OGE
OGE Energy Corp.
OGE's fundamentals are mixed, but it looks expensive: trading at 19x earnings, in line with its usual 18x. Analysts expect earnings to decline, though they disagree widely on how much.
OGE Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Healthy | |
| Weak |
OGE's profitability and cash flow are currently healthy, and its revenue is stable, but its balance sheet is weak.
OGE PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 11x | $29.29 | -43% |
| Fair | 18x | $46.99 | -8.3% |
| Current | 19x | $51.26 | — |
| Expensive | 20x | $54.01 | +5.4% |
| Forward | 22x | $51.26 | — |
Historical ranges are pointers, not guarantees.
OGE's PE is in its expensive range at 19x. Analysts expect earnings to fall, which would put today's price at 22x next year's earnings.
OGE Forward outlook
| Metric | Outlook |
|---|---|
| Deteriorating | |
| Decline | |
| Strong growth | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect OGE's revenue to grow, but its earnings and profitability to decline. However, they disagree widely on these estimates.
OGE Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.34 | -12% |
| Q3 2026 | $2.66 | +7.3% |
| Q2 2026 | $2.28 | -6.2% |
| Q1 2026 | $2.25 | -6.6% |
| Q4 2025 | $2.32 | +5.9% |
| Q3 2025 | $2.48 | +28% |
| Q2 2025 | $2.43 | +19% |
| Q1 2025 | $2.41 | +22% |
| Q4 2024 | $2.19 | +5.8% |
OGE's earnings per share have fallen from their peak: $2.66 over the past year, against $4.81 in early 2022.
OGE Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.2B | +13% |
| Q2 2026 | $711.9M | -4% |
| Q1 2026 | $752.6M | +0.7% |
| Q4 2025 | $725.8M | -4.6% |
| Q3 2025 | $1B | +8.2% |
| Q2 2025 | $741.6M | +12% |
| Q1 2025 | $747.7M | +25% |
| Q4 2024 | $760.5M | +34% |
OGE's revenue is recovering but still below its 2021 peak: $1.2B last quarter, up 13% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 36% | +3.6 points |
| Q2 2026 | 27% | +1.8 points |
| Q1 2026 | 15% | -2.8 points |
| Q4 2025 | 19% | -4.9 points |
| Q3 2025 | 33% | +0.2 points |
| Q2 2025 | 25% | -1.4 points |
| Q1 2025 | 18% | +5.4 points |
| Q4 2024 | 24% | +7 points |
OGE's operating margin was 36% last quarter, up 3.6 points from the same quarter a year ago, near the top of its range since 2019.
OGE Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $103.3M | -39% |
| Q2 2026 | $114.1M | +76% |
| Q1 2026 | -$91.3M | +$142.3M |
| Q4 2025 | $83.1M | +$250.1M |
| Q3 2025 | $168.3M | +63% |
| Q2 2025 | $64.9M | +$135.1M |
| Q1 2025 | -$233.6M | -$89.7M |
| Q4 2024 | -$167M | -297% |
OGE's free cash flow has turned positive after five years mostly in the red: $209M over the past year.
OGE Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +400K shares |
| 1 year | +3% | +6.1M shares |
| 3 years | +3.6% | +7.2M shares |
| 5 years | +3.9% | +7.8M shares |
| Available history | +3.7% | +7.5M shares |
OGE has 208M diluted shares, up 3% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2021 | — |
| Q3 2021 | — |
OGE Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 4.1x | High |
| Q2 2026 | 4.4x | High |
| Q1 2026 | 4.4x | High |
| Q4 2025 | 4.2x | High |
| Q3 2025 | 4.2x | High |
| Q2 2025 | 4.3x | High |
| Q1 2025 | 4.3x | High |
| Q4 2024 | 4.3x | High |
OGE's net debt is about 4.1 years of its operating earnings (EBITDA), about the same as a year ago.
OGE Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 65.1 | Neutral |
| Stochastic | 88.2 | Overbought |
OGE's weekly RSI is 65 (neutral) and its Stochastic is 88 (overbought).
OGE PE vs Utilities Sector
| Metric | OGE | Sector median | Relative |
|---|---|---|---|
| PE | 19x | 20x | 5.6% below |
| PE % | 73 | 44 | 29 pts above |
OGE is trading at 19x earnings, in line with the Utilities sector's median of 20x.
OGE Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $48.0 | 6.8% above |
| 20 week MA | $47.7 | 7.6% above |
| 50 week MA | $46.8 | 9.5% above |
| 100 week MA | $45.6 | 12% above |
| 200 week MA | $41.1 | 25% above |
OGE is in an uptrend: it's above all five of its weekly moving averages, and 25% above its 200-week average.
OGE Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $44.0 | $31.2 | -29% |
| 2021 | $31.2 | $37.2 | +19% |
| 2022 | $37.2 | $40.0 | +7.6% |
| 2023 | $40.0 | $34.9 | -13% |
| 2024 | $34.9 | $41.3 | +18% |
| 2025 | $41.3 | $42.8 | +3.6% |
| 2026 YTD | $42.8 | $51.3 | +20% |
OGE has finished higher in four of the last six years. It's up 20% so far in 2026.