XStocksXray

Research report · 16 October 2026

PG&E Corp (PCG)

Utilities · Multi-Utilities · US stock · price as of 16 Oct 2026

Key indicators

Price	$13.09
52-week range	$11.72 – $18.97
Market cap	$29.9B
P/E (trailing)	64.0×
EV / EBITDA	18.0×
Free-cash-flow yield	−14.3%
Dividend yield	1.5%
Revenue (last 12 months)	$25.8B
Revenue growth (3y a year)	4.8%
Operating margin	20.0%
Return on invested capital	4.8%
Net debt / EBITDA	12.2×

Fair value

Blended fair value$1.60 range $2 – $2

Versus priceData under review+0% to fair value

Peer multiples	$1.30
Fundamentals-adjusted multiple	$1.91
10-year DCF (market-scaled)	n/m
Earnings power value (floor, not blended)	n/m
Model uncertainty	High

X-Ray Score

32/ 100 · Medium confidence · ahead of 6% of sector peers

Valuation27

Growth47

Profitability40

Financial health21

Dividends10

Five-year price chart navy: price · brown: 200-day average · blue band: fair value range

Executive summary

As the holding company for Pacific Gas and Electric Company, PG&E sits above a regulated utility that delivers electricity and natural gas across northern and central California. It owns power lines, substations, gas pipelines and storage facilities, along with some generation. Customers are households, businesses and public agencies. Rates and spending plans are set by the California Public Utilities Commission, and the company is organised around its electric and gas utility operations.

PG&E earns its revenue mainly from regulated customer rates that cover its operating costs and an allowed return on its investment in the network. Revenue was $25.8 billion over the last twelve months and has grown at 4.8% a year across the last three years. The operating margin is 20.0%, the business earns 5% on the capital invested in it, and net debt is 12.2 times EBITDA. The dividend yield is 1.5%.

StocksXray gives PG&E Corp an X-Ray Score of 32 out of 100 (medium confidence), ahead of 6% of the S&P 500 stocks in its sector. Its strongest lens is growth (47) and its weakest is dividends (10).

Our fair value blend is $1.60 (range $1.60 to $1.60). At $13.09 the stock trades 716% above that blend, so the label is "Data under review" with high model uncertainty. Fair value is a range, not a price target.

XStocksXray

PG&E Corp (PCG)

Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months

	FY2021	FY2022	FY2023	FY2024	FY2025	Now
Price	$11.88	$15.92	$17.66	$19.82	$15.91	$13.09
Market cap	$23.6B	$33.9B	$37.8B	$42.6B	$35.0B	$29.9B
P/E	–	19.0×	16.8×	17.2×	13.5×	64.0×
EV / revenue	3.3×	3.9×	3.8×	4.1×	3.8×	3.6×
EV / EBITDA	36.3×	46.6×	35.1×	22.2×	20.1×	18.1×
Price / free cash flow	–	–	–	–	–	–
Free-cash-flow yield	−23.0%	−17.3%	−13.2%	−5.5%	−8.8%	−14.3%
Price / book	1.1×	1.5×	1.5×	1.4×	1.1×	0.9×
Dividend yield	–	–	–	–	–	1.53%

Fundamentals checklist ● 4 Good · ● 1 Average · ● 9 Bad · each check graded against the sector

Cash quality

Earnings backed by cash−5.3%Good

Free-cash-flow yield−14.3%Bad

Risk models

Altman Z score0.7×Bad

Piotroski F-Score4 of 9Bad

Growth

EPS growth (3y)12.0%Average

Revenue growth (3y)4.8%Good

Growth consistency70%Bad

Balance sheet

Current ratio1.2×Good

Net debt / EBITDA12.2×Bad

Interest cover1.7×Bad

Valuation

Fair value vs price0.1×Bad

EBIT / EV yield5.5%Good

Profitability

Return on invested capital4.8%Bad

Operating margin20.0%Bad

XStocksXray

PG&E Corp (PCG)

Financials US$ millions, from SEC filings; last column is the last twelve months

Income statement	FY21	FY22	FY23	FY24	FY25	LTM
Revenue	20,642	21,680	24,428	24,419	24,935	25,837
Gross profit	–	–	–	–	–	–
Operating income	1,883	1,837	2,671	4,459	4,749	5,166
Net income	0	0	0	0	0	463
Diluted EPS ($)	-0.05	0.84	1.05	1.15	1.18	0.20
Free cash flow	-5,427	-5,863	-4,967	-2,334	-3,071	-4,263
Gross margin	–	–	–	–	–	–
Operating margin	9.1%	8.5%	10.9%	18.3%	19.0%	20.0%
Net margin	−0.0%	0.0%	0.0%	0.0%	0.0%	1.8%
Balance sheet	FY21	FY22	FY23	FY24	FY25	LTM
Total assets	103,327	118,644	125,698	133,660	141,611	145,076
Cash	291	734	635	940	713	972
Total debt	44,890	52,065	56,322	57,238	60,883	64,218
Equity	20,971	22,823	25,040	30,149	32,540	33,901
Dividend per share ($)	–	–	–	–	–	–

Revenue and net income US$ billions: navy revenue, teal net income

Margins blue gross, teal operating, brown net

Latest quarters

	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue ($M)	5,983	5,898	6,250	6,804	6,881	5,902
Growth vs a year earlier	+2.1%	−1.5%	+5.2%	+2.6%	+15.0%	+0.1%
Net income ($M)	634	549	850	-2,033	885	761
Diluted EPS ($)	0.28	0.24	0.37	–	0.39	0.33

XStocksXray

PG&E Corp (PCG)

Peers in Multi-Utilities

Company	X-Ray
PCG · PG&E Corp	32
ED · Consolidated Edison Inc	69
AEE · Ameren Corp	58
NI · Nisource Inc.	55
DTB · Dte Energy Co	55

Market Compass outlook for Utilities: Unfavourable (31/100). It blends regime history, macro sensitivity, momentum and valuation.

Returns

1 week	−0.3%
1 month	−1.8%
3 months	−24.6%
6 months	−23.6%
1 year	−20.5%
3 years	−16.6%
5 years	+24.9%

Technical summary

DailyNeutral5 bullish · 4 neutral · 7 bearish

WeeklyStrongly bearish0 bullish · 1 neutral · 11 bearish

MonthlyStrongly bearish0 bullish · 1 neutral · 7 bearish

50-day / 200-day average	$14.51 / $16.28
52-week low / high	$11.72 / $18.97
Classic pivot, support and resistance	S2 12.76 · S1 12.92 · P – · R1 13.25 · R2 13.42

Recent dividends

Ex-dividend date	Amount per share
30 Sep 2026	$0.0500
30 Jun 2026	$0.0500
31 Mar 2026	$0.0500
31 Dec 2025	$0.0500
30 Sep 2025	$0.0250
30 Jun 2025	$0.0250

XStocksXray

PG&E Corp (PCG)

Strengths

Revenue growth of 4.8% a year over three years is ahead of 82% of its sector peers.

Risks and weak spots

Free-cash-flow yield is weak against Utilities peers (−14.3%).
Altman Z score is weak against Utilities peers (0.7×).
Piotroski F-Score is weak against Utilities peers (4 of 9).
Growth consistency is weak against Utilities peers (70%).
Net debt / EBITDA is weak against Utilities peers (12.2×).
Interest cover is weak against Utilities peers (1.7×).
Fair value vs price is weak against Utilities peers (0.1×).
Return on invested capital is weak against Utilities peers (4.8%).

Latest SEC filings

Date	Form	Items
31 Aug 2026	8-K	7.01
4 Aug 2026	8-K	8.01,9.01
23 Jul 2026	10-Q
23 Jul 2026	8-K	2.02,7.01,9.01
23 Jun 2026	8-K	1.01,8.01,9.01
3 Jun 2026	8-K	8.01,9.01
26 May 2026	8-K	5.07
23 Apr 2026	10-Q

How to read this report

Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.