PG&E Corp (PCG)
Utilities · Multi-Utilities · US stock · S&P 500 component
$12.98
▼ -0.17 (1.29%)
Fair valueUndervalued
$16 +22.9% to fair value
$8fair band $14–$19$24
Day's range
$12.68 – $13.09
52-week range
$11.77 – $19.16
About PG&E Corp
As the holding company for Pacific Gas and Electric Company, PG&E sits above a regulated utility that delivers electricity and natural gas across northern and central California. It owns power lines, substations, gas pipelines and storage facilities, along with some generation. Customers are households, businesses and public agencies. Rates and spending plans are set by the California Public Utilities Commission, and the company is organised around its electric and gas utility operations.
PG&E earns its revenue mainly from regulated customer rates that cover its operating costs and an allowed return on its investment in the network. Revenue was $25.8 billion over the last twelve months and has grown at 4.8% a year across the last three years. The operating margin is 20.0%, the business earns 5% on the capital invested in it, and net debt is 12.2 times EBITDA. The dividend yield is 1.5%. On the site's X-Ray Score it receives 39 out of 100.
Price chart
52-wk range $11.77 – $19.16Volume 59,131,209Daily, split-adjusted
Vitals
Market cap$29.7B
52-week range$11.77 – $19.16
Volume (last day)59,131,209
P/E (TTM)63.4
EBIT / EV yield5.5%
Free-cash-flow yield-14.4%
Dividend yield1.5%
Revenue (TTM)$25.8B
Net income (TTM)$463M
Operating margin20.0%
Return on capital4.8%
Debt incl. leases$64.2B
Cash & securities$972M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$16middle half of models $16 – $18
Undervalued
+22.9% to fair value
Average of the 8 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is High, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Peak-cycle earnings: the current operating margin is more than 1.5x its 7-year average, so multiples applied to today's profit may overstate value; model uncertainty is set to High
Price $13
Undervalued < $14Fair $14 – $19Overvalued > $19
P/E multiple
$17
P/B multiple
$17
P/S multiple
$18
EV/EBITDA multiple
$16
EV/EBIT multiple · not used
$27
EV/revenue multiple
$16
5-year DCF, growth exit · not used
$1
Dividend discount, stable
$9
Dividend discount, multi-stage
$18
Earnings power value
$18
Growth the price implies
13.5%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, but the price is low
Our models put fair value above today's price, but models can be wrong, so check the business first. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Utilities peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Fair
59/100
Priced about in line with its sector.
See the numbers →
EBIT / EV yield5.5%
Free-cash-flow yield-14.4%
Fair value vs price1.2×
Growth
Weak
47/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)4.8%
EPS growth (3y)12.0%
Growth consistency70%
Profitability
Weak
40/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital4.8%
Operating margin20.0%
Financial health
Weak
21/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score4 / 9
Net debt / EBITDA12.2×
Interest cover1.7×
Dividends
Weak
11/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield1.5%
Quarterly results: last 6 quarters
+2.1%
Mar '25
-1.5%
Jun '25
+5.2%
Sep '25
+2.6%
Dec '25
+15.0%
Mar '26
+0.1%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $5.9B, diluted EPS $0.33.
Compare with peers
ED Consolidated Edison In...70 NI Nisource Inc.54 AEE Ameren Corp54 DTB Dte Energy Co54Other Multi-Utilities companies by X-Ray Score.
SWOT analysis: PG&E Corp
Strengthsinside the company
- No standout strength in the figures we track.
Weaknessesinside the company
- Return on invested capital is only 4.8% (median 4.9% for industry peers), so the business earns little above its cost of capital.
- Free cash flow is negative, so spending or debt has to be financed from outside.
- Net debt is 12.2x EBITDA, above the 3x level that lenders usually watch.
- Operating profit covers interest only 1.7x.
Opportunitiesvaluation and setting
- The price is 23% below our fair value estimate, with the gap larger than the margin we allow for error.
Threatsvaluation and setting
- Heavy debt makes profits sensitive to interest rates and refinancing conditions.
- Trades at 64.1x earnings, 201% above the 21.3x median of industry peers, so the price already assumes better results.
- Valuation uncertainty is high: the models give widely different values, so the fair value range is wide.
- Our Market Compass rates the backdrop for Utilities as unfavourable.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare PCG with peers and sector
Medians of 11 Multi-Utilities peers and of 30 Utilities stocks in our universe.
Largest peers (X-Ray Score): NEE 45, D 53, SRE 33, XEL 27, ED 70, AEE 54.
| Metric | PCG | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 39 | 46 | 51 |
| Valuation | 59 | 40 | 49 |
| Growth | 47 | 53 | 53 |
| Profitability | 40 | 41 | 50 |
| Financial health | 21 | 47 | 52 |
| Dividends | 10 | 55 | 55 |
Sector leaders: highest X-Ray Score in Utilities
PCG ranks #28 of 31 in Utilities and #9 of 12 in Multi-Utilities by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for PCG
Each factor is rated by where PCG stands among the 31 Utilities stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 7 Good · 1 Average · 12 Bad of 20
Growth: 1 · 1 · 1
Profitability: 0 · 0 · 4
Financial strength: 1 · 0 · 3
Valuation: 2 · 0 · 3
Cash flow: 2 · 0 · 1
Efficiency: 1 · 0 · 0
| Factor | PCG | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +4.8% | Good beats 82% | +3.4% | – | – |
| Revenue growth, last year | +2.1% | Bad beats 12% | +9.6% | +5.0% | ▼ Worse |
| EPS growth, 3 years a year | +12.0% | Average beats 65% | +8.1% | – | – |
| Profitability | |||||
| Operating margin | 20.0% | Bad beats 28% | 22.9% | 10.9% | ▲ Better |
| Net margin | 1.8% | Bad beats 5% | 14.4% | 0.0% | ▲ Better |
| Return on invested capital | 4.8% | Bad beats 24% | 5.5% | – | – |
| Return on equity | 1.4% | Bad beats 5% | 10.1% | 0.0% | ≈ In line |
| Financial strength | |||||
| Net debt / EBITDA | 12.2x | Bad beats 5% | 5.8x | 20.8x | ▲ Better |
| Interest cover | 1.7x | Bad beats 5% | 2.5x | 1.2x | ≈ In line |
| Current ratio | 1.22 | Good beats 92% | 0.78 | 0.83 | ▲ Better |
| Piotroski F-score | 4 / 9 | Bad beats 13% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 64.1x | Bad beats 5% | 21.8x | 17,349,640.0x | ▲ Better |
| Price / book | 0.9x | Good beats 95% | 2.1x | 1.4x | ▲ Better |
| Price / sales | 1.1x | Good beats 88% | 2.9x | 1.6x | ▲ Better |
| EV / EBITDA | 18.0x | Bad beats 18% | 14.0x | 35.3x | ▲ Better |
| Free cash flow yield | -14.4% | Bad beats 10% | -4.9% | -12.9% | ▼ Worse |
| Cash flow | |||||
| Free cash flow margin | -16.5% | Bad beats 25% | -9.1% | -20.3% | ▲ Better |
| Cash from operations / net income | 17.60 | Good beats 95% | 2.20 | 2,681,885.31 | ▼ Worse |
| Accruals (lower is better) | −5.3% | Good beats 89% | −3.3% | – | – |
| Efficiency | |||||
| Days sales outstanding | 27 days | Good beats 90% | 44 days | 33 days | ▲ Better |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 5 Good · ● 1 Average · ● 8 BadCash quality
Earnings backed by cashGood
Free-cash-flow yieldBad
Risk models
Altman Z''Bad
Piotroski F-ScoreBad
Growth
EPS growth (3y)Average
Revenue growth (3y)Good
Growth consistencyBad
Balance sheet
Current ratioGood
Net debt / EBITDABad
Interest coverBad
Valuation
Fair value vs priceGood
EBIT / EV yieldGood
Profitability
Return on invested capitalBad
Operating marginBad
Each check is graded against the company's sector, not a fixed number. Checklist score 47/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $20.6B | $21.7B | $24.4B | $24.4B | $24.9B |
| Operating income | $1.9B | $1.8B | $2.7B | $4.5B | $4.7B |
| Net income | −$102 | $1,800 | $2,242 | $2,475 | $2,593 |
| Operating cash flow | $2.3B | $3.7B | $4.7B | $8.0B | $8.7B |
| Operating margin | 9.1% | 8.5% | 10.9% | 18.3% | 19.0% |
| Free cash flow | −$5.4B | −$5.9B | −$5.0B | −$2.3B | −$3.1B |
| Diluted EPS | $-0.05 | $0.84 | $1.05 | $1.15 | $1.18 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bearish
2 bullish · 4 neutral · 10 bearish
Weekly
Strongly bearish
0 bullish · 1 neutral · 11 bearish
Monthly
Strongly bearish
0 bullish · 1 neutral · 7 bearish
Moving averages (daily)
| SMA 10 | 13.13 | Bearish |
| EMA 10 | 13.03 | Bearish |
| SMA 20 | 12.73 | Bullish |
| EMA 20 | 13.06 | Bearish |
| SMA 50 | 14.18 | Bearish |
| EMA 50 | 13.93 | Bearish |
| SMA 100 | 15.62 | Bearish |
| EMA 100 | 14.93 | Bearish |
| SMA 200 | 16.22 | Bearish |
| EMA 200 | 15.61 | Bearish |
Oscillators (daily)
| RSI (14) | 45.18 | Neutral |
| MACD (12, 26) | -0.18 | Bearish |
| Momentum (12) | 3.84 | Bullish |
| Stochastic %K (14) | 55.06 | Neutral |
| Williams %R (14) | -44.94 | Neutral |
| CCI (20) | 33.91 | Neutral |
Pivot points (classic, last session)
S3 12.33 | S2 12.50 | S1 12.74 | Pivot 12.92 | R1 13.16 | R2 13.33 | R3 13.57 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
0.20 USD
Yield on today's price
1.54%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.0500 | |
| 0.0500 | |
| 0.0500 | |
| 0.0500 | |
| 0.0250 | |
| 0.0250 | |
| 0.0250 | |
| 0.0250 | |
| 0.0100 | |
| 0.0100 | |
| 0.0100 | |
| 0.0100 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold PCG
| ETF | Share of the fund |
|---|---|
| XLU Utilities Select Sector SPDR | 2.61% |
| FUTY Fidelity MSCI Utilities Index | 2.49% |
| VPU Vanguard Utilities | 2.36% |
| IDU iShares U.S. Utilities | 2.35% |
| IFRA iShares U.S. Infrastructure | 1.00% |
| IGF iShares Global Infrastructure | 0.99% |
| AIPO Defiance AI & Power Infrastructure | 0.91% |
| RPV Invesco S&P 500 Pure Value | 0.83% |
The eight funds with the largest weight in PCG among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
PCG SEC filings
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Regulation FD disclosure
8-KSEC EDGAR
Other events
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
8-KSEC EDGAR
Entered a material agreement; Other events
8-KSEC EDGAR
Other events
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.