YouTube · Q1 2026 · 2026-05-02
PCG · NYSE
PG&E Corp
Utilities - Regulated Electric · United States
USD 13.10-1.0% daily changeQuote 2026-11-11 · USD
- Market cap (USD)
- US$28.85B
- Trailing P/E
- 9.70x
- Forward P/E
- 7.27x
- Quarterly revenue growth
- -1.0%
- Trailing net margin
- 11.6%
- Indicated dividend yield
- 1.5%
Snapshot 2026-11-11 · Latest financial period 2026-09-30 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.
Company background
PG&E Corporation, through its subsidiary, Pacific Gas and Electric Company, engages in the sale and delivery of electricity and natural gas to customers in northern and central California, the United States. It generates electricity using nuclear, hydroelectric, fossil fuel-fired, fuel cells, and photovoltaic sources. The company owns and operates interconnected transmission lines; electric transmission substations, distribution lines, switching and distribution substations; and natural gas transmission, storage, and distribution systems consisting of distribution pipelines, backbone and local transmission pipelines, and various storage facilities. It serves residential, commercial, industrial, and agricultural customers, as well as natural gas-fired electric generation facilities. The company was incorporated in 1995 and is based in Oakland, California.
Company websiteQ3 2026
Go beyond the headline.
PCG Stock: Guidance Stands. Can the Funding Follow? | Q3 2026
Published 2026-10-24
Short takes Q3 2026
PCG Stock: Can the Funding Follow? | Q3 2026 #Shorts
Watch Short on YouTube
Q3 2026 REPORT HIGHLIGHTS
What’s changed for PCG
HOLD, 3/5 conviction. PG&E reaffirmed core EPS guidance, but the parent cash-investment gap and wildfire framework keep funding at the center of our $14 valuation.
Core EPS fell while guidance held.
Q3 core EPS was $0.41 versus $0.50; 2026 and 2027 ranges remain unchanged.
The parent funding gap widened.
Nine-month operating cash of $5.840B minus cash capex of $9.621B leaves a computed $3.781B deficit.
The capital plan is smaller.
The 2027 plan fell from $13.4B to $11.4B; the old 2028–2030 forecast was withdrawn.
Wildfire protection stays conditional.
Eligibility, prudency and fund capacity matter; the strategic review is not a completed financing solution.
Our value stays below the saved Street consensus.
The $14 analyst anchor and $13.40 weighted case compare with a $12.63 close; we require more funding visibility.
Comparable businesses
PCG peer comparison
Same business group first, then company size. Preferred market cap: 0.5–2x; extended range: one-third–3x. Outside that range, industry benchmarks are labeled separately and excluded from peer medians.
| Metric | PCGPG&E CorporationSnapshot 2026-11-11Financial period: 2026-09-30 | DTEDTE Energy CompanySnapshot 2026-11-11Financial period: 2026-09-30 | FEFirstEnergy Corp.Snapshot 2026-11-11Financial period: 2026-09-30 | Peer medianSimilar-size peers only |
|---|---|---|---|---|
| Market capMarket value, converted to USD | US$28.85B | US$29.08B | US$26.94B | US$28.01Bn=2 |
| Forward P/EProvider forward earnings estimate | 7.27x | 17.11x | 15.80x | 16.45xn=2 |
| EV / EBITDAEnterprise value / trailing EBITDA | 8.95x | 16.06x | 11.38x | 13.72xn=2 |
| Revenue growthLatest quarter vs prior-year quarter | -1.0% | 5.7% | 9.9% | 7.8%n=2 |
| Operating marginLatest reported quarter | 22.9% | 13.8% | 21.1% | 17.4%n=2 |
| Free cash flow yieldTrailing cash flow / market cap | -22.5% | -9.3% | -9.5% | -9.4%n=2 |
| Net debt / EBITDANet debt / trailing EBITDA | 6.05x | 8.00x | 5.85x | 6.92xn=2 |
| Debt / equityTotal debt / positive book equity | 1.88x | 2.27x | 2.07x | 2.17xn=2 |
| Trailing P/ETrailing twelve-month earnings | 9.70x | 21.29x | 22.48x | 21.89xn=2 |
| Price / bookPrice / positive book equity per share | 0.87x | 2.30x | 2.08x | 2.19xn=2 |
| EV / salesEnterprise value / trailing revenue | 3.71x | 3.46x | 3.64x | 3.55xn=2 |
| Earnings growthLatest quarter vs prior-year quarter | -8.9% | 11.9% | 26.3% | 19.1%n=2 |
| Gross marginTrailing twelve months | 40.6% | 28.9% | 69.6% | 49.3%n=2 |
| Net marginTrailing twelve months | 11.6% | 8.2% | 7.5% | 7.8%n=2 |
| Return on equityProvider trailing return; positive equity only | 8.9% | 11.0% | 10.0% | 10.5%n=2 |
| Free cash flow marginTrailing free cash flow / revenue | -25.2% | -16.2% | -15.9% | -16.0%n=2 |
| Dividend yieldIndicated annual dividend / price | 1.5% | 3.3% | 4.0% | 3.7%n=2 |
| Earnings payoutProvider trailing dividend payout | 14.8% | 71.0% | 87.9% | 79.5%n=2 |
| Current ratioCurrent assets / current liabilities | 1.03x | 0.62x | 0.38x | 0.50xn=2 |
| BetaProvider historical market sensitivity | 0.18 | 0.35 | 0.37 | 0.36n=2 |
YouTube · Q1 2026 · 2026-05-02
YouTube · Q1 2026 · 2026-05-02
Comparison methodology & limitations
Reviewed operating groups override broad sector classifications. Other companies are matched only within a sufficiently specific provider industry. Business mix, geography and accounting standards can still differ. Market caps are converted to USD using exchange rates captured during the snapshot refresh. Financial ratios that would mix currencies are omitted. Snapshots must be at most 14 days old and no more than seven days apart for automatic selection.
Peer medians require at least two valid similar-size peers for each metric. Negative earnings, nonpositive equity, missing data and irrelevant bank ratios are not presented as attractive valuations. A higher or lower number is not automatically a better investment. Financial statement periods are not calendar-aligned across companies.
Reported performance
Financial trends
Periods are grouped by their ending calendar year or quarter, not identical fiscal calendars. Exact period-end dates appear in tooltips and reported figures. When reporting currencies differ and a recent captured FX rate is available, money and EPS are normalized to USD for comparison. This is not a historical FX restatement. Gaps are not estimated.
Financial statements load separately from the research page.
Source: . Window ends at the latest available reporting period.
Revenue
Reported figures
Financial data & calculation notes
Standalone charts use the stated reporting currency. When a chart comparison spans currencies, money and EPS can be normalized to USD using a recent captured FX snapshot; this is for comparison only, not a historical FX restatement. Stock-based compensation is noncash. Free cash flow is operating cash flow less capital spending, which may include capitalized software. Missing metrics are not estimated or assumed to be zero. Banking and insurance ratios require industry-specific interpretation. Latest restatements may differ from figures in older episodes.
Market context
Valuation & price history
Adjusted closing price
Price history loads separately.
Price figures
Earnings-multiple scenario
Illustrative price = your earnings-per-share assumption × your P/E assumption. This is not a price target or a complete valuation model.
Starting assumptions, when available, use provider forward estimates as of 2026-11-11. Negative earnings require a different valuation method. This calculation omits balance-sheet, dilution and execution risks.
THE RESEARCH RECORD
Research history for PCG
Q3 20262026-10-24
FREE RESEARCH PACKET · Q3 2026
PCG: Earnings Hold. Can the Funding Follow?
HOLD, 3/5 conviction. PG&E reaffirmed core EPS guidance, but the parent cash-investment gap and wildfire framework keep funding at the center of our $14 valuation.
Research published October 23, 2026 · Download original report
Read Research PacketPCG Stock: Guidance Stands. Can the Funding Follow? | Q3 2026
Presentation · 2026-10-24 · YouTube
Short takes Q3 2026
PCG Stock: Can the Funding Follow? | Q3 2026 #Shorts
Watch Short on YouTube
Q2 20262026-07-25
PG&E Stock: Trading at HALF the Utility Multiple — Why We Say BUY (PCG Q2 2026)
Presentation · 2026-07-25 · YouTube
Q1 20262026-04-26
PCG Stock: Earnings Deep Dive — Q1 2026 Earnings Analysis
Presentation · 2026-04-26 · YouTube