Utilities · Electric Utilities · US stock · price as of 16 Oct 2026
Key indicators
Price
$121.47
52-week range
$110.99 – $132.18
Market cap
$94.6B
P/E (trailing)
18.4×
EV / EBITDA
10.8×
Free-cash-flow yield
−3.5%
Dividend yield
3.5%
Revenue (last 12 months)
$32.5B
Revenue growth (3y a year)
3.4%
Operating margin
27.7%
Return on invested capital
5.5%
Net debt / EBITDA
5.2×
Fair value
Blended fair value$129.82 range $120 – $152
Versus priceFair+7% to fair value
Peer multiples
$143.06
Fundamentals-adjusted multiple
$144.51
10-year DCF (market-scaled)
$101.88
Earnings power value (floor, not blended)
$26.63
Model uncertainty
Medium
X-Ray Score
60/ 100 · Medium confidence · ahead of 74% of sector peers
Valuation67
Growth62
Profitability65
Financial health48
Dividends52
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Duke Energy is a large regulated utility holding company that provides electricity and natural gas service to customers in several states in the Carolinas, Florida, the Midwest and nearby areas. It generates power from nuclear, natural gas, coal, hydro and renewable sources, then delivers it through its own grid. Revenue is determined mainly by rates approved by state regulators that allow cost recovery and an authorized return.
Over the last twelve months Duke Energy CORP reported revenue of $32.5 billion, which expanded at 3.4% a year across three years. Its operating margin is 27.7% and its return on invested capital is 5%. Leverage, measured as net debt to EBITDA, is 5.2 times. A dividend is paid, with a yield of 3.5%.
StocksXray gives Duke Energy CORP an X-Ray Score of 60 out of 100 (medium confidence), ahead of 74% of the S&P 500 stocks in its sector. Its strongest lens is valuation (67) and its weakest is financial health (48).
Our fair value blend is $129.82 (range $119.94 to $151.91). At $121.47 the stock trades 6% below that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Duke Energy CORP (DUK)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$87.36
$89.13
$87.68
$101.33
$114.22
$121.47
Market cap
$67.2B
$68.6B
$67.6B
$78.2B
$88.7B
$94.6B
P/E
17.7×
28.1×
24.8×
17.7×
18.1×
18.4×
EV / revenue
5.5×
5.0×
5.2×
5.4×
5.7×
5.7×
EV / EBITDA
12.2×
12.2×
11.2×
11.4×
11.0×
10.9×
Price / free cash flow
–
–
–
1,629.7×
–
–
Free-cash-flow yield
−2.1%
−7.9%
−4.0%
0.1%
−1.9%
−3.5%
Price / book
1.4×
1.4×
1.4×
1.6×
1.7×
1.7×
Dividend yield
4.46%
4.47%
4.63%
4.09%
3.69%
3.52%
Fundamentals checklist ● 5 Good · ● 8 Average · ● 1 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−3.3%Average
Free-cash-flow yield−3.5%Average
Risk models
Altman Z score0.6×Bad
Piotroski F-Score6 of 9Average
Growth
EPS growth (3y)25.8%Good
Revenue growth (3y)3.4%Average
Growth consistency90%Good
Balance sheet
Current ratio0.7×Average
Net debt / EBITDA5.2×Good
Interest cover2.4×Average
Valuation
Fair value vs price1.1×Average
EBIT / EV yield4.9%Good
Profitability
Return on invested capital5.5%Average
Operating margin27.7%Good
XStocksXray
Duke Energy CORP (DUK)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
24,486
28,675
28,674
30,050
31,741
32,518
Gross profit
–
–
–
–
–
–
Operating income
5,500
6,012
7,070
7,926
8,626
9,008
Net income
3,908
2,550
2,841
4,524
4,968
5,139
Diluted EPS ($)
4.94
3.17
3.54
5.71
6.31
6.61
Free cash flow
-1,425
-5,440
-2,726
48
-1,694
-3,299
Gross margin
–
–
–
–
–
–
Operating margin
22.5%
21.0%
24.7%
26.4%
27.2%
27.7%
Net margin
16.0%
8.9%
9.9%
15.1%
15.7%
15.8%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
169,587
178,086
176,893
186,343
195,736
198,048
Cash
341
409
253
314
245
2,140
Total debt
67,139
73,703
79,540
84,273
89,836
90,245
Equity
49,296
49,322
49,112
50,127
51,842
54,457
Dividend per share ($)
3.90
3.98
4.06
4.14
4.22
4.24
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.