Consolidated Edison vs PG&E
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The short version
- 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 9.2x for PG&E.
| Latest fiscal year | ED · FY25 | PCG · FY25 |
|---|---|---|
| Size | ||
| Market cap | $42.2B | $28.9B |
| 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 | 9.2x |
| Piotroski F-score | 6 | 4 |
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
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%
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
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%
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.