Start here if you're new
what it is
PG&E delivers electricity and gas to 16 million people across northern and central California through a giant regulated utility.
how it gets paid
Last year Pg&E made $24.9B in revenue. Residential electric was the main engine at $9.96B, or 40% of sales.
why it's growing
Revenue grew 2.1% last year. Quarterly EPS history improved from $1.23 in 2023 to $1.36 in 2024 to $1.50 in 2025.
what just happened
The clean takeaway was stability: quarterly EPS landed at $0.36, exactly in line with estimates.
At a glance
B+ balance sheet — decent shape, but not bulletproof
15/100 earnings predictability — expect surprises
10.8x trailing p/e — the market's not buying it — or you found a deal
1.1% dividend yield — cash in your pocket every quarter
6.0% return on capital — nothing to write home about
xvary composite: 62/100 — average
What they do
PG&E delivers electricity and gas to 16 million people across northern and central California through a giant regulated utility.
You do not casually replace the company that powers your house. PG&E serves 5.5 million electric customers and 4.5 million gas customers across a 16 million population footprint, which makes this a local monopoly with regulators attached. Regulated utility → government-set returns on pipes and wires → so what: your cash flow is steadier than most businesses, even when sentiment is not.
How they make money
$24.9B
annual revenue · their business grew +2.1% last year
Residential electric
$9.96B
Commercial electric
$9.21B
Industrial electric
$2.99B
Agricultural electric
$2.24B
Other electric
$0.50B
The products that matter
regulated electricity and gas delivery
Electricity and Gas Delivery
$24.9B revenue · core business
it's basically the whole company: a legal monopoly serving 16 million people and generating $24.9B in annual revenue.
16M customers served
Key numbers
$55.5B
long-term debt
That equals 61% of capital, which tells you the balance sheet is carrying a lot of weight before equity holders get paid.
10.8x
trailing p/e
You are paying a utility-style multiple for a company with real legal and regulatory baggage, which is why the debate exists.
19.0%
operating margin
Operating margin → money left after running the business → so what: the core utility still throws off decent profit despite the drama.
1.1%
dividend yield
You are not here for income today. You are here for rerating and earnings growth.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 75 / 100
- long-term debt $55.5B (61% of capital)
- return on equity 10% — $0.10 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in PCG 3 years ago → it's now worth $10,420.
The index would have given you $14,770.
source: institutional data · total return
What just happened
beat estimates
The clean takeaway was stability: quarterly EPS landed at $0.36, exactly in line with estimates.
Quarterly EPS history improved from $1.23 in 2023 to $1.36 in 2024 to $1.50 in 2025. EDGAR shows annual revenue of $24.9B, up 2.1% vs. prior year.
$6.2B
revenue
$0.36
eps
19.0%
gross margin
the number that mattered
FY2025 EPS reached $1.50 versus $1.36 in 2024, because this story is still about steady earnings growth surviving ugly headlines.
-
pg&e stock is still feeling the sting of last year’s wildfires in los angeles county.
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despite no culpability on the company’s part, the equity’s price remains down more than 20% since the destructive january, 2024 blazes.
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investors’ sentiment for electric utilities tagged as wildfire risks has been slow to recover.as a company that has had a long history of its own wildfire problems, pg&e tends to get grouped together with its california peer, edison international, whose equipment is being investigated as a potential cause of last year’s eaton fire. the california wildfire fund of 2019 (cwf) vastly diminishes the odds of bankruptcy for the state’s three major investor-owned utilities (pg&e, edison int’l, and sempra), as it acts as a $21 billion self-funded insurance policy.
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the 2024 los angeles county blazes could deplete much of the cwf.
-
hence, in late september, legislation was passed to replenish and fortify the wildfire fund.the three investor-owned utilities have committed to contributing $9 billion in sum and will collect another $9 billion from ratepayers for future blazes.
source: company earnings report, 2026
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What could go wrong
the #1 risk is wildfire liability tied to california transmission and distribution equipment.
high
wildfire liability
This is the risk that defines the stock. PG&E's equipment has been tied to major California fires before, and that history ended in bankruptcy in 2019.
If a future event overwhelms the current backstop, the valuation stops looking like a normal utility multiple and starts looking like distress math.
med
regulatory reset
PCG can spend billions on safety and grid work, but the model only works if regulators let the company recover those costs and earn a fair return.
A tougher stance from Sacramento or the CPUC would pressure earnings growth and make the capital plan harder to finance.
med
debt and funding pressure
The company carries $55.5B of long-term debt, equal to 61% of capital. That is manageable until funding costs rise or the risk premium widens.
You can grow revenue and still disappoint shareholders if more of the cash flow gets diverted to interest and balance-sheet support.
med
safety spend without enough risk reduction
PG&E is spending heavily on wildfire mitigation and grid hardening. Investors need that spending to reduce actual event risk, not just expand the asset base.
If the company gets the capex but keeps the same liability narrative, you pay for the investment and keep the discount.
PCG has $55.5B of long-term debt and a $21B wildfire backstop. If that backstop ever looks inadequate, the equity will not trade like a sleepy utility.
source: institutional data · regulatory filings · risk analysis
Pay attention to
risk
wildfire fund status
The $21B California wildfire fund is the main equity backstop. If investors lose faith in its adequacy, the stock rerates fast.
metric
allowed returns versus actual returns
PCG earns a 10% return on equity today. Watch whether future rate outcomes keep that economics profile intact while safety spending climbs.
calendar
rate case and recovery decisions
This is where the utility story either works or stalls. Regulators decide how much of the wildfire and grid bill customers ultimately fund.
trend
institutional buying versus stock performance
Institutions have been net buyers, yet $10,000 only became $10,420 over three years versus $14,770 for the index. That gap tells you sentiment is still fragile.
Analyst rankings
short-term outlook
top 20%
momentum score 2 — in human-speak, analysts expect better-than-average price performance over the next year.
risk profile
average
stability score 3 — this sits around the middle of the market on day-to-day risk, even if the headline risk feels anything but average.
chart momentum
below average
technical score 4 — the chart looks weaker than the analyst outlook. Welcome to a stock where fundamentals and headlines rarely move in sync.
earnings predictability
15 / 100
Low predictability means the earnings path is bumpier than you expect from a regulated utility. That is why this never quite gets the full defensive-stock treatment.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 454 buyers vs. 333 sellers in 3q2025. total institutional holdings: 2.1B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$13
$30
$16
current price
$22
target midpoint · +36% from current · 3-5yr high: $35 (+115% · 23% ann'l return)
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