Utilities · Multi-Utilities · US stock · price as of 16 Oct 2026
Key indicators
Price
$83.41
52-week range
$76.21 – $99.49
Market cap
$54.7B
P/E (trailing)
27.9×
EV / EBITDA
15.0×
Free-cash-flow yield
−10.7%
Dividend yield
3.1%
Revenue (last 12 months)
$13.4B
Revenue growth (3y a year)
−1.7%
Operating margin
25.8%
Return on invested capital
3.6%
Net debt / EBITDA
5.9×
Fair value
Blended fair value$63.41 range $51 – $63
Versus priceOvervalued−24% to fair value
Peer multiples
$64.49
Fundamentals-adjusted multiple
$62.33
10-year DCF (market-scaled)
$16.07
Earnings power value (floor, not blended)
$5.76
Model uncertainty
Medium
X-Ray Score
29/ 100 · Medium confidence · ahead of 3% of sector peers
Valuation19
Growth9
Profitability27
Financial health56
Dividends48
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Sempra is an energy infrastructure company. In California it owns San Diego Gas and Electric and Southern California Gas, two regulated utilities that deliver electricity and natural gas to homes and businesses. It also holds a major interest in Oncor, the Texas electricity delivery utility, and has an infrastructure business with liquefied natural gas, pipeline and power assets in North America. Its customers are households, businesses and energy companies.
Sempra earns its revenue largely from regulated utility rates, which allow it to recover costs and earn a return on network investment, with infrastructure contracts adding to the total. Revenue was $13.4 billion over the last twelve months, having changed at -1.7% a year across the last three years. The operating margin is 25.8%, the business earns 4% on the capital invested in it, and net debt is 5.9 times EBITDA. The dividend yield is 3.1%.
StocksXray gives Sempra an X-Ray Score of 29 out of 100 (medium confidence), ahead of 3% of the S&P 500 stocks in its sector. Its strongest lens is financial health (56) and its weakest is growth (9).
Our fair value blend is $63.41 (range $51.36 to $63.41). At $83.41 the stock trades 32% above that blend, so the label is "Overvalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Sempra (SRE)
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
$57.04
$68.62
$68.58
$83.06
$86.33
$83.41
Market cap
$35.7B
$43.4B
$43.4B
$53.0B
$56.4B
$54.7B
P/E
28.4×
20.7×
14.3×
18.8×
31.4×
27.9×
EV / revenue
4.7×
5.0×
4.4×
6.6×
6.7×
6.7×
EV / EBITDA
15.4×
14.2×
10.9×
14.1×
15.5×
15.0×
Price / free cash flow
–
–
–
–
–
–
Free-cash-flow yield
−3.3%
−9.7%
−5.0%
−6.2%
−10.7%
−10.7%
Price / book
1.4×
1.6×
1.5×
1.7×
1.8×
1.7×
Dividend yield
3.86%
3.34%
3.47%
2.99%
2.99%
3.14%
Fundamentals checklist ● 3 Good · ● 2 Average · ● 9 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−2.6%Bad
Free-cash-flow yield−10.7%Bad
Risk models
Altman Z score2.0×Good
Piotroski F-Score5 of 9Bad
Growth
EPS growth (3y)−6.0%Bad
Revenue growth (3y)−1.7%Bad
Growth consistency30%Bad
Balance sheet
Current ratio1.7×Good
Net debt / EBITDA5.9×Average
Interest cover2.3×Average
Valuation
Fair value vs price0.8×Bad
EBIT / EV yield3.8%Bad
Profitability
Return on invested capital3.6%Bad
Operating margin25.8%Good
XStocksXray
Sempra (SRE)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
12,857
14,439
16,720
13,185
13,702
13,449
Gross profit
–
–
–
–
–
–
Operating income
2,031
3,063
4,569
3,762
3,321
3,474
Net income
1,318
2,139
3,075
2,862
1,837
1,957
Diluted EPS ($)
2.01
3.31
4.79
4.42
2.75
2.99
Free cash flow
-1,173
-4,215
-2,179
-3,308
-6,047
-5,845
Gross margin
–
–
–
–
–
–
Operating margin
15.8%
21.2%
27.3%
28.5%
24.2%
25.8%
Net margin
10.3%
14.8%
18.4%
21.7%
13.4%
14.6%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
72,045
78,574
87,181
96,155
110,878
113,518
Cash
559
370
236
1,565
29
794
Total debt
24,645
28,919
31,076
35,848
35,021
36,433
Equity
25,981
27,115
28,675
31,222
31,594
32,239
Dividend per share ($)
2.20
2.29
2.38
2.48
2.58
2.59
Revenue and net income US$ billions: navy revenue, teal net income
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.