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PG&E
(NYSE:PCG)
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Rating:63Neutral
Price Target:
$19.50
▲(9.24% Upside)
Action:Reiterated
Date:07/23/26
The score is held back primarily by weak cash-flow quality and high leverage despite improving profitability. Offsetting that, technical trends are favorable and the latest earnings call reinforced guidance and operational execution, though regulatory and wildfire-liability uncertainty remains a meaningful risk. Valuation is fair on earnings but less supported by a sub-1% dividend yield.
Positive Factors
Regulated business model / stable revenue
PG&E’s core earnings derive from a regulated delivery model that permits recovery of prudently incurred capital and allowed returns. That structure produces predictable, utility‑style revenue and underpins durable cash flows tied to rate base growth rather than volatile commodity margins.
Negative Factors
High leverage
Elevated absolute debt and a near‑2x debt/equity profile constrain financial flexibility. If financing costs rise or regulatory recoveries lag, servicing and refinancing needs could pressure cash flow and limit optionality for additional investments or faster deleveraging.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulated business model / stable revenue
PG&E’s core earnings derive from a regulated delivery model that permits recovery of prudently incurred capital and allowed returns. That structure produces predictable, utility‑style revenue and underpins durable cash flows tied to rate base growth rather than volatile commodity margins.
Read all positive factors
PG&E Key Performance Indicators (KPIs)
Any
Operating Revenue by Segment
Breaks down revenue by different business segments, offering a clear view of which areas are driving growth and where the company might face challenges.
Breaks down revenue by different business segments, offering a clear view of which areas are driving growth and where the company might face challenges.
Data provided by:
The Fly
The FlyPG&E (PCG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$47.65B
Dividend Yield1.01%
Average Volume (3M)17.59M
Price to Earnings (P/E)12.6
Beta (1Y)0.17
Revenue Growth5.66%
EPS Growth28.27%
CountryUS
Employees29,010
SectorUtilities
Sector Strength65
IndustryRegulated Electric
Share Statistics
EPS (TTM)1.38
Shares Outstanding2,680,110,600
10 Day Avg. Volume19,269,026
30 Day Avg. Volume17,587,123
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$24.00Price Target Upside34.45% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)1.65
Revenue Forecast (FY)$26.29B
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 its regulated utility operations. Most revenue comes from billing customers for electricity and natural gas delivery and related services under rates approved by the California Public Utilities Commission (CPUC) ...
PG&E Earnings Call Summary
Earnings Call Date:Jul 23, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 2026
Earnings Call Sentiment Positive
The call highlighted strong operational and financial execution: reaffirmed 2026 guidance, continued O&M savings, safety and reliability improvements, a growing and more rigorously vetted data center pipeline, recent debt financing, and progress toward investment-grade credit. Major headwinds are policy and legal rather than operational — the outcome of wildfire liability reform (SB 254 Phase 2), interconnection and regulatory processes, and recovery decisions remain key risks that could force capital plan adjustments and raise customer costs. On balance, the company presented multiple concrete performance wins while also warning of material legislative and regulatory uncertainties.Positive Updates
Solid Quarterly and Year-to-Date Earnings
Core EPS of $0.40 for Q2 and $0.83 for the first half of 2026 (first half up $0.19 vs. prior year). Reaffirmed full-year core EPS guidance of $1.64–$1.66 (midpoint +10% vs. 2025) and reiterated 9%+ annual EPS growth target for 2027–2030.
Negative Updates
Wildfire Liability and Legislative Uncertainty
Outcome of SB 254 Phase 2 and broader wildfire liability reform remains unresolved. Management warned that an inadequate or absent legislative solution would require reevaluation and possible reallocation of the capital plan, slowing progress to investment grade and raising financing costs.
Read all updates
Q2-2026 Updates
Positive
Negative
Solid Quarterly and Year-to-Date Earnings
Core EPS of $0.40 for Q2 and $0.83 for the first half of 2026 (first half up $0.19 vs. prior year). Reaffirmed full-year core EPS guidance of $1.64–$1.66 (midpoint +10% vs. 2025) and reiterated 9%+ annual EPS growth target for 2027–2030.
Read all positive updates
Company Guidance
PG&E reaffirmed full‑year 2026 core EPS guidance of $1.64–$1.66 (midpoint ≈ +10% vs. 2025) after reporting Q2 core EPS $0.40 and H1 core EPS $0.83 (up $0.19 YoY), and reiterated 9%+ annual EPS growth for 2027–2030; management also reconfirmed a $73 billion capital plan through 2030 (equity needs fully funded through 2030) with at least $5 billion of customer‑beneficial opportunities outside the plan, a financing plan targeting investment‑grade ratings and FFO/debt in the mid‑teens, and a goal to avoid as much as $10 billion of external financing by moving to a 20% dividend payout by 2028 (implied 12% in 2026). Operational and affordability targets include a path to “flat” customer bill growth of 0%–3% annually, 2%–4% annual nonfuel O&M reductions (having already saved >$40M YTD via sourcing), a planned improvement in capital‑to‑expense to ~1.7x by 2030 (from ~1.0 most recently), and a data‑center pipeline now >12 GW with ~1.8 GW expected online by 2030; the company also highlighted continuous‑monitoring outcomes since Jan 2025 of ~20 million outage minutes avoided, 28 ignitions prevented, >5,000 emergency hours saved and >$11M in lower repair costs.PG&E Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
58
Neutral
Cash Flow
39
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 25.84B | 24.93B | 24.42B | 24.43B | 21.68B | 20.64B |
| Gross Profit | 14.52B | 4.88B | 9.16B | 4.00B | 2.68B | 2.14B |
| EBITDA | 10.33B | 10.44B | 9.94B | 7.85B | 6.73B | 6.27B |
| Net Income | 3.17B | 2.70B | 2.51B | 2.26B | 1.81B | -88.00M |
Balance Sheet | ||||||
| Total Assets | 145.08B | 141.61B | 133.66B | 125.70B | 118.64B | 103.33B |
| Cash, Cash Equivalents and Short-Term Investments | 972.00M | 713.00M | 940.00M | 635.00M | 734.00M | 291.00M |
| Total Debt | 64.61B | 61.34B | 58.34B | 57.73B | 53.54B | 46.17B |
| Total Liabilities | 110.92B | 108.82B | 103.26B | 100.41B | 95.57B | 82.10B |
| Stockholders Equity | 33.90B | 32.54B | 30.15B | 25.04B | 22.82B | 20.97B |
Cash Flow | ||||||
| Free Cash Flow | -4.26B | -3.07B | -2.33B | -4.97B | -5.86B | -5.43B |
| Operating Cash Flow | 8.15B | 8.72B | 8.04B | 4.75B | 3.72B | 2.26B |
| Investing Cash Flow | -12.21B | -12.32B | -11.38B | -9.16B | -10.21B | -6.91B |
| Financing Cash Flow | 4.57B | 3.36B | 3.62B | 4.40B | 7.13B | 4.32B |
PG&E Technical Analysis
Neutral
17.85
Price Trends
16.97
Positive
17.06
Positive
16.63
Positive
Market Momentum
0.26
Negative
60.09
Neutral
68.94
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PCG, the sentiment is Neutral. The current price of 17.85 is above the 20-day moving average (MA) of 17.46, above the 50-day MA of 16.97, and above the 200-day MA of 16.63, indicating a neutral trend. The MACD of 0.26 indicates Negative momentum. The RSI at 60.09 is Neutral, neither overbought nor oversold. The STOCH value of 68.94 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | $106.35B | 22.67 | 12.38% | 3.06% | 6.40% | 6.90% | |
66 Neutral | $69.53B | 21.97 | 10.01% | 2.79% | 8.68% | -14.88% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
65 Neutral | $98.44B | 19.21 | 9.85% | 3.26% | 7.21% | 8.97% | |
63 Neutral | $47.65B | 12.59 | 9.62% | 0.98% | 5.66% | 28.27% | |
62 Neutral | $28.19B | 25.76 | 9.03% | 3.61% | 12.63% | -17.19% | |
60 Neutral | $29.49B | 22.27 | 10.78% | 3.07% | 17.53% | -8.86% |
* Utilities Sector Average
PCG
PG&E
17.38
2.50
16.79%
AEP
American Electric Power
127.85
16.38
14.70%
DTE
DTE Energy
141.87
5.61
4.12%
DUK
Duke Energy
125.43
5.45
4.55%
FE
FirstEnergy
48.31
6.18
14.67%
SO
Southern Co
94.54
1.58
1.70%
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.