Xcel Energy

XEL

Regulated Electric · Utilities

Also trades as: 0M1R.L

Price

$76.30

-2.41 (-3.06%)

Market Cap

$47.66B

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Weak

Stability

Mixed

Valuation

Good

Dividends

Good

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Share count rising — dilution

+9.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 540.0M (2021) → 589.0M (2025)

Winston Score History

The full picture

Xcel Energy is a regulated electric and natural gas utility that delivers power and heat to homes, businesses, and industrial customers across eight states in the American Midwest and Southwest. Its main brands include Xcel Energy, Public Service Company of Colorado, and Northern States Power. The company is one of the largest producers of wind energy among U.S. utilities, serving roughly 3.7 million electric customers and 2.1 million natural gas customers.

Xcel makes money by charging customers for electricity and natural gas delivery under rates approved by state regulators, which limits both its upside and downside. Because regulators set prices, the business generates steady, predictable cash flows — a classic utility moat. The company operates almost entirely in the U.S. and has a market cap near $49 billion. Its key growth driver is heavy investment in renewable energy and grid upgrades, though rising construction costs and regulatory approval delays remain the main risks to earnings growth.

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6 Congressional buys and 7 sells on XEL in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-5.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+22.4% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$2.0B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Xcel Energy's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

60.6%

Premium pricing power — 60.6% gross margin

Profit after running costs

Operating Margin

22.6%

Excellent — 22.6% operating margin

Return on the money invested

ROCE

4.7%

Weak — 4.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+4.7%

Slow sales growth (+4.7% YoY)

Profit growth

EPS YoY

+1.4%

Flat earnings

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

-18%

Weak — only -18% of profit becomes cash

Spare cash per sale

FCF Margin

-75.8%

Burning cash (-75.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

1.68

Elevated debt (1.68)

Covers its interest

Interest Cover

1.90x

Dangerous — barely covers interest (1.9x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

20.8x

Growth-priced — P/E 20.8

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+5.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (20.8 → 15.5)

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Dividends

Dividend

Dividend Yield

2.99%

Moderate income — 2.99% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+4.0%

Dividend growing modestly (4.0% YoY)

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