NYSE · PCG

PG&E Corporation

Utilities · Regulated Electric

$14.03▼ 1.13% ($0.16)at close

After hours$14.02▼ 0.10%7:58 PM ET

52-week

$12.59$19.16

Market cap

$37.60B

P/E

10.13

Volume

40.29M

Shares outstanding

2.68B

What the market price implies · Reverse DCF

To support a price of $14.03, this model requires revenue to grow by 2.87%/yr over the next 10 years, compounded annually.

Historical revenue grew by 4.84%/yr over the past 4 years. The required annual growth rate is 1.96 percentage points lower.

Selected forecast · Base scenario

1.5%/yr · actual 10-year annualized revenue growth

Year 1 growth: 2.34%

Market-implied · Base operating assumptions + edited margins

2.87%/yr · flat 10-year annualized revenue growth

Reverse DCF solves revenue growth itself using Base operating assumptions and your edited margins. Changing forecast growth alone does not change the implied rate. This is a model-implied requirement, not an analyst forecast.

Valuation

Recommended · Revenue & margin DCF

Price used

$14.03

Estimated value / share

$9.57

Base scenario

This estimate is 31.78% below the price used.

USD · TTM ending 2026-06-30

The discount rate uses the model's minimum bound. Limited beta or capital-structure data may affect this estimate.

Year 1 growth 2.34% · Ending margin 20.4% · Discount rate 5.45%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 10, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 11, 2026, 1:08 AM UTC · provider

Why this method?

There is not a stable run of positive FCFF to anchor a direct cash-flow CAGR, so the model should start from revenue and margin assumptions instead.

Is FCFF positive and has it been for 3+ consecutive years? Latest FCFF is not positive.

Price vs Fundamentals

Why The Stock Is Moving

Mixed / unclearLow confidence

1Y Price: -8.06%Revenue (TTM): 5.66%FCF (TTM): -96.91%P/E: 0th pct

What changed

The stock fell 8.06% over the last year. Revenue grew 5.66% over the trailing twelve months. Operating margin moved from 18.59% to 19.99%. Free cash flow declined 96.91% over the trailing twelve months.

What the market seems to be pricing

The stock has moved lower against modestly improving underlying metrics. The operating data does not yet tell a clear story — the move may reflect sentiment, sector rotation, or macro factors rather than company-specific earnings power.

What would invalidate this read

Operating margin currently stands at 19.99%. A decisive move in revenue — currently up 5.66% — would be the clearest signal to resolve the ambiguity.

Performance

Return analysis

Company profile

PG&E Corporation operates as a holding company, overseeing the generation, transmission, and distribution of electricity and natural gas to its clientele.

CEOPatricia Kessler Poppe

SectorUtilities

IndustryRegulated Electric

Employees29,010

IPO dateJun 1, 1972

https://www.pgecorp.com

Market multiples

Forward P/E—

EV/EBITDA9.19

Enterprise value$95.93B

Stock splits

Jul 18, 1983↑ Forward

Every 1 shares became 2

+100%

Profitability & growth

Revenue growth0.07%

Gross margin56.21%▼17.9ppvs FY2024

Operating margin19.99%▲1.3ppvs FY2024

ROE9.73%▲1.1ppvs FY2025

Analyst consensus

RatingHold

Target price$18.88▲34.57%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Oct 22, 2026

Q4 FY26 · EPS est $0.42 · Revenue est $6.76B

View

Dividends

$0.18/shareQuarterlyAt Risk

PCG pays a dividend with a 1.25% dividend yield, covered -9.7× by free cash flow.

Dividend Yield

1.25%

Annual Div / Share

$0.18

5yr CAGR

-23.71%

Dividend has been cut

Payout Ratio

12.73%

At Risk

Dividend Growth Rate

3yr CAGR

-23.71%

5yr CAGR

-23.71%

10yr CAGR

-21.03%

Dividend Safety

5/10At Risk

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$0.17+105.9%

2025$0.09-84.8%

2024$0.56-72.0%

2017$2.00+7.8%

2016$1.85+1.9%

2015$1.82+0.0%

2014$1.82+0.0%

Income Projection

Invest

Growth rate:

Reinvest dividends

Today

$12/yr

$1/mo

In 5 yrs

$12/yr

$1/mo

In 10 yrs

$12/yr

$1/mo

Today	In 5 yrs	In 10 yrs
$12/yr $1/mo	$12/yr $1/mo	$12/yr $1/mo

Analysis

Dividend Strengths

No strong strength signal stands out from the latest period pair.

Risks to Watch

Dividend exceeds free cash flow

Free cash flow covers only -9.69× the dividend. The company is paying out more than it generates in cash, which is unsustainable without borrowing or asset sales.

Dividend has been reduced

The 5-year dividend CAGR of -23.71% is negative, indicating the payout has been cut over this period.

NYSE · PCG

PG&E Corporation

Utilities · Regulated Electric

$14.03▼ 1.13% ($0.16)at close

After hours$14.02▼ 0.10%7:58 PM ET

52-week

$12.59$19.16

Market cap

$37.60B

P/E

10.13

Volume

40.29M

Shares outstanding

2.68B

What the market price implies · Reverse DCF

To support a price of $14.03, this model requires revenue to grow by 2.87%/yr over the next 10 years, compounded annually.

Historical revenue grew by 4.84%/yr over the past 4 years. The required annual growth rate is 1.96 percentage points lower.

Selected forecast · Base scenario

1.5%/yr · actual 10-year annualized revenue growth

Year 1 growth: 2.34%

Market-implied · Base operating assumptions + edited margins

2.87%/yr · flat 10-year annualized revenue growth

Valuation

Recommended · Revenue & margin DCF

Price used

$14.03

Estimated value / share

$9.57

Base scenario

This estimate is 31.78% below the price used.

USD · TTM ending 2026-06-30

The discount rate uses the model's minimum bound. Limited beta or capital-structure data may affect this estimate.

Year 1 growth 2.34% · Ending margin 20.4% · Discount rate 5.45%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 10, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 11, 2026, 1:08 AM UTC · provider

Why this method?

There is not a stable run of positive FCFF to anchor a direct cash-flow CAGR, so the model should start from revenue and margin assumptions instead.

Is FCFF positive and has it been for 3+ consecutive years? Latest FCFF is not positive.

Price vs Fundamentals

Why The Stock Is Moving

Mixed / unclearLow confidence

1Y Price: -8.06%Revenue (TTM): 5.66%FCF (TTM): -96.91%P/E: 0th pct

What changed

What the market seems to be pricing

What would invalidate this read

Operating margin currently stands at 19.99%. A decisive move in revenue — currently up 5.66% — would be the clearest signal to resolve the ambiguity.

Performance

Return analysis

Company profile

PG&E Corporation operates as a holding company, overseeing the generation, transmission, and distribution of electricity and natural gas to its clientele.

CEOPatricia Kessler Poppe

SectorUtilities

IndustryRegulated Electric

Employees29,010

IPO dateJun 1, 1972

https://www.pgecorp.com

Market multiples

Forward P/E—

EV/EBITDA9.19

Enterprise value$95.93B

Stock splits

Jul 18, 1983↑ Forward

Every 1 shares became 2

+100%

Profitability & growth

Revenue growth0.07%

Gross margin56.21%▼17.9ppvs FY2024

Operating margin19.99%▲1.3ppvs FY2024

ROE9.73%▲1.1ppvs FY2025

Analyst consensus

RatingHold

Target price$18.88▲34.57%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Oct 22, 2026

Q4 FY26 · EPS est $0.42 · Revenue est $6.76B

View

Dividends

$0.18/shareQuarterlyAt Risk

PCG pays a dividend with a 1.25% dividend yield, covered -9.7× by free cash flow.

Dividend Yield

1.25%

Annual Div / Share

$0.18

5yr CAGR

-23.71%

Dividend has been cut

Payout Ratio

12.73%

At Risk

Dividend Growth Rate

3yr CAGR

-23.71%

5yr CAGR

-23.71%

10yr CAGR

-21.03%

Dividend Safety

5/10At Risk

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$0.17+105.9%

2025$0.09-84.8%

2024$0.56-72.0%

2017$2.00+7.8%

2016$1.85+1.9%

2015$1.82+0.0%

2014$1.82+0.0%

Income Projection

Invest

Growth rate:

Reinvest dividends

Today

$12/yr

$1/mo

In 5 yrs

$12/yr

$1/mo

In 10 yrs

$12/yr

$1/mo

Today	In 5 yrs	In 10 yrs
$12/yr $1/mo	$12/yr $1/mo	$12/yr $1/mo

Analysis

Dividend Strengths

No strong strength signal stands out from the latest period pair.

Risks to Watch

Dividend exceeds free cash flow

Free cash flow covers only -9.69× the dividend. The company is paying out more than it generates in cash, which is unsustainable without borrowing or asset sales.

Dividend has been reduced

The 5-year dividend CAGR of -23.71% is negative, indicating the payout has been cut over this period.