NYSE: PCG · Multi-Utilities
PG&E Corporation
PG&E Corporation, based in Oakland, California, is the holding company of Pacific Gas and Electric Company, the regulated utility that delivers electricity and natural gas to about 5.7 million average electric customers in Northern and Central California. Revenue is set by the California Public Utilities Commission through general rate cases and other proceedings; 2025 operating revenues were $24,935 million (electric $18,318 million, natural gas $6,617 million) and net income was $2,703 million. The company emerged from Chapter 11 in 2020 after wildfire liabilities, posting net losses in 2020 and 2021, and still carries estimated liabilities for the 2019 Kincade, 2021 Dixie and 2022 Mosquito fires. It is spending heavily on wildfire mitigation and grid investment — capital expenditures were $11,787 million in 2025 — funded with large debt and equity issuance (debt about $60 billion). In August 2026 a court approved a $100 million settlement resolving substantially all wildfire-related securities claims. PG&E resumed common dividends in 2024.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 31, 2026 02:12 (SEC EDGAR) · Source 10-K filed: February 12, 2026
Built on10-K FY2025 · filed 2026-02-1210-Q (quarter ended 2026-09-30) · filed 2026-10-22Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 6.2%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 19.0%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- -1.1 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- —
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 3.22x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- —
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 9.2x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.46
Higher than 34% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 52% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 23% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Below 0 means more cash than debt
Higher than 91% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-06-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$13.30close on 2026-11-04
Market cap$29.23B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 9.2x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 0.9x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- -10.5%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- —
At FY2025 year-end: 13.6x
Earnings: trailing 12 months to 2026-06-30
At FY2025 year-end: 1.1x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: -8.7%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Jun 30, 2026.
- Revenue$5.9B → $5.9B (vs. a year earlier)→ +0.1%$5.9B → $5.9B (vs. a year earlier)
- Operating margin18.6% → 21.4% (vs. a year earlier)↑ +2.8 pts18.6% → 21.4% (vs. a year earlier)
- Net income$549M → $761M (vs. a year earlier)↑ +38.6%$549M → $761M (vs. a year earlier)
- Diluted EPS$0.24 → $0.33 (vs. a year earlier)↑ +37.5%$0.24 → $0.33 (vs. a year earlier)
- Cash$1.13B → $972M (vs. previous quarter-end)↓ −14.1%$1.13B → $972M (vs. previous quarter-end)
- Long-term debt$60.77B → $62.84B (vs. previous quarter-end)↑ +3.4%$60.77B → $62.84B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 22, 2026.
Management outlook → Reaffirmed
Reaffirmed 2026 non-GAAP core EPS guidance of $1.64–$1.66. Source sentence
Full year 2026 and 2027 non-GAAP core EPS guidance reaffirmed at $1.64 to $1.66 per share and $1.78 to $1.82 per share, respectively. 1
Key changes
Reducing its 2027 capital plan by $2B. Source sentence
Implementing previously announced $2 billion reduction to 2027 capital plan.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- PG&E Corp
- Headquarters
- OAKLAND, CA
- Incorporated in
- California
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: PCG
- Industry
- Multi-Utilities
- CIK
- 1004980
- Website
- https://www.pgecorp.com/ ↗
Workforce (as of FY2025 year-end)
Employees
29,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 43–53 days after quarter end (Feb 12, 2026; Feb 13, 2025; Feb 22, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 22–53 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 22, 2026 (+22 days) | Oct 22, 2026 10-Q (+22 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 23, 2026 (+23 days) | Jul 23, 2026 10-Q (+23 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 23, 2026 (+23 days) | Apr 23, 2026 10-Q (+23 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 12, 2026 (+43 days) | Feb 12, 2026 10-K (+43 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 23, 2025 (+23 days) | Oct 23, 2025 10-Q (+23 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 31, 2025 (+31 days) | Jul 31, 2025 10-Q (+31 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 24, 2025 (+24 days) | Apr 24, 2025 10-Q (+24 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 13, 2025 (+44 days) | Feb 13, 2025 10-K (+44 days) |
| Q3 FY2024 | Sep 30, 2024 | Nov 7, 2024 (+38 days) | Nov 7, 2024 10-Q (+38 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 25, 2024 (+25 days) | Jul 25, 2024 10-Q (+25 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 25, 2024 (+25 days) | Apr 25, 2024 10-Q (+25 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 22, 2024 (+53 days) | Feb 22, 2024 10-K (+53 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Electric
Electric service
Transmission, distribution and generation of electricity in Northern and Central California.
Natural gas
Natural gas service
Gas transmission, storage and distribution, also transporting gas toward southern California.
From the Form 10-K, FY2025.
U.S. and worldwide share of flagship products/services
PG&E is a regulated utility with a service-area franchise and gives no market-share figures.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-09-30)
07
Recent strategic focusSite analysis
Recent developments.
Third quarter 2026
Operating revenues $6,188M versus $6,250M; diluted EPS $0.34 versus $0.37; nine-month diluted EPS $1.06 versus $0.89.
Source: Form 10-Q (quarter ended 2026-09-30)
Securities settlement
The $100M settlement resolved substantially all wildfire-related securities claims; accrued liability reduced from $300M to $260M.
Source: Form 10-Q (quarter ended 2026-09-30)
Financing
$1.0B junior subordinated notes (February 2026) and several first mortgage bond issues in 2026.
Source: Form 8-K (2026-02-19) — Item 8.01 $1.0B junior subordinated notes
Where the money goes, over time
Unit: $M. Capex went from $7.69B in FY2020 to $11.79B in FY2025
- Capex
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$24.94B
As reported in the 10-K
Revenue CAGR (5 years)
+6.2%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($24,935M ÷ $18,469M) ^ (1÷5) − 1 = 6.2%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
19.0%▲favorable
+9.5pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$4,749M ÷ $24,935M × 100 = 19.0%
ROE (FY2025)
8.6%▲favorable
6-year average: 4.8%
As reported in the 10-K
P/B (FY2025 end)
1.09x
formulafiscal year-end closing price ÷ book value per share
e.g.$16.07 ÷ $14.80 = 1.09x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
—
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +6.2% a year over 5 years (strong growth)
From $18.47B in FY2020 to $24.94B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 9.5% → 19.0%
How much operating profit is left per $100 of revenue. It moved +9.5 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▼
Equity ratio is 23.0% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▼
Free cash flow was positive in 0 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▼
ROE averaged 4.8% over 6 years (latest: 8.6%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- Electric transmission and distribution
- Natural gas transmission, storage and distribution
- Electricity generation and procurement
- Wildfire mitigation (undergrounding, inspections)
06 · what it draws on
Key resources
- About 29,000 Utility employees (Dec 31, 2025)
- About 18,000 circuit miles of transmission lines
- Generation incl. Diablo Canyon nuclear and hydro
02 · why customers buy
Value propositions
- Electric and natural gas service in northern and central California.
04 · how it keeps them
Customer relationships
- Regulated service to about 5.7 million electric customers at CPUC- and FERC-approved rates.
03 · how it reaches them
Channels
- Its own regulated grid and gas system.
01 · who it serves
Customer segments
- About 5.7 million electric customers (residential, commercial, industrial, agricultural)
09 · where money goes
Cost structure
FY2025, share of revenue ($24.94B)
- Other operating costs (incl. cost of goods sold)81.0%
Operating profit left: 19.0% of revenue. Capital spending: $11.79B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Electric revenues
- Natural gas revenues
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Earns an authorized return on its rate base (grid, gas system and generation) set by the CPUC and FERC; customers pay rates that recover costs plus that return, so growth comes from capital investment.
01 what it draws on
Inputs & resources
- About 29,000 Utility employees (Dec 31, 2025)
- About 18,000 circuit miles of transmission lines
- Generation incl. Diablo Canyon nuclear and hydro
02 what it does
Activities
- Electric transmission and distribution
- Natural gas transmission, storage and distribution
- Electricity generation and procurement
- Wildfire mitigation (undergrounding, inspections)
03 who it serves
Customers
- About 5.7 million electric customers (residential, commercial, industrial, agricultural)
04 how money comes in
How it earns
- Electric revenues
- Natural gas revenues
How the business makes money
- Single reportable segment (regulated utility).
- No customer was 10% or more of revenues.
- About 17,500 employees under collective bargaining agreements.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
PG&E is regulated by the CPUC and FERC and operates under California climate rules.
Regulated prices & reimbursement
Regulated rates
Rates and returns are set through rate cases before the CPUC and FERC; revenue depends on what regulators allow.
Supports and constrainsTouches: How it earnsSource: Form 10-K (FY2025)
Environmental rules
California emissions rules
CARB sets and monitors greenhouse gas and other emission limits.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Electric
18,318 (73%)Natural gas
6,617 (27%)
Source: Form 10-K (FY2025) One reportable segment; operating revenues total $24,935M.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
About 5.7 million electric customers.
Named by the company
No single customer accounted for 10% or more of revenues for electricity sold in 2023–2025.
Suppliers
Power, natural gas and equipment suppliers and contractors.
Named by the company
No supplier is named.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
As a regulated monopoly utility, PG&E faces limited direct competition; its gas system competes with other pipelines for gas transportation into southern California.
Competitors named in the 10-K
Peer group the company chose
2025 pay and performance comparator group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Utilities marked in both the pay and performance groups (2026 proxy); TSR peer group is the Dow Jones Utility Index.
- American Electric Powersite ↗
- CenterPoint Energysite ↗
- Consolidated Edisonsite ↗
- Dominion Energysite ↗
- DTE Energysite ↗
- Duke Energysite ↗
- Edison Internationalsite ↗
- Eversource Energysite ↗
- Exelonsite ↗
- FirstEnergysite ↗
- Southern Companysite ↗
- Xcel Energysite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 18,469 | 20,642 | 21,680 | 24,428 | 24,419 | 24,935 |
| Operating income | 1,755 | 1,883 | 1,837 | 2,671 | 4,459 | 4,749 |
| Pretax income | -942 | 748 | 476 | 699 | 2,312 | 2,423 |
| Net income (attributable) | -1,304 | -88 | 1,814 | 2,256 | 2,512 | 2,703 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 11.8% | 5.0% | 12.7% | -0.0% | 2.1% |
| Operating margincalcoperating income ÷ revenue × 100 | 9.5% | 9.1% | 8.5% | 10.9% | 18.3% | 19.0% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | -7.1% | -0.4% | 8.4% | 9.2% | 10.3% | 10.8% |
| Balance sheet ($M) | ||||||
| Total assets | 97,856 | 103,327 | 118,644 | 125,698 | 133,660 | 141,611 |
| Total equity | 21,253 | 21,223 | 23,075 | 25,292 | 30,401 | 32,792 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 40,863 | 44,890 | 49,797 | 54,946 | 55,092 | 60,062 |
| Equity ratio | 21.5% | 20.3% | 19.2% | 19.9% | 22.6% | 23.0% |
| ROE | -6.2% | -0.4% | 8.3% | 9.4% | 9.1% | 8.6% |
| Cash flow ($M) | ||||||
| Operating CF | -19,130 | 2,262 | 3,721 | 4,747 | 8,035 | 8,716 |
| Investing CF | -7,748 | -6,905 | -10,214 | -9,162 | -11,375 | -12,316 |
| Financing CF | 25,928 | 4,323 | 7,133 | 4,400 | 3,621 | 3,359 |
| Free cash flowcalccash flow from operations − capital expenditures | -26,820 | -5,427 | -5,863 | -4,967 | -2,334 | -3,071 |
| Cash and equivalents | 484 | 291 | 734 | 635 | 940 | 713 |
| Per share & other | ||||||
| EPS ($) | -1.05 | -0.05 | 0.84 | 1.05 | 1.15 | 1.18 |
| BVPS ($) | 10.58 | 10.56 | 11.48 | 11.74 | 13.74 | 14.80 |
| P/E (x) | — | — | 19.4 | 17.2 | 17.6 | 13.6 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.18 | 1.15 | 1.42 | 1.54 | 1.47 | 1.09 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-06-30 | $5.9B+0.1% | $1.26B+15.2% | $761M+38.6% | $0.33 |
| 2026-03-31 | $6.88B+15.0% | $1.47B+20.5% | $885M+39.6% | $0.39 |
| 2025-12-31 † | $6.8B+2.6% | $1.22B+20.0% | $670M-0.6% | — |
| 2025-09-30 | $6.25B+5.2% | $1.21B+17.5% | $850M+46.8% | $0.37 |
| 2025-06-30 | $5.9B | $1.1B | $549M | $0.24 |
| 2025-03-31 | $5.98B | $1.22B | $634M | $0.28 |
| 2024-12-31 † | $6.63B | $1.02B | $674M | — |
| 2024-09-30 | $5.94B | $1.03B | $579M | $0.27 |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
14
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
4.2%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$4,749M × (1 − 21%) ÷ $89,174M × 100 = 4.2%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
5.28%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $35.32B ÷ ($35.32B + $60.06B) = 37.0%
e.g.Debt weight: $60.06B ÷ ($35.32B + $60.06B) = 63.0%
e.g.WACC: 7.5% × 37.0% + 5.0% × (1 − 21%) × 63.0% = 5.28%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 4.8%–5.9% and ROIC − WACC runs −1.7 to −0.6 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 5.28% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.46 (price-derived adjusted beta, but correlation with the market is low (R² 0.01), so reliability is limited)
- Equity risk premium
- 5.5%
- Cost of equity
- 7.48%
- Cost of debt
- 5.04%
- Tax rate
- 21% (U.S. federal statutory rate (not enough data for an effective rate))
- Capital structure (equity : debt)
- 37% : 63%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 5.28%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.46 (price-derived adjusted beta. Raw β 0.20, R² 0.01, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.196 + 0.33 = 0.461
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.46 × 5.5% = 7.5%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
15
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Not enough data for this calculation (FY2025): it needs positive free cash flow, a fiscal year-end P/E, and a positive enterprise value.
16
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 2.64x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -4.4%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 196%
Most profit comes from core operations.
- ✓
Days sales outstanding: 37 → 33 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$8,716M ÷ $2,703M = 3.22x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$4,749M ÷ $2,423M × 100 = 196%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($2,220M + $2,267M) ÷ 2 ÷ $24,935M × 365 = 33 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
17
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 80.6%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 19.4%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 297 of 416
- Beta (adjusted)
- 0.46
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 71% of covered companies have more
above 1 = swings more than the market
- 2,161.0M shares reported by 935 13F filers ÷ 2,680.1M shares outstanding on 2026-07-15. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-09 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-15)
18
Strengths & weaknessesSite analysis
Strengths
1. Rate base growth
Capital expenditures rose from $7,690M (2020) to $11,787M (2025).
Evidence: Form 10-K (FY2025)
2. Recovered profitability
Net income rose from losses in 2020–2021 to $2,703M in 2025.
Evidence: Form 10-K (FY2025)
3. Securities claims resolved
The $100M PERA class settlement received final approval on August 25, 2026 with no appeal.
Evidence: Form 10-Q (quarter ended 2026-09-30)
Weaknesses
1. Wildfire liability
Probable losses for the 2019 Kincade, 2021 Dixie and 2022 Mosquito fires, with possible additional losses.
Evidence: Form 10-K (FY2025)
2. Heavy debt
Interest-bearing debt about $60.1B at end-2025, up from $40.9B in 2020.
Evidence: Form 10-K (FY2025)
3. Low dividend
Common dividends resumed only in 2024 at a low payout.
Evidence: Form 10-K (FY2025)
19
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
13.6x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
—
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
—
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
-8.7%
(Operating CF − capex) ÷ market cap
1. Regulated growth
Rate base grows with large grid and wildfire investments.
- What has to hold
- CPUC allows recovery and returns.
- The other side
- Wildfire and regulatory risk.
Evidence: Form 10-K (FY2025)
2. Turnaround
Profit rose each year since 2022.
- What has to hold
- Mitigation lowers wildfire risk.
- The other side
- Large debt load.
Evidence: Form 10-K (FY2025)
Net losses in 2020–2021 reflect the Chapter 11 emergence and wildfire claims. Dividends per share are left blank: the filings state total dividends declared ($120M in 2024, $277M in 2025) but not a per-share amount.
20
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
0.2x
$713M vs. $3.5B
Interest coverage (operating income ÷ interest expense)
1.6x
$4.75B vs. $3.03B
Free cash flow ÷ dividends paid
—
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -0.0% in FY2024 ($24.43B → $24.42B) | Yes, by FY2025 |
| Operating income | -2.4% in FY2022 ($1.88B → $1.84B) | Yes, by FY2023 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Recent profitability
Net losses in 2020 ($1,304M) and 2021 ($88M); net income positive 2022–2025.
Source: Form 10-K (FY2025)
21
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
PG&E carries accrued liabilities for the 2019 Kincade, 2021 Dixie and 2022 Mosquito fires and says losses could exceed the accruals; wildfire-related securities claims were resolved in 2026.
1 open matter (1 flagged as major) · 1 settled or closed
Wildfire liabilities (Kincade, Dixie, Mosquito)
PendingLawsuitMajorFire victims, insurers and public entities v. PG&E
PG&E and the Utility determined it is probable they will incur losses for the 2019 Kincade, 2021 Dixie and 2022 Mosquito fires; recorded estimates exclude some damages that are not reasonably estimable.
Wildfire-related securities litigation
SettledClass actionPERA and shareholders v. PG&E
In re PG&E Corporation Securities Litigation (N.D. Cal.): the court granted final approval of a $100M class settlement with PERA on August 25, 2026; no appeal was filed by September 24, 2026.
- Amounts
- $100M settlement
Based on Form 10-Q (quarter ended 2026-09-30) — Notes on Wildfire-Related Contingencies and Other Contingencies, reviewed 2026-10-31. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
22
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Disaster
Wildfires
- Company disclosure (summarized from the 10-K)
- Liability for future catastrophic wildfires caused by its equipment.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 2Law & regulation
Rate regulation
- Company disclosure (summarized from the 10-K)
- CPUC rate decisions determine revenues; SB 254 excludes some fire-risk capex from equity rate base.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 3Funding & liquidity
Financing needs
- Company disclosure (summarized from the 10-K)
- Large capital plan requires continual debt and equity issuance.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 4Labor & workforce
Unionized workforce
- Company disclosure (summarized from the 10-K)
- About 17,500 employees under collective bargaining agreements.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Low / Likelihood Med
- 5Information security
Grid security
- Company disclosure (summarized from the 10-K)
- Cyber and physical attacks on utility systems.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
23
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (6)
Furthermore, for the Continuation Account to be available for payment of eligible claims, the Wildfire Fund administrator must determine that the Continuation Account is necessary, the CPUC must authorize extending the non-bypassable charge, and there must be sufficient funds remaining in the Continuation Account. Funds in the Continuation Account may be depleted more quickly than PG&E Corporation and the Utility anticipate as a result of claims made by California’s other participating electric utility companies. PG&E Corporation and the Utility are also unable to predict whether the administrator will determine that additional contributions are needed, and if so, the timing of those contingent contributions.
The Utility has been and could in the future be subject to regulatory or governmental enforcement actions with respect to its compliance with such rules.
The Utility relies on technology to operate its business, including complex operational, interconnected networks and information technology systems that support critical functions. Read more
The Utility also depends on information technology systems to help it monitor and operate the electric grid, detect ignitions and collect other wildfire-related information, process transactions, track and collect revenues, manage customer billing and energy usage data, maintain internal control over financial reporting, and produce accurate and timely financial statements and regulatory filings. These information technology systems allow the Utility to create, collect, use, disclose, store, and otherwise process sensitive information, including regarding customers, employees, and other individuals. These systems can be damaged or disrupted by malicious events such as cyber or physical attacks, or by…
The systems and networks of PG&E Corporation and the Utility may also be damaged or disrupted by technology failures due to errors in software or platforms or the inability to appropriately support, update, expand, recover or integrate technology within PG&E Corporation and the Utility’s networks.
PG&E Corporation and the Utility add, modify and replace information technology systems and technology vendors from time to time. Read more
The Utility is engaged in complex projects regarding its billing and enterprise resource planning systems. Modifying existing systems or implementing new or replacement systems or providers is costly and involves risks, including the risks involved in integrating with the Utility’s existing systems and processes, implementing associated changes in accounting procedures and controls, and ensuring that data conversion is accurate and consistent.
PG&E Corporation’s and the Utility’s business activities are concentrated in one industry (electric and gas utility) and in one region (Northern and Central California). Read more
As a result, their business performance may be affected by events, environmental conditions and economic factors unique to such industry or region, or by regional regulation, legislation or judicial decisions, without the benefit of geographic or business diversification.
No longer in the text (4)
The following is a summary of the principal risks that could adversely affect our business, operations, and financial results. Read more
These risks are discussed more fully below.
Risks related to enforcement matters, investigations, and regulatory proceedings, including risks related to:
There have been numerous other wildfires in the Utility’s service area, of which the Utility has not been alleged or determined to be a cause. Read more
The Utility could be alleged or determined to be a cause of one or more of these wildfires.
In addition, on a risk-informed basis, the Utility is making efforts to reduce the frequency and impacts of PSPS. Read more
The Utility may be subject to mandated changes to, or restrictions on, its operational practices, regulatory fines and penalties, claims for damages, and reputational harm if the Utility does not execute PSPS in compliance with applicable rules and regulations. The Utility establishes the criteria under which it implements PSPS in its territory. To the extent the Utility’s criteria for implementing PSPS are not sufficient to mitigate the risk of wildfires, the Utility does not fully implement PSPS when criteria are met due to other overriding conditions or the Utility’s regulators mandate changes to, or restrictions on, its criteria or other operational PSPS practices, the Utility will face a higher likelihood of catastrophic wildfires in its territory during high-risk…
11 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 12, 2026 ↗ with the 10-K filed Feb 13, 2025 ↗.
24
What to watch going forwardSite analysis
- Wildfire season outcomes.
- CPUC rate cases and SB 254 implementation.
- Capital plan and equity issuance.
- Dividend growth.
25
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 31, 2026 02:12 (SEC EDGAR) · Source 10-K filed: February 12, 2026
Built on10-K FY2025 · filed 2026-02-12Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent PG&E Corporation’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.