DTE Energy CompanyDTE
NYSE•Utilities•Utilities - Regulated Electric
DTE Energy Company engages in energy-related businesses and services. The company operates through four segments: Electric, Gas, DTE Vantage, and Energy Trading.The company's Electric segment generates, purchases, distributes, and sells electricity to approximately 2.3 million residential, commercial, and industrial customers in southeastern Michigan. It generates electricity through coal-fired plants, natural gas plant, hydroelectric pumped storage, and nuclear plants, as well as wind and solar assets. This segment owns and operates 702 distribution substations with a capacity of approximately 37,870,000 kilovolt-amperes (kVA) and approximately 4,56,900 line transformers with a capacity of approximately 33,770,000 kVA. The company's Gas segment purchases, stores, transports, distributes, and sells natural gas to approximately 1.4 million residential, commercial, and industrial customers throughout Michigan; and sells storage and transportation capacity. This segment has approximately 21,000 miles of distribution mains; 1,242,000 service pipelines; and 1,361,000 active meters, as well as owns approximately 2,000 miles of transmission pipelines. Its DTE Vantage segment offers metallurgical and petroleum coke to steel and other industries; and power generation, steam production, chilled water production, and wastewater treatment services, as well as compressed air supply to industrial customers. This segment also owns and operates 2 renewable generating plants with a capacity of 70 MWs; and 22 gas recovery sites. Its Energy Trading segment engages in power, natural gas, and environmental marketing and trading; structured transactions; and the optimization of contracted natural gas pipeline transportation and storage positions. The company was founded in 1849 and is based in Detroit, Michigan.
DTE Energy Company (DTE) reported trailing twelve months revenue of $16.52B as of March 2026, a 20.9% increase year-over-year. Quarterly revenue reached $5.14B, reflecting continued top-line momentum.
DTE Energy Company generated $1.26B in TTM net income, with quarterly EBITDA of $895.00M. The operating margin contracted from 14.1% to 8.0%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (8.0%) and net margin (4.8%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 10.0% a year ago, reflecting increased costs or interest expense.
DTE trades at a P/E of 23.9x (in line with broad market averages) and a P/S of 1.8x. The price-to-book ratio of 2.5x reflects a moderate premium to book value.
The company reported negative free cash flow of $-323.00M, indicating cash consumption over the period. The balance sheet shows $55.11B in total assets with $25.20B in long-term debt against $12.32B in stockholders equity for a debt-to-equity ratio of 2.0, a relatively leveraged position. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~14.9% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~12.1% on average, adequate but below the threshold typically associated with wide moats.
Only 4 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (7 of 7 quarters up), with ~33.2% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 17.6% — watch for continued compression, which may signal competitive or cost pressure.
Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.
D/E ratio of 2.0 is elevated and rising. Monitor for further debt accumulation.
Revenue is stable or growing over recent quarters — demand appears durable.
4 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation