NYSE: PPL · Electric Utilities
PPL Corporation
PPL Corporation, based in Allentown, Pennsylvania, is a regulated utility holding company with three segments: Kentucky Regulated (LG&E and KU, electric and gas), Pennsylvania Regulated (PPL Electric, delivering power to about 1.5 million customers) and Rhode Island Regulated (Rhode Island Energy, electric and gas, acquired in 2022). 2025 operating revenue was $9,042 million and net income $1,181 million (EPS $1.59). Capital expenditures jumped from $2,805 million (2024) to $4,030 million (2025). PPL and Blackstone Infrastructure formed a joint venture (PPL 51%) to build generation for data centers in Pennsylvania. In 2026 regulators approved rate increases in Pennsylvania (about $275 million), Rhode Island and Kentucky.
Last updated
Analysis last edited: November 1, 2026 · Financial data fetched: November 1, 2026 09:42 (SEC EDGAR) · Source 10-K filed: February 20, 2026
Built on10-K FY2025 · filed 2026-02-2010-Q (quarter ended 2026-09-30) · filed 2026-11-06Proxy 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.
- 10.6%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 23.5%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- -0.3 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.
- 5.3x
- 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.
- 2.23x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 3 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.
- 22.4x
- 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.
- 0.39
Higher than 65% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 66% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 29% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 89% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 79% 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; fiscal FY2025
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$35.20close on 2026-11-04
Market cap$26.44B
- 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
- 22.4x
- 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
- 1.8x
- 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
- 13.0x
- 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
- -5.3%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 3.1%
At FY2025 year-end: 22.0x
Earnings: fiscal FY2025
At FY2025 year-end: 1.8x
Book value at FY2025 year-end
At FY2025 year-end: 13.0x
EBITDA for FY2025
At FY2025 year-end: -5.3%
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 Mar 31, 2026.
These figures are behind: a newer quarter was reported on Nov 6, 2026, but SEC's structured data doesn't include it yet. Read the release ↗
- Revenue$2.5B → $2.77B (vs. a year earlier)↑ +10.8%$2.5B → $2.77B (vs. a year earlier)
- Operating margin27.1% → 26.9% (vs. a year earlier)↓ −0.2 pts27.1% → 26.9% (vs. a year earlier)
- Net income$414M → $452M (vs. a year earlier)↑ +9.2%$414M → $452M (vs. a year earlier)
- Cash$1.07B → $1.24B (vs. previous quarter-end)↑ +15.9%$1.07B → $1.24B (vs. previous quarter-end)
- Long-term debt$18.89B → $20.02B (vs. previous quarter-end)↑ +5.9%$18.89B → $20.02B (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 Aug 7, 2026.
Management outlook → Reaffirmed
Reaffirmed 2026 ongoing earnings forecast of $1.90–$1.98 per share. Source sentence
Reaffirms 2026 ongoing earnings forecast range of $1.90 to $1.98 per share with a midpoint of $1.94.
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
- PPL Corp
- Headquarters
- ALLENTOWN, PA
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: PPL
- Industry
- Electric Utilities
- CIK
- 922224
- Website
- https://www.pplweb.com/ ↗
Workforce (as of FY2025 year-end)
Employees
6,546
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 44–51 days after quarter end (Feb 20, 2026; Feb 13, 2025; Feb 16, 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 30–51 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 6, 2026 (+37 days) | Nov 6, 2026 10-Q (+37 days) |
| Q2 FY2026 | Jun 30, 2026 | Aug 7, 2026 (+38 days) | Aug 7, 2026 10-Q (+38 days) |
| Q1 FY2026 | Mar 31, 2026 | May 8, 2026 (+38 days) | May 8, 2026 10-Q (+38 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 20, 2026 (+51 days) | Feb 20, 2026 10-K (+51 days) |
| Q3 FY2025 | Sep 30, 2025 | Nov 5, 2025 (+36 days) | Nov 5, 2025 10-Q (+36 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 31, 2025 (+31 days) | Jul 31, 2025 10-Q (+31 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 30, 2025 (+30 days) | Apr 30, 2025 10-Q (+30 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 13, 2025 (+44 days) | Feb 13, 2025 10-K (+44 days) |
| Q3 FY2024 | Sep 30, 2024 | Nov 1, 2024 (+32 days) | Nov 1, 2024 10-Q (+32 days) |
| Q2 FY2024 | Jun 30, 2024 | Aug 2, 2024 (+33 days) | Aug 2, 2024 10-Q (+33 days) |
| Q1 FY2024 | Mar 31, 2024 | May 1, 2024 (+31 days) | May 1, 2024 10-Q (+31 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 16, 2024 (+47 days) | Feb 16, 2024 10-K (+47 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
Kentucky Regulated
Electricity and gas (LG&E, KU)
Generation, transmission, distribution and sale of electricity and gas in Kentucky and Virginia.
Pennsylvania Regulated
Electric delivery (PPL Electric)
Transmission and distribution in a 10,000-square-mile territory in eastern and central Pennsylvania.
Rhode Island Regulated
Electricity and gas (RIE)
Distribution of electricity and natural gas in Rhode Island.
From the Form 10-K, FY2025.
U.S. and worldwide share of flagship products/services
PPL does not state a market share in its 10-K.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-06-30)
07
Recent strategic focusSite analysis
Recent developments.
Q2 2026 results
Q2 operating revenue $2,111M (vs $2,025M); net income $230M (vs $183M); diluted EPS $0.30 (vs $0.25).
Source: Form 10-Q (quarter ended 2026-06-30)
Pennsylvania rate case
PUC approved a settlement allowing about $275M higher annual base distribution revenue from July 1, 2026.
Source: Form 8-K (2026-06-04) — Item 8.01
Rhode Island rate case
RIPUC authorized $44.1M electric and $93.7M gas increases and a 9.275% ROE on August 21, 2026.
Source: Form 8-K (2026-08-27) — Item 8.01
Capex ÷ D&A (FY2025)
3.07x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$4,030M ÷ $1,312M = 3.07x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$3.66B
Latest year: $0
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $2.27B in FY2020 to $4.03B in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$9.04B
As reported in the 10-K
Revenue CAGR (5 years)
+10.6%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($9,042M ÷ $5,474M) ^ (1÷5) − 1 = 10.6%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
23.5%▼caution
-5.4pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$2,129M ÷ $9,042M × 100 = 23.5%
ROE (FY2025)
8.2%▲favorable
6-year average: 4.2%
As reported in the 10-K
P/B (FY2025 end)
1.77x
formulafiscal year-end closing price ÷ book value per share
e.g.$35.02 ÷ $19.81 = 1.77x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
13.0x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($26,301M + $19,350M − $1,071M) ÷ ($2,129M + $1,312M) = 13.0x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +10.6% a year over 5 years (strong growth)
From $5.47B in FY2020 to $9.04B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▼
Operating margin declined: 29.0% → 23.5%
How much operating profit is left per $100 of revenue. It moved -5.4 points over 5 years — pricing power, cost control, and product mix all show up here.
- ―
Equity ratio is 32.9% (a middling level)
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 2 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 4.2% over 6 years (latest: 8.2%)
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
- Blackstone Infrastructure
07 · what it does
Key activities
- Kentucky: generation, transmission and distribution of electricity and gas distribution (LG&E, KU)
- Pennsylvania: electricity transmission and distribution (PPL Electric)
- Rhode Island: electric and gas distribution (RIE)
06 · what it draws on
Key resources
- 6,546 full-time employees (36% union)
- Generation, transmission and distribution assets
- Capital from debt and equity markets
02 · why customers buy
Value propositions
- Electricity and gas service in Kentucky, Pennsylvania and Rhode Island.
04 · how it keeps them
Customer relationships
- Regulated service to all customers in its territories.
03 · how it reaches them
Channels
- Its own regulated networks.
01 · who it serves
Customer segments
- PPL Electric: about 1.5 million customers
- LG&E: about 443,000 electric and 336,000 gas customers; KU: about 553,000 Kentucky and 28,000 Virginia customers
- RIE: about 515,000 electric and 280,000 gas customers
09 · where money goes
Cost structure
FY2025, share of revenue ($9.04B)
- Other operating costs (incl. cost of goods sold)76.5%
Operating profit left: 23.5% of revenue. Depreciation & amortization (inside the costs above): $1.31B. Capital spending: $4.03B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Operating revenue $9,042M (2025)
- Kentucky $3,760M; Pennsylvania $3,113M; Rhode Island $2,168M
- Rates approved by state commissions and FERC
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Owns regulated utilities in Kentucky, Pennsylvania and Rhode Island that earn returns on rate base set by state commissions; Kentucky utilities also own generation.
01 what it draws on
Inputs & resources
- 6,546 full-time employees (36% union)
- Generation, transmission and distribution assets
- Capital from debt and equity markets
02 what it does
Activities
- Kentucky: generation, transmission and distribution of electricity and gas distribution (LG&E, KU)
- Pennsylvania: electricity transmission and distribution (PPL Electric)
- Rhode Island: electric and gas distribution (RIE)
03 who it serves
Customers
- PPL Electric: about 1.5 million customers
- LG&E: about 443,000 electric and 336,000 gas customers; KU: about 553,000 Kentucky and 28,000 Virginia customers
- RIE: about 515,000 electric and 280,000 gas customers
04 how money comes in
How it earns
- Operating revenue $9,042M (2025)
- Kentucky $3,760M; Pennsylvania $3,113M; Rhode Island $2,168M
- Rates approved by state commissions and FERC
How the business makes money
- Sold its U.K. utility (WPD) in 2021 and bought Rhode Island Energy in 2022.
- Data-center generation JV with Blackstone Infrastructure.
- Capex rose 44% in 2025.
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.
PPL’s utilities are regulated by state commissions such as the Kentucky PSC, and by FERC.
Regulated prices & reimbursement
Regulated rates
Rates and returns are set through rate cases before the Kentucky PSC, Pennsylvania and Rhode Island regulators, and FERC; revenue depends on what regulators allow.
Supports and constrainsTouches: How it earnsSource: Form 10-K (FY2025)
Environmental rules
Clean Air Act
Plants are subject to Clean Air Act rules on acid rain, ozone and toxic emissions.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Kentucky Regulated
3,760 (42%)Pennsylvania Regulated
3,113 (34%)Rhode Island Regulated
2,168 (24%)
Source: Form 10-K (FY2025) Segment operating revenues; consolidated total $9,042M.
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
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Joint venture
Blackstone Infrastructure
JV (PPL 51%) to build, own and operate generation for data centers in Pennsylvania under long-term energy services agreements.
Source: Form 10-K (FY2025)
12
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 utility customers in Kentucky, Virginia, Pennsylvania and Rhode Island.
Named by the company
No single customer is named as material.
Suppliers
Fuel, power and equipment suppliers.
Named by the company
No single supplier is named as material.
13
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.
PPL’s utilities are regulated monopolies in their service territories; the 10-K does not name competitors.
Competitors named in the 10-K
No competitor is named in the 10-K.
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
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 2026-02-20
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
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 2026-02-20
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 2026-02-20
| 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 ($M) | ||||||
| Revenue | 5,474 | 5,783 | 7,902 | 8,312 | 8,462 | 9,042 |
| Operating income | 1,586 | 1,424 | 1,374 | 1,630 | 1,740 | 2,129 |
| Pretax income | 954 | 521 | 915 | 924 | 1,116 | 1,472 |
| Net income (attributable) | 1,469 | -1,480 | 756 | 740 | 888 | 1,181 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 5.6% | 36.6% | 5.2% | 1.8% | 6.9% |
| Operating margincalcoperating income ÷ revenue × 100 | 29.0% | 24.6% | 17.4% | 19.6% | 20.6% | 23.5% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 26.8% | -25.6% | 9.6% | 8.9% | 10.5% | 13.1% |
| Balance sheet ($M) | ||||||
| Total assets | 48,116 | 33,223 | 37,837 | 39,236 | 41,069 | 45,244 |
| Total equity | 13,373 | 13,723 | 13,918 | 13,933 | 14,077 | 14,881 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 15,857 | 11,209 | 14,228 | 15,604 | 16,806 | 19,350 |
| Equity ratio | 27.8% | 41.3% | 36.8% | 35.5% | 34.3% | 32.9% |
| ROE | 11.0% | -10.9% | 5.5% | 5.3% | 6.3% | 8.2% |
| Cash flow ($M) | ||||||
| Operating CF | 2,746 | 2,270 | 1,730 | 1,758 | 2,340 | 2,629 |
| Investing CF | -3,258 | 7,957 | -5,654 | -2,383 | -2,818 | -4,004 |
| Financing CF | 386 | -7,390 | 709 | 650 | 435 | 2,122 |
| Free cash flowcalccash flow from operations − capital expenditures | 476 | 297 | -425 | -632 | -465 | -1,401 |
| Cash and equivalents | 442 | 3,571 | 356 | 331 | 306 | 1,071 |
| Per share & other | ||||||
| EPS ($) | 1.91 | -1.93 | 1.02 | 1.00 | 1.20 | 1.59 |
| BVPS ($) | 17.39 | 18.67 | 18.89 | 18.90 | 19.07 | 19.81 |
| Dividend per share ($) | 1.66 | 1.66 | 0.88 | 0.96 | 1.03 | 1.09 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 86.9% | — | 85.8% | 96.0% | 85.8% | 68.6% |
| P/E (x) | 14.8 | — | 28.7 | 27.1 | 27.1 | 22.0 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 14.2 | 11.9 | 13.9 | 12.2 | 13.4 | 13.0 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.62 | 1.61 | 1.55 | 1.43 | 1.70 | 1.77 |
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 |
|---|---|---|---|---|
| 2026-03-31 | $2.77B+10.8% | $745M+9.9% | $452M+9.2% | — |
| 2025-12-31 † | $2.27B+2.8% | $476M+26.3% | $266M+50.3% | — |
| 2025-09-30 | $2.24B+8.4% | $569M+32.9% | $318M+48.6% | $0.43 |
| 2025-06-30 | $2.03B+7.7% | $406M+4.1% | $183M-3.7% | $0.25 |
| 2025-03-31 | $2.5B | $678M | $414M | $0.56 |
| 2024-12-31 † | $2.21B | $377M | $177M | — |
| 2024-09-30 | $2.07B | $428M | $214M | $0.29 |
| 2024-06-30 | $1.88B | $390M | $190M | $0.26 |
† 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.
15
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)
5.2%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$2,129M × (1 − 20%) ÷ $32,557M × 100 = 5.2%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
5.50%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $26.3B ÷ ($26.3B + $19.35B) = 57.6%
e.g.Debt weight: $19.35B ÷ ($26.3B + $19.35B) = 42.4%
e.g.WACC: 7.1% × 57.6% + 4.2% × (1 − 20%) × 42.4% = 5.50%
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%–6.5% and ROIC − WACC runs −1.2 to +0.5 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 5.50% 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
- 0.39 (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
- 7.10%
- Cost of debt
- 4.18%
- Tax rate
- 20% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 58% : 42%
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 5.50%
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: 0.39 (price-derived adjusted beta. Raw β 0.10, 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 × 0.095 + 0.33 = 0.394
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% + 0.39 × 5.5% = 7.1%
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)
16
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.
17
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 2.28x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -3.4%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 145%
Most profit comes from core operations.
- ✓
Days sales outstanding: 40 → 42 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 2026-02-20
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 2026-02-20
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.$2,629M ÷ $1,181M = 2.23x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$2,129M ÷ $1,472M × 100 = 145%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($961M + $1,108M) ÷ 2 ÷ $9,042M × 365 = 42 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
18
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
- 91.2%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 8.8%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 180 of 416
- Beta (adjusted)
- 0.39
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 43% of covered companies have more
above 1 = swings more than the market
- 686.3M shares reported by 1,033 13F filers ÷ 752.4M shares outstanding on 2026-04-30. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table (percentage computed from the group’s share count ÷ shares outstanding); 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 2026-04-01 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-04-30)
19
Strengths & weaknessesSite analysis
Strengths
1. Fully regulated earnings
All three segments are rate-regulated utilities.
Evidence: Form 10-K (FY2025)
2. Earnings recovery
Net income rose from $740M (2023) to $1,181M (2025); EPS from $1.00 to $1.59.
Evidence: Form 10-K (FY2025)
3. Constructive 2026 rate outcomes
Rate increases approved in Pennsylvania (~$275M), Rhode Island ($44.1M electric, $93.7M gas) and Kentucky.
Evidence: Form 8-K (2026-06-04) — Item 8.01
Weaknesses
1. Rising debt
Interest-bearing debt rose from $14,228M (2022) to $19,350M (2025).
Evidence: Form 10-K (FY2025)
2. Lower dividend base
Dividend per share fell from $1.66 (2021) to $0.875 (2022), then rose to $1.09 (2025).
Evidence: Form 10-K (FY2025)
3. Capex outpaces cash flow
2025 capex $4,030M vs operating cash flow $2,629M.
Evidence: Form 10-K (FY2025)
20
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)
22.0x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
3.11%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
69%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
-5.3%
(Operating CF − capex) ÷ market cap
1. Regulated growth
Capex step-up to $4,030M in 2025 grows rate base.
- What has to hold
- Regulators grant timely recovery.
- The other side
- Funding needs and dilution.
Evidence: Form 10-K (FY2025)
2. Data-center upside
51% of a JV to build generation for Pennsylvania data centers.
- What has to hold
- ESAs are signed.
- The other side
- Execution risk.
Evidence: Form 10-K (FY2025)
21
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
0.8x
$1.07B vs. $1.36B
Interest coverage (operating income ÷ interest expense)
2.6x
$2.13B vs. $808M
Free cash flow ÷ dividends paid
-1.8x
−$1.4B vs. $794M (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 | No decline in the record | — |
| Operating income | -10.2% in FY2021 ($1.59B → $1.42B) | 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)
Regulated cash flow
Operating cash flow was $1,730M or more every year 2020–2025.
Source: Form 10-K (FY2025)
22
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.
PPL’s disclosed matters are mainly environmental (coal ash, E.W. Brown remediation, EPA rules) and regulatory; it also incurred costs and insurance recoveries related to litigation over former affiliate Talen Montana.
Company statement:
Based on Form 10-K (FY2025) — Note on Commitments and Contingencies, reviewed 2026-11-01. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
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 regulation
- Company disclosure (summarized from the 10-K)
- Returns depend on state commission rate decisions; RIPUC rejected a second rate year in 2026.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 2Funding & liquidity
Capital program funding
- Company disclosure (summarized from the 10-K)
- Large capex requires new debt and equity.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 3Law & regulation
Environmental rules
- Company disclosure (summarized from the 10-K)
- EPA rules such as the Good Neighbor Plan and coal ash rules affect Kentucky generation.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4M&A & integration
Data-center JV execution
- Company disclosure (summarized from the 10-K)
- New generation requires energy services agreements with data center developers or utilities.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Disaster
Storms
- Company disclosure (summarized from the 10-K)
- Severe weather can damage the delivery network.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
24
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)
The business and capital investment plans of PPL depend, in part, on the continued growth and viability of data centers and large load customers in its service territories.
PPL is anticipating increases in load demand, creating a business need for new power generating resources and transmission facilities. Read more
Much of this demand is driven by interconnecting with and providing power to data centers and large load customers to serve an increasingly digital economy and to support artificial intelligence. The business and capital investment plans of PPL are focused on meeting these current and projected needs. If these increased demands for electricity do not occur as projected or are not sustained as projected, for any reason, it could affect PPL's financial condition.
PPL is anticipating increases in load demand, creating the need for new power generating resources and transmission facilities. Read more
A substantial portion of this demand is driven by the current and projected power needs of data centers to serve an increasingly digital economy and to support artificial intelligence. Extending service to these facilities necessitates significant capital expenditures, which in turn requires sufficient access to sources of capital. These additional capital needs, the increased concentration of business within a single industry based on emerging technologies, and uncertainties regarding the actual capacity required to satisfy the projected new demands of these new industries creates risks for PPL. Ensuring that incremental revenues from these projected new demands cover incremental costs and risks is critical to PPL and its relationship to its existing…
Artificial Intelligence (AI) is an evolving area of technology that has the potential to affect multiple aspects of our business operations, grid management, critical infrastructure management, customer interactions, cybersecurity posture, and decision support processes.
Because AI technologies remain in the early stages of development and industry standards are still emerging, their use, whether by PPL, its subsidiaries or third-party vendors, presents inherent risks. Read more
Although we seek contractual protections and conduct due diligence with third-party vendors that incorporate AI technologies into their products or services, we may not have full visibility into, awareness of, or control over, the underlying data, supply chain dependencies, model training practices, performance, security safeguards, or compliance posture of such AI enabled tools. AI algorithms that we or our third-party vendors use may be flawed or may be based on datasets that are biased or insufficient, which may introduce risks involving data quality, data integrity, cybersecurity, adversarial manipulation, intellectual property, regulatory compliance, biased outcomes, or improper…
These limitations, failures, or inaccurate results generated as a result of our employees', contractors' or vendors' use or misuse of AI technologies could lead to operational interruptions or otherwise adversely affect our business, reputation, or financial results. In addition, the development, testing, and deployment of AI capabilities may require significant computational resources, specialized personnel, and additional investment, resulting in increased costs. We may not be able to recover these costs through our regulatory proceedings. Rapid advances in AI capabilities, as well as the emerging regulatory landscape in the United States and internationally, may also require modifications to our systems, adoption of enhanced governance processes or implementation of new safeguards. Future laws, regulations, Executive Orders, or industry standards relating to AI (which may be…
No longer in the text (4)
PPL may not realize the anticipated benefits of the RIE acquisition, which could materially adversely affect PPL's business, financial condition and results of operations.
PPL may not realize the anticipated financial and operational benefits from the RIE acquisition. Read more
PPL has incurred significant costs in connection with the integration, and additional unanticipated costs may arise. No assurance can be given that the anticipated long-term benefits from the acquisition will be achieved or, if achieved, the timing of their achievement. These risks and their consequences could result in increased costs or decreases in the amount of expected revenues associated with the
Pandemic health events and their impact on business and economic conditions could negatively affect our business.
A pandemic health event and related remediation efforts could present challenges to businesses, communities, workforces, markets and supply chains. Read more
At this time, the Registrants cannot predict the ways in which and the extent to which these or other pandemic-related factors may affect their business, earnings or other financial results.
1 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 20, 2026 ↗ with the 10-K filed Feb 13, 2025 ↗.
25
What to watch going forwardSite analysis
- Blackstone JV energy services agreements.
- Capex funding and equity needs.
- Kentucky rate mechanisms after the August 2026 rehearing order.
26
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: November 1, 2026 · Financial data fetched: November 1, 2026 09:42 (SEC EDGAR) · Source 10-K filed: February 20, 2026
Built on10-K FY2025 · filed 2026-02-20Proxy 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 PPL 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.