PPL Corporation (PPL)
Utilities · $25.0B market cap · SEC CIK 0000922224
fundamentals score out of 100
Next reports on Nov 3, 2026, with analysts expecting $0.53 in earnings per share.
The case for PPL
- 22% of revenue drops through to net profit.
- Earnings per share up 26.4%.
- Pays a 3.6% dividend while you wait.
- A PEG of 0.75: a P/E of 19.7× is low for EPS growing 26%.
- Has compounded revenue at 13.4% a year over five years.
- Moves less than the market (beta 0.58).
The case against
- Burned $1.4B of free cash in FY2025.
- Revenue fell 58.8% year over year.
- Long-term debt of $18.0B would take 7 years of operating cash flow to repay.
- Priced at 6.2× sales with revenue falling 58.8%.
- Near the bottom of its 52-week range, 18% below the high. Falling prices usually have a reason; find it first.
- Current liabilities exceed current assets (ratio 0.91).
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 | 34 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 54 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 40 |
| Momentumhow the price has behaved lately | 24 |
| Stabilityhow violently it moves, what it owes and what it pays you | 56 |
- Each factor except momentum is half fixed thresholds, half rank among the 31 Utilities companies.
Key numbers
| Price / earnings | 19.7× |
|---|---|
| Price / book | 1.82× |
| Price / sales | 6.2× |
| Revenue growth (YoY) | -58.8% |
| EPS growth (YoY) | +26.4% |
| Gross margin | — |
| Operating margin | 39% |
| Net margin | 22% |
| Return on equity | 9% |
| Debt / equity | 1.35× |
| Current ratio | 0.91 |
| Dividend yield | 3.65% |
| Beta | 0.58 |
| 52-week range | $33.00 – $40.11 |
| Position in that range | 0% of the way up |
| 3-month return | -6.6% |
| 1-year return | -7.4% |
Five years of financials, as filed
Pulled from PPL Corporation's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $9.2B | $8.4B | $8.3B | $7.8B | $5.8B |
| Operating income | $2.1B | $1.7B | $1.6B | $1.4B | $1.4B |
| Net income | $1.2B | $888M | $740M | $756M | -$1.5B |
| Operating cash flow | $2.6B | $2.3B | $1.8B | $1.7B | $2.3B |
| Capital expenditure | $4.0B | $2.8B | $2.4B | $2.2B | $2.0B |
| Total assets | $45.2B | $41.1B | $39.2B | $37.8B | $33.2B |
| Shareholder equity | — | — | $13.9B | $13.9B | $13.7B |
| Cash | $1.1B | $306M | $331M | $356M | $3.6B |
| Long-term debt | $18.0B | $16.0B | $14.6B | $12.9B | $10.7B |
| Free cash flow | -$1.4B | -$465M | -$632M | -$425M | $297M |
| Operating margin | 23.2% | 20.6% | 19.7% | 17.6% | 24.4% |
| Net margin | 12.9% | 10.5% | 8.9% | 9.7% | -25.4% |
| Diluted shares | 743M | 740M | 738M | 737M | 765M |
Share count is essentially flat over 4 years.
What PPL Corporation says it does
Segment Information - Kentucky Regulated Segment." At December 31, 2025, LG&E's and KU's electricity transmission and distribution systems and LG&E's natural gas transmission and distribution systems were: LG&E KU Distribution Transmission Distribution Transmission Electricity System Substations (a) 97 79 460 216 Capacity (in millions of kVA) 6 8 8 16 Overhead lines (circuit miles) 3,890 662 14,104 4,064 Underground lines (circuit miles) 2,913 6 2,901 4 Natural Gas System Distribution mains (miles) 4,475 — — — Transmission pipeline (miles) — 230 — — Transmission storage lines (miles) — 83 — — Combustion turbine lines (miles) — 19 — 11 Storage fields — 4 — — Storage field capacity (Bcf) — 11 — — (a) 196 substations (62 at LG&E and 134 at KU) are shared between the distribution and transmission systems. Substantially all of LG&E's and KU's respective real and tangible personal property located in Kentucky and used or to be used in…
Risk factors PPL lists in its 10-K
- Long-term Debt and Equity Securities
- Letters of Credit and Commercial Paper Issued (d)
- Purchase or Redemption of Debt Securities
- Fair Value, Net - Asset (Liability) (a)
- Effect of a 10% Adverse Movement in Rates (b)
- 10% Adverse Movement in Rates on Fair Value of Debt
- Defined Benefit Plans - Equity Securities Price Risk
- Acquisitions, Development and Divestitures
- Application of Critical Accounting Policies
- Revenue Recognition - Unbilled Revenues
- PPL Corporation, PPL Electric Utilities Corporation, Louisville Gas and Electric Company and Kentucky Utilities Company
- Opinion on the Financial Statements
- Internal Control — Integrated Framework (2013)
- Regulatory Assets and Regulatory Liabilities – Impact of Rate-Regulation on Regulatory Assets and Regulatory Liabilities and Related Disclosures – Refer to Notes 1 and 7 to the financial statements