PG&E Corporation (PCG)
Utilities · $28.8B market cap · SEC CIK 0001004980
fundamentals score out of 100
Next reports on Oct 22, 2026, with analysts expecting $0.43 in earnings per share.
The case for PCG
- Cheap on earnings at 9.1×, well under the market's usual 20×.
- A PEG of 0.37: a P/E of 9.1× is low for EPS growing 25%.
- Trades at 1.09× book value, close to what the balance sheet says it owns.
- Moves less than the market (beta 0.19).
- Pays a modest 1.5% dividend.
- Price/sales of 1.1× is lower than 90% of Utilities companies.
The case against
- Burned $3.1B of free cash in FY2025.
- Long-term debt of $57.4B would take 7 years of operating cash flow to repay.
- Near the bottom of its 52-week range, 33% below the high. Falling prices usually have a reason; find it first.
- Free-cash-flow yield of -10.7% is lower than 91% 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. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 80 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 60 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 30 |
| Momentumhow the price has behaved lately | 17 |
| Stabilityhow violently it moves, what it owes and what it pays you | 38 |
- Each factor except momentum is half fixed thresholds, half rank among the 31 Utilities companies.
Key numbers
| Price / earnings | 9.1× |
|---|---|
| Price / book | 1.09× |
| Price / sales | 1.1× |
| Revenue growth (YoY) | +5.7% |
| EPS growth (YoY) | +24.9% |
| Gross margin | 36% |
| Operating margin | 20% |
| Net margin | 12% |
| Return on equity | 10% |
| Debt / equity | 1.89× |
| Current ratio | 1.22 |
| Dividend yield | 1.48% |
| Beta | 0.19 |
| 52-week range | $12.59 – $19.16 |
| Position in that range | 4% of the way up |
| 3-month return | -21.5% |
| 1-year return | -13.2% |
Five years of financials, as filed
Pulled from PG&E Corporation's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $24.9B | $24.4B | $24.4B | $21.7B | $20.6B |
| Operating income | $4.7B | $4.5B | $2.7B | $1.8B | $1.9B |
| Net income | $3K | $2K | $2K | $2K | -$102 |
| Operating cash flow | $8.7B | $8.0B | $4.7B | $3.7B | $2.3B |
| Capital expenditure | $11.8B | $10.4B | $9.7B | $9.6B | $7.7B |
| Total assets | $142B | $134B | $126B | $119B | $103B |
| Shareholder equity | $32.5B | $30.1B | $25.0B | $22.8B | $21.0B |
| Cash | $713M | $940M | $635M | $734M | $291M |
| Long-term debt | $57.4B | $53.6B | $51.0B | $47.7B | $38.2B |
| Free cash flow | -$3.1B | -$2.3B | -$5.0B | -$5.9B | -$5.4B |
| Operating margin | 19.0% | 18.3% | 10.9% | 8.5% | 9.1% |
| Net margin | 0.0% | 0.0% | 0.0% | 0.0% | -0.0% |
| Diluted shares | 2.2B | 2.1B | 2.1B | 2.1B | 2.0B |
Share count is up 10.9% over 4 years. Your slice has been diluted.
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
- CZU Lightning Complex Fire Notices of Violation
- Entity At Which Officer is an Executive Officer
- Key Factors Affecting Financial Results
- The Uncertainties in Connection with Wildfires, Wildfire Mitigation, and Associated Cost Recovery
- The Timing and Outcome of Ratemaking Proceedings, Other Proceedings, and Legislation
- There has been increased California state legislative activity and political dialogue in recent years regarding wildfires, energy affordability, and related topics
- PG&E Corporation’s and the Utility’s Ability to Control Operating and Financing Costs
- Income Attributable to Common Stock
- Depreciation, Amortization, and Decommissioning
- Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents
- Debt Financings, Credit Facilities, and Term Loans
- Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents
- Cash used in investing activities - 2024
- Net increase in cash used in investing activities