---
title: Xcel Energy (XEL) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/xel
ticker: XEL
as_of: 2026-10-17
sector: Utilities
industry: Regulated Electric
---
# Xcel Energy (XEL)

Xcel Energy (XEL) closed at $76.31 on Oct 16, 2026, undervalued by 5% vs its model value of $80.44 (from its own five-year median P/E applied to its earnings).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $76.31 (Oct 16, 2026) |
| Model value (from its own five-year median P/E applied to its earnings) | $80.44 |
| Price vs model | undervalued by 5% vs model |
| Range of that model | $74.23 – $87.68 |
| Market value | $47.7B |
| P/E (fiscal 2025) | 22.3 |
| Net margin (fiscal 2025) | 13.8% |
| Free cash flow (fiscal 2025) | -$6.8B |
| Dividend yield (trailing twelve months) | 3.08% |
| Beta | 0.37 |
| Cost of capital (WACC) | 6.06% |
| Business classification | Mature & Stable (Low/slowing growth (~2% recent), Moderate margins (11% net margin), Pays dividends, Moderately volatile earnings, Negative free cash flow) |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 3.08% |
| Dividends per share, last 12 months | $2.35 |
| Coverage | — |
| Raised | 22 years in a row |
| Growth over 5 years | 5.4% a year |
| Latest payment | $0.5925, ex-date Sep 15, 2026, paid Oct 20, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Sep 14, 2021 | $1.80 |
| To Sep 14, 2022 | $1.92 |
| To Sep 14, 2023 | $2.05 |
| To Sep 13, 2024 | $2.16 |
| To Sep 15, 2025 | $2.26 |
| Trailing twelve months (to Sep 15, 2026) | $2.35 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | cross check | $10.86 | $0.00 | $77.64 |
| DCF · Perpetuity growth · 10y | cross check | $0.00 | $0.00 | $0.00 |
| DCF · EBITDA exit · 5y | cross check | $44.85 | $9.98 | $86.19 |
| DCF · EBITDA exit · 10y | cross check | $47.05 | $7.52 | $100.92 |
| P/E · peers | cross check | $71.21 | $69.14 | $87.07 |
| P/E · own history | primary | $80.44 | $74.23 | $87.68 |
| PEG | sanity check | $59.19 | $59.19 | $59.19 |
| EV/EBITDA · peers | cross check | $63.15 | $59.34 | $72.03 |
| EV/Revenue · peers | cross check | $0.00 | $0.00 | $0.00 |
| Earnings power value | cross check | $0.00 | $0.00 | $0.00 |
| Dividend discount | cross check | $87.83 | $55.41 | $174.41 |

## Insider activity (SEC Form 4)

No open-market insider buys or sales filed in the past 90 days.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Sep 28, 2026 | Carter Peter W | Director | Grant / award | 403.638 | $0 |
| Sep 28, 2026 | Burkhart Megan D | Director | Grant / award | 687.679 | $0 |
| Sep 28, 2026 | KAMPLING PATRICIA L | Director | Grant / award | 773.639 | $0 |
| Sep 28, 2026 | Pardee Charles G | Director | Grant / award | 666.189 | $0 |
| Sep 28, 2026 | Welsh Timothy A | Director | Grant / award | 580.229 | $0 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Oct 9, 2026 | 8-K | 8.01 Other Events | https://www.sec.gov/Archives/edgar/data/72903/000007290326000175/xel-20261009.htm |
| Aug 20, 2026 | 8-K | 8.01 Other Events | https://www.sec.gov/Archives/edgar/data/72903/000007290326000160/xel-20260819.htm |
| Jul 30, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/72903/000007290326000154/xel-20260630.htm |
| Jul 30, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/72903/000007290326000149/xel-20260730.htm |
| Jul 29, 2026 | 8-K | 5.02 Departure/Election of Directors or Officers; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/72903/000007290326000147/xel-20260729.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Soros | 2026-06-30 | 533,324 | $42.8M |
| Mairs & Power | 2026-06-30 | 392,497 | $31.5M |
| Bridgewater | 2026-06-30 | 144,263 | $11.6M |

3 tracked managers in all.

## About

Xcel Energy Inc., through its various operating units, functions as a multifaceted energy company involved in the complete cycle of electricity – from its production and procurement to its transmission, delivery, and eventual sale. Its business is organized into three main divisions: Regulated Electric Utility, Regulated Natural Gas Utility, and a final "All Other" segment. The company employs a diverse range of energy sources for electricity generation, including traditional options like coal, nuclear power, natural gas, and oil, as well as a strong focus on renewables such as hydroelectric, solar, biomass, wood/refuse, and wind. In addition to its electric services, Xcel Energy is active in the natural gas sector, managing the acquisition, pipeline transport, distribution, and retail sales of natural gas. It also offers transportation services for natural gas owned by its customers. Th…

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Source: https://sweetvaluelab.com/stocks/xel (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.