Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin18.2%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin13.8%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
F
Years to Pay Off Debt70.5 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt-$36.3B
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital-$1.8B
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
F
Margin of Safety0.0%
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book2.03x
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Cash Flow
F
Free Cash Flow-$1.3B
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income543.5%
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings$4.4B
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
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.
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.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Margin of Safety
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Mr. Market is currently offering Xcel Energy Inc. at $77.41.
The business passes only 2 of 6 of Graham's defensive criteria — well below his required standard.
At $77.41, the stock trades at a 180% premium to its Graham Number of $27.63. 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.
Showing Key Metrics
Income Highlights
Metric
Q1 2026
Q4 2025
Gross Profit %
44.9%▼
45.5%
Operating Margin %
18.2%▲
16.5%
Net Income %
13.8%▼
15.9%
Diluted EPS
0.89▼
0.95
Balance Sheet Highlights
Metric
Q1 2026
Q4 2025
Q4 2024
Total Assets
$84.8B
$81.4B
N/A
Total Debt
$39.2B▲
$34.8B•
N/A
Working Capital
-$1.8B▲
-$2.1B•
N/A
Years to Pay Debt
70.51
61.34
N/A
Cash Flow Highlights
Metric
Q1 2026
Q4 2025
Q4 2024
Free Cash Flow
-$1.3B▲
-$3.2B•
N/A
Owner Earnings
$4.4B
$4.8B
N/A
CapEx % of Net Income
543.5%
606.3%
N/A
Income Statement
2026
2025
Tax Effect Of Unusual Items
45,600
15,960
Tax Rate For Calcs
0
0
Normalized EBITDA
1,561,000
1,502,000
Total Unusual Items
114,000
76,000
Total Unusual Items Excluding Goodwill
114,000
76,000
Net Income From Continuing Operation Net Minority Interest
556,000
567,000
Reconciled Depreciation
794,000
779,000
Reconciled Cost Of Revenue
2,191,000
1,914,000
EBITDA
1,675,000
1,578,000
EBIT
881,000
799,000
Net Interest Income
-372,000
-364,000
Interest Expense
372,000
364,000
Normalized Income
487,600
506,960
Net Income From Continuing And Discontinued Operation
556,000
567,000
Total Expenses
3,289,000
2,972,000
Total Operating Income As Reported
754,000
580,000
Diluted Average Shares
626,000
597,000
Basic Average Shares
624,000
595,000
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
556,000
567,000
Net Income Common Stockholders
556,000
567,000
Net Income
556,000
567,000
Net Income Including Noncontrolling Interests
556,000
567,000
Net Income Continuous Operations
556,000
567,000
Tax Provision
-47,000
-132,000
Pretax Income
509,000
435,000
Other Income Expense
149,000
210,000
Other Non Operating Income Expenses
22,000
114,000
Special Income Charges
114,000
76,000
Other Special Charges
-114,000
-76,000
Earnings From Equity Interest
13,000
20,000
Net Non Operating Interest Income Expense
-372,000
-364,000
Interest Expense Non Operating
372,000
364,000
Operating Income
732,000
589,000
Operating Expense
1,072,000
1,032,000
Other Operating Expenses
121,000
107,000
Other Taxes
183,000
172,000
Depreciation Amortization Depletion Income Statement
768,000
753,000
Depreciation And Amortization In Income Statement
768,000
753,000
Gross Profit
1,804,000
1,621,000
Cost Of Revenue
2,217,000
1,940,000
Total Revenue
4,021,000
3,561,000
Operating Revenue
4,006,000
3,546,000
Balance Sheet
2026
2025
2024
Ordinary Shares Number
624,163
623,601
Share Issued
624,163
623,601
Net Debt
35,273,000
33,609,000
Total Debt
39,203,000
34,781,000
Tangible Book Value
23,806,000
23,609,000
Invested Capital
60,839,000
57,492,000
Working Capital
-1,754,000
-2,075,000
Net Tangible Assets
23,806,000
23,609,000
Capital Lease Obligations
2,170,000
898,000
Common Stock Equity
23,806,000
23,609,000
Total Capitalization
58,358,000
55,441,000
Total Equity Gross Minority Interest
23,806,000
23,609,000
Stockholders Equity
23,806,000
23,609,000
Gains Losses Not Affecting Retained Earnings
-59,000
-63,000
Other Equity Adjustments
-59,000
-63,000
Retained Earnings
9,391,000
9,207,000
Additional Paid In Capital
12,914,000
12,906,000
Capital Stock
1,560,000
1,559,000
Common Stock
1,560,000
1,559,000
Total Liabilities Net Minority Interest
61,022,000
57,762,000
Total Non Current Liabilities Net Minority Interest
53,386,000
50,673,000
Other Non Current Liabilities
60,000
61,000
Derivative Product Liabilities
56,000
67,000
Employee Benefits
289,000
365,000
Non Current Pension And Other Postretirement Benefit Plans
289,000
365,000
Non Current Deferred Liabilities
6,046,000
7,395,000
Non Current Deferred Revenue
128,000
129,000
Non Current Deferred Taxes Liabilities
5,918,000
7,266,000
Long Term Debt And Capital Lease Obligation
36,611,000
32,620,000
Long Term Capital Lease Obligation
2,059,000
788,000
Long Term Debt
34,552,000
31,832,000
Long Term Provisions
3,937,000
3,888,000
Current Liabilities
7,636,000
7,089,000
Other Current Liabilities
1,297,000
1,350,000
Current Debt And Capital Lease Obligation
2,592,000
2,161,000
Current Capital Lease Obligation
111,000
110,000
Current Debt
2,481,000
2,051,000
Other Current Borrowings
2,481,000
2,051,000
Payables And Accrued Expenses
3,747,000
3,578,000
Current Accrued Expenses
419,000
337,000
Interest Payable
419,000
337,000
Payables
3,328,000
3,241,000
Dividends Payable
370,000
355,000
Total Tax Payable
697,000
579,000
Accounts Payable
2,261,000
2,307,000
Total Assets
84,828,000
81,371,000
Total Non Current Assets
78,946,000
76,357,000
Other Non Current Assets
1,417,000
1,036,000
Financial Assets
66,000
54,000
Investments And Advances
4,336,000
4,389,000
Other Investments
4,336,000
4,389,000
Net PPE
70,107,000
67,880,000
Accumulated Depreciation
-24,477,000
-24,661,000
Gross PPE
94,584,000
92,541,000
Construction In Progress
9,440,000
8,085,000
Other Properties
3,846,000
3,144,000
Current Assets
5,882,000
5,014,000
Other Current Assets
1,183,000
1,604,000
Hedging Assets Current
138,000
165,000
Prepaid Assets
72,000
Inventory
709,000
761,000
Other Inventories
61,000
116,000
Receivables
2,092,000
2,210,000
Accounts Receivable
1,346,000
1,330,000
Allowance For Doubtful Accounts Receivable
-83,000
-89,000
Gross Accounts Receivable
1,429,000
1,419,000
Cash Cash Equivalents And Short Term Investments
1,760,000
274,000
Cash And Cash Equivalents
1,760,000
274,000
Cash Flow
2026
2025
2024
Free Cash Flow
-1,325,000
-3,229,000
Repayment Of Debt
-490,000
494,000
Issuance Of Debt
3,259,000
245,000
Issuance Of Capital Stock
1,000
2,198,000
Capital Expenditure
-3,022,000
-3,438,000
Interest Paid Supplemental Data
283,000
430,000
End Cash Position
1,760,000
274,000
Beginning Cash Position
274,000
1,052,000
Changes In Cash
1,486,000
-778,000
Financing Cash Flow
2,808,000
2,490,000
Cash Flow From Continuing Financing Activities
2,808,000
2,490,000
Net Other Financing Charges
-35,000
10,000
Cash Dividends Paid
-347,000
-328,000
Common Stock Dividend Paid
-347,000
-328,000
Net Common Stock Issuance
1,000
2,198,000
Common Stock Issuance
1,000
2,198,000
Net Issuance Payments Of Debt
3,189,000
610,000
Net Short Term Debt Issuance
-70,000
220,000
Short Term Debt Payments
600,000
Net Long Term Debt Issuance
3,259,000
390,000
Long Term Debt Payments
-490,000
-106,000
Long Term Debt Issuance
3,259,000
880,000
Investing Cash Flow
-3,019,000
-3,477,000
Cash Flow From Continuing Investing Activities
-3,019,000
-3,477,000
Net Other Investing Changes
3,000
-39,000
Net Investment Purchase And Sale
0
0
Sale Of Investment
763,000
346,000
Purchase Of Investment
-763,000
-346,000
Capital Expenditure Reported
-3,022,000
-3,438,000
Operating Cash Flow
1,697,000
209,000
Cash Flow From Continuing Operating Activities
1,697,000
209,000
Dividend Received Cfo
7,000
16,000
Change In Working Capital
450,000
-988,000
Change In Other Working Capital
10,000
-74,000
Change In Other Current Liabilities
110,000
-376,000
Change In Other Current Assets
415,000
-264,000
Change In Payables And Accrued Expense
-191,000
35,000
Change In Payable
-191,000
35,000
Change In Account Payable
-191,000
35,000
Change In Inventory
2,000
-98,000
Change In Receivables
104,000
-211,000
Changes In Account Receivables
-30,000
-97,000
Other Non Cash Items
-116,000
-186,000
Stock Based Compensation
11,000
8,000
Provisionand Write Offof Assets
13,000
14,000
Deferred Tax
-5,000
19,000
Deferred Income Tax
-5,000
19,000
Depreciation Amortization Depletion
794,000
779,000
Depreciation And Amortization
794,000
779,000
Depreciation
794,000
779,000
Operating Gains Losses
-13,000
-20,000
Earnings Losses From Equity Investments
-13,000
-20,000
Net Income From Continuing Operations
556,000
567,000
📊Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.
Quarter vs Same Quarter Last Year
YoY strips seasonality
Revenue Growth (YoY)
Prior year: $3.9B▲ $4.0B+2.9%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 43.1%▲ 44.9%+1.7pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: 18.7%▲ 18.2%-0.5pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: 12.4%▲ 13.8%+1.5pp
Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.
Quarterly Health Checks
3 Graham/Buffett criteria that are valid and reliable on quarterly data
✅ Adequate Size
Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.
$4.0B/qtr (≈$16.1B ann.)
vs > $1.5B annualised revenue
❌ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
0.77x current ratio
vs ≥ 2.0x
❌ Free Cash Flow
Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.
-$1.3B
vs Positive
Operating Cash Flow
$1.7B
Latest quarter · Buffett's cash reality check
ROIC
0.7%
Based on latest annual operating income
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Market Cap / Net Assets
2.0x
Net Assets: $23.8B
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)
2.3%
Weak — poor returns on equity
Return on Assets (ROA)
0.7%
Poor — assets are not generating adequate returns
Debt Trend YoY
+12.7% YoY
Debt is growing — management is leveraging up
Leadership Team
Robert Frenzel
President, CEO & Chairman
Age 54
Pay: $4,554,431
0.819% of net income
Brian Van Abel
Executive VP & CFO
Age 43
Pay: $1,919,165
0.345% of net income
Amanda Rome
Executive VP, Group President of Utilities & Chief Customer Officer
Age 44
Pay: $1,771,506
0.319% of net income
Top Institutional Holders
Institution
% Owned
Shares
Blackrock Inc.
10.48%
53,911,407
Vanguard Capital Management LLC
7.68%
39,489,162
State Street Corporation
7.22%
37,125,656
Vanguard Portfolio Management LLC
6.76%
34,776,475
Bank of America Corporation
5.73%
29,441,811
JPMORGAN CHASE & CO
5.58%
28,698,967
Capital Research Global Investors
5.30%
27,258,524
Massachusetts Financial Services Co.
3.52%
18,078,640
⚠️Current ratio below 1 — liquidity risk
Risk Analysis
Beta (Market Risk)
0.41
Low volatility — more stable than the market
Short Interest
6.7% 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: $66.32Current: $77.41High: $84.23
Currently at 62% of 52-week range
Xcel Energy Inc. (XEL) fundamental analysis — Overall grade D based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: $27.63. Margin of safety: 0%. Gross profit margin: 44.9%. Operating margin: 18.2%. Net margin: 13.8%. Market cap: $48.3B. Sector: Utilities. Industry: Utilities - Regulated Electric. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
Disclaimer: 360investing is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice. All data is sourced from public third-party providers
and may be delayed, inaccurate, or incomplete. Past performance is not indicative of future results. Analysis, scores, and valuations are algorithmic and do not represent professional investment recommendations. Always conduct your own due
diligence and consult a qualified financial adviser before making any investment decision. Use of this tool constitutes acceptance that 360investing and its operators bear no liability for decisions made based on information presented here.