Xcel Energy Inc. (XEL) Stock

Xcel Energy Inc. (XEL) is a Utilities stock trading at $72.48 (as of 2026-09-15), with a market capitalization of $45.25B and a trailing P/E of 20.3. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Xcel Energy Inc., through its subsidiaries, generates, purchases, transmits, distributes, and sells electricity and natural gas. It operates through Regulated Electric Utility, Regulated Natural Gas Utility, and All Other segments and serves residential, commercial, and industrial customers across multiple states, supplying electricity to about 3.7 million customers and natural gas to about 2.1 million customers.

Understand Xcel Energy Inc.: how it makes money

Xcel Energy generates, transmits, and sells electricity and natural gas to regulated customers across the upper Midwest. Revenue is set by state rate orders on a rate base of capital invested, so growth tracks approved infrastructure spending rather than consumer demand.

Each dollar of approved rate base earns a fixed regulatory return, so the business scales by deploying more capital into wires, plants, and pipelines and getting regulators to authorize the spend.

Business quality (Mixed): Stable regulated earnings with roughly a 23% operating margin, but near-term revenue is shrinking and the promised data-center tailwind has not yet visible in results.

Valuation: At 22× earnings, XEL trades in line with the Utilities average (20×).

Bull case

  • Google contract protects rates: The Google data-center agreement shifts infrastructure build-out costs to the customer rather than spreading them to existing ratepayers, which shields the company from the typical utility cost spiral when adding large new loads.
  • Multi-year growth visibility: Data-center load is positioned to drive a multi-year capital deployment pipeline, giving Xcel a structural growth vector beyond the flat demand it has experienced in recent years.

Bear case

  • Wildfire exposure is unresolved: Management acknowledges that wildfire liabilities remain material even after insurance coverage, meaning a single major event could erase a meaningful share of annual earnings.
  • Dilution from new equity: Funding the data-center build-out requires higher financing costs and new equity issuance, which dilutes current per-share earnings while the revenue ramp is still years out.
  • Regulatory outcomes still uncertain: Rate cases and regulatory proceedings in several states remain unresolved, and unfavorable rulings would directly reduce the authorized return on the capital being deployed.
Valuation — source: SEC EDGAR (first-party)
Price$72.48
Market Cap$45.25B
P/E Ratio20.3
EV / EBITDA14.0
Price / Book1.88
Price / Sales3.10
Dividend Yield3.0%
FCF Yield-17.0%
DCF Value (model)$29.78
DCF Upside vs Price-58.9%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$14.67B
Net Margin13.8%
Return on Equity9.3%
Debt / Equity1.54
Current Ratio0.70
Revenue Growth (YoY)-5.1%
EPS Growth (YoY)23.7%
FCF Growth (YoY)37.3%
Financial Health — source: SEC EDGAR
Altman Z-Score0.88 (distress)
Valuation vs Sector & Industry
Stock P/E20.3
Sector P/E (Utilities)20.6
Industry P/E (Utilities)20.4
vs Sector-1.7%
vs Industry-0.8%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD GROUP INC ($5.73B)
Institutional Holders Tracked10
Congressional Trades (recent)7
Company
SectorUtilities
IndustryUtilities
CEORobert C. Frenzel
Employees11,380
CountryUS
IPO Date2001-03-13

Xcel Energy Inc. earnings call transcripts

  • XEL Q2 FY26 earnings call transcript (reported 2026-07-30) · analysis
  • XEL Q1 FY26 earnings call transcript (reported 2026-04-30) · analysis
  • XEL Q4 FY25 earnings call transcript (reported 2026-02-05) · analysis
  • XEL Q3 FY25 earnings call transcript (reported 2025-10-30) · analysis
  • XEL Q2 FY25 earnings call transcript (reported 2025-07-31) · analysis
  • XEL Q1 FY25 earnings call transcript (reported 2025-04-24) · analysis

All XEL earnings calls

Related Companies (Utilities; 8 comparable utilities)

  • American Electric Power Company, Inc. (AEP)
  • CMS Energy Corporation (CMS)
  • Consolidated Edison, Inc. (ED)
  • Public Service Enterprise Group Incorporated (PEG)
  • WEC Energy Group, Inc. (WEC)
  • Exelon Corporation (EXC)
  • Ameren Corporation (AEE)
  • Pacific Gas & Electric Co. (PCG)
XEL earnings history · XEL institutional & insider holders · XEL KPIs & operating metrics · XEL financials · XEL filings, presentations & press releases · XEL investor presentations & press releases · XEL SEC filings · XEL peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-09-15.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.