A Business at a Glance
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PPL Corp
PPL
$26.9B
Mkt Cap
$36.22
-0.06%
PPL Corp (PPL) has a current P/E ratio of 22.8, compared to its historical median P/E of 13.1. The stock is currently considered Expensive based on its historical valuation range.
PPL Corp (PPL) has a 5-year average return on invested capital (ROIC) of 4.5%. This is below average and may indicate limited pricing power.
PPL Corp (PPL) has a market capitalization of $27.2B. It is classified as a large-cap stock.
Yes, PPL Corp (PPL) pays a dividend with a trailing twelve-month yield of 2.96%.
Based on historical P/E analysis, PPL Corp (PPL) appears expensive. The current P/E of 22.8 is 74% above its historical median of 13.1. The estimated fair value CAGR (P/E method) is -7.4%.
PPL Corp (PPL) operates in the Electric Services industry, within the Utilities sector.
PPL Corp (PPL) reported annual revenue of $9.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
PPL Corporation is a regulated utility holding company headquartered in Allentown, Pennsylvania, that delivers electricity to customers in Pennsylvania, Kentucky, Virginia, and Rhode Island, and natural gas to customers in Kentucky and Rhode Island through its subsidiaries PPL Electric, LG&E, KU, and RIE. The company operates three reportable segments—Kentucky Regulated (LG&E and KU), Pennsylvania Regulated (PPL Electric), and Rhode Island Regulated (RIE)—serving approximately 3.5 million customers across diverse geographies with a combined regulatory asset base of approximately $29 billion. PPL's business model is based on rate-regulated utility operations where revenues are recovered through tariffs approved by state public utility commissions, with earnings driven by capital investments in transmission, distribution, and generation infrastructure; the company generates electricity from owned power plants in Kentucky (approximately 7,264 MW of combined capacity between LG&E and KU) using coal, natural gas, hydro, and solar resources, and distributes natural gas through underground storage and pipeline networks. The company's competitive moat derives from its regulated monopoly franchises in its service territories, long-term fuel supply contracts, and established infrastructure; unit economics are characterized by stable, predictable cash flows from rate-base growth averaging 9.8% annually, with capital intensity reflected in planned infrastructure investments of approximately $20 billion from 2025 through 2028. PPL's distribution model is direct utility service delivery to residential, commercial, and industrial customers, with emerging opportunities in large-load customers such as data centers and manufacturing facilities that require dedicated generation and transmission infrastructure.
【Data center-driven growth acceleration】 Management expects significant demand growth from data center and large industrial customers, with approximately 10 GW of signed electric service agreements and probability-weighted projections of 3.5 GW of new load by 2032 in Pennsylvania and Kentucky, requiring substantial new generation resources and transmission infrastructure investment. The company is pursuing disciplined development of new generation capacity, including natural gas combined cycle units and potential nuclear generation in Kentucky supported by state legislation and customer demand, with additional CPCN filings anticipated as early as 2026 to address incremental load requirements. Regulatory outcomes are expected to support rate recovery of capital investments, with Pennsylvania rates effective July 1, 2026, Kentucky rates effective September 1, 2026, and Rhode Island rates effective September 1, 2026, providing multi-year visibility on revenue growth. PPL maintains strong financial discipline with planned equity issuance of approximately $2 billion through 2029 (excluding $1 billion already executed in 2025), targeting FFO-to-debt ratios of 16%-18% and holding company leverage below 25%, while continuing to invest in grid modernization, advanced metering, and pipeline replacement to enhance system reliability and efficiency.
| Metric | Target | Period |
|---|---|---|
| Ongoing earnings per share | $1.90–$1.98 | FY2026 |
| Annual EPS growth | 6%–8% | Through at least 2029 |
| Annual dividend growth | 4%–6% | Through 2029 |
| Planned capital investments | Approximately $5.1 billion | FY2026 |
| Total equity needs | Approximately $3 billion | 2026–2029 |
| Expected new load from data centers and large customers | Approximately 3.5 GW | By 2032 |
Ongoing earnings per share (FY2026): “we are reaffirming our 2026 ongoing earnings guidance of $1.90- $1.98 per share, with a midpoint of $1.94 per share”
Annual EPS growth (Through at least 2029): “We're extending our 6%-8% annual EPS growth target through at least 2029, expecting the EPS CAGR through 2029 to be near the top end of that range based off of our 2025 ongoing earnings.”
Annual dividend growth (Through 2029): “we modified our annual dividend growth rate target to 4%-6%, while we are issuing equity to fund our capital plan”
Planned capital investments (FY2026): “We also remain on track to complete approximately $5.1 billion of planned investments in 2026, supporting the delivery of safe, reliable, and affordable energy for our customers.”
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 | 9.3B | 9.2B | 8.5B | 8.3B | 7.9B | 5.8B |
| Net Income | 1.2B | 1.2B | 886M | 739M | 755M | -1.5B |
| EPS | $1.63 | $1.59 | $1.20 | $1.00 | $1.02 | $-1.93 |
| Free Cash Flow | -1.6B | -1.4B | -465M | -632M | -425M | 297M |
| ROIC | 5.2% | 5.4% | 4.6% | 4.6% | 4.4% | 3.4% |
| Gross Margin | - | 39.2% | 37.0% | 34.2% | 33.0% | 43.2% |
| Debt/Equity | 1.35 | 1.30 | 1.19 | 1.13 | 1.03 | 0.82 |
| Dividends/Share | $1.07 | $1.09 | $1.03 | $0.96 | $0.88 | $1.66 |
| Operating Income | 2.2B | 2.1B | 1.7B | 1.6B | 1.4B | 1.4B |
| Operating Margin | 23.6% | 23.2% | 20.6% | 19.6% | 17.4% | 24.4% |
| ROE | 8.1% | 8.1% | 6.3% | 5.3% | 5.5% | -10.9% |
| Shares Outstanding | 752M | 742M | 738M | 739M | 740M | 767M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 7.9B | 7.7B | 7.5B | 7.4B | 7.8B | 5.6B | 5.5B | 5.8B | 7.9B | 8.3B | 8.5B | 9.2B | 9.3B |
| Gross Margin | 76.4% | 74.7% | 76.8% | 78.0% | 55.8% | 44.4% | 47.7% | 43.2% | 33.0% | 34.2% | 37.0% | 39.2% | 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 | 3.1B | 2.9B | 2.8B | 2.9B | 4.1B | 3.4B | 3.3B | 3.6B | 5.6B | 5.9B | 5.9B | 6.1B | 6.1B |
| EBIT | 2.9B | 2.8B | 2.9B | 2.9B | 2.9B | 1.5B | 1.6B | 1.4B | 1.4B | 1.6B | 1.7B | 2.1B | 2.2B |
| Op. Margin | 36.5% | 36.9% | 39.1% | 39.0% | 36.6% | 27.2% | 29.0% | 24.4% | 17.4% | 19.6% | 20.6% | 23.2% | 23.6% |
| Net Income | 1.7B | 680M | 1.9B | 1.1B | 1.8B | 1.7B | 1.5B | -1.5B | 755M | 739M | 886M | 1.2B | 1.2B |
| Net Margin | 22.1% | 8.9% | 25.2% | 15.1% | 23.5% | 31.1% | 26.8% | -25.4% | 9.6% | 8.9% | 10.5% | 12.9% | 13.1% |
| Non-Recurring | 265M | 0 | 0 | 0 | 0 | 0 | 0 | 37M | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 5.4% | 5.7% | 7.6% | 5.8% | 7.1% | 3.6% | 3.3% | 3.4% | 4.4% | 4.6% | 4.6% | 5.4% | 5.2% |
| ROE | 13.3% | 5.8% | 19.1% | 10.9% | 16.3% | 14.2% | 11.1% | -10.9% | 5.5% | 5.3% | 6.3% | 8.1% | 8.1% |
| ROA | 3.7% | 1.5% | 4.9% | 2.8% | 4.3% | 3.9% | 3.1% | -3.6% | 2.1% | 1.9% | 2.2% | 2.7% | 2.6% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 3.4B | 2.6B | 2.9B | 2.5B | 2.8B | 2.4B | 2.7B | 2.3B | 1.7B | 1.8B | 2.3B | 2.6B | 2.7B |
| Free Cash Flow | -271M | -918M | -30M | -672M | -417M | 184M | 476M | 297M | -425M | -632M | -465M | -1.4B | -1.6B |
| Owner Earnings | 2.4B | 1.7B | 1.9B | 1.4B | 1.7B | 1.4B | 1.7B | 1.2B | 512M | 471M | 1.0B | 1.3B | 2.6B |
| CapEx | 3.7B | 3.5B | 2.9B | 3.1B | 3.2B | 2.2B | 2.3B | 2.0B | 2.2B | 2.4B | 2.8B | 4.0B | 4.3B |
| Maint. CapEx | 923M | 883M | 926M | 1.0B | 1.1B | 949M | 1.0B | 1.1B | 1.2B | 1.3B | 1.3B | 1.3B | 25M |
| Growth CapEx | 2.8B | 2.6B | 2.0B | 2.1B | 2.1B | 1.3B | 1.2B | 891M | 974M | 1.1B | 1.5B | 2.7B | 4.3B |
| D&A | 923M | 883M | 926M | 1.0B | 1.1B | 949M | 1.0B | 1.1B | 1.2B | 1.3B | 1.3B | 1.3B | 25M |
| CapEx/OCF | 108.0% | 135.1% | 101.0% | 127.3% | 114.8% | 127.0% | 82.7% | 86.9% | 124.6% | 135.9% | 119.9% | 153.3% | 160.7% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 967M | 1.0B | 1.0B | 1.1B | 1.1B | 1.2B | 1.3B | 1.3B | 787M | 704M | 747M | 794M | 806M |
| Dividend Yield | 7.9% | 7.5% | 6.5% | 6.2% | 7.7% | 6.9% | 7.4% | 6.9% | 4.3% | 3.9% | 3.6% | 3.1% | 3.0% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.0B | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 5.1% | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 64M | 31M | 28M | 38M | 26M | 36M | 29M | 37M | 37M | 33M | 46M | 49M | 56M |
| Debt Repayment | 237M | 1.0B | 930M | 168M | 277M | 300M | 975M | 4.6B | 264M | 1.9B | 0 | 616M | 616M |
| Balance Sheet | |||||||||||||
| Net Debt | 17.4B | 19.1B | 18.9B | 20.8B | 21.4B | 22.2B | 15.4B | 7.7B | 13.9B | 15.4B | 16.5B | 18.3B | 19.0B |
| Cash & Equiv. | 1.4B | 836M | 341M | 485M | 621M | 815M | 442M | 3.6B | 356M | 331M | 306M | 1.1B | 1.2B |
| Long-Term Debt | 17.1B | 18.6B | 17.8B | 19.8B | 20.1B | 20.7B | 13.6B | 10.7B | 12.9B | 14.6B | 16.0B | 18.0B | 19.0B |
| Debt/Equity | 1.39 | 2.01 | 1.94 | 1.98 | 1.89 | 1.77 | 1.19 | 0.82 | 1.03 | 1.13 | 1.19 | 1.30 | 1.35 |
| Interest Coverage | 3.4 | 3.3 | 3.3 | 3.2 | 3.0 | 2.5 | 2.5 | 1.6 | 2.7 | 2.4 | 2.4 | 2.6 | 2.6 |
| Equity | 13.6B | 9.9B | 9.9B | 10.8B | 11.7B | 13.0B | 13.4B | 13.7B | 13.9B | 13.9B | 14.1B | 14.9B | 15.0B |
| Total Assets | 48.6B | 39.3B | 38.3B | 41.5B | 43.4B | 45.7B | 48.1B | 33.2B | 37.8B | 39.2B | 41.1B | 45.2B | 46.3B |
| Total Liabilities | 35.0B | 5.2B | 5.5B | 4.2B | 31.7B | 32.7B | 34.7B | 4.1B | 4.0B | 4.2B | 4.4B | 4.7B | -4.0M |
| Intangibles | 668M | 679M | 700M | 697M | 716M | 742M | 351M | 343M | 313M | 306M | 314M | 327M | 326M |
| Retained Earnings | 6.5B | 3.0B | 3.8B | 3.9B | 4.6B | 5.1B | 5.3B | 2.6B | 2.7B | 2.7B | 2.8B | 3.2B | 3.4B |
| Working Capital | -1.4B | -1.2B | -1.8B | -1.7B | -2.1B | -2.1B | 5.8B | 2.7B | -965M | -408M | -453M | -615M | 14M |
| Current Assets | 6.0B | 2.6B | 2.1B | 2.3B | 2.4B | 2.8B | 20.9B | 5.0B | 2.8B | 2.9B | 2.9B | 3.9B | 4.3B |
| Current Liabilities | 7.4B | 3.9B | 3.8B | 4.0B | 4.6B | 4.9B | 15.1B | 2.3B | 3.8B | 3.3B | 3.3B | 4.5B | 4.3B |
| Per Share Data | |||||||||||||
| EPS | 2.61 | 1.01 | 2.79 | 1.64 | 2.58 | 2.37 | 1.91 | -1.93 | 1.02 | 1.00 | 1.20 | 1.59 | 1.63 |
| Owner EPS | 3.63 | 2.53 | 2.85 | 2.06 | 2.40 | 1.96 | 2.21 | 1.50 | 0.69 | 0.64 | 1.37 | 1.71 | 3.45 |
| Book Value | 20.48 | 14.73 | 14.57 | 15.67 | 16.46 | 17.64 | 17.40 | 17.90 | 18.80 | 18.85 | 19.07 | 20.07 | 19.97 |
| Cash Flow/Share | 5.11 | 3.88 | 4.25 | 3.58 | 3.98 | 3.30 | 3.57 | 2.96 | 2.34 | 2.38 | 3.17 | 3.55 | 1.65 |
| Dividends/Share | 1.49 | 1.50 | 1.52 | 1.58 | 1.64 | 1.65 | 1.66 | 1.66 | 0.88 | 0.96 | 1.03 | 1.09 | 1.07 |
| Shares Out. | 665.5M | 673.3M | 679.6M | 686.6M | 708.1M | 736.3M | 768.6M | 766.8M | 740.2M | 739.0M | 738.3M | 741.5M | 752.2M |
| Valuation | |||||||||||||
| P/E Ratio | 8.1 | 21.5 | 8.1 | 13.1 | 8.1 | 11.6 | 11.7 | N/A | 25.8 | 25.2 | 26.1 | 21.9 | 22.2 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | 110.0 | 36.0 | 66.6 | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | 11.0 | 11.6 | 11.1 | 12.1 | 12.5 | 14.7 | 20.3 | 16.8 | 24.1 | 20.6 | 22.6 | 20.2 | 21.1 |
| Price/Book | 1.0 | 1.5 | 1.6 | 1.4 | 1.3 | 1.6 | 1.3 | 1.4 | 1.4 | 1.3 | 1.6 | 1.7 | 1.8 |
| Price/Sales | 1.6 | 1.8 | 2.1 | 2.3 | 1.9 | 3.1 | 3.2 | 3.2 | 2.3 | 2.2 | 2.4 | 2.8 | 2.9 |
| FCF Yield | -1.9% | -6.3% | -0.2% | -4.6% | -2.8% | 0.9% | 2.8% | 1.5% | -2.2% | -3.4% | -2.0% | -5.4% | -6.0% |
| Market Cap | 14.1B | 14.7B | 15.3B | 14.7B | 14.8B | 20.3B | 17.2B | 19.8B | 19.5B | 18.7B | 23.1B | 25.9B | 27.2B |
| Avg. Price | 18.44 | 19.91 | 23.22 | 25.23 | 20.84 | 23.62 | 22.53 | 24.04 | 24.85 | 24.36 | 27.91 | 34.30 | 36.22 |
| Year-End Price | 21.13 | 21.75 | 22.51 | 21.44 | 20.83 | 27.50 | 22.31 | 25.81 | 26.35 | 25.21 | 31.26 | 34.82 | 36.22 |
PPL Corp passes 2 of 9 quality checks, indicating weak fundamentals.
PPL Corp trades at 22.8x trailing earnings, compared to its 15-year median P/E of 13.1x, suggesting it is currently Expensive relative to its historical range. The company's 5-year average ROIC is 4.5% with a gross margin of 37.3%. Total shareholder yield (dividends) is 3.0%. At current prices, the estimated annualized return to fair value is -11.1%.
PPL Corp (PPL) has a net profit margin of 12.9%. This is a healthy margin.
PPL Corp (PPL) generated $-1.4 billion in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
PPL Corp (PPL) has a debt-to-equity ratio of 1.30. This indicates moderate leverage.
PPL Corp (PPL) reported earnings per share (EPS) of $1.59 in its most recent fiscal year.
PPL Corp (PPL) has a return on equity (ROE) of 8.1%. This indicates moderate shareholder returns.
PPL Corp (PPL) has a 5-year average gross margin of 37.3%. This indicates decent pricing power.
The Ledger Terminal provides 19 years of financial data for PPL Corp (PPL), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
PPL Corp (PPL) has a book value per share of $20.07, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects significant demand growth from data center and large industrial customers, with approximately 10 GW of signed electric service agreements and probability-weighted projections of 3.5 GW of new load by 2032 in Pennsylvania and Kentucky, requiring substantial new generation resources and transmission infrastructure investment. The company is pursuing disciplined development of new generation capacity, including natural gas combined cycle units and potential nuclear generation in Kentucky supported by state legislation and customer demand, with additional CPCN filings anticipated as early as 2026 to address incremental load requirements. Regulatory outcomes are expected to support rate recovery of capital investments, with Pennsylvania rates effective July 1, 2026, Kentucky rates effective September 1, 2026, and Rhode Island rates effective September 1, 2026, providing multi-year visibility on revenue growth. PPL maintains strong financial discipline with planned equity issuance of approximately $2 billion through 2029 (excluding $1 billion already executed in 2025), targeting FFO-to-debt ratios of 16%-18% and holding company leverage below 25%, while continuing to invest in grid modernization, advanced metering, and pipeline replacement to enhance system reliability and efficiency.
Based on recent SEC filings and earnings calls, PPL Corp (PPL) has provided the following forward guidance: Ongoing earnings per share: $1.90–$1.98 (FY2026); Annual EPS growth: 6%–8% (Through at least 2029); Annual dividend growth: 4%–6% (Through 2029); Planned capital investments: Approximately $5.1 billion (FY2026); Total equity needs: Approximately $3 billion (2026–2029), plus 1 additional metric.
Total equity needs (2026–2029): “In support of our expected capital expenditures, the plan reflects total equity needs of about $3 billion from 2026 to 2029. Importantly, we already executed about $1 billion of that equity need last year, leaving about $2 billion of equity to be issued going forward in support of this updated plan.”
Expected new load from data centers and large customers (By 2032): “Based on our updated planning assumptions, we now project approximately 3.5 GW of expected new load by 2032, compared to about 1.8 GW assumed in our most recent CPCN forecast.”
No recent press releases.