NASDAQ · Utilities

Xcel Energy Inc.

XEL · Utilities - Regulated Electric

$81.09

▼ -1.49 (-1.8%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Xcel Energy Inc. at $81.09.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 47.2%

Operating Margin 19.6%

Net Income Margin 13.8%

Fin. Health F

Years to Pay Off Debt 17.2 yrs

Working Capital vs Long-Term Debt -$33.9B

Working Capital -$2.1B

Valuation F

Margin of Safety 0.0%

Price-to-Book 2.14x

Cash Flow F

Free Cash Flow -$6.8B

CapEx % of Net Income 540.5%

Owner Earnings $16.0B

3/7

Graham Score

Speculative

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 $50.6B

Enterprise Value $89.0B

P/E (TTM) 23.37

Dividend Yield 2.79%

Exchange NASDAQ

Key Margins

Gross Profit 47.2%

Operating Margin 19.6%

Net Margin 13.8%

Company Info

Sector Utilities

Industry Utilities - Regulated Electric

Employees 11534

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Xcel Energy Inc. at $81.09.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $81.09, the stock trades at a 50% premium to its Graham Number of $53.95. 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: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About Xcel Energy Inc.

Xcel Energy Inc., through its subsidiaries, operates as an electric and natural gas delivery company in the United States. It operates through Regulated Electric Utility and Regulated Natural Gas Utility segments. The company generates, purchases, transmits, distributes, and sells electricity through its energy portfolio, including wind, nuclear, hydroelectric, biomass, and solar power from both owned generation facilities and PPAs, as well as its fossil fuel energy portfolio, such as coal and natural gas; sale and resale of wholesale transmission service; and engages in wholesale commodity and trading operations. It also purchases, transports, stores, distributes, and sells natural gas; develops and leases natural gas pipelines and storage facilities; operates interstate natural gas pipeline; and invests in rental housing projects, energy technology companies, and community solar garden nonregulated assets. It serves electric and natural gas customers in portions of Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas, and Wisconsin. The company was formerly known as Northern States Power company. Xcel Energy Inc. was incorporated in 1909 and is headquartered in Minneapolis, Minnesota.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	47.2% ▲	45.7%	42.1%	38.3%	N/A
Operating Margin %	19.6% ▲	17.8%	18.2%	15.9%	N/A
Net Income %	13.8% ▼	14.4%	12.5%	11.3%	N/A
Diluted EPS	3.42 ▼	3.44	3.21	3.17	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$81.4B	$70.0B	$64.1B	$61.2B	N/A
Total Debt	$34.8B ↑	$30.2B	$27.5B	$26.0B	N/A
Working Capital	-$2.1B ▲	-$2.1B	-$1.6B	-$934M	N/A
Years to Pay Debt	17.24	15.60	15.54	15.00	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	-$6.8B ▼	-$2.7B	-$527M	-$706M	N/A
Owner Earnings	$16.0B	$12.2B	$10.2B	$8.9B	N/A
CapEx % of Net Income	540.5%	380.4%	330.5%	267.2%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-3,150	35,280	-3,360	15,750
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	6,213,000	5,423,000	5,212,000	5,005,000
Total Unusual Items	-15,000	168,000	-16,000	75,000
Total Unusual Items Excluding Goodwill	-15,000	168,000	-16,000	75,000
Net Income From Continuing Operation Net Minority Interest	2,018,000	1,936,000	1,771,000	1,736,000
Reconciled Depreciation	3,082,000	2,875,000	2,567,000	2,554,000
Reconciled Cost Of Revenue	7,616,000	7,162,000	8,108,000	9,309,000
EBITDA	6,198,000	5,591,000	5,196,000	5,080,000
EBIT	3,116,000	2,716,000	2,629,000	2,526,000
Net Interest Income	-1,343,000	-1,182,000	-1,004,000	-925,000
Interest Expense	1,343,000	1,182,000	1,004,000	925,000
Normalized Income	2,029,850	1,803,280	1,783,640	1,676,750
Net Income From Continuing And Discontinued Operation	2,018,000	1,936,000	1,771,000	1,736,000
Total Expenses	11,790,000	11,055,000	11,618,000	12,882,000
Total Operating Income As Reported	2,583,000	2,386,000	2,481,000	2,428,000
Diluted Average Shares	589,000	563,000	552,000	547,000
Basic Average Shares	587,000	563,000	552,000	547,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	2,018,000	1,936,000	1,771,000	1,736,000
Net Income Common Stockholders	2,018,000	1,936,000	1,771,000	1,736,000
Net Income	2,018,000	1,936,000	1,771,000	1,736,000
Net Income Including Noncontrolling Interests	2,018,000	1,936,000	1,771,000	1,736,000
Net Income Continuous Operations	2,018,000	1,936,000	1,771,000	1,736,000
Tax Provision	-245,000	-402,000	-146,000	-135,000
Pretax Income	1,773,000	1,534,000	1,625,000	1,601,000
Other Income Expense	237,000	330,000	41,000	98,000
Other Non Operating Income Expenses	235,000	143,000	22,000	-13,000
Special Income Charges	-15,000	168,000	-16,000	75,000
Other Special Charges	15,000	-168,000	-56,000	-75,000
Restructuring And Mergern Acquisition	0	0	72,000	0
Earnings From Equity Interest	17,000	19,000	35,000	36,000
Net Non Operating Interest Income Expense	-1,343,000	-1,182,000	-1,004,000	-925,000
Total Other Finance Cost				31,000	29,000
Interest Expense Non Operating	1,343,000	1,182,000	1,004,000	925,000
Operating Income	2,879,000	2,386,000	2,588,000	2,428,000
Operating Expense	4,045,000	3,762,000	3,391,000	3,432,000
Other Operating Expenses	406,000	394,000	286,000	331,000
Other Taxes	686,000	624,000	657,000	688,000
Depreciation Amortization Depletion Income Statement	2,953,000	2,744,000	2,448,000	2,413,000
Depreciation And Amortization In Income Statement	2,953,000	2,744,000	2,448,000	2,413,000
Gross Profit	6,924,000	6,148,000	5,979,000	5,860,000
Cost Of Revenue	7,745,000	7,293,000	8,227,000	9,450,000
Total Revenue	14,669,000	13,441,000	14,206,000	15,310,000
Operating Revenue	14,612,000	13,377,000	14,091,000	15,203,000

Balance Sheet

	2025	2024	2023	2022	2021
Ordinary Shares Number	623,601	574,366	554,942	549,578
Share Issued	623,601	574,366	554,942	549,578
Net Debt	33,609,000	28,935,000	26,121,000	24,666,000
Total Debt	34,781,000	30,208,000	27,514,000	26,032,000
Tangible Book Value	23,609,000	19,522,000	17,616,000	16,675,000
Invested Capital	57,492,000	48,636,000	43,866,000	41,452,000
Working Capital	-2,075,000	-2,134,000	-1,583,000	-934,000
Net Tangible Assets	23,609,000	19,522,000	17,616,000	16,675,000
Capital Lease Obligations	898,000	1,094,000	1,264,000	1,255,000
Common Stock Equity	23,609,000	19,522,000	17,616,000	16,675,000
Total Capitalization	55,441,000	46,838,000	42,529,000	39,488,000
Total Equity Gross Minority Interest	23,609,000	19,522,000	17,616,000	16,675,000
Stockholders Equity	23,609,000	19,522,000	17,616,000	16,675,000
Gains Losses Not Affecting Retained Earnings	-63,000	-68,000	-94,000	-93,000
Other Equity Adjustments	-63,000	-68,000	-94,000	-93,000
Retained Earnings	9,207,000	8,553,000	7,858,000	7,239,000
Additional Paid In Capital	12,906,000	9,601,000	8,465,000	8,155,000
Capital Stock	1,559,000	1,436,000	1,387,000	1,374,000
Common Stock	1,559,000	1,436,000	1,387,000	1,374,000
Total Liabilities Net Minority Interest	57,762,000	50,513,000	46,463,000	44,513,000
Total Non Current Liabilities Net Minority Interest	50,673,000	44,054,000	40,811,000	38,435,000
Other Non Current Liabilities	61,000	69,000	148,000	147,000
Derivative Product Liabilities	67,000	77,000	86,000	113,000
Employee Benefits	365,000	477,000	469,000	390,000
Non Current Pension And Other Postretirement Benefit Plans	365,000	477,000	469,000	390,000
Non Current Deferred Liabilities	7,395,000	5,525,000	5,112,000	4,985,000
Non Current Deferred Revenue	129,000	146,000	167,000	181,000
Non Current Deferred Taxes Liabilities	7,266,000	5,379,000	4,945,000	4,804,000
Long Term Debt And Capital Lease Obligation	32,620,000	28,183,000	25,951,000	23,851,000
Long Term Capital Lease Obligation	788,000	867,000	1,038,000	1,038,000
Long Term Debt	31,832,000	27,316,000	24,913,000	22,813,000
Long Term Provisions	3,888,000	3,713,000	3,218,000	3,380,000
Current Liabilities	7,089,000	6,459,000	5,652,000	6,078,000
Other Current Liabilities	1,350,000	1,524,000	1,324,000	1,039,000
Current Debt And Capital Lease Obligation	2,161,000	2,025,000	1,563,000	2,181,000
Current Capital Lease Obligation	110,000	227,000	226,000	217,000
Current Debt	2,051,000	1,798,000	1,337,000	1,964,000
Other Current Borrowings	2,051,000	1,798,000	1,337,000	1,964,000
Payables And Accrued Expenses	3,578,000	2,910,000	2,765,000	2,858,000
Current Accrued Expenses	337,000	280,000	251,000	217,000
Interest Payable	337,000	280,000	251,000	217,000
Payables	3,241,000	2,630,000	2,514,000	2,641,000
Dividends Payable	355,000	314,000	289,000	268,000
Total Tax Payable	579,000	535,000	557,000	569,000
Accounts Payable	2,307,000	1,781,000	1,668,000	1,804,000
Total Assets	81,371,000	70,035,000	64,079,000	61,188,000
Total Non Current Assets	76,357,000	65,710,000	60,010,000	56,044,000
Other Non Current Assets	1,036,000	524,000	678,000	389,000
Financial Assets	54,000	72,000	76,000	93,000
Investments And Advances	4,389,000	3,896,000	3,599,000	3,234,000
Other Investments	4,389,000	3,896,000	3,599,000	3,234,000
Net PPE	67,880,000	58,369,000	52,859,000	49,457,000
Accumulated Depreciation	-24,661,000	-24,131,000	-22,317,000	-21,103,000
Gross PPE	92,541,000	82,500,000	75,176,000	70,560,000
Construction In Progress	8,085,000	4,720,000	2,873,000	2,124,000
Other Properties	3,144,000	3,968,000	4,202,000	4,130,000
Current Assets	5,014,000	4,325,000	4,069,000	5,144,000
Other Current Assets	1,604,000	1,285,000	905,000	1,419,000
Hedging Assets Current	165,000	114,000	104,000	279,000
Prepaid Assets		72,000	52,000	54,000	44,000
Inventory	761,000	666,000	711,000	803,000
Other Inventories	116,000	96,000	123,000	272,000
Receivables	2,210,000	2,081,000	2,168,000	2,478,000
Accounts Receivable	1,330,000	1,249,000	1,315,000	1,373,000
Allowance For Doubtful Accounts Receivable	-89,000	-111,000	-128,000	-122,000
Gross Accounts Receivable	1,419,000	1,360,000	1,443,000	1,495,000
Cash Cash Equivalents And Short Term Investments	274,000	179,000	129,000	111,000
Cash And Cash Equivalents	274,000	179,000	129,000	111,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	-6,825,000	-2,723,000	-527,000	-706,000
Repayment Of Debt	-1,713,000	-656,000	-1,151,000	-793,000
Issuance Of Debt	5,763,000	3,647,000	2,630,000	2,164,000
Issuance Of Capital Stock	3,349,000	1,117,000	270,000	322,000
Capital Expenditure	-10,908,000	-7,364,000	-5,854,000	-4,638,000
Interest Paid Supplemental Data	1,262,000	1,131,000	945,000	887,000
Income Tax Paid Supplemental Data	30,000	45,000	12,000	15,000
End Cash Position	274,000	179,000	129,000	111,000
Beginning Cash Position	179,000	129,000	111,000	166,000
Changes In Cash	95,000	50,000	18,000	-55,000
Financing Cash Flow	6,981,000	2,837,000	617,000	666,000
Cash Flow From Continuing Financing Activities	6,981,000	2,837,000	617,000	666,000
Net Other Financing Charges	9,000	-6,000	-12,000	-15,000
Cash Dividends Paid	-1,282,000	-1,175,000	-1,092,000	-1,012,000
Common Stock Dividend Paid	-1,282,000	-1,175,000	-1,092,000	-1,012,000
Net Common Stock Issuance	3,349,000	1,117,000	270,000	322,000
Common Stock Issuance	3,349,000	1,117,000	270,000	322,000
Net Issuance Payments Of Debt	4,905,000	2,901,000	1,451,000	1,371,000
Net Short Term Debt Issuance	855,000	-90,000	-28,000	-192,000
Short Term Debt Payments		-90,000	-28,000	-192,000
Net Long Term Debt Issuance	4,050,000	2,991,000	1,479,000	1,563,000
Long Term Debt Payments	-1,713,000	-656,000	-1,151,000	-601,000
Long Term Debt Issuance	5,763,000	3,647,000	2,630,000	2,164,000
Investing Cash Flow	-10,969,000	-7,428,000	-5,926,000	-4,653,000
Cash Flow From Continuing Investing Activities	-10,969,000	-7,428,000	-5,926,000	-4,653,000
Net Other Investing Changes	-58,000	-27,000	-37,000	20,000
Net Investment Purchase And Sale	-3,000	-37,000	-35,000	-35,000
Sale Of Investment	1,197,000	961,000	959,000	1,297,000
Purchase Of Investment	-1,200,000	-998,000	-994,000	-1,332,000
Capital Expenditure Reported	-10,908,000	-7,364,000	-5,854,000	-4,638,000
Operating Cash Flow	4,083,000	4,641,000	5,327,000	3,932,000
Cash Flow From Continuing Operating Activities	4,083,000	4,641,000	5,327,000	3,932,000
Dividend Received Cfo	32,000	34,000	35,000	37,000
Change In Working Capital	-1,112,000	-172,000	1,192,000	-115,000
Change In Other Working Capital	-289,000	347,000	928,000	521,000
Change In Other Current Liabilities	-174,000	-317,000	200,000	102,000
Change In Other Current Assets	-122,000	-139,000	86,000	-58,000
Change In Payables And Accrued Expense	-50,000	37,000	-149,000	195,000
Change In Payable	-50,000	37,000	-149,000	195,000
Change In Account Payable	-50,000	37,000	-149,000	195,000
Change In Inventory	-300,000	-140,000	-98,000	-203,000
Change In Receivables	-177,000	40,000	225,000	-672,000
Changes In Account Receivables	-129,000	19,000	-27,000	-429,000
Other Non Cash Items	-441,000	-318,000	-248,000	-197,000
Stock Based Compensation	46,000	33,000	25,000	20,000
Provisionand Write Offof Assets	61,000	47,000	79,000	73,000
Deferred Tax	414,000	225,000	-59,000	-140,000
Deferred Income Tax	414,000	225,000	-59,000	-140,000
Depreciation Amortization Depletion	3,082,000	2,875,000	2,567,000	2,554,000
Depreciation And Amortization	3,082,000	2,875,000	2,567,000	2,554,000
Depreciation	3,082,000	2,875,000	2,567,000	2,554,000
Operating Gains Losses	-17,000	-19,000	-35,000	-36,000
Earnings Losses From Equity Investments	-17,000	-19,000	-35,000	-36,000
Gain Loss On Investment Securities					-57,000
Net Income From Continuing Operations	2,018,000	1,936,000	1,771,000	1,736,000

These metrics estimate what Xcel Energy Inc. 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

$53.95

Margin of Safety

Market Cap ÷ Company Value

2.35

P/B Ratio

2.14

Warren's Owner Earnings

$16.0B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$14.7B

vs > $1.5B revenue

❌ Strong Financial Condition

0.71x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

2.79%

vs Uninterrupted dividends

❌ Earnings Growth

+7.9% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

23.4x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

2.14x P/B (P/E×P/B: 50.1)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-84.51

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

$51.25

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

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	540.5%	380.4%	330.5%	267.2%	N/A
Repurchase of Capital Stock	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	-$6.8B ▼	-$2.7B ▼	-$527M ▲	-$706M •	N/A •
Warren's Owner Earnings	$16.0B	$12.2B	$10.2B	$8.9B	N/A

Peers & Industry

No auto-detected peers for Utilities - Regulated Electric. You can manually compare XEL 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

0.20%

Low — management has little skin in the game

Return on Equity (ROE)

8.5%

Adequate — returns are moderate

Return on Assets (ROA)

2.5%

Fair — average asset utilization

Debt Trend YoY

+15.1% YoY

Debt is growing — management is leveraging up

Leadership Team

Robert Frenzel

President, CEO & Chairman

Age 54

Pay: $4,554,431

0.226% of net income

Brian Van Abel

Executive VP & CFO

Age 43

Pay: $1,919,165

0.095% of net income

Amanda Rome

Executive VP, Group President of Utilities & Chief Customer Officer

Age 44

Pay: $1,771,506

0.088% of net income

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	15.09%	77,610,805
Blackrock Inc.	10.24%	52,671,319
State Street Corporation	7.07%	36,340,645
Bank of America Corporation	5.41%	27,803,921
Price (T.Rowe) Associates Inc	4.89%	25,127,230
JPMORGAN CHASE & CO	4.78%	24,572,438
Massachusetts Financial Services Co.	3.66%	18,814,767
Geode Capital Management, LLC	3.21%	16,496,124

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.42

Low volatility — more stable than the market

Short Interest

5.1% of float

Moderate short interest

Debt-to-Equity

1.65x

Moderate leverage

Current Ratio

0.77x

Weak liquidity — current liabilities exceed current assets

52-Week Price Range

Low: $65.21 Current: $81.09 High: $84.23

Currently at 83% of 52-week range

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