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DTB

DTE Energy Company 2020 Series

DTB

DTE Energy Company 2020 Series • NYSE
$17.75 ▲ 0.45% (+0.08)
Market Cap $3.69 B
52w High $20.27
52w Low $16.93
Dividend Yield 1.09%
P/E 0
Volume 14.15K
Outstanding Shares 207.68M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.527B ▲ $2.325B ▲ $418M ▲ 11.851% ▲ $2.02 ▲ $1.148B ▲
Q2-2025 $3.419B ▼ $577M ▼ $229M ▼ 6.698% ▼ $1.1 ▼ $893M ▼
Q1-2025 $4.44B ▲ $3.241B ▲ $445M ▲ 10.023% ▲ $2.15 ▲ $1.129B ▲
Q4-2024 $3.436B ▲ $596M ▲ $292M ▼ 8.498% ▼ $1.41 ▼ $884.25M ▼
Q3-2024 $2.906B $557M $477M 16.414% $2.29 $972M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $79M ▼ $52.028B ▲ $39.865B ▲ $12.158B ▲
Q2-2025 $84M ▼ $50.248B ▲ $38.521B ▲ $11.722B ▼
Q1-2025 $90M ▲ $49.555B ▲ $37.628B ▲ $11.921B ▲
Q4-2024 $88M ▼ $48.841B ▼ $37.142B ▼ $11.699B ▲
Q3-2024 $2.094B $49.806B $38.208B $11.592B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $418M ▲ $633M ▼ $-1.662B ▼ $1.024B ▲ $-5M ▲ $-589M ▼
Q2-2025 $228M ▼ $713M ▼ $-1.058B ▼ $339M ▲ $-6M ▼ $-258M ▼
Q1-2025 $445M ▲ $1.02B ▼ $-968M ▼ $-50M ▲ $2M ▲ $147M ▲
Q4-2024 $-40M ▼ $1.094B ▲ $-248M ▲ $-1.781B ▼ $-935M ▼ $-153M ▼
Q3-2024 $478M $739M $-1.17B $1.367B $936M $2.831B

Revenue by Products

Product Q4-2023Q2-2024Q3-2024Q2-2025
DTE Vantage
DTE Vantage
 $630.00M ▲$180.00M ▼$190.00M ▲$-10.00M ▼
Electric
Electric
 $4.44Bn ▲$1.62Bn ▼$1.70Bn ▲$-20.00M ▼
Energy Trading
Energy Trading
 $3.04Bn ▲$840.00M ▼$840.00M ▲$-40.00M ▼
Gas
Gas
 $1.04Bn ▲$290.00M ▼$230.00M ▼$0 ▼

Five-Year Company Overview

Income Statement

Income Statement DTB’s underlying company, DTE Energy, shows a business with fairly steady earnings despite some swings in reported revenue. Revenue jumped earlier in the period and then eased back, which likely reflects fuel and commodity price movements more than fundamental demand changes. Profitability has generally improved over time: operating profit and cash-like earnings have trended up, and net income has been stable in recent years. Margins look healthier now than a few years ago, suggesting better cost recovery and regulatory outcomes. Overall, the income statement points to a mature utility with solid, if unspectacular, earnings power and limited but steady growth.

Balance Sheet

Balance Sheet The balance sheet reflects a classic regulated utility profile: very large asset base, meaningful leverage, and modest equity growth. Assets have steadily increased, driven by heavy investment in grid and generation infrastructure. Debt has also climbed and now meaningfully exceeds equity, which is typical for this sector but does make the company more sensitive to interest rates and credit conditions. Equity has been rebuilding after an earlier dip, which shows gradual strengthening of the capital base. Cash on hand is very low, implying strong reliance on ongoing access to capital markets and bank lines to fund projects and manage working capital.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations is solid and generally covers interest and dividends, but not the full investment program. Free cash flow has been consistently negative because the company is spending heavily on capital projects like grid modernization and new renewable capacity. This pattern is normal for a regulated utility in a major buildout phase, but it means the company must keep raising external financing to bridge the gap. The key question is whether regulators continue to support timely recovery of these investments in customer rates. If that holds, the heavy spending today is aimed at supporting more reliable and cleaner earnings in the future.

Competitive Edge

Competitive Edge DTE holds a strong competitive position as a regulated electric and gas utility with a near‑monopoly in its Michigan service territories. Its customer base is large and stable, and the cost and complexity of building duplicate networks create very high barriers to entry. A generally constructive regulatory environment supports recovery of investments, although political and public scrutiny over reliability and rates is an ongoing risk. Large-scale infrastructure, a growing renewable portfolio, and non‑utility businesses in energy services and marketing provide additional resilience and diversification. Overall, the company’s moat is solid, but it must continually balance investment needs with customer affordability and regulatory approval.

Innovation and R&D

Innovation and R&D Innovation is focused less on traditional R&D and more on large-scale deployment of modern technologies across the grid and generation fleet. DTE is investing heavily in smart grid systems, automation, and advanced monitoring to cut outage frequency and duration, which directly addresses reliability concerns. The company is also rapidly expanding wind, solar, and energy storage, positioning itself as a key clean-energy provider in its region and targeting long‑term net‑zero goals. Customer-facing programs like voluntary green tariffs, energy-efficiency offerings, and digital tools help differentiate its service and strengthen regulatory goodwill. Execution risk is meaningful—projects must be delivered on time and on budget, and regulators must support cost recovery—but the innovation agenda aligns well with long-term industry trends.

Summary

DTB, tied to DTE Energy, is backed by a mature, capital‑intensive utility that combines stable earnings with an aggressive investment program. The income statement shows steady, improving profitability even as reported revenue moves around with energy prices. The balance sheet is highly leveraged but typical for a regulated utility, with growing assets and equity supported by predictable cash flows. Persistent negative free cash flow reflects substantial spending on grid upgrades and clean energy, which are central to the company’s strategy and regulatory commitments. Competitively, DTE benefits from its regulated monopoly status, sizable infrastructure, and diversification, while innovation efforts in smart grids and renewables aim to strengthen this position over time. Key uncertainties revolve around regulatory decisions, project execution, financing costs, and the pace at which the clean-energy transition can be translated into stable, long-term returns for capital providers.