Consolidated Edison vs PG&E

Add, change or remove companies; up to four.

KIRA’s take AI analyst

I put Consolidated Edison and PG&E side by side, using each one’s latest annual report. Here is what stands out:

PG&E is the larger business, with $24.9B of revenue in fiscal 2025 against $16.9B for Consolidated Edison.
Consolidated Edison grew revenue faster (10.9%, against 2.1%).
PG&E kept more of each dollar of sales as operating profit (19.1% operating margin, against 17.4%).
Consolidated Edison turned more of its sales into free cash flow (0.2% FCF margin, against −12.3%).
PG&E earned a higher return on the capital invested in it (5.4%, against 4.7%).
Investors pay more for each dollar of Consolidated Edison’s earnings: a P/E of 19.5x against 9.3x for PG&E.

Who comes out ahead

Of the 9 measures where higher (or lower) is clearly better, how many each company leads.

Consolidated Edison

6/9

Revenue growth5-year growthNet marginFCF marginReturn on equityPiotroski F-score

PG&E

PCG

3/9

Operating marginReturn on capitalShare count change

Side by side

Best in the row

Latest fiscal year	ED FY25	PCG FY25
Size
Market cap	$42.1B	$29.4B
Revenue	$16.9B	$24.9B
Free cash flow	$36.0M	−$3.1B
Net income	$2.0B	$2.7B
Growth
Revenue growth	10.9%	2.1%
5-year growth	6.7%	6.2%
Share count change	3.3%	2.6%
Profitability
Gross margin	—	—
Operating margin	17.4%	19.1%
Net margin	12.0%	10.8%
FCF margin	0.2%	−12.3%
Return on capital	4.7%	5.4%
Return on equity	8.8%	8.6%
Balance sheet
Net debt	$25.8B	$59.4B
Net debt / EBITDA	4.9x	—
Dividends and buybacks	$1.2B	$0.0M
Valuation & quality
P/E	19.5x	9.3x
Piotroski F-score	6	4

Ten years

Revenue

FY16

ED $12.1B

PCG $17.7B

FY17

ED $12.0B

PCG $17.1B

FY18

ED $12.3B

PCG $16.8B

FY19

ED $12.6B

PCG $17.1B

FY20

ED $12.2B

PCG $18.5B

FY21

ED $13.7B

PCG $20.6B

FY22

ED $15.7B

PCG $21.7B

FY23

ED $14.7B

PCG $24.4B

FY24

ED $15.3B

PCG $24.4B

FY25

ED $16.9B

PCG $24.9B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

ED PCG

Operating margin

FY16

ED 23.0%

PCG 11.8%

FY17

ED 23.1%

PCG 17.0%

FY18

ED 21.6%

PCG −57.9%

FY19

ED 21.3%

PCG −58.9%

FY20

ED 21.7%

PCG 9.5%

FY21

ED 20.7%

PCG 9.1%

FY22

ED 16.8%

PCG 8.5%

FY23

ED 21.8%

PCG 10.9%

FY24

ED 17.5%

PCG 18.3%

FY25

ED 17.4%

PCG 19.1%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

ED PCG

Free cash flow

FY16

ED $624M

PCG −$1.3B

FY17

ED $339M

PCG $336M

FY18

ED −$556M

PCG −$1.8B

FY19

ED −$104M

PCG −$1.5B

FY20

ED −$1.1B

PCG −$26.8B

FY21

ED −$897M

PCG −$5.4B

FY22

ED $111M

PCG −$5.9B

FY23

ED −$2.2B

PCG −$5.0B

FY24

ED −$1.2B

PCG −$2.3B

FY25

ED $36.0M

PCG −$3.1B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

ED PCG

Return on capital

FY16

ED 6.4%

PCG 7.5%

FY17

ED 7.0%

PCG 11.1%

FY18

ED 6.2%

PCG −20.3%

FY19

ED 5.9%

PCG −27.0%

FY20

ED 6.1%

PCG 4.2%

FY21

ED 5.7%

PCG 1.5%

FY22

ED 4.5%

PCG 2.7%

FY23

ED 5.9%

PCG 3.5%

FY24

ED 4.9%

PCG 5.4%

FY25

ED 4.7%

PCG 5.4%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

ED PCG

Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.