Is the business good?
How good a business is XEL?
Xcel Energy earns 3.6% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
3.6%
Return on invested capital · cost of capital 9.0% · 5.4 points below what the capital costs: growth destroys value
- Operating margin
- 19%
Operating margin · Utilities - Regulated Electric median 22% · 12 months to Q2 2026
- Share count, year on year
- +6.6%
Share count, year on year · shareholders own a smaller slice than a year ago
- Gross margin
- 100%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | 18% |
| FY2021 | 16% |
| FY2022 | 16% |
| FY2023 | 17% |
| FY2024 | 18% |
| FY2025 | 18% |
Details›
- Gross margin12 months to Q2 2026
- 100%
- Operating margin12 months to Q2 2026
- 19%
- Net margin12 months to Q2 2026
- 15%
- Free cash flow margin
- −53%
- Revenue, trailing twelve months
- $14.6B
- Free cash flow, trailing twelve months
- −$7.69B
- Net income, trailing twelve months
- $2.23B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 3.6%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Utilities - Regulated Electric
Ranks #33 of 37 by Smart Score