DTE Energy Company

DTE · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$26,787	$25,007	$22,742	$22,770	$23,158	$23,520	$25,159	$21,368	$21,205	$19,084	$15,535	$13,008	$9,886	$8,736	$7,830	$6,478	$6,083	$4,947	$6,321	$7,291	$6,431	$6,349	$5,631	$6,475	$5,352	$4,739	$3,902	$5,322	$4,273	$4,001	$4,030	$3,249	$3,754	$4,100	$4,348	$3,534	$3,169	$2,161	$1,670	$2,059	$1,938
Enterprise value	$53,109	$48,229	$43,691	$41,981	$41,389	$42,819	$42,840	$36,019	$34,532	$31,262	$25,253	$21,990	$18,110	$16,780	$15,938	$14,622	$14,228	$13,435	$14,755	$16,145	$14,860	$14,659	$13,804	$15,288	$13,935	$9,514	$8,653	$10,158	$8,403	$8,141	$8,160	–	–	–	–	–	–	–	–	–	–
P/E (TTM) at period end	18.36×	17.85×	16.31×	21.08×	25.59×	17.22×	21.56×	19.11×	18.73×	22.04×	21.43×	14.39×	14.96×	14.32×	11.01×	10.28×	11.43×	9.06×	6.51×	16.84×	11.98×	14.63×	10.81×	10.24×	16.12×	10.13×	8.08×	12.01×	10.25×	12.93×	9.93×	8.33×	7.64×	7.35×	8.12×	6.87×	7.44×	–	3.01×	4.31×	4.43×
P/S (TTM) at period end	1.69×	2.01×	1.78×	1.18×	1.55×	2.06×	2.07×	1.50×	1.68×	1.80×	1.50×	1.06×	1.02×	0.99×	0.88×	0.76×	0.76×	0.53×	0.74×	0.81×	0.71×	0.90×	0.80×	0.96×	0.68×	0.85×	0.83×	1.26×	1.14×	1.10×	1.11×	0.92×	1.06×	1.15×	1.21×	1.07×	0.99×	0.70×	0.58×	0.72×	0.69×
P/B at period end	2.18×	2.14×	2.06×	2.19×	2.66×	1.89×	2.16×	2.09×	2.23×	2.12×	1.77×	1.56×	1.25×	1.18×	1.12×	0.96×	0.97×	0.83×	1.08×	1.25×	1.11×	1.14×	1.07×	1.42×	1.17×	1.18×	1.00×	1.44×	1.15×	1.11×	1.07×	–	–	–	–	–	–	–	–	–	–
EV / EBITDA (TTM)	12.60×	12.62×	11.35×	13.05×	14.41×	15.04×	16.48×	13.25×	12.60×	12.70×	12.08×	8.04×	7.88×	7.31×	6.60×	5.86×	6.27×	6.21×	5.83×	7.76×	8.41×	10.47×	9.60×	8.72×	9.54×	6.14×	5.29×	–	–	–	–	–	–	–	–	–	–	–	–	–	–
EV / Sales (TTM)	3.36×	3.87×	3.43×	2.18×	2.77×	3.75×	3.52×	2.53×	2.74×	2.94×	2.44×	1.79×	1.87×	1.91×	1.80×	1.72×	1.78×	1.44×	1.73×	1.79×	1.65×	2.07×	1.96×	2.27×	1.78×	1.70×	1.83×	2.41×	2.23×	2.23×	2.24×	–	–	–	–	–	–	–	–	–	–
Returns
Return on equity	11.9%	12.0%	12.6%	10.4%	10.4%	11.0%	10.0%	10.9%	11.9%	9.6%	8.3%	10.9%	8.3%	8.3%	10.1%	9.4%	8.5%	9.1%	16.6%	7.4%	9.3%	7.8%	9.9%	13.8%	7.2%	11.7%	12.4%	12.0%	11.3%	8.6%	10.8%	–	–	–	–	–	–	–	–	–	–
Return on invested capital	5.8%	6.0%	6.3%	5.7%	5.6%	4.7%	4.5%	5.9%	6.5%	5.3%	5.1%	6.6%	5.4%	5.8%	6.9%	6.7%	5.8%	5.5%	7.7%	5.3%	4.6%	3.4%	5.5%	7.4%	5.0%	9.3%	9.3%	8.1%	7.9%	6.3%	7.6%	–	–	–	–	–	–	–	–	–	–
Dividend yield	3.3%	3.2%	3.3%	3.0%	3.4%	3.2%	2.8%	2.9%	2.8%	2.8%	3.2%	3.6%	4.5%	4.7%	5.0%	5.6%	5.7%	7.0%	5.8%	5.0%	5.6%	5.6%	6.1%	5.2%	6.1%	6.7%	7.7%	5.6%	7.0%	7.5%	7.4%	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	0.80×	0.71×	0.60×	0.81×	0.52×	1.30×	0.77×	0.73×	1.10×	1.13×	1.02×	1.17×	0.88×	1.05×	1.22×	1.15×	1.09×	1.10×	0.95×	0.95×	0.95×	1.00×	0.96×	0.87×	0.88×	0.81×	0.82×	0.89×	0.92×	0.90×	0.91×	–	–	–	–	–	–	–	–	–	–
Debt / equity	2.00×	1.86×	1.69×	1.73×	1.76×	1.53×	1.44×	1.13×	1.23×	1.22×	1.00×	0.99×	0.85×	0.88×	0.97×	0.93×	1.05×	1.20×	1.45×	1.52×	1.45×	1.47×	1.54×	1.94×	1.91×	1.17×	1.19×	1.31×	1.10×	1.14×	1.08×	–	–	–	–	–	–	–	–	–	–
Effective tax rate	5.7%	(2.5%)	10.8%	2.6%	(19.8%)	3.4%	7.0%	8.1%	13.6%	24.5%	24.2%	28.5%	27.5%	29.8%	27.0%	32.7%	31.6%	35.2%	31.5%	27.3%	28.0%	27.3%	(34.5%)	(16.7%)	(62.6%)	1.9%	11.0%	25.8%	38.1%	41.8%	41.6%	–	–	–	–	–	–	–	–	–	–
Share count
Diluted shares outstanding	207	207	206	196	194	193	185	181	179	179	179	177	175	171	169	169	164	163	171	178	176	174	168	165	151	143	145	145	145	145	137	146	147	147	147	147	147	146	147	147	143

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$16,465	$15,814	$12,457	$12,745	$19,228	$14,964	$11,423	$12,168	$14,212	$12,607	$10,630	$10,337	$12,301	$9,661	$8,791	$8,858	$8,525	$8,014	$9,329	$8,506	$9,022	$9,022	$7,069	$7,041	$6,749	$7,849	$5,597	$4,728	$4,221	$3,764	$3,645	$3,636	$3,519	$3,555	$3,558	$3,592	$3,307	$3,203	$3,102	$2,857	$2,869	$2,788
Cost of revenue	($10,275)	($2,382)	($8,119)	($8,418)	($15,560)	($11,628)	($8,144)	($9,149)	($11,062)	($9,434)	($7,791)	($7,776)	($9,226)	($7,033)	($6,188)	($6,149)	($5,757)	($3,118)	($4,306)	($3,552)	–	–	($2,007)	($2,241)	($2,099)	–	–	($1,335)	($1,063)	($837)	($846)	($850)	–	–	–	–	–	–	–	–	–	–
Gross profit	$5,969	$13,432	$4,338	$4,327	$3,668	$3,336	$3,279	$3,019	$3,150	$3,173	$2,839	$2,561	$3,075	$2,628	$2,603	$2,709	$2,768	$4,896	$5,023	$4,923	–	–	$5,062	$4,800	$4,630	–	–	$3,393	$3,158	$2,927	$2,800	$2,786	–	–	–	–	–	–	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($11,532)	($11,021)	($8,119)	($8,418)	($15,560)	($9,208)	($1,719)	($1,798)	($1,981)	($65)	($41)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Total operating expenses	($3,776)	($11,058)	($2,247)	($2,084)	($1,920)	($1,841)	($1,724)	($1,589)	($1,556)	($1,462)	($1,353)	($1,322)	($1,485)	($1,425)	($1,324)	($1,288)	($1,298)	($3,647)	($3,760)	($3,318)	–	–	($4,406)	($4,053)	($3,636)	–	–	($2,492)	($2,221)	($1,926)	($1,963)	($1,757)	–	–	–	–	–	–	–	–	–	–
Total costs and expenses	($14,272)	($13,440)	($10,366)	($10,502)	($17,480)	($13,469)	($9,868)	($10,738)	($12,618)	($10,896)	($9,144)	($9,098)	($10,711)	($8,458)	($7,512)	($7,437)	($7,055)	($6,765)	($8,066)	($6,901)	($7,955)	($8,124)	($6,413)	($6,294)	($5,755)	($7,184)	($4,767)	($3,827)	($3,284)	($2,763)	($2,809)	($2,606)	–	–	–	–	–	–	–	–	–	–
Operating income	$2,193	$2,374	$2,091	$2,243	$1,748	$1,495	$1,555	$1,430	$1,594	$1,711	$1,486	$1,239	$1,590	$1,203	$1,279	$1,421	$1,470	$1,249	$1,263	$1,605	$1,067	$898	$656	$747	$994	$665	$830	$901	$937	$1,001	$836	$1,029	$3,519	$3,555	$3,558	$3,592	$3,307	$3,203	$3,102	$2,857	$2,869	$2,788
Earnings
EBITDA	$4,112	$4,215	$3,823	$3,849	$3,216	$2,872	$2,847	$2,599	$2,718	$2,741	$2,462	$2,091	$2,735	$2,297	$2,297	$2,416	$2,497	$2,269	$2,162	$2,531	$2,081	$1,767	$1,400	$1,438	$1,753	$1,460	$1,549	$1,636	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest income	$119	$103	$136	$57	$46	$22	$29	$9	$12	$12	$20	$13	$10	$9	$10	$10	$12	$19	$19	$25	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($1,144)	($1,056)	($951)	($791)	($675)	($630)	($601)	($568)	($559)	($536)	($472)	($450)	($429)	($436)	($440)	($488)	($543)	($545)	($503)	($533)	–	–	–	–	–	($335)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$1,323	$1,550	$1,370	$1,566	$1,112	$656	$1,082	$1,013	$1,216	$1,287	$1,105	$950	$1,275	$922	$960	$991	$962	$782	$819	$1,155	$535	$378	$638	$357	$502	$190	$477	$543	$597	$674	$532	$696	–	–	–	–	–	–	–	–	–	–
Income tax expense	($6)	($88)	$34	($169)	($29)	$130	($37)	($71)	($98)	($175)	($271)	($230)	($364)	($254)	($286)	($268)	($315)	($247)	($288)	($364)	($146)	($106)	($174)	$123	$84	$119	($9)	($60)	($154)	($257)	($223)	($290)	–	–	–	–	–	–	–	–	–	–
Net income	$1,317	$1,462	$1,404	$1,397	$1,083	$907	$1,368	$1,169	$1,120	$1,134	$868	$727	$905	$661	$610	$711	$630	$532	$546	$971	$433	$537	$434	$521	$632	$332	$468	$483	$443	$417	$309	$406	$390	$491	$558	$535	$514	$426	($235)	$555	$477	$438
Per share
Diluted EPS (GAAP)	$6.35	$7.03	$6.77	$6.76	$5.52	$4.67	$7.08	$6.31	$6.17	$6.32	$4.83	$4.05	$5.10	$3.76	$3.55	$4.18	$3.74	$3.24	$3.34	$5.69	$2.43	$3.05	$2.49	$2.50	$3.18	$1.44	$3.27	$3.33	$3.05	$2.88	$2.13	$2.80	$2.67	$3.34	$3.79	$3.64	$3.26	$2.65	($1.95)	$3.25	$2.58	$2.33
Basic EPS (GAAP)	$6.36	$7.04	$6.78	$6.77	$5.53	$4.68	$7.09	$6.32	$6.18	$6.32	$4.84	$4.05	$5.11	$3.76	$3.56	$4.19	$3.75	$3.24	$3.34	$5.70	$2.44	$3.07	$2.49	$2.50	$3.18	$1.44	$3.28	$3.33	$3.05	$2.88	$2.13	$2.80	$2.67	$3.34	$3.79	$3.64	$3.26	$2.65	($1.95)	$3.25	$2.58	$2.33
Basic shares outstanding	207	207	207	206	195	193	193	185	181	179	179	179	177	175	171	169	168	164	163	170	177	175	173	168	164	150	143	145	145	145	145	137	146	147	147	147	147	147	146	147	147	143
Margins
Gross margin	36.3%	84.9%	34.8%	34.0%	19.1%	22.3%	28.7%	24.8%	22.2%	25.2%	26.7%	24.8%	25.0%	27.2%	29.6%	30.6%	32.5%	61.1%	53.8%	57.9%	–	–	71.6%	68.2%	68.6%	–	–	71.8%	74.8%	77.8%	76.8%	76.6%	–	–	–	–	–	–	–	–	–	–
Operating margin	13.3%	15.0%	16.8%	17.6%	9.1%	10.0%	13.6%	11.8%	11.2%	13.6%	14.0%	12.0%	12.9%	12.5%	14.5%	16.0%	17.2%	15.6%	13.5%	18.9%	11.8%	10.0%	9.3%	10.6%	14.7%	8.5%	14.8%	19.1%	22.2%	26.6%	22.9%	28.3%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Net margin	8.0%	9.2%	11.3%	11.0%	5.6%	6.1%	12.0%	9.6%	7.9%	9.0%	8.2%	7.0%	7.4%	6.8%	6.9%	8.0%	7.4%	6.6%	5.9%	11.4%	4.8%	6.0%	6.1%	7.4%	9.4%	4.2%	8.4%	10.2%	10.5%	11.1%	8.5%	11.2%	11.1%	13.8%	15.7%	14.9%	15.6%	13.3%	(7.6%)	19.4%	16.6%	15.7%

Analyst consensus

Hold46 analysts

Bearish · 0 · Hold · 25 · Bullish · 21

Earnings history

	EPS	Estimate
Q3 2024	$2.22	$1.88	Beat
Q4 2024	$1.51	$1.44	Beat
Q1 2025	$2.10	$2.02	Beat
Q2 2025	$1.36	$1.40	Miss
Q3 2025	$2.25	$2.11	Beat
Q4 2025	$1.65	$1.54	Beat
Q1 2026	$1.95	$2.01	Miss
Q2 2026	$1.32	$1.14	Beat

Peers

Company overview

IPO dateJan 2, 1970

CEOJoi Harris

Employees9,592

SectorUtilities

IndustryRegulated Electric

CountryUS

ExchangeNew York Stock Exchange

Websitedteenergy.com

DTE Energy Company, established in 1903 and based in Detroit, Michigan, is primarily engaged in utility services. Its Electric division is responsible for generating, acquiring, delivering, and selling electricity to approximately 2.3 million customers—including households, businesses, and industrial clients—across southeastern Michigan. This power is sourced from diverse facilities, encompassing fossil fuel, pumped-storage hydroelectric, nuclear, wind, and other renewable energy assets. The infrastructure supporting this includes around 698 distribution substations and 449,800 line transformers. The Gas division manages the procurement, storage, transmission, distribution, and sale of natural gas to roughly 1.3 million residential, commercial, and industrial customers statewide in Michigan. This segment also provides natural gas storage and transportation capacity. Its extensive network features approximately 20,000 miles of distribution mains, 1,304,000 service pipelines, 1,305,000 active meters, and about 2,000 miles of transmission pipelines. Through its Power and Industrial Projects segment, DTE Energy supplies metallurgical coke, along with pulverized coal and petroleum coke, to the steel, pulp and paper, and other industrial sectors. This segment also delivers essential services such as power, steam, and chilled water production, wastewater treatment, and compressed air to various industrial clients. Finally, the Energy Trading segment focuses on the marketing and trading of power, natural gas, and environmental commodities. It also undertakes structured transactions and works to optimize its contracted natural gas pipeline transportation and storage assets.

Athenic provides research and information tools for educational purposes only and is not a registered investment adviser or broker-dealer. Nothing on this page is investment advice or a recommendation to buy or sell any security. Market data may be delayed. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.