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PG&E

PCG NYSE Multi-Utilities Financials FY2016–FY2025

PG&E's revenue rose 2.1% to $24.9 billion in fiscal 2025. Its operating margin was 19.1%, up from 18.3% a year earlier. Free cash flow was −$3.1 billion. The diluted share count rose 2.6%.

Last close · Oct 23, 2026

$12.63

2.7%
Value it Compare
Revenue Total sales reported in the income statement.
$24.9B
2.1% vs prior year
Operating margin Operating income as a share of revenue.
19.1%
0.8 pts
Net income Profit after all expenses, interest and tax.
$2.7B
7.6%
Free cash flow Cash from operations minus capital spending.
−$3.1B
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
5.4%
0.0 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$28.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
9.2x
On $1.38 EPS (TTM)

About these figures. PG&E's filings don't tag its depreciation and amortization in the SEC's structured data, so EBITDA-based figures are left blank.

What PG&E does

No business description yet.

Legal name
PG&E CORP
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001004980-26-000009
0001004980

Revenue and margins

PG&E had $24.9B of revenue in fiscal 2025, up 2.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew −9.1% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$3.1B in fiscal 2025, −12.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

PG&E returned $0.0M to shareholders in fiscal 2025. The diluted share count rose 2.6%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value PG&E yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$59.4B and divides by 2,202.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 9.2x · peers 20.2x · sector 20.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably PG&E can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $291M$734M$635M$940M$713M
Debt incl. finance leases $44.9B$49.8B$55.8B$55.7B$60.1B
Debt / equity 2.1x2.2x2.2x1.9x1.9x
Interest coverage 1.2x1.0x0.9x1.5x1.6x
Current ratio 0.6x0.8x0.8x1.1x1.0x
Quick ratio 0.6x0.8x0.8x1.1x1.0x
Total assets $103.3B$118.6B$125.7B$133.7B$141.6B
Total liabilities $82.1B$95.6B$100.4B$103.3B$108.8B
Shareholders' equity $21.0B$22.8B$25.0B$30.1B$32.5B
Net debt (− = net cash) $44.6B$49.1B$55.1B$54.7B$59.4B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.1M

1 insider

Sold, 12 months

$7.3M

8 insiders

Of sales under plans

89%

$6.5M

DateInsiderTradeSharesPriceValueFiling
Sep 30, 2026 John O LarsenDirector Bought 7,500 $12.20 $0.1M Form 4
Sep 4, 2026 William Craig FugateDirector Sold plan 6,500 $13.76 $0.1M Form 4
Jul 22, 2026 Kerry Whorton CooperDirector Sold plan 1,250 $18.00 $0.0M Form 4
Jul 22, 2026 Marlene SantosEVP, Enterprise Transformation Sold plan 158,250 $18.00 $2.8M Form 4
Jun 15, 2026 Carla J PetermanPresident, EVP Cust&Corp Afrs Sold plan 31,786 $16.68 $0.5M Form 4
Jun 2, 2026 Kerry Whorton CooperDirector Sold plan 1,250 $16.50 $0.0M Form 4
Apr 28, 2026 Jason M GlickmanEVP, Strategy and Growth Sold 47,264 $16.35 $0.8M Form 4
Apr 28, 2026 Patricia K PoppeChief Executive Officer, Director Sold plan 31,250 $16.39 $0.5M Form 4
Mar 17, 2026 Kerry Whorton CooperDirector Sold plan 2,500 $18.68 $0.0M Form 4
Mar 16, 2026 Carla J PetermanPresident, EVP Cust&Corp Afrs Sold plan 31,786 $18.31 $0.6M Form 4
Mar 5, 2026 Sumeet SinghCEO and EVP at PG&E Company Sold plan 55,698 $18.32 $1.0M Form 4
Feb 19, 2026 John R SimonEVP, GC, Chief E&C Officer Sold plan 45,607 $18.00 $0.8M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✕
Current ratio rose ✓ ✓ ✕
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✕ ✕ ✕
F-score 5 / 86 / 84 / 8
Accruals ratio −2.0%−4.3%−4.4%
Altman Z'' 0.120.500.51

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
PG&E PCG $28.9B 2.1% 19.1% −12.3% 5.4% 9.2x 4
NextEra Energy NEE $171.8B 9.8% 32.1% — 5.5% 20.9x 5 Compare →
Consolidated Edison ED $42.2B 10.9% 17.4% 0.2% 4.7% 19.5x 6 Compare →
Dominion Energy D $57.4B 14.2% 26.7% −44.2% 4.9% 19.3x 6 Compare →
DTE Energy DTE $27.4B 27.0% 15.0% — 6.1% 21.7x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $17.7B $17.1B $16.8B $17.1B $18.5B $20.6B $21.7B $24.4B $24.4B $24.9B
Operating income $2.1B $2.9B −$9.7B −$10.1B $1.8B $1.9B $1.8B $2.7B $4.5B $4.7B
Interest expense $829M $888M $929M $934M $1.3B $1.6B $1.9B $2.9B $3.1B $3.0B
Pretax income $1.5B $2.2B −$10.1B −$11.0B −$942M $748M $476M $699M $2.3B $2.4B
Income tax $55.0M $511M −$3.3B −$3.4B $362M $836M −$1.3B −$1.6B −$200M −$280M
Net income $1.4B $1.7B −$6.8B −$7.6B −$1.3B −$88.0M $1.8B $2.3B $2.5B $2.7B
Diluted EPS $2.78 $3.21 −$13.25 −$14.50 −$1.05 −$0.05 $0.84 $1.05 $1.15 $1.18
Diluted shares 0.50B 0.51B 0.52B 0.53B 1.26B 1.99B 2.13B 2.14B 2.15B 2.20B
Cash flow
Cash from operations $4.4B $6.0B $4.8B $4.8B −$19.1B $2.3B $3.7B $4.7B $8.0B $8.7B
Capital expenditure $5.7B $5.6B $6.5B $6.3B $7.7B $7.7B $9.6B $9.7B $10.4B $11.8B
Free cash flow −$1.3B $336M −$1.8B −$1.5B −$26.8B −$5.4B −$5.9B −$5.0B −$2.3B −$3.1B
Stock-based compensation $108M $85.0M $89.0M $50.0M $35.0M $56.0M $115M $91.0M $98.0M $134M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $921M $1.0B $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $86.0M $0.0M
Dividends and buybacks $921M $1.0B $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $86.0M $0.0M
Balance sheet
Cash and short-term investments $177M $449M $1.7B $1.6B $484M $291M $734M $635M $940M $713M
Total debt $1.9B $1.3B $44.1B $0.0M $40.9B $44.9B $49.8B $54.9B $55.1B $60.1B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $813M $581M $2.0M
Current assets $6.2B $6.3B $9.2B $10.2B $9.6B $11.1B $12.8B $14.4B $17.2B $15.8B
Current liabilities $7.6B $7.1B $41.7B $7.6B $13.6B $17.4B $15.8B $17.3B $16.3B $16.3B
Inventory $117M $115M $111M $97.0M $95.0M $44.0M $91.0M $65.0M $52.0M $75.0M
Property and equipment, net $50.6B $53.8B $58.6B $61.6B $66.1B $69.8B $76.2B $82.3B $88.2B $96.3B
Total assets $68.6B $68.0B $77.0B $85.2B $97.9B $103.3B $118.6B $125.7B $133.7B $141.6B
Total liabilities $50.4B $48.5B $64.1B $79.8B $76.6B $82.1B $95.6B $100.4B $103.3B $108.8B
Shareholders' equity $17.9B $19.2B $12.7B $5.1B $21.0B $21.0B $22.8B $25.0B $30.1B $32.5B
Margins
Operating margin 11.8% 17.0% −57.9% −58.9% 9.5% 9.1% 8.5% 10.9% 18.3% 19.1%
Net margin 8.0% 9.7% −40.8% −44.6% −7.1% −0.4% 8.4% 9.2% 10.3% 10.8%
FCF margin −7.4% 2.0% −10.5% −8.7% −145.2% −26.3% −27.0% −20.3% −9.6% −12.3%
Returns
Return on capital 7.5% 11.1% −20.3% −27.0% 4.2% 1.5% 2.7% 3.5% 5.4% 5.4%
Return on capital employed 3.5% 4.8% −20.2% −17.9% 2.2% 2.2% 2.0% 2.5% 4.0% 3.9%
Return on equity 8.2% 8.9% −42.9% −85.9% −10.0% −0.4% 8.3% 9.4% 9.1% 8.6%
Return on assets 2.1% 2.4% −9.4% −9.4% −1.4% −0.1% 1.6% 1.9% 1.9% 2.0%
Growth
Revenue growth 5.0% −3.0% −2.2% 2.2% 7.8% 11.8% 5.0% 12.7% −0.0% 2.1%
Net income growth 58.5% 18.0% −511.9% — — — — 24.4% 11.4% 7.6%
EPS growth 55.3% 15.5% −512.8% — — — — 25.0% 9.5% 2.6%
FCF growth — — −624.4% — — — — — — —
Share count change 2.9% 2.4% 0.8% 2.1% 138.1% 57.9% 7.4% 0.3% 0.4% 2.6%
Financial health
Debt / equity 0.1x 0.1x 3.5x 0.0x 2.0x 2.1x 2.2x 2.2x 1.9x 1.9x
Interest coverage 2.5x 3.3x −10.4x −10.8x 1.4x 1.2x 1.0x 0.9x 1.5x 1.6x
Current ratio 0.8x 0.9x 0.2x 1.3x 0.7x 0.6x 0.8x 0.8x 1.1x 1.0x
Quick ratio 0.8x 0.9x 0.2x 1.3x 0.7x 0.6x 0.8x 0.8x 1.1x 1.0x
Capital allocation
Capex / revenue 32.3% 32.9% 38.9% 36.9% 41.6% 37.3% 44.2% 39.8% 42.5% 47.3%
Stock comp / revenue 0.6% 0.5% 0.5% 0.3% 0.2% 0.3% 0.5% 0.4% 0.4% 0.5%
Payouts / FCF — 303.9% — — — — — — — —
Quality scores
Piotroski F-score 5.0 6.0 2.0 5.0 1.0 4.0 5.0 5.0 6.0 4.0
Altman Z'' 0.7 0.9 −3.4 −0.8 −0.2 −0.3 −0.0 0.1 0.5 0.5
Accruals ratio −4.6% −6.3% −16.0% −15.4% 19.5% −2.3% −1.7% −2.0% −4.3% −4.4%

Source: SEC EDGAR XBRL filings (CIK 0001004980). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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