DTE Energy (DTE)
Market Price (11/9/2026): $135.14 | Market Cap: $28.1 BilSector: Utilities | Industry: Multi-Utilities
DTE Energy (DTE)
Market Price (11/9/2026): $135.14Market Cap: $28.1 BilSector: UtilitiesIndustry: Multi-Utilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.2%, Dividend Yield is 3.3% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 12% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, CFO LTM is 3.6 Bil Low stock price volatilityVol 12M is 18% Megatrend and thematic driversMegatrends include Smart Grids & Grid Modernization, Renewable Energy Transition, and Electrification of Everything. Themes include Grid Automation, Show more. | Weak multi-year price returns2Y Excs Rtn is -9.7%, 3Y Excs Rtn is -19% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 102% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -11% Key risksDTE key risks include [1] unfavorable regulatory outcomes in Michigan impacting its ability to recover significant capital investments, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.2%, Dividend Yield is 3.3% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 12% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, CFO LTM is 3.6 Bil |
| Low stock price volatilityVol 12M is 18% |
| Megatrend and thematic driversMegatrends include Smart Grids & Grid Modernization, Renewable Energy Transition, and Electrification of Everything. Themes include Grid Automation, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -9.7%, 3Y Excs Rtn is -19% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 102% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -11% |
| Key risksDTE key risks include [1] unfavorable regulatory outcomes in Michigan impacting its ability to recover significant capital investments, Show more. |
Qualitative Assessment
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DTE Energy (DTE) stock has lost about 5% since 7/31/2026 because of the following key factors:
1. Negative Analyst Revisions and Outlook Concerns. Several financial analysts downgraded their ratings or lowered price targets for DTE Energy during the specified period. Notably, Mizuho decreased its price target from $152.00 to $136.00 on September 28, fiscal Q3 2026, while Weiss Ratings downgraded the stock from a "buy (b)" to a "buy (b-)" on September 25, fiscal Q3 2026. These revisions reflected concerns among some analysts that the company's initial fiscal year 2026 earnings per share guidance fell short of previous expectations, potentially lowering anticipated growth metrics and diminishing DTE's competitive standing against peers.
2. Mixed Performance in Core Utility Operations During Fiscal Q3 2026. While DTE Energy reported a consolidated operating earnings per share of $2.30 for fiscal Q3 2026 (ended September 30, 2026), beating the Zacks Consensus Estimate of $2.10, the performance of its core utility segments showed some weakness. Specifically, DTE Electric's operating earnings for fiscal Q3 2026 decreased to $468 million, down from $541 million in fiscal Q3 2025. Additionally, one report indicated a significant revenue miss for fiscal Q3 2026, with revenue of $2.25 billion representing a 12% year-over-year decrease and missing estimates of $3.53 billion. This decline in a key utility segment's profitability and a reported revenue shortfall likely contributed to investor apprehension.
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DTE Energy (DTE) stock has lost about 5% since 7/31/2026 because of the following key factors:
1. Negative Analyst Revisions and Outlook Concerns. Several financial analysts downgraded their ratings or lowered price targets for DTE Energy during the specified period. Notably, Mizuho decreased its price target from $152.00 to $136.00 on September 28, fiscal Q3 2026, while Weiss Ratings downgraded the stock from a "buy (b)" to a "buy (b-)" on September 25, fiscal Q3 2026. These revisions reflected concerns among some analysts that the company's initial fiscal year 2026 earnings per share guidance fell short of previous expectations, potentially lowering anticipated growth metrics and diminishing DTE's competitive standing against peers.
2. Mixed Performance in Core Utility Operations During Fiscal Q3 2026. While DTE Energy reported a consolidated operating earnings per share of $2.30 for fiscal Q3 2026 (ended September 30, 2026), beating the Zacks Consensus Estimate of $2.10, the performance of its core utility segments showed some weakness. Specifically, DTE Electric's operating earnings for fiscal Q3 2026 decreased to $468 million, down from $541 million in fiscal Q3 2025. Additionally, one report indicated a significant revenue miss for fiscal Q3 2026, with revenue of $2.25 billion representing a 12% year-over-year decrease and missing estimates of $3.53 billion. This decline in a key utility segment's profitability and a reported revenue shortfall likely contributed to investor apprehension.
3. Strategic Restructuring and Regulatory Uncertainty. On November 5, 2026, DTE Energy announced its agreement to sell its non-utility DTE Vantage business for approximately $3 billion, with the transaction expected to close in the first half of fiscal year 2027. While intended to focus on utility investments, this significant divestiture introduces an operational shift and future financial restructuring that may have created short-term uncertainty for investors. Concurrently, the company faces ongoing regulatory scrutiny, including a pending Michigan Public Service Commission decision on DTE Electric's requested $474 million base-rate increase, with a final order anticipated in February 2027 (fiscal Q1 2027). Concerns regarding potential cost-shifting from data center contracts to other customers also contribute to this regulatory uncertainty.
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Stock Movement Drivers
Fundamental Drivers
The -3.9% change in DTE stock from 7/31/2026 to 11/8/2026 was primarily driven by a -7.5% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 140.58 | 135.08 | -3.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 16,465 | 16,665 | 1.2% |
| Net Income Margin (%) | 8.0% | 8.2% | 2.6% |
| P/E Multiple | 22.2 | 20.5 | -7.5% |
| Shares Outstanding (Mil) | 208 | 208 | 0.0% |
| Cumulative Contribution | -3.9% |
Market Drivers
7/31/2026 to 11/8/2026| Return | Correlation | |
|---|---|---|
| DTE | -3.9% | |
| Market (SPY) | -1.6% | 15.6% |
| Sector (XLU) | -2.8% | 85.8% |
Fundamental Drivers
The -9.4% change in DTE stock from 4/30/2026 to 11/8/2026 was primarily driven by a -15.9% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 149.13 | 135.08 | -9.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 16,515 | 16,665 | 0.9% |
| Net Income Margin (%) | 7.7% | 8.2% | 7.3% |
| P/E Multiple | 24.4 | 20.5 | -15.9% |
| Shares Outstanding (Mil) | 207 | 208 | -0.5% |
| Cumulative Contribution | -9.4% |
Market Drivers
4/30/2026 to 11/8/2026| Return | Correlation | |
|---|---|---|
| DTE | -9.4% | |
| Market (SPY) | 2.6% | -2.0% |
| Sector (XLU) | -7.4% | 85.9% |
Fundamental Drivers
The 3.1% change in DTE stock from 10/31/2025 to 11/8/2026 was primarily driven by a 12.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 131.03 | 135.08 | 3.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 14,822 | 16,665 | 12.4% |
| Net Income Margin (%) | 9.3% | 8.2% | -12.2% |
| P/E Multiple | 19.6 | 20.5 | 4.9% |
| Shares Outstanding (Mil) | 207 | 208 | -0.5% |
| Cumulative Contribution | 3.1% |
Market Drivers
10/31/2025 to 11/8/2026| Return | Correlation | |
|---|---|---|
| DTE | 3.1% | |
| Market (SPY) | 8.7% | 2.0% |
| Sector (XLU) | -1.2% | 84.6% |
Fundamental Drivers
The 55.3% change in DTE stock from 10/31/2023 to 11/8/2026 was primarily driven by a 48.8% change in the company's P/E Multiple.| (LTM values as of) | 10312023 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 86.96 | 135.08 | 55.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 16,190 | 16,665 | 2.9% |
| Net Income Margin (%) | 8.0% | 8.2% | 2.4% |
| P/E Multiple | 13.8 | 20.5 | 48.8% |
| Shares Outstanding (Mil) | 206 | 208 | -1.0% |
| Cumulative Contribution | 55.3% |
Market Drivers
10/31/2023 to 11/8/2026| Return | Correlation | |
|---|---|---|
| DTE | 55.3% | |
| Market (SPY) | 81.9% | 16.1% |
| Sector (XLU) | 56.9% | 80.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DTE Return | 20% | 1% | -3% | 13% | 10% | 7% | 59% |
| Peers Return | 21% | 3% | -11% | 17% | 17% | 9% | 63% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| DTE Win Rate | 50% | 67% | 50% | 58% | 42% | 45% | |
| Peers Win Rate | 60% | 60% | 52% | 60% | 65% | 45% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| DTE Max Drawdown | -11% | -25% | -20% | -10% | -10% | -21% | |
| Peers Max Drawdown | -12% | -25% | -25% | -12% | -11% | -18% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CMS, NEE, DUK, AEP, EXC. See DTE Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/6/2026 (YTD)
How Low Can It Go
| Event | DTE | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -17.7% | -9.5% |
| % Gain to Breakeven | 21.5% | 10.5% |
| Time to Breakeven | 211 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -11.7% | -24.5% |
| % Gain to Breakeven | 13.3% | 32.4% |
| Time to Breakeven | 57 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.1% | -33.7% |
| % Gain to Breakeven | 72.6% | 50.9% |
| Time to Breakeven | 232 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -10.8% | -12.2% |
| % Gain to Breakeven | 12.1% | 13.9% |
| Time to Breakeven | 42 days | 62 days |
| 2013 Taper Tantrum | ||
| % Loss | -10.8% | -0.2% |
| % Gain to Breakeven | 12.1% | 0.2% |
| Time to Breakeven | 239 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -14.1% | -17.9% |
| % Gain to Breakeven | 16.4% | 21.8% |
| Time to Breakeven | 43 days | 123 days |
In The Past
DTE Energy's stock fell -1.5% during the 2025 US Tariff Shock. Such a loss loss requires a 1.5% gain to breakeven.
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Asset Allocation
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| Event | DTE | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -42.1% | -33.7% |
| % Gain to Breakeven | 72.6% | 50.9% |
| Time to Breakeven | 232 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -44.8% | -53.4% |
| % Gain to Breakeven | 81.1% | 114.4% |
| Time to Breakeven | 261 days | 1085 days |
In The Past
DTE Energy's stock fell -1.5% during the 2025 US Tariff Shock. Such a loss loss requires a 1.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About DTE Energy (DTE)
DTE Energy (DTE) is a diversified energy company primarily focused on regulated utility operations within Michigan. Through its Electric segment, the company generates, purchases, distributes, and sells electricity to approximately 2.3 million residential, commercial, and industrial customers across southeastern Michigan, utilizing a balanced portfolio of fossil fuel, nuclear, hydroelectric, and renewable energy sources. Complementing this, its Gas segment is responsible for purchasing, storing, transporting, and distributing natural gas to about 1.3 million residential, commercial, and industrial customers throughout the entire state of Michigan.
Beyond its core utility services, DTE Energy engages in specialized energy and industrial projects. Its Power and Industrial Projects segment supplies metallurgical coke, pulverized coal, and petroleum coke, as well as provides critical services like power, steam, chilled water production, wastewater treatment, and compressed air to industrial clients, including those in the steel and pulp and paper industries. Furthermore, the company operates an Energy Trading segment that focuses on marketing and trading power, natural gas, and environmental products, alongside optimizing its substantial natural gas pipeline transportation and storage positions.
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DTE Energy is like Con Edison (ED), but primarily serving electricity to southeastern Michigan and natural gas throughout Michigan.
Think of DTE Energy as Michigan's version of a large, integrated utility company like Duke Energy (DUK), providing both electricity and natural gas to homes and businesses.
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- Electricity Supply and Distribution: Generating, distributing, and selling electricity to residential, commercial, and industrial customers.
- Natural Gas Supply and Distribution: Purchasing, storing, transporting, distributing, and selling natural gas to customers throughout Michigan.
- Natural Gas Storage and Transportation Capacity: Offering storage and transportation capacity for natural gas.
- Coke Products: Providing metallurgical coke, pulverized coal, and petroleum coke to various industries.
- Industrial Utility Services: Supplying power, steam, chilled water production, wastewater treatment, and compressed air to industrial customers.
- Energy Commodity Trading: Engaging in power, natural gas, and environmental marketing and trading, including structured transactions and optimization services.
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DTE Energy (symbol: DTE) primarily serves a broad base of customers, including individuals and various businesses, through its utility operations. Based on the provided description, the company's major customers fall into the following categories:
- Residential Customers: Individuals and households in southeastern Michigan for electricity services and throughout Michigan for natural gas services.
- Commercial Customers: Businesses and organizations, such as retail stores, offices, and small enterprises, across Michigan for both electricity and natural gas services.
- Industrial Customers: Large businesses and manufacturers, including those in the steel, pulp and paper, and other heavy industries, across Michigan for electricity and natural gas, as well as specialized services like metallurgical coke, pulverized coal/petroleum coke, and industrial power/steam/chilled water production.
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Joi Harris
President & Chief Executive Officer
Joi Harris was named President and Chief Executive Officer of DTE Energy in 2025. Prior to her appointment as CEO, she served as chief operating officer, where she was responsible for leading both DTE Electric and DTE Gas utilities, as well as Customer Service, Information Technology, Corporate Services, and the Environmental Management and Safety organizations. Her career at DTE began as a high school engineering co-op and continued as a full-time employee in 1991. Harris was a key architect in the company's operations transformation.
David Ruud
Executive Vice President & Chief Financial Officer
David Ruud is the Executive Vice President and Chief Financial Officer, responsible for DTE Energy's finances. He joined DTE in 2005 and has accumulated deep experience across the company's various businesses through several senior leadership roles. Before his current role, Ruud served as Senior Vice President of Corporate Development and Strategy, where he helped shape company strategy, drove key strategic initiatives, and oversaw long-term planning. Upon joining DTE, he led what is now DTE Vantage and was responsible for the company's operational efficiency and continuous improvement programs. Prior to DTE Energy, Ruud was a vice president and partner at L.E.K. Consulting, an international consulting firm, leading its North American Energy practice. In this role, he directed consulting engagements focused on corporate and financial strategy, growth options, and performance improvement for energy clients.
Trevor F. Lauer
Vice Chairman & Group President
Trevor F. Lauer serves as Vice Chairman and Group President for DTE Energy, overseeing the company's growth, business development, regulatory, and corporate and government affairs organizations. He joined DTE Energy in 2005, and previously held positions as president and chief operating officer of DTE Electric and senior vice president of Distribution Operations. Before joining DTE Energy, Lauer was executive vice president at Strategic Energy LLC, a nationwide energy supplier based in Pittsburgh.
Matthew Paul
President & Chief Operating Officer - DTE Electric
Matthew Paul is the President and Chief Operating Officer of DTE Electric, the company's electric utility serving customers in southeast Michigan. His career at DTE Energy spans more than two decades, during which he has held several senior leadership positions, including executive vice president of Distribution Operations for DTE Electric and president of DTE Gas. Paul has also held leadership roles within DTE's electric generation and non-utility businesses.
Lisa A. Muschong
Vice President, Corporate Secretary & Chief of Staff - DTE Energy
Lisa A. Muschong is the Vice President, Corporate Secretary, and Chief of Staff for DTE Energy. In her role as corporate secretary, she is responsible for designing and maintaining a sustainable governance framework, ensuring that Board of Director matters such as refreshment, diversity, effectiveness, and other governance policies and standards align with best practices. She also provides guidance and resources for the Board to fulfill its fiduciary responsibilities to shareholders.
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Here are the key risks to DTE Energy's business:
- Regulatory and Environmental Risks: As a heavily regulated utility company with significant investments in fossil-fuel and nuclear generation, DTE Energy is highly susceptible to changes in environmental regulations, carbon emission standards, and nuclear waste disposal policies. The ongoing societal and governmental push towards decarbonization and clean energy transitions could necessitate substantial capital expenditures for transitioning to renewable sources, modernizing the grid, and potentially result in stranded assets. Regulatory decisions regarding rate setting and cost recovery also directly impact the company's profitability.
- Commodity Price Volatility: DTE Energy's operations involve the generation, purchase, and sale of electricity and natural gas. This exposes the company to significant fluctuations in the prices of fuels like natural gas, coal, and nuclear fuel, which directly impact its operating costs. The company's Energy Trading segment further amplifies this exposure through its power and natural gas marketing and trading activities.
- Infrastructure Reliability and Modernization: DTE Energy operates an extensive network of electric distribution substations, lines, natural gas pipelines, and service infrastructure. The continuous need for maintenance, upgrades, and modernization of these aging assets to ensure reliable service, meet growing demand, and enhance resilience against extreme weather events and cybersecurity threats represents a significant ongoing operational challenge and capital expenditure requirement.
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The increasing adoption of customer-ssited renewable energy generation, such as rooftop solar, combined with battery storage systems, allows customers to generate and store their own electricity, reducing their reliance on DTE's grid and potentially leading to declining electricity sales for the Electric segment.
The growing trend towards replacing natural gas furnaces, water heaters, and cooking appliances with electric alternatives, such as heat pumps and induction stoves, directly threatens the demand for natural gas, impacting DTE's Gas segment by reducing sales volumes and potentially leading to underutilized infrastructure.
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DTE Energy's addressable markets for its main products and services are primarily concentrated within Michigan for its utility operations, while some industrial offerings have a broader regional or global reach.
Electricity Segment
- The total retail electricity market in Michigan was valued at approximately $14.01 billion in 2024. DTE Electric serves approximately 2.3 million residential, commercial, and industrial customers in southeastern Michigan. The company holds a 47% market share in Michigan's residential electricity market.
Natural Gas Segment
- The market size of the Natural Gas Distribution industry in Michigan is projected to be $8.2 billion in 2026. DTE Gas purchases, stores, transports, distributes, and sells natural gas to approximately 1.3 million to 1.4 million residential, commercial, and industrial customers throughout Michigan.
Power and Industrial Projects Segment
- Metallurgical Coke: The global metallurgical coke market size was valued at approximately $394.09 billion in 2025 and is projected to grow to about $420.78 billion in 2026.
- Industrial Energy Services (pulverized coal and petroleum coke; power, steam and chilled water production, and wastewater treatment services, and compressed air): The North America Industrial Energy Efficiency Services Market, which encompasses a range of industrial energy solutions, was valued at $3.31 billion in 2024 and is expected to reach $4.32 billion by 2030.
Energy Trading Segment
- Null
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DTE Energy (DTE) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and investments:
- Significant Capital Investments in Grid Modernization and Reliability: DTE Energy has outlined substantial capital expenditure plans, including a $36.5 billion five-year investment plan for 2026-2030, an increase from previous plans. A significant portion of these investments, such as approximately $11 billion in the 2024-2028 plan, is allocated to modernizing the electric grid and enhancing infrastructure to improve reliability and resilience for its 2.3 million electric customers in southeastern Michigan. These investments in utility assets are expected to drive rate base growth, contributing to future revenue through approved rate increases.
- Expansion of Clean Energy Generation and Battery Storage: The company is heavily investing in the clean energy transition, with about $9 billion earmarked for new clean energy generation assets in the 2024-2028 capital program, transitioning from fossil fuels to scalable renewables. This includes placing solar projects in service and advancing battery energy storage projects, such as a 220-MW battery project targeting a late 2026 in-service date. These investments support Michigan's clean energy mandates and growing customer demand for renewable programs like MIGreenPower, adding to the company's rate base and revenue generation.
- Hyperscale Data Center Load Growth: DTE Energy has secured contracts to provide significant power loads to hyperscale data centers, including a 1.4 GW agreement for Oracle's new data center in Saline Township, Michigan. The company is also in advanced discussions for an additional 3 GW of load and has a pipeline of 3-4 GW beyond that, indicating substantial new customer growth. This increased demand from data centers is expected to create significant affordability benefits for existing customers and directly drive higher electricity sales and revenue.
- Favorable Regulatory Outcomes and Rate Base Growth: DTE Energy's revenue growth is supported by constructive regulatory outcomes, including the implementation of base rates. The company's disciplined capital deployment and the ability to recover these investments through the regulatory process are key to achieving its long-term operating earnings per share (EPS) growth target of 6%–8% through 2030.
- Growth in Non-Utility Operations (DTE Vantage): DTE's Power and Industrial Projects segment, operating under DTE Vantage, is expected to contribute to earnings growth, which implies revenue growth. This segment offers metallurgical coke, pulverized coal and petroleum coke, power, steam, chilled water production, and wastewater treatment services, along with supplying compressed air to industrial customers. Growth in this area is further supported by new custom energy solutions projects and renewable natural gas production tax credits.
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Share Repurchases
- DTE Energy executed minor share repurchases, such as approximately $689,000 on September 30, 2025.
- Reported quarterly stock buybacks for December 31, 2025, were $0.00.
Share Issuance
- In May 2025, shareholders approved the 2025 Long-Term Incentive Plan, authorizing the issuance of up to 3 million shares of common stock for eligible employees and board members.
- DTE Energy entered an equity distribution agreement in December 2025 to offer and sell up to $1.5 billion of common stock, with proceeds intended for general corporate purposes, including investments in subsidiaries.
Outbound Investments
- DTE Energy secured a significant agreement in 2025 to supply approximately 1.4 gigawatts of power to Oracle's new data center in Saline Township, Michigan.
- The DTE Vantage segment plans to invest $2 billion between 2025 and 2029 in renewable and customized energy solutions.
Capital Expenditures
- DTE Energy's five-year capital investment plan for 2026-2030 is set at $36.5 billion, an increase from the $30 billion plan for 2025-2029, primarily driven by investments for data center projects, cleaner generation, and enhanced distribution infrastructure.
- In 2025, DTE Energy made record capital investments totaling over $4.3 billion, with more than $3.6 billion allocated to its Electric segment for reliability and clean energy generation, and $661 million for its Gas segment to upgrade its natural gas system.
- The company's capital expenditures forecast for the next fiscal year is $4.87 billion, with an expected average of $6.348 billion over the next five fiscal years.
Peer Outperformance in Multi-Utilities
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| DTE | DTE Energy | 7.2% | 20.5x | 2.2% | 52.0% | 41.9% | — |
| NI | NiSource | 7.0% | 22.5x | 4.1% | 94.6% | 106.7% | +65pp |
| PNW | Pinnacle West Capital | 6.6% | 19.1x | 22.9% | 65.7% | 105.6% | +64pp |
| OGE | OGE Energy | 6.5% | 19.0x | 18.5% | 68.5% | 83.9% | +42pp |
| NWE | NorthWestern Energy | 5.1% | 31.1x | 32.3% | 94.1% | 83.5% | +42pp |
| ED | Consolidated Edison | 6.0% | 19.1x | 24.3% | 47.1% | 82.9% | +41pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Independent Power Producers & Energy Traders | 5 | -48.1% | 86.9% | 138.4% | NRG 182% · OKLO 138% · TAC 28% |
| Multi-Utilities ← | 18 | 4.8% | 63.3% | 53.4% | NI 107% · PNW 106% · MDU 100% |
| Electric Utilities | 24 | 4.9% | 52.0% | 50.6% | VST 589% · ETR 163% · AEP 81% |
| Gas Utilities | 10 | 4.3% | 65.8% | 42.6% | ATO 111% · SR 79% · NJR 69% |
| Water Utilities | 11 | 12.7% | 10.3% | -5.3% | WTRG 13% · AWR 7% · AWK -1% |
| Renewable Electricity | 5 | -70.4% | -74.0% | -90.0% | ORA 21% · CWEN 21% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| DTE Energy stock vs PG&E stock: Which Is A Better Investment? | 08/05/2026 | |
| DTE Energy Earnings Notes | 12/28/2026 | |
| How Low Can DTE Energy Stock Really Go? | 10/17/2025 | |
| DTE Energy vs Eversource Energy: Which Is A Better Investment? | 08/18/2025 | |
| DTE Energy vs NiSource: Which Is A Better Investment? | 08/18/2025 | |
| Better Bet Than DTE Stock: Pay Less Than DTE Energy To Get More From OKE, UTHR | 08/12/2025 | |
| Better Bet Than DTE Stock: Pay Less Than DTE Energy To Get More From WTRG, BIPC | 08/12/2025 | |
| DTE Dip Buy Analysis | 07/10/2025 | |
| ARTICLES | ||
| Can DTE Energy Stock Jump 40%? | 11/09/2026 | |
| The 52-Week-Low List: 29 S&P 500 Names On Monday | 09/29/2026 | |
| 109 Stocks Hit 52-Week Lows On Wednesday | 09/24/2026 | |
| Mid Cap Stocks Trading At 52-Week High | 06/29/2026 |
Research & Analysis
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Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 106.54 |
| Mkt Cap | 57.9 |
| Rev LTM | 24,776 |
| Op Inc LTM | 5,388 |
| FCF LTM | -2,374 |
| FCF 3Y Avg | -1,611 |
| CFO LTM | 7,114 |
| CFO 3Y Avg | 6,582 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.9% |
| Rev Chg 3Y Avg | 6.0% |
| Rev Chg Q | 7.3% |
| QoQ Delta Rev Chg LTM | 1.8% |
| Op Inc Chg LTM | 4.4% |
| Op Inc Chg 3Y Avg | 12.0% |
| Op Mgn LTM | 21.8% |
| Op Mgn 3Y Avg | 21.6% |
| QoQ Delta Op Mgn LTM | 0.5% |
| CFO/Rev LTM | 28.9% |
| CFO/Rev 3Y Avg | 29.8% |
| FCF/Rev LTM | -13.0% |
| FCF/Rev 3Y Avg | -7.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 57.9 |
| P/S | 2.7 |
| P/Op Inc | 12.1 |
| P/EBIT | 11.4 |
| P/E | 19.5 |
| P/CFO | 8.8 |
| Total Yield | 8.5% |
| Dividend Yield | 3.3% |
| FCF Yield 3Y Avg | -4.5% |
| D/E | 0.9 |
| Net D/E | 0.9 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 7.8% |
| 3M Rtn | 0.9% |
| 6M Rtn | -2.3% |
| 12M Rtn | 4.4% |
| 3Y Rtn | 57.4% |
| 1M Excs Rtn | 13.0% |
| 3M Excs Rtn | 7.8% |
| 6M Excs Rtn | -2.0% |
| 12M Excs Rtn | -2.9% |
| 3Y Excs Rtn | -16.7% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Electric | 6,935 | 6,293 | 5,818 | 6,412 | 5,821 |
| Energy Trading | 6,477 | 3,843 | 4,612 | 10,308 | 6,831 |
| Gas | 2,052 | 1,798 | 1,748 | 1,924 | 1,553 |
| DTE Vantage | 696 | 753 | 809 | 848 | 1,482 |
| Corporate and Other | 0 | 0 | 0 | 0 | 2 |
| Reclassifications and Eliminations | -346 | -230 | -242 | -264 | -725 |
| Total | 15,814 | 12,457 | 12,745 | 19,228 | 14,964 |
| $ Mil | 2008 | 2004 | 2003 | 2000 | 1999 |
|---|---|---|---|---|---|
| Electric Utility | 4,874 | ||||
| Non-utility Operations: | 2,494 | ||||
| Gas Utility | 2,152 | ||||
| Corporate & Other | -13 | ||||
| Reconciliation and Eliminations | -178 | ||||
| Corporate and Other | 16 | 12 | |||
| Energy Distribution-Non regulated | 46 | 39 | |||
| Energy Distribution-Regulated | 1,358 | 1,247 | |||
| Energy Gas-Non regulated | 119 | 90 | |||
| Energy Gas-Regulation | 1,682 | 1,498 | |||
| Energy Resource-Non regulated/Other | 576 | 297 | |||
| Energy Resources- Regulated | 2,210 | 2,448 | |||
| Energy Resources-Non regulated/Energy Services | 1,089 | 929 | |||
| Energy Resoures-Non regulated/Wholesale Mkting | 665 | 764 | |||
| All other | -35 | 69 | |||
| Energy Trading | 10 | ||||
| Regulated Electric Utility | 411 | 434 | |||
| Total | 9,329 | 7,761 | 7,324 | 386 | 503 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Electric | 1,158 | 1,072 | 772 | 956 | 864 |
| Gas | 295 | 257 | 294 | 272 | 214 |
| DTE Vantage | 154 | 135 | 153 | 92 | 168 |
| Energy Trading | 123 | 125 | 336 | -92 | -83 |
| Reclassifications and Eliminations | 0 | 0 | 0 | 0 | 0 |
| Corporate and Other | -268 | -185 | -158 | -145 | -367 |
| Discontinued Operations | 111 | ||||
| Total | 1,462 | 1,404 | 1,397 | 1,083 | 907 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Electric | 39,370 | 35,400 | 32,292 | 30,342 | 28,524 |
| Gas | 8,987 | 8,474 | 7,722 | 7,321 | 6,729 |
| Corporate and Other | 5,145 | 4,723 | 4,150 | 4,409 | 4,281 |
| DTE Vantage | 2,426 | 2,065 | 1,122 | 1,077 | 983 |
| Energy Trading | 1,313 | 1,159 | 1,166 | 1,385 | 1,174 |
| Reclassifications and Eliminations | -3,175 | -2,975 | -1,697 | -1,851 | -1,972 |
| Discontinued Operations | 0 | ||||
| Total | 54,066 | 48,846 | 44,755 | 42,683 | 39,719 |
Price Behavior
| Market Price | $135.08 | |
| Market Cap ($ Bil) | 28.1 | |
| First Trading Date | 01/02/1970 | |
| Distance from 52W High | -11.7% | |
| 50 Days | 200 Days | |
| DMA Price | $129.84 | $139.12 |
| DMA Trend | down | indeterminate |
| Distance from DMA | 4.0% | -2.9% |
| 3M | 1YR | |
| Volatility | 17.4% | 17.9% |
| Downside Capture | 6.85 | -3.77 |
| Upside Capture | 6.81 | 1.55 |
| Correlation (S&P 500) | 16.1% | 2.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.25 | -0.08 | -0.07 | -0.19 | -0.05 | 0.18 |
| Up Beta | 0.08 | -0.86 | -0.43 | -0.39 | -0.11 | 0.17 |
| Down Beta | -0.60 | -0.85 | -0.80 | -0.22 | 0.00 | 0.21 |
| Up Capture | 84% | 29% | 11% | -16% | -2% | 6% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 14 | 20 | 29 | 59 | 136 | 423 |
| Down Capture | -88% | 22% | 37% | -3% | -9% | 21% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 8 | 23 | 34 | 66 | 113 | 323 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DTE | |
|---|---|---|---|---|
| DTE | 4.3% | 17.9% | 0.08 | - |
| Sector ETF (XLU) | -0.9% | 15.7% | -0.26 | 84.9% |
| Equity (SPY) | 9.5% | 13.6% | 0.40 | 1.8% |
| Gold (GLD) | 1.6% | 28.7% | 0.05 | 5.7% |
| Commodities (DBC) | 38.4% | 21.2% | 1.42 | -9.3% |
| Real Estate (VNQ) | 11.3% | 14.2% | 0.51 | 54.5% |
| Bitcoin (BTCUSD) | -27.2% | 43.6% | -0.61 | -6.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DTE | |
|---|---|---|---|---|
| DTE | 7.1% | 19.1% | 0.25 | - |
| Sector ETF (XLU) | 8.3% | 17.4% | 0.32 | 84.8% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 29.4% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 15.8% |
| Commodities (DBC) | 8.1% | 19.6% | 0.30 | 6.4% |
| Real Estate (VNQ) | 1.3% | 18.9% | -0.04 | 58.9% |
| Bitcoin (BTCUSD) | 4.0% | 51.6% | 0.26 | 7.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DTE | |
|---|---|---|---|---|
| DTE | 9.1% | 22.4% | 0.37 | - |
| Sector ETF (XLU) | 9.3% | 19.3% | 0.41 | 82.8% |
| Equity (SPY) | 15.0% | 18.0% | 0.70 | 47.3% |
| Gold (GLD) | 11.9% | 16.5% | 0.59 | 12.7% |
| Commodities (DBC) | 7.5% | 18.1% | 0.33 | 17.3% |
| Real Estate (VNQ) | 5.9% | 20.7% | 0.24 | 69.4% |
| Bitcoin (BTCUSD) | 60.0% | 66.3% | 1.00 | 11.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 11/7/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/6/2026 | |||
| 7/31/2026 | -0.1% | -1.4% | -4.4% |
| 5/1/2026 | -1.4% | -5.5% | -4.1% |
| 2/27/2026 | -0.4% | 1.3% | -0.7% |
| 10/31/2025 | -1.2% | 0.9% | -1.7% |
| 7/31/2025 | 0.1% | 1.3% | -1.3% |
| 5/2/2025 | 0.2% | -0.2% | -0.6% |
| 2/28/2025 | 1.2% | -1.5% | 4.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 12 | 13 |
| # Negative | 13 | 12 | 11 |
| Median Positive | 0.6% | 2.4% | 2.9% |
| Median Negative | -0.6% | -1.5% | -1.7% |
| Max Positive | 1.6% | 5.9% | 9.7% |
| Max Negative | -2.4% | -5.8% | -6.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/6/2026 | |||
| 7/31/2026 | -0.1% | -1.4% | -4.4% |
| 5/1/2026 | -1.4% | -5.5% | -4.1% |
| 2/27/2026 | -0.4% | 1.3% | -0.7% |
| 10/31/2025 | -1.2% | 0.9% | -1.7% |
| 7/31/2025 | 0.1% | 1.3% | -1.3% |
| 5/2/2025 | 0.2% | -0.2% | -0.6% |
| 2/28/2025 | 1.2% | -1.5% | 4.3% |
| 10/31/2024 | -2.4% | -5.8% | -0.5% |
| 8/1/2024 | -0.1% | -2.8% | 1.3% |
| 5/2/2024 | 0.8% | 3.9% | 3.9% |
| 3/1/2024 | 1.6% | 4.4% | 3.7% |
| 11/2/2023 | 1.4% | -0.3% | 9.7% |
| 8/3/2023 | -1.5% | -2.0% | -6.7% |
| 5/4/2023 | 0.6% | 0.3% | -2.9% |
| 3/3/2023 | -0.4% | -4.5% | 0.5% |
| 11/3/2022 | 0.5% | 3.3% | 2.0% |
| 8/4/2022 | 0.1% | 3.4% | 1.7% |
| 5/5/2022 | 0.7% | -0.1% | 2.9% |
| 3/4/2022 | -0.6% | -0.7% | 5.2% |
| 11/3/2021 | 0.1% | -0.1% | -1.2% |
| 8/3/2021 | -0.3% | 1.6% | 2.7% |
| 5/4/2021 | -1.2% | 1.1% | -2.1% |
| 3/8/2021 | -0.1% | 5.9% | 9.7% |
| 11/3/2020 | -1.0% | 4.4% | 0.3% |
| SUMMARY STATS | |||
| # Positive | 11 | 12 | 13 |
| # Negative | 13 | 12 | 11 |
| Median Positive | 0.6% | 2.4% | 2.9% |
| Median Negative | -0.6% | -1.5% | -1.7% |
| Max Positive | 1.6% | 5.9% | 9.7% |
| Max Negative | -2.4% | -5.8% | -6.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/05/2026 | 10-Q |
| 06/30/2026 | 07/28/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 10/24/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/08/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/05/2026 | 10-Q |
| 06/30/2026 | 07/28/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 10/24/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/08/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/28/2022 | 10-Q |
| 12/31/2021 | 02/10/2022 | 10-K |
| 09/30/2021 | 10/27/2021 | 10-Q |
| 06/30/2021 | 07/27/2021 | 10-Q |
| 03/31/2021 | 04/27/2021 | 10-Q |
| 12/31/2020 | 02/19/2021 | 10-K |
| 09/30/2020 | 10/27/2020 | 10-Q |
| 06/30/2020 | 07/28/2020 | 10-Q |
| 03/31/2020 | 04/28/2020 | 10-Q |
| 12/31/2019 | 02/05/2020 | 10-K |
Recent Forward Guidance
Updated 11/7/2026Latest: Q3 2026 Earnings Reported 11/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Pension Plan Transfer | Reported | 25.00 Mil | 25.00 Mil | |||||
| 2026 Pension and Other Postretirement Benefit Plan Contributions | Reported | 0 | ||||||
| 2026 Capital Expenditures | Reported | 900.00 Mil | 0 | Affirmed | Guidance: 900.00 Mil for 2026 | |||
Prior: Q2 2026 Earnings Reported 7/31/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Pension Plan Transfer | Reported | 25.00 Mil | ||||||
| 2026 Revenue (Remaining Performance Obligations) | Reported | 63.00 Mil | ||||||
| 2026 Capital Expenditures | Reported | 900.00 Mil | ||||||
| 2027 Revenue (Remaining Performance Obligations) | Reported | 120.00 Mil | ||||||
| 2028 Revenue (Remaining Performance Obligations) | Reported | 107.00 Mil | ||||||
| 2029 Revenue (Remaining Performance Obligations) | Reported | 92.00 Mil | ||||||
| 2030 Revenue (Remaining Performance Obligations) | Reported | 76.00 Mil | ||||||
Q1 2026 Earnings Reported 5/1/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Capital Expenditures | Reported | 900.00 Mil | 0 | Affirmed | Guidance: 900.00 Mil for 2026 | |||
| 2027 Net Increase in Base Rates | Reported | 163.00 Mil | ||||||
| 2027 Return on Equity | Reported | 0.1 | ||||||
Q4 2025 Earnings Reported 2/27/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Capital Expenditures | Reported | 900.00 Mil | 36.4% | Higher New | Actual: 660.00 Mil for 2025 | |||
Investor Activity (13F)
Updated Nov 9, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
DTE Energy — Investor Video Playlist
Industry Resources
| Utilities Resources |
| Data.gov Energy Infrastructure |
| Data.gov Energy Resources |
| Utility Dive |
| Multi-Utilities Resources |
| Public Utilities Fortnightly |
| Power Magazine |
| Energy Central |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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