PPL Corp (PPL)
Utilities · Electric Utilities · US stock · S&P 500 component
$35.35
▲ +0.77 (2.23%)
Fair valueFair
$34 −3.7% to fair value
$17fair band $29–$41$51
Day's range
$34.74 – $35.36
52-week range
$31.56 – $40.11
About PPL Corp
PPL Corporation is a utility holding company that delivers electricity and natural gas to customers in Pennsylvania, Kentucky, Rhode Island and nearby areas. It owns the poles, wires and pipelines that move energy to homes and businesses. Revenue comes mainly from regulated delivery rates set by state commissions, which are meant to recover operating costs and provide an authorized return on invested capital.
Revenue of $9.4 billion was recorded for the latest twelve months; sales expanded at 5.1% a year across three years. PPL Corp converts that into an operating margin of 23.3%. Return on invested capital comes to 5%. Leverage, measured as net debt to EBITDA, is 8.7 times. Shareholders receive a dividend, yielding 3.2%, and the X-Ray Score is 50 out of 100.
Price chart
52-wk range $31.56 – $40.11Volume 6,481,003Daily, split-adjusted
Vitals
Market cap$26.8B
52-week range$31.56 – $40.11
Volume (last day)6,481,003
P/E (TTM)21.7
EBIT / EV yield4.8%
Free-cash-flow yield-6.1%
Dividend yield3.2%
Revenue (TTM)$9.4B
Net income (TTM)$1.2B
Operating margin23.3%
Return on capital5.2%
Debt incl. leases$20.2B
Cash & securities$1.2B
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
$34middle half of models $32 – $37
Fair
−3.7% to fair value
Average of the 10 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%.
Price $35
Undervalued < $29Fair $29 – $41Overvalued > $41
P/E multiple
$36
P/B multiple
$32
P/S multiple
$33
EV/EBITDA multiple
$32
EV/EBIT multiple
$37
EV/revenue multiple
$33
5-year DCF, EBITDA exit
$18
5-year DCF, revenue exit
$18
5-year DCF, growth exit · not used
$13
Dividend discount, stable
$64
Dividend discount, multi-stage · not used
$136
Earnings power value
$37
Growth the price implies
10.7%/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
Average business, fairly priced
The price sits inside our fair-value band. 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
Weak
48/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield4.8%
Free-cash-flow yield-6.1%
Fair value vs price1.0×
Growth
Fair
64/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)5.1%
EPS growth (3y)15.9%
Growth consistency80%
Profitability
Weak
48/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital5.2%
Operating margin23.3%
Financial health
Fair
56/100
Balance sheet is in typical shape for its sector.
See the numbers →
Piotroski F-Score6 / 9
Net debt / EBITDA8.7×
Interest cover2.6×
Dividends
Weak
23/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield3.2%
Dividend growth0.3%
Quarterly results: last 6 quarters
+10.1%
Dec '24
+10.5%
Mar '25
+8.5%
Jun '25
+7.8%
Sep '25
+6.3%
Dec '25
+9.4%
Mar '26
Revenue against the same quarter a year earlier. Latest quarter revenue $2.8B, diluted EPS $0.60.
Compare with peers
EIX Edison International71 ES Eversource Energy65 EXC Exelon Corp62 DUK Duke Energy CORP58Other Electric Utilities companies by X-Ray Score.
SWOT analysis: PPL Corp
Strengthsinside the company
- Earnings per share have compounded at 15.9% a year over three years.
Weaknessesinside the company
- Return on invested capital is only 5.2% (median 5.5% 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 8.7x EBITDA, above the 3x level that lenders usually watch.
- Operating profit covers interest only 2.6x.
Opportunitiesvaluation and setting
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Heavy debt makes profits sensitive to interest rates and refinancing conditions.
- 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 PPL with peers and sector
Medians of 14 Electric Utilities peers and of 30 Utilities stocks in our universe.
Largest peers (X-Ray Score): SO 45, DUK 58, CEG 49, AEP 58, ETR 43, VST 53.
| Metric | PPL | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 50 | 52 | 50 |
| Valuation | 48 | 50 | 50 |
| Growth | 64 | 53 | 53 |
| Profitability | 48 | 56 | 50 |
| Financial health | 56 | 52 | 51 |
| Dividends | 23 | 53 | 55 |
Sector leaders: highest X-Ray Score in Utilities
PPL ranks #16 of 31 in Utilities and #9 of 15 in Electric 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 PPL
Each factor is rated by where PPL 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: 4 Good · 11 Average · 5 Bad of 20
Growth: 2 · 1 · 0
Profitability: 0 · 3 · 1
Financial strength: 1 · 2 · 1
Valuation: 1 · 3 · 1
Cash flow: 0 · 2 · 1
Efficiency: 0 · 0 · 1
| Factor | PPL | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +5.1% | Good beats 85% | +3.4% | – | – |
| Revenue growth, last year | +8.4% | Average beats 38% | +9.6% | +6.6% | ≈ In line |
| EPS growth, 3 years a year | +15.9% | Good beats 76% | +8.1% | – | – |
| Profitability | |||||
| Operating margin | 23.3% | Average beats 58% | 22.9% | 20.6% | ▲ Better |
| Net margin | 13.0% | Average beats 42% | 14.4% | 9.6% | ▲ Better |
| Return on invested capital | 5.2% | Average beats 37% | 5.5% | – | – |
| Return on equity | 8.1% | Bad beats 11% | 10.1% | 5.4% | ▲ Better |
| Financial strength | |||||
| Net debt / EBITDA | 8.7x | Bad beats 12% | 5.8x | 9.4x | ≈ In line |
| Interest cover | 2.6x | Average beats 63% | 2.5x | 2.4x | ≈ In line |
| Current ratio | 1.00 | Good beats 82% | 0.78 | 0.86 | ▲ Better |
| Piotroski F-score | 6 / 9 | Average beats 58% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 22.0x | Average beats 47% | 21.8x | 27.0x | ▲ Better |
| Price / book | 1.8x | Good beats 76% | 2.1x | 1.7x | ≈ In line |
| Price / sales | 2.8x | Average beats 55% | 2.9x | 2.8x | ≈ In line |
| EV / EBITDA | 20.8x | Bad beats 11% | 14.0x | 21.6x | ≈ In line |
| Free cash flow yield | -6.1% | Average beats 35% | -4.9% | -2.0% | ▼ Worse |
| Cash flow | |||||
| Free cash flow margin | -17.2% | Bad beats 22% | -9.1% | -5.5% | ▼ Worse |
| Cash from operations / net income | 2.19 | Average beats 47% | 2.20 | 2.33 | ≈ In line |
| Accruals (lower is better) | −3.1% | Average beats 47% | −3.3% | – | – |
| Efficiency | |||||
| Days sales outstanding | 52 days | Bad beats 30% | 44 days | 41 days | ▼ Worse |
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 · ● 8 Average · ● 1 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldAverage
Risk models
Altman Z''Good
Piotroski F-ScoreAverage
Growth
EPS growth (3y)Good
Revenue growth (3y)Good
Growth consistencyAverage
Balance sheet
Current ratioGood
Net debt / EBITDABad
Interest coverAverage
Valuation
Fair value vs priceAverage
EBIT / EV yieldGood
Profitability
Return on invested capitalAverage
Operating marginAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 56/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $5.8B | $7.9B | $8.3B | $8.5B | $9.2B |
| Operating income | $1.4B | $1.4B | $1.6B | $1.7B | $2.1B |
| Net income | −$1.5B | $756M | $740M | $888M | $1.2B |
| Operating cash flow | $2.3B | $1.7B | $1.8B | $2.3B | $2.6B |
| Operating margin | 24.4% | 17.4% | 19.6% | 20.6% | 23.2% |
| Free cash flow | $297M | −$425M | −$632M | −$465M | −$1.4B |
| Diluted EPS | $-1.93 | $1.02 | $1.00 | $1.20 | $1.59 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
11 bullish · 1 neutral · 4 bearish
Weekly
Strongly bullish
9 bullish · 1 neutral · 2 bearish
Monthly
Bullish
5 bullish · 1 neutral · 2 bearish
Moving averages (daily)
| SMA 10 | 34.65 | Bullish |
| EMA 10 | 34.56 | Bullish |
| SMA 20 | 33.82 | Bullish |
| EMA 20 | 34.20 | Bullish |
| SMA 50 | 34.03 | Bullish |
| EMA 50 | 34.18 | Bullish |
| SMA 100 | 34.75 | Bullish |
| EMA 100 | 34.62 | Bullish |
| SMA 200 | 35.61 | Bearish |
| EMA 200 | 34.92 | Bullish |
Oscillators (daily)
| RSI (14) | 64.54 | Neutral |
| MACD (12, 26) | 0.35 | Bullish |
| Momentum (12) | 4.90 | Bullish |
| Stochastic %K (14) | 99.63 | Bearish |
| Williams %R (14) | -0.37 | Bearish |
| CCI (20) | 107.7 | Bearish |
Pivot points (classic, last session)
S3 34.32 | S2 34.53 | S1 34.94 | Pivot 35.15 | R1 35.56 | R2 35.77 | R3 36.18 |
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
1.13 USD
Yield on today's price
3.19%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.2850 | |
| 0.2850 | |
| 0.2850 | |
| 0.2730 | |
| 0.2730 | |
| 0.2730 | |
| 0.2730 | |
| 0.2580 | |
| 0.2580 | |
| 0.2580 | |
| 0.2580 | |
| 0.2400 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold PPL
| ETF | Share of the fund |
|---|---|
| EMLP First Trust North American Energy Infr... | 2.60% |
| XLU Utilities Select Sector SPDR | 1.93% |
| FUTY Fidelity MSCI Utilities Index | 1.73% |
| VPU Vanguard Utilities | 1.72% |
| TCAF T. Rowe Price Capital Appreciation Equ... | 1.64% |
| IDU iShares U.S. Utilities | 1.64% |
| SPLV Invesco S&P 500 Low Volatility | 1.10% |
| DVY iShares Select Dividend | 0.92% |
The eight funds with the largest weight in PPL 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.
PPL stock splits
PPL has split its stock 2 times since 1992. The latest was a 2-for-1 split on 25 Aug 2005.
Full PPL stock split history →PPL SEC filings
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Other events
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
8-KSEC EDGAR
Director or officer change; Regulation FD disclosure
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Entered a material agreement
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.