Xcel Energy Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Xcel Energy Inc (XEL) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Xcel Energy Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 24,039M vs 666,509M combined for tracked competitors (3.5% combined share).
- Trending: Latest-quarter revenue run-rate is decelerating (-48.1% annualized vs trailing 12 months), vs accelerating (+5.4%) for its tracked peer group.
- Growth: Xcel Energy Inc generated -49.4% revenue growth year over year in Q2 2026, vs 16.1% for its tracked competitors combined.
- Profitability: Its 18.8% net margin compares with 19.4% for the peer group.
- Scale: Xcel Energy Inc ranks #10 of 74 companies by market capitalization in the Electric Utilities industry, holding 3.2% of industry market cap.
- Peer revenue share: Xcel Energy Inc accounted for 1.7% of combined revenue among its tracked peer group, down from 3.9% a year earlier.
- Peer differentiation: Revenue per employee of $0.24M compares with $1.13M for the peer group (0.2x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
XEL Sales vs. its Competitors, Q2 2026
Xcel Energy Inc reported revenue contraction of 49.41 % year on year in Q2 2026, below its competitors' combined revenue growth of 16.08 %.
With a net margin of 18.79 %, Xcel Energy Inc reported lower profitability than its competitors (19.42 %).
Xcel Energy Inc generated 1.74 % of the combined sales of its peer group, down from 3.91 % a year earlier.
Xcel Energy Inc vs. its Competitors, Q2 2026
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Xcel Energy Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Xcel Energy Inc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (4) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (4) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Xcel Energy Inc's competitor groups requires a Commercial License.
For context: the Electric Utilities industry grew revenue 13.3% year over year, combined, vs -49.4% for Xcel Energy Inc. Xcel Energy Inc's share of combined industry revenue moved from 1.48% to 0.66%, a loss of 0.82 percentage points.
Xcel Energy Inc's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Xcel Energy Inc | Yes | No | No | Yes |
| Competitors combined (39) | ||||
| Similar-Size Competitors (10) | ||||
| Similar Growth & Profitability (8) | 62.50 % (5 of 8) | 50.00 % (4 of 8) | 0.00 % (0 of 8) | 28.60 % (2 of 7) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
XEL Stock Performance relative to its Competitors
XEL Stock Performance relative to Similar-Size Competitors
XEL Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Anterix Inc | 282.9% | Outperformed |
| 2 | Sunoco Lp | 282.9% | Outperformed |
| 3 | Oneok Inc | 282.9% | Outperformed |
| 4 | Union Pacific Corp | 282.9% | Outperformed |
| 5 | The Aes Corporation | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Xcel Energy Inc's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Xcel Energy Inc's Comment on Competition and Industry Peers
Xcel Energy remains a vertically integrated utility in all of its jurisdictions subject to traditional cost-of-service regulation by state public utilities commissions. Within this construct, however, Xcel Energy is subject to different public policies that promote competition and the development of energy markets. Xcel Energy’s industrial and large commercial customers have the ability to own or operate facilities to generate their own electricity. In addition, customers may have the option of substituting other fuels, such as natural gas, steam or chilled water for heating, cooling and manufacturing purposes, or the option of relocating their facilities to a lower cost region. Customers also have the opportunity to supply their own power with on-site solar generation (typically rooftop solar) and in most jurisdictions can currently avoid paying for most of the fixed production, transmission and distribution costs incurred to serve them.
The FERC has continued to promote competitive wholesale markets through open access transmission and other means. As a result, Xcel Energy Inc.’s utility subsidiaries and their wholesale customers can purchase the output from generation resources of competing wholesale suppliers and use the transmission systems of the utility subsidiaries on a comparable basis to serve their native load. State public utilities commissions have created resource planning programs that promote competition in the acquisition of electricity generation resources used to provide service to retail customers. In addition, FERC Order 1000 seeks to establish competition for construction and operation of certain new electric transmission facilities. Xcel Energy Inc.’s utility subsidiaries also have franchise agreements with certain cities subject to periodic renewal. If a city elected not to renew the franchise agreement, it could seek alternative means for its citizens to access electric power or gas, such as municipalization. Several states have policies designed to promote the development of solar and other distributed energy resources through significant incentive policies; with these incentives and federal tax subsidies, distributed generating resources are potential competitors to Xcel Energy’s electric service business. These competitive challenges continue to evolve over time. While each of Xcel Energy Inc.’s utility subsidiaries faces these challenges, Xcel Energy believes their rates and services are competitive with currently available alternatives. Xcel Energy continues to evaluate policies, products and strategies to enable it to compete in the changing energy marketplace.
Publicly Traded Peers of Xcel Energy Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Xcel Energy Inc | 43,507.53 | 24,039.00 |
| Union Pacific Corp | 162,815.40 | 25,490.00 |
| The Southern Company | 92,890.80 | 30,174.00 |
| Constellation Energy Corporation | 92,192.22 | 29,867.00 |
| Duke Energy Corporation | 88,346.39 | 33,166.00 |
| Williams companies inc | 84,500.50 | 12,204.00 |
| SUBTOTAL | 1,528,858.03 | 1,044,749.90 |
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Sources: Xcel Energy Inc's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Xcel Energy Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Xcel Energy Inc's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| TSR. Xcel Energy | Named by the company | 85% |
| Tsr Inc | Named by the company | 85% |
| Anterix Inc | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for Xcel Energy Inc's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
Xcel Energy Inc's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Xcel Energy Inc | Regulated Electric 42.53 % |
| Union Pacific Corp | Reportable 98.85 % |
| Williams companies inc | Transmission And Gulf Of Mexico 44.10 % |
| Kinder Morgan Inc | Natural Gas Pipelines 68.27 % |
| American Electric Power Co Inc | Vertically Integrated Utilities 57.14 % |
| Sea Limited | E Commerce Shopee 72.21 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Xcel Energy Inc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Xcel Energy Inc | 43,508 | 240,390 | 22,330 |
| Union Pacific Corp | 162,815 | 870,352 | 250,282 |
| The Southern Company | 92,891 | 1,012,550 | 142,248 |
| Constellation Energy Corporation | 92,192 | 1,947,128 | 247,539 |
| Duke Energy Corporation | 88,346 | 1,254,340 | 198,328 |
| Williams companies inc | 84,501 | 2,038,417 | 541,841 |
| PEERS TOTAL | 1,485,351 | 1,128,834 | 188,061 |
Xcel Energy Inc's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Sea Limited | Southeast Asia excluding Singapore 62.69 % |
Source: revenue geography as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Xcel Energy Inc's Position in Industry Market Structure
Market-capitalization share and concentration across all 65 companies in Xcel Energy Inc's industry classification, broader than the peer set above. Market cap in millions of $.Xcel Energy Inc ranks #10 of 65 companies by market capitalization in its industry, holding 3.24 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 440, indicating a unconcentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Nextera Energy Inc | 157,777 | 11.75 % |
| 2 | The Southern Company | 92,857 | 6.91 % |
| 3 | Constellation Energy Corporation | 92,132 | 6.86 % |
| 4 | Duke Energy Corporation | 88,140 | 6.56 % |
| 5 | American Electric Power Co Inc | 1,234 | 5.2% |
| 6 | Dominion Energy Inc | 1,234 | 5.2% |
| 7 | Sempra | 1,234 | 5.2% |
| 8 | Vistra Corp | 1,234 | 5.2% |
| 9 | Entergy Corporation | 1,234 | 5.2% |
| 10 | Xcel Energy Inc | 43,451 | 3.24 % |
Market cap and industry share for the rest of Xcel Energy Inc's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-09-28.
Xcel Energy Inc's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 5 | American Electric Power Co Inc | 64,574 | 9.44 % |
| 6 | Dominion Energy Inc | 53,052 | 1.02 % |
| 7 | Sempra | 50,770 | -10.45 % |
| 8 | Vistra Corp | 46,439 | -32.10 % |
| 9 | Entergy Corporation | 1,234 | 12.3% |
| 10 | Xcel Energy Inc | 43,451 | -10.29 % |
| 11 | Exelon Corporation | 1,234 | 12.3% |
| 12 | Consolidated Edison Inc | 1,234 | 12.3% |
| 13 | Wec Energy Group Inc | 1,234 | 12.3% |
| 14 | Public Service Enterprise Group Incorporated | 1,234 | 12.3% |
| 15 | Ameren Corporation | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Xcel Energy Inc's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-09-28. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Xcel Energy Inc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Electric Utilities industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (83 companies).| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 88.61 % | 58.29 % (avg) | +30.3 pp |
| Operating Margin | 11.60 % | industry median | -7.0 pp |
| EBITDA Margin | 23.19 % | 27.06 % (avg) | -3.9 pp |
| Capital Intensity (Capex / Revenue) | 51.84 % | 34.89 % (avg) | +16.9 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Xcel Energy Inc's Valuation vs Competitive Position
Valuation multiples vs the Electric Utilities industry average (83 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 21.8x | 24.9x | -3.1x |
| EV / EBITDA | 15.1x | 16.1x | -0.9x |
| P/B | 2.2x | 2.1x | +0.1x |
| Return on Equity | 9.64 % | industry aggregate | -4.79 % |
| Return on Invested Capital | 2.68 % | 2.48 % (avg) | 0.20 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Xcel Energy Inc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 1.17 % | 82.92 % | 1.06 % | 15.51 % | 11.35 % | -6.49 % | -4.15 % | 9.11 % |
| Operating Margin | 17.03 % | 9.97 % | 9.92 % | 8.94 % | 8.85 % | 9.67 % | 9.70 % | 9.63 % |
| Return on Invested Capital | 3.76 % | 3.65 % | 3.18 % | 3.07 % | 3.51 % | 3.72 % | 3.25 % | 2.93 % |
| P/E | 20.6x | 23.9x | 24.2x | 22.5x | 21.9x | 19.0x | 19.7x | 22.4x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Xcel Energy Inc's Strategic Group Map
Every company in Xcel Energy Inc's industry and named-competitor list, plotted by trailing 12-month revenue growth and operating margin. Xcel Energy Inc is shown in red; its closest peers by combined growth, margin and ROIC (the Similar Growth & Profitability group above) are labeled.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Xcel Energy Inc's BCG Growth-Share Matrix
Relative market share (vs Xcel Energy Inc's largest competitor by market cap) against industry revenue growth, using the standard textbook thresholds (1.0x share, 10% growth) a common framework, not a precision instrument.
Xcel Energy Inc falls in the Dog quadrant: relative market share of 0.28x vs its largest competitor, in an industry growing revenue 8.9% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Xcel Energy Inc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 440 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | High (capital intensive) | Capital intensity (capex / revenue) of 51.84 % vs industry average 34.89 % (see Profitability & Cost Structure above) |
| Supplier Power | Not covered on this page | See Xcel Energy Inc's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Xcel Energy Inc's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Xcel Energy Inc's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Xcel Energy Inc falls in the Medium attractiveness / Low strength cell: Harvest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Xcel Energy Inc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
No rule matched.
Weaknesses
- Operating margin 7.0 points below the industry median.
- Latest-quarter revenue run-rate is decelerating (-48.1% annualized vs trailing 12 months).
- Underperforming the U.S.A. 500 over the trailing 12 months.
- Low relative market share vs the industry leader (0.28x).
- Piotroski F-Score of 2 or below, the standard financial-distress signal.
Opportunities
- Trades at a lower P/E than the industry average (21.8x vs 24.9x) despite a higher return on invested capital -- a possible re-rating opportunity.
Threats
- High capital intensity requires continuous reinvestment just to keep pace with the industry.
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Xcel Energy Inc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Xcel Energy Inc | 0.16 | 0.74 | 1.56 |
| Union Pacific Corp | 0.22 | 0.89 | 1.64 |
| The Southern Company | 0.11 | 0.70 | 1.86 |
| Constellation Energy Corporation | 0.32 | 1.46 | 0.63 |
| Duke Energy Corporation | 0.04 | 0.62 | 1.66 |
| Williams companies inc | - | 0.54 | 1.94 |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Xcel Energy Inc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Xcel Energy Inc | Q2 2026 | -49.4 % | +32.0 % |
| Union Pacific Corp | Q2 2026 | +12.8 % | +6.2 % |
| The Southern Company | Q1 2026 | +8.0 % | +0.3 % |
| Constellation Energy Corporation | Q1 2026 | +63.8 % | +1,142.6 % |
| Duke Energy Corporation | Q1 2026 | +11.3 % | +12.3 % |
| Williams companies inc | Q2 2026 | +9.8 % | +50.3 % |
| PEERS TOTAL | +17.0 % | +59.0 % |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Xcel Energy Inc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Xcel Energy Inc | Q2 2026 | +2.7 % | +21.5 % |
| Union Pacific Corp | Q2 2026 | +62.8 % | -6.7 % |
| The Southern Company | Q1 2026 | +2.1 % | +20.8 % |
| Constellation Energy Corporation | Q1 2026 | +15.2 % | +58.2 % |
| Duke Energy Corporation | Q1 2026 | +16.9 % | +29.9 % |
| Williams companies inc | Q2 2026 | - | +88.7 % |
Xcel Energy Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Xcel Energy Inc | 2.69% | 2.76% | 9.64% |
| Union Pacific Corp | 10.50% | 11.20% | 38.65% |
| The Southern Company | 2.76% | 2.74% | 10.98% |
| Constellation Energy Corporation | 5.77% | 5.64% | 19.68% |
| Duke Energy Corporation | 2.70% | 3.54% | 9.79% |
| Williams companies inc | 5.53% | 6.55% | 21.49% |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Xcel Energy Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Xcel Energy Inc | 18.96 | 1.81 |
| Union Pacific Corp | 22.21 | 6.39 |
| The Southern Company | 21.06 | 3.08 |
| Constellation Energy Corporation | 22.63 | 3.09 |
| Duke Energy Corporation | 17.38 | 2.66 |
| Williams companies inc | 27.48 | 6.92 |
| PEERS AVERAGE | 8.87 | 1.46 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.