Forensic Analysis · Utilities · as of Aug 11, 2026

Oge Energy Corp. (OGE)

A forensic read on Oge Energy Corp. 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

Grey Zone

Financial health

2.1

Distress distance

Clean

Earnings quality

Forensic signals

20.9

P / E (ttm)

9.5%

ROE

$9.6B

Market cap

3.63%

Dividend yield

9.2%

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 (red flags, auditor quality, say on pay, board independence). 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.

Oge Energy Corp. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 2.1, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

5.1%

FY2025

Return on invested capital. Return on invested capital is 5.1% in the latest fiscal year and steady — around its ~6% cost of capital, so growth is roughly value-neutral.

+0.3%/yr

FY2022–FY2025

Share count. Diluted share count changed +1% over the last 3 years to FY2025 (+0.3%/yr). Roughly flat — the count is neither shrinking nor growing meaningfully. Per-share value isn't being meaningfully helped or hurt by the count.

413% of FCF

FY2025

Shareholder returns. Returned $342M to shareholders (buybacks + dividends) in FY2025 — 413% of free cash flow, but 30% of operating cash flow. Returns run ahead of free cash flow, with the gap funded by debt or cash reserves rather than the cash the business itself throws off; the payout itself is still covered by operating cash. Counting the $14M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 430%.

Key fundamentals

Latest Revenue$3.26B

Revenue Growth YoY+9.2%

Net Margin14.4%

Free Cash Flow$82.7M

Return on Equity9.5%

Debt / Equity1.08x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.