A Business at a Glance
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PUBLIC SERVICE ENTERPRISE GROUP INC
PEG
$39.9B
Mkt Cap
$79.81
+0.05%
PUBLIC SERVICE ENTERPRISE GROUP INC (PEG) has a current P/E ratio of 18.9, compared to its historical median P/E of 14.3. The stock is currently considered Fair based on its historical valuation range.
PUBLIC SERVICE ENTERPRISE GROUP INC (PEG) has a 5-year average return on invested capital (ROIC) of 4.9%. This is below average and may indicate limited pricing power.
PUBLIC SERVICE ENTERPRISE GROUP INC (PEG) has a market capitalization of $42.6B. It is classified as a large-cap stock.
Yes, PUBLIC SERVICE ENTERPRISE GROUP INC (PEG) pays a dividend with a trailing twelve-month yield of 3.00%.
Based on historical P/E analysis, PUBLIC SERVICE ENTERPRISE GROUP INC (PEG) appears fair. The current P/E of 18.9 is 32% above its historical median of 14.3. The estimated fair value CAGR (P/E method) is 7.3%.
PUBLIC SERVICE ENTERPRISE GROUP INC (PEG) operates in the Electric & Other Services Combined industry, within the Utilities sector.
Public Service Enterprise Group (PSEG) is a regulated utility holding company operating through two primary subsidiaries: PSE&G, a franchised New Jersey electric and gas utility serving approximately 2.4 million electric and 1.9 million gas customers across 2,600 square miles including six of New Jersey's largest cities, and PSEG Power, a nuclear generation operator with 3,758 MW of capacity located in New Jersey and Pennsylvania. PSE&G earns regulated margins through transmission services (formula-rate recovery with a 9.90% base ROE plus 50 basis point RTO adder), electric and gas distribution (subject to periodic rate cases with a current 9.6% ROE and 55% equity capitalization), and investment in regulated solar, energy efficiency, and EV charging infrastructure programs; the company makes no margin on commodity supply (BGS and BGSS), which is passed through to customers. PSEG Power generates revenue primarily from energy, capacity, and ancillary services sold to PJM spot markets and through bilateral contracts, as well as from wholesale natural gas supply to PSE&G under a full-requirements contract extending to March 2027. The business model is predominantly asset-light on the utility side through formula and tariff-based rate recovery, while capital-intensive on the generation side; PSE&G's customer base has grown modestly (0.9% electric, 0.7% gas annually since 2021) with over 90% of distribution margin now decoupled from sales volumes through the Conservation Incentive Program, making customer count and regulated capital investment the primary drivers of utility earnings. The company operates in a densely populated, commercialized region with significant exposure to data center and electrification growth, supported by approved multi-year investment programs totaling approximately $7.3 billion (CEF-EE II, GSMP III, GSMP II Extension, IAP, and CEF-EV) and a five-year regulated capital plan of $22.5–$25.5 billion through 2030.
【Regulated growth with nuclear stability】 Management expects continued execution of its infrastructure modernization and energy efficiency investment programs to drive rate-base growth of 6%–7.5% through 2030, supported by anticipated load growth from data centers and other new customers in its service territory. The company is maintaining its full-year 2026 non-GAAP operating earnings guidance of $4.28–$4.40 per share and reaffirming a long-term 6%–8% compounded annual growth rate through 2030, with potential upside from opportunities to contract existing and additional nuclear generation output under multi-year agreements and from incremental regulated capital investments. PSEG's nuclear fleet, with approximately 95% of 2026 generation output hedged, is expected to benefit from potential 20-year license extensions for New Jersey units and the recent lifting of New Jersey's moratorium on new nuclear construction, positioning the company to participate in the state's all-of-the-above approach to increasing in-state generation supply. The company's solid balance sheet continues to support execution of its capital plan without equity issuance or asset sales, enabling consistent dividend growth and financial flexibility to navigate evolving supply-demand dynamics in the PJM region.
| Metric | Target | Period |
|---|---|---|
| Non-GAAP operating earnings per share | $4.28–$4.40 | FY2026 |
| Non-GAAP operating earnings CAGR | 6%–8% | 2026–2030 |
| Regulated capital spending | $22.5 billion–$25.5 billion | 2026–2030 |
| PSE&G regulated capital investment | approximately $4.2 billion | FY2026 |
| Rate-base CAGR | 6%–7.5% | 2026–2030 |
Non-GAAP operating earnings per share (FY2026): “we are maintaining our full-year non-GAAP operating earnings guidance in the range of $4.28-$4.40 per share”
Non-GAAP operating earnings CAGR (2026–2030): “we are also reaffirming our 6%-8% compounded annual growth rate for non-GAAP operating earnings through 2030”
Regulated capital spending (2026–2030): “We've also maintained our five-year regulated capital investment plan of $22.5 billion-$25.5 billion through 2030”
PSE&G regulated capital investment (FY2026): “we remain on track to execute our full-year 2026 plan of approximately $4.2 billion focused on continued investments in infrastructure modernization, energy efficiency, electrification initiatives, and load growth”
Rate-base CAGR (2026–2030): “Regulated capital spending is forecasted in a range of $22.5 billion-$25.5 billion and supports a rate-based CAGR of 6%-7.5% over the same period”
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 | 12.8B | 12.2B | 10.3B | 11.2B | 9.8B | 9.7B |
| Net Income | 2.3B | 2.1B | 1.8B | 2.6B | 1.0B | -648M |
| EPS | $4.28 | $4.22 | $3.54 | $5.13 | $2.06 | $-1.29 |
| Free Cash Flow | 183M | 26M | -1.2B | 481M | -1.4B | -983M |
| ROIC | 11.8% | 6.6% | 6.3% | 9.3% | 4.4% | -2.2% |
| Gross Margin | - | 27.8% | 26.3% | 34.1% | 17.2% | 77.2% |
| Debt/Equity | 263.64 | 1.43 | 1.42 | 1.32 | 1.49 | 1.36 |
| Dividends/Share | $2.39 | $2.52 | $2.40 | $2.28 | $2.16 | $2.04 |
| Operating Income | 3.3B | 3.0B | 2.4B | 3.7B | 1.4B | -856M |
| Operating Margin | 25.5% | 24.5% | 22.9% | 32.8% | 14.1% | -8.8% |
| ROE | 2459.8% | 12.8% | 11.2% | 17.6% | 7.3% | -4.3% |
| Shares Outstanding | 534M | 500M | 501M | 500M | 500M | 502M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 10.9B | 10.4B | 9.0B | 9.1B | 9.7B | 10.1B | 9.6B | 9.7B | 9.8B | 11.2B | 10.3B | 12.2B | 12.8B |
| Gross Margin | 37.4% | 41.2% | 67.6% | 69.5% | 66.7% | 66.5% | 68.2% | 77.2% | 17.2% | 34.1% | 26.3% | 27.8% | 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 | 7.0B | 6.2B | 4.5B | 4.9B | 4.2B | 4.8B | 4.3B | 7.7B | 7.3B | 6.4B | 6.8B | 7.9B | 7.9B |
| EBIT | 2.6B | 3.0B | 1.6B | 1.4B | 2.3B | 1.9B | 2.3B | -856M | 1.4B | 3.7B | 2.4B | 3.0B | 3.3B |
| Op. Margin | 24.1% | 28.4% | 17.8% | 15.7% | 23.7% | 19.3% | 23.6% | -8.8% | 14.1% | 32.8% | 22.9% | 24.5% | 25.5% |
| Net Income | 1.5B | 1.7B | 887M | 1.6B | 1.4B | 1.7B | 1.9B | -648M | 1.0B | 2.6B | 1.8B | 2.1B | 2.3B |
| Net Margin | 13.9% | 16.1% | 9.9% | 17.3% | 14.8% | 16.8% | 19.8% | -6.7% | 10.5% | 22.8% | 17.2% | 17.3% | 17.7% |
| Non-Recurring | 3.0M | 0 | 102M | 0 | 54M | -402M | 123M | -2.6B | -123M | -7.0M | -6.0M | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 8.1% | 8.6% | 4.6% | 5.5% | 6.3% | 5.5% | 6.1% | -2.2% | 4.4% | 9.3% | 6.3% | 6.6% | 11.8% |
| ROE | 12.8% | 13.3% | 6.8% | 11.7% | 10.2% | 11.5% | 12.3% | -4.3% | 7.3% | 17.6% | 11.2% | 12.8% | 2459.8% |
| ROA | 4.5% | 4.6% | 2.3% | 3.8% | 3.3% | 3.6% | 3.9% | -1.3% | 2.1% | 5.2% | 3.4% | 3.8% | 3.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 3.2B | 3.9B | 3.3B | 3.3B | 2.9B | 3.4B | 3.1B | 1.7B | 1.5B | 3.8B | 2.1B | 3.3B | 3.5B |
| Free Cash Flow | 340M | 56M | -886M | -930M | -999M | 213M | 179M | -983M | -1.4B | 481M | -1.2B | 26M | 183M |
| Owner Earnings | 1.9B | 2.7B | 1.8B | 1.2B | 1.7B | 3.2B | 2.9B | 1.6B | 1.4B | 3.8B | -1.3B | -904M | -1.0B |
| CapEx | 2.8B | 3.9B | 4.2B | 4.2B | 3.9B | 3.2B | 2.9B | 2.7B | 2.9B | 3.3B | 3.4B | 3.3B | 3.3B |
| Maint. CapEx | 1.2B | 1.2B | 1.5B | 2.0B | 1.2B | 108M | 151M | 138M | 55M | 3.0M | 3.4B | 4.2B | 4.5B |
| Growth CapEx | 1.6B | 2.6B | 2.7B | 2.2B | 2.8B | 3.1B | 2.8B | 2.6B | 2.8B | 3.3B | 0 | 0 | 0 |
| D&A | 1.2B | 1.2B | 1.5B | 2.0B | 1.2B | 108M | 151M | 138M | 55M | 3.0M | 3.4B | 4.2B | 4.5B |
| CapEx/OCF | 89.2% | 98.6% | 126.8% | 128.5% | 134.3% | 93.7% | 94.2% | 156.6% | 192.1% | 87.4% | 158.5% | 99.2% | 94.8% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 748M | 789M | 830M | 870M | 910M | 950M | 991M | 1.0B | 1.1B | 1.1B | 1.2B | 1.3B | 1.3B |
| Dividend Yield | 5.9% | 5.5% | 5267364.9% | 5008457.4% | 4506658.2% | 4.0% | 4.4% | 3.9% | 3.8% | 4.0% | 3.3% | 3.1% | 3.0% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 500M | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1.8% | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 1.0M | 1.0M | 1.0M | 31M | 30M | 33M | 35M | 28M | 29M | 18M | 40M | 43M | 43M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 500M | 300M | 700M | 1.6B | 1.5B | 2.1B | 2.1B |
| Balance Sheet | |||||||||||||
| Net Debt | 8.5B | 9.5B | 11.4B | 13.3B | 15.3B | 16.3B | 14.7B | 16.7B | 18.4B | 18.6B | 22.7B | 24.1B | 23.9B |
| Cash & Equiv. | 402M | 394M | 423M | 313M | 177M | 147M | 543M | 818M | 465M | 54M | 125M | 132M | 404M |
| Long-Term Debt | 8.3B | 8.8B | 10.9B | 12.1B | 13.2B | 13.7B | 14.5B | 15.2B | 16.5B | 17.8B | 19.0B | 21.7B | 22.7B |
| Debt/Equity | 0.73 | 0.76 | 0.90 | 0.98 | 1.08 | 1.09 | 1.09 | 1.36 | 1.49 | 1.32 | 1.42 | 1.43 | 263.64 |
| Interest Coverage | 6.7 | 7.5 | 4.2 | 3.7 | 4.8 | 3.4 | 3.8 | -1.5 | 2.2 | 4.9 | 2.7 | 3.0 | 3.1 |
| Equity | 12.2B | 13.1B | 13.1B | 13.8B | 14.4B | 15.1B | 16.0B | 14.4B | 13.7B | 15.5B | 16.1B | 17.0B | 92M |
| Total Assets | 35.3B | 37.5B | 40.1B | 42.7B | 45.3B | 47.7B | 50.0B | 49.0B | 48.7B | 50.7B | 54.6B | 57.6B | 57.9B |
| Total Liabilities | 7.8B | 8.4B | 26.9B | 28.9B | 30.9B | 7.0B | 7.1B | 34.6B | 35.0B | 7.3B | 7.8B | 8.5B | 128M |
| Intangibles | 84M | 102M | 98M | 114M | 143M | 149M | 158M | 20M | 14M | N/A | N/A | N/A | N/A |
| Retained Earnings | 8.2B | 9.1B | 9.2B | 9.9B | 10.6B | 11.4B | 12.3B | 10.6B | 10.6B | 12.0B | 12.6B | 13.4B | 13.9B |
| Working Capital | 641M | -81M | -22M | -856M | -1.4B | -1.8B | -1.9B | -822M | -2.4B | -1.7B | -2.3B | -1.1B | -141M |
| Current Assets | 4.1B | 3.5B | 3.3B | 3.3B | 3.5B | 3.2B | 3.6B | 6.3B | 4.3B | 3.4B | 4.2B | 4.6B | 4.4B |
| Current Liabilities | 3.5B | 3.6B | 3.3B | 4.2B | 4.9B | 5.0B | 5.5B | 7.1B | 6.7B | 5.1B | 6.5B | 5.7B | 4.5B |
| Per Share Data | |||||||||||||
| EPS | 2.99 | 3.30 | 1,756,901.09 | 3,116,831.68 | 2,853,174.60 | 3.33 | 3.76 | -1.29 | 2.06 | 5.13 | 3.54 | 4.22 | 4.28 |
| Owner EPS | 3.81 | 5.31 | 3,636,607.00 | 2,461,386.14 | 3,422,619.05 | 6.37 | 5.76 | 3.13 | 2.84 | 7.58 | -2.60 | -1.81 | -1.88 |
| Book Value | 24.00 | 25.68 | 26,006,889.92 | 27,419,801.98 | 28,525,793.65 | 29.68 | 31.55 | 28.74 | 27.43 | 30.98 | 32.19 | 33.95 | 0.17 |
| Cash Flow/Share | 6.22 | 7.70 | 6,562,134.52 | 6,455,445.54 | 5,779,761.90 | 6.65 | 6.12 | 3.46 | 3.00 | 7.62 | 4.26 | 6.59 | 12.63 |
| Dividends/Share | 1.48 | 1.56 | 1,643,999.90 | 1,722,772.28 | 1,805,555.56 | 1.88 | 1.96 | 2.04 | 2.16 | 2.28 | 2.40 | 2.52 | 2.39 |
| Shares Out. | 507.7M | 508.8M | 0.0M | 0.0M | 0.0M | 508.4M | 506.6M | 502.3M | 500.5M | 499.6M | 500.6M | 500.2M | 534.0M |
| Valuation | |||||||||||||
| P/E Ratio | 9.8 | 8.3 | 18.2 | 12.6 | 14.3 | 14.3 | 12.9 | N/A | 26.9 | 11.2 | 23.2 | 19.0 | 18.6 |
| P/FCF | 43.9 | 249.1 | N/A | N/A | N/A | 114.1 | 137.2 | N/A | N/A | 59.4 | N/A | N/A | 232.9 |
| EV/EBIT | 8.8 | 7.8 | 17.2 | 23.0 | 15.6 | 20.7 | 17.9 | N/A | 34.1 | 13.2 | 27.0 | 21.5 | 20.4 |
| Price/Book | 1.2 | 1.1 | 1.2 | 1.4 | 1.4 | 1.6 | 1.5 | 2.0 | 2.0 | 1.8 | 2.6 | 2.4 | 463.2 |
| Price/Sales | 1.2 | 1.4 | 1.7 | 1.9 | 2.1 | 2.4 | 2.4 | 2.7 | 2.9 | 2.5 | 3.5 | 3.3 | 3.3 |
| FCF Yield | 2.3% | 0.4% | -5.5% | -4.7% | -4.8% | 0.9% | 0.7% | -3.4% | -5.0% | 1.7% | -3.0% | 0.1% | 0.4% |
| Market Cap | 14.9B | 13.9B | 16.2B | 19.9B | 20.6B | 24.3B | 24.6B | 28.8B | 27.7B | 28.6B | 41.2B | 40.2B | 42.6B |
| Avg. Price | 25.06 | 28.44 | 31.21 | 34.40 | 40.06 | 47.24 | 44.57 | 52.58 | 56.89 | 56.50 | 71.73 | 80.95 | 79.81 |
| Year-End Price | 29.39 | 27.41 | 31.93 | 39.18 | 40.57 | 47.78 | 48.48 | 57.35 | 55.40 | 57.22 | 82.28 | 80.39 | 79.81 |
PUBLIC SERVICE ENTERPRISE GROUP INC passes 2 of 9 quality checks, indicating weak fundamentals.
PUBLIC SERVICE ENTERPRISE GROUP INC trades at 18.9x trailing earnings, compared to its 15-year median P/E of 14.3x, suggesting it is currently Fair relative to its historical range. The company's 5-year average ROIC is 4.9% with a gross margin of 36.5%. Total shareholder yield (dividends) is 3.0%. At current prices, the estimated annualized return to fair value is +3.1%.
PUBLIC SERVICE ENTERPRISE GROUP INC (PEG) reported annual revenue of $12.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
PUBLIC SERVICE ENTERPRISE GROUP INC (PEG) has a net profit margin of 17.3%. This is a healthy margin.
PUBLIC SERVICE ENTERPRISE GROUP INC (PEG) generated $26 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
PUBLIC SERVICE ENTERPRISE GROUP INC (PEG) has a debt-to-equity ratio of 1.43. This indicates moderate leverage.
PUBLIC SERVICE ENTERPRISE GROUP INC (PEG) reported earnings per share (EPS) of $4.22 in its most recent fiscal year.
PUBLIC SERVICE ENTERPRISE GROUP INC (PEG) has a return on equity (ROE) of 12.8%. This indicates moderate shareholder returns.
PUBLIC SERVICE ENTERPRISE GROUP INC (PEG) has a 5-year average gross margin of 36.5%. This indicates decent pricing power.
The Ledger Terminal provides 19 years of financial data for PUBLIC SERVICE ENTERPRISE GROUP INC (PEG), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
PUBLIC SERVICE ENTERPRISE GROUP INC (PEG) has a book value per share of $33.95, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued execution of its infrastructure modernization and energy efficiency investment programs to drive rate-base growth of 6%–7.5% through 2030, supported by anticipated load growth from data centers and other new customers in its service territory. The company is maintaining its full-year 2026 non-GAAP operating earnings guidance of $4.28–$4.40 per share and reaffirming a long-term 6%–8% compounded annual growth rate through 2030, with potential upside from opportunities to contract existing and additional nuclear generation output under multi-year agreements and from incremental regulated capital investments. PSEG's nuclear fleet, with approximately 95% of 2026 generation output hedged, is expected to benefit from potential 20-year license extensions for New Jersey units and the recent lifting of New Jersey's moratorium on new nuclear construction, positioning the company to participate in the state's all-of-the-above approach to increasing in-state generation supply. The company's solid balance sheet continues to support execution of its capital plan without equity issuance or asset sales, enabling consistent dividend growth and financial flexibility to navigate evolving supply-demand dynamics in the PJM region.
Based on recent SEC filings and earnings calls, PUBLIC SERVICE ENTERPRISE GROUP INC (PEG) has provided the following forward guidance: Non-GAAP operating earnings per share: $4.28–$4.40 (FY2026); Non-GAAP operating earnings CAGR: 6%–8% (2026–2030); Regulated capital spending: $22.5 billion–$25.5 billion (2026–2030); PSE&G regulated capital investment: approximately $4.2 billion (FY2026); Rate-base CAGR: 6%–7.5% (2026–2030).
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