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Regulated electric and gas utility serving Northern and Central California, rebuilding trust after wildfire liabilities.
Regulated electric and gas utility serving Northern and Central California, rebuilding trust after wildfire liabilities.
Earns an allowed return, set by California regulators, on the lines, pipes and equipment it invests in, so approved capital spending drives earnings. It emerged from bankruptcy in 2020 after wildfire liabilities, and a state wildfire fund set up in 2019 now shares part of the cost of future fires. It also owns the Diablo Canyon nuclear plant, kept running past its planned closure.
Moat: narrow (regulatory licence, scale). Regulated California monopoly territory, though past wildfire liability weakened its standing.
Headquarters: Oakland, California, US · Founded: 1905 · Employees: 29,010
Size PG&E (PCG) is a United States Utilities company (Electric Utilities) with a market value of $28.6B, the 379th largest of 3,117 United States companies the cockpit tracks. Shares closed at $12.97 on 6 Nov 2026.
Performance Over six months the shares fell 19.1%, against -1.5% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 4.1% over the last twelve months (peer median +7.6%); the operating margin is 20.3% (peer median 24.5%).
Valuation It trades at 7.4× forward earnings against a peer median of 17.8× (cheapest of 20).
Capital Return on invested capital runs 1.6 points below its cost of capital (5.7% WACC).
Credit PG&E has 48 bonds outstanding ($43.9B), rated BBB+ by the agencies and trading like BBB- at a weighted spread of 123 bp.
Short interest Short interest is 1.7% of the free float (15 Oct 2026).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $25.8B | $24.9B | $24.4B | $24.4B | $21.7B |
| Revenue growth | — | +2% | 0% | +13% | — |
| Gross profit | $5.24B | $4.88B | $4.59B | $4.00B | $2.68B |
| EBITDA | $10.5B | $9.87B | $9.16B | $8.31B | $7.01B |
| Net income | $3.09B | $2.70B | $2.51B | $2.26B | $1.81B |
| Free cash flow | -$4.98B | -$3.07B | -$2.33B | -$4.97B | -$5.86B |
| Capital expenditure | $12.8B | $11.8B | $10.4B | $9.71B | $9.58B |
| Total debt | $65.5B | $61.3B | $58.3B | $57.7B | $53.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| PG&E PCG | $28.6B | -19% | +4% | 20% | 7.4× | n/a |
| Edison International EIX | $22.8B | -14% | +3% | 27% | 9.2× | n/a |
| Sempra SRE | $51.1B | -14% | +1% | 25% | 15.2× | n/a |
| Pinnacle West Capital PNW | $12.6B | +5% | +8% | 23% | 19.1× | n/a |
| Portland General Electric POR | $5.47B | -5% | +3% | 16% | 12.9× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | PCG | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.4% | +6.3% | 5th lowest of 21 |
| 6-month return | -19.1% | -1.5% | 2nd lowest of 21 |
| Distance from 52-week high | -31.9% | -9.4% | lowest of 21 |
| Revenue growth (TTM) | +4.1% | +7.6% | 9th lowest of 21 |
| Operating margin | 20.3% | 24.5% | 7th lowest of 21 |
| Forward P/E | 7.4× | 17.8× | cheapest of 20 |
| ROIC minus cost of capital | -1.6 pp | -0.8 pp | 7th lowest of 21 |
| EV / EBITDA | 9.0× | 12.5× | 3rd cheapest of 18 |
| Net debt / EBITDA | 6.1× | 5.2× | 4th most indebted of 18 |
| Bond spread | 123 bp | 79 bp | 2nd widest of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| PG&E PCG | United States | $28.6B | -19% | +4% | 20% | 7.4× | n/a | n/a |
| DTE Energy DTE | United States | $28.1B | -3% | +18% | 13% | 16.6× | n/a | n/a |
| Orsted ORSTED.CO | Denmark | $29.5B | -8% | +15% | 2% | 20.4× | n/a | n/a |
| China National Nuclear Power 601985.SS | China | $29.8B | +7% | -2% | 27% | 26.1× | n/a | n/a |
| CenterPoint Energy CNP | United States | $27.0B | -2% | +8% | 24% | 19.9× | n/a | n/a |
| PPL PPL | United States | $26.9B | 0% | +7% | 24% | 17.0× | n/a | n/a |
| FirstEnergy FE | United States | $26.9B | +5% | +12% | 19% | 16.1× | n/a | n/a |
| Huaneng Lancang River Hydropower 600025.SS | China | $30.7B | +15% | +4% | 48% | 23.1× | 3.8% | +6.6% |
| Fortis FTS.TO | Canada | $31.0B | +11% | +4% | 28% | 22.5× | n/a | n/a |
| Eversource Energy ES | United States | $26.3B | +6% | +8% | 22% | 14.3× | -8.6% | +8.8% |
| Ameren AEE | United States | $31.2B | +4% | +4% | 25% | 20.0× | n/a | n/a |
| Clp 0002.HK | Hong Kong | $26.1B | +7% | -2% | 16% | 17.9× | 1.6% | +2.0% |
| Power Grid Corporation of India POWERGRID.NS | India | $25.6B | -17% | +3% | 55% | 14.4× | n/a | n/a |
| CGN Power 1816.HK | Hong Kong | $32.3B | -1% | -16% | 31% | 13.8× | n/a | n/a |
| Hydro One H.TO | Canada | $24.7B | -2% | +9% | 24% | 24.5× | n/a | n/a |
| NTPC NTPC.NS | India | $33.2B | -19% | +7% | 20% | 12.3× | n/a | n/a |
| ENBW Energie Baden-Wuerttemberg EBK.DE | Germany | $24.2B | -3% | +9% | 5% | n/a | 5.2% | +11.8% |
| Fortum FORTUM.HE | Finland | $23.3B | +15% | +14% | 17% | 23.4× | 9.2% | -36.7% |
| Edison International EIX | United States | $22.8B | -14% | +3% | 27% | 9.2× | n/a | n/a |
| Public Service Enterprise PEG | United States | $36.2B | -5% | +13% | 27% | 16.0× | n/a | n/a |
| Terna TRN.MI | Italy | $22.0B | -2% | +11% | 42% | 17.8× | n/a | n/a |
PG&E has 48 bonds outstanding with $43.9B face value. The agencies rate it BBB+; its bonds trade like BBB-. Weighted yield 6.13%, a spread of 123 bp over government bonds.