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Regulated electric and gas utility serving Pennsylvania, Kentucky and Rhode Island.
Regulated electric and gas utility serving Pennsylvania, Kentucky and Rhode Island.
Earns an allowed return on the wires and pipes regulators approve in Pennsylvania, Kentucky and Rhode Island, so approved spending drives earnings. It sold its UK distribution business in 2021 and bought Rhode Island Energy in 2022, making it a US-only regulated utility. Pennsylvania is wires-only, while the Kentucky utilities also own power plants.
Moat: narrow (regulatory licence, scale). Regulated state monopoly territories under cost-of-service rate recovery.
Headquarters: Allentown, Pennsylvania, US · Founded: 1920 · Employees: 6,546
Size PPL (PPL) is a United States Utilities company (Electric Utilities) with a market value of $26.9B, the 400th largest of 3,117 United States companies the cockpit tracks. Shares closed at $35.80 on 6 Nov 2026.
Performance Over six months the shares gained 0.5%, against -1.7% for the median peer and -1.1% for the United States market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 6.7% over the last twelve months (peer median +7.6%); the operating margin is 24.1% (peer median 23.4%).
Valuation It trades at 17.0× forward earnings against a peer median of 17.8× (9th cheapest of 20).
Capital Return on invested capital runs 1.6 points below its cost of capital (6.7% WACC).
Credit PPL has 13 bonds outstanding ($6.83B), rated A+ by the agencies and trading like A at a weighted spread of 77 bp.
Short interest Short interest is 4.7% of the free float (15 Oct 2026).
Next results Next results expected around 12 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $9.40B | $9.04B | $8.46B | $8.31B | $7.90B |
| Revenue growth | — | +7% | +2% | +5% | — |
| Gross profit | $2.70B | $2.56B | $2.15B | $2.04B | $1.73B |
| EBITDA | $3.77B | $3.56B | $3.15B | $2.99B | $2.63B |
| Net income | $1.26B | $1.18B | $886M | $739M | $755M |
| Free cash flow | -$1.99B | -$1.40B | -$465M | -$632M | -$425M |
| Capital expenditure | $4.65B | $4.03B | $2.81B | $2.39B | $2.15B |
| Total debt | $20.3B | $19.4B | $16.8B | $15.7B | $14.3B |
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 |
|---|---|---|---|---|---|---|
| PPL PPL | $26.9B | 0% | +7% | 24% | 17.0× | n/a |
| FirstEnergy FE | $26.9B | +5% | +12% | 19% | 16.1× | n/a |
| American Electric Power AEP | $68.9B | -3% | +10% | 24% | 18.5× | n/a |
| Eversource Energy ES | $26.3B | +6% | +8% | 22% | 14.3× | -8.6% |
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 | PPL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.0% | +6.3% | 7th lowest of 21 |
| 6-month return | +0.5% | -1.7% | 9th highest of 21 |
| Distance from 52-week high | -10.0% | -9.5% | 11th highest of 21 |
| Revenue growth (TTM) | +6.7% | +7.6% | 10th lowest of 21 |
| Operating margin | 24.1% | 23.4% | 11th highest of 21 |
| Forward P/E | 17.0× | 17.8× | 9th cheapest of 20 |
| ROIC minus cost of capital | -1.6 pp | -1.1 pp | 6th lowest of 21 |
| EV / EBITDA | 12.4× | 12.6× | 8th cheapest of 18 |
| Net debt / EBITDA | 5.3× | 5.5× | 9th least indebted of 18 |
| Bond spread | 77 bp | 81 bp | 6th tightest of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| PPL PPL | United States | $26.9B | 0% | +7% | 24% | 17.0× | n/a | n/a |
| CenterPoint Energy CNP | United States | $27.0B | -2% | +8% | 24% | 19.9× | n/a | n/a |
| FirstEnergy FE | United States | $26.9B | +5% | +12% | 19% | 16.1× | n/a | n/a |
| Eversource Energy ES | United States | $26.3B | +6% | +8% | 22% | 14.3× | -8.6% | +8.8% |
| Clp 0002.HK | Hong Kong | $26.1B | +7% | -2% | 16% | 17.9× | 1.6% | +2.0% |
| DTE Energy DTE | United States | $28.1B | -3% | +18% | 13% | 16.6× | n/a | n/a |
| Power Grid Corporation of India POWERGRID.NS | India | $25.6B | -17% | +3% | 55% | 14.4× | n/a | n/a |
| PG&E PCG | United States | $28.6B | -19% | +4% | 20% | 7.4× | n/a | n/a |
| Hydro One H.TO | Canada | $24.7B | -2% | +9% | 24% | 24.5× | 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 |
| ENBW Energie Baden-Wuerttemberg EBK.DE | Germany | $24.2B | -3% | +9% | 5% | n/a | 5.2% | +11.8% |
| 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 |
| Fortum FORTUM.HE | Finland | $23.3B | +15% | +14% | 17% | 23.4× | 9.2% | -36.7% |
| Ameren AEE | United States | $31.2B | +4% | +4% | 25% | 20.0× | n/a | n/a |
| Edison International EIX | United States | $22.8B | -14% | +3% | 27% | 9.2× | n/a | n/a |
| CGN Power 1816.HK | Hong Kong | $32.3B | -1% | -16% | 31% | 13.8× | n/a | n/a |
| Terna TRN.MI | Italy | $22.0B | -2% | +11% | 42% | 17.8× | n/a | n/a |
| NTPC NTPC.NS | India | $33.2B | -19% | +7% | 20% | 12.3× | n/a | n/a |
| CMS Energy CMS | United States | $21.7B | -5% | +8% | 20% | 17.1× | n/a | n/a |
PPL has 13 bonds outstanding with $6.83B face value. The agencies rate it A+; its bonds trade like A. Weighted yield 5.79%, a spread of 77 bp over government bonds.