NYSE: PEG · Electric Utilities
Public Service Enterprise Group
Public Service Enterprise Group (PSEG), based in Newark, New Jersey, is a predominantly regulated electric and gas utility holding company with a nuclear generation business. Its main subsidiary PSE&G provides distribution service to 2.4 million electric and 1.9 million gas customers across about 2,600 square miles of New Jersey and owns electric transmission; PSEG Power & Other holds nuclear generation (Salem, Hope Creek and an interest in Peach Bottom), gas supply operations and PSEG Long Island, which operates LIPA’s electric grid under contract. 2025 operating revenues were $12,168 million (PSE&G $9,558 million) and net income $2,111 million. The business plan allocates capital mainly to regulated investments (capital expenditures $3,272 million in 2025). PSEG raised its dividend for 2026 to an indicative $2.68 per share annual rate. It faces a 2025 antitrust class action alleging nuclear generators conspired to fix nuclear workers’ pay.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 31, 2026 02:14 (SEC EDGAR) · Source 10-K filed: February 26, 2026
Built on10-K FY2025 · filed 2026-02-2610-Q (quarter ended 2026-09-30) · filed 2026-11-02Proxy 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.
- 4.8%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 24.5%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +0.5 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.
- 1.56x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- 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.
- 18.1x
- 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.
- 0.47
Higher than 24% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 68% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 35% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Below 0 means more cash than debt
Higher than 52% 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$73.08close on 2026-11-04
Market cap$36.39B
- 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
- 18.1x
- 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
- 2.1x
- 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
- 0.1%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 3.4%
At FY2025 year-end: 19.0x
Earnings: trailing 12 months to 2026-06-30
At FY2025 year-end: 2.4x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 0.1%
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.
These figures are behind: a newer quarter was reported on Nov 2, 2026, but SEC's structured data doesn't include it yet. Read the release ↗
- Revenue$2.81B → $2.55B (vs. a year earlier)↓ −8.9%$2.81B → $2.55B (vs. a year earlier)
- Operating margin29.1% → 18.1% (vs. a year earlier)↓ −11.1 pts29.1% → 18.1% (vs. a year earlier)
- Net income$585M → $334M (vs. a year earlier)↓ −42.9%$585M → $334M (vs. a year earlier)
- Diluted EPS$1.17 → $0.67 (vs. a year earlier)↓ −42.7%$1.17 → $0.67 (vs. a year earlier)
- Cash$404M → $192M (vs. previous quarter-end)↓ −52.5%$404M → $192M (vs. previous quarter-end)
- Long-term debt$23.09B → $23.59B (vs. previous quarter-end)↑ +2.2%$23.09B → $23.59B (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 Nov 2, 2026.
Management outlook → Reaffirmed
Maintained 2026 operating earnings guidance of $4.28–$4.40 per share. Source sentence
Maintains 2026 Non-GAAP Operating Earnings Guidance of $4.28—$4.40 Per Share
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
- PUBLIC SERVICE ENTERPRISE GROUP INC
- Headquarters
- NEWARK, NJ
- Incorporated in
- New Jersey
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: PEG
- Industry
- Electric Utilities
- CIK
- 788784
- Website
- https://www.pseg.com/ ↗
- IR page
- https://investor.pseg.com/ ↗
Workforce (as of FY2025 year-end)
Employees
13,189
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 56–57 days after quarter end (Feb 26, 2026; Feb 25, 2025; Feb 26, 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 30–57 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 | Nov 2, 2026 (+33 days) | Nov 2, 2026 10-Q (+33 days) |
| Q2 FY2026 | Jun 30, 2026 | Aug 4, 2026 (+35 days) | Aug 4, 2026 10-Q (+35 days) |
| Q1 FY2026 | Mar 31, 2026 | May 5, 2026 (+35 days) | May 5, 2026 10-Q (+35 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 26, 2026 (+57 days) | Feb 26, 2026 10-K (+57 days) |
| Q3 FY2025 | Sep 30, 2025 | Nov 3, 2025 (+34 days) | Nov 3, 2025 10-Q (+34 days) |
| Q2 FY2025 | Jun 30, 2025 | Aug 5, 2025 (+36 days) | Aug 5, 2025 10-Q (+36 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 30, 2025 (+30 days) | Apr 30, 2025 10-Q (+30 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 25, 2025 (+56 days) | Feb 25, 2025 10-K (+56 days) |
| Q3 FY2024 | Sep 30, 2024 | Nov 4, 2024 (+35 days) | Nov 4, 2024 10-Q (+35 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 30, 2024 (+30 days) | Jul 30, 2024 10-Q (+30 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 30, 2024 (+30 days) | Apr 30, 2024 10-Q (+30 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 26, 2024 (+57 days) | Feb 26, 2024 10-K (+57 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
PSE&G
Electric and gas delivery
Transmission and distribution of electricity and distribution of natural gas in New Jersey.
PSEG Power & Other
Nuclear generation
Salem 1 and 2, Hope Creek and part of Peach Bottom; output sold in wholesale markets.
PSEG Power & Other
PSEG Long Island
Operates LIPA’s electric transmission and distribution system under an Operating Services Agreement.
From the Form 10-K, FY2025.
U.S. and worldwide share of flagship products/services
PSEG gives no market-share figures; PSE&G is the regulated utility for its New Jersey service territory.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-06-30)
07
Recent strategic focusSite analysis
Recent developments.
Second quarter 2026
Operating revenues $2,554M versus $2,805M; net income $334M versus $585M; basic EPS $0.67 versus $1.17.
Source: Form 10-Q (quarter ended 2026-06-30)
First half 2026
Operating revenues $6,402M versus $6,027M; net income $1,075M versus $1,174M.
Source: Form 10-Q (quarter ended 2026-06-30)
Dividend
First-quarter 2026 dividend of $0.67 per share (indicative $2.68 annual).
Source: Form 10-K (FY2025)
Where the money goes, over time
Unit: $M. Capex went from $2.92B in FY2020 to $3.27B 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 2026-02-26
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$12.17B
As reported in the 10-K
Revenue CAGR (5 years)
+4.8%
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($12,168M ÷ $9,603M) ^ (1÷5) − 1 = 4.8%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
24.5%
+0.9pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$2,980M ÷ $12,168M × 100 = 24.5%
ROE (FY2025)
12.8%▲favorable
6-year average: 9.4%
As reported in the 10-K
P/B (FY2025 end)
2.35x
formulafiscal year-end closing price ÷ book value per share
e.g.$80.30 ÷ $34.10 = 2.35x
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 +4.8% a year over 5 years (modest growth)
From $9.6B in FY2020 to $12.17B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ―
Operating margin held roughly flat: 23.6% → 24.5%
How much operating profit is left per $100 of revenue. It moved +0.9 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▼
Equity ratio is 29.5% (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 3 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 9.4% over 6 years (latest: 12.8%)
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
- Gas distribution
- Nuclear generation and wholesale sales
- Operating LIPA’s grid (PSEG Long Island)
06 · what it draws on
Key resources
- 13,189 employees (Dec 31, 2025)
- Electric and gas networks in New Jersey
- Salem, Hope Creek and Peach Bottom nuclear plants
02 · why customers buy
Value propositions
- Electric and gas delivery in New Jersey (PSE&G) and carbon-free nuclear generation (PSEG Power).
04 · how it keeps them
Customer relationships
- Regulated service; a full-requirements gas supply contract between PSEG Power and PSE&G.
03 · how it reaches them
Channels
- PSE&G's own networks; PSEG Power sells energy and capacity in wholesale markets.
01 · who it serves
Customer segments
- 2.4 million electric and 1.9 million gas customers in New Jersey
- PJM wholesale market
- LIPA
09 · where money goes
Cost structure
FY2025, share of revenue ($12.17B)
- Cost of revenue34.2%
- Other operating costs41.3%
Operating profit left: 24.5% of revenue. Capital spending: $3.27B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Regulated distribution and transmission revenues
- Wholesale nuclear energy and capacity sales
- LIPA operating services fees
Value propositions, channels and customer relationships: Form 10-K (FY2025)
PSE&G earns regulated returns on transmission and distribution investments approved by the New Jersey BPU and FERC; the nuclear fleet sells power into wholesale markets, supported by federal nuclear production tax credits.
01 what it draws on
Inputs & resources
- 13,189 employees (Dec 31, 2025)
- Electric and gas networks in New Jersey
- Salem, Hope Creek and Peach Bottom nuclear plants
02 what it does
Activities
- Electric transmission and distribution
- Gas distribution
- Nuclear generation and wholesale sales
- Operating LIPA’s grid (PSEG Long Island)
03 who it serves
Customers
- 2.4 million electric and 1.9 million gas customers in New Jersey
- PJM wholesale market
- LIPA
04 how money comes in
How it earns
- Regulated distribution and transmission revenues
- Wholesale nuclear energy and capacity sales
- LIPA operating services fees
How the business makes money
- Serves New Jersey’s six largest cities.
- 59% of workforce is unionized (six unions; contracts to 2027).
- Dividend paid every year with steady increases.
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.
PSE&G’s distribution rates are approved by the New Jersey BPU; IRA incentives support carbon-free generation.
Regulated prices & reimbursement
Regulated rates
Rates and returns are set through rate cases before the New Jersey BPU and FERC; revenue depends on what regulators allow.
Supports and constrainsTouches: How it earnsSource: Form 10-K (FY2025)
Government funding & tax credits
IRA carbon-free incentives
The IRA expanded incentives promoting carbon-free generation.
Supports the businessTouches: How it earnsSource: Form 10-K (FY2025)
Revenue by segment (2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
PSE&G
9,558 (79%)PSEG Power & Other (incl. eliminations)
2,610 (21%)
Source: Form 10-K (FY2025) Operating revenues; consolidated total $12,168M.
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
Residential, commercial and industrial customers in New Jersey; wholesale buyers.
Named by the company
No single customer is reported as material.
Suppliers
Nuclear fuel, natural gas and equipment suppliers.
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.
PSE&G is a regulated monopoly; PSEG Power competes with merchant generators, utility generators, marketers, retailers and financial firms in wholesale markets, and FERC Order 1000 opened transmission to competing developers.
Competitors named in the 10-K
Peer group the company chose
2025 compensation peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Similarly sized utilities (unchanged for 2026).
- Amerensite ↗
- American Electric Powersite ↗
- CenterPoint Energysite ↗
- CMS Energysite ↗
- Consolidated Edisonsite ↗
- Dominion Energysite ↗
- DTE Energysite ↗
- Duke Energysite ↗
- Edison Internationalsite ↗
- Entergysite ↗
- Eversource Energysite ↗
- Exelonsite ↗
- FirstEnergysite ↗
- PPLsite ↗
- Semprasite ↗
- Southern Companysite ↗
- WEC Energy Groupsite ↗
- 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 2026-02-26
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
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 2026-02-26
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
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
| 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 ($M) | ||||||
| Revenue | 9,603 | 9,722 | 9,800 | 11,237 | 10,290 | 12,168 |
| Operating income | 2,270 | -856 | 1,381 | 3,685 | 2,353 | 2,980 |
| Pretax income | 2,301 | -1,089 | 1,002 | 3,081 | 1,825 | 2,374 |
| Net income (attributable) | 1,905 | -648 | 1,031 | 2,563 | 1,772 | 2,111 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 1.2% | 0.8% | 14.7% | -8.4% | 18.3% |
| Operating margincalcoperating income ÷ revenue × 100 | 23.6% | -8.8% | 14.1% | 32.8% | 22.9% | 24.5% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 19.8% | -6.7% | 10.5% | 22.8% | 17.2% | 17.3% |
| Balance sheet ($M) | ||||||
| Total assets | 50,050 | 48,999 | 48,718 | 50,741 | 54,640 | 57,576 |
| Total equity | 15,984 | 14,438 | 13,729 | 15,477 | 16,114 | 16,982 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 17,243 | 19,438 | 20,270 | 20,233 | 22,707 | 24,074 |
| Equity ratio | 31.9% | 29.5% | 28.2% | 30.5% | 29.5% | 29.5% |
| ROE | 11.9% | -4.3% | 7.3% | 17.6% | 11.2% | 12.8% |
| Cash flow ($M) | ||||||
| Operating CF | 3,102 | 1,736 | 1,503 | 3,806 | 2,133 | 3,298 |
| Investing CF | -2,676 | -2,244 | -1,101 | -2,958 | -3,306 | -3,308 |
| Financing CF | -30 | 799 | -754 | -1,260 | 1,228 | 12 |
| Free cash flowcalccash flow from operations − capital expenditures | 179 | -983 | -1,385 | 481 | -1,247 | 26 |
| Cash and equivalents | 543 | 818 | 465 | 54 | 125 | 132 |
| Per share & other | ||||||
| EPS ($) | 3.76 | -1.29 | 2.06 | 5.13 | 3.54 | 4.22 |
| BVPS ($) | 31.71 | 28.65 | 27.62 | 31.08 | 32.36 | 34.10 |
| Dividend per share ($) | 1.96 | 2.04 | 2.16 | 2.28 | 2.40 | 2.52 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 52.1% | — | 104.9% | 44.4% | 67.8% | 59.7% |
| P/E (x) | 15.5 | — | 29.7 | 11.9 | 23.9 | 19.0 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.84 | 2.33 | 2.22 | 1.97 | 2.61 | 2.35 |
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 | $2.55B-8.9% | $461M-43.6% | $334M-42.9% | $0.67 |
| 2026-03-31 | $3.85B+19.4% | $1.08B+34.9% | $741M+25.8% | $1.48 |
| 2025-12-31 † | $2.92B+18.3% | $511M+14.8% | $315M+10.1% | — |
| 2025-09-30 | $3.23B+22.1% | $855M+33.4% | $622M+19.6% | $1.24 |
| 2025-06-30 | $2.81B | $817M | $585M | $1.17 |
| 2025-03-31 | $3.22B | $797M | $589M | $1.18 |
| 2024-12-31 † | $2.47B | $445M | $286M | — |
| 2024-09-30 | $2.64B | $641M | $520M | $1.04 |
† 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)
6.6%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$2,980M × (1 − 11.5%) ÷ $39,939M × 100 = 6.6%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
6.09%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $39.99B ÷ ($39.99B + $24.07B) = 62.4%
e.g.Debt weight: $24.07B ÷ ($39.99B + $24.07B) = 37.6%
e.g.WACC: 7.5% × 62.4% + 4.2% × (1 − 11.5%) × 37.6% = 6.09%
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 5.2%–7.2% and ROIC − WACC runs −0.6 to +1.4 points. The sign flips inside this range, so the result depends on the assumptions. This describes the latest year and does not predict future value creation.
WACC 6.09% 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
- 0.47 (price-derived adjusted beta, but correlation with the market is low (R² 0.03), so reliability is limited)
- Equity risk premium
- 5.5%
- Cost of equity
- 7.54%
- Cost of debt
- 4.17%
- Tax rate
- 11.5% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 62% : 38%
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 6.09%
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: 0.47 (price-derived adjusted beta. Raw β 0.21, R² 0.03, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.212 + 0.33 = 0.472
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% + 0.47 × 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.
Growth the price implies (price on 2026-11-04)
6.0%
Perpetual FCF growth: g = r − FCF ÷ EV = 6.1% − 0.0%
Past FCF growth (FY2020–FY2025)
-32.0%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+4.8%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $26M (operating CF − capex); enterprise value $60.34B = market cap $36.39B (latest close, 2026-11-04) + debt $24.07B − cash and short-term investments $132M; r = WACC of 6.1% using this page’s default assumptions (β 0.47, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$26B
FCF $26M ÷ (6.1% − 6.0%)
Theoretical ÷ actual enterprise value
0.43x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 4.1% | 5.1% | 6.1% | 7.1% | 8.1% |
|---|---|---|---|---|---|
| 0% | 0.01x | 0.01x | 0.01x | 0.01x | 0.01x |
| 2% | 0.02x | 0.01x | 0.01x | 0.01x | 0.01x |
| 4% | 0.43x | 0.04x | 0.02x | 0.01x | 0.01x |
| 6% | — | — | 0.43x | 0.04x | 0.02x |
| 8% | — | — | — | — | 0.43x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
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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 1.47x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -2.1%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 126%
Most profit comes from core operations.
- ✓
Days sales outstanding: 54 → 52 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 2026-02-26
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 2026-02-26
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.$3,298M ÷ $2,111M = 1.56x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$2,980M ÷ $2,374M × 100 = 126%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($1,597M + $1,888M) ÷ 2 ÷ $12,168M × 365 = 52 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
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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
- 77.5%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 22.5%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 331 of 416
- Beta (adjusted)
- 0.47
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 79% of covered companies have more
above 1 = swings more than the market
- 386.1M shares reported by 1,308 13F filers ÷ 498.4M shares outstanding on 2026-07-20. 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 None (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-20)
18
Strengths & weaknessesSite analysis
Strengths
1. Regulated growth
Most capital goes to regulated investments; capex about $2.7–3.4B a year.
Evidence: Form 10-K (FY2025)
2. Dense service territory
Serves the most densely populated, commercialized and industrialized territory in New Jersey.
Evidence: Form 10-K (FY2025)
3. Dividend growth
Dividend per share rose from $1.96 (2020) to $2.52 (2025); indicative $2.68 for 2026.
Evidence: Form 10-K (FY2025)
Weaknesses
1. Nuclear market exposure
Nuclear earnings depend on wholesale prices and production tax credits.
Evidence: Form 10-K (FY2025)
2. Rising debt
Interest-bearing debt rose from $17.2B (2020) to $24.1B (2025).
Evidence: Form 10-K (FY2025)
3. Volatile GAAP earnings
Net loss of $648M in 2021; GAAP earnings are volatile.
Evidence: Form 10-K (FY2025)
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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)
19.0x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
3.14%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
60%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
0.1%
(Operating CF − capex) ÷ market cap
1. Utility dividend growth
Dividends rose every year 2020–2025.
- What has to hold
- Regulated rate base keeps growing.
- The other side
- Higher rates and policy risk.
Evidence: Form 10-K (FY2025)
2. Nuclear optionality
Carbon-free nuclear output.
- What has to hold
- Demand for clean power rises.
- The other side
- Market price exposure.
Evidence: Form 10-K (FY2025)
The FY2025 10-K covers 2023–2025; earlier years come from XBRL. GAAP earnings move with mark-to-market and trust fund items.
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
0.1x
$132M vs. $2.4B
Interest coverage (operating income ÷ interest expense)
3.0x
$2.98B vs. $1.01B
Free cash flow ÷ dividends paid
0.0x
$26M vs. $1.26B (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -8.4% in FY2024 ($11.24B → $10.29B) | Yes, by FY2025 |
| Operating income | -137.7% in FY2021 ($2.27B → −$856M) | 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)
Mostly profitable
Net income positive in every year 2020–2025 except 2021 ($648M loss).
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.
PSEG faces a 2025 nuclear-worker antitrust class action, Passaic River (LPRSA) environmental liabilities (about $66M accrued) and a FERC transmission cost-allocation proceeding.
3 open matters (1 flagged as major)
Nuclear worker compensation antitrust suit
PendingClass actionMajorNuclear workers v. 26 nuclear generators incl. PSEG
Filed July 2025 in the District of Maryland against 26 nuclear generation companies including PSEG, alleging conspiracy to fix nuclear workers’ pay since 2003; seeks treble damages.
Source: Form 10-Q (quarter ended 2026-06-30) — Note on Commitments and Contingent Liabilities
Lower Passaic River (LPRSA) remediation
PendingEnvironmentalU.S. EPA and PRPs
PSE&G and PSEG Power are potentially responsible parties; about $66M accrued as of June 30, 2026, and additional costs could be material.
- Amounts
- $66M accrued
Source: Form 10-Q (quarter ended 2026-06-30) — Note on Commitments and Contingent Liabilities
FERC transmission cost allocation
PendingRegulatory proceedingFERC, PJM and transmission owners
FERC rejected a settlement that would have shifted costs to PSE&G transmission customers and directed PJM to recalculate assignments back to 2015; proceedings continue at FERC and the D.C. Circuit.
Source: Form 10-Q (quarter ended 2026-06-30) — Note on Commitments and Contingent Liabilities
Based on Form 10-Q (quarter ended 2026-06-30) — Note on Commitments and Contingent Liabilities, 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.
- 1Law & regulation
Rate and policy decisions
- Company disclosure (summarized from the 10-K)
- BPU and FERC decisions, transmission planning and energy policy affect returns.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 2Demand & macro
Power prices
- Company disclosure (summarized from the 10-K)
- Nuclear output is sold at market prices; PTC support may change.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 3Costs & inflation
Affordability
- Company disclosure (summarized from the 10-K)
- Rising customer bills could prompt policy responses.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 4Law & regulation
Antitrust class action
- Company disclosure (summarized from the 10-K)
- Nuclear worker wage-fixing suit seeks treble damages.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Disaster
Storms and operations
- Company disclosure (summarized from the 10-K)
- Severe weather and nuclear operating risks.
- 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 (4)
PJM continues to face significant resource adequacy challenges, driven by a lack of sufficient supply to meet electric demand, which has increased significantly over the past several years and is expected to continue to increase going forward. Increasing demand is caused by data centers, EV adoption, electrification and other factors. Insufficient supply to meet forecasted demand has caused increases in energy and capacity prices which, in turn, have caused the customer rates by which we recover electric supply costs to materially increase. This has resulted in continuing affordability concerns that have caused regulators and other policymakers to consider ways to reduce utility rates, including proposing to mitigate electric rate increases, and create increased regulatory uncertainty for utility investment initiatives and programs. Actions that policymakers could implement in response…
Generation activities at the Peach Bottom plants present risks similar to those to which nuclear generation plants that we operate are subject.
Generation activities at, and the operation of, the Peach Bottom plants present risks similar to those described above in GENERAL OPERATIONAL AND FINANCIAL RISKS and RISKS RELATED TO OUR GENERATION BUSINESS and below in REGULATORY, LEGISLATIVE AND LEGAL RISKS.
Hazardous Substance Liability— PSEG’s operations involve substances and byproducts classified by environmental regulations as hazardous. Read more
These regulations impose handling, storage and disposal requirements for hazardous materials. They can also impose strict and joint and several liability for damages to the environment, including cash penalties. Federal and state environmental laws and regulations require the cleanup of discharged hazardous substances.
No longer in the text (4)
Climate change-related political action and state and federal policy goals, including but not limited to those related to energy efficient targets, solar targets, energy storage targets, encouragement of electrification through EV adoption, policies to restrict the use of natural gas in new or existing homes and businesses, or encourage electrification of end use equipment currently fueled by natural gas, and the associated legislative and regulatory responses, may create financial risk as our operations may be subject to additional regulation at either the state or federal level in the future. Increased regulation of GHG emissions could impose significant additional costs on our electric and natural gas operations, our suppliers and ultimately, our customers. Developing and implementing plans for compliance with GHG emissions reduction, clean/renewable energy requirements, or for…
We are also exposed to the risk of pandemics, which could result in service disruptions and delays or otherwise impair our ability to timely provide service to our customers, complete our investment projects or obtain timely recovery of our costs.
An increasing demand for power and load growth, potentially compounded by a shift away from natural gas toward increased electrification could cause reliability issues and higher costs for customers, which could lead to potential pressure on fair and timely recovery of our investments and proposed programs.
energy storage, fuel cells, and DR technologies. Higher electric demand could significantly increase the prices of energy and capacity, as well as raise resource adequacy and reliability concerns within PJM, particularly if that increased demand outpaces the addition of firm generation capacity and in transmission constrained zones. This resource adequacy challenge presents reliability concerns, as well as potential for increasing energy and capacity prices that could place pressure on customer bills, could attract political and regulatory scrutiny and increase regulatory uncertainty for utility investment initiatives and programs.
3 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 26, 2026 ↗ with the 10-K filed Feb 25, 2025 ↗.
24
What to watch going forwardSite analysis
- Regulated capital plan and rate outcomes.
- Nuclear PTC and power prices.
- Affordability policies in New Jersey.
- Antitrust class action.
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 02:14 (SEC EDGAR) · Source 10-K filed: February 26, 2026
Built on10-K FY2025 · filed 2026-02-26Proxy 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 Public Service Enterprise Group’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.