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PG&E Corp (PCG.PB) stock analysis

PCG.PBNYSEElectric & Other Services CombinedFiscal year ends December 31Also trades as PCG, PCG.PA, PCG.PC, PCG.PD, PCG.PE, PCG.PG, PCG.PH, PCG.PI, PCG.PX
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Oct 22, 2026Score 12/3039% below fair value
$17.36−0.39 (-2.18%)

Close on Nov 2, 2026Market cap $46.53BP/E 12.6Yield –

StockData Score

Prices as of Oct 30, 2026How the score works

Value6Growth3Performance0Health2Dividend1

Mixed12 of 30 checks passed

PG&E passes 12 of the 30 checks behind our score; 10 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation
6/6
Growth
3/6
Past performance
0/6
Financial health
2/6
Dividend
1/6

What stands out

  • Margin of safety over 20%

    The price is 39.4% below fair value, more than the 20% cushion we look for.

  • Trading below fair value

    The share price of $13.18 is below our fair value estimate of $21.76.

  • EPS growing 10%+ a year

    Diluted EPS grew 12.0% a year over the last three fiscal years.

  • P/E below its 5-year median

    PG&E's P/E of 9.6 is below its own 5-year median of 16.2.

What to watch

  • Return on capital under 10%

    Return on invested capital was 5.5%, below the 10% that usually covers the cost of capital.

  • High debt

    Debt is 189% of shareholders' equity, above the 40% we consider low.

  • Revenue growing under 10% a year

    Revenue grew 4.8% a year over the last three fiscal years, short of the 10% we look for.

  • Interest not well covered

    Operating income covers interest expense 1.7 times; we look for at least 5.

Valuation6/6

  • P/E below its 5-year median

    PG&E's P/E of 9.6 is below its own 5-year median of 16.2.

  • P/E below the industry

    PG&E's P/E of 9.6 is below the Combination Electric and Gas, and Other Utility median of 19.2.

  • EV/EBITDA below its 5-year median

    PG&E's EV/EBITDA of 19.1 is below its 5-year median of 31.2.

  • P/B below the industry

    PG&E's price-to-book of 1.04 is below the Combination Electric and Gas, and Other Utility median of 1.70.

  • Trading below fair value

    The share price of $13.18 is below our fair value estimate of $21.76.

  • Margin of safety over 20%

    The price is 39.4% below fair value, more than the 20% cushion we look for.

Growth3/6

  • Revenue growing under 10% a year

    Revenue grew 4.8% a year over the last three fiscal years, short of the 10% we look for.

  • EPS growing 10%+ a year

    Diluted EPS grew 12.0% a year over the last three fiscal years.

  • Earnings acceleration

    Needs positive net income now, a year ago and five years ago.

  • Growing faster than the industry

    Revenue grew 5.7% over the last twelve months; the Combination Electric and Gas, and Other Utility median is 5.4%.

  • Guidance raised

    PG&E raised its full year 2026 non-GAAP core earnings outlook on Feb 12, 2026.

  • Gross margin trend

    This company does not report gross profit.

Past performance0/6

  • Return on equity

    Needs positive equity and five years of results.

  • Return on capital under 10%

    Return on invested capital was 5.5%, below the 10% that usually covers the cost of capital.

  • Return on equity against the industry

    Needs positive equity.

  • Earnings over 5 years

    Needs positive net income five years ago and in the latest year.

  • Net margin against its history

    Needs five years of revenue and net income.

  • Net margin against the industry

    Needs revenue and net income.

Financial health2/6

  • High debt

    Debt is 189% of shareholders' equity, above the 40% we consider low.

  • Debt falling against equity

    Debt to equity fell from 195% five years ago to 189%.

  • Debt not well covered by cash flow

    Operating cash flow over the last twelve months equals 12.7% of total debt; we look for at least 20%.

  • Interest not well covered

    Operating income covers interest expense 1.7 times; we look for at least 5.

  • Short-term assets cover short-term debts

    Current assets are 1.22 times current liabilities.

  • Elevated bankruptcy risk

    The Altman Z-score is 0.52; above 3 is the safe zone and below 1.8 the distress zone.

Dividend1/6

  • Pays a dividend

    PG&E paid dividends worth 1.5% of the share price over the last twelve months.

  • Yield below Treasuries

    The 1.5% yield is below the 4.4% on a 1-year Treasury.

  • Yield below the top quarter

    The top quarter of US dividend payers yield 4.0% or more; PG&E yields 1.5%.

  • Dividend stability

    Fewer than five years of dividend history.

  • Earnings cover

    Needs dividends paid and net income.

  • Cash-flow cover

    Needs dividends paid and free cash flow.

Scores of similar companies

Fair value

How we estimate it

Our estimate per share

$21.76

The share price is 39% below this estimate.

20%+ below
Near fair value
20%+ above
$13.18Price$21.76Fair value
MethodMultiple usedOwn 5Y medianIndustry medianValue per shareWeight
P/E17.7×16.2×19.2×$24.3747%
EV/EBITDA22.5×31.2×13.7×$19.6941%
P/B1.5×1.2×1.7×$18.5612%
Fair value$21.76100%

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

  • P/E at month end
  • Own 5-year median 16.2
  • Combination Electric and Gas, and Other Utility median 19.2

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Low risk

Average value traded per day
$470.21M
Value traded per 1% price move
$285.98M

Downside

High risk

Typical loss in a bad month
27.6%
Volatility (annualized)
35%
Sharpe ratio, 1 year
-0.60
Beta to the S&P 500 (5Y)
0.50

Typical bad-month loss, week by week

25%: high

Margins

Share of revenue, fiscal years 2011 to 2025

Operating margin

19.0%+9.5 pts over 5 years