Xcel Energy, Inc.

Electric & Other Services Combined

XELStrained7 of 11 basics passed

$73.78

+0.57%

Market cap $46.1B

$73.78

+0.57%

Market cap $46.1B

Xcel Energy manages utilities serving 3.9 million electric customers and 2.2 million natural gas customers in eight states.

It is a $46.1B utility company. Revenue grew 4.7% over the last year, it keeps 15¢ of every dollar of sales as profit, and it carries $33.1B of net debt. It trades at 20.2× earnings — around the middle of its own history.

Website: xcelenergy.com
Location: Minneapolis, MN
Employees: 11 534
Sector: Utilities

Share price · 3 years

$58.06 → $73.78+27.1%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $14.6B
Profit: keeps 15¢ of every $1 sold; $2.23B
Free cash flow: cash left after running the business; -$7.69B
Net debt: debt minus cash on hand; $33.1B
P/E: years of profit in the price; 20.2
EPS: earnings per share, TTM; $3.79
Dividend: pays out 61% of profit; 3.02%
Shares: up 16% since 2016 — dilution; 589.0M
Volatility: beta vs the market — under 1 swings less; 0.38

Revenue, last 10 years

52-week range

Low $69.39$73.78High $83.91

Today's price is 30% of the way from the year's low to its high.

P/E vs its history5y

20.6×median 21.3×

Higher than 43% of past days — around the middle of its own history.

Valuation vs own history

P/E

20.6×

56%

P/S

3.2×

17%

EV/EBITDA

33.2×

11%

P/B

1.9×

75%

Share of the last ~5 years that was pricier than today (pricier than usual). Based on the daily valuation record.

Standing in Utilities

Size$46.1Btop 35%
Revenue growth-1%top 81%
Net margin15%top 42%
Return on equity10%top 67%
P/E20.2×top 50%
Dividend yield3.02%top 68%

Ranked against 44 Utilities companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Growth, Health and Moat lag behind.

Valuation52

P/E vs own history43th pct · 12/25
FCF yield-16.7% · 0/25
P/S3.1x · 20/25
EV/EBITDA14.7x · 20/25

Growth44

Revenue CAGR2.2% · 6/25
Net income CAGR6.0% · 12/25
EPS CAGR ~5Y4.2% · 6/25
Fwd implied growth24.0% · 20/25

Profitability57

ROIC5.6% · 5/25
ROE9.6% · 12/25
Net margin15.3% · 20/25
Operating margin19.2% · 20/25

Health24

Altman Z0.64 · 3/25
Current ratio0.70 · 6/25
Interest coverage2.3x · 10/25
Net cash / debtD/A 41% · 5/25

Quality60

Piotroski F5/9 · 15/25
Beneish M-2.43 · 20/25
FCF conversion-344% · 0/25
Margin stabilityσ 1.8% · 25/25

Moat31

ROIC >12% years0/10 yrs · 0/25
Median gross margin18.0% · 6/25
FCF-positive years0/10 yrs · 0/25
Worst-year net marginworst 10.1% · 25/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2025Financial
Best year on record
$2.02B net income
2018Milestone
Xcel Energy became the first major US utility to pledge to go carbon-free, aiming for 80% carbon…
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Revenue already above $10B
$11.1B in first reported year
1995Acquisition
Eventually, the company merged with SPS to form New Century Energies (NCE) in 1995
1943Milestone
Originally a subsidiary of Cities Service Company, it became an independent autonomous operation in November 1943
1924Acquisition
It had acquired most of the electric companies in northern and central Colorado
1910Milestone
Byllesby began building his utility holding company across the Northwestern region of the US, he renamed it the…

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$11 159 today — price return only

$14.7B revenue in FY2025

Profitable 10 years in a row

11 534 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (40.4%)

Watch-outs

Negative free cash flow (-$7.7B)
Altman Z-Score 0.64 — elevated financial-distress risk

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

7 of 11 checks passed

Revenue growing — the company sells more than a year ago+4.7% YoY
Profitable — makes more than it spends$2.23B TTM
Profit growing — earnings are higher than last year+2.6% YoY
Generates cash — cash left after running and investing-$7.69B TTM
Debt under control — could handle its obligationscurrent ratio 0.70
Established company — not a micro-cap — lower blow-up risk$46.1B market cap
Not printing shares — share count not ballooning — you keep your slice+11.6% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distressAltman Z 0.6 — distress
Pays a dividend — returns cash to shareholdersyield 3.02%
Valuation not extreme — price not wildly above earningsP/E 20.2

Peer comparisonXcel Energy, Inc. vs 6 largest utilities peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
XEL this company	$46.1B	20.2	+4.7%	15.3%	Strained
NEE NextEra Energy, Inc.	$161.3B	17.4	+10.8%	32.4%	Strained
CEG Constellation Energy Corporation	$105.8B	30.5	+26.0%	11.1%	Strained
SO The Southern Company	$99.1B	21.3	+6.4%	15.4%	Strained
DUK Duke Energy Corporation	$90.9B	17.3	+6.3%	15.8%	Strained
WMB Williams Companies Inc.	$89.2B	29.0	+8.7%	25.2%	Strained
KMI Kinder Morgan, Inc.	$72.4B	20.9	+12.5%	19.3%	Strained

Head-to-head: XEL vs NEE · XEL vs CEG · XEL vs SO

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 7Buy 14Hold 2

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $14.6B · net income $2.23B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$14.6B

YoY 4.7%

Net income (TTM)

$2.23B

Margin 15.3%

Gross margin

40.4%

Operating margin

19.2%

P/E ratio

20.2

Dividend yield

3.02%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	11.5	13.4	15.3	14.2	13.4	14.7
Gross profit	2.1	2.2	2.4	2.5	2.4	2.6
Operating income (EBIT)	2.1	2.2	2.4	2.5	2.4	2.6
Net income	1.5	1.6	1.7	1.8	1.9	2.0
EPS (diluted)	2.79	2.96	3.17	3.21	3.44	3.43

Cash flowFree cash flow -$7.69B · operating cash flow $4.77B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

-$7.69B

Margin -52.6%

Operating cash flow (TTM)

$4.77B

FCF margin

-52.6%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	2.8	2.2	3.9	5.3	4.6	4.1
Capital expenditure	-5.4	-4.2	-4.6	-5.9	-7.4	-10.9
Free cash flow	-2.5	-2.1	-0.7	-0.5	-2.7	-6.8
FCF margin	-21.9%	-15.3%	-4.6%	-3.7%	-20.3%	-46.5%

Balance sheetAssets $81.4B · net debt $33.1B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $81.4B of assets is financed

71%

29%

Liabilities $57.8B — borrowed moneyEquity $23.6B — owners' stake

Cash vs debt

Total debt $33.4B − cash $274M = net debt $33.1B

Cash on hand covers 1% of debt.

Altman Z-Score

0.64

Distress zone

Interest coverage

2.3x

EBIT ÷ interest expense

ROE

9.6%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.1	0.2	0.1	0.1	0.2	0.3
Total assets	54.0	57.9	61.2	64.1	70.0	81.4
Total liabilities	39.4	42.2	44.5	46.5	50.5	57.8
Total debt	20.2	22.8	23.6	25.7	28.0	33.4
Equity	14.6	15.6	16.7	17.6	19.5	23.6
Net debt	20.1	22.6	23.5	25.6	27.8	33.1

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Deeper analysis of XEL on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $73.78 · market cap $46.1B.