One-glance verdict
Overvalued
$-12.94 our estimate vs market $46.50
Wall Street consensus: $49.58 (-483.1% lower than our fair-value estimate)
459% below our estimate, beyond the bull case
Fundamentals snapshot
OGE Energy Corp.
OGE · NYQ · Utilities · Utilities - Regulated Electric
Current price
$46.50
52-week range
$41.70 - $50.59
Market cap
$9.61B
Balance sheet
Stretched
2.96x Stretched
Net debt $5.84B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
2 Risks
3 rewards · 2 risks
- Reward Revenue grew 0.2% last year.
- Reward Returns 9.7% on equity, ahead of 16% of its peers.
- Risk Net debt grew 26.9% over 3 years.
- Risk Stock trades 24.1% above its 5-year average P/E.
What this company does
OGE Energy Corp.
OGE Energy Corp. is a utility company that provides electricity to about 913,000 customers across a large area in the United States, using a mix of power sources like coal, natural gas, wind, and solar. Most of their money comes from selling electricity to these homes and businesses, which is important because it means their income is pretty steady and predictable, like people needing to pay their electric bills every month. They also offer services like helping with electric construction, which adds a bit more to their earnings.
How the company got here
OGE Energy Corp. traces its roots back to 1902, starting as a local electricity and gas provider in Oklahoma City. Over the decades, it expanded its reach, building out infrastructure across Oklahoma and into western Arkansas. The company evolved into a holding company structure, with OGE Energy overseeing its primary subsidiary, Oklahoma Gas and Electric Company (OG&E). For a period, OGE Energy diversified into midstream energy assets, but in 2022, it completed its exit from that business, becoming a "pure-play" regulated electric utility. This strategic shift means the company's focus is now squarely on its core electricity operations and growing its rate base through infrastructure investments.
What it actually does
OGE Energy Corp., primarily through its subsidiary OG&E, generates, transmits, and distributes electricity to over 900,000 customers across a roughly 30,000-square-mile service area in Oklahoma and western Arkansas. Think of it as the company that powers your home and local businesses, ensuring the lights stay on and appliances run. It manages a diverse portfolio of power generation, including coal, natural gas, wind, and solar sources, to meet the energy needs of its customers.
Oklahoma Gas and Electric Company (OG&E)
This is the main business of OGE Energy Corp., and it's where the vast majority of the company's revenue comes from. OG&E is responsible for generating electricity and delivering it safely and reliably to homes and businesses within its service territory. The company invests heavily in its transmission and distribution (T&D) infrastructure – the network of power lines, substations, and equipment that gets electricity from where it's made to where it's used. These investments are crucial for maintaining reliability and supporting growth in the communities it serves.
What management is betting on now
OGE Energy's current strategy centers on growing its business by investing in regulated infrastructure. This means spending billions of dollars over the next several years on upgrading and expanding its transmission and distribution systems. The goal is to improve reliability, support increasing customer demand, and ensure the company can recover these investments through approved rates from regulators. Management is also focused on maintaining competitive electricity rates to attract new businesses and residents to its service area, while also planning for a cleaner energy future by incorporating more renewable sources and retiring older fossil-fuel generation.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q2
$-70.20M
FY2024 Q3
$103.00M
FY2024 Q4
$-167.00M
FY2025 Q1
$-233.60M
FY2025 Q2
$64.90M
FY2025 Q3
$168.30M
FY2025 Q4
$83.10M
FY2026 Q1
$-91.30M
Revenue
$752.60M
Net income
$50.20M
Diluted EPS
0.24
Operating cash flow
$175.50M
Free cash flow
$-91.30M
Fetching…
Sources
Revenue
$725.80M
Net income
$69.20M
Diluted EPS
0.34
Operating cash flow
$384.80M
Free cash flow
$83.10M
Fetching…
Sources
Revenue
$1.04B
Net income
$231.30M
Diluted EPS
1.14
Operating cash flow
$397.80M
Free cash flow
$168.30M
Fetching…
Sources
Revenue
$741.60M
Net income
$107.50M
Diluted EPS
0.53
Operating cash flow
$338.60M
Free cash flow
$64.90M
Fetching…
Sources
Revenue
$747.70M
Net income
$62.70M
Diluted EPS
0.31
Operating cash flow
$15.90M
Free cash flow
$-233.60M
Fetching…
Sources
Revenue
$760.50M
Net income
$101.90M
Diluted EPS
0.50
Operating cash flow
$129.60M
Free cash flow
$-167.00M
Fetching…
Sources
Revenue
$965.40M
Net income
$218.70M
Diluted EPS
1.09
Operating cash flow
$347.10M
Free cash flow
$103.00M
Fetching…
Sources
Revenue
$662.60M
Net income
$102.30M
Diluted EPS
0.51
Operating cash flow
$253.10M
Free cash flow
$-70.20M
Fetching…
Sources
Is it cheap or expensive?
Fair value $-12.94 vs current price $46.50
Wall Street consensus is the average analyst price target: $49.58 (-483.1% lower than our fair-value estimate).
Our most-likely fair value is $-12.94 a share — about 127.8% below today's price of $46.50, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Stretched
Net debt $5.8B. Interest coverage 3.0x.
Net debt
$5.84B
Interest coverage
2.96x
OGE Energy Corp.'s profit covers its interest bill about 3.0 times over. which is stronger than every peer shown here.
Stretched
Worse cushion
Baseline
Better cushion
OGE
BASELINE
OGE Energy Corp.
Total debt $5.84B Interest coverage 2.96x This is the baseline the peer rows are being compared against.
Total debt $53.53B Interest coverage 2.66x -10% vs OGE Has roughly the same debt cushion as OGE.
Total debt $24.64B Interest coverage 2.34x -21% vs OGE Carries about 1.3x less debt cushion than OGE.
Total debt $23.02B Interest coverage 2.65x -10% vs OGE Has roughly the same debt cushion as OGE.
Total debt $27.84B Interest coverage 2.39x -19% vs OGE Carries about 1.2x less debt cushion than OGE.
Total debt $29.81B Interest coverage 2.40x -19% vs OGE Carries about 1.2x less debt cushion than OGE.
What you should know
The case for and against OGE
3 Rewards
2 Risks
Rewards
-
Revenue grew 0.2% last year.
-
Returns 9.7% on equity, ahead of 16% of its peers.
-
Free cash flow was positive in 5/10 years.
Risks
-
Net debt grew 26.9% over 3 years.
-
Stock trades 24.1% above its 5-year average P/E.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
20.48x
Forward P/E
17.83x
P/B
1.93x
P/S
2.97x
EV/EBITDA
12.02x
PEG ratio
3.11x
Profitability
How much profit each dollar creates
Gross margin
44.8%
Operating margin
26.5%
Net margin
14.4%
ROE
9.7%
ROA
3.4%
Health
Liquidity and balance-sheet strength
Debt / equity
1.17x
Current ratio
0.77x
Quick ratio
0.41x
Total debt
$5.84B
Total cash
$900.00K
Growth
How the business has been compounding
Revenue TTM
$3.27B
Revenue 5Y CAGR
-2.8%
EPS TTM
2.27
EPS 5Y CAGR
-11.3%
Cash flow
How much cash the business throws off
Operating CF TTM
$1.30B
Free CF TTM
$82.70M
FCF margin
2.5%
Dividend
Shareholder payout
Yield
3.7%
Payout ratio
74.9%
Last ex-div date
2026-10-05