Sempra
SREFinancial Snapshot
ticker: SRE step: 04 generated: 2026-05-12 source: quick-research
Sempra (SRE) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | ~$17.0B | ~$15.7B | ~$13.7B | -13%* |
| Operating Margin | ~20% | ~22% | ~21% | -1pp |
| Net Income (GAAP) | ~$3.3B | $3.03B | $2.82B | -7% |
| Adj. EPS (Non-GAAP) | ~$4.23 | $4.61 | $4.65 | +1% |
| GAAP EPS | ~$5.04 | $4.79 | $4.42 | -8% |
Revenue decline reflects LNG-related gains in FY2022-2023, commodity price normalization, and business simplification. Adjusted EPS from operations is the most comparable metric for regulated utility performance.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$4.5B |
| Free Cash Flow | ~$0.5–$1.0B (after heavy capex) |
| FCF Margin | Low (~4–7%) — typical for capital-intensive regulated utilities |
| Cash & Equivalents | ~$0.8B |
| Total Debt | ~$28B |
| Net Debt / EBITDA | ~4–5x (standard for regulated utilities) |
Regulated utilities are capital-intensive by nature; FCF after capex is intentionally low as capital is continuously reinvested in rate base to earn regulated returns. Dividends are funded by earnings, not FCF.
Key Ratios (approximate, FY2024)
- P/E (adj.): ~19–21x | Dividend Yield: ~3.5%
- EV/EBITDA: ~13–15x | Rate Base Growth: ~8–10% annually (Oncor-driven)
- Adj. EPS Growth (FY2023→FY2024): ~+1% | Long-term guided growth: 7–9% annually
Growth Profile
Sempra's near-term adj. EPS growth is modest (~1% in FY2024) as it absorbs infrastructure investment costs ahead of Oncor rate base earnings recognition and LNG construction spend. The long-term outlook is stronger: Oncor's rate base is growing at 10%+ annually (driven by Texas population boom, data center load, and industrial growth), and management has guided 7–9% long-term EPS CAGR. The $65B capital plan (2026–2030) is 90%+ in regulated utilities, meaning most capital will earn predictable regulatory returns. The sale of 45% of Sempra Infrastructure for $10B (implying a $22B enterprise value) validates LNG asset value and provides balance sheet flexibility.
Forward Estimates
- FY2025: Adj. EPS guidance $4.30–$4.70 (step-down from FY2024 $4.65 due to LNG construction costs and timing)
- FY2026: Adj. EPS guidance $4.80–$5.30 (recovery as Oncor earnings ramp and ECA LNG Phase 1 comes online)
- Long-term: 7–9% EPS CAGR anchored in Oncor rate base growth and California utility investment
- Dividend: $2.48/share annualized (~3.5% yield); 23+ consecutive years of dividend increases
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $SRE.