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 23.4x (in line with broad market averages) and a P/S of 3.0x. The price-to-book ratio of 1.9x 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.
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