A Business at a Glance
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PG&E Corp
PCG
$39.2B
Mkt Cap
$17.85
+1.77%
PG&E Corp (PCG) has a current P/E ratio of 15.1, compared to its historical median P/E of 17.2. The stock is currently considered Fair based on its historical valuation range.
PG&E Corp (PCG) has a 5-year average return on invested capital (ROIC) of 3.7%. This is below average and may indicate limited pricing power.
PG&E Corp (PCG) has a market capitalization of $39.3B. It is classified as a large-cap stock.
Yes, PG&E Corp (PCG) pays a dividend with a trailing twelve-month yield of 0.17%.
Based on historical P/E analysis, PG&E Corp (PCG) appears fair. The current P/E of 15.1 is 12% below its historical median of 17.2. The estimated fair value CAGR (P/E method) is -11.5%.
PG&E Corp (PCG) operates in the Electric & Other Services Combined industry, within the Utilities sector.
PG&E Corp (PCG) reported annual revenue of $24.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
PG&E Corporation is a holding company whose primary operating subsidiary, Pacific Gas and Electric Company, is a public utility serving Northern and Central California. The Utility generates revenues through the sale and delivery of electricity and natural gas to customers under a cost-of-service ratemaking model, where earnings depend on regulatory outcomes and cost management. The business operates as a capital-intensive, regulated utility with a focus on safety, reliability, and affordability; it invests substantially in grid infrastructure, wildfire mitigation, system hardening, renewable energy integration, and energy storage to serve residential, commercial, and industrial customers. The Utility's competitive moat derives from its regulated monopoly status, essential infrastructure, and regulatory barriers to entry in its service territory. Key strategic initiatives include undergrounding power lines, vegetation management, enhanced powerline safety settings, public safety power shutoffs, and asset inspections to reduce wildfire risk; the company also pursues decarbonization through renewable procurement, battery storage deployment, electric vehicle enablement, and solar interconnection. The Utility operates under regulatory frameworks set by the California Public Utilities Commission and Federal Energy Regulatory Commission, with customer affordability and environmental stewardship as stated priorities alongside financial performance.
【Disciplined capital deployment and affordability focus】 Management is executing a multi-year strategy to balance substantial infrastructure investment with customer bill management through operational efficiency gains and beneficial load growth. The company expects to deploy approximately $73 billion in capital through 2030 while targeting bill growth of 0–3% annually, supported by non-fuel operating and maintenance cost reductions of 2–4% and revenue growth from data center electrification and transportation electrification. Regulatory and legislative developments, particularly around wildfire policy reform and cost-of-capital proceedings, remain key near-term milestones that could influence the trajectory of customer rates and capital recovery. Management is prioritizing investment-grade credit ratings, disciplined leverage, and a pathway to a 20% dividend payout ratio by 2028, with no new equity issuance needs through 2030, reflecting confidence in the financial plan's sustainability under a range of policy scenarios.
| Metric | Target | Period |
|---|---|---|
| Core EPS | $1.64–$1.66 | FY2026 |
| Core EPS growth | 9%+ annually | FY2027–FY2030 |
| Data center capacity online | 1.8 gigawatts | By 2030 |
| Dividend payout ratio target | approximately 20% | By 2028 |
Core EPS (FY2026): “reaffirm our full year 2026 core EPS guidance of $1.64-$1.66”
Core EPS growth (FY2027–FY2030): “reaffirming our EPS growth guidance for 2027 through 2030, which is unchanged at 9%+ annually”
Data center capacity online (By 2030): “We still expect to have about 1.8 gigawatts online by 2030”
Dividend payout ratio target (By 2028): “PG&E Corporation's dividend policy entails consistent dividend increases targeting a dividend payout ratio of approximately 20% of core earnings (a non-GAAP financial measure) by 2028”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 25.8B | 24.9B | 24.4B | 24.4B | 21.7B | 20.6B |
| Net Income | 2.8B | 2.6B | 2.5B | 2.2B | 1.8B | -102M |
| EPS | $1.29 | $1.18 | $1.15 | $1.05 | $0.84 | $-0.05 |
| Free Cash Flow | -4.2B | -3.1B | -2.3B | -5.0B | -5.9B | -5.4B |
| ROIC | 5.9% | 5.3% | 5.3% | 3.4% | 2.7% | 1.9% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 1.88 | 1.87 | 1.90 | 2.25 | 2.28 | 2.14 |
| Dividends/Share | $0.03 | $0.04 | $0.04 | $0.01 | $0.00 | - |
| Operating Income | 5.0B | 4.7B | 4.5B | 2.7B | 1.8B | 1.9B |
| Operating Margin | 19.4% | 19.0% | 18.3% | 10.9% | 8.5% | 9.1% |
| ROE | 8.6% | 8.3% | 9.0% | 9.4% | 8.2% | -0.5% |
| Shares Outstanding | 2,202M | 2,197M | 2,152M | 2,135M | 2,143M | 2,040M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 17.1B | 16.8B | 17.7B | 17.1B | 16.8B | 17.1B | 18.5B | 20.6B | 21.7B | 24.4B | 24.4B | 24.9B | 25.8B |
| Gross Margin | N/A | N/A | N/A | N/A | 95.1% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 2.5B | 1.5B | 2.1B | 2.9B | -9.7B | -10.1B | 1.8B | 1.9B | 1.8B | 2.7B | 4.5B | 4.7B | 5.0B |
| Op. Margin | 14.3% | 9.0% | 11.8% | 17.0% | -57.9% | -58.9% | 9.5% | 9.1% | 8.5% | 10.9% | 18.3% | 19.0% | 19.4% |
| Net Income | 1.4B | 874M | 1.4B | 1.6B | -6.9B | -7.7B | -1.3B | -102M | 1.8B | 2.2B | 2.5B | 2.6B | 2.8B |
| Net Margin | 8.4% | 5.2% | 7.9% | 9.6% | -40.9% | -44.7% | -7.1% | -0.5% | 8.3% | 9.2% | 10.1% | 10.4% | 11.0% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 6.8% | 4.8% | 5.9% | 6.4% | -19.1% | -38.4% | 6.2% | 1.9% | 2.7% | 3.4% | 5.3% | 5.3% | 5.9% |
| ROE | 9.5% | 5.4% | 8.1% | 8.9% | -43.0% | -86.1% | -10.1% | -0.5% | 8.2% | 9.4% | 9.0% | 8.3% | 8.6% |
| ROA | 2.5% | 1.4% | 2.1% | 2.4% | -9.4% | -9.4% | -1.4% | -0.1% | 1.6% | 1.8% | 1.9% | 1.9% | 2.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 3.7B | 3.8B | 4.4B | 6.0B | 4.8B | 4.8B | -19.1B | 2.3B | 3.7B | 4.7B | 8.0B | 8.7B | 8.3B |
| Free Cash Flow | -1.1B | -1.4B | -1.3B | 336M | -1.8B | -1.5B | -26.8B | -5.4B | -5.9B | -5.0B | -2.3B | -3.1B | -4.2B |
| Owner Earnings | -15.5B | -16.9B | -17.7B | -17.6B | -20.1B | -21.7B | -46.9B | -26.9B | -27.3B | -28.4B | -27.4B | -28.7B | -30.9B |
| CapEx | 4.8B | 5.2B | 5.7B | 5.6B | 6.5B | 6.3B | 7.7B | 7.7B | 9.6B | 9.7B | 10.4B | 11.8B | 12.5B |
| Maint. CapEx | 19.1B | 20.6B | 22.0B | 23.5B | 24.7B | 26.5B | 27.8B | 29.1B | 30.9B | 33.1B | 35.3B | 37.3B | 39.1B |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 19.1B | 20.6B | 22.0B | 23.5B | 24.7B | 26.5B | 27.8B | 29.1B | 30.9B | 33.1B | 35.3B | 37.3B | 39.1B |
| CapEx/OCF | 131.0% | 136.9% | 129.5% | 94.4% | 137.1% | 131.1% | N/A | 339.9% | 257.6% | 204.6% | 129.0% | 135.2% | 150.7% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 828M | 856M | 921M | 1.0B | 0 | 0 | 0 | 0 | 0 | 0 | 86M | 97M | 66M |
| Dividend Yield | 1.1% | 0.9% | 0.8% | 0.8% | N/A | N/A | N/A | N/A | N/A | N/A | 0.2% | 0.3% | 0.2% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 78M | 93M | 108M | 85M | 89M | 50M | 35M | 56M | 115M | 91M | 98M | 134M | 134M |
| Debt Repayment | 889M | 0 | 160M | 1.4B | 795M | 0 | 764M | 87M | 6.0B | 3.1B | 800M | 3.9B | 3.9B |
| Balance Sheet | |||||||||||||
| Net Debt | 14.4B | 15.8B | 17.1B | 15.4B | 39.3B | -5.3B | 36.2B | 40.0B | 51.3B | 55.7B | 56.3B | 60.2B | 61.3B |
| Cash & Equiv. | 151M | 123M | 177M | 449M | 1.7B | 1.6B | 484M | 291M | 734M | 635M | 940M | 713M | 1.1B |
| Long-Term Debt | 15.1B | 15.9B | 16.2B | 17.8B | 22.1B | 0 | 37.3B | 38.2B | 47.7B | 51.0B | 53.6B | 57.4B | 60.1B |
| Debt/Equity | 1.00 | 1.03 | 1.03 | 1.00 | 3.48 | 0.00 | 1.95 | 2.14 | 2.28 | 2.25 | 1.90 | 1.87 | 1.88 |
| Interest Coverage | 3.3 | 2.0 | 2.5 | 3.3 | -10.4 | -10.8 | 1.4 | 1.2 | 1.0 | 0.9 | 1.5 | 1.6 | 58.8 |
| Equity | 15.7B | 16.6B | 17.9B | 19.2B | 12.7B | 5.1B | 21.0B | 21.0B | 22.8B | 25.0B | 30.1B | 32.5B | 33.3B |
| Total Assets | 60.1B | 63.2B | 68.6B | 68.0B | 77.0B | 85.2B | 97.9B | 103.3B | 118.6B | 125.7B | 133.7B | 141.6B | 142.0B |
| Total Liabilities | 44.1B | 46.4B | 50.4B | 48.5B | 64.1B | 79.8B | 76.6B | 82.1B | 95.6B | 100.4B | 103.3B | 108.8B | 4.4B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 5.3B | 5.3B | 5.8B | 6.6B | -250M | -7.9B | -9.2B | -9.3B | -7.5B | -5.3B | -3.0B | -650M | 97M |
| Working Capital | 469M | -550M | -1.4B | -848M | -32.5B | 2.5B | -4.0B | -6.3B | -3.0B | -2.9B | 886M | -470M | 2.5B |
| Current Assets | 6.4B | 5.8B | 6.2B | 6.3B | 9.2B | 10.2B | 9.6B | 11.1B | 12.8B | 14.4B | 17.2B | 15.8B | 14.8B |
| Current Liabilities | 5.9B | 6.4B | 7.6B | 7.1B | 41.7B | 7.6B | 13.6B | 17.4B | 15.8B | 17.3B | 16.3B | 16.3B | 12.3B |
| Per Share Data | |||||||||||||
| EPS | 0.77 | 0.45 | 0.70 | 0.80 | -3.31 | -3.63 | -1.05 | -0.05 | 0.84 | 1.05 | 1.15 | 1.18 | 1.29 |
| Owner EPS | -8.26 | -8.67 | -8.84 | -8.56 | -9.70 | -10.27 | -37.38 | -13.20 | -12.76 | -13.32 | -12.72 | -13.06 | -14.04 |
| Book Value | 8.39 | 8.49 | 8.95 | 9.37 | 6.12 | 2.43 | 16.73 | 10.28 | 10.65 | 11.73 | 14.01 | 14.81 | 15.10 |
| Cash Flow/Share | 1.97 | 1.94 | 2.20 | 2.91 | 2.30 | 2.28 | -15.24 | 1.11 | 1.74 | 2.22 | 3.73 | 3.97 | 19.04 |
| Dividends/Share | 0.44 | 0.44 | 0.46 | 0.50 | 0.00 | 0.00 | N/A | N/A | 0.00 | 0.01 | 0.04 | 0.04 | 0.03 |
| Shares Out. | 1.9B | 2.0B | 2.0B | 2.1B | 2.1B | 2.1B | 1.3B | 2.0B | 2.1B | 2.1B | 2.2B | 2.2B | 2.2B |
| Valuation | |||||||||||||
| P/E Ratio | 16.1 | 28.0 | 20.9 | 13.8 | N/A | N/A | N/A | N/A | 19.0 | 17.0 | 17.4 | 13.3 | 13.8 |
| P/FCF | N/A | N/A | N/A | 270.4 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | 15.3 | 26.7 | 22.2 | 13.1 | N/A | N/A | 41.7 | 36.4 | 46.2 | 34.9 | 22.0 | 19.8 | 20.1 |
| Price/Book | 1.5 | 1.5 | 1.6 | 1.2 | 1.0 | 4.5 | 1.6 | 1.2 | 1.5 | 1.5 | 1.4 | 1.1 | 1.2 |
| Price/Sales | 1.1 | 1.4 | 1.6 | 1.9 | 1.3 | 2.0 | 1.6 | 1.1 | 1.2 | 1.4 | 1.6 | 1.4 | 1.5 |
| FCF Yield | -5.0% | -5.7% | -4.5% | 1.5% | -14.4% | -6.4% | -80.7% | -22.3% | -17.1% | -13.0% | -5.4% | -8.9% | -10.7% |
| Market Cap | 23.1B | 24.5B | 29.1B | 22.7B | 12.2B | 23.2B | 33.2B | 24.3B | 34.2B | 38.2B | 42.9B | 34.5B | 39.3B |
| Avg. Price | 40.40 | 48.41 | 56.59 | 62.47 | 41.14 | 14.90 | 11.03 | 10.75 | 12.42 | 16.50 | 18.18 | 15.78 | 17.85 |
| Year-End Price | 49.17 | 50.10 | 58.04 | 44.30 | 23.62 | 10.32 | 12.18 | 11.92 | 15.97 | 17.87 | 19.95 | 15.72 | 17.85 |
PG&E Corp passes 2 of 9 quality checks, indicating weak fundamentals.
PG&E Corp trades at 15.1x trailing earnings, compared to its 15-year median P/E of 17.2x, suggesting it is currently Fair relative to its historical range. The company's 5-year average ROIC is 3.7%. Total shareholder yield (dividends) is 0.2%. At current prices, the estimated annualized return to fair value is -11.5%.
PG&E Corp (PCG) has a net profit margin of 10.4%. This is a healthy margin.
PG&E Corp (PCG) generated $-3.1 billion in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
PG&E Corp (PCG) has a debt-to-equity ratio of 1.87. This indicates higher leverage, which may increase financial risk.
PG&E Corp (PCG) reported earnings per share (EPS) of $1.18 in its most recent fiscal year.
PG&E Corp (PCG) has a return on equity (ROE) of 8.3%. This indicates moderate shareholder returns.
The Ledger Terminal provides 19 years of financial data for PG&E Corp (PCG), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
PG&E Corp (PCG) has a book value per share of $14.81, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is executing a multi-year strategy to balance substantial infrastructure investment with customer bill management through operational efficiency gains and beneficial load growth. The company expects to deploy approximately $73 billion in capital through 2030 while targeting bill growth of 0–3% annually, supported by non-fuel operating and maintenance cost reductions of 2–4% and revenue growth from data center electrification and transportation electrification. Regulatory and legislative developments, particularly around wildfire policy reform and cost-of-capital proceedings, remain key near-term milestones that could influence the trajectory of customer rates and capital recovery. Management is prioritizing investment-grade credit ratings, disciplined leverage, and a pathway to a 20% dividend payout ratio by 2028, with no new equity issuance needs through 2030, reflecting confidence in the financial plan's sustainability under a range of policy scenarios.
Based on recent SEC filings and earnings calls, PG&E Corp (PCG) has provided the following forward guidance: Core EPS: $1.64–$1.66 (FY2026); Core EPS growth: 9%+ annually (FY2027–FY2030); Data center capacity online: 1.8 gigawatts (By 2030); Dividend payout ratio target: approximately 20% (By 2028).
No recent press releases.