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PG&E
(NYSE:PCG)
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Rating:62Neutral
Price Target:
$18.00
▲(4.29% Upside)
Action:Reiterated
Date:04/23/26
The score is driven primarily by improved profitability but constrained by leverage and consistently negative free cash flow. The latest earnings call is supportive (reaffirmed growth guidance, capital plan and no-equity messaging), while technical indicators remain weak/oversold and valuation is reasonable but not strongly supported by yield.
Positive Factors
Capital plan & guidance stability
Management’s reaffirmation of multi-year EPS growth targets and a $73B capital plan, combined with a commitment to avoid new common equity through 2030, supports a predictable investment and financing profile. For a regulated utility, this underpins long-term rate-base growth and limits shareholder dilution, improving planning visibility for 2–6 months and beyond.
Negative Factors
Elevated leverage and negative free cash flow
High leverage and persistently negative free cash flow limit financial flexibility and increase reliance on external financing for capex. For a capital-intensive regulated utility, this raises refinancing and interest-rate sensitivity, constrains margin for error on regulatory recoveries, and could slow progress toward investment-grade metrics if trends persist.
Read all positive and negative factors
Positive Factors
Negative Factors
Capital plan & guidance stability
Management’s reaffirmation of multi-year EPS growth targets and a $73B capital plan, combined with a commitment to avoid new common equity through 2030, supports a predictable investment and financing profile. For a regulated utility, this underpins long-term rate-base growth and limits shareholder dilution, improving planning visibility for 2–6 months and beyond.
Read all positive factors
PG&E Key Performance Indicators (KPIs)
Any
Electric Operating Revenue Breakdown
Shows revenue generated from electric operations, highlighting the company's core business strength and its ability to maintain or grow its market share in the electric utility sector.
Shows revenue generated from electric operations, highlighting the company's core business strength and its ability to maintain or grow its market share in the electric utility sector.
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The Fly
The FlyPG&E (PCG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$37.55B
Dividend Yield0.66%
Average Volume (3M)19.33M
Price to Earnings (P/E)13.2
Beta (1Y)0.19
Revenue Growth5.26%
EPS Growth18.73%
CountryUS
Employees28,410
SectorUtilities
Sector Strength65
IndustryRegulated Electric
Share Statistics
EPS (TTM)1.29
Shares Outstanding2,202,224,600
10 Day Avg. Volume17,605,791
30 Day Avg. Volume19,329,182
Financial Highlights & Ratios
PEG Ratio7.90
Price to Book (P/B)1.08
Price to Sales (P/S)1.42
P/FCF Ratio-11.50
Enterprise Value/Market Cap2.60
Enterprise Value/Revenue3.78
Enterprise Value/Gross Profit8.23
Enterprise Value/Ebitda9.26
Forecast
1Y Price Target
$23.27Price Target Upside34.84% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)1.65
Revenue Forecast (FY)$26.55B
PG&E Business Overview & Revenue Model
Company Description
PG&E Corporation operates as a holding company, overseeing the generation, transmission, and distribution of electricity and natural gas to its clientele. The firm's expertise spans a broad range of energy-related services, including general utili...
How the Company Makes Money
PG&E primarily makes money through regulated utility operations. Its revenues are largely derived from charging customers for electric and natural gas service under rates approved by the California Public Utilities Commission (CPUC) (and, for cert...
PG&E Earnings Call Summary
Earnings Call Date:Apr 23, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Positive
The call emphasized multiple operational and financial positives: solid Q1 core EPS ($0.43), reaffirmed 2026 guidance (midpoint ~10% growth), continued execution of a $73B capital plan with no equity needs through 2030, meaningful rate reductions (23% for most vulnerable customers; 13% for others), progress on wildfire mitigation (undergrounding plans, continuous monitoring), Diablo Canyon NRC license extension, and momentum toward investment-grade credit. Key risks are concentrated around legislative/regulatory uncertainty on wildfire liability (SB 254 Phase 2), state approval needed for Diablo Canyon beyond 2030, and the conversion risk of the large-load pipeline to construction. Overall, the positives are numerous and operational/financial execution appears strong, while the primary negatives are contingent policy and regulatory risks that management is actively monitoring.Positive Updates
Quarterly Core EPS and Guidance Reaffirmation
Reported Q1 2026 core EPS of $0.43 (up $0.10 YoY). Reaffirmed full-year 2026 core EPS guidance of $1.64–$1.66 (midpoint implies ~10% growth vs. 2025) and maintained 2027–2030 EPS growth guidance of 9%+ annually.
Negative Updates
Legislative Uncertainty on Wildfire Liability (SB 254 Phase 2)
Significant tail-risk remains tied to wildfire liability reform; management stated outcome of Phase 2 is critical and that insufficient legislative reform could force reevaluation of the capital allocation plan, including potential shareholder impacts. Timeline is compressed with legislative session through August.
Read all updates
Q1-2026 Updates
Positive
Negative
Quarterly Core EPS and Guidance Reaffirmation
Reported Q1 2026 core EPS of $0.43 (up $0.10 YoY). Reaffirmed full-year 2026 core EPS guidance of $1.64–$1.66 (midpoint implies ~10% growth vs. 2025) and maintained 2027–2030 EPS growth guidance of 9%+ annually.
Read all positive updates
Company Guidance
On the call PG&E reaffirmed extensive guidance and targets: Q1 core EPS was $0.43 and full‑year 2026 core EPS guidance remains $1.64–$1.66 (midpoint implying ~10% growth vs. 2025), with EPS growth guidance for 2027–2030 unchanged at 9%+ annually; the $73 billion five‑year capital plan through 2030 is unchanged and management sees at least $5 billion of incremental customer investment opportunity, with no new common equity needed through 2030. The five‑year financing plan targets investment‑grade metrics (FFO/debt in the mid‑teens), a ramp to a 20% dividend payout ratio by 2028, and net $2 billion of parent financing through 2030; PG&E executed $1.0 billion of parent junior subordinated notes and $2.2 billion of utility first‑mortgage bonds in February. On system and customer metrics, management reiterated a 0%–3% customer bill growth “path to flat,” highlighted rate reductions since Jan 2024 (most vulnerable customers down 23%, other residential down 13% or ~$300/yr), and updated hardening/undergrounding plans (filing ~5,000 miles for 2028–2037 in Q3, ~1,900 miles expected completed by end‑2027 plus ~4,000 miles overhead hardening for nearly 11,000 miles planned through 2037; >1,200 miles undergrounded to date avoided >$100 million of maintenance). On load and operations: final engineering increased to 4.6 GW, cluster interest exceeded >10 GW, PG&E expects ~1.8 GW online by 2030 (contributing ~1%–2% rate relief), CAISO LSEs have added >33 GW since 2020 (including >7 GW in 2025) and the CPUC has ~22 GW under contract through 2029. Operationally, continuous monitoring helped avoid ~12 million outage minutes in 2025 and ~4 million in Q1 2026, produced 1,484 “good catches” (23 that could have been ignitions), and is estimated to have saved ~$8 million of capital and >$1 million of expense over the last five quarters; PG&E reiterated a 2%–4% long‑term nonfuel O&M reduction target and expects ~$24 million of annual O&M savings this year from targeted technology. Finally, regulatory milestones include a 2025 CPUC safety certificate (valid through early March 2027) and an NRC 20‑year license extension for Diablo Canyon.PG&E Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
56
Neutral
Cash Flow
44
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 25.83B | 24.93B | 24.42B | 24.43B | 21.68B | 20.64B |
| Gross Profit | 11.87B | 4.88B | 9.16B | 4.00B | 2.68B | 2.14B |
| EBITDA | 10.54B | 10.44B | 9.94B | 7.85B | 6.73B | 6.27B |
| Net Income | 2.95B | 2.70B | 2.51B | 2.26B | 1.81B | -88.00M |
Balance Sheet | ||||||
| Total Assets | 141.95B | 141.61B | 133.66B | 125.70B | 118.64B | 103.33B |
| Cash, Cash Equivalents and Short-Term Investments | 1.49B | 713.00M | 940.00M | 635.00M | 734.00M | 291.00M |
| Total Debt | 62.94B | 61.34B | 58.34B | 57.73B | 53.54B | 46.17B |
| Total Liabilities | 108.45B | 108.82B | 103.26B | 100.41B | 95.57B | 82.10B |
| Stockholders Equity | 33.25B | 32.54B | 30.15B | 25.04B | 22.82B | 20.97B |
Cash Flow | ||||||
| Free Cash Flow | -4.21B | -3.07B | -2.33B | -4.97B | -5.86B | -5.43B |
| Operating Cash Flow | 8.30B | 8.72B | 8.04B | 4.75B | 3.72B | 2.26B |
| Investing Cash Flow | -12.35B | -12.32B | -11.38B | -9.16B | -10.21B | -6.91B |
| Financing Cash Flow | 3.14B | 3.36B | 3.62B | 4.40B | 7.13B | 4.32B |
PG&E Technical Analysis
Positive
17.26
Price Trends
16.53
Positive
17.18
Negative
16.40
Positive
Market Momentum
0.10
Negative
54.93
Neutral
40.09
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PCG, the sentiment is Positive. The current price of 17.26 is above the 20-day moving average (MA) of 16.78, above the 50-day MA of 16.53, and above the 200-day MA of 16.40, indicating a bullish trend. The MACD of 0.10 indicates Negative momentum. The RSI at 54.93 is Neutral, neither overbought nor oversold. The STOCH value of 40.09 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PCG.
PG&E Risk Analysis
PG&E disclosed 42 risk factors in its most recent earnings report. PG&E reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
(in millions, except share amounts) Q1, 2026
2.
Condensed consolidated statements of shareholders' equity Q1, 2026
3.
Note 1: Organization and basis of presentation Q1, 2026
PG&E Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $69.48B | 18.94 | 11.86% | 3.25% | 9.38% | 31.12% | |
66 Neutral | $104.94B | 23.98 | 12.28% | 3.40% | 8.33% | -6.26% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
65 Neutral | $96.56B | 18.75 | 9.85% | 3.61% | 7.21% | 8.97% | |
64 Neutral | $32.05B | 25.21 | 10.43% | 3.45% | 22.33% | -17.75% | |
62 Neutral | $37.55B | 13.22 | 9.16% | 0.66% | 5.26% | 18.73% | |
61 Neutral | $28.07B | 26.43 | 8.38% | 3.94% | 11.30% | -1.99% |
* Utilities Sector Average
PCG
PG&E
17.05
3.55
26.33%
AEP
American Electric Power
138.51
37.54
37.18%
DTE
DTE Energy
154.06
27.16
21.40%
DUK
Duke Energy
129.60
16.27
14.36%
FE
FirstEnergy
48.53
10.25
26.76%
SO
Southern Co
97.98
9.22
10.39%
PG&E Corporate Events
Business Operations and StrategyFinancial Disclosures
PG&E Reports Strong 2025 Earnings and Tightens 2026 Guidance
Positive
Feb 12, 2026
PGE reported improved 2025 results on February 12, 2026, with GAAP earnings rising to $1.18 per share and non-GAAP core earnings climbing to $1.50 per share, driven by higher customer capital investment and operating and maintenance savings despit...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.