Tearsheet

Duke Energy (DUK)

Market Price (12/25/2025): $117.48 | Market Cap: $91.4 Bil
Sector: Utilities | Industry: Electric Utilities

Duke Energy (DUK)

Market Price (12/25/2025): $117.48
Market Cap: $91.4 Bil
Sector: Utilities
Industry: Electric Utilities

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.3%	Weak multi-year price returns 2Y Excs Rtn is -15%, 3Y Excs Rtn is -50%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 97%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38%, CFO LTM is 12 Bil		Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.9%
2	Low stock price volatility Vol 12M is 17%		Key risks DUK key risks include [1] significant liabilities and regulatory challenges related to coal ash disposal, Show more.
3	Megatrend and thematic drivers Megatrends include Renewable Energy Transition, Smart Grids & Grid Modernization, and Electrification of Everything. Themes include Solar Energy Generation, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.3%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38%, CFO LTM is 12 Bil
2	Low stock price volatility Vol 12M is 17%
3	Megatrend and thematic drivers Megatrends include Renewable Energy Transition, Smart Grids & Grid Modernization, and Electrification of Everything. Themes include Solar Energy Generation, Show more.
4	Weak multi-year price returns 2Y Excs Rtn is -15%, 3Y Excs Rtn is -50%
5	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 97%
6	Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.9%
7	Key risks DUK key risks include [1] significant liabilities and regulatory challenges related to coal ash disposal, Show more.

Valuation, Metrics & Events

	12/25/25	2024	2023	2022	2021
Share Price CYE	$117.48	$103.98	$89.98	$91.47	$89.65
Market Cap CYE ($ Bil)	91.4	80.3	69.4	70.4	68.9
Total Debt ($ Bil)	89.6	85.2	80.5	74.6	68.3
Total Cash ($ Bil)	0.7	0.3	0.3	0.4	0.3
Enterprise Value ($ Bil)	180.4	165.5	149.9	145.0	137.2
Valuation Ratios
P/S TTM	2.9	2.7	2.6	2.8	3.3
P/EBIT TTM	9.9	9.7	9.6	12.2	13.0
P/E TTM	18.3	18.4	26.3	31.1	20.6
P/FCF TTM	-99.2	1,732.8	-27.4	-14.6	-56.6
Sector Ratios
P/S TTM (Sector)	2.7	2.3	2.2	2.3	2.5
P/EBIT TTM (Sector)	10.4	9.4	9.7	12.1	12.1
P/E TTM (Sector)	18.3	17.8	16.9	19.7	19.6
P/FCF TTM (Sector)	-14.2	-12.1	-13.2	-16.8	-14.4

	12/25/25	2024	2023
Share Price CYE	$117.48	$103.98	$89.98
Market Cap CYE ($ Bil)	91.4	80.3	69.4
Total Debt ($ Bil)	89.6	85.2	80.5
Total Cash ($ Bil)	0.7	0.3	0.3
Enterprise Value ($ Bil)	180.4	165.5	149.9
Valuation Ratios
P/S TTM	2.9	2.7	2.6
P/EBIT TTM	9.9	9.7	9.6
P/E TTM	18.3	18.4	26.3
P/FCF TTM	-99.2	1,732.8	-27.4
Sector Ratios
P/S TTM (Sector)	2.7	2.3	2.2
P/EBIT TTM (Sector)	10.4	9.4	9.7
P/E TTM (Sector)	18.3	17.8	16.9
P/FCF TTM (Sector)	-14.2	-12.1	-13.2

	DUK	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	31.7
Rev Chg Q	4.8%	7.3%
Rev Chg LTM	4.8%	6.1%
Rev Chg 3Y Avg	5.2%	5.5%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	8.6
CFO LTM ($ Bil)	12.0
Net Inc LTM ($ Bil)	5.0
Op Mgn LTM	27.1%	18.8%
CFO/Rev LTM	38.1%	20.4%
Net Inc Mgn	15.8%	13.1%
VALUATION	MODERATE
P/S	2.9	3.2
P/CFO	7.6	15.7
P/FCF	-99.2	20.6
P/E	18.3	23.5
STABILITY	POOR
Debt/Equity	0.98	0.21
Cash/Assets	0.00	0.07

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Metric	Value	Date	Source
Total Electric Customers	8.6 million	10012025	Link
Total Natural Gas Customers	1.7 million	10012025	Link
Owned Energy Capacity	55,100 megawatts	10012025	Link
Service Territory Size	90,000 square miles	4012025	Link
Electric Distribution Power Lines	286,600 miles	4012025	Link
Electric Transmission Power Lines	31,700 miles	4012025	Link
Five-Year Capital Plan	$87 billion	8052025	Link
Renewable Capacity Goal by 2025	16 GW	10092020	Link
Customer Outages Avoided (2024)	2.3 million	5012025	Link
Outage Hours Saved (2024)	11 million	5012025	Link

Upcoming
2/12/2026	Earnings Release	Rev: - EPS: -

DUK Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Here are key points that may explain a negative movement in Duke Energy's stock for the approximate period from August 31, 2025, to December 25, 2025: 1. Proposed Rate Hikes and Regulatory Scrutiny: In December 2025, Duke Energy filed requests with the North Carolina Utilities Commission (NCUC) for significant rate increases for its two North Carolina utilities, seeking an additional $1.7 billion in revenue over two years and an increased "return on equity." These proposed hikes, which would substantially increase monthly bills for residential customers, have drawn concerns amid a national affordability crisis and could lead to negative regulatory or public sentiment.

2. Delays in Clean Energy Transition and Reliance on Older Plants: Duke Energy's proposed carbon-reduction plan, filed in October 2025, suggested delaying the construction of onshore and offshore wind farms, postponing a hydro storage facility, and extending the retirement dates of some coal or gas plants until as late as 2040. This approach has raised alarms among clean energy and consumer advocates who argue it could increase emissions and customer costs, potentially impacting investor confidence in the company's long-term environmental and financial strategy.

Show more Here are key points that may explain a negative movement in Duke Energy's stock for the approximate period from August 31, 2025, to December 25, 2025: 1. Proposed Rate Hikes and Regulatory Scrutiny: In December 2025, Duke Energy filed requests with the North Carolina Utilities Commission (NCUC) for significant rate increases for its two North Carolina utilities, seeking an additional $1.7 billion in revenue over two years and an increased "return on equity." These proposed hikes, which would substantially increase monthly bills for residential customers, have drawn concerns amid a national affordability crisis and could lead to negative regulatory or public sentiment.

2. Delays in Clean Energy Transition and Reliance on Older Plants: Duke Energy's proposed carbon-reduction plan, filed in October 2025, suggested delaying the construction of onshore and offshore wind farms, postponing a hydro storage facility, and extending the retirement dates of some coal or gas plants until as late as 2040. This approach has raised alarms among clean energy and consumer advocates who argue it could increase emissions and customer costs, potentially impacting investor confidence in the company's long-term environmental and financial strategy.

3. Concerns Over Misleading Voluntary Renewable Energy Programs: In November 2025, reports highlighted concerns that Duke Energy's voluntary renewable programs in North Carolina might be misleading customers, as they primarily allow participants to claim renewable energy credits rather than directly contributing to new renewable energy generation. One such program, the Clean Energy Impact program, was subsequently withdrawn in November 2025. Such issues can negatively affect the company's public image and investor perception regarding its commitment to genuine clean energy expansion.

4. Slower Projected Earnings Growth Compared to Broader Market: While Duke Energy has demonstrated solid earnings growth, analyst estimates from December 2025 project the company's earnings to grow by 5.9% per annum over the next three years. This projection is notably slower than the broader market's forecast of an 11% annual expansion, suggesting a less attractive growth outlook compared to the overall market and potentially limiting upward stock price movement.

5. Pressure from Rising Interest Expenses and Depreciation: In early 2025, Duke Energy's financial reports indicated that while revenue growth was strong, adjusted earnings per share faced pressure from rising interest expenses and depreciation, attributable to an expanding asset base. These ongoing cost pressures, if continued, could weigh on the company's profitability and financial outlook, impacting investor sentiment. Show less

Stock Movement Drivers

Fundamental Drivers

The -4.2% change in DUK stock from 9/24/2025 to 12/24/2025 was primarily driven by a -6.7% change in the company's P/E Multiple.

	9242025	12242025	Change
Stock Price ($)	122.57	117.48	-4.16%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	31271.00	31659.00	1.24%
Net Income Margin (%)	15.51%	15.76%	1.63%
P/E Multiple	19.64	18.32	-6.73%
Shares Outstanding (Mil)	777.00	778.00	-0.13%
Cumulative Contribution			-4.16%

LTM = Last Twelve Months as of date shown

Market Drivers

9/24/2025 to 12/24/2025

	Return	Correlation
DUK	-4.2%
Market (SPY)	4.4%	-23.9%
Sector (XLU)	-0.7%	53.4%

Fundamental Drivers

The 3.1% change in DUK stock from 6/25/2025 to 12/24/2025 was primarily driven by a 2.3% change in the company's Total Revenues ($ Mil).

	6252025	12242025	Change
Stock Price ($)	113.97	117.48	3.08%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	30935.00	31659.00	2.34%
Net Income Margin (%)	15.40%	15.76%	2.31%
P/E Multiple	18.58	18.32	-1.42%
Shares Outstanding (Mil)	777.00	778.00	-0.13%
Cumulative Contribution			3.08%

LTM = Last Twelve Months as of date shown

Market Drivers

6/25/2025 to 12/24/2025

	Return	Correlation
DUK	3.1%
Market (SPY)	14.0%	-16.2%
Sector (XLU)	7.1%	62.6%

Fundamental Drivers

The 11.7% change in DUK stock from 12/24/2024 to 12/24/2025 was primarily driven by a 10.1% change in the company's Net Income Margin (%).

	12242024	12242025	Change
Stock Price ($)	105.17	117.48	11.71%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	30209.00	31659.00	4.80%
Net Income Margin (%)	14.31%	15.76%	10.09%
P/E Multiple	18.78	18.32	-2.43%
Shares Outstanding (Mil)	772.00	778.00	-0.78%
Cumulative Contribution			11.70%

LTM = Last Twelve Months as of date shown

Market Drivers

12/24/2024 to 12/24/2025

	Return	Correlation
DUK	11.7%
Market (SPY)	15.8%	-4.7%
Sector (XLU)	14.3%	61.5%

Fundamental Drivers

The 28.4% change in DUK stock from 12/25/2022 to 12/24/2025 was primarily driven by a 16.5% change in the company's Total Revenues ($ Mil).

	12252022	12242025	Change
Stock Price ($)	91.47	117.48	28.44%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	27179.00	31659.00	16.48%
Net Income Margin (%)	14.47%	15.76%	8.93%
P/E Multiple	17.91	18.32	2.28%
Shares Outstanding (Mil)	770.00	778.00	-1.04%
Cumulative Contribution			28.43%

LTM = Last Twelve Months as of date shown

Market Drivers

12/25/2023 to 12/24/2025

	Return	Correlation
DUK	30.8%
Market (SPY)	48.9%	-2.5%
Sector (XLU)	44.0%	70.2%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
DUK Return	5%	19%	2%	-2%	16%	12%	63%
Peers Return	2%	20%	-0%	-13%	18%	17%	47%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	115%
Monthly Win Rates [3]
DUK Win Rate	58%	67%	58%	58%	58%	83%
Peers Win Rate	53%	57%	62%	50%	60%	60%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
DUK Max Drawdown	-29%	-6%	-16%	-14%	-6%	-2%
Peers Max Drawdown	-29%	-8%	-15%	-25%	-6%	-4%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: NEE, SO, D, AEP, EXC. See DUK 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] 2025 data is for the year up to 12/24/2025 (YTD)

How Low Can It Go

Unique Key	Event	DUK	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-24.9%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	33.1%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	692 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-37.4%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	59.7%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	413 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-20.8%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	26.3%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	288 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-42.8%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	74.9%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	969 days	1,480 days

Compare to NEE, CEG, AEP, EXC, EIX

In The Past

Duke Energy's stock fell -24.9% during the 2022 Inflation Shock from a high on 5/27/2022. A -24.9% loss requires a 33.1% gain to breakeven.

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About Duke Energy (DUK)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Duke Energy Corporation, together with its subsidiaries, operates as an energy company in the United States. It operates through three segments: Electric Utilities and Infrastructure, Gas Utilities and Infrastructure, and Commercial Renewables. The Electric Utilities and Infrastructure segment generates, transmits, distributes, and sells electricity in the Carolinas, Florida, and the Midwest; and uses coal, hydroelectric, natural gas, oil, renewable generation, and nuclear fuel to generate electricity. It also engages in the wholesale of electricity to municipalities, electric cooperative utilities, and load-serving entities. This segment serves approximately 8.2 million customers in 6 states in the Southeast and Midwest regions of the United States covering a service territory of approximately 91,000 square miles; and owns approximately 50,259 megawatts (MW) of generation capacity. The Gas Utilities and Infrastructure segment distributes natural gas to residential, commercial, industrial, and power generation natural gas customers; and owns, operates, and invests in pipeline transmission and natural gas storage facilities. It has approximately 1.6 million customers, including 1.1 million customers in North Carolina, South Carolina, and Tennessee, as well as 550,000 customers in southwestern Ohio and northern Kentucky. The Commercial Renewables segment acquires, owns, develops, builds, and operates wind and solar renewable generation projects, including nonregulated renewable energy and energy storage services to utilities, electric cooperatives, municipalities, and corporate customers. It has 23 wind, 178 solar, and 2 battery storage facilities, as well as 71 fuel cell locations with a capacity of 3,554 MW across 22 states. The company was formerly known as Duke Energy Holding Corp. and changed its name to Duke Energy Corporation in April 2005. The company was founded in 1904 and is headquartered in Charlotte, North Carolina.

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Here are 1-3 brief analogies for Duke Energy (DUK):

Like AT&T (the telecom company), but it delivers electricity and natural gas instead of phone and internet services.
Like the U.S. Postal Service (USPS), but instead of mail, it delivers electricity and natural gas to homes and businesses across several states.

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Electric Power Service: Duke Energy generates, transmits, and distributes electricity to residential, commercial, and industrial customers across its service territories.
Natural Gas Service: The company distributes natural gas to residential, commercial, and industrial customers primarily in North Carolina, South Carolina, Tennessee, and Ohio.
Commercial Renewables: Duke Energy develops, owns, and operates utility-scale wind and solar power generation facilities across the United States.

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Duke Energy (symbol: DUK) is an electric power and natural gas holding company. As a regulated utility, it primarily sells electricity and natural gas directly to a broad base of end-use customers rather than to a few major corporate customers.

The company primarily serves the following categories of customers:

Residential Customers: This category includes individual households and consumers who use electricity and natural gas for their homes. These customers represent a significant portion of Duke Energy's customer base, utilizing energy for heating, cooling, lighting, and appliances.
Commercial Customers: This category encompasses a wide range of businesses, including small to medium-sized enterprises such as retail stores, office buildings, restaurants, hospitals, schools, and government facilities. They use energy for their operations, lighting, HVAC systems, and equipment.
Industrial Customers: This category consists of large manufacturing plants, factories, and other energy-intensive industrial operations. These customers typically have very high energy demands for production processes, machinery, and large-scale facilities.

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Harry Sideris, President and Chief Executive Officer

Harry Sideris became President and Chief Executive Officer of Duke Energy effective April 1, 2025. He is a 29-year veteran of Duke Energy and its predecessors, having started his career at Progress Energy (formerly Carolina Power & Light) prior to its merger with Duke Energy in 2012. Before becoming CEO, Sideris served as president of Duke Energy, leading the company's electric and natural gas utilities. His previous leadership roles include executive vice president of customer experience, solutions and services; president of Duke Energy's utility operations in Florida; and vice president of environmental, health and safety. Information regarding him founding or managing other companies, selling companies he was previously involved with to an acquirer, or a pattern of managing companies backed by private equity firms is not available in the provided sources.

Brian Savoy, Executive Vice President and Chief Financial Officer

Brian Savoy assumed the role of Executive Vice President and Chief Financial Officer for Duke Energy in September 2022. He joined Duke Energy in 2001 and has held various leadership positions within the company, including executive vice president and chief strategy and commercial officer, chief transformation and administrative officer, and chief accounting officer and controller. Prior to joining Duke Energy, Savoy was a manager with the international accounting firm Deloitte & Touche. He played a key role in the successful wind-down and disposition of Duke Energy North America in 2005. Information regarding him founding or managing other companies (beyond his role at Deloitte & Touche), selling companies he was previously involved with to an acquirer, or a pattern of managing companies backed by private equity firms is not available in the provided sources.

Kodwo Ghartey-Tagoe, Executive Vice President and CEO, Duke Energy Carolinas and Head of the Natural Gas Business Unit

Kodwo Ghartey-Tagoe will take on the role of Executive Vice President and CEO of Duke Energy Carolinas and head of the Natural Gas Business Unit effective July 1, 2025. He joined Duke Energy in 2002 and previously served as Executive Vice President, Chief Legal Officer, and Corporate Secretary. His past experience at Duke Energy also includes serving as president of Duke Energy's electric utility operations in South Carolina. Before joining Duke Energy, Ghartey-Tagoe was a partner with McGuireWoods LLP.

Alex Glenn, Executive Vice President and Chief Legal Officer

Alex Glenn will become Executive Vice President and Chief Legal Officer, effective July 2025, overseeing legal, ethics, compliance, and corporate audit functions. He has nearly 30 years of experience with Duke Energy and its predecessors. Previously, Glenn was the Executive Vice President and Chief Executive Officer for Duke Energy Florida and Midwest. Before joining the company, he practiced energy law at Morgan, Lewis & Bockius LLP.

Louis Renjel, Executive Vice President and Chief Executive Officer, Duke Energy Florida and Midwest, and Chief Corporate Affairs Officer

Louis Renjel will serve as Executive Vice President and Chief Executive Officer of Duke Energy Florida and Midwest, while also continuing as Chief Corporate Affairs Officer, effective July 1, 2025. Renjel joined Duke Energy in March 2017, bringing significant expertise from his previous long tenure as an executive at CSX Corporation.

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The key risks to Duke Energy's business operations primarily stem from the evolving regulatory landscape surrounding clean energy, the increasing impact of climate change and extreme weather events, and significant financial leverage.

Regulatory and Policy Risks: Duke Energy operates in a highly regulated environment, facing significant challenges related to the clean energy transition and securing rate increases. The company has encountered pushback from regulators and state leaders regarding proposed rate adjustments, which impacts its ability to recover costs and achieve adequate returns on investments. Furthermore, compliance with numerous state and federal environmental regulations concerning air quality, water quality, waste management, and greenhouse gas emissions, particularly coal ash disposal, presents ongoing challenges and potential for litigation and reputational damage. The mandated transition to cleaner energy sources, including carbon reduction targets, is complicated by resistance to new natural gas infrastructure investments and concerns about the pace of phasing out fossil fuels.
Climate Change and Extreme Weather Events: Duke Energy's infrastructure is increasingly vulnerable to the rising frequency and intensity of extreme weather phenomena, such as storms, hurricanes, extreme heat, and flooding. A 2023 study indicated that extreme heat and flooding pose the greatest risks to Duke Energy's electrical transmission and distribution system by 2050, particularly affecting substations and transmission lines. Addressing these threats necessitates substantial investments in grid hardening and resilience improvements to ensure operational reliability and mitigate service disruptions.
High Debt Levels and Interest Rate Sensitivity: Duke Energy carries a substantial debt burden, which is a concern given its capital-intensive projects, particularly those related to the clean energy transition. The company's reliance on debt to finance these investments makes it susceptible to changes in interest rates, which could increase borrowing costs and impact its financial health. With a low interest coverage ratio, there is a limited margin of safety if interest expenses rise further.

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Accelerated Adoption of Distributed Generation and Energy Storage: The rapidly declining costs of rooftop solar panels and battery storage, combined with increasing consumer desire for energy independence and resilience, pose a clear threat. This enables customers to generate their own electricity and reduce reliance on utility-provided grid power, directly challenging Duke Energy's traditional business model of centralized generation and electricity sales. Evidence includes the ongoing reduction in solar and battery costs, state and federal incentives, and the increasing rate of customer-owned solar installations in Duke Energy's service territories.
Rapid Decarbonization Mandates and Stranded Assets: Increasing regulatory pressure and ambitious mandates for decarbonization from state and federal governments represent a significant threat. These mandates could force Duke Energy to prematurely retire its substantial investments in fossil fuel-fired power plants (coal and natural gas) before the end of their useful life, leading to the risk of "stranded assets." This necessitates massive and rapid capital investments in new, cleaner generation sources, potentially at a faster pace and higher cost than currently planned. Evidence includes aggressive carbon reduction goals set by governments (e.g., North Carolina's HB951) and Duke Energy's own commitment to net-zero carbon emissions by 2050, signaling a fundamental shift in the operating environment.

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Duke Energy (DUK) operates primarily in three main segments: Electric Utilities and Infrastructure, Gas Utilities and Infrastructure, and Commercial Renewables. The addressable market sizes for their main products and services in the United States are as follows:

Electric Utilities and Infrastructure: This segment involves the generation, transmission, distribution, and sale of electricity to 8.6 million customers across North Carolina, South Carolina, Florida, Indiana, Ohio, and Kentucky.
- The U.S. electricity sector generated approximately $491 billion in revenue in 2023.
- The overall U.S. power market size was valued at USD 363.74 billion in 2024 and is projected to reach USD 380.33 billion in 2025.
- The U.S. electricity transmission and distribution market alone was valued at USD 82.96 billion in 2022.
Gas Utilities and Infrastructure: This segment focuses on the transportation and sale of natural gas, serving 1.7 million customers in North Carolina, South Carolina, Tennessee, Ohio, and Kentucky.
- The U.S. natural gas distribution market was valued at USD 170.0 billion in 2024 and is expected to grow to USD 186.0 billion by 2032.
- Another estimate places the U.S. natural gas distribution market size at $174.7 billion in 2024, projected to reach $222.5 billion in 2025.
Commercial Renewables: Duke Energy develops and operates renewable energy projects, including wind and solar farms, across the United States. While a specific total addressable market size solely for "commercial renewables development and operation" is not distinctly separated from the broader electricity market in the provided data, the renewable energy segment constituted 23.1% of the U.S. power market share in 2024. Duke Energy Renewables operates 15 wind farms and 21 solar farms with nearly 1,800 megawatts of generating capacity in 12 states.

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Duke Energy (DUK) is anticipated to experience revenue growth over the next 2-3 years, driven by several key factors:

Rate Adjustments and Constructive Regulatory Outcomes: Duke Energy expects revenue growth through the implementation of new multi-year rate plans and favorable regulatory decisions in its service territories, including Florida, the Carolinas, and Indiana. These outcomes allow for the recovery of investments and ensure appropriate returns.
Customer and Population Growth: The company is benefiting from consistent residential customer growth, particularly in high-growth states like North Carolina and Florida. Overall population growth in the Southeast regions served by Duke Energy contributes to an expanding customer base and increased energy demand.
Increased Energy Demand from Economic Development: A significant driver of future revenue growth is the surging electricity demand from economic development projects, most notably the expansion of data centers and advanced manufacturing facilities. Duke Energy projects that data centers alone could account for 25% of new customer load by 2028, and load growth from 2027 to 2029 is expected to accelerate.
Strategic Capital Investments in Infrastructure and Clean Energy Transition: Duke Energy plans substantial capital expenditures, including an estimated $87 billion during the 2025-2029 period, to modernize its infrastructure, enhance service reliability, and strengthen its renewable generation portfolio. These investments include advancing solar procurement in the Carolinas and Florida, as well as incorporating natural gas for dispatchable power, which are critical for meeting growing demand and supporting the clean energy transition.

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 Share Issuance

    In November 2019, Duke Energy priced a public offering of 25 million shares of its common stock at $86.45 per share, with settlement expected on or prior to December 31, 2020.
    Duke Energy plans to raise $6.5 billion in equity during its 2025-2029 capital plan, including $1 billion in 2025, to help finance its increased capital expenditures.
    The company aims to raise $500 million annually through equity over the five-year period starting in 2024 to support its growth strategy.

 Capital Expenditures

    Duke Energy plans to invest $83 billion over the next five years (2025-2029), representing a 13.7% increase from prior projections, with a focus on infrastructure modernization and meeting growing energy demand.
    In 2021, the company outlined a $59 billion capital spending plan for the five-year period ending in 2024, with approximately 70% allocated to clean energy and green infrastructure projects.
    The primary focus of capital expenditures includes doubling its renewable capacity to 16 GW by 2025, tripling regulated renewable capacity by 2030, enhancing grid reliability and resiliency, supporting data center demand, and adding 5 GW of natural gas generation by 2029.

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Portland General Electric

Higher Rev Chg LTM (Value for DUK: 4.8%)

SO (9.4%)

Southern

AEP (8.4%)

American Electric Power

ETR (7.3%)

Entergy

EXC (6.1%)

Exelon

VST (5.7%)

Vistra

Higher Rev Chg 3Y Avg (Value for DUK: 5.2%)

VST (9.5%)

Vistra

EXC (8.9%)

Exelon

PPL (8.6%)

PPL

PEG (7.4%)

Public Service Enterprise

FE (6.6%)

FirstEnergy

Higher Op Mgn LTM (Value for DUK: 27.1%)

FTS (29.0%)

Fortis

EIX (28.9%)

Edison International

Higher CFO/Rev LTM (Value for DUK: 38.1%)

ETR (41.7%)

Entergy

MGEE (40.9%)

MGE Energy

Higher FCF/Rev LTM (Value for DUK: -2.9%)

LNT (27.0%)

Alliant Energy

VST (9.6%)

Vistra

WEC (1.6%)

WEC Energy

CEG (-1.1%)

Constellation Energy

PEG (-1.5%)

Public Service Enterprise

Higher Total Yield (Value for DUK: 6.3%)

EXC (10.0%)

Exelon

AEP (9.2%)

American Electric Power

PEG (8.3%)

Public Service Enterprise

SO (7.8%)

Southern

ETR (6.9%)

Entergy

SECTOR: Utilities

Higher Rev Chg 3Y Avg | Lower P/S (Values for DUK: 5.2% | 2.9x)

EXC (8.9% | 1.8x)

Exelon

FE (6.6% | 1.8x)

FirstEnergy

PPL (8.6% | 2.9x)

PPL

EMA (6.8% | 1.7x)

Emera

PNW (8.9% | 2.0x)

Pinnacle West Capital

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DUK: 5.2% | 10.6x)

EXC (8.9% | 8.7x)

Exelon

FE (6.6% | 9.4x)

FirstEnergy

EMA (6.8% | 7.3x)

Emera

PNW (8.9% | 10.3x)

Pinnacle West Capital

SWX (10.8% | 10.4x)

Southwest Gas

Higher Rev Chg LTM (Value for DUK: 4.8%)

SO (9.4%)

Southern

AEP (8.4%)

American Electric Power

SRE (6.1%)

Sempra

VST (5.7%)

Vistra

D (5.3%)

Dominion Energy

Higher Rev Chg 3Y Avg (Value for DUK: 5.2%)

NEE (11.4%)

NextEra Energy

VST (9.5%)

Vistra

EXC (8.9%)

Exelon

D (7.5%)

Dominion Energy

PEG (7.4%)

Public Service Enterprise

Higher Op Mgn LTM (Value for DUK: 27.1%)

AWK (37.0%)

American Water Works

ATO (33.2%)

Atmos Energy

D (29.7%)

Dominion Energy

FTS (29.0%)

Fortis

NEE (28.2%)

NextEra Energy

Higher CFO/Rev LTM (Value for DUK: 38.1%)

NEE (45.5%)

NextEra Energy

ATO (43.6%)

Atmos Energy

ETR (41.7%)

Entergy

AWK (40.1%)

American Water Works

WTRG (40.0%)

Essential Utilities

Higher FCF/Rev LTM (Value for DUK: -2.9%)

NEE (11.7%)

NextEra Energy

VST (9.6%)

Vistra

ED (-0.4%)

Consolidated Edison

CEG (-1.1%)

Constellation Energy

PEG (-1.5%)

Public Service Enterprise

Higher Total Yield (Value for DUK: 6.3%)

EXC (10.0%)

Exelon

AEP (9.2%)

American Electric Power

D (9.0%)

Dominion Energy

SO (7.8%)

Southern

NEE (6.7%)

NextEra Energy

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for DUK: 5.2% | 2.9x)

BRK-B (19.8% | 2.7x)

Berkshire Hathaway

WMT (5.4% | 1.3x)

Walmart

COST (6.7% | 1.4x)

Costco Wholesale

UNH (11.4% | 0.7x)

UnitedHealth

BA (10.1% | 2.1x)

Boeing

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DUK: 5.2% | 10.6x)

HCA (6.6% | 10.2x)

HCA Healthcare

ENB (8.6% | 9.2x)

Enbridge

CVS (7.7% | 9.3x)

CVS Health

GM (8.6% | 9.7x)

General Motors

PYPL (6.7% | 9.1x)

PayPal

Higher Rev Chg LTM (Value for DUK: 4.8%)

NVDA (65.2%)

NVIDIA

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for DUK: 5.2%)

NVDA (91.6%)

NVIDIA

META (17.3%)

Meta Platforms

MSFT (13.2%)

Microsoft

AMZN (11.3%)

Amazon.com

GOOGL (11.0%)

Alphabet

Higher Op Mgn LTM (Value for DUK: 27.1%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for DUK: 38.1%)

META (56.8%)

Meta Platforms

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

AVGO (43.1%)

Broadcom

GOOGL (39.3%)

Alphabet

Higher FCF/Rev LTM (Value for DUK: -2.9%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

AMZN (2.0%)

Amazon.com

Higher Total Yield (Value for DUK: 6.3%)

XOM (9.2%)

Exxon Mobil

JNJ (7.5%)

Johnson & Johnson

BAC (7.1%)

Bank of America

HD (6.9%)

Home Depot

JPM (6.4%)

JPMorgan Chase

		Best Bets In Utilities Sector
	DUK	CWEN	LNT	VST	NEE	OTTR	UGI	BKH	WEC	MGEE	SWX
What You Pay
P/E	18.3	14.3	20.6	47.6	25.5	12.4	12.2	17.8	20.3	21.4	12.6
P/EBIT	9.9	18.4	14.1	24.8	22.1	9.4	7.5	9.5	12.5	15.3	9.6
What You Get
Rev Chg Q	4.8%	-11.7%	11.9%	-20.9%	5.3%	-3.7%	-3.6%	7.1%	13.4%	4.3%	-11.8%
Rev Chg LTM	4.8%	0.8%	7.8%	5.7%	0.2%	-3.2%	1.1%	7.0%	7.9%	8.3%	31.9%
Rev Chg 3Y Avg	5.2%	3.5%	1.7%	9.5%	11.4%	-4.4%	-9.9%	-0.1%	1.4%	2.0%	10.8%
FCF/Rev 3Y Avg	-7.1%	33.2%	23.8%	14.4%	9.3%	8.6%	4.1%	3.6%	1.8%	-0.0%	-0.3%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 9.3%, alpha of -0.5%, and sharpe of 0.48

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Duke Energy Earnings Notes
2	Can Duke Energy Stock Recover If Markets Fall?	Return
3	Duke Energy vs Newmont: Which Is A Better Investment?	Counter-Intuitive Comparisons
4	Duke Energy vs National Fuel Gas: Which Is A Better Investment?	Counter-Intuitive Comparisons
5	How Does Duke Energy Stock Stack Up Against Its Peers?	Peer Comparison
6	Better Bet Than DUK Stock: Pay Less Than Duke Energy To Get More From FI, EXC
7	Better Bet Than DUK Stock: Pay Less Than Duke Energy To Get More From BIPC, EXC
8	Better Bet Than DUK Stock: Pay Less Than Duke Energy To Get More From EXC
9	Better Bet Than DUK Stock: Pay Less Than Duke Energy To Get More From EXC	Actionable
10	DUK Dip Buy Analysis

	Title
0	ARTICLES

Trade Ideas

Select ideas related to DUK. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
PEG_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	PEG	Public Service Enterprise	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-0.2%	-0.2%	-2.4%
PCG_9262025_Dip_Buyer_ValueBuy	09262025	PCG	PG&E	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	6.1%	6.1%	-0.8%
AES_9052025_Dip_Buyer_ValueBuy	09052025	AES	AES	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	8.9%	8.9%	-3.2%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
OMER	Omeros	0.9	75.5%	55.5%
DVAX	Dynavax Technologies	1.8	38.2%	20.4%
EWTX	Edgewise Therapeutics	2.9	25.5%	2.2%
AGIO	Agios Pharmaceuticals	1.7	18.6%	-11.2%
TVTX	Travere Therapeutics	3.6	13.9%	131.2%
KOD	Kodiak Sciences	1.6	13.2%	212.4%
RZLT	Rezolute	0.3	13.2%	-44.1%
UP	Wheels Up Experience	0.5	11.7%	-57.4%
FBYD	Falcons Beyond Global	0.7	9.5%	129.7%
BW	Babcock & Wilcox Enterprises	0.5	8.5%	226.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ASTS	AST SpaceMobile	18.9	-8.9%	269.9%
QBTS	D-Wave Quantum	9.4	-5.5%	227.6%
NNE	Nano Nuclear Energy	1.2	-4.6%	21.7%
MNMD	Mind Medicine	1.2	-4.2%	93.0%
PPTA	Perpetua Resources	2.0	-4.0%	149.1%
KOS	Kosmos Energy	0.4	-4.0%	-73.6%
FRMI	Fermi	5.5	-4.0%	-75.7%
EXOD	Exodus Movement	0.4	-3.9%	-50.5%
TLRY	Tilray Brands	10.8	-3.6%	-23.7%
AEHR	Aehr Test Systems	0.7	-3.1%	32.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	74.0%	55.5%
LUNR	Intuitive Machines	2.0	63.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	51.1%	11.2%
FBYD	Falcons Beyond Global	0.7	47.2%	129.7%
FLY	Firefly Aerospace	3.8	45.9%	-55.2%
RKLB	Rocket Lab	39.8	43.0%	203.0%
DVAX	Dynavax Technologies	1.8	42.5%	20.4%
UAMY	United States Antimony	0.8	39.9%	258.8%
DJT	Trump Media & Technology	4.0	36.7%	-58.0%
RZLT	Rezolute	0.3	36.3%	-44.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	31.7	-80.5%	-28.0%
TPL	Texas Pacific Land	6.8	-66.5%	-19.2%
LW	Lamb Weston	6.0	-28.6%	-34.8%
TLRY	Tilray Brands	10.8	-21.2%	-23.7%
INSP	Inspire Medical Systems	2.8	-19.1%	-48.4%
TDUP	ThredUp	0.8	-17.1%	354.7%
OLMA	Olema Pharmaceuticals	2.3	-15.8%	370.8%
IIPR	Innovative Industrial Properties	1.4	-12.9%	-15.7%
ABM	ABM Industries	2.6	-12.6%	-15.8%
FRMI	Fermi	5.5	-12.6%	-75.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
WVE	WAVE Life Sciences	3.0	144.6%	47.5%
TE	T1 Energy	1.1	124.5%	418.4%
ANF	Abercrombie & Fitch	6.0	93.2%	-15.2%
VERA	Vera Therapeutics	3.6	90.4%	31.6%
LUNR	Intuitive Machines	2.0	85.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	82.5%	11.2%
RKLB	Rocket Lab	39.8	81.8%	203.0%
PL	Planet Labs PBC	6.2	76.1%	403.0%
NRGV	Energy Vault	0.8	66.9%	118.9%
FLY	Firefly Aerospace	3.8	60.4%	-55.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-44.1%
JANX	Janux Therapeutics	0.9	-54.6%	-73.3%
LENZ	LENZ Therapeutics	0.5	-46.3%	-40.6%
FRMI	Fermi	5.5	-45.2%	-75.7%
GOGO	Gogo	0.6	-34.1%	-43.0%
HPK	HighPeak Energy	0.6	-30.8%	-69.2%
ORIC	ORIC Pharmaceuticals	0.7	-28.5%	4.5%
FDMT	4D Molecular Therapeutics	0.5	-25.6%	45.4%
NKTR	Nektar Therapeutics	0.6	-25.1%	215.0%
LW	Lamb Weston	6.0	-24.8%	-34.8%

Peer Comparisons for Duke Energy

Peers to compare with:

Financials

	DUK	NEE	SO	D	AEP	EXC	Median
Name	Duke Ene.	NextEra .	Southern	Dominion.	American.	Exelon
Mkt Price	117.48	80.45	87.17	59.01	115.31	43.52	83.81
Mkt Cap	91.4	166.1	96.1	50.3	61.7	44.0	76.5
Rev LTM	31,659	26,298	28,912	15,227	21,257	24,317	25,308
Op Inc LTM	8,583	7,404	7,426	4,528	5,300	5,060	6,352
FCF LTM	-921	3,073	-1,823	-8,071	-1,736	-1,595	-1,665
FCF 3Y Avg	-2,122	2,421	-1,031	-5,691	-1,932	-2,186	-2,027
CFO LTM	12,049	11,967	9,378	4,609	6,858	6,436	8,118
CFO 3Y Avg	10,539	11,847	8,610	5,677	5,834	5,337	7,222

Growth & Margins

	DUK	NEE	SO	D	AEP	EXC	Median
Name	Duke Ene.	NextEra .	Southern	Dominion.	American.	Exelon
Rev Chg LTM	4.8%	0.2%	9.4%	5.3%	8.4%	6.1%	5.7%
Rev Chg 3Y Avg	5.2%	11.4%	1.3%	7.5%	4.2%	8.9%	6.4%
Rev Chg Q	4.8%	5.3%	7.5%	9.3%	10.9%	9.0%	8.3%
QoQ Delta Rev Chg LTM	1.2%	1.5%	1.9%	2.2%	2.9%	2.3%	2.1%
Op Mgn LTM	27.1%	28.2%	25.7%	29.7%	24.9%	20.8%	26.4%
Op Mgn 3Y Avg	25.1%	31.5%	23.7%	27.0%	21.6%	19.0%	24.4%
QoQ Delta Op Mgn LTM	0.3%	-1.4%	0.3%	1.2%	0.1%	0.8%	0.3%
CFO/Rev LTM	38.1%	45.5%	32.4%	30.3%	32.3%	26.5%	32.3%
CFO/Rev 3Y Avg	34.6%	44.6%	31.6%	38.4%	29.0%	23.3%	33.1%
FCF/Rev LTM	-2.9%	11.7%	-6.3%	-53.0%	-8.2%	-6.6%	-6.4%
FCF/Rev 3Y Avg	-7.1%	9.3%	-3.7%	-38.2%	-9.7%	-9.9%	-8.4%

Valuation

	DUK	NEE	SO	D	AEP	EXC	Median
Name	Duke Ene.	NextEra .	Southern	Dominion.	American.	Exelon
Mkt Cap	91.4	166.1	96.1	50.3	61.7	44.0	76.5
P/S	2.9	6.3	3.3	3.3	2.9	1.8	3.1
P/EBIT	9.9	22.1	11.5	9.8	10.9	8.3	10.4
P/E	18.3	25.5	21.5	22.0	16.8	15.6	19.9
P/CFO	7.6	13.9	10.2	10.9	9.0	6.8	9.6
Total Yield	6.3%	6.7%	7.8%	9.0%	9.2%	10.0%	8.4%
Dividend Yield	0.9%	2.7%	3.1%	4.5%	3.2%	3.6%	3.2%
FCF Yield 3Y Avg	-2.9%	1.3%	-1.3%	-12.2%	-4.3%	-5.5%	-3.6%
D/E	1.0	0.6	0.8	0.9	0.8	1.1	0.8
Net D/E	1.0	0.5	0.7	0.9	0.8	1.1	0.8

Returns

	DUK	NEE	SO	D	AEP	EXC	Median
Name	Duke Ene.	NextEra .	Southern	Dominion.	American.	Exelon
1M Rtn	-3.8%	-4.5%	-2.2%	-3.1%	-5.5%	-5.9%	-4.1%
3M Rtn	-4.2%	9.7%	-6.9%	-2.2%	6.7%	-0.7%	-1.5%
6M Rtn	3.1%	16.0%	-2.0%	9.3%	15.5%	4.7%	7.0%
12M Rtn	11.7%	13.8%	8.3%	15.0%	29.2%	20.2%	14.4%
3Y Rtn	28.4%	4.3%	37.0%	12.8%	35.1%	13.1%	20.8%
1M Excs Rtn	-7.2%	-7.9%	-5.6%	-6.5%	-8.9%	-9.2%	-7.5%
3M Excs Rtn	-8.1%	3.5%	-11.1%	-4.9%	2.8%	-4.7%	-4.8%
6M Excs Rtn	-10.1%	2.1%	-14.8%	-3.5%	1.6%	-8.7%	-6.1%
12M Excs Rtn	-4.5%	-1.1%	-8.2%	-1.7%	11.8%	5.0%	-1.4%
3Y Excs Rtn	-49.6%	-76.5%	-39.0%	-65.9%	-44.1%	-65.0%	-57.3%

Comparison Analyses

	Title
0	How Does Duke Energy Stock Stack Up Against Its Peers?
1	Duke Energy vs. Automatic Data Processing: Similar Market Cap, But Duke Energy Is A Better Bet
2	Duke Energy vs. TJX: Similar Market Cap, But TJX Is A Better Bet
3	Duke Energy vs. Sherwin-Williams: Similar Market Cap, But Duke Energy Is A Better Bet
4	Duke Energy vs. Mondelez International: Similar Market Cap, Similar Bets
5	Duke Energy vs. Tesla: Similar Income, But Tesla Is A Better Bet
6	Duke Energy vs. salesforce.com Inc: Similar Revenue, But salesforce.com Inc Is A Better Bet
7	Duke Energy vs. Eli Lilly and Company: Similar Revenue, But Duke Energy Is A Better Bet
8	Duke Energy vs. Visa: Similar Revenue, But Visa Is A Better Bet
9	Duke Energy vs. PayPal Holdings: Similar Income, But PayPal Holdings Is A Better Bet

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/7/2025	2/27/2025	2/23/2024	2/27/2023	2/24/2022	2/25/2021	2/20/2020
Key Financials
Total Revenue	31,659	30,357	29,060	28,768	24,621	23,366	25,079
EBITDA	16,622	14,997	13,865	12,360	11,861	8,503	11,477
Operating Income	8,583	7,938	7,103	6,424	5,841	5,538	5,705
Net Income	4,989	4,524	2,841	2,550	3,908	1,377	3,748
EPS	6.36	5.71	3.54	3.17	4.94	1.72	5.06
Growth Rates
Total Revenue Growth	4.8%	4.5%	1.0%	16.8%	5.4%	-6.8%	2.3%
EBITDA Growth	12.6%	8.2%	12.2%	4.2%	39.5%	-25.9%	16.4%
Operating Income Growth	12.0%	11.8%	10.6%	10.0%	5.5%	-2.9%	10.2%
Net Income Growth	15.4%	59.2%	11.4%	-34.7%	183.8%	-63.3%	40.6%
Margins
EBITDA Margin	52.5%	49.4%	47.7%	43.0%	48.2%	36.4%	45.8%
Operating Income Margin	27.1%	26.1%	24.4%	22.3%	23.7%	23.7%	22.7%
Net Income Margin	15.8%	14.9%	9.8%	8.9%	15.9%	5.9%	14.9%
Cash & Debt
Total Cash	688	314	253	409	341	259	311
Total Debt	89,647	85,230	80,457	74,579	68,263	64,076	62,693
Net Debt / (Cash)	88,959	84,916	80,204	74,170	67,922	63,817	62,382
Cash Flows
Net Cash from Operations	12,049	12,328	9,878	5,927	8,290	8,856	8,209
Free Cash from Operations	-921	48	-2,726	-5,440	-1,425	-1,051	-2,913
Returns to Shareholders
Dividends	3,257	3,213	3,244	3,179	3,114	2,812	2,668
Share Repurchases	-0	1,000	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/7/2025	8/5/2025	5/6/2025	2/27/2025	11/7/2024	8/6/2024	5/7/2024	2/23/2024	11/2/2023	8/8/2023	5/9/2023	2/27/2023
Key Financials Quarterly
Total Revenue	8,542	7,508	8,249	7,360	8,154	7,172	7,671	7,212	7,994	6,578	7,276	7,351
Ebitda	4,617	3,992	4,177	3,836	4,017	3,461	3,683	3,596	3,911	3,169	3,189	2,746
Operating Income	2,317	1,819	2,337	2,110	2,132	1,744	1,951	1,838	2,191	1,399	1,675	1,421
Net Income	1,421	984	1,379	1,205	1,281	900	1,138	1,005	1,252	-220	804	-636
EPS	1.81	1.25	1.76	1.54	1.60	1.13	1.44	1.27	1.59	-0.32	1.01	-0.86
Key Financials TTM
Total Revenue TTM	31,659	31,271	30,935	30,357	30,209	30,049	29,455	29,060	29,199	29,047	29,033	28,768
Ebitda TTM	16,622	16,022	15,491	14,997	14,757	14,651	14,359	13,865	13,015	12,766	12,640	12,360
Operating Income TTM	8,583	8,398	8,323	7,937	7,665	7,724	7,379	7,103	6,686	6,541	6,573	6,424
Net Income TTM	4,989	4,849	4,765	4,524	4,324	4,295	3,175	2,841	1,200	1,370	2,497	2,550
Growth Rates Quarterly
Total Revenue Growth	4.8%	4.7%	7.5%	2.1%	2.0%	9.0%	5.4%	-1.9%	1.9%	0.2%	3.8%	27.6%
EBITDA Growth	14.9%	15.3%	13.4%	6.7%	2.7%	9.2%	15.5%	31.0%	6.8%	4.1%	9.6%	-4.0%
Operating Income Growth	8.7%	4.3%	19.8%	14.8%	-2.7%	24.7%	16.5%	29.3%	7.1%	-2.2%	9.8%	18.0%
Net Income Growth	10.9%	9.3%	21.2%	19.9%	2.3%	509.1%	41.5%	258.0%	-12.0%	-124.3%	-6.2%	-185.3%
Margins Quarterly
EBITDA Margin	54.1%	53.2%	50.6%	52.1%	49.3%	48.3%	48.0%	49.9%	48.9%	48.2%	43.8%	37.4%
Operating Income Margin	27.1%	24.2%	28.3%	28.7%	26.1%	24.3%	25.4%	25.5%	27.4%	21.3%	23.0%	19.3%
Net Income Margin	16.6%	13.1%	16.7%	16.4%	15.7%	12.5%	14.8%	13.9%	15.7%	-3.3%	11.1%	-8.7%
Cash & Debt
Total Cash	688	344	475	314	376	390	459	253	324	377	451	409
Total Debt	89,647	88,453	87,481	85,230	85,024	83,374	82,323	80,457	79,438	78,819	77,019	74,579
Net Debt / (Cash)	88,959	88,109	87,006	84,916	84,648	82,984	81,864	80,204	79,114	78,442	76,568	74,170
Cash Flows Quarterly
FCF from Operations	3,632	2,863	2,177	3,377	3,524	2,953	2,474	2,569	3,524	2,302	1,483	739
Cash Flows TTM
FCF from Operations TTM	12,049	11,941	12,031	12,328	11,520	11,520	10,869	9,878	8,048	5,677	5,615	5,927
Returns to Shareholders Quarterly
Dividends	845	807	803	802	821	784	806	806	832	791	815	790
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	6.1%	4.8%	6.1%	5.9%	5.8%	4.7%	5.2%	5.2%	6.8%	3.9%	4.7%	4.7%
Return on Invested Capital (ROIC) TTM
ROIC TTM	5.7%	5.6%	5.5%	5.3%	5.2%	5.4%	5.2%	5.1%	4.9%	4.7%	4.8%	4.9%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021
Electric Utilities and Infrastructure	26,921	26,024	22,603	21,720
Gas Utilities and Infrastructure	2,266	2,840	2,112	1,748
Other	134	122	113	97
Eliminations	-261	-218	-207	-199
Commercial Renewables				502
Total	29,060	28,768	24,621	23,868

Net Income by Segment

$ Mil	2024	2023	2022	2021
Electric Utilities and Infrastructure	4,223
Gas Utilities and Infrastructure	519
Eliminations	0
Other	-616
Discontinued operations	-1,391
Total	2,735

Assets by Segment

$ Mil	2024	2023	2022	2021
Electric Utilities and Infrastructure	155,449	152,104	143,841	138,225
Gas Utilities and Infrastructure	17,349	16,411	15,179	13,849
Other	4,095	9,571	10,567	3,598
Eliminations	0	0	0	0
Commercial Renewables				6,716
Total	176,893	178,086	169,587	162,388

Price Behavior

Price Behavior

Market Price	$117.48
Market Cap ($ Bil)	91.4
First Trading Date	04/06/1983
Distance from 52W High	-8.2%
	50 Days	200 Days
DMA Price	$121.47	$118.79
DMA Trend	indeterminate	down
Distance from DMA	-3.3%	-1.1%
	3M	1YR
Volatility	14.8%	16.9%
Downside Capture	-25.59	-15.76
Upside Capture	-40.03	-2.44
Correlation (SPY)	-24.9%	-4.6%

DUK Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	-0.17	-0.31	-0.24	-0.16	-0.02	0.11
Up Beta	-0.13	0.11	-0.02	-0.03	0.00	0.09
Down Beta	0.09	-0.22	-0.35	-0.37	0.07	0.09
Up Capture	-25%	-35%	-15%	0%	-3%	4%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	9	21	32	67	130	393
Down Capture	-19%	-55%	-37%	-29%	-24%	19%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	10	20	30	58	118	357

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of DUK With Other Asset Classes (Last 1Y)
	DUK	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	13.7%	17.2%	19.2%	71.9%	8.9%	6.0%	-10.4%
Annualized Volatility	16.9%	16.0%	19.5%	19.3%	15.3%	17.1%	35.0%
Sharpe Ratio	0.59	0.80	0.78	2.69	0.36	0.18	-0.12
Correlation With Other Assets		61.7%	-4.2%	17.1%	-13.9%	40.5%	-9.3%

ETFs used for asset classes: Sector ETF = XLU, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of DUK With Other Asset Classes (Last 5Y)
	DUK	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	9.5%	9.8%	14.9%	18.7%	11.7%	4.8%	32.6%
Annualized Volatility	17.9%	17.2%	17.1%	15.5%	18.7%	18.9%	48.7%
Sharpe Ratio	0.41	0.44	0.70	0.97	0.51	0.17	0.59
Correlation With Other Assets		82.8%	22.8%	18.4%	2.1%	52.8%	5.4%

Based On 10-Year Data

		Comparison of DUK With Other Asset Classes (Last 10Y)
	DUK	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	9.7%	10.5%	14.7%	14.9%	6.9%	5.2%	69.2%
Annualized Volatility	20.4%	19.2%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.43	0.48	0.70	0.83	0.31	0.22	0.90
Correlation With Other Assets		89.1%	41.7%	16.0%	9.4%	63.8%	6.8%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	13,931,486
Short Interest: % Change Since 11302025	-8.8%
Average Daily Volume	3,575,199
Days-to-Cover Short Interest	3.90
Basic Shares Quantity	778,000,000
Short % of Basic Shares	1.8%

Returns Analyses

	Title
0	Can Duke Energy Stock Recover If Markets Fall?
1	DUK YTD Stock Return Of 9.2% Outperforms EIX by 46% and Underperforms CEG by -25%
2	Duke Energy Stock Return Comparison
3	[10/2/2021] Duke Energy (DUK) Stock Price Forecast: AI Forecasts DUK Stock Price To Be Around $98.6 In A Month (Up 0.2%)
4	Duke Energy Total Shareholder Return (TSR): 1.9% in 2022 and 8.1% 3-yr returns (below peer average)

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/7/2025	-0.6%	0.1%	-7.0%
8/5/2025	-0.1%	1.1%	-1.3%
5/6/2025	-0.3%	-8.0%	-5.0%
2/13/2025	-1.2%	2.3%	7.0%
11/7/2024	1.9%	-0.4%	1.7%
8/6/2024	0.5%	0.7%	4.4%
5/7/2024	0.1%	0.0%	1.6%
2/8/2024	-1.0%	0.8%	4.6%
...
SUMMARY STATS
# Positive	13	14	13
# Negative	11	10	11
Median Positive	0.7%	1.4%	4.4%
Median Negative	-0.6%	-1.5%	-2.5%
Max Positive	3.2%	4.6%	8.5%
Max Negative	-2.5%	-8.0%	-11.6%

	Forward Returns
11/7/2025	-0.6%	0.1%	-7.0%
8/5/2025	-0.1%	1.1%	-1.3%
5/6/2025	-0.3%	-8.0%	-5.0%
2/13/2025	-1.2%	2.3%	7.0%
11/7/2024	1.9%	-0.4%	1.7%
8/6/2024	0.5%	0.7%	4.4%
5/7/2024	0.1%	0.0%	1.6%
2/8/2024	-1.0%	0.8%	4.6%
11/2/2023	0.4%	-2.1%	4.4%
8/8/2023	0.7%	-0.7%	-1.9%
5/9/2023	1.1%	-3.1%	-5.2%
2/9/2023	1.6%	1.8%	-2.5%
11/4/2022	-1.5%	1.7%	8.5%
8/4/2022	-0.5%	-0.2%	-1.6%
5/9/2022	-0.5%	-0.9%	1.8%
2/10/2022	-0.0%	-0.1%	7.6%
11/4/2021	0.7%	0.2%	1.2%
8/5/2021	1.1%	0.4%	0.9%
5/10/2021	2.9%	3.2%	0.7%
2/11/2021	-2.5%	-3.5%	-1.4%
11/5/2020	0.7%	4.0%	-1.6%
8/10/2020	-2.1%	-4.1%	-5.7%
5/12/2020	0.0%	2.9%	7.6%
2/13/2020	3.2%	4.6%	-11.6%
SUMMARY STATS
# Positive	13	14	13
# Negative	11	10	11
Median Positive	0.7%	1.4%	4.4%
Median Negative	-0.6%	-1.5%	-2.5%
Max Positive	3.2%	4.6%	8.5%
Max Negative	-2.5%	-8.0%	-11.6%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11072025	10-Q 9/30/2025
6302025	8052025	10-Q 6/30/2025
3312025	5062025	10-Q 3/31/2025
12312024	2272025	10-K 12/31/2024
9302024	11072024	10-Q 9/30/2024
6302024	8062024	10-Q 6/30/2024
3312024	5072024	10-Q 3/31/2024
12312023	2232024	10-K 12/31/2023
9302023	11022023	10-Q 9/30/2023
6302023	8082023	10-Q 6/30/2023
3312023	5092023	10-Q 3/31/2023
12312022	2272023	10-K 12/31/2022
9302022	11042022	10-Q 9/30/2022
6302022	8042022	10-Q 6/30/2022
3312022	5092022	10-Q 3/31/2022
12312021	2242022	10-K 12/31/2021

Insider Activity

Expand for More

	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	Glenn Robert Alexander	EVP & Chief Legal Officer	11202025	Sell	123.80	8,200	1,015,160	1,407,235	Form
1	Renjel Louis E.	EVP&CEO DEF&MW&ChiefCorpAffOff	11192025	Sell	125.65	800	100,520	2,554,716	Form

Industry Resources

Utilities Resources

Data.gov Energy Infrastructure

Daga.gov Energy Resources

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Duke Energy (DUK)

Market Price (12/25/2025): $117.48 | Market Cap: $91.4 BilSector: Utilities | Industry: Electric Utilities

Duke Energy (DUK)

Market Price (12/25/2025): $117.48Market Cap: $91.4 BilSector: UtilitiesIndustry: Electric Utilities

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

DUK Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

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About Duke Energy (DUK)

Interactive Breakdown

Better Bets than Duke Energy (DUK)

INDUSTRY: Electric Utilities

Higher Rev Chg 3Y Avg | Lower P/S (Values for DUK: 5.2% | 2.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DUK: 5.2% | 10.6x)

Higher Rev Chg LTM (Value for DUK: 4.8%)

Higher Rev Chg 3Y Avg (Value for DUK: 5.2%)

Higher Op Mgn LTM (Value for DUK: 27.1%)

Higher CFO/Rev LTM (Value for DUK: 38.1%)

Higher FCF/Rev LTM (Value for DUK: -2.9%)

Higher Total Yield (Value for DUK: 6.3%)

SECTOR: Utilities

Higher Rev Chg 3Y Avg | Lower P/S (Values for DUK: 5.2% | 2.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DUK: 5.2% | 10.6x)

Higher Rev Chg LTM (Value for DUK: 4.8%)

Higher Rev Chg 3Y Avg (Value for DUK: 5.2%)

Higher Op Mgn LTM (Value for DUK: 27.1%)

Higher CFO/Rev LTM (Value for DUK: 38.1%)

Higher FCF/Rev LTM (Value for DUK: -2.9%)

Higher Total Yield (Value for DUK: 6.3%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for DUK: 5.2% | 2.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DUK: 5.2% | 10.6x)

Higher Rev Chg LTM (Value for DUK: 4.8%)

Higher Rev Chg 3Y Avg (Value for DUK: 5.2%)

Higher Op Mgn LTM (Value for DUK: 27.1%)

Higher CFO/Rev LTM (Value for DUK: 38.1%)

Higher FCF/Rev LTM (Value for DUK: -2.9%)

Higher Total Yield (Value for DUK: 6.3%)

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Market Price (12/25/2025): $117.48 | Market Cap: $91.4 Bil
Sector: Utilities | Industry: Electric Utilities

Market Price (12/25/2025): $117.48
Market Cap: $91.4 Bil
Sector: Utilities
Industry: Electric Utilities