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Xcel Energy Inc. (XEL)

NEUTRAL
UtilitiesUtilities - Regulated ElectricUnited States

基本面

51

价格

$77.19

市值

$48.30B

第一部分 · 这家公司值多少

概览

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.

盈利方式

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.

分部营收

Regulated Electric Utility82.9%

Generation, transmission and distribution of electricity to residential, commercial and industrial customers across eight states.

Regulated Natural Gas Utility17.1%

Distribution of natural gas for heating and other uses, alongside the electric business in most of the same service territories.

护城河

规模效应 · 宽阔

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.

需求驱动因素

防御型

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.

主要风险

  • 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.

看多理由

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.

看空理由

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

No editorial profile for this company yet

No competitor list for this company yet.

资产负债表与流动性

营收

$14.50B

截至2025/12/31的财政年度

净利润

$2.02B

截至2025/12/31的财政年度

自由现金流

$-6.83B

股东权益合计

$23.61B

负债合计

$57.76B

流动比率

0.70

利息覆盖率

1.70

债务/EBITDA

7.26

每股收益

营收与净利润

自由现金流

收入构成

历史财务表

利润率变化

债务变化

债务负担有多重

增长一览表

增长 — 营业收入

公允价值估算

Regulated utility合理估值

公允价值

$67.20

当前价格

$77.19

安全边际

-14.9%

公允价值区间

$49.14 - $85.25

估算方法

Analyst price target:$91.76
Discounted cash flow (DCF):$79.18
Earnings multiple (P/E):$65.56
Graham growth formula:Not applicable to this type of company
Earnings power value (EPV):$43.93
Justified P/B:Not applicable to this type of company
Dividend discount (Gordon):$49.41
P/FFO, funds from operations:Not applicable to this type of company
Mid-cycle earnings:Not applicable to this type of company
Revenue multiple:Not applicable to this type of company
分析师共识:强力买入 (22B / 2H / 0S)
最近财报超预期:+17.84%

估值指标

市盈率(P/E)

21.15

ROE

8.5%

市净率(P/B)

2.00

P/FCF

-

毛利率

-

ROIC

2.8%

盈利能力雷达图

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.

基本面分析标准

通过(13)

  • EPS shows upward trend
  • EPS CAGR 5.30%
  • Price CAGR 6.49%
  • P/B Ratio 2.00
  • 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

未通过(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%

不可用(6)

  • Gross Margin NaN%
  • P/FCF NaN
  • Dividend Payout NaN%
  • Operating Margin NaN%
  • CapEx intensity
  • Net Margin Trend (invalid data)

Piotroski F-评分

5/9

信号混杂:部分领域需关注

score
criteria

盈利质量

2.14

高质量:盈利有现金流支撑

股权稀释

4.8%

正在发行新股,稀释所有权

公司治理

管理团队

姓名职位年龄
Mr. Robert C. FrenzelPresident, CEO & Chairman54
Mr. Brian J. Van AbelExecutive VP & CFO43
Mr. Ryan LongExecutive VP, Chief Legal & Compliance Officer & General Counsel40
Ms. Amanda J. RomeExecutive VP, Group President of Utilities & Chief Customer Officer44
Mr. Michael LambExecutive VP & Chief Delivery Officer60
Ms. Melissa L. OstromSenior VP, Controller & Principal Accounting Officer-
Mr. Rob CainSenior VP & CTO-
Mr. Roopesh AggarwalVP of Finance & Head of Investor Relations-
Mr. Rob ClarkSenior VP, Chief Communications Officer & Chief of Staff-
Ms. Patricia CorreaSenior VP of Human Resources & Employee Services and Chief Human Resources Officer51

审计风险

8

董事会风险

6

薪酬风险

4

股东权利风险

1

第二部分 · 价格与买入时机

这一部分不判断公司是否值得拥有:它帮助你在基本面说服你之后,选择何时买入。包含:技术分析、潜力、历史回撤、Gamma 敞口。

Latest News

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