AEP vs DUK: American Electric Power Co and Duke Energy compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Duke Energy is the larger company, worth $91.4B, about 1.4 times American Electric Power Co.
- Duke Energy grew revenue faster over the last year (+11.3% vs +10.2%).
- Duke Energy keeps more of each dollar of revenue as operating profit (27.2% vs 24.1%).
- On earnings, American Electric Power Co is the cheaper stock (17.8x vs 18.0x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | AEP | DUK |
|---|---|---|
| Market cap | $65.4B | $91.4B |
| Share price | $122.81 | $116.65 |
| Revenue (last fiscal year) | $21.9B | $32.2B |
| Free cash flow (last fiscal year) | $3.5B | -$1.7B |
| Revenue growth, last year | +10.2% | +11.3% |
| Revenue growth per year, last 5 fiscal years | +6.8% | +7.0% |
| Operating margin | 24.1% | 27.2% |
| Net margin | 16.3% | 15.5% |
| Return on equity | 11.5% | 9.4% |
| P/E (trailing) | 17.8x | 18.0x |
| Price / free cash flow | 9.59x | — |
| EV / EBITDA | 13.0x | 10.7x |
| FCF growth the price implies | 4.1% | — |
| Dividend yield | 3.0% | 3.7% |
| Debt / equity | 2.66x | 2.60x |
| Fundamental grade | C | C |
| Superinvestors holding it | 6 | 4 |
| Insider purchases, last 12 months | 4 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
American Electric Power Co
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $16.8B | — | 20.3% |
| 2022 | $19.6B | — | 17.7% |
| 2023 | $19.0B | $4.9B | 18.7% |
| 2024 | $19.7B | $6.4B | 21.8% |
| 2025 | $21.9B | $3.5B | 24.3% |
Duke Energy
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $24.6B | -$1.4B | 22.3% |
| 2022 | $28.8B | -$5.4B | 20.9% |
| 2023 | $29.1B | -$2.7B | 24.3% |
| 2024 | $30.4B | $48M | 26.1% |
| 2025 | $32.2B | -$1.7B | 26.8% |
Where the revenue comes from
American Electric Power Co · by segments, 2025
VIU$12.8B54%
T&D$6.1B25%
G&M$2.7B11%
AEPTHCo$2.3B10%
Duke Energy · by segments, 2025
Electric Utilities and Infrastructure$28.9B91%
Gas Utilities and Infrastructure$2.9B9%
Other$28M0%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open AEP in InvestinglyQuestions
Which is bigger, American Electric Power Co or Duke Energy?
Duke Energy (DUK), at $91.4B against $65.4B.
Is AEP or DUK cheaper?
By trailing P/E, American Electric Power Co (17.8x) is cheaper than Duke Energy (18.0x). A lower multiple can also mean the market expects less growth.
Which grows faster, AEP or DUK?
Duke Energy: revenue grew +11.3% over the last year, against +10.2%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.