Does XCEL ENERGY INC have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores XCEL ENERGY INC (XEL) 39.2 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 3, balance-sheet safety 0, capital discipline 41.

Is XEL stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $51.12 per share versus a recent price of $78.77 — 54% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has XEL's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 39.2 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

XCEL ENERGY INC

XEL · Utilities · $49.1B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power100

Median gross margin 66.6% over 3y, very stable.

Returns on capital3

Median ROIC 5.7%, above the 9% hurdle in 0% of years.

Balance-sheet safety0

Net debt/EBITDA 6.0x, interest coverage 2x.

Capital discipline41

Owner earnings +6.7%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

54% above value

Owner earnings (normalized): $1.8B
Est. intrinsic value / share: $51.12
Recent price: $78.77
Discount to value: 54% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

20 years of fundamentals

The business, in plain English

XCEL ENERGY INC booked $11.5B of revenue in FY2018 in the Utilities sector and kept 66.6% of it as gross profit — a high-margin business by that measure. After every other cost, 10.9% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $10.0B (FY2007) to $11.5B (FY2018) — about 1.3% a year compounded over 11 years.

It earned 4.6% on invested capital in FY2025, with a median of 5.8% across 18 filed years. The Returns on Capital filter above scores it 3/100.

The balance sheet carried $33.4B of total debt in FY2025 against $2.0B of owner earnings — roughly 16.5 years of owner earnings to retire it all. Balance-Sheet Safety scores it 0/100.

The share count rose 36.3% between FY2009 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 41/100.

Put together: Pricing Power is the strongest of the four filters (100/100) and Balance-Sheet Safety the weakest (0/100), which is how XEL lands at 39/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$11.5B FY2018

Gross marginRevenue kept after cost of goods66.6% FY2018

Return on invested capitalOperating profit on the capital employed4.6% FY2025

Owner earningsCash an owner could take out$2.0B FY2025

Gaps in a line mean that item isn’t in XEL’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale39.2 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — XEL has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Utilities context

#19 of 48 scored Utilities companies, ranked by Moat Score.

Nearest peers by Moat Score

#17PEG PUBLIC SERVICE ENTERPRISE GROUP INC40.6 out of 100, Shallow moatShallow moat
#18DUK DUKE ENERGY CORPORATION40.6 out of 100, Shallow moatShallow moat
#20WEC WEC ENERGY GROUP, INC.38.6 out of 100, No moatNo moat
#21HNRG HALLADOR ENERGY CO38.6 out of 100, No moatNo moat

Compare XEL with its nearest peers →All Utilities companies on the Index →

Common questions about XEL

Does XCEL ENERGY INC have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores XCEL ENERGY INC (XEL) 39.2 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 3, balance-sheet safety 0, capital discipline 41.
Is XEL stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $51.12 per share versus a recent price of $78.77 — 54% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has XEL's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 39.2 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

Embed this score on your site

One iframe, no script. The badge shows XEL’s live Moat Score, updates itself as new filings are scored, and links back here. How it works.

<iframe
  src="https://buylikebuffett.com/embed/XEL"
  width="340" height="150" style="border:0"
  title="XEL Moat Score — The Moat Index"
  loading="lazy"></iframe>

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell XEL. See the disclaimer.