Xcel Energy Inc.XEL
NasdaqGS•Utilities•Utilities - Regulated Electric
Xcel Energy Inc., through its subsidiaries, operates as an electric and natural gas delivery company in the United States. It operates through Regulated Electric Utility and Regulated Natural Gas Utility segments. The company generates, purchases, transmits, distributes, and sells electricity through its energy portfolio, including wind, nuclear, hydroelectric, biomass, and solar power from both owned generation facilities and PPAs, as well as its fossil fuel energy portfolio, such as coal and natural gas; sale and resale of wholesale transmission service; and engages in wholesale commodity and trading operations. It also purchases, transports, stores, distributes, and sells natural gas; develops and leases natural gas pipelines and storage facilities; operates interstate natural gas pipeline; and invests in rental housing projects, energy technology companies, and community solar garden nonregulated assets. It serves electric and natural gas customers in portions of Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas, and Wisconsin. The company was formerly known as Northern States Power company. Xcel Energy Inc. was incorporated in 1909 and is headquartered in Minneapolis, Minnesota.
Xcel Energy Inc. (XEL) reported trailing twelve months revenue of $14.78B as of March 2026, a 7.9% increase year-over-year. Quarterly revenue reached $4.02B, reflecting continued top-line momentum.
Xcel Energy Inc. generated $2.09B in TTM net income, with quarterly EBITDA of $754.00M. The operating margin expanded from 17.3% to 18.8%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (18.8%) and net margin (13.8%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 12.4% a year ago, signaling stronger bottom-line efficiency.
XEL trades at a P/E of 23.6x (in line with broad market averages) and a P/S of 3.3x. The price-to-book ratio of 2.1x reflects a moderate premium to book value.
The company reported negative free cash flow of $-1.32B, indicating cash consumption over the period. The balance sheet shows $84.83B in total assets with $35.55B in long-term debt against $23.81B in stockholders equity for a debt-to-equity ratio of 1.5. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~17.5%, suggesting durable pricing power and cost discipline.
ROE is positive at ~9.5% on average, adequate but below the threshold typically associated with wide moats.
Only 0 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue shows resilience with 5 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~17.9% — no sign of cost or pricing stress.
Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 1.5 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
The last 8 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Shares outstanding increased 12.0% — significant dilution, likely from stock compensation or capital raises.
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