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On June 30, 2026 Xcel Energy started work on the High Plains Solar + Battery Energy Storage Project, a $685 million clean‑energy investment in Colorado. In late July the company selected a proposed portfolio near 4,000 MW of new generation projects across Texas and New Mexico combining wind, solar, battery storage and natural gas. The board declared a quarterly dividend payable July 20, 2026 (record date June 15, 2026). Xcel filed and published its 2025 sustainability report in June 2026 outlining expanded renewable ownership and storage plans. Management scheduled a second‑quarter 2026 results call for July 30, 2026.
Technical Analysis
Directional indicators show limited directional conviction: ADX at 12.82 indicates no trend strength, while DI+ at 18.14 trends decreasing (bearish) and DI‑ at 22.21 shows a peak-and-reversal (bullish), implying the market currently lacks a dominant trend and remains range-bound around current prices.
MACD shows a dip-and-reversal, signaling emerging bullish momentum, but MACD remains negative at -0.48 and sits below the signal line (-0.21), so momentum pickup remains nascent rather than confirmed.
MRO stands at 17.43 and is positive, which indicates the current price sits above the model target and carries potential downward mean‑reversion pressure; the MRO trend decreases, reducing the scale of that potential over the near term.
RSI near 47.7 with a dip-and-reversal indicates a move away from a short-term trough toward neutral territory, supporting the view of a modest recovery in buying interest without overbought conditions.
Price structure sits close to longer-term averages: the close at $78.07 aligns with the 200‑day average ($78.06) while the 50‑day average ($79.11) and 20‑day average ($78.95) remain slightly above price. Short‑term EMAs and the 12‑day EMA are decreasing, and Ichimoku baseline levels cluster near $79.4, implying resistance around current levels. Bollinger band edges ($75.59–$82.30 for 2× std) and a low ADX support a range-bound near-term outlook with breakout risk dependent on renewed trend strength.
Fundamental Analysis
Profitability: EBIT of $924.0M produces an EBIT margin of 29.63%, which sits above the industry peer mean of 27.93% and above the industry peer median of 27.29%, indicating comparatively solid operating profitability versus peers. QoQ EBIT margin rose by 35.21% and YoY improved by 37.93%, reflecting recent margin expansion alongside the company’s transition mix.
Earnings: Reported EPS of $0.93 exceeded the $0.79 estimate by $0.14, an EPS surprise ratio of 17.72%, implying near‑term earnings beats versus consensus. Forward EPS sits at $1.13 and forward PE equals 70.05, while reported PE stands at 85.48; both metrics remain elevated relative to the industry peer mean PE of 75.80 and slightly above the industry peer median PE of 81.41.
Revenue and cash flow: Total revenue of $3.119B shows YoY revenue growth of 41.55% but a QoQ contraction of -273.65% (reported QoQ figure), indicating strong year-over-year top‑line expansion driven by deployments and contract timing while quarter-to-quarter comparability reflects timing or seasonal swings. Operating cash flow equals $1.10B, but free cash flow registered negative $1.848B; free cash flow yield stands at -3.72%, and free cash flow growth shows volatility. Negative FCF and heavy capital spending ($2.948B capex) highlight active investment in the renewable and grid transition.
Leverage and coverage: Total debt $40.323B yields net debt of $37.447B and debt/EBITDA of ~25.0x, signaling elevated leverage relative to typical utility comparatives. Debt-to-equity at 1.676 (above the industry peer mean 1.3107 and closely aligned with the industry peer median 1.6677) and interest coverage of 2.32 indicate constrained coverage headroom if rates or costs rise.
Balance sheet and liquidity: Current ratio at 0.70 and quick ratio 0.62 sit below the industry peer mean current ratio 0.78 and quick ratio 0.66 respectively, while cash and short‑term investments total $2.01B. Asset turnover remains low at 0.036, consistent with capital‑intensive utility profiles but below the industry peer mean asset turnover of 0.0606.
Dividends and returns: Dividend yield equals 0.73% with a dividend payout ratio of 61.60% and dividend coverage ratio of 1.62, indicating the payout remains supported by earnings but limits retained capital. Return on equity equals 2.44% with return on invested capital at 0.87%, both modest and consistent with regulated utility economics.
Valuation: WMDST values the stock as over‑valued. Valuation multiples (PE 85.48, EV/EBIT 54.53, P/S 15.92) sit at the high end versus peer means and medians in several categories, while some book and cash metrics (P/B 2.06) remain below the industry peer mean of 2.47. Elevated multiples alongside negative FCF and heavy leverage justify the over‑valued designation.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-07-30 |
| NEXT REPORT DATE: | 2026-10-29 |
| CASH FLOW | Begin Period Cash Flow | $ 1.8 B |
| Operating Cash Flow | $ 1.1 B | |
| Capital Expenditures | $ -2.95 B | |
| Change In Working Capital | $ -10.00 M | |
| Dividends Paid | $ -361.00 M | |
| Cash Flow Delta | $ 250.0 M | |
| End Period Cash Flow | $ 2.0 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 3.1 B | |
| Forward Revenue | $ 942.6 M | |
| COSTS | ||
| Cost Of Revenue | $ 1.5 B | |
| Depreciation | $ 689.0 M | |
| Depreciation and Amortization | $ 689.0 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 2.4 B | |
| PROFITABILITY | ||
| Gross Profit | $ 1.7 B | |
| EBITDA | $ 1.6 B | |
| EBIT | $ 924.0 M | |
| Operating Income | $ 709.0 M | |
| Interest Income | — | |
| Interest Expense | $ 398.0 M | |
| Net Interest Income | $ -398.00 M | |
| Income Before Tax | $ 526.0 M | |
| Tax Provision | $ -60.00 M | |
| Tax Rate | 40.0 % | |
| Net Income | $ 586.0 M | |
| Net Income From Continuing Operations | $ 586.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.79 | |
| EPS Actual | $ 0.93 | |
| EPS Difference | $ 0.14 | |
| EPS Surprise | 17.722 % | |
| Forward EPS | $ 1.13 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 87.2 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 24.1 B | |
| Total Current Assets | $ 6.1 B | |
| Cash and Short-Term Investments | $ 2.0 B | |
| Cash | $ 2.0 B | |
| Net Receivables | $ 1.3 B | |
| Inventory | $ 745.0 M | |
| Long-Term Investments | $ 1.4 B | |
| LIABILITIES | ||
| Accounts Payable | $ 2.3 B | |
| Short-Term Debt | $ 3.5 B | |
| Total Current Liabilities | $ 8.7 B | |
| Net Debt | $ 37.4 B | |
| Total Debt | $ 40.3 B | |
| Total Liabilities | $ 63.1 B | |
| EQUITY | ||
| Total Equity | $ 24.1 B | |
| Retained Earnings | $ 9.6 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 38.53 | |
| Shares Outstanding | 624.406 M | |
| Revenue Per-Share | $ 5.00 | |
| VALUATION | Market Capitalization | $ 49.6 B |
| Enterprise Value | $ 88.0 B | |
| Enterprise Multiple | 54.528 | |
| Enterprise Multiple QoQ | 4.93 % | |
| Enterprise Multiple YoY | 9.093 % | |
| Enterprise Multiple IPRWA | high: 63.609 XEL: 54.528 mean: 52.631 median: 49.149 low: 35.392 |
|
| EV/R | 28.199 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 3.623 | |
| Asset To Liability | 1.381 | |
| Debt To Capital | 0.626 | |
| Debt To Assets | 0.463 | |
| Debt To Assets QoQ | 0.1 % | |
| Debt To Assets YoY | 4.578 % | |
| Debt To Assets IPRWA | high: 0.507 XEL: 0.463 median: 0.44 mean: 0.371 low: 0.229 |
|
| Debt To Equity | 1.676 | |
| Debt To Equity QoQ | 1.783 % | |
| Debt To Equity YoY | 5.424 % | |
| Debt To Equity IPRWA | high: 2.496 XEL: 1.676 median: 1.668 mean: 1.311 low: 0.538 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.063 | |
| Price To Book QoQ | -0.962 % | |
| Price To Book YoY | 5.356 % | |
| Price To Book IPRWA | high: 3.229 median: 2.753 mean: 2.475 XEL: 2.063 low: 1.229 |
|
| Price To Earnings (P/E) | 85.485 | |
| Price To Earnings QoQ | -2.109 % | |
| Price To Earnings YoY | -7.507 % | |
| Price To Earnings IPRWA | high: 105.356 XEL: 85.485 median: 81.41 mean: 75.799 low: -18.637 |
|
| PE/G Ratio | 38.892 | |
| Price To Sales (P/S) | 15.916 | |
| Price To Sales QoQ | 29.025 % | |
| Price To Sales YoY | 27.431 % | |
| Price To Sales IPRWA | high: 24.482 XEL: 15.916 mean: 15.31 median: 13.192 low: 3.175 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 70.052 | |
| Forward PE/G | 31.871 | |
| Forward P/S | 52.663 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -0.218 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.036 | |
| Asset Turnover Ratio QoQ | -25.046 % | |
| Asset Turnover Ratio YoY | -18.292 % | |
| Asset Turnover Ratio IPRWA | high: 0.101 mean: 0.061 median: 0.046 XEL: 0.036 low: 0.033 |
|
| Receivables Turnover | 2.398 | |
| Receivables Turnover Ratio QoQ | -20.195 % | |
| Receivables Turnover Ratio YoY | -11.714 % | |
| Receivables Turnover Ratio IPRWA | high: 4.45 XEL: 2.398 mean: 2.253 median: 1.801 low: 1.099 |
|
| Inventory Turnover | 2.014 | |
| Inventory Turnover Ratio QoQ | -33.238 % | |
| Inventory Turnover Ratio YoY | -24.659 % | |
| Inventory Turnover Ratio IPRWA | high: 4.094 XEL: 2.014 mean: 1.617 median: 1.103 low: 0.743 |
|
| Days Sales Outstanding (DSO) | 38.048 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -26.367 | |
| Cash Conversion Cycle Days QoQ | -37.954 % | |
| Cash Conversion Cycle Days YoY | 15.65 % | |
| Cash Conversion Cycle Days IPRWA | high: 63.844 median: 32.723 mean: -4.055 XEL: -26.367 low: -197.371 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -1.204 | |
| CapEx To Revenue | -0.945 | |
| CapEx To Depreciation | -4.279 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 60.0 B | |
| Net Invested Capital | $ 63.5 B | |
| Invested Capital | $ 63.5 B | |
| Net Tangible Assets | $ 24.1 B | |
| Net Working Capital | $ -2.59 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.232 | |
| Current Ratio | 0.701 | |
| Current Ratio QoQ | -8.952 % | |
| Current Ratio YoY | -27.155 % | |
| Current Ratio IPRWA | high: 2.188 median: 0.787 mean: 0.777 XEL: 0.701 low: 0.504 |
|
| Quick Ratio | 0.615 | |
| Quick Ratio QoQ | -9.155 % | |
| Quick Ratio YoY | -27.537 % | |
| Quick Ratio IPRWA | high: 1.197 mean: 0.655 XEL: 0.615 median: 0.577 low: 0.378 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 24.999 | |
| Cost Of Debt | 0.601 % | |
| Interest Coverage Ratio | 2.322 | |
| Interest Coverage Ratio QoQ | -1.971 % | |
| Interest Coverage Ratio YoY | 5.886 % | |
| Interest Coverage Ratio IPRWA | high: 6.212 mean: 3.771 median: 3.301 XEL: 2.322 low: 1.847 |
|
| Operating Cash Flow Ratio | 0.161 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 94.337 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 1.623 | |
| Dividend Payout Ratio | 0.616 | |
| Dividend Rate | $ 0.58 | |
| Dividend Yield | 0.007 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 2.755 % | |
| Revenue Growth | -22.432 % | |
| Revenue Growth QoQ | -273.649 % | |
| Revenue Growth YoY | 41.554 % | |
| Revenue Growth IPRWA | high: 30.192 % mean: -5.647 % median: -12.948 % XEL: -22.432 % low: -32.53 % |
|
| Earnings Growth | 2.198 % | |
| Earnings Growth QoQ | -142.204 % | |
| Earnings Growth YoY | -120.515 % | |
| Earnings Growth IPRWA | high: 66.667 % XEL: 2.198 % mean: -9.949 % median: -14.394 % low: -30.556 % |
|
| MARGINS | ||
| Gross Margin | 53.062 % | |
| Gross Margin QoQ | 18.273 % | |
| Gross Margin YoY | 11.877 % | |
| Gross Margin IPRWA | high: 75.469 % XEL: 53.062 % mean: 45.266 % median: 42.168 % low: 8.883 % |
|
| EBIT Margin | 29.625 % | |
| EBIT Margin QoQ | 35.212 % | |
| EBIT Margin YoY | 37.925 % | |
| EBIT Margin IPRWA | high: 40.151 % XEL: 29.625 % mean: 27.934 % median: 27.289 % low: 15.765 % |
|
| Return On Sales (ROS) | 22.732 % | |
| Return On Sales QoQ | 24.874 % | |
| Return On Sales YoY | 29.498 % | |
| Return On Sales IPRWA | high: 30.223 % median: 25.063 % XEL: 22.732 % mean: 20.903 % low: -0.626 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -1.85 B | |
| Free Cash Flow Yield | -3.723 % | |
| Free Cash Flow Yield QoQ | 39.386 % | |
| Free Cash Flow Yield YoY | 13.541 % | |
| Free Cash Flow Yield IPRWA | high: 1.151 % median: -0.035 % mean: -0.501 % XEL: -3.723 % low: -4.076 % |
|
| Free Cash Growth | 39.472 % | |
| Free Cash Growth QoQ | -166.94 % | |
| Free Cash Growth YoY | -1.83 % | |
| Free Cash Growth IPRWA | high: 122.57 % XEL: 39.472 % median: -45.963 % mean: -100.932 % low: -411.207 % |
|
| Free Cash To Net Income | -3.154 | |
| Cash Flow Margin | 44.63 % | |
| Cash Flow To Earnings | 2.375 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 0.681 % | |
| Return On Assets QoQ | 1.794 % | |
| Return On Assets YoY | 13.5 % | |
| Return On Assets IPRWA | high: 1.384 % mean: 0.815 % median: 0.736 % XEL: 0.681 % low: 0.5 % |
|
| Return On Capital Employed (ROCE) | 1.177 % | |
| Return On Equity (ROE) | 0.024 | |
| Return On Equity QoQ | 4.281 % | |
| Return On Equity YoY | 15.014 % | |
| Return On Equity IPRWA | high: 0.055 mean: 0.029 XEL: 0.024 median: 0.022 low: 0.016 |
|
| DuPont ROE | 2.449 % | |
| Return On Invested Capital (ROIC) | 0.873 % | |
| Return On Invested Capital QoQ | 0.46 % | |
| Return On Invested Capital YoY | -16.857 % | |
| Return On Invested Capital IPRWA | high: 2.182 % mean: 1.574 % median: 1.492 % low: 0.914 % XEL: 0.873 % |
|