Duke Energy Corp DUK

UtilitiesElectric Utilities & IPPsUnited States of America

Last close 128.38 USD on Nov 2, 2026, +12.4% year to date

Quant rating

Quant rating B Rank 20 of 90 in Utilities

Growth B 31 of 90
Valuation B 32 of 90
Quality C 53 of 90
Revisions B 21 of 90
Momentum B 25 of 90

Wall Street consensus Buy (2.35)Average target 131.79 USD +2.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 100.1B
Enterprise value: 193.7B
52-week range: 112.46 – 134.28
3-year range: 87.02 – 134.28
Dividend yield: 3.41%
Beta (5 years): 0.31
Shares outstanding: 780M
Next earnings: Nov 5, 2026

About the company

Duke Energy Corporation is an energy-holding company. The Company's segments include Electric Utilities and Infrastructure (EU&I) and Gas Utilities and Infrastructure (GU&I). EU&I segment conducts operations primarily through the regulated public utilities of Duke Energy Carolinas, Duke Energy Progress, Duke Energy Florida, Duke Energy Indiana and Duke Energy Ohio. EU&I provides retail electric service through the generation, transmission, distribution and sale of electricity to approximately 8.7 million customers within the Southeast and Midwest regions of the U.S. GU&I segment conducts natural gas operations primarily through the regulated public utilities of Piedmont, Duke Energy Ohio and Duke Energy Kentucky. GU&I serves residential, commercial, industrial and power generation natural gas customers, including customers served by municipalities who are wholesale customers. It also purchases a diverse portfolio of transportation and storage services from interstate pipelines.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	32,237	30,357	29,060	28,768	24,621	–
Revenue growth	6.2%	4.5%	1.0%	16.8%	5.4%	6.6%
EPS (basic, normalized)	6.31	5.90	5.56	5.27	5.24	–
EPS growth	6.9%	6.1%	5.5%	0.6%	–	–
Gross margin	–	–	–	–	–	–
Net margin	15.2%	14.5%	14.4%	13.1%	16.0%	14.6%
ROE	9.7%	9.1%	8.7%	7.9%	8.3%	8.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	673
Current ratio	0.66x
Long-term debt (mil)	82,242
Net debt (mil)	93,650
Total equity (mil)	54,751
Net debt / equity	1.71x
Net debt / EBITDA	6.28x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	32,237	+6.2%	6.0x	14,901	+6.3%	13.0x	6.31	+6.9%	20.3x
2026	33,700	+4.5%	5.7x	16,390	+10.0%	11.8x	6.72	+6.6%	19.1x
2027	35,397	+5.0%	5.5x	17,995	+9.8%	10.8x	7.17	+6.7%	17.9x
2028	37,060	+4.7%	5.2x	19,615	+9.0%	9.9x	7.67	+6.9%	16.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	33,700	0.0%	+0.1%	+1.3%	6.72	+0.2%	+0.3%	+0.3%
2027	35,397	−0.1%	+0.4%	+2.0%	7.17	+0.1%	+0.1%	+0.1%
2028	37,060	−0.1%	+0.5%	+2.1%	7.67	0.0%	0.0%	+0.1%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	7,671	7,172	8,154	7,360	8,249	7,508	8,542	7,938	9,178	7,592
Sales mean (mil)	7,236	6,606	8,058	7,326	8,056	7,215	8,499	7,455	8,433	7,680
Surprise	+6.0%	+8.6%	+1.2%	+0.5%	+2.4%	+4.1%	+0.5%	+6.5%	+8.8%	−1.1%
EPS reported	1.44	1.18	1.62	1.66	1.76	1.25	1.81	1.50	1.93	1.43
EPS mean	1.38	1.02	1.69	1.66	1.60	1.18	1.75	1.49	1.87	1.30
Surprise	+4.5%	+15.5%	−4.4%	−0.2%	+9.8%	+6.3%	+3.5%	+0.9%	+3.2%	+9.6%

Peer comparison Electric Utilities & IPPs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
DUK Duke Energy Corp	100.1B	6.28x	15.2%	1.83x	19.1x	17.9x	11.8x	10.8x
NEE NextEra Energy, Inc.	178.3B	8.16x	24.9%	2.90x	21.1x	19.4x	17.0x	14.5x
SO Southern Co	108.8B	5.56x	14.7%	2.75x	20.6x	19.2x	13.1x	12.0x
CEG Constellation Energy Corp	91.1B	4.28x	9.1%	2.86x	21.2x	19.3x	13.4x	12.4x
AEP American Electric Power Company Inc	71.0B	6.40x	16.4%	2.16x	20.4x	18.8x	13.1x	11.7x
D Dominion Energy, Inc.	59.6B	8.87x	18.0%	2.02x	18.8x	17.7x	14.3x	12.6x
Mean		6.59x	16.4%	2.42x	20.2x	18.7x	13.8x	12.3x
Median		6.34x	15.8%	2.46x	20.5x	19.0x	13.3x	12.2x

Technical analysis

1M+12.5%
3M+3.2%
1Y+6.9%
3Y+59.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Duke Energy Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	32,237	30,357	29,060	28,768	24,621	23,366
Cost of revenue	9,041	9,771	9,679	10,058	6,960	6,511
Gross profit	23,196	20,586	19,381	18,710	17,661	16,855
Selling, general & administrative expenses	–	–	–	–	–	–
Research & development	–	–	–	–	–	–
Depreciation/amortization	6,324	5,793	5,253	5,086	4,762	4,504
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−49.0	14.0	49.0	412	341	967
Other operating expenses	8,295	6,853	7,009	7,200	7,058	6,813
Operating income	8,626	7,926	7,070	6,012	5,500	4,571
Net interest income (expense)	−3,532	−3,330	−2,872	−2,299	−2,132	−4,072
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	618	598	569	365	623	421
Net income before taxes	5,712	5,194	4,767	4,078	3,991	920
Provision for taxes	642	590	438	300	268	−169
Minority interest	−103	−90.0	−33.0	95.0	329	295
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	4,967	4,514	4,296	3,873	4,052	1,384
Extraordinary items	1.0	10.0	−1,455	−1,323	−144	−7.0
Net income	4,968	4,524	2,841	2,550	3,908	1,377
EBIT, normalized	8,577	7,940	7,119	6,424	5,841	5,538
EBITDA, normalized	16,281	14,359	13,203	12,267	11,504	11,024
Basic EPS, normalized	6.31	5.90	5.56	5.27	5.24	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Duke Energy Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	245	314	253	409	343	259
Receivables	4,230	4,672	4,131	4,415	3,610	3,153
Total inventory	4,569	4,509	4,292	3,584	3,199	3,167
Prepaid expenses	–	–	–	–	–	–
Other current assets	2,569	3,455	4,093	4,814	2,788	2,103
Total current assets	11,613	12,950	12,769	13,222	9,940	8,682
Property, plant & equipment	131,200	124,451	116,407	112,790	112,674	108,306
Goodwill	19,010	19,303	19,303	19,303	19,303	19,303
Intangibles	–	–	–	–	–	–
Long-term investments	330	353	492	455	970	961
Note receivable	–	–	–	–	–	–
Other long-term assets	33,583	29,286	27,922	32,316	26,700	25,136
Total assets	195,736	186,343	176,893	178,086	169,587	162,388
Liabilities
Accounts payable	5,223	5,479	4,228	4,754	3,629	3,144
Payable/accrued	–	–	–	–	–	–
Accrued expenses	2,135	1,914	1,749	1,348	1,469	1,196
Short-term debt	2,624	3,584	4,288	3,952	3,304	2,873
Current portion of long-term debt	7,104	4,349	2,800	3,878	3,387	4,238
Other current liabilities	3,961	4,031	4,218	4,941	4,142	4,854
Total current liabilities	21,047	19,357	17,283	18,873	15,931	16,305
Long-term debt	80,108	76,340	72,452	65,873	60,448	55,625
Minority interest	1,177	1,129	1,075	2,531	1,840	1,220
Other liabilities	41,562	39,390	36,971	41,487	42,072	41,274
Total liabilities	143,894	136,216	127,781	128,764	120,291	114,424
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1.0	1.0	1.0	1.0	1.0	1.0
Additional paid-in capital	45,614	45,494	44,920	44,862	44,371	43,767
Retained earnings (accumulated deficit)	5,056	3,431	2,235	2,637	3,265	2,471
Treasury stock	–	–	–	–	–	–
Other equity	1,171	1,201	1,956	1,822	1,659	1,725
Total equity	51,842	50,127	49,112	49,322	49,296	47,964
Total liabilities & shareholders' equity	195,736	186,343	176,893	178,086	169,587	162,388

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Duke Energy Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	5,071	4,614	2,874	2,455	3,579	1,082
Depreciation, depletion & amortization	7,704	6,419	6,084	5,843	5,663	5,486
Deferred taxes	1,204	987	3.0	−200	191	54.0
Non-cash items	−1,033	−870	667	1,100	−453	2,765
Changes in working capital	−616	1,178	250	−3,271	−690	−531
Cash from operations	12,330	12,328	9,878	5,927	8,290	8,856
Investing activities
Capital expenditures	−14,024	−12,280	−12,604	−11,367	−9,715	−9,907
Other investing cash flows	−314	−843	129	−606	−1,220	−697
Cash from investing	−14,338	−13,123	−12,475	−11,973	−10,935	−10,604
Financing activities
Financing cash flow items	114	−5.0	154	1,247	1,481	293
Cash dividends paid	−3,300	−3,213	−3,244	−3,179	−3,114	−2,812
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	5,136	4,077	5,441	8,061	4,242	4,250
Cash from financing	1,950	859	2,351	6,129	2,609	1,731
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−58.0	64.0	−246	83.0	−36.0	−17.0
Free cash flow	−1,694	48.0	−2,726	−5,440	−1,425	−1,051

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.