PCG NYSE Multi-Utilities Financials FY2016βFY2025
PG&E had $24.9B of revenue in fiscal 2025, up 2.1% on the year before. Over five years, revenue changed +6.2% a year on average.
Hi! I read PG&Eβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+2.1%
Only a little. Sales grew 2.1% last year.
Does it make a profit?
10.8%
Yes. It keeps 10.8% of every sale as profit.
Does profit turn into cash?
β12.3%
No. It spent more cash than it brought in.
How healthy are the accounts?
4 / 8
Mixed. It passes 4 of 8 health tests.
How is the share priced?
9.2x
One share costs 9.2 times its yearly profit per share. Typical for its sector: 20.7x.
Rules of thumb on reported numbers. A starting point, not a recommendation.
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.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days PG&E did it, and the next one. Share prices often move a lot on those days.
Next results
February 11, 2027
Thursday Β· in 109 days
Estimated from the same quarter last year. It will be replaced by the announced date once there is one.
| Date | Results for | Time | Source |
|---|---|---|---|
| Oct 22, 2026 | Period ended Sep 30, 2026 | Time not announced | 8-K β |
| Jul 23, 2026 | Q2 '26 | Time not announced | 8-K β |
| Apr 23, 2026 | Q1 '26 | Time not announced | 8-K β |
| Feb 12, 2026 | Q4 '25 | Time not announced | 8-K β |
| Oct 23, 2025 | Q3 '25 | Time not announced | 8-K β |
| Jul 31, 2025 | Q2 '25 | Time not announced | 8-K β |
| Apr 24, 2025 | Q1 '25 | Time not announced | 8-K β |
| Feb 13, 2025 | Q4 '24 | Time not announced | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· PG&E had $24.9B of revenue in fiscal 2025, up 2.1% on the year before. Over five years, revenue changed +6.2% a year on average. Its operating margin was 19.1%, up 0.8Β pts: of every 100 in sales, about 19 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
KIRA Β· PG&E made $2.7B of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew β9.1% a year.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$3.1B in fiscal 2025, β12.3% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
KIRA Β· PG&E returned $0.0M to shareholders in fiscal 2025. The diluted share count rose 2.6%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
KIRA Β· In the last 12 months, insiders bought $0.1M and sold $7.3M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.1M
1 insider
Sold, 12 months
$7.3M
8 insiders
Of sales under plans
89%
$6.5M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| 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 |
Can it carry its debts, and how well does it use its money?
KIRA Β· PG&E owes $59.4B more than it holds in cash.
Cash, debt and the ratios that show how comfortably PG&E can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| 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 | 2.1x | 2.2x | 2.2x | 1.9x | 1.9x |
| Interest coverage | 1.2x | 1.0x | 0.9x | 1.5x | 1.6x |
| Current ratio | 0.6x | 0.8x | 0.8x | 1.1x | 1.0x |
| Quick ratio | 0.6x | 0.8x | 0.8x | 1.1x | 1.0x |
| 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 (β = net cash) | $44.6B | $49.1B | $55.1B | $54.7B | $59.4B |
KIRA Β· Its return on capital was 5.4%: every 100 invested in the business earned about 5 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
KIRA Β· PG&E passes 4 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | 5 / 8 | 6 / 8 | 4 / 8 |
| Accruals ratio | β2.0% | β4.3% | β4.4% |
| Altman Z'' | 0.12 | 0.50 | 0.51 |
What does the share cost, and how does it compare?
KIRA Β· At $12.63 a share, the company is worth $28.9B: 9.2 times its earnings of the last four quarters.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
β
Adds net cash of β$59.4B and divides by 2,202.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Value per share
β
Reference multiples: today 9.2x Β· peers 20.2x Β· sector 20.7x.
KIRA Β· PG&E grew sales faster than 0 of its 4 similar companies. Its P/E is higher than 0 of 4.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| PG&E PCG | $28.9B | 2.1% | 19.1% | β12.3% | 5.4% | 9.2x | 4 | |
| NextEra Energy NEE | $171.8B | 9.8% | 32.1% | β | 5.5% | 20.9x | 5 | Compare β |
| Consolidated Edison ED | $42.2B | 10.9% | 17.4% | 0.2% | 4.7% | 19.5x | 6 | Compare β |
| Dominion Energy D | $57.4B | 14.2% | 26.7% | β44.2% | 4.9% | 19.3x | 6 | Compare β |
| DTE Energy DTE | $27.4B | 27.0% | 15.0% | β | 6.1% | 21.7x | 6 | Compare β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | β$9.7B | β$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 | β$10.1B | β$11.0B | β$942M | $748M | $476M | $699M | $2.3B | $2.4B |
| Income tax | $55.0M | $511M | β$3.3B | β$3.4B | $362M | $836M | β$1.3B | β$1.6B | β$200M | β$280M |
| Net income | $1.4B | $1.7B | β$6.8B | β$7.6B | β$1.3B | β$88.0M | $1.8B | $2.3B | $2.5B | $2.7B |
| Diluted EPS | $2.78 | $3.21 | β$13.25 | β$14.50 | β$1.05 | β$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 | β$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 | β$1.3B | $336M | β$1.8B | β$1.5B | β$26.8B | β$5.4B | β$5.9B | β$5.0B | β$2.3B | β$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% | β57.9% | β58.9% | 9.5% | 9.1% | 8.5% | 10.9% | 18.3% | 19.1% |
| Net margin | 8.0% | 9.7% | β40.8% | β44.6% | β7.1% | β0.4% | 8.4% | 9.2% | 10.3% | 10.8% |
| FCF margin | β7.4% | 2.0% | β10.5% | β8.7% | β145.2% | β26.3% | β27.0% | β20.3% | β9.6% | β12.3% |
| Returns | ||||||||||
| Return on capital | 7.5% | 11.1% | β20.3% | β27.0% | 4.2% | 1.5% | 2.7% | 3.5% | 5.4% | 5.4% |
| Return on capital employed | 3.5% | 4.8% | β20.2% | β17.9% | 2.2% | 2.2% | 2.0% | 2.5% | 4.0% | 3.9% |
| Return on equity | 8.2% | 8.9% | β42.9% | β85.9% | β10.0% | β0.4% | 8.3% | 9.4% | 9.1% | 8.6% |
| Return on assets | 2.1% | 2.4% | β9.4% | β9.4% | β1.4% | β0.1% | 1.6% | 1.9% | 1.9% | 2.0% |
| Growth | ||||||||||
| Revenue growth | 5.0% | β3.0% | β2.2% | 2.2% | 7.8% | 11.8% | 5.0% | 12.7% | β0.0% | 2.1% |
| Net income growth | 58.5% | 18.0% | β511.9% | β | β | β | β | 24.4% | 11.4% | 7.6% |
| EPS growth | 55.3% | 15.5% | β512.8% | β | β | β | β | 25.0% | 9.5% | 2.6% |
| FCF growth | β | β | β624.4% | β | β | β | β | β | β | β |
| 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 | β10.4x | β10.8x | 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 | β | 303.9% | β | β | β | β | β | β | β | β |
| 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 | β3.4 | β0.8 | β0.2 | β0.3 | β0.0 | 0.1 | 0.5 | 0.5 |
| Accruals ratio | β4.6% | β6.3% | β16.0% | β15.4% | 19.5% | β2.3% | β1.7% | β2.0% | β4.3% | β4.4% |
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 β not investment advice. Check the original filings before relying on any figure.
