Business Description
OGE Energy Corp., along with its various subsidiaries, operates as a comprehensive energy and utility provider. The company facilitates the physical delivery and associated services for electricity, natural gas, crude oil, and natural gas liquids across the United States. Its core operations encompass the generation, transmission, distribution, and sale of electrical power. OGE Energy serves approximately 879,000 retail electric customers within an expansive service area spanning about 30,000 square miles in Oklahoma and western Arkansas. The company also owns and manages a diverse portfolio of power generation facilities, utilizing coal, natural gas, wind, and solar sources. As of December 31, 2021, OGE Energy Corp. maintained substantial interconnected electrical infrastructure. This included 16 power generation stations with a combined output capability of 7,207 megawatts. Its transmission networks featured 54 substations and 5,122 structural miles of lines in Oklahoma, complemented by 7 substations and 277 structural miles of lines in Arkansas. The distribution systems were equally extensive: in Oklahoma, they comprised 350 substations, 29,494 structural miles of overhead lines, 3,365 miles of underground conduit, and 11,125 miles of underground conductors. In Arkansas, this infrastructure included 29 substations, 2,795 structural miles of overhead lines, 349 miles of underground conduit, and 662 miles of underground conductors. Established in 1902, OGE Energy Corp. is headquartered in Oklahoma City, Oklahoma.
Business History
Generated: Jun 7, 2026 3:38pmPrice Overview
Last updated: Jun 13, 2026 12:06am (just now)Price History (1 Year)
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): 2.33
Total Equity: $4.98B
Shares: 202,500,000
Total Debt: $5.66B
Cash: $200,000
EBITDA: $1.36B
Total Debt: $5.66B
Cash: $200,000
Revenue: $3.26B
Revenue: $3.26B
Revenue: $3.26B
Total Equity: $4.98B
Tax Rate: 16.0%
Equity: $4.98B
Total Debt: $5.66B
Cash: $200,000
Current Liabilities: $1.09B
Long-Term Debt: $5.37B
Total Debt: $5.66B
Total Equity: $4.98B
Shares: 202,500,000
Shares: 202,500,000
CapEx: -$1.05B
Shares: 202,500,000
Stock Price: $47.80
Net Income: $470.70M
Industry Benchmarks
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
Income Statement (Annual)
Last updated: Jun 7, 2026 8:40pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $3.7B | $3.4B | $2.7B | $3.0B | $3.3B |
| Cost of Revenue | $2.6B | $2.2B | $1.4B | $1.6B | $1.8B |
| Gross Profit | $1.1B | $1.2B | $1.3B | $1.4B | $1.4B |
| Operating Expenses | $518.8M | $562.4M | $609.8M | $649.2M | $641.0M |
| Operating Income | $544.2M | $649.5M | $650.2M | $745.3M | $799.4M |
| Net Income | $737.3M | $665.7M | $416.8M | $441.5M | $470.7M |
| EBITDA | $1.5B | $1.4B | $1.2B | $1.3B | $1.4B |
| EPS | $3.68 | $3.33 | $2.08 | $2.20 | $2.33 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 7, 2026 3:39pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $0 | $88.1M | $200,000 | $600,000 | $200,000 |
| Total Current Assets | $613.6M | $1.3B | $771.5M | $895.1M | $857.9M |
| Total Assets | $12.6B | $12.5B | $12.8B | $13.7B | $14.4B |
| Current Liabilities | $1.1B | $1.8B | $1.2B | $1.2B | $1.1B |
| Long-Term Debt | $4.5B | $3.5B | $4.3B | $5.0B | $5.4B |
| Total Liabilities | $8.6B | $8.1B | $8.3B | $9.1B | $9.4B |
| Total Equity | $4.1B | $4.4B | $4.5B | $4.6B | $5.0B |
| Retained Earnings | $3.0B | $3.3B | $3.4B | $3.5B | $3.6B |
Cash Flow (Annual)
Last updated: Jun 7, 2026 8:40pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$229.9M | $952.4M | $1.2B | $812.8M | $1.1B |
| Capital Expenditure | -$778.5M | -$1.1B | -$1.2B | -$1.1B | -$1.1B |
| Free Cash Flow | -$1.0B | -$98.5M | $54.1M | -$278.1M | $82.7M |
| Acquisitions (net) | $35.0M | $0 | $0 | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | -$1.1M | $88.1M | -$87.9M | $400,000 | $-400,000 |
Analyst Estimates (Annual)
Last updated: Jun 12, 2026 10:57pm (1h ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$3.5B $3.5B – $3.6B
|
$3.7B $3.7B – $3.7B
|
$4.0B $3.9B – $4.1B
|
$4.2B $4.1B – $4.4B
|
| EBITDA |
$1.6B $1.6B – $1.6B
|
$1.6B $1.6B – $1.6B
|
$1.8B $1.7B – $1.8B
|
$1.9B $1.8B – $1.9B
|
| Net Income |
$528.0M $526.0M – $530.1M
|
$570.8M $561.8M – $579.9M
|
$613.9M $588.4M – $640.0M
|
$663.4M $635.8M – $691.6M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 7, 2026 8:40pm (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | -7.6% | -20.8% | +11.6% | +9.2% |
| Gross Profit Growth | +14.0% | +4.0% | +10.7% | +3.3% |
| Operating Income Growth | +19.3% | +0.1% | +14.6% | +7.3% |
| Net Income Growth | -9.7% | -37.4% | +5.9% | +6.6% |
| EBITDA Growth | -2.7% | -15.2% | +9.5% | +3.4% |
Insider Trading (Recent)
Last updated: Jun 12, 2026 10:57pm (1h ago)All SEC Form 4 codes
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-05-21 | SULTEMEIER WILLIAM H | S-Sale | 7,345.00 | $47.97 | $352,340 |
| 2026-03-31 | RAINBOLT DAVID E | A-Award | 319.28 | $0.00 | $0 |
| 2026-02-24 | Stafford Sarah R. | S-Sale | 6,130.00 | $47.77 | $292,803 |
| 2026-02-23 | Ganske Lyle G. | P-Purchase | 10,420.00 | $47.99 | $500,067 |
| 2026-02-16 | Trauschke Sean | A-Award | 43,157.00 | $0.00 | $0 |
| 2026-02-16 | Trauschke Sean | A-Award | 70,897.00 | $0.00 | $0 |
| 2026-02-16 | Trauschke Sean | F-InKind | 31,266.00 | $46.64 | $1.5M |
| 2026-02-16 | SULTEMEIER WILLIAM H | A-Award | 5,973.00 | $0.00 | $0 |
| 2026-02-16 | SULTEMEIER WILLIAM H | A-Award | 10,996.00 | $0.00 | $0 |
| 2026-02-16 | SULTEMEIER WILLIAM H | F-InKind | 4,850.00 | $46.64 | $226,204 |
| 2026-02-16 | Stafford Sarah R. | A-Award | 2,498.00 | $0.00 | $0 |
| 2026-02-16 | Stafford Sarah R. | A-Award | 4,559.00 | $0.00 | $0 |
| 2026-02-16 | Stafford Sarah R. | F-InKind | 2,022.00 | $46.64 | $94,306 |
| 2026-02-16 | PARKER DAVID A | A-Award | 2,926.00 | $0.00 | $0 |
| 2026-02-16 | PARKER DAVID A | A-Award | 4,545.00 | $0.00 | $0 |
| 2026-02-16 | PARKER DAVID A | F-InKind | 2,012.00 | $46.64 | $93,840 |
| 2026-02-16 | WALWORTH CHARLES B | A-Award | 8,458.00 | $0.00 | $0 |
| 2026-02-16 | WALWORTH CHARLES B | A-Award | 4,560.00 | $0.00 | $0 |
| 2026-02-16 | WALWORTH CHARLES B | F-InKind | 2,011.00 | $46.64 | $93,793 |
| 2026-02-16 | Jones Donnie O. | A-Award | 10,404.00 | $0.00 | $0 |
Dividend History (Last 20)
Last updated: Jun 7, 2026 3:36pm (5d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-07-06 | $0.43 | 2026-05-14 | 2026-07-06 | 2026-07-31 |
| 2026-04-06 | $0.43 | 2026-02-17 | 2026-04-06 | 2026-04-24 |
| 2026-01-05 | $0.43 | 2025-12-03 | 2026-01-05 | 2026-01-30 |
| 2025-10-06 | $0.43 | 2025-09-23 | 2025-10-06 | 2025-10-31 |
| 2025-07-07 | $0.42 | 2025-05-15 | 2025-07-07 | 2025-07-25 |
| 2025-04-07 | $0.42 | 2025-02-18 | 2025-04-07 | 2025-04-25 |
| 2025-01-06 | $0.42 | 2024-12-04 | 2025-01-06 | 2025-01-31 |
| 2024-10-07 | $0.42 | 2024-09-23 | 2024-10-07 | 2024-10-25 |
| 2024-07-08 | $0.42 | 2024-05-16 | 2024-07-08 | 2024-07-26 |
| 2024-04-05 | $0.42 | 2024-02-19 | 2024-04-08 | 2024-04-26 |
| 2024-01-05 | $0.42 | 2023-12-06 | 2024-01-08 | 2024-01-26 |
| 2023-10-06 | $0.42 | 2023-09-26 | 2023-10-10 | 2023-10-27 |
| 2023-07-07 | $0.41 | 2023-05-18 | 2023-07-10 | 2023-07-28 |
| 2023-04-06 | $0.41 | 2023-02-23 | 2023-04-10 | 2023-04-28 |
| 2023-01-06 | $0.41 | 2022-12-08 | 2023-01-09 | 2023-01-27 |
| 2022-10-07 | $0.41 | 2022-09-27 | 2022-10-11 | 2022-10-28 |
| 2022-07-08 | $0.41 | 2022-05-19 | 2022-07-11 | 2022-07-29 |
| 2022-04-08 | $0.41 | 2022-02-23 | 2022-04-11 | 2022-04-29 |
| 2022-01-07 | $0.41 | 2021-12-01 | 2022-01-10 | 2022-01-28 |
| 2021-10-08 | $0.41 | 2021-09-29 | 2021-10-12 | 2021-10-29 |
Narrative Economics
Advanced Analysis Forensic deep-dive · two lenses
Lens 1 is missing this run, which matters: for a regulated utility I'd normally tolerate a small premium if the quality work confirmed durable rate-base growth and clean regulatory relationships. Without that, I'm forced to underwrite purely on Lens 2's -23 'Fairly Valued' read, and that read is unambiguous — $47.80 vs $46.77 composite FV is a coin flip, the 7% upside to signal-adjusted $51.35 doesn't clear cost of equity, and the EPV floor at $38.79 says I'm wearing ~19% downside in a stress case. For a utility, that asymmetry is wrong-way.
Play: no position today. I set a GTC bid ladder starting at $42 (the stated attractive-below level) with adds at $40 and $38 — that's where composite FV gives me a real cushion and where I'd be buying closer to the EPV floor rather than betting on it. Full position only if it gets to $40 or below on a rate-case scare or coal-transition headline that doesn't structurally impair the business. Until then, the 4%-ish dividend is not enough to rent the seat — I'd rather hold cash or own a utility where price and quality both line up. If a refreshed quality score comes in strong (+25 or better), I'd consider a starter (~25% of target) at $46 just to have a toehold, but not above that.
OGE is a textbook regulated electric utility: $3.26B revenue (2025), operating margin steady at ~24-25% for three straight years, and net income rebuilt from $416.8M (2023) to $470.7M (2025). Gross margin near 44-47% and OCF/NI of 1.67x suggest reported earnings are real and well-backed by cash from operations, and the Beneish M of -2.5 plus negative accruals (-1.7% of assets) point to no manipulation flags. Share count has crept only from 200.3M to 202.5M over five years (0.3% CAGR), so per-share value isn't being eroded by issuance.
The weak spot is the capital structure and cash conversion. Net debt of ~$5.66B against $9.8B market cap is normal for a rate-regulated utility, but FCF has been volatile and structurally light: -$1.01B (2021), -$98.5M (2022), +$54.1M (2023), -$278.1M (2024), +$82.7M (2025). Five-year cumulative FCF is deeply negative because capex consistently outruns operating cash, meaning growth in the rate base is funded by debt and (modestly) equity issuance — standard utility playbook, but it leaves zero balance-sheet cushion and an Altman Z of 1.37 (the Z-score is notoriously punitive for leveraged utilities, so I weight this lightly). $292M short-term debt versus $200K of liquid cash means the company is permanently dependent on capital-markets access.
Insider activity is mixed-to-slightly-positive: one open-market purchase of $500K by Ganske against ~$645K of true open-market sales — not a strong signal either way, consistent with a sleepy, well-run utility.
Verify before trusting this (6)
- Whether the 2021-2024 negative FCF reflects discretionary growth capex (rate-base expansion) vs. maintenance capex — split in 10-K capex schedule.
- Allowed ROE and rate-case outcomes in Oklahoma/Arkansas jurisdictions — drives durability of the ~25% op margin.
- Debt maturity ladder and weighted-average cost of debt; refinancing schedule for the $292M current portion.
- Whether the $3.65B → $2.67B revenue swing is fuel pass-through (margin-neutral) or volumetric/customer-driven.
- Dividend payout vs. FCF — utilities often pay dividends out of debt issuance, which would weaken the per-share story.
- Any pending Oklahoma data-center load growth commitments and the capex obligation attached.
The composite fair value of $46.77 is roughly $1 below the $47.80 print, and the signal-adjusted FV of $51.35 implies ~7% upside — well inside the noise band for a regulated utility. The EPV floor of $38.79 says a stress case is ~19% downside, while the anchored-PE of $54.75 (~14% upside) reflects a normalized multiple on stable regulated earnings. Earnings quality is good, so no haircut to deserved value is warranted, but there's also no hidden cushion to surface.
What's priced in is exactly what the bull narrative describes: a steady-compounder regulated utility with mid-single-digit rate-base growth and a reliable dividend. There's no embedded heroic growth assumption to fade, but there's also no discount for the bear's coal-transition and regulatory-lag risks. For a utility this is the textbook 'market understands it' outcome — fair, not cheap. Margin of safety to deserved value is roughly 2-7%, which is not enough to call it a buy on price alone.
Verify before trusting this (4)
- Latest rate case outcomes in OK/AR — allowed ROE and capital structure trends drive deserved multiple
- Capex/rate-base growth guidance vs. realized — any slip compresses the anchored-PE assumption
- Coal retirement cost recovery treatment — stranded-cost exposure that could pressure EPV
- Dividend growth guidance — payout ratio and FCF coverage relative to capex plan