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DTW

DTE Energy Company JR SUB DB 2017 E

DTW

DTE Energy Company JR SUB DB 2017 E • NYSE
$21.30 ▼ -0.79% (-0.17)
Market Cap $3.82 B
52w High $23.48
52w Low $20.55
Dividend Yield 1.31%
P/E 3.5
Volume 19.03K
Outstanding Shares 179.39M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.527B ▲ $2.325B ▲ $2.01M ▼ 0.057% ▼ $0.01 ▼ $1.148B ▲
Q2-2025 $3.419B ▼ $577M ▼ $229M ▼ 6.698% ▼ $1.1 ▼ $970M ▼
Q1-2025 $4.44B ▲ $589M ▼ $445M ▲ 10.023% ▲ $2.14 ▲ $1.129B ▲
Q4-2024 $3.436B ▲ $596M ▲ $292M ▼ 8.498% ▼ $1.41 ▼ $1.014B ▼
Q3-2024 $2.906B $557M $477M 16.414% $2.29 $1.046B

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 $33M ▲ $49.555B ▲ $37.628B ▲ $11.921B ▲
Q4-2024 $24M ▼ $48.846B ▼ $37.142B ▼ $11.699B ▲
Q3-2024 $2.04B $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 $505M ▲ $633M ▼ $-1.662B ▼ $1.024B ▲ $-5M ▲ $-589M ▼
Q2-2025 $-6M ▼ $713M ▼ $-1.058B ▼ $339M ▲ $-6M ▼ $-258M ▼
Q1-2025 $445M ▲ $1.02B ▼ $-968M ▼ $-50M ▲ $2M ▲ $147M ▲
Q4-2024 $292M ▼ $1.084B ▲ $-238M ▲ $-1.781B ▼ $-935M ▼ $-163M ▲
Q3-2024 $477M $758M $-1.189B $1.367B $936M $-370M

Revenue by Products

Product Q2-2024Q3-2024Q1-2025Q2-2025
DTE Vantage
DTE Vantage
 $180.00M ▲$190.00M ▲$190.00M ▲$-10.00M ▼
Electric
Electric
 $1.62Bn ▲$1.70Bn ▲$1.46Bn ▼$-20.00M ▼
Energy Trading
Energy Trading
 $840.00M ▲$840.00M ▲$2.03Bn ▲$-40.00M ▼
Gas
Gas
 $290.00M ▲$230.00M ▼$690.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement DTE’s income statement shows a classic regulated utility profile: revenue can swing from year to year, but underlying profitability has been edging higher. Operating profit and earnings have generally strengthened over the period, suggesting decent cost control and solid performance from the core regulated business. There are some ups and downs that likely reflect one‑time items and changes in commodity markets, but overall earnings power looks more stable than the revenue line alone would suggest.

Balance Sheet

Balance Sheet The balance sheet is large and asset‑heavy, as you’d expect for a utility with big investments in power plants and the grid. Total assets have grown, funded by a mix of debt and equity, with leverage rising but still typical for the sector. Equity has been rebuilding after a dip a few years ago, indicating retained profits and possibly supportive financing decisions. Cash on hand is very small relative to the business size, but that is common for regulated utilities that rely on steady cash inflows and access to capital markets.

Cash Flow

Cash Flow Cash flow from day‑to‑day operations is solid and has improved versus the weaker year in the middle of the period. However, heavy spending on infrastructure and new projects means free cash flow has been negative for several years. This points to a company in an investment‑heavy phase, funding growth and modernization largely through borrowing and other external capital rather than surplus cash. For a regulated utility, this pattern is normal, but it does tie the story closely to ongoing access to financing and supportive regulatory treatment of those investments.

Competitive Edge

Competitive Edge DTE holds a strong position as a regulated electric and gas utility in Michigan, which gives it a relatively stable customer base and predictable returns approved by regulators. Its monopoly‑like service territories and long‑lived infrastructure form a meaningful moat that is hard for new competitors to replicate. On top of that, its non‑regulated businesses add diversification and some growth options outside the core utility. The flip side is that DTE is heavily exposed to regulatory decisions, political pressure over rates and reliability, and public scrutiny when outages or major storms occur.

Innovation and R&D

Innovation and R&D DTE is leaning into grid modernization and clean energy as its main innovation themes rather than traditional lab‑style R&D. Smart meters, automated switching equipment, and other digital tools aim to cut outages and improve reliability, which can strengthen both customer satisfaction and regulatory relationships. The company is also investing heavily in wind, solar, storage, and programs that let customers choose more green power or reduce demand at peak times. Work on electric vehicle charging and potential large data‑center loads suggests DTE is positioning itself for new demand patterns in a more electrified, digital economy, though this will require careful execution and spending discipline.

Summary

Overall, DTE looks like a classic, capital‑intensive regulated utility in the middle of a major upgrade and decarbonization cycle. Profitability has been gradually improving, supported by its regulated framework, while the balance sheet carries significant but sector‑typical leverage. Cash generation from operations is healthy, but heavy investment has kept free cash flow negative, tying the story to ongoing access to debt and equity markets. Strategically, DTE’s push into grid resilience, renewables, and customer‑centric programs supports its long‑term positioning but comes with execution and regulatory risks. For the DTW junior subordinated debentures specifically, the key underpinning is DTE Energy’s overall financial strength and the stability of its regulated utility cash flows, recognizing that this security sits below senior debt in the capital structure.