Start here if you're new
what it is
OGE sells electricity to 913,305 customers in Oklahoma and western Arkansas through its OG&E utility.
how it gets paid
Last year Oge Energy made $3.2B in revenue. Residential was the main engine at $1.17B, or 37% of sales.
why it's growing
Revenue grew 9.4% last year. Quarterly revenue reached $2.5B, up 142% vs. prior year, while EPS rose 75% to $1.99 in the latest reported quarter from EDGAR data.
what just happened
Latest quarter EPS came in at $0.34, beating the $0.32 estimate by 6.25%.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
90/100 earnings predictability — you can trust these numbers
20.7x trailing p/e — priced about right
3.5% dividend yield — cash in your pocket every quarter
6.5% return on capital — nothing to write home about
xvary composite: 66/100 — average
What they do
OGE sells electricity to 913,305 customers in Oklahoma and western Arkansas through its OG&E utility.
You do not comparison-shop your power line. OGE serves 913,305 customers, and OG&E is the largest electric utility in Oklahoma, according to the company. Regulated utility → a state-approved monopoly → so what: your customer base is sticky, and rivals do not just show up and take your street.
How they make money
$3.2B
annual revenue · their business grew +9.4% last year
Residential
$1.17B
Commercial
$0.96B
Public Authorities
$0.27B
Industrial
$0.26B
Oilfield
$0.24B
Purchased Power/Other
$0.29B
The products that matter
regulated electric service
customer base
913,305 customers
this is the core asset. 913,305 customers across a fixed service territory means recurring demand and unusually high revenue visibility.
regulated base
industrial load growth
commercial and data-center demand
$1.0B q4 revenue
management flagged industrial and commercial expansion, plus early data-center demand, as part of the 2025 story. If that keeps showing up inside quarterly revenue, the 2026 EPS estimate of $2.45 has support.
growth angle
generation fleet mix
gas, coal and renewables
57% / 34% / 9%
the visible mix on this page is 57% natural gas, 34% coal, and 9% renewables. That matters less as a branding exercise than as a cost and regulatory question.
cost exposure
Key numbers
100/100
price stability
That is the top stability score. Deadpan fact bomb: a stock this calm still sits above its $46 18-month target, so safety does not automatically mean upside.
$5.4B
long-term debt
Debt equals 35% of capital, which is manageable for a utility but still large enough to make interest costs matter.
25.1%
operating margin
Operating margin → profit after running the business, before interest and taxes → so what: the core utility throws off solid earnings.
3.5%
dividend yield
You are being paid to wait, but projected dividend growth is only 1.5%, so the income stream is steady rather than fast-growing.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 2 — safer than 80% of stocks
- price stability 100 / 100
- long-term debt $5.4B (35% of capital)
- return on equity 10% — $0.10 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in OGE 3 years ago → it's now worth $14,710.
The index would have given you $13,880.
source: institutional data · total return
What just happened
beat estimates
Latest quarter EPS came in at $0.34, beating the $0.32 estimate by 6.25%.
Quarterly revenue reached $2.5B, up 142% vs. prior year, while EPS rose 75% to $1.99 in the latest reported quarter from EDGAR data. The annual research note said 2025 also benefited from favorable weather and strong demand.
$800M
revenue
$1.99
eps
24.5%
gross margin
the number that mattered
The 6.25% EPS beat matters because this is a slow-growth utility, so even small beats can support the stock when income investors are watching consistency.
-
oge energy corp. had a solid showing in 2025, despite weak fourth-quarter comparisons.recall, in the 2024 final stanza, oge recognized six months of an interim order related to an oklahoma rate review settlement all at once.
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this created an artificially high baseline that the recent period could not match.
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in any case, the company benefited from favorable weather and strong demand.the full-year performance reflected industrial and commercial expansion, alongside early contributions from data centers and energy-intensive customers in oklahoma’s service territory.
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even though depreciation and interest expenses pressured margins (2025 net margin slipped 40 basis points, to 14.4%), share earnings improved 6% against 2024.
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load growth is expected to remain robust in the year ahead.
source: company earnings report, 2026
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What could go wrong
the #1 risk is oklahoma rate recovery failing to keep up with rising costs.
med
rate-case timing and outcomes
OGE is a regulated utility. That sounds safe until cost inflation runs ahead of what regulators let it recover. The 2024 interim order already shaped comparisons, which tells you regulation is not background noise here.
If allowed recovery lags while costs rise, the 14.4% net margin keeps getting squeezed.
med
interest and depreciation pressure
Management already flagged higher depreciation and interest expense as pressure points. With $5.4B in long-term debt, financing cost is not theoretical.
More pressure on a business earning 10% on equity and just 6.0% on capital does not leave much cushion.
med
load-growth enthusiasm cooling off
The bullish angle is industrial expansion and early data-center demand in oklahoma. If that demand arrives slower than expected, last year's 28.2% revenue growth will look like a spike, not a trend.
That would leave you with a 20.7x earnings multiple on a utility growing much more slowly than the stock implies.
the risk stack is simple: margin already slipped 40 basis points to 14.4%, and a business with $5.4B of long-term debt does not want regulatory recovery or load growth to disappoint.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
whether 14.4% net margin stabilizes
revenue growth got the headline. Margin compression is the cleaner read on whether rate recovery is keeping up.
trend
industrial and data-center load growth
management cited early contributions from energy-intensive customers. If that keeps building, OGE earns the growth premium utilities rarely get.
calendar
the next rate and regulatory updates
this stock does not need drama. It needs boring, favorable regulatory follow-through.
risk
whether revenue normalizes toward the $3B estimate
the 2026 revenue estimate is lower than last year's $3.2B. If growth cools fast, the stock stops looking defensive and starts looking fully valued.
Analyst rankings
short-term outlook
average
momentum score 3 — in human-speak, analysts do not see a strong near-term edge either way.
risk profile
above average
stability score 2 — safer than roughly 80% of stocks. That's the regulated-utility appeal in one line.
chart momentum
below average
technical score 4 — the stock is stable, but not especially loved as a momentum trade from here.
earnings predictability
90 / 100
management's earnings profile is unusually consistent. If you want fewer surprises, this is the point in its favor.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 191 buyers vs. 186 sellers in 4q2025. total institutional holdings: 0.2B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$37
$55
$48
current price
$46
target midpoint · 4% from current · 3-5yr high: $65 (+35% · 11% ann'l return)
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