DTE Energy

DTE remains investment grade with solid access to capital.

The Q4‑2024 IR deck lists DTE Energy unsecured ratings of BBB/Baa2/BBB and stronger secured ratings at the operating utilities, while Fitch rates DTE Electric’s reopened mortgage bonds A+ with an A‑ IDR and a Stable Outlook. 2024 GAAP cash from operations was 2.82 billion dollars and total plant expenditures were about 3.64 billion dollars by 10‑K, while management’s cash flow slide shows 3.6 billion dollars CFO and 5.0 billion dollars capex including non‑utility and other items, both depicting negative FCF due to growth investments.

Management targets 15 to 16 percent FFO/debt and indicated minimal equity issuance through 2027, supporting balance sheet stability while funding the grid rebuild.

Dividend growth continues, with a quarterly dividend of 1.165 dollars per share affirmed in February 2026. Key risks are sustained negative FCF during the peak capex window and interest rate sensitivity.