olivLaw · US equity research
DTE Energy Company DTB
Electric Services · SIC 4911 · Vertical: Electric Services (SIC 4911)
DTE Energy is a diversified energy company that distributes electricity and natural gas in Michigan and runs non-utility segments across the United States. Its plans for grid investment and the shift from coal to clean sources make it relevant as data center demand and extreme weather add pressure on the grid. The company reported operating revenues of about 15.8 billion USD in 2025.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, DTE Energy Company (DTB) stock was 15.16 USD (+1.27% on the day), with market capitalisation 3.2 bn USD, P/E 2.5 on diluted EPS of 6.08 USD over the last 12 months, dividend yield 29.82%, beta 0.20, 52-week range 14.50–18.19 USD. Latest reported quarter (Q1 2026): net income of 247.0 m USD (−44.5% YoY), diluted EPS 1.19 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 60.2
- strong (55–70)
- Bollinger (20, 2)
- 14.47 – 15.02
- above the upper band · %B 1.25 · band width 3.7%
- SMA 50 / 200
- 15.16 / 16.48
- mixed trend
- MACD (12, 26, 9)
- -0.05 / -0.13
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +2.4% | −1.1% | +3.5 pp | — |
| 3 months | −7.7% | −0.5% | −7.3 pp | — |
| 6 months | −11.3% | +4.4% | −15.7 pp | — |
| Year to date | −11.1% | +12.3% | −23.4 pp | — |
| 1 year | −16.2% | +13.5% | −29.8 pp | −1.1% |
| 3 years | −24.1% | +76.4% | −100.5 pp | +41.9% |
| 5 years | −41.6% | +63.7% | −105.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2026 · 31 Mar 2026
Quarterly statements · USD
| Fiscal year | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 |
|---|---|---|---|---|---|---|---|---|
| Operating income | 502.0 m | 517.0 m | 555.0 m | 624.0 m | 427.0 m | 619.0 m | 704.0 m | 412.0 m |
| Depreciation & amortisation | 427.0 m ≈ | 438.0 m ≈ | 444.0 m | 452.0 m | 451.0 m ≈ | 464.0 m ≈ | 474.0 m | 483.0 m |
| Interest expense | 233.0 m | 252.0 m | 248.0 m | 250.0 m | 256.0 m | 271.0 m | 279.0 m | 293.0 m |
| Pre-tax income | 358.0 m | 356.0 m | 322.0 m | 427.0 m | 230.0 m | 413.0 m | 480.0 m | 189.0 m |
| Income tax | 36.0 m | -121.0 m | 30.0 m | -18.0 m | 1.0 m | -6.0 m | 111.0 m | -58.0 m |
| Net income | 322.0 m | 477.0 m | 292.0 m | 445.0 m | 229.0 m | 419.0 m | 369.0 m | 247.0 m |
| Diluted EPS | 1.55 | 2.30 | 1.41 ≈ | 2.14 | 1.10 | 2.01 | 1.78 ≈ | 1.19 |
| Operating cash flow | 759.0 m ≈ | 758.0 m ≈ | 1.1 bn | 1.0 bn | 709.0 m ≈ | 632.0 m ≈ | 1.0 bn | 906.0 m |
| Dividends paid | 202.0 m ≈ | 203.0 m ≈ | 203.0 m | 217.0 m | 218.0 m ≈ | 218.0 m ≈ | 218.0 m | 233.0 m |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 14 percentile of its own 22-quarter history (min 2.4, median 3.3, max 5.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Net income | 1.1 bn | 1.2 bn | 1.4 bn | 907.0 m | 1.1 bn | 1.4 bn | 1.4 bn | 1.5 bn |
| Net income YoY | −1.2% | +4.4% | +17.0% | −33.7% | +19.4% | +29.0% | +0.5% | +4.1% |
| Diluted EPS | 6.17 | 6.31 | 7.08 | 4.67 | 5.52 | 6.76 | 6.77 | 7.03 |
| Diluted EPS YoY | −2.4% | +2.3% | +12.2% | −34.0% | +18.2% | +22.5% | +0.1% | +3.8% |
| net % | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 208.0 m USD
- Financial debt
- 26.2 bn USD
- Net debt
- 26.0 bn USD
- Equity
- 12.3 bn USD
- Total assets
- 54.1 bn USD
- Debt / equity
- 2.13x
- Current ratio
- 0.80x
- ROE
- 12.2%
- ROA
- 2.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating income | 1.6 bn | 1.5 bn | 1.7 bn | 2.2 bn | 2.1 bn | 2.4 bn | SEC (XBRL)· 17 Feb 2026verified |
| Depreciation & amortisation | 1.3 bn | 1.4 bn | 1.5 bn | 1.6 bn | 1.7 bn | 1.8 bn | SEC (XBRL)· 17 Feb 2026verified |
| EBITDA | 2.8 bn ≈ | 2.9 bn ≈ | 3.2 bn ≈ | 3.8 bn ≈ | 3.8 bn ≈ | 4.2 bn ≈ | SEC (XBRL)· 17 Feb 2026derived |
| Interest expense | 601.0 m | 630.0 m | 675.0 m | 791.0 m | 951.0 m | 1.1 bn | SEC (XBRL)· 17 Feb 2026verified |
| Pre-tax income | 1.1 bn | 656.0 m | 1.1 bn | 1.6 bn | 1.4 bn | 1.6 bn | SEC (XBRL)· 17 Feb 2026verified |
| Income tax | 37.0 m | -130.0 m | 29.0 m | 169.0 m | -34.0 m | 88.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Net income | 1.4 bn | 907.0 m | 1.1 bn | 1.4 bn | 1.4 bn | 1.5 bn | SEC (XBRL)· 17 Feb 2026verified |
| Diluted EPS | 7.08 | 4.67 | 5.52 | 6.76 | 6.77 | 7.03 | SEC (XBRL)· 17 Feb 2026verified |
| Weighted average diluted shares | 193.0 m | 194.0 m | 196.0 m | 206.0 m | 207.0 m | 207.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Dividend per share | 4.12 | 3.88 | 3.61 | 3.88 | 4.15 | 4.44 | SEC (XBRL)· 17 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 472.0 m | 28.0 m | 33.0 m | 26.0 m | 24.0 m | 208.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Receivables | 1.5 bn | 1.7 bn | 2.0 bn | 1.6 bn | 1.7 bn | 2.0 bn | SEC (XBRL)· 17 Feb 2026verified |
| Current assets | 3.5 bn | 3.3 bn | 4.2 bn | 3.5 bn | 3.6 bn | 4.3 bn | SEC (XBRL)· 17 Feb 2026verified |
| Property, plant & equipment, net | 24.5 bn | 26.9 bn | 28.8 bn | 28.2 bn | 30.9 bn | 33.7 bn | SEC (XBRL)· 17 Feb 2026verified |
| Goodwill | 2.0 bn | 2.0 bn | 2.0 bn | 2.0 bn | 2.0 bn | 2.0 bn | SEC (XBRL)· 17 Feb 2026verified |
| Intangibles (excl. goodwill) | 199.0 m | 177.0 m | 166.0 m | 156.0 m | 144.0 m | 188.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Total assets | 45.5 bn | 39.7 bn | 42.7 bn | 44.8 bn | 48.8 bn | 54.1 bn | SEC (XBRL)· 17 Feb 2026verified |
| Accounts payable | 1.0 bn | 1.4 bn | 1.6 bn | 1.4 bn | 1.4 bn | 1.8 bn | SEC (XBRL)· 17 Feb 2026verified |
| Short-term debt | 38.0 m | 758.0 m | 1.2 bn | 1.3 bn | 1.1 bn | 882.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Long-term debt | 19.6 bn | 17.5 bn | 18.1 bn | 19.7 bn | 22.1 bn | 25.3 bn | SEC (XBRL)· 17 Feb 2026verified |
| Current liabilities | 2.7 bn | 6.3 bn | 5.2 bn | 5.9 bn | 5.1 bn | 5.4 bn | SEC (XBRL)· 17 Feb 2026verified |
| Equity | 12.6 bn | 8.7 bn | 10.4 bn | 11.1 bn | 11.7 bn | 12.3 bn | SEC (XBRL)· 17 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 3.7 bn | 3.1 bn | 2.0 bn | 3.2 bn | 3.6 bn | 3.4 bn | SEC (XBRL)· 17 Feb 2026verified |
| Investing cash flow | -4.1 bn | -3.9 bn | -3.4 bn | -4.1 bn | -5.0 bn | -5.3 bn | SEC (XBRL)· 17 Feb 2026verified |
| Financing cash flow | 796.0 m | 315.0 m | 1.5 bn | 883.0 m | 1.3 bn | 2.1 bn | SEC (XBRL)· 17 Feb 2026verified |
| Dividends paid | 760.0 m | 791.0 m | 685.0 m | 752.0 m | 810.0 m | 871.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Share repurchases | 0 | 66.0 m | 55.0 m | 0 | 0 | — | SEC (XBRL)· 13 Feb 2025verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
3 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 76 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.2 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation96
- Returns88
- Quality100
- Balance sheet55
- Growth54
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 58.35 – 266.09 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Dividend discount (DDM)58.35 – 78.47 (Mid 66.93)
- Peers: EV/EBITDA184.13 – 266.09 (Mid 230.35)24 companies used · median multiple 11.8x · quartiles 9.4x – 13.7xAEP, AQN, BKH, CEG, CNP, CWEN, D, EIX, ELLO, ENLT, ES, ETR, HE, IDA, NEE, NRG, OTTR, PNW, POR, SO, SPRU, TVC, TXNM, VST
- Peers: P/E121.02 – 145.57 (Mid 131.92)18 companies used · median multiple 21.7x · quartiles 19.9x – 23.9xAEP, AQN, BKH, CEG, CNP, D, ES, ETR, FE, IDA, NEE, NRG, OTTR, PNW, POR, PPL, SO, VST
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 76/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 17.0% | 100 (vs peers) | 7% |
| Net margin · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 0.8% | 28 (on a fixed band) | 7% |
| EPS CAGR 3Y · Growth | 7.4% | 74 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | -0.1x | 97 (vs peers) | 14% |
| Interest coverage · Balance sheet | 2.0x | 13 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 1.0x | 32 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 2.5x | 93 (vs peers) | 14% |
| EV/EBITDA · Valuation | 0.7x | 100 (vs peers) | 11% |
| Dividend yield · Returns | 29.8% | 100 (vs peers) | 16% |
| Payout ratio (EPS) · Returns | 74.3% | 59 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet55/100 · 3/3 factors with a value
- Growth54/100 · 2/2 factors with a value
- Quality· partial100/100 · 1/2 factors with a value
- Returns88/100 · 2/2 factors with a value
- Valuation96/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
DTE ENERGY CO (DTB). Latest full fiscal year: 2017; data up to 2026-03-31.
Figures computed from the financial statements: YoY growth 18.6%; ROE 10.4%; net debt/EBITDA -0.1x.
The estimated value range is 121.02–145.57 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 131.92 USD, the price of 15.16 USD leaves a potential of 770.2% (value / price − 1) and a margin of safety of 88.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 76/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: quality. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 17.0%
- EPS CAGR 3Y: 7.4%
- Net debt / EBITDA: -0.1x
- P/E (TTM): 2.5x
- EV/EBITDA: 0.7x
- Dividend yield: 29.8%
- The price is below the estimated value range
What contradicts it
- Revenue CAGR 3Y: 0.8%
- Interest coverage: 2.0x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net margin.
Versus the vertical median
Electric Services (SIC 4911) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NEENextera Energy Inc | 184.4 bn | 22.5 | 15.6% | 31.5% | +9.8% | +3% / +51% |
| SOSouthern Co | 105.0 bn | 23.9 | 11.3% | 14.5% | +10.6% | +2% / +31% |
| PAMPampa Energy Inc. | 88.2 bn | 141.0 | 21.8% | 33.0% | +8.3% | −28% / +38% |
| CEGConstellation Energy Corporation | 87.1 bn | 24.0 | 15.3% | 11.1% | +8.3% | −33% / +103% |
| AEPAmerican Electric Power Company, Inc. | 70.3 bn | 19.0 | 12.8% | 16.9% | +10.9% | +4% / +62% |
| DDominion Energy, Inc | 61.3 bn | 20.6 | 10.5% | 16.9% | +14.2% | +11% / +54% |
| ETREntergy Corp | 51.2 bn | 28.4 | 11.1% | 13.6% | +9.0% | +15% / +121% |
| VSTVistra Operations Company LLC | 40.4 bn | 19.9 | 43.1% | 11.6% | +3.0% | −33% / +240% |
| FEFirstenergy Corp | 27.3 bn | 25.7 | 8.4% | 6.9% | +12.0% | −1% / +28% |
| PPLPPL Corp | 26.9 bn | 21.8 | 8.3% | 13.1% | +6.9% | −3% / +37% |
| CNPCenterpoint Energy Inc | 26.8 bn | 25.2 | 9.6% | 11.4% | +8.3% | +3% / +45% |
| ESEversource Energy | 26.5 bn | 18.2 | 9.1% | 10.4% | +13.8% | +5% / +19% |
| EIXEdison International | 23.7 bn | 6.5 | 20.8% | 19.6% | +9.8% | +4% / −8% |
| NRGNRG Energy, Inc | 17.5 bn | 21.6 | 23.8% | 2.6% | +9.2% | −51% / +74% |
| TLNTalen Energy Corporation | 14.2 bn | — | -16.7% | -6.4% | +22.0% | −17% / +470% |
| PNWPinnacle West Capital Corporation | 12.8 bn | 19.8 | 9.1% | 11.7% | +4.2% | +16% / +41% |
| ENLTEnlight Renewable Energy Ltd. | 8.9 bn | 67.7 | 9.2% | 27.0% | +29.3% | +69% / +293% |
| IDAIDACORP, Inc. | 8.7 bn | 23.2 | 9.9% | 20.5% | −1.2% | +12% / +53% |
| BEPBrookfield Renewable Partners L.P. | 8.5 bn | — | -1.9% | -1.1% | +9.0% | +8% / +25% |
| CWENClearway Energy, Inc. | 7.3 bn | 72.6 | 1.8% | 6.4% | +4.2% | −2% / +43% |
| TXNMTXNM Energy, Inc. | 6.5 bn | 41.1 | 5.5% | 7.5% | +9.9% | +0% / +41% |
| BKHBlack Hills Corporation | 6.4 bn | 21.3 | 7.9% | 13.0% | +8.6% | +14% / +63% |
| PORPortland General Electric Company | 5.5 bn | 19.7 | 6.6% | 7.7% | +4.0% | −9% / +12% |
| OKLOOklo Inc. | 4.1 bn | — | -7.7% | — | unavailable | −76% / +114% |
| OTTROtter Tail Corporation | 3.5 bn | 20.0 | 9.4% | 13.6% | −2.3% | +2% / +10% |
1- and 3-year price returns: for DTB from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 8-K (05 Nov 2026 · results).
In brief
DTE Energy is a diversified energy company that distributes electricity and natural gas in Michigan and runs non-utility segments across the United States. Its plans for grid investment and the shift from coal to clean sources make it relevant as data center demand and extreme weather add pressure on the grid 12. The company reported operating revenues of about 15.8 billion USD in 2025 1.
SWOT
Strengths
- The regulated utility base provides predictable revenue and a solid position in Michigan. The company points to a constructive relationship with regulators and a balance sheet it monitors closely. Planned investments are large and could support profit growth.
- Combining utilities with non-utility segments offers diversification of revenue and geography. A disciplined growth strategy helps direct capital toward projects with controlled risk.
- Experience in shifting from coal to clean sources and managing an aging grid may be an operational advantage.
Weaknesses
- Profitability depends heavily on regulatory decisions about rates and cost recovery. Lags between incurring costs and recovering them through rates can strain cash flow.
- The company operates many older facilities and needs large maintenance investments, which raises exposure to failures and unplanned expenses.
- The Corporate and Other segment posted growing losses in recent years, which can weigh on consolidated results.
Opportunities
- Demand from data centers and electric vehicles could create opportunities for additional grid and generation investment.
- Investments in carbon capture and sequestration, hydrogen and long-duration storage could open new long-term business lines.
- Tax credits for renewable and nuclear generation could reduce the cost of assets and the impact on customer rates.
Threats
- Environmental rules and legislative changes may impose extra costs or early retirement of certain plants.
- Extreme weather can cause damage to the grid, uninsured expenses and political pressure on customers.
- If retail access expands, customers could migrate to alternative suppliers, reducing the revenue base.
Risks
- Regulatory decisions and cost recoveryhigh
Rates are set by the MPSC and FERC, and regulators may refuse recovery of costs they consider ineligible 1. This uncertainty could affect investment plans.
- Environmental and climate regulationhigh
Compliance with environmental law can be costly, and emission reduction goals could require retiring certain plants 1. Actual costs could vary substantially.
- Nuclear plant exposuremedium
Operating a nuclear plant brings security, regulatory and decommissioning funding risks, and insurance could prove insufficient 1.
- Energy and commodity price volatilitymedium
The company depends on gas, coal and uranium, and price swings or supply disruptions can affect results 1.
- Weather and infrastructure failuresmedium
Storms, floods and unplanned outages can create large expenses and damage the company's reputation 1.
Investment thesis
What would need to be true (bull case)
- A large grid and clean generation investment plan could support long-term growth of the regulated base, if cost recovery through rates stays favorable 2.
- Growing demand from data centers and electrification could generate additional utility revenue 2.
- Diversification into non-utility segments could reduce dependence on a single regulatory framework 1.
What would break the thesis
- If regulators limit cost recovery or refuse higher rates, planned investments could become harder to justify financially 1.
- Ambitious decarbonization goals could bring higher compliance costs than currently anticipated 1.
- Lower profit in the first half of 2026 compared with the prior year shows that results can fluctuate significantly between periods 2.
What to watch
- Update of the Integrated Resource Plan and the impact of Michigan legislation on generation investmentQ3 2026
- MPSC decisions in rate cases and recovery of grid costs2026
- Progress on retiring the Belle River and Monroe coal units2028
- Performance of the DTE Vantage segment and its renewable energy investmentsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 8-K (05 Nov 2026 · results).
The business
DTE Energy is the parent of DTE Electric and DTE Gas, regulated utilities that provide electricity and natural gas sales, distribution and storage across Michigan 1. Besides its utilities, the group operates two non-utility segments with activities throughout the United States, of which DTE Vantage is the main growth vehicle 1. The stated strategy aims at long-term earnings per share growth with a strong balance sheet and an attractive dividend 2.
Segments
Electric (DTE Electric)
The Electric segment, consisting mainly of DTE Electric, recorded utility operating revenues of 6,885 million USD in 2025 1. The company has retired all eleven coal-fired units at Trenton Channel, River Rouge and St. Clair, and the remaining units are to be retired in stages through 2032 2. DTE Electric's capital investments for 2026-2030 are estimated at 30 billion USD 2.
Gas (DTE Gas)
DTE Gas distributes natural gas to approximately 1.4 million customers in Michigan 3. Estimated investments for 2026-2030 total 4.5 billion USD, a large part of which goes to the gas renewal program 2. In the first six months of 2026, DTE Gas reported net income of 205 million USD 3.
DTE Vantage
DTE Vantage concentrates non-utility investment in custom energy solutions, renewable energy and carbon capture and sequestration 2. The company says these investments are disciplined and target markets with attractive competitive dynamics 1. Results in this segment have fluctuated, with lower profit in the first half of 2026 than a year earlier 2.
Market context
The company's core market is Michigan, where electricity rates are set by the MPSC and gas rates by the MPSC and FERC 1. A hybrid regime lets alternative suppliers charge market-based prices, although customer migration is capped by law 1. Rising demand from data centers and electric vehicles is a source of growth for grid investment 2.
Trends
- Energy transition and carbon targetsmixed
Michigan legislation requires a 100% clean energy portfolio by 2040 and 50% renewable energy by 2030 1. These requirements could generate additional investment in renewables, storage and gas, which could support the capital base growth 1. Compliance costs may however affect the affordability of rates for customers 1.
- Rising demand and grid needstailwind
Stronger windstorms, electric vehicle adoption and future data center load call for substantial grid investment 2. If these investments are recovered through rates, they could support regulated profit growth 2. Extreme weather may however raise unplanned repair costs 1.
- Environmental policy and regulationheadwind
Compliance costs under environmental regulation can raise capital spending and affect rate affordability 1. Uncertainty about future rules makes long-term generation planning difficult 1. Changes in fuel standards may also affect non-utility renewable gas investments 1.
- Fuel costs and commodity price volatilityheadwind
The company depends on natural gas, coal and uranium for generation, and price swings can affect rates and non-utility results 1. Recovery mechanisms and hedging may mitigate but not eliminate this impact 1. Rising prices could also weigh on the competitiveness of industrial customers 1.
Competitive position
Michigan utilities operate in a regulated framework where direct competition for core customers is limited but not absent. Alternative electricity suppliers compete with DTE Electric for eligible customers at market prices, within the legal migration cap 1. The non-utility segments compete in US energy markets with other renewable and energy solutions developers 1.
- Alternative electricity suppliers in Michigan
Operate under retail access and compete with DTE Electric for customers choosing market-based prices, within the legal cap.
- Other renewable energy and energy solutions developers
Compete with DTE Vantage in US non-utility markets where the company invests in custom energy projects.
- Natural gas suppliers in Michigan
May compete for eligible customers under the Customer Choice program, according to the sources.
- Natural gas and storage power plant operators
Relevant to replacing coal generation and to the storage projects the company is developing.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Is DTE Energy Stock Underperforming the Dow?Yahoo Finance — News · 16 Sept 2026 · EN
- LG Energy Solution secures $1.8 bil. ESS deal with DTE EnergyKorea Times — Business · 28 May 2026 · RO
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / DTE Energy Company · 17 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / DTE Energy Company · 28 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / DTE Energy Company · 31 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.