Sempra engages in the regulated utilities business in the United States and Mexico. It operates through three segments: Sempra California, Sempra Texas Utilities, and Sempra Infrastructure. It also invests in and operates electric and gas utilities and other energy infrastructure that provides energy services to customers. The Sempra California segment provides natural gas and electric services to Southern California and part of central California. As of December 31, 2025, it offered electric services to approximately 3.6 million population and natural gas services to approximately 3.3 million population that covers 4,100 square miles. This segment owns and operates a natural gas distribution, transmission, and storage system that supplies natural gas. As of December 31, 2025, it served a population of 21.3 million covering an area of 24,000 square miles. The Sempra Texas Utilities segment engages in the regulated electricity transmission and distribution utility business. As of December 31, 2025, transmission system included approximately 18,418 circuit miles of transmission lines; 1,333 transmission and distribution substations; interconnection to 230 third-party generation facilities totaling 63,670 MW; and distribution system included more than 4.1 million points of delivery and consisted of 127,398 circuit miles of overhead and underground lines. The Sempra Infrastructure segment develops, constructs, operates, and invests in energy infrastructure to help enable the access to cleaner energy in markets in the United States, Mexico, and internationally. The company was formerly known as Sempra Energy and changed its name to Sempra in May 2023. Sempra was incorporated in 1996 and is headquartered in San Diego, California.
DBA Sempra (SRE) reported trailing twelve months revenue of $13.45B as of March 2026, a 1.7% increase year-over-year. Quarterly revenue reached $3.43B, reflecting continued top-line momentum.
DBA Sempra generated $1.96B in TTM net income, with quarterly EBITDA of $1.52B. The operating margin expanded from 19.0% to 26.1%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (26.1%) and net margin (30.3%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 24.9% a year ago, signaling stronger bottom-line efficiency.
SRE trades at a P/E of 32.3x (a premium multiple) and a P/S of 4.7x. The price-to-book ratio of 2.0x reflects a moderate premium to book value.
The company reported negative free cash flow of $-652.00M, indicating cash consumption over the period. The balance sheet shows $113.52B in total assets with $30.85B in long-term debt against $32.24B in stockholders equity for a debt-to-equity ratio of 1.0. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~16.2% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~7.9% on average, adequate but below the threshold typically associated with wide moats.
Only 0 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
Operating margins dropped 23.7% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 1.0 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
The last 8 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Shares outstanding rose 3.2% — 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