$14.95+0.05 (+0.34%)
At close: Oct 2, 2026, 1:28 PM ET
DTE Energy Company 2020 Series · Financials
Is this a real, growing, cash-generative business, or a story propped up by accounting?
Business engineChoppy: revenue compounds ~0.5%/yr (FY21→FY25), net margin 9.6%; free cash flow runs at −69% of net income. Check the accrual gap. Worth your attention in FY25: Share count (+6.7%) and Returns vs FCF (n/m). Both visible in the receipts below.
The four lines that matter · FY21–FY25
Revenue ($B)▲22.7%
15.3
FY21→FY25CAGR +0.5%/yr
Net income ($B)▲4.1%
1.5
one-off year: see footnoteCAGR +12.7%/yr
Free cash flow ($B)▼26.2%
−1.0
FY21→FY25CAGR —
Diluted EPS▲4.1%
7.06
FY21→FY25CAGR +10.9%/yr
What the receipts whisper · what a headline number hides
Stock comp vs FCF
0.0%
of free cash flow goes to stock comp (was −10.3% in FY21). Owner-earnings math treats it as a real cost.
Share count
+6.7%
194.0mn → 207.0mn diluted shares since FY21. Rising share count dilutes EPS. Growth must outrun it.
Capex
$4.4B
steady at 29.0% of revenue (−0.9% YoY).
Returns vs FCF
n/m
$0.9B returned vs $−1.0B of FCF in FY25. Free cash flow was negative, so returns were funded from the balance sheet rather than from cash generation.
What the income statement says · FY21–FY25
Where every revenue dollar goes · FY25 ($B)
10¢ of every revenue dollar becomes profit. The biggest cost lever is COGS.
Margin trend · direction beats level Gross Operating Net
Over this window: gross 22.3% → 16.9%.
The receipt · income statement · FY21–FY25 USD millions except per-share & ratios · hover a line for its definition
We hold no record of cost of revenue, gross profit, gross margin, SG&A or operating expenses for FY2024 on the basis the other years use: the data provider splits operating costs differently in that year, so it is left blank rather than compared. Operating income and every line below it are unaffected. Across FY2023 to FY2024 cost of revenue moves 3.72x while revenue less operating income moves 1.01x. Across FY2024 to FY2025 cost of revenue moves 5.62x while revenue less operating income moves 1.28x.
| Line item | FY25 | FY24 | FY23 | FY22 | FY21 | YoY | CAGR 21→25 |
|---|---|---|---|---|---|---|---|
| Revenue & profitability | |||||||
Revenue | 15,281.0 | 12,457.0 | 12,745.0 | 19,226.0 | 14,964.0 | ▲22.7% | +0.5% |
Cost of revenue | 12,702.0 | — | 8,418.0 | 16,920.0 | 11,628.0 | — | — |
Gross profit | 2,579.0 | — | 4,327.0 | 2,306.0 | 3,336.0 | — | — |
Research & development | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | — | — |
Selling, general & admin | 0.0 | — | 9.0 | 1.0 | 0.0 | — | — |
Total operating expenses | 529.0 | — | 2,084.0 | 457.0 | 1,841.0 | — | — |
Operating incomefeeds ROC rank | 2,050.0 | 2,091.0 | 2,243.0 | 1,849.0 | 1,495.0 | ▼2.0% | +8.2% |
Other income, net | −500.0 | −721.0 | −677.0 | −737.0 | −839.0 | — | — |
Pretax income | 1,550.0 | 1,370.0 | 1,566.0 | 1,112.0 | 656.0 | ▲13.1% | +24.0% |
Income tax | 88.0 | −34.0 | 169.0 | 29.0 | −130.0 | — | — |
Net incomePiotroski ROA ✓feeds Buffett Quality owner earnings | 1,462.0 | 1,404.0 | 1,397.0 | 1,080.0 | 907.0 | ▲4.1% | +12.7% |
| Per share | |||||||
Diluted EPSbuyback-sensitive | 7.06 | 6.78 | 6.77 | 5.51 | 4.67 | ▲4.1% | +10.9% |
Diluted shares (mn) | 207.00 | 207.00 | 206.00 | 196.00 | 194.00 | ▲0.0% | +1.6% |
| Margins | |||||||
Gross margin | 16.9% | — | 34.0% | 12.0% | 22.3% | — | — |
Operating margin | 13.4% | 16.8% | 17.6% | 9.6% | 10.0% | ▼3.4pp | +3.4pp |
Net margin | 9.6% | 11.3% | 11.0% | 5.6% | 6.1% | ▼1.7pp | +3.5pp |
FY21 effective tax rate was −20% vs a 3% norm for this window, likely a one-time item.FY23 effective tax rate was 11% vs a 3% norm for this window, likely a one-time item.
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These lines feed the tenet checklists: see which gates passTenets →Margins & returns continue as sector-ranked ratiosStatistics →
Annual report filed 2026-02-17 · reported currency USD · as-filed figures may be later restated.
Statements normalized in our fundamentals DB · Not investment advice.
Statements normalized in our fundamentals DB · Not investment advice.
Annual and quarterly statements as filed, normalized into one comparable shape · Not investment advice.