NYSE · Utilities

Duke Energy Corporation

DUK · Utilities - Regulated Electric

$127.43

▼ -1.17 (-0.91%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Duke Energy Corporation at $127.43.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 51.2%

Operating Margin 26.6%

Net Income Margin 15.4%

Fin. Health F

Years to Pay Off Debt 18.3 yrs

Working Capital vs Long-Term Debt -$89.5B

Working Capital -$9.4B

Valuation F

Margin of Safety 0.0%

Price-to-Book 1.95x

Cash Flow F

Free Cash Flow -$1.7B

CapEx % of Net Income 282.3%

Owner Earnings $26.7B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $99.2B

Enterprise Value $193.0B

P/E (TTM) 20.19

Dividend Yield 3.28%

Exchange NYSE

Key Margins

Gross Profit 51.2%

Operating Margin 26.6%

Net Margin 15.4%

Company Info

Sector Utilities

Industry Utilities - Regulated Electric

Employees 26441

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Duke Energy Corporation at $127.43.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $127.43, the stock trades at a 32% premium to its Graham Number of $96.33. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Duke Energy Corporation

Duke Energy Corporation, through its subsidiaries, operates as an energy company in the United States. The company operates through two segments: Electric Utilities and Infrastructure (EU&I); and Gas Utilities and Infrastructure (GU&I). The EU&I segment generates, transmits, distributes, and sells electricity to customers in the Southeast and Midwest regions. It generates electricity through coal, hydroelectric, natural gas, oil, renewables, and nuclear fuel. This segment also engages in the wholesale of electricity to municipalities, electric cooperative utilities, and other load-serving entities. The GU&I segment distributes natural gas to customers in the residential, commercial, industrial, and power generation natural gas sectors; and invests in pipeline transmission projects, renewable natural gas projects, and natural gas storage facilities. The company was formerly known as Duke Energy Holding Corp. and changed its name to Duke Energy Corporation in April 2006. Duke Energy Corporation was founded in 1904 and is headquartered in Charlotte, North Carolina.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022
Gross Profit %	51.2% ▲	50.1%	47.3%	45.1%
Operating Margin %	26.6% ▲	26.1%	24.4%	22.3%
Net Income %	15.4% ▲	14.9%	9.8%	8.9%
Diluted EPS	6.31 ▲	5.71	3.54	3.33

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$195.7B	$186.3B	$176.9B	$178.1B	N/A
Total Debt	$90.9B ↑	$85.2B	$80.5B	$74.6B	N/A
Working Capital	-$9.4B ▼	-$6.4B	-$4.5B	-$5.7B	N/A
Years to Pay Debt	18.29	18.84	28.32	29.25	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	-$1.7B ▼	$48M	-$2.7B	-$5.4B	N/A
Owner Earnings	$26.7B	$23.2B	$21.5B	$19.8B	N/A
CapEx % of Net Income	282.3%	271.4%	443.6%	445.8%	N/A

Income Statement

	2025	2024	2023	2022
Tax Effect Of Unusual Items	42,373	25,104	15,160	-15,817
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	16,673,000	14,776,000	13,700,000	12,575,000
Total Unusual Items	377,000	221,000	165,000	-215,000
Total Unusual Items Excluding Goodwill	377,000	221,000	165,000	-215,000
Net Income From Continuing Operation Net Minority Interest	4,967,000	4,514,000	4,296,000	3,873,000
Reconciled Depreciation	7,704,000	6,419,000	6,084,000	5,843,000
Reconciled Cost Of Revenue	14,359,000	14,534,000	14,473,000	15,035,000
EBITDA	17,050,000	14,997,000	13,865,000	12,360,000
EBIT	9,346,000	8,578,000	7,781,000	6,517,000
Net Interest Income	-3,583,000	-3,321,000	-2,985,000	-2,412,000
Interest Expense	3,634,000	3,384,000	3,014,000	2,439,000
Interest Income	51,000	63,000	29,000	27,000
Normalized Income	4,632,373	4,318,104	4,146,160	4,072,183
Net Income From Continuing And Discontinued Operation	4,968,000	4,524,000	2,841,000	2,550,000
Total Expenses	23,660,000	22,419,000	21,957,000	22,344,000
Total Operating Income As Reported	8,626,000	7,926,000	7,070,000	6,012,000
Diluted Average Shares	777,000	772,000	771,000	770,000
Basic Average Shares	777,000	772,000	771,000	770,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	4,912,000	4,402,000	2,735,000	2,444,000
Net Income Common Stockholders	4,912,000	4,402,000	2,735,000	2,444,000
Otherunder Preferred Stock Dividend	0	16,000	0	0
Preferred Stock Dividends	56,000	106,000	106,000	106,000
Net Income	4,968,000	4,524,000	2,841,000	2,550,000
Minority Interests	-103,000	-90,000	-33,000	95,000
Net Income Including Noncontrolling Interests	5,071,000	4,614,000	2,874,000	2,455,000
Net Income Discontinuous Operations	1,000	10,000	-1,455,000	-1,323,000
Net Income Continuous Operations	5,070,000	4,604,000	4,329,000	3,778,000
Tax Provision	642,000	590,000	438,000	300,000
Pretax Income	5,712,000	5,194,000	4,767,000	4,078,000
Other Income Expense	718,000	577,000	649,000	66,000
Other Non Operating Income Expenses	290,000	365,000	371,000	168,000
Special Income Charges	377,000	221,000	165,000	-215,000
Gain On Sale Of Ppe	45,000	26,000	52,000	22,000
Other Special Charges	-328,000	-233,000	-198,000	-197,000
Write Off	-4,000	38,000	85,000	434,000
Earnings From Equity Interest	51,000	-9,000	113,000	113,000
Net Non Operating Interest Income Expense	-3,583,000	-3,321,000	-2,985,000	-2,412,000
Interest Expense Non Operating	3,634,000	3,384,000	3,014,000	2,439,000
Interest Income Non Operating	51,000	63,000	29,000	27,000
Operating Income	8,577,000	7,938,000	7,103,000	6,424,000
Operating Expense	7,921,000	7,259,000	6,653,000	6,552,000
Other Taxes	1,597,000	1,466,000	1,400,000	1,466,000
Depreciation Amortization Depletion Income Statement	6,324,000	5,793,000	5,253,000	5,086,000
Depreciation And Amortization In Income Statement	6,324,000	5,793,000	5,253,000	5,086,000
Gross Profit	16,498,000	15,197,000	13,756,000	12,976,000
Cost Of Revenue	15,739,000	15,160,000	15,304,000	15,792,000
Total Revenue	32,237,000	30,357,000	29,060,000	28,768,000
Operating Revenue	32,237,000	30,357,000	29,060,000	28,768,000

Balance Sheet

	2025	2024	2023	2022	2021
Preferred Shares Number	40,000	40,000	40,000	40,000
Ordinary Shares Number	777,661	776,000	770,712	770,000
Share Issued	777,661	776,000	770,712	770,000
Net Debt	89,591,000	83,959,000	79,287,000	73,294,000
Total Debt	90,869,000	85,230,000	80,457,000	74,579,000
Tangible Book Value	31,859,000	30,144,000	27,846,000	28,057,000
Invested Capital	140,705,000	133,427,000	126,689,000	121,063,000
Working Capital	-9,434,000	-6,407,000	-4,514,000	-5,651,000
Net Tangible Assets	32,832,000	31,117,000	29,808,000	30,019,000
Capital Lease Obligations	1,033,000	957,000	917,000	876,000
Common Stock Equity	50,869,000	49,154,000	47,149,000	47,360,000
Preferred Stock Equity	973,000	973,000	1,962,000	1,962,000
Total Capitalization	131,950,000	126,467,000	121,563,000	115,195,000
Total Equity Gross Minority Interest	53,019,000	51,256,000	50,186,000	51,853,000
Minority Interest	1,177,000	1,129,000	1,075,000	2,531,000
Stockholders Equity	51,842,000	50,127,000	49,111,000	49,322,000
Gains Losses Not Affecting Retained Earnings	198,000	228,000	-6,000	-140,000
Other Equity Adjustments	198,000	228,000	-6,000	-140,000
Retained Earnings	5,056,000	3,431,000	2,235,000	2,637,000
Additional Paid In Capital	45,614,000	45,494,000	44,920,000	44,862,000
Capital Stock	974,000	974,000	1,962,000	1,963,000
Common Stock	1,000	1,000	0	1,000
Preferred Stock	973,000	973,000	1,962,000	1,962,000
Total Liabilities Net Minority Interest	142,717,000	135,087,000	126,707,000	126,233,000
Total Non Current Liabilities Net Minority Interest	121,670,000	115,730,000	109,424,000	107,360,000
Other Non Current Liabilities	1,889,000	1,551,000	1,394,000	1,502,000
Liabilities Heldfor Sale Non Current	170,000	271,000	157,000	1,927,000
Employee Benefits	396,000	434,000	485,000	832,000
Non Current Pension And Other Postretirement Benefit Plans	396,000	434,000	485,000	832,000
Tradeand Other Payables Non Current	969,000	894,000	864,000	849,000
Non Current Deferred Liabilities	12,377,000	11,424,000	10,556,000	9,964,000
Non Current Deferred Taxes Liabilities	12,377,000	11,424,000	10,556,000	9,964,000
Long Term Debt And Capital Lease Obligation	81,141,000	77,297,000	73,369,000	66,749,000
Long Term Capital Lease Obligation	1,033,000	957,000	917,000	876,000
Long Term Debt	80,108,000	76,340,000	72,452,000	65,873,000
Long Term Provisions	9,046,000	9,338,000	8,560,000	11,955,000
Current Liabilities	21,047,000	19,357,000	17,283,000	18,873,000
Other Current Liabilities	3,620,000	3,633,000	3,810,000	4,168,000
Current Debt And Capital Lease Obligation	9,728,000	7,933,000	7,088,000	7,830,000
Current Capital Lease Obligation				332,000	335,000
Current Debt	9,728,000	7,933,000	7,088,000	7,830,000
Other Current Borrowings				4,001,000	3,236,000
Current Notes Payable				3,952,000	3,304,000
Current Provisions	579,000	650,000	596,000	773,000
Payables And Accrued Expenses	7,120,000	7,141,000	5,789,000	6,102,000
Current Accrued Expenses	922,000	854,000	745,000	626,000
Interest Payable	922,000	854,000	745,000	626,000
Payables	6,198,000	6,287,000	5,044,000	5,476,000
Total Tax Payable	975,000	851,000	816,000	722,000
Accounts Payable	5,223,000	5,436,000	4,228,000	4,754,000
Total Assets	195,736,000	186,343,000	176,893,000	178,086,000
Total Non Current Assets	184,123,000	173,393,000	164,124,000	164,864,000
Other Non Current Assets	6,315,000	5,602,000	4,161,000	9,034,000
Investments And Advances	13,219,000	11,787,000	10,635,000	9,092,000
Other Investments				8,637,000	10,401,000
Investmentin Financial Assets	12,889,000	11,434,000	10,143,000	8,637,000
Available For Sale Securities	12,889,000	11,434,000	10,143,000	8,637,000
Long Term Equity Investment	330,000	353,000	492,000	455,000
Investmentsin Associatesat Cost				455,000	457,000
Goodwill And Other Intangible Assets	19,010,000	19,010,000	19,303,000	19,303,000
Goodwill	19,010,000	19,010,000	19,303,000	19,303,000
Net PPE	131,200,000	122,774,000	116,407,000	112,790,000
Accumulated Depreciation	-60,450,000	-57,111,000	-56,038,000	-52,100,000
Gross PPE	191,650,000	179,885,000	172,445,000	164,890,000
Construction In Progress	10,075,000	7,756,000	8,372,000	7,381,000
Other Properties	21,427,000	20,811,000	19,958,000	18,319,000
Current Assets	11,613,000	12,950,000	12,769,000	13,222,000
Other Current Assets	2,460,000	3,434,000	4,079,000	4,458,000
Assets Held For Sale Current	109,000	96,000	14,000	356,000
Inventory	4,569,000	4,496,000	4,292,000	3,584,000
Other Inventories	312,000	309,000	364,000	360,000
Receivables	4,230,000	4,610,000	4,131,000	4,415,000
Accounts Receivable	4,230,000	4,610,000	4,131,000	4,415,000
Allowance For Doubtful Accounts Receivable	-279,000	-207,000	-205,000	-216,000
Gross Accounts Receivable	4,509,000	4,817,000	4,336,000	4,631,000
Cash Cash Equivalents And Short Term Investments	245,000	314,000	253,000	409,000
Cash And Cash Equivalents	245,000	314,000	253,000	409,000
Cash Financial		314,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	-1,694,000	48,000	-2,726,000	-5,440,000
Repurchase Of Capital Stock	0	-1,000,000	0	0
Repayment Of Debt	-6,895,000	-4,841,000	-5,205,000	-4,683,000
Issuance Of Debt	12,015,000	9,513,000	10,638,000	12,735,000
Issuance Of Capital Stock	16,000	405,000	8,000	9,000
Capital Expenditure	-14,024,000	-12,280,000	-12,604,000	-11,367,000
Interest Paid Supplemental Data	3,590,000	3,284,000	2,883,000	2,361,000
Income Tax Paid Supplemental Data			1,000
End Cash Position	363,000	421,000	357,000	603,000
Beginning Cash Position	421,000	357,000	603,000	520,000
Changes In Cash	-58,000	64,000	-246,000	83,000
Financing Cash Flow	1,950,000	859,000	2,351,000	6,129,000
Cash Flow From Continuing Financing Activities	1,950,000	859,000	2,351,000	6,129,000
Net Other Financing Charges	114,000	-5,000	154,000	1,247,000
Cash Dividends Paid	-3,300,000	-3,213,000	-3,244,000	-3,179,000
Common Stock Dividend Paid	-3,300,000	-3,213,000	-3,244,000	-3,179,000
Net Preferred Stock Issuance	0	-1,000,000	0	0
Preferred Stock Payments	0	-1,000,000	0	0
Net Common Stock Issuance	16,000	405,000	8,000	9,000
Common Stock Issuance	16,000	405,000	8,000	9,000
Net Issuance Payments Of Debt	5,120,000	4,672,000	5,433,000	8,052,000
Net Short Term Debt Issuance	-1,119,000	-927,000	142,000	574,000
Short Term Debt Payments	-1,243,000	-1,484,000	-468,000	-287,000
Short Term Debt Issuance	124,000	557,000	610,000	861,000
Net Long Term Debt Issuance	6,239,000	5,599,000	5,291,000	7,478,000
Long Term Debt Payments	-5,652,000	-3,357,000	-4,737,000	-4,396,000
Long Term Debt Issuance	11,891,000	8,956,000	10,028,000	11,874,000
Investing Cash Flow	-14,338,000	-13,123,000	-12,475,000	-11,973,000
Cash Flow From Continuing Investing Activities	-14,338,000	-13,123,000	-12,475,000	-11,973,000
Net Other Investing Changes	-1,012,000	-960,000	-650,000	-644,000
Net Investment Purchase And Sale	117,000	100,000	63,000	90,000
Sale Of Investment	9,005,000	5,803,000	3,824,000	4,333,000
Purchase Of Investment	-8,888,000	-5,703,000	-3,761,000	-4,243,000
Net Business Purchase And Sale	581,000	17,000	716,000	-52,000
Sale Of Business	581,000	25,000	750,000	6,000
Purchase Of Business	0	-8,000	-34,000	-58,000
Capital Expenditure Reported	-14,024,000	-12,280,000	-12,604,000	-11,367,000
Operating Cash Flow	12,330,000	12,328,000	9,878,000	5,927,000
Cash Flow From Continuing Operating Activities	12,330,000	12,328,000	9,878,000	5,927,000
Change In Working Capital	-616,000	1,151,000	187,000	-3,248,000
Change In Other Working Capital		-103,000	-18,000	19,000	50,000
Change In Other Current Liabilities	587,000	413,000	495,000	257,000
Change In Other Current Assets	-259,000	-285,000	647,000	-3,075,000
Change In Payables And Accrued Expense	-694,000	1,361,000	-674,000	815,000
Change In Payable	-694,000	1,361,000	-674,000	815,000
Change In Account Payable	-821,000	1,329,000	-800,000	805,000
Change In Tax Payable	127,000	32,000	126,000	10,000
Change In Income Tax Payable	127,000	32,000	126,000	10,000
Change In Inventory	-63,000	-212,000	-706,000	-476,000
Change In Receivables	-187,000	-23,000	443,000	-788,000
Other Non Cash Items	-937,000	-878,000	-930,000	-839,000
Provisionand Write Offof Assets		-27,000	-63,000	-130,000	-70,000
Asset Impairment Charge	-4,000	38,000	85,000	434,000
Deferred Tax	1,204,000	987,000	3,000	-200,000
Deferred Income Tax	1,204,000	987,000	3,000	-200,000
Depreciation Amortization Depletion	7,704,000	6,419,000	6,084,000	5,843,000
Depreciation And Amortization	7,704,000	6,419,000	6,084,000	5,843,000
Depreciation	7,704,000	6,419,000	6,084,000	5,843,000
Operating Gains Losses	-92,000	-3,000	1,575,000	1,612,000
Earnings Losses From Equity Investments	-51,000	9,000	-98,000	-114,000
Gain Loss On Sale Of Business	4,000	14,000	1,725,000	1,748,000
Net Income From Continuing Operations	5,071,000	4,614,000	2,874,000	2,455,000

These metrics estimate what Duke Energy Corporation is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$96.33

Margin of Safety

Market Cap ÷ Company Value

2.49

P/B Ratio

1.95

Warren's Owner Earnings

$26.7B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$32.2B

vs > $1.5B revenue

❌ Strong Financial Condition

0.55x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

3.28%

vs Uninterrupted dividends

✅ Earnings Growth

+89.5% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

20.2x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

1.95x P/B (P/E×P/B: 39.4)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-168.47

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$122.46

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	282.3%	271.4%	443.6%	445.8%	N/A
Repurchase of Capital Stock	$0M	-$1.0B	$0M	$0M	N/A
Free Cash Flow	-$1.7B ▼	$48M ▲	-$2.7B ▲	-$5.4B •	N/A •
Warren's Owner Earnings	$26.7B	$23.2B	$21.5B	$19.8B	N/A

Peers & Industry

No auto-detected peers for Utilities - Regulated Electric. You can manually compare DUK against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.12%

Low — management has little skin in the game

Return on Equity (ROE)

9.8%

Adequate — returns are moderate

Return on Assets (ROA)

2.5%

Fair — average asset utilization

Debt Trend YoY

+6.6% YoY

Debt is roughly stable

Leadership Team

Harry Sideris

President, CEO & Director

Age 55

Pay: $3,501,416

0.070% of net income

Brian Savoy

Executive VP & CFO

Age 50

Pay: $1,852,498

0.037% of net income

Preston Gillespie Jr.

Executive Vice President of Nuclear Program Strategy

Age 62

Pay: $1,907,964

0.038% of net income

Kodwo Ghartey-Tagoe

Executive VP, CEO of Duke Energy Carolinas & Head of the Natural Gas Business Unit

Age 62

Pay: $2,074,220

0.042% of net income

Louis Renjel

Executive VP, CEO of Duke Energy Florida & Midwest and Chief Corporate Affairs Officer

Age 51

Pay: $1,488,725

0.030% of net income

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	10.06%	78,258,757
Blackrock Inc.	8.85%	68,890,640
State Street Corporation	5.65%	43,953,400
Geode Capital Management, LLC	2.48%	19,292,633
Massachusetts Financial Services Co.	2.06%	16,044,472
Wellington Management Group, LLP	1.62%	12,607,783
Morgan Stanley	1.59%	12,340,630
FMR, LLC	1.53%	11,902,255

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.40

Low volatility — more stable than the market

Short Interest

2.2% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

1.72x

Moderate leverage

Current Ratio