PPL CorporationPPL
NYSE•Utilities•Utilities - Regulated Electric
PPL Corporation provides electricity and natural gas to approximately 3.6 million customers in the United States. It operates in three segments: Kentucky Regulated, Pennsylvania Regulated, and Rhode Island Regulated. The company engages in the transmission and distribution of electricity in eastern and central Pennsylvania; generation, transmission, distribution, and sale of electricity in Kentucky, Virginia, and Rhode Island; distribution and sale of natural gas in Kentucky and Rhode Island; sale of wholesale electricity in Kentucky; and generation of electricity from power plants in Kentucky. It generates electricity from coal, gas, hydro, and solar sources. The company was formerly known as PP&L Resources, Inc. and changed its name to PPL Corporation in 2000. PPL Corporation was founded in 1920 and is headquartered in Allentown, Pennsylvania.
PPL Corporation (PPL) reported trailing twelve months revenue of $9.41B as of March 2026, a 15.9% increase year-over-year. Quarterly revenue reached $2.79B, reflecting continued top-line momentum.
PPL Corporation generated $1.22B in TTM net income, with quarterly EBITDA of $745.00M. The operating margin expanded from 26.6% to 26.8%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (26.8%) and net margin (16.2%) indicates moderate non-operating costs. Net margin has narrowed from 16.3% a year ago, reflecting increased costs or interest expense.
PPL trades at a P/E of 22.5x (in line with broad market averages) and a P/S of 2.9x. The price-to-book ratio of 1.8x reflects a moderate premium to book value.
The company reported negative free cash flow of $-501.00M, indicating cash consumption over the period. The balance sheet shows $46.30B in total assets with $19.02B in long-term debt against $15.02B in stockholders equity for a debt-to-equity ratio of 1.3. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~21.9%, suggesting durable pricing power and cost discipline.
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Only 2 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (6 of 7 quarters up), with ~24.0% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~23.1% — 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 1.3 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
The last 5 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Shares outstanding rose 2.2% — mild dilution. Compare to earnings growth to assess net per-share impact.