At a glance
DTE Energy Company is worth $28.27B, about 19 times its fiscal 2025 earnings. Revenue grew 26.9% to $15.81B in fiscal 2025, with 9.2% kept as profit; over 5 years it has grown 6.7% a year. It pays a 3.93% dividend yield, raised every year for at least 3 years, and returned $4.03B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +4.2% over the past year with dividends reinvested and +7.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 42.5% in the 2020 crash (S&P 500: 33.7%) and 24.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 24 months after the lows.
The business in plain English
DTE Energy is a Michigan holding company built around two regulated utilities. DTE Electric generates, buys and delivers electricity to about 2.3 million homes, businesses and factories in southeastern Michigan. DTE Gas buys, stores and delivers natural gas to about 1.4 million customers across Michigan. It also sells storage and transportation capacity.
The utilities earn money through rates set by regulators, mainly the Michigan Public Service Commission (MPSC). Those rates have historically been designed to cover costs plus an authorized return on money invested in plants, wires and pipes. As a result, profits tend to grow as the utilities invest more. DTE Electric's power comes from two coal plants, a natural gas plant, the Fermi 2 nuclear plant, a pumped-storage hydro plant, and wind and solar farms, plus power it buys. The Monroe coal plant alone supplied 36% of DTE Electric's 2025 plant output. Electric sales usually peak in the third quarter, when air conditioning runs.
In the fiscal year ended December 31, 2025, the Electric segment produced 43.9% of revenue, the energy marketing and trading arm 41%, Gas 13% and DTE Vantage 4.4%. DTE Vantage runs renewable natural gas and custom energy projects for industrial, commercial and institutional customers. Trading brings in a large share of revenue, but the regulated utilities are the company's main business.
Price history
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DTE +4.2% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Electric | $6.93B | 43.9% |
| Energy Trading segment | $6.48B | 41% |
| Gas segment | $2.05B | 13% |
| DTE Vantage | $696.0M | 4.4% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $3.37B, down 1.5% from a year earlier, and net income was $282.0M (+23.1%).
- For fiscal 2025, revenue was $15.81B (+26.9% year over year; +6.7% a year from FY2020 to FY2025) with a 9.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +6.7% good |
|---|---|
| Operating margin | 15% good |
| Return on equity (FY2025) | 11.9% watch |
| Return on assets (FY2025) | 2.7% weak |
| Net cash (cash minus debt) | $-24.47B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $11.42B | $1.37B | — |
| FY2021 | $14.96B | $907.0M | — |
| FY2022 | $19.23B | $1.08B | — |
| FY2023 | $12.74B | $1.40B | — |
| FY2024 | $12.46B | $1.40B | — |
| FY2025 | $15.81B | $1.46B | — |
Valuation snapshot
| Market value | $28.27B |
|---|---|
| P/E ratio | 19.3 |
| Dividend yield | 3.93% |
Rank among 1514 US companies
Market value at each year end
DTE Energy’s market value went from $14.98B at the end of 2016 to $28.27B on Nov 2, 2026, up 89%; since the end of 2025 it is up 6%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $28.27B | +5.5% |
| 2025 | $26.79B | +7.1% |
| 2024 | $25.01B | +10.0% |
| 2023 | $22.74B | -0.1% |
| 2022 | $22.77B | -1.7% |
| 2021 | $23.16B | +16.3% |
| 2020 | $19.92B | -1.3% |
| 2019 | $20.18B | +18.7% |
| 2018 | $17.01B | +2.2% |
| 2017 | $16.64B | +11.1% |
| 2016 | $14.98B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| DTE price data to Nov 2, 2026 | +8.5% | +4.2% | +15.2% | +7.3% | +9.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +8.5% |
| 2025 | +10.4% |
| 2024 | +13.5% |
| 2023 | -2.8% |
| 2022 | +1.3% |
| 2021 | +19.9% |
| 2020 | -2.9% |
| 2019 | +21.4% |
| 2018 | +4.2% |
| 2017 | +14.6% |
| 2016 | +26.9% |
| 2015 | -3.7% |
| 2014 | +34.8% |
| 2013 | +15.0% |
| 2012 | +14.9% |
| 2011 | +25.9% |
| 2010 | +8.9% |
| 2009 | +30.0% |
| 2008 | -15.1% |
| 2007 | -5.8% |
| 2006 | +16.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 50.2% over that stretch · deepest drop along the way 51.1%, back to its old high 12.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 42.1% over that stretch · deepest drop along the way 42.5%, back to its old high 7.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 11.7% over that stretch · deepest drop along the way 24.9%, back to its old high 23.6 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 2 sales ($822K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 1, 2026 | Trevor F Lauer Vice Chairman & Group Pres. | sell | $679K |
| May 14, 2026 | Lisa A. Muschong VP, Corp Sec & Chief of Staff | sell | $144K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 6.99% | Mar 31, 2026 |
| Capital Research Global Investors | 6.8% | Jun 30, 2025 |
| Vanguard Portfolio Management | 5.71% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.1% | Jun 30, 2025 |
| Capital World Investors | 4.9% | Jun 30, 2026 |
ETFs with the most weight in DTE
| NEWZ StockSnips AI-Powered Sentiment US All Cap ETF | 3.56% |
| PUI Invesco Dorsey Wright Utilities Momentum ETF | 3.53% |
| FPWR First Trust EIP Power Solutions ETF | 3.49% |
| RSPU Invesco S&P 500 Equal Weight Utilities ETF | 3.26% |
| XLU Utilities Select Sector SPDR Fund | 2.31% |
| FUTY Fidelity MSCI Utilities Index ETF | 2.12% |
| VPU Vanguard Utilities ETF | 2.08% |
| IDU iShares U.S. Utilities ETF | 2.01% |
What could go wrong
- Regulators decide what DTE can charge. The MPSC and federal regulators set DTE's electric and gas rates. They can delay cost recovery, refuse to let DTE charge for some spending, or grant smaller increases than requested. Any of these could hurt earnings and investment plans.
- Customers can switch to rival power suppliers. Michigan's retail access program lets customers buy electricity from alternative suppliers, with switching capped at 10%. Changes could widen switching, and DTE must serve customers who return, which may require extra generating capacity.
- Coal reliance meets tougher environmental rules. The Monroe coal plant supplied 36% of DTE Electric's 2025 plant output. Stricter air, water, waste or carbon rules could force costly controls or early closures, and recovering those costs through rates isn't guaranteed.
- Running a nuclear plant adds risk. DTE Electric runs the Fermi 2 nuclear plant under federal Nuclear Regulatory Commission oversight. Safety problems, long outages, new rules, or the cost of eventually shutting it down and cleaning up could all prove expensive.
- Non-utility businesses lack regulated rates. Energy Trading produced 41% of 2025 revenue and DTE Vantage 4.4%. Neither has regulated rates behind it, so energy price swings, trading losses or weak projects can hurt results.
- Heavy debt makes access to capital vital. As of June 30, 2026, DTE had about $27.6 billion of debt and $3.1 billion of cash and investments. A credit-rating cut or tighter lending markets would raise borrowing costs for its building plans.
Recent events
- Investor presentation or announcement
- Investor presentation or announcement
- Executive or board change
- Quarterly results released
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Other company announcement
- Investor presentation or announcement
- Investor presentation or announcement
- Shareholder vote results
For income and retirement investors
DTE's regular dividend rose three years in a row, from $3.61 per share in 2022 to $4.44 in 2025. Before that it fell from $4.12 in 2020, so growth over FY2020–FY2025 averaged only about 1.5% a year. Dividends paid equaled 59.6% of 2025 net income (the payout ratio). The yield was 4.05% as of October 28, 2026. Buybacks have been small: $121 million over FY2021–FY2025, versus $3.9 billion in dividends. The share count rose 7.4% from September 2021 to June 2026, so DTE issued more stock than it bought back.
The shares have fallen hard in downturns. DTE dropped about 51% from December 2007 to March 2009 and did not regain its peak until March 2010. It fell about 43% in the 2020 COVID crash and recovered by November 2020. It fell about 25% in 2022 and took until September 2024 to recover. Like any single stock, DTE carries more risk than a diversified fund.
Questions investors ask
How does DTE Energy make money?
Mainly by selling electricity and natural gas in Michigan at rates set by regulators. DTE Electric serves about 2.3 million customers in southeastern Michigan, and DTE Gas serves about 1.4 million across the state. Regulated rates have historically been designed to cover costs plus an authorized return on investment. Of its $15.8 billion in 2025 revenue, Electric produced 43.9%, Energy Trading 41%, Gas 13% and DTE Vantage 4.4%. DTE Vantage is its renewable natural gas and custom energy unit.
Does DTE Energy raise its dividend every year?
No. DTE's regular dividend per share rose three years in a row, from $3.61 in 2022 to $4.44 in 2025. Before that it fell, from $4.12 in 2020 to $3.88 in 2021 and $3.61 in 2022. As a result, growth over FY2020–FY2025 averaged only about 1.5% a year. Dividends paid equaled 59.6% of 2025 net income. The dividend yield was 4.05% as of October 28, 2026.
Does DTE Energy still use coal?
Yes. As of December 31, 2025, DTE Electric owned the Monroe coal plant and 81% of the Belle River coal plant. Monroe alone provided 36% of DTE Electric's 2025 power plant generation. The company also uses natural gas, the Fermi 2 nuclear plant, wind, solar and pumped-storage hydro. DTE aims to cut carbon emissions from 2005 levels by 65% in 2028, 85% in 2032 and 90% by 2040, and to reach net zero by 2050. Its 10-K warns it may not meet these goals.
How much debt does DTE Energy have?
A lot, which is typical for a utility that builds power plants and lines. As of June 30, 2026, DTE had about $27.6 billion of total debt and $3.1 billion of cash and investments. That compares with shareholders' equity (the owners' stake on the books) of about $12.1 billion and total assets of $56.2 billion. Its 10-K lists access to capital markets and its credit ratings as risks. A downgrade or tight credit could raise borrowing costs.
How did DTE Energy stock hold up in past market crashes?
It fell sharply each time but recovered in all three cases. DTE's share price dropped about 51% from December 2007 to March 2009 and regained its peak by March 2010. In the 2020 COVID crash it fell about 43% and recovered by November 2020. In 2022 it fell about 25% between April and October and took until September 2024 to recover. In the year to October 28, 2026, its largest drop was about 21%.