PG&E CorporationPCG
NYSE•Utilities•Utilities - Regulated Electric
PG&E Corporation, through its subsidiary, Pacific Gas and Electric Company, engages in the sale and delivery of electricity and natural gas to customers in northern and central California, the United States. It generates electricity using nuclear, hydroelectric, fossil fuel-fired, fuel cells, and photovoltaic sources. The company owns and operates interconnected transmission lines; electric transmission substations, distribution lines, switching and distribution substations; and natural gas transmission, storage, and distribution systems consisting of distribution pipelines, backbone and local transmission pipelines, and various storage facilities. It serves residential, commercial, industrial, and agricultural customers, as well as natural gas-fired electric generation facilities. The company was incorporated in 1995 and is based in Oakland, California.
Pacific Gas & Electric Co. (PCG) reported trailing twelve months revenue of $25.83B as of March 2026, a 5.3% increase year-over-year. Quarterly revenue reached $6.88B, reflecting continued top-line momentum.
Pacific Gas & Electric Co. generated $2.95B in TTM net income, with quarterly EBITDA of $1.47B. The operating margin expanded from 20.4% to 21.4%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (21.4%) and net margin (12.9%) indicates moderate non-operating costs. Net margin has improved from 10.6% a year ago, signaling stronger bottom-line efficiency.
PCG trades at a P/E of 13.0x (below the broader market average) and a P/S of 1.5x. The price-to-book ratio of 1.2x reflects a moderate premium to book value.
The company reported negative free cash flow of $-926.00M, indicating cash consumption over the period. The balance sheet shows $141.95B in total assets with $60.15B in long-term debt against $33.25B in stockholders equity for a debt-to-equity ratio of 1.8. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~18.7%, suggesting durable pricing power and cost discipline.
ROE is positive at ~8.7% on average, adequate but below the threshold typically associated with wide moats.
Only 2 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue shows resilience with 5 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~19.3% — no sign of cost or pricing stress.
Free cash flow has been negative in 6 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 1.8 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
The last 4 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Shares outstanding rose 2.9% — mild dilution. Compare to earnings growth to assess net per-share impact.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation