Utilities · Electric Utilities · US stock · price as of 22 Oct 2026
Key indicators
Price
$35.35
52-week range
$31.56 – $40.11
Market cap
$26.8B
P/E (trailing)
21.7×
EV / EBITDA
20.8×
Free-cash-flow yield
−6.1%
Dividend yield
3.2%
Revenue (last 12 months)
$9.4B
Revenue growth (3y a year)
5.1%
Operating margin
23.3%
Return on invested capital
5.2%
Net debt / EBITDA
8.7×
Fair value
Fair value (average of valid models)$34.03 middle half of models $32 – $37
Versus priceFair−4% to fair value
P/E multiple
$36.49
P/B multiple
$32.40
P/S multiple
$32.75
EV/EBITDA multiple
$31.53
EV/EBIT multiple
$37.06
EV/revenue multiple
$33.02
5-year DCF, EBITDA exit
$17.79
5-year DCF, revenue exit
$17.56
Dividend discount, stable
$64.21
Earnings power value
$37.44
Model uncertainty
High
X-Ray Score
50/ 100 · Medium confidence · ahead of 48% of sector peers
Valuation48
Growth64
Profitability48
Financial health56
Dividends23
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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.
StocksXray gives PPL Corp an X-Ray Score of 50 out of 100 (medium confidence), ahead of 48% of the S&P 500 stocks in its sector. Its strongest lens is growth (64) and its weakest is dividends (23).
Our fair value (the average of the valid models) is $34.03 (range $31.75 to $36.92). At $35.35 the stock trades 4% above that value, so the label is "Fair" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
PPL Corp (PPL)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$25.64
$25.73
$24.76
$30.70
$34.20
$35.35
Market cap
$19.6B
$19.0B
$18.3B
$22.7B
$25.4B
$26.8B
P/E
–
25.2×
24.8×
25.6×
21.5×
21.7×
EV / revenue
4.7×
4.2×
4.0×
4.6×
4.8×
4.9×
EV / EBITDA
19.1×
23.9×
20.6×
22.5×
20.5×
20.8×
Price / free cash flow
66.0×
–
–
–
–
–
Free-cash-flow yield
1.5%
−2.2%
−3.5%
−2.0%
−5.5%
−6.1%
Price / book
1.4×
1.4×
1.3×
1.6×
1.7×
1.8×
Dividend yield
6.47%
3.40%
3.88%
3.36%
3.19%
3.19%
Fundamentals checklist ● 5 Good · ● 8 Average · ● 1 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−3.1%Average
Free-cash-flow yield−6.1%Average
Risk models
Altman Z score1.1×Good
Piotroski F-Score6 of 9Average
Growth
EPS growth (3y)15.9%Good
Revenue growth (3y)5.1%Good
Growth consistency80%Average
Balance sheet
Current ratio1.0×Good
Net debt / EBITDA8.7×Bad
Interest cover2.6×Average
Valuation
Fair value vs price1.0×Average
EBIT / EV yield4.8%Good
Profitability
Return on invested capital5.2%Average
Operating margin23.3%Average
XStocksXray
PPL Corp (PPL)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
5,838
7,902
8,312
8,462
9,170
9,411
Gross profit
–
–
–
–
–
–
Operating income
1,424
1,374
1,630
1,740
2,129
2,196
Net income
-1,480
756
740
888
1,181
1,219
Diluted EPS ($)
-1.93
1.02
1.00
1.20
1.59
1.63
Free cash flow
297
-425
-632
-465
-1,401
-1,622
Gross margin
–
–
–
–
–
–
Operating margin
24.4%
17.4%
19.6%
20.6%
23.2%
23.3%
Net margin
−25.4%
9.6%
8.9%
10.5%
12.9%
13.0%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
33,223
37,837
39,236
41,069
45,244
46,304
Cash
3,571
356
331
306
1,071
1,241
Total debt
11,209
14,228
15,604
16,806
19,350
20,238
Equity
13,723
13,915
13,933
14,077
14,881
15,019
Dividend per share ($)
1.66
0.88
0.96
1.03
1.09
1.10
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
