PG&E Corporation
PCGFinancial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
TTM ROIC
3%
FY2025 · NOPAT / Total Invested Capital (book); Total assets minus current non-interest liabilities (~$130-135B)
Financial Snapshot
ticker: PCG step: 04 generated: 2026-05-12 source: quick-research
PG&E Corporation (PCG) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | $21.7B | $24.4B | $24.4B | ~0% |
| Gross Margin | ~83% | ~83% | ~86% | |
| Operating Margin | ~13% | ~17% | ~21% | |
| Net Income | $1.80B | $2.24B | $2.48B | +10% |
| EPS (diluted) | $0.84 | $1.05 | ~$1.16 |
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | $8.0B |
| Free Cash Flow | ~-$3.5B (capex-heavy) |
| Cash & Equivalents | ~$1.0B |
| Total Debt | ~$50B+ |
Key Ratios (approximate)
- P/E: ~13x | EV/EBITDA: ~12x | FCF Yield: Negative (heavy capex cycle)
- Revenue Growth (TTM): ~2% | Non-GAAP Core EPS Growth: ~10% YoY
Growth Profile
PG&E is in the midst of a massive multi-year capital investment cycle — approximately $11B+ in annual capex — focused on wildfire mitigation (grid hardening, undergrounding lines) and load growth from data centers and electrification. GAAP FCF is deeply negative but regulated utility earnings grow reliably at ~10% annually. Revenue is relatively flat as rate increases are offset by efficiency gains.
Forward Estimates
- FY2025 (reported): Revenue ~$24.9B, Net Income ~$2.6B
- FY2026 guidance: Non-GAAP core EPS of $1.64–$1.66 (vs. ~$1.55 in 2025)
- Long-term EPS growth target: ~9–10% annually through 2028
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $PCG.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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