MeritValue

DTE ENERGY CO

DTEdata completeness 88%19 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

DTE ENERGY CO earns about 6% on invested capital, but has diluted owners by 7% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $69.94 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$15B1$19.2B2$12.7B3$12.5B3$15.8B3
Net income$907M4$1.08B5$1.4B6$1.4B6$1.46B6
Operating cash flow$3.07B7$1.98B8$3.22B9$3.64B9$3.41B9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$18.3B10$19.3B11$21B12$23.2B13$26.2B14
Cash & equivalents$28M15$33M16$26M17$24M18$208M18
Diluted shares194.0M196.0M206.0M207.0M207.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$594.35
your share of equity
Profit it earned you last year
$70.63
Free cash flow it threw off
—
Debt you’d be carrying
$1,265.12

10 shares is a claim on $594.35 of net worth that earned you $70.63 last year, against $1,265.12 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
6% avg · 5y
FY21 5%FY22 6%FY23 7%FY24 7%FY25 6%

It earned an average 6% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+7% shares · 5y

Share count is up 7% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 43% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$69.94
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.4B
  • growthAssumed0.0%
Graham Number
$96.96
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000936340-24-000076 (RegulatedAndUnregulatedOperatingRevenue)
  2. 10-K · period ending 2022-12-31 · accession 0000936340-25-000065 (RegulatedAndUnregulatedOperatingRevenue)
  3. 10-K · period ending 2023-12-31 · accession 0000936340-26-000054 (RegulatedAndUnregulatedOperatingRevenue)
  4. 10-K · period ending 2021-12-31 · accession 0000936340-24-000076 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000936340-25-000065 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000936340-26-000054 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000936340-24-000076 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000936340-25-000065 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000936340-26-000054 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000936340-22-000077 (LongTermDebt)
  11. 10-K · period ending 2022-12-31 · accession 0000936340-23-000073 (LongTermDebt)
  12. 10-K · period ending 2023-12-31 · accession 0000936340-24-000076 (LongTermDebt)
  13. 10-K · period ending 2024-12-31 · accession 0000936340-25-000065 (LongTermDebt)
  14. 10-K · period ending 2025-12-31 · accession 0000936340-26-000054 (LongTermDebt)
  15. 10-K · period ending 2021-12-31 · accession 0000936340-23-000073 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0000936340-24-000076 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0000936340-25-000065 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0000936340-26-000054 (CashAndCashEquivalentsAtCarryingValue)