Colorado enjoying the lowest share of wallet of any state and average bills across its service territory running 28% below the national average for electricity and 12% below for natural gas. Xcel Energy is investing heavily in grid modernization, renewable generation, and transmission infrastructure to support electrification trends, data center growth, and clean energy transition, with over $60 billion in planned capital expenditures over five years to expand and harden the grid while maintaining affordability.
【Infrastructure investment acceleration】 Management expects continued strong demand growth driven by data center development, industrial electrification, and electric vehicle adoption, with a robust pipeline of over 20 GW of large load interest and expectations to contract 6 GW of data center capacity by year-end 2027. The company is executing on an aggressive capital plan to add 7,500 MW of zero-carbon renewable generation, 3,000 MW of natural gas generation, and nearly 2,000 MW of energy storage over five years, supported by significant tax credit benefits expected to exceed $7 billion in aggregate through 2030 to help keep customer bills low. Xcel Energy anticipates multiple rate case outcomes in 2026 and 2027 that should drive return on equity improvement, particularly in Colorado and other jurisdictions where regulatory lag has compressed returns, and management remains focused on maintaining a strong balance sheet with targeted FFO-to-debt ratios of 16%–17% to fund accretive growth. The company is navigating supply chain and labor constraints across the industry while advancing partnerships with hyperscalers and developers to streamline large load development and ensure responsible project execution aligned with community and regulatory expectations.
| Metric | Target | Period |
|---|---|---|
| 2026 EPS (ongoing) | $4.04–$4.16 per share | FY2026 |
| Long-term EPS growth | 6%–8%+ | Long-term |
| Average EPS growth through 2030 | 9% on average | Through 2030 |
| 2026 weather-adjusted electric sales growth | 3% | FY2026 |
| Five-year capital expenditure plan | $60 billion | 2026–2030 |
2026 EPS (ongoing) (FY2026): “We are reaffirming our 2026 ongoing EPS guidance range of $4.04- $4.16 per share.”
Long-term EPS growth (Long-term): “We remain confident in our ability to deliver 6%-8%+ long-term earnings growth”
Average EPS growth through 2030 (Through 2030): “expect to deliver 9% EPS growth on average through 2030”
2026 weather-adjusted electric sales growth (FY2026): “For 2026, we continue to expect full-year weather-adjusted electric sales to increase 3%.”
Five-year capital expenditure plan (2026–2030): “Over the next five years, Xcel Energy expects to invest an excess of $60 billion to modernize and expand the grid”
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 | 14.8B | 14.7B | 13.4B | 14.2B | 15.3B | 13.4B |
| Net Income | 2.1B | 2.0B | 1.9B | 1.8B | 1.7B | 1.6B |
| EPS | $3.44 | $3.42 | $3.44 | $3.21 | $3.17 | $2.96 |
| Free Cash Flow | -7.2B | -6.8B | -2.7B | -527M | -706M | -2.1B |
| ROIC | 5.1% | 6.3% | 6.3% | 7.1% | 7.1% | 6.8% |
| Gross Margin | - | 47.8% | 47.7% | 42.3% | 38.0% | 38.6% |
| Debt/Equity | 1.56 | 0.88 | 0.95 | 0.98 | 1.05 | 1.09 |
| Dividends/Share | $2.12 | $2.28 | $2.19 | $1.98 | $1.85 | $1.73 |
| Operating Income | 2.7B | 2.6B | 2.4B | 2.5B | 2.4B | 2.2B |
| Operating Margin | 18.0% | 17.6% | 17.8% | 17.5% | 15.9% | 16.4% |
| ROE | 8.8% | 9.4% | 9.9% | 10.1% | 10.4% | 10.2% |
| Shares Outstanding | 624M | 590M | 563M | 552M | 548M | 540M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 11.7B | 11.0B | 11.1B | 11.4B | 11.5B | 11.5B | 11.5B | 13.4B | 15.3B | 14.2B | 13.4B | 14.7B | 14.8B |
| Gross Margin | 30.4% | 33.9% | 66.5% | 67.1% | 66.6% | 40.4% | 42.6% | 38.6% | 38.0% | 42.3% | 47.7% | 47.8% | 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 | N/A | N/A | 5.1B | 5.4B | 5.7B | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 1.9B | 2.0B | 2.2B | 2.2B | 2.0B | 2.1B | 2.1B | 2.2B | 2.4B | 2.5B | 2.4B | 2.6B | 2.7B |
| Op. Margin | 16.7% | 18.1% | 20.2% | 19.5% | 17.0% | 18.2% | 18.4% | 16.4% | 15.9% | 17.5% | 17.8% | 17.6% | 18.0% |
| Net Income | 1.0B | 984M | 1.1B | 1.1B | 1.3B | 1.4B | 1.5B | 1.6B | 1.7B | 1.8B | 1.9B | 2.0B | 2.1B |
| Net Margin | 8.7% | 8.9% | 10.1% | 10.1% | 10.9% | 11.9% | 12.8% | 11.9% | 11.3% | 12.5% | 14.4% | 13.8% | 14.1% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 6.0% | 5.6% | 6.2% | 6.1% | 6.5% | 6.5% | 6.8% | 6.8% | 7.1% | 7.1% | 6.3% | 6.3% | 5.1% |
| ROE | 10.3% | 9.5% | 10.4% | 10.2% | 10.7% | 10.4% | 10.1% | 10.2% | 10.4% | 10.1% | 9.9% | 9.4% | 8.8% |
| ROA | 2.9% | 2.6% | 2.8% | 2.7% | 2.8% | 2.7% | 2.7% | 2.8% | 2.8% | 2.8% | 2.8% | 2.7% | 2.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 2.7B | 3.0B | 3.1B | 3.1B | 3.1B | 3.3B | 2.8B | 2.2B | 3.9B | 5.3B | 4.6B | 4.1B | 4.8B |
| Free Cash Flow | -540M | -645M | -143M | -118M | -835M | -962M | -2.5B | -2.1B | -706M | -527M | -2.7B | -6.8B | -7.2B |
| Owner Earnings | 1.6B | 1.8B | 1.7B | 1.6B | 1.4B | 1.4B | 816M | 15M | 1.5B | 2.8B | 1.8B | 1.1B | -16.0B |
| CapEx | 3.2B | 3.7B | 3.2B | 3.2B | 4.0B | 4.2B | 5.4B | 4.2B | 4.6B | 5.9B | 7.4B | 10.9B | 11.9B |
| Maint. CapEx | 1.0B | 1.1B | 1.3B | 1.5B | 1.7B | 1.8B | 2.0B | 2.1B | 2.4B | 2.5B | 2.8B | 3.0B | 20.8B |
| Growth CapEx | 2.2B | 2.5B | 1.9B | 1.7B | 2.3B | 2.4B | 3.4B | 2.1B | 2.2B | 3.4B | 4.6B | 7.9B | 0 |
| D&A | 1.0B | 1.1B | 1.3B | 1.5B | 1.7B | 1.8B | 2.0B | 2.1B | 2.4B | 2.5B | 2.8B | 3.0B | 20.8B |
| CapEx/OCF | 120.8% | 121.2% | 106.7% | 103.8% | 126.7% | 129.5% | 188.5% | 193.9% | 118.0% | 109.9% | 158.7% | 267.2% | 251.3% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 561M | 607M | 681M | 721M | 730M | 791M | 856M | 935M | 1.0B | 1.1B | 1.2B | 1.3B | 1.3B |
| Dividend Yield | 5.2% | 4.8% | 4.4% | 4.0% | 3.9% | 3.2% | 2.9% | 3.0% | 3.0% | 3.4% | 3.7% | 3.1% | 2.6% |
| Share Buybacks | 0 | 0 | 32M | 3.0M | 1.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | 0.2% | 0.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 32M | 45M | 41M | 57M | 45M | 58M | 73M | 31M | 20M | 25M | 33M | 46M | 48M |
| Debt Repayment | 276M | 251M | 1.0B | 1.0B | 452M | 949M | 1.0B | 417M | 601M | 1.2B | 656M | 1.7B | 1.7B |
| Balance Sheet | |||||||||||||
| Net Debt | 12.1B | 13.0B | 13.2B | 14.2B | 14.8B | 16.3B | 16.4B | 16.9B | 17.5B | 17.1B | 18.4B | 20.6B | 35.3B |
| Cash & Equiv. | 80M | 85M | 85M | 83M | 147M | 248M | 129M | 166M | 111M | 129M | 179M | 274M | 1.8B |
| Long-Term Debt | 11.2B | 11.8B | 12.7B | 13.0B | 13.5B | 15.2B | 15.5B | 15.4B | 15.6B | 15.9B | 16.7B | 18.8B | 34.6B |
| Debt/Equity | 1.19 | 1.23 | 1.21 | 1.24 | 1.22 | 1.25 | 1.13 | 1.09 | 1.05 | 0.98 | 0.95 | 0.88 | 1.56 |
| Interest Coverage | 3.4 | 3.4 | 3.5 | 3.4 | 2.8 | 2.7 | 2.5 | 2.6 | 2.5 | 2.4 | 1.9 | 1.8 | 1.7 |
| Equity | 10.2B | 10.6B | 11.0B | 11.5B | 12.2B | 13.2B | 14.6B | 15.6B | 16.7B | 17.6B | 19.5B | 23.6B | 23.8B |
| Total Assets | 37.0B | 38.8B | 41.2B | 43.0B | 46.0B | 50.4B | 54.0B | 57.9B | 61.2B | 64.1B | 70.0B | 81.4B | 84.8B |
| Total Liabilities | 6.9B | 7.7B | 8.2B | 5.8B | 5.9B | 37.2B | 39.4B | 42.2B | 44.5B | 46.5B | 50.5B | 57.8B | 20M |
| 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 | 3.2B | 3.6B | 4.0B | 4.4B | 4.9B | 5.4B | 6.0B | 6.6B | 7.2B | 7.9B | 8.6B | 9.2B | 9.4B |
| Working Capital | -700M | -1.3B | -405M | -1.1B | -1.4B | -1.5B | -964M | -807M | -934M | -1.6B | -2.1B | -2.1B | -1.8B |
| Current Assets | 3.4B | 2.8B | 2.8B | 3.0B | 3.1B | 3.1B | 3.3B | 4.2B | 5.1B | 4.1B | 4.3B | 5.0B | 5.9B |
| Current Liabilities | 4.1B | 4.1B | 3.2B | 4.1B | 4.5B | 4.6B | 4.2B | 5.0B | 6.1B | 5.7B | 6.5B | 7.1B | 7.6B |
| Per Share Data | |||||||||||||
| EPS | 2.03 | 1.94 | 2.21 | 2.25 | 2.47 | 2.64 | 2.79 | 2.96 | 3.17 | 3.21 | 3.44 | 3.42 | 3.44 |
| Owner EPS | 3.16 | 3.65 | 3.33 | 3.08 | 2.78 | 2.73 | 1.55 | 0.03 | 2.70 | 5.13 | 3.27 | 1.81 | -25.71 |
| Book Value | 20.30 | 20.90 | 21.69 | 22.45 | 23.94 | 25.47 | 27.61 | 28.94 | 30.45 | 31.93 | 34.69 | 40.01 | 38.14 |
| Cash Flow/Share | 5.29 | 5.99 | 6.01 | 6.13 | 6.12 | 6.28 | 5.39 | 4.06 | 7.18 | 9.66 | 8.25 | 6.92 | 36.59 |
| Dividends/Share | 1.20 | 1.28 | 1.36 | 1.44 | 1.52 | 1.62 | 1.62 | 1.73 | 1.85 | 1.98 | 2.19 | 2.28 | 2.12 |
| Shares Out. | 503.1M | 507.2M | 508.1M | 510.2M | 510.5M | 519.7M | 528.0M | 539.5M | 547.6M | 551.7M | 562.8M | 590.1M | 624.2M |
| Valuation | |||||||||||||
| P/E Ratio | 12.7 | 13.7 | 13.8 | 16.7 | 16.1 | 19.9 | 20.0 | 20.0 | 20.1 | 18.0 | 19.0 | 21.6 | 23.8 |
| P/FCF | 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 |
| EV/EBIT | 13.0 | 13.3 | 13.0 | 15.0 | 17.8 | 20.8 | 21.6 | 22.2 | 21.5 | 19.7 | 23.1 | 24.9 | 32.4 |
| Price/Book | 1.3 | 1.3 | 1.4 | 1.7 | 1.7 | 2.1 | 2.0 | 2.1 | 2.1 | 1.8 | 1.9 | 1.8 | 2.1 |
| Price/Sales | 0.9 | 1.1 | 1.4 | 1.6 | 1.6 | 2.2 | 2.6 | 2.3 | 2.2 | 2.3 | 2.4 | 2.9 | 3.4 |
| FCF Yield | -4.2% | -4.8% | -0.9% | -0.6% | -4.1% | -3.5% | -8.6% | -6.4% | -2.0% | -1.7% | -7.4% | -15.7% | -14.1% |
| Market Cap | 13.0B | 13.5B | 15.5B | 19.2B | 20.4B | 27.3B | 29.4B | 32.0B | 34.8B | 31.8B | 36.8B | 43.6B | 51.0B |
| Avg. Price | 21.59 | 24.98 | 30.35 | 35.74 | 37.09 | 48.21 | 55.93 | 57.32 | 62.25 | 58.15 | 56.42 | 70.88 | 81.67 |
| Year-End Price | 25.86 | 26.54 | 30.58 | 37.64 | 39.86 | 52.48 | 55.74 | 59.32 | 63.63 | 57.72 | 65.44 | 73.85 | 81.67 |
XCEL ENERGY INC passes 2 of 9 quality checks, indicating weak fundamentals.
XCEL ENERGY INC trades at 23.9x trailing earnings, compared to its 15-year median P/E of 19.5x, suggesting it is currently Expensive relative to its historical range. The company's 5-year average ROIC is 6.7% with a gross margin of 42.9%. Total shareholder yield (dividends) is 2.6%. At current prices, the estimated annualized return to fair value is +4.7%.
XCEL ENERGY INC (XEL) has a net profit margin of 13.8%. This is a healthy margin.
XCEL ENERGY INC (XEL) generated $-6.8 billion in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
XCEL ENERGY INC (XEL) has a debt-to-equity ratio of 0.88. This indicates moderate leverage.
XCEL ENERGY INC (XEL) reported earnings per share (EPS) of $3.42 in its most recent fiscal year.
XCEL ENERGY INC (XEL) has a return on equity (ROE) of 9.4%. This indicates moderate shareholder returns.
XCEL ENERGY INC (XEL) has a 5-year average gross margin of 42.9%. This indicates decent pricing power.
The Ledger Terminal provides 19 years of financial data for XCEL ENERGY INC (XEL), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
XCEL ENERGY INC (XEL) has a book value per share of $40.01, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued strong demand growth driven by data center development, industrial electrification, and electric vehicle adoption, with a robust pipeline of over 20 GW of large load interest and expectations to contract 6 GW of data center capacity by year-end 2027. The company is executing on an aggressive capital plan to add 7,500 MW of zero-carbon renewable generation, 3,000 MW of natural gas generation, and nearly 2,000 MW of energy storage over five years, supported by significant tax credit benefits expected to exceed $7 billion in aggregate through 2030 to help keep customer bills low. Xcel Energy anticipates multiple rate case outcomes in 2026 and 2027 that should drive return on equity improvement, particularly in Colorado and other jurisdictions where regulatory lag has compressed returns, and management remains focused on maintaining a strong balance sheet with targeted FFO-to-debt ratios of 16%–17% to fund accretive growth. The company is navigating supply chain and labor constraints across the industry while advancing partnerships with hyperscalers and developers to streamline large load development and ensure responsible project execution aligned with community and regulatory expectations.
Based on recent SEC filings and earnings calls, XCEL ENERGY INC (XEL) has provided the following forward guidance: 2026 EPS (ongoing): $4.04–$4.16 per share (FY2026); Long-term EPS growth: 6%–8%+ (Long-term); Average EPS growth through 2030: 9% on average (Through 2030); 2026 weather-adjusted electric sales growth: 3% (FY2026); Five-year capital expenditure plan: $60 billion (2026–2030).