Forensic Analysis · Electric Utilities · as of Nov 10, 2026

DTE Energy Co (DTE)

A forensic read on DTE Energy Co built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective

Forensic grade

Clean

Earnings quality

Forensic signals

12.2%

ROE

26.9%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

DTE Energy Co earns a C (Mixed — selective) forensic quality grade. 2 forensic signals were flagged in its latest SEC filings, led by shareholder returns.

What the filings flag

FCF ($1.2B)

FY2025

Shareholder returns. Returned $871M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($1.2B) after capex — there was no free cash flow to fund the payout from at all, though operating cash flow alone was $3.4B — 26% of that. Capex and the payout together ran $2.1B past operating cash flow — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of. New debt covered it: total debt rose $2.9B over FY2025, while cash rose $184M.

4.5%

FY2025

Return on invested capital. Return on invested capital is 4.5% in the latest fiscal year and steady across FY2023–FY2025, inside a 0.6-point range. After-tax operating profit was $2.0B in FY2023 and $2.1B in FY2025, with operating income at 17.6% of revenue in FY2023, 16.8% in FY2024 and 15.0% in FY2025. The capital base behind it grew +17% across FY2023–FY2025, from $40.1B to $47.1B, while the return fell 0.5 points, so the dollars added over that window earned less than the 5.0% the older base was already earning.

Key fundamentals

Latest Revenue$15.81B

Revenue Growth YoY+26.9%

Revenue CAGR (2yr)+11.4%

Net Margin9.2%

Free Cash Flow-$1.23B

Return on Equity12.2%

Debt / Equity2.00x

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Data from SEC EDGAR public filings · metrics as of Nov 10, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.