Duke Energy Corporation 5.625% (DUKB) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-239.7%

-$28.72

vs $20.56 price

Levered DCF

$78.49

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.39

Distress zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	3.9×	4.15×	4.33×	4.66×	5.41×	16.73×	5.31×	6.31×
P/B	0.37×	0.36×	0.37×	0.36×	0.42×	0.44×	0.42×	0.38×
P/S	0.59×	0.61×	0.63×	0.62×	0.83×	0.89×	0.79×	0.69×
EV / EBITDA	7.07×	7.52×	7.83×	7.5×	8.07×	11.03×	7.59×	8.03×
Gross margin	31.6%	50.8%	48.9%	46.4%	29.2%	28.8%	28.0%	27.4%
Operating margin	26.6%	26.5%	24.7%	21.2%	23.7%	23.2%	22.8%	22.2%
Net margin	15.4%	15.1%	9.9%	9.0%	15.9%	5.8%	14.9%	10.9%
Current ratio	0.55×	0.67×	0.74×	0.7×	0.62×	0.53×	0.62×	0.65×
Debt / equity	1.77×	1.7×	1.64×	1.55×	1.38×	1.34×	1.34×	1.32×
Interest coverage	2.36×	2.34×	2.35×	2.46×	2.65×	2.56×	2.6×	2.6×
Dividend yield	17.3%	17.6%	17.9%	18.1%	15.2%	13.3%	13.5%	14.7%
Payout ratio	66.4%	71.0%	114.2%	124.7%	79.7%	204.2%	71.2%	92.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.6%	9.0%	5.8%	5.2%	7.9%	2.9%	8.0%	6.1%
Return on invested capital	4.1%	3.9%	3.7%	3.2%	3.4%	3.5%	3.2%	3.3%
Return on assets	2.5%	2.4%	1.6%	1.4%	2.3%	0.8%	2.3%	1.8%
Free cash flow yield	-8.9%	0.4%	-15.0%	-31.0%	-6.7%	-4.3%	-14.8%	-13.1%
Earnings yield	26.0%	24.8%	15.7%	14.5%	19.0%	6.5%	19.0%	15.8%
Enterprise value	$110.8B	$103.3B	$98.4B	$93.2B	$88.5B	$85B	$82.3B	$74.2B
Net debt / EBITDA	5.85×	6.19×	6.39×	6.09×	6.2×	8.28×	5.77×	6.21×
Cash conversion cycle (days)	37	33	54	29	43	49	45	49