XEL Utilities

Xcel Energy Inc.

$78.76-0.72%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Utilities
Industry: Utilities - Regulated Electric
Country: United States
Market cap: 49.2B USD
Enterprise value: 85.1B USD
Full-time employees: 11,534

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.70 vs a peer median of 1.03) and more debt relative to equity (1.64× vs a peer median of 1.19×)higher risk: less liquidity (current ratio 0.70 vs peers 1.03) and more debt vs equity (1.64× vs peers 1.19×)
About average: growth

Ranks #276 of 348 utilities companies (bottom 21%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.
Xcel Energy reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.
Paying shareholders without free cash flow. Paid out $3.5B over the 3 fiscal years to 2025 with -$10.1B of free cash flow.
Xcel Energy returned $3.5B in buybacks and dividends over three fiscal years while its free cash flow totalled -$10.1B. The money came from its cash pile or from borrowing.
Shareholders being diluted. Shares outstanding up 14% from December 2022 to July 2026.
Xcel Energy had 14% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Xcel Energy had 14% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

StockQuotient Score

38/ 100

Oct 5 39 → Nov 4 38 (-1)

Valuation

Is the price right?

32/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Share count up 21.3% (existing holders diluted)

Valuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield4.5%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.10Sector median: 0.0485 · MAD: 0.0319

EBITDA yield6.6%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.79Sector median: 0.0859 · MAD: 0.0250

Free cash flow yield-15.6%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield48.9%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.6310 · MAD: 0.2684

Growth

Is it growing?

49/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Mixed versus peers:

▲ Revenue growth
▼ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth2.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.02Sector median: 0.0172 · MAD: 0.1791

3-year revenue growth-1.4%

Yahoo Finance fallback · SEC figure unavailable or out of date · 3 fiscal years to Dec 2025Reported value33% base weight · Z-score -0.65Sector median: 0.0196 · MAD: 0.0523

Revenue growth9.1%

Yahoo Finance fallback · SEC figure unavailable or out of date · fiscal year to Dec 2025Reported value33% base weight · Z-score 0.97Sector median: 0.0254 · MAD: 0.0681

Profitability

Does it earn well?

39/100

Weak▲ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Operating margin rose 7.4 points to 24.0%

Why it changed since the Oct 27, 2026 close: Score 38 → 39

Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin19.6%

Yahoo Finance fallback · SEC operating income not reported in standard form · fiscal year to Dec 2025Reported value33% base weight · Z-score 0.11Sector median: 0.1864 · MAD: 0.0865

Return on assets2.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.08Sector median: 0.0266 · MAD: 0.0124

Return on invested capital3.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.70Sector median: 0.0524 · MAD: 0.0237

Other data (not scored)

Gross margin46.8%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.3581 · MAD: 0.1545

Return on equity9.3%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0807 · MAD: 0.0381

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: Changed: worth a look

Debt up 117%

Why it changed since the Oct 27, 2026 close: Safety percentile 32 → 33

Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Current ratio
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.40

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score 0.35Sector median: 0.4590 · MAD: 0.1730

Current ratio0.70×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.92Sector median: 1.0330 · MAD: 0.3620

Debt / equity1.64×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.85Sector median: 1.1925 · MAD: 0.5265

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Xcel Energy

Is Xcel Energy getting weaker?: Its latest SEC filing (Jul 30, 2026) was mixed: some things better, some worse: operating margin rose 7.4 points to 24.0%; share count up 21.3%. Its overall score is unchanged at 38/100 since Oct 28, 2026.
How is Xcel Energy valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 32/100 against 360 utilities peers. EBITDA yield 6.6% vs a peer median of 8.6% (weaker than 75% of peers).EBITDA yield 6.6% vs peers 8.6% (weaker than 75% of peers).
Is Xcel Energy growing?: At about the same pace as its peers. Growth scores 49/100 against 360 utilities peers. Revenue growth 9.1% vs a peer median of 2.5% (stronger than 75% of peers).Revenue growth 9.1% vs peers 2.5% (stronger than 75% of peers). 3-year revenue growth -1.4% vs a peer median of 2.0% (weaker than 69% of peers).3-year revenue growth -1.4% vs peers 2.0% (weaker than 69% of peers).
How profitable is Xcel Energy?: Less profitable than most of its peers. Profitability scores 39/100 against 360 utilities peers. Return on invested capital 3.6% vs a peer median of 5.2% (weaker than 70% of peers).Return on invested capital 3.6% vs peers 5.2% (weaker than 70% of peers).
How risky is Xcel Energy?: Higher risk relative to 360 utilities peers, judged on debt, liquidity and share-price swings. Current ratio 0.70× vs a peer median of 1.03× (weaker than 77% of peers).Current ratio 0.70× vs peers 1.03× (weaker than 77% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Sep 30, 2019 · filed Jul 30, 2026 · compared with the quarter ended Jun 30, 2019

Mixed: some things better, some worse

Operating margin rose 7.4 points to 24.0%
Share count up 21.3% (existing holders diluted)
Debt up 117%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	11.6B USD	11.6B USD	−0.3%
Net income (12 months)	1.3B USD	2.2B USD	+77.5%
Operating margin	16.6%	24.0%	+7.4 pts
Free cash flow (12 months)	−773.0M USD	−7.7B USD	+895.1%
Debt	18.1B USD	39.5B USD	+117.4%
Cash	353.0M USD	2.0B USD	+469.4%
Shares outstanding	515.0M	624.6M	+21.3%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Utilities - Regulated Electric · 29 companies

Valuations in Utilities - Regulated Electric are above their usual range since 2016.

67% of months since 2016 were valued lower than now.
24% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +18% and earnings +20% (medians): prices and earnings moved broadly together.
Median price-to-sales is +1% vs the whole market, against a usual +1%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Return on assets (ROA)	2.8%	2.8%	2.8%	2.8%	2.5%	▼ 0.3 pts
Return on equity (ROE)	10.2%	10.4%	10.1%	9.9%	8.5%	▼ 1.4 pts
Current ratio	0.84×	0.85×	0.72×	0.67×	0.71×	▲ 5.6%
Debt to equity	1.50×	1.49×	1.49×	1.49×	1.41×	▼ 5.2%
Interest coverage	2.62×	2.55×	2.35×	1.90×	1.76×	▼ 7.5%

XEL price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.70 vs a peer median of 1.03) and more debt relative to equity (1.64× vs a peer median of 1.19×)higher risk: less liquidity (current ratio 0.70 vs peers 1.03) and more debt vs equity (1.64× vs peers 1.19×)

About average: growth

Ranks #276 of 348 utilities companies (bottom 21%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.

Xcel Energy reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.

Paying shareholders without free cash flow. Paid out $3.5B over the 3 fiscal years to 2025 with -$10.1B of free cash flow.

Xcel Energy returned $3.5B in buybacks and dividends over three fiscal years while its free cash flow totalled -$10.1B. The money came from its cash pile or from borrowing.

Shareholders being diluted. Shares outstanding up 14% from December 2022 to July 2026.

Xcel Energy had 14% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Xcel Energy had 14% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Questions investors ask about Xcel Energy

Is Xcel Energy getting weaker?

Its latest SEC filing (Jul 30, 2026) was mixed: some things better, some worse: operating margin rose 7.4 points to 24.0%; share count up 21.3%. Its overall score is unchanged at 38/100 since Oct 28, 2026.

How is Xcel Energy valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 32/100 against 360 utilities peers. EBITDA yield 6.6% vs a peer median of 8.6% (weaker than 75% of peers).EBITDA yield 6.6% vs peers 8.6% (weaker than 75% of peers).

Is Xcel Energy growing?

At about the same pace as its peers. Growth scores 49/100 against 360 utilities peers. Revenue growth 9.1% vs a peer median of 2.5% (stronger than 75% of peers).Revenue growth 9.1% vs peers 2.5% (stronger than 75% of peers). 3-year revenue growth -1.4% vs a peer median of 2.0% (weaker than 69% of peers).3-year revenue growth -1.4% vs peers 2.0% (weaker than 69% of peers).

How profitable is Xcel Energy?

Less profitable than most of its peers. Profitability scores 39/100 against 360 utilities peers. Return on invested capital 3.6% vs a peer median of 5.2% (weaker than 70% of peers).Return on invested capital 3.6% vs peers 5.2% (weaker than 70% of peers).

How risky is Xcel Energy?

Higher risk relative to 360 utilities peers, judged on debt, liquidity and share-price swings. Current ratio 0.70× vs a peer median of 1.03× (weaker than 77% of peers).Current ratio 0.70× vs peers 1.03× (weaker than 77% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

11.6B USD

11.6B USD

−0.3%

Net income (12 months)

1.3B USD

2.2B USD

+77.5%

Operating margin

16.6%

24.0%

+7.4 pts

Free cash flow (12 months)

−773.0M USD

−7.7B USD

+895.1%

Debt

18.1B USD

39.5B USD

+117.4%

Cash

353.0M USD

2.0B USD

+469.4%

Shares outstanding

515.0M

624.6M

+21.3%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Return on assets (ROA)

2.8%

2.5%

▼ 0.3 pts

Return on equity (ROE)

10.2%

10.4%

10.1%

9.9%

8.5%

▼ 1.4 pts

Current ratio

0.84×

0.85×

0.72×

0.67×

0.71×

▲ 5.6%

Debt to equity

1.50×

1.49×

1.41×

▼ 5.2%

Interest coverage

2.62×

2.55×

2.35×

1.90×

1.76×

▼ 7.5%