Xcel Energy Inc. (XEL)
NEUTRALファンダメンタル
50
株価
$77.44
時価総額
$48.30B
パート1 · 企業の価値
概要
Xcel Energy is a regulated utility that generates, transmits and distributes electricity and natural gas through four operating companies — NSP-Minnesota, NSP-Wisconsin, PSCo and SPS — serving about 3.9 million electric and 2.2 million natural gas customers across the Upper Midwest, Colorado and the Texas Panhandle. Like other regulated utilities, it earns a return set by state regulators on the capital it invests in power plants, pipelines and grid infrastructure, rather than competing for customers on price.
収益の仕組み
Xcel's revenue comes overwhelmingly from selling regulated electricity, with a smaller natural gas distribution business alongside it. State commissions set the rates it can charge based on its approved operating costs plus a permitted return on invested capital, so growth depends less on selling more power to existing customers and more on winning approval to invest in new generation, grid upgrades and the capacity needed to serve new large industrial and data-center customers.
セグメント別売上高
Generation, transmission and distribution of electricity to residential, commercial and industrial customers across eight states.
Distribution of natural gas for heating and other uses, alongside the electric business in most of the same service territories.
競争優位性(moat)
規模の経済 · 広いXcel owns the power plants, pipelines and wires serving its territories, and state regulators do not let competitors build duplicate infrastructure. A new entrant would need to replicate an entire regional grid to compete for the same customers, which regulators have no reason to approve — the kind of legal and physical barrier that makes regulated utilities durable monopolies within their footprint.
需要を左右する要因
ディフェンシブDemand for electricity and heating changes little with the economic cycle, since households and businesses keep consuming both in a downturn. Weather is the biggest short-term swing factor — a mild winter reduces gas demand, a mild summer reduces electric demand — while long-term growth increasingly comes from data centers and electrification of transport and heating.
主なリスク
- Wildfire litigation and liability — Xcel has recognized roughly $500 million in losses tied to the 2024 Smokehouse Creek Fire Complex in Texas and faces a state lawsuit alleging negligence, on top of a largely settled $640 million Marshall Fire liability in Colorado.
- Regulatory cost recovery risk — Rate increases and cost recovery for grid investment require approval from multiple state commissions, which can reduce, delay or deny what Xcel requests.
- Extreme weather and infrastructure damage — Severe storms, wildfires and extreme temperatures can damage generation, transmission and distribution assets across Xcel's territories, raising repair costs and outage-related liability.
- Capital-intensive grid transition — Meeting demand growth and clean energy targets requires large, sustained capital spending; regulators disallowing part of that spending would hurt returns on investments already made.
強気材料
Buyers argue that data center and electrification demand growth gives Xcel one of the strongest rate-base growth outlooks among regulated utilities, and that its regulated, largely weather-insensitive-to-the-economy revenue offers predictable earnings even through a downturn.
弱気材料
Sellers worry that wildfire litigation costs in Texas and Colorado could keep recurring as climate risk grows, and that regulators may not fully approve the scale of capital spending Xcel needs to fund both grid reliability and growth.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
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貸借対照表と流動性
売上高
$14.50B
2025/12/31に終了した会計年度
純利益
$2.02B
2025/12/31に終了した会計年度
フリーキャッシュフロー
$-6.83B
自己資本合計
$23.61B
負債合計
$57.76B
流動比率
0.70
利払い倍率
1.70
負債/EBITDA
7.26
一株当たり利益(EPS)
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$74.95
現在株価
$77.44
安全マージン
-3.3%
適正価値レンジ
$59.57 - $90.34
推定方法
バリュエーション指標
P/E レシオ
21.19
ROE
8.5%
P/B レシオ
2.01
P/FCF
-
粗利益率
-
ROIC
2.8%
収益性レーダー
Value Creation (Economic Moat)
ROIC
2.8%
WACC
5.7%
ROIC − WACC
-2.9 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
ファンダメンタル分析基準
合格(13)
- EPS shows upward trend
- EPS CAGR 5.30%
- Price CAGR 6.49%
- P/B Ratio 2.01
- Debt/Equity ratio
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- ROE 9.6%
- Revenue Growth 5Y 5.0%
- Analyst Consensus 92% Buy
- Earnings Quality (OCF/NI) 2.14
- Piotroski F-Score 5/9
不合格(9)
- ROIC 2.8%
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- Price below Graham Number
- DCF valuation (Overvalued)
- Earnings Surprise avg 2.1%
- PEG Ratio 5.25
- Share Dilution 4.8%
データなし(6)
- Gross Margin NaN%
- P/FCF NaN
- Dividend Payout NaN%
- Operating Margin NaN%
- CapEx intensity
- Net Margin Trend (invalid data)
Piotroski F-スコア
まちまちのシグナル:一部の領域に注意が必要
利益の質
高品質:利益はキャッシュに裏付けられている
株式希薄化
新株を発行しており、所有権を希薄化している
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Robert C. Frenzel | President, CEO & Chairman | 54 |
| Mr. Brian J. Van Abel | Executive VP & CFO | 43 |
| Mr. Ryan Long | Executive VP, Chief Legal & Compliance Officer & General Counsel | 40 |
| Ms. Amanda J. Rome | Executive VP, Group President of Utilities & Chief Customer Officer | 44 |
| Mr. Michael Lamb | Executive VP & Chief Delivery Officer | 60 |
| Ms. Melissa L. Ostrom | Senior VP, Controller & Principal Accounting Officer | - |
| Mr. Rob Cain | Senior VP & CTO | - |
| Mr. Roopesh Aggarwal | VP of Finance & Head of Investor Relations | - |
| Mr. Rob Clark | Senior VP, Chief Communications Officer & Chief of Staff | - |
| Ms. Patricia Correa | Senior VP of Human Resources & Employee Services and Chief Human Resources Officer | 51 |
監査リスク
8
取締役会リスク
6
報酬リスク
4
株主権利リスク
1
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for XEL, sourced from Markets Gazette.