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OGE Energy

OGE on NYSE. OGE Energy Energy sells electricity and natural gas to homes and businesses. Market value $9.3bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Worth a closer look

Why it could be worth it

What to watch out for

Read what could go wrong

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
2.9%low

For every $100 of what the whole company costs, it produced $2.90 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
19.5×full

You pay 19.5 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
5.8%five-year median

Each dollar kept in the business earns 6 cents a year. Above 10 is good.

Quality score: 74 of 100. Price score: 62 of 100. Our list needs 70 on quality and 60 on price.

$45.84 a share, 10% above its 1-year low

Over the past year the price has ranged from $41.70 to $50.59.

Dividend: 3.6% a year

Paid every year for at least 5 years

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-1.0
-0.1
0.1
-0.3
0.1
0.3
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: $274 million in the past 12 months, $83 million in the year to December 2025.

Revenue
$3.7bn$3.4bn$2.7bn$3.0bn$3.3bn
Operating margin
14.9%19.2%24.3%25.0%24.5%
Debt to equity
1.231.031.071.191.14
Shares outstanding
0.20bn0.20bn0.20bn0.20bn0.21bn

Health checks

  • Free cash flow positive2 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)6 of 9
  • Profit backed by cash (accruals)Yes
  • Debt1.14× equity
  • Revenue growth, five yearsSlow, 9.0% a year
  • Buying back its own sharesRoughly flat

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $712 million last quarter, down 4% on a year ago.
  • Profit: $116 million, up 8% on a year ago.
  • It keeps 24 cents of each $1 of sales as operating profit, down from 25 cents a year earlier.
  • Spare cash over the past 12 months: $274 million. A year earlier it spent $233 million more than it brought in.
  • 3% more shares than a year ago. Each share owns a bit less of the company.
  • Debt is $5.8 billion more than cash, down from $5.9 billion a year ago.
  • Sales grew on a year ago in 2 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$965m
December 2024$761m
March 2025$748m
June 2025$742m
September 2025$1.0bn
December 2025$726m
March 2026$753m
June 2026$712m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$219m
December 2024$102m
March 2025$63m
June 2025$108m
September 2025$231m
December 2025$69m
March 2026$50m
June 2026$116m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
18 February 2026
Next quarterly (estimated, 10-Q)
28 October 2026

Who owns it

4 long-term investors we follow own it, unchanged from 4 last quarter. 642 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

2 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $500,056 of shares on the open market. 3 sold $945,256.

  • Jones Donnie O.
    SVP- Utility Operations (OG&E)
    Sold
    Date
    27 August 2026
    Shares
    6,508
    Price
    $46.11
    Value
    $300,086
  • SULTEMEIER WILLIAM H
    GC, Corp. Sec, CCO
    Sold
    Date
    21 May 2026
    Shares
    7,345
    Price
    $47.97
    Value
    $352,340
  • Stafford Sarah R.
    Controller and CAO
    Sold
    Date
    24 February 2026
    Shares
    6,130
    Price
    $47.77
    Value
    $292,830
  • Ganske Lyle G.
    Director
    Bought
    Date
    23 February 2026
    Shares
    10,420
    Price
    $47.99
    Value
    $500,056

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 18 Feb 2026, plus the 10-Q filed 29 Jul 2026 and 8 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

What changed in the risks this year

Companies must list what could hurt them each year. These are the parts that changed since last year’s report.

  • The failure of our technology infrastructure, or the failure to enhance existing technology infrastructure and implement new technology, including artificial intelligence, could adversely affect our business.

    Could happen
    In addition to maintaining our current technology infrastructure, we believe the digital transformation of our business, including the implementation of artificial intelligence, is key to driving internal efficiencies as well as providing additional capabilities to customers. Leveraging artificial intelligence capabilities to potentially improve internal functions and operations presents further risks and challenges. While we aim to use artificial intelligence ethically and attempt to identify and mitigate ethical or legal issues presented by its use, we may nevertheless be unsuccessful in identifying or resolving issues before they arise. The use of artificial intelligence to support business operations carries inherent risks related to data privacy and security, such as intended, unintended, or inadvertent transmission of proprietary or sensitive information, as well as challenges related to implementing and maintaining artificial intelligence tools, such as developing and maintaining appropriate datasets for such support. Further, dependence on artificial intelligence without adequate safeguards to make certain business decisions may introduce additional operational vulnerabilities by impacting our relationships with customers, partners, and suppliers, by producing inaccurate outcomes based on flaws in the underlying data, or other unintended results.
    Read more

Read it in the annual report

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.