PG&E Corporation (PCG)

Utilities · $28.9B market cap · SEC CIK 0001004980

Next reports on Feb 10, 2027, after the close, with analysts expecting $0.40 in earnings per share.

52-week range $11.77 to $19.16. 31% below its 52-week high and 12% above its low.

The case for PCG

• Cheap for its growth: 9.3× earnings, where 5% a year of growth plus a 1.7% dividend would justify about 19×.
• Trades at 0.78× book value, below what the balance sheet says it owns.
• Moves less than the market (beta 0.19).
• Pays a modest 1.7% dividend.
• Price/sales of 1.1× is lower than 93% of Utilities companies.

The case against

• Burned $3.1B of free cash in FY2025.
• Down 20.4% over the past year.
• Long-term debt of $57.4B would take 7 years of operating cash flow to repay.
• Operating profit covers its interest bill only 2.0 times.
• Near the bottom of its 52-week range, 31% below the high. Falling prices usually have a reason; find it first.
• Free-cash-flow yield of −10.6% is lower than 87% of Utilities companies.

What the score is made of

Each factor is half a curve over reported figures and half a rank among the other Utilities companies (momentum is judged against fixed thresholds only), and the five are blended by weight. The score is where that blend places it in the S&P 500. It describes the last filing and the current price. It is not a forecast.

• Each factor except momentum is half fixed thresholds, half rank among the 31 Utilities companies.

The financials

The financials, five years deep

Pulled from PG&E Corporation's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.

What PG&E Corporation says it does

PG&E Corporation, incorporated in California in 1995, is a holding company whose primary operating subsidiary is Pacific Gas and Electric Company, a public utility operating in Northern and Central California. The Utility was incorporated in California in 1905. PG&E Corporation became the holding company of the Utility and its subsidiaries in 1997. The Utility generates revenues mainly through the sale and delivery of electricity and natural gas to customers. The Utility’s service area is shown in the graphic below. PG&E Corporation’s and the Utility’s operating revenues, income, and total assets for the most recently completed year can be found below in Item 8. Financial Statements and Supplementary Data. The principal executive offices of PG&E Corporation and the Utility are located at 300 Lakeside Drive, Oakland, California 94612. PG&E Corporation’s telephone number is (415) 973-1000 and the Utility’s telephone number is (415)…

Risk factors PCG lists in its 10-K

• The Wildfire Fund, Continuation Account, and other provisions of AB 1054 and SB 254 may not effectively mitigate the risk of liability for damages arising from catastrophic wildfires
• The Utility may be unable to recover all or a significant portion of its costs in excess of insurance coverage in connection with wildfires through rates
• The Utility may not effectively implement its wildfire mitigation initiatives
• The Utility’s ratemaking and cost recovery proceedings may not authorize sufficient revenues, or the Utility’s actual costs could exceed its authorized or forecasted costs
• An Enhanced Oversight and Enforcement Process proceeding could result in the Utility losing its license to operate as a utility
• PG&E Corporation and the Utility could be adversely affected by legislative and regulatory developments, including through increased compliance costs and penalties
• The Utility is subject to extensive regulations and enforcement proceedings in connection with compliance with regulations, which could result in penalties
• Jurisdictions attempt to acquire the Utility’s assets through eminent domain, and third parties attempt to acquire the Utility’s customers by bypassing the Utility’s electric infrastructure system
• The Utility’s electricity and natural gas operations are inherently hazardous and involve significant risks
• The Utility’s operational networks and information technology systems could be impacted by a cyber incident, cybersecurity breach, physical attack, or technology failure
• The Utility may be unable to attract and retain specialty personnel and may face workforce disruptions
• PG&E Corporation’s and the Utility’s business activities are concentrated in one industry and in one region
• Severe weather events, extended drought, and climate change could materially affect PG&E Corporation and the Utility
• The Utility’s environmental remediation costs could exceed its liability estimates
• The Utility may be unable to manage its costs effectively
• Concerns about high rates for the Utility’s customers could negatively impact PG&E Corporation’s and the Utility’s financial condition, results of operations, liquidity, and cash flows
• PG&E Corporation’s and the Utility’s substantial indebtedness may adversely affect their financial health and operating flexibility
• The documents that govern PG&E Corporation’s and the Utility’s indebtedness limit their flexibility in operating their business
• PG&E Corporation capital stock is subject to ownership and transfer restrictions intended to preserve PG&E Corporation’s ability to use its net operating loss carryforwards and other tax attributes
• PG&E Corporation may not be able to use some or all of its net operating loss carryforwards and other tax attributes to offset future income
• PG&E Corporation is a holding company and relies on dividends, distributions, and other payments, advances, and transfers of funds from the Utility to pay dividends on its capital stock and meet its obligations
• Inflation and supply chain issues may adversely affect PG&E Corporation and the Utility

Filings

Other Utilities companies