Latest Ratios: P/E Ratio 14.3x · EV/EBITDA 9.9x · ROE 8.6%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $37.0B | $35.4B | $43.3B | $38.5B | $34.7B | $24.1B | $15.7B | $5.7B | $12.3B | $23.0B | $30.4B |
| Enterprise Value | $97.7B | $96.0B | $100.7B | $95.6B | $87.5B | $70.0B | $57.8B | $8.0B | $32.6B | $41.7B | $48.7B |
| P/E Ratio → | 14.25 | 13.62 | 17.55 | 17.17 | 19.36 | — | — | — | — | 13.97 | 21.86 |
| P/S Ratio | 1.49 | 1.42 | 1.77 | 1.58 | 1.60 | 1.17 | 0.85 | 0.34 | 0.73 | 1.34 | 1.72 |
| P/B Ratio | 1.13 | 1.08 | 1.43 | 1.52 | 1.50 | 1.14 | 0.74 | 1.07 | 0.95 | 1.18 | 1.67 |
| P/FCF | — | — | — | — | — | — | — | — | — | 68.45 | — |
| P/OCF | 4.25 | 4.06 | 5.39 | 8.12 | 9.32 | 10.65 | — | 1.19 | 2.58 | 3.85 | 6.91 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.85 | 4.13 | 3.92 | 4.03 | 3.39 | 3.13 | 0.46 | 1.95 | 2.43 | 2.76 |
| EV / EBITDA | 9.89 | 9.73 | 11.15 | 11.51 | 12.47 | 11.55 | 9.82 | 1.68 | 6.09 | 7.14 | 8.62 |
| EV / EBIT | 20.00 | 19.66 | 18.78 | 26.95 | 36.55 | 29.79 | 181.71 | — | — | 13.62 | 21.26 |
| EV / FCF | — | — | — | — | — | — | — | — | — | 124.04 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 19.6% | 19.6% | 37.5% | 16.4% | 12.4% | 10.4% | 10.9% | 8.7% | 13.8% | 17.4% | 16.4% |
| Operating Margin | 19.6% | 19.6% | 18.3% | 16.4% | 12.4% | 10.4% | 10.9% | 8.7% | 13.8% | 17.4% | 16.4% |
| Net Profit Margin | 10.8% | 10.8% | 10.3% | 9.2% | 8.4% | -0.4% | -7.1% | -44.6% | -40.8% | 9.7% | 8.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.6% | 8.6% | 9.0% | 9.3% | 8.2% | -0.4% | -9.8% | -83.6% | -42.2% | 8.8% | 8.0% |
| ROA | 2.0% | 2.0% | 1.9% | 1.8% | 1.6% | -0.1% | -1.4% | -9.4% | -9.4% | 2.4% | 2.1% |
| ROIC | 4.0% | 4.0% | 3.9% | 3.8% | 2.8% | 2.5% | 4.2% | 5.5% | 4.9% | 6.0% | 6.2% |
| ROCE | 4.0% | 4.0% | 4.0% | 3.8% | 2.8% | 2.5% | 2.5% | 2.6% | 4.8% | 4.9% | 4.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.87 | 1.87 | 1.92 | 2.28 | 2.32 | 2.18 | 2.00 | 0.70 | 1.70 | 0.98 | 1.01 |
| Debt / EBITDA | 6.21 | 6.21 | 6.46 | 6.95 | 7.63 | 7.62 | 7.24 | 0.80 | 4.11 | 3.28 | 3.26 |
| Net Debt / Equity | — | 1.85 | 1.89 | 2.26 | 2.29 | 2.16 | 1.98 | 0.41 | 1.58 | 0.96 | 1.00 |
| Net Debt / EBITDA | 6.14 | 6.14 | 6.36 | 6.87 | 7.53 | 7.57 | 7.15 | 0.47 | 3.80 | 3.20 | 3.23 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | 55.60 | — |
| Interest Coverage | 1.61 | 1.61 | 1.76 | 1.25 | 1.25 | 1.47 | 0.25 | -10.82 | -9.90 | 3.44 | 2.76 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.97 | 0.97 | 1.05 | 0.83 | 0.81 | 0.64 | 0.71 | 1.33 | 0.22 | 0.88 | 0.81 |
| Quick Ratio | 0.92 | 0.92 | 1.00 | 0.78 | 0.76 | 0.60 | 0.66 | 1.25 | 0.21 | 0.81 | 0.75 |
| Cash Ratio | 0.04 | 0.04 | 0.06 | 0.04 | 0.05 | 0.02 | 0.04 | 0.21 | 0.04 | 0.06 | 0.02 |
| Asset Turnover | — | 0.18 | 0.18 | 0.19 | 0.18 | 0.20 | 0.19 | 0.20 | 0.22 | 0.25 | 0.26 |
| Inventory Turnover | 24.45 | 24.45 | 18.61 | 23.48 | 22.56 | 31.04 | 26.21 | 24.17 | 26.07 | 29.42 | 31.91 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.6% | 0.6% | 0.2% | — | — | — | — | — | — | 4.4% | 3.0% |
| Payout Ratio | 8.1% | 8.1% | 3.4% | — | — | — | — | — | — | 61.5% | 65.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.0% | 7.3% | 5.7% | 5.8% | 5.2% | — | — | — | — | 7.2% | 4.6% |
| FCF Yield | — | — | — | — | — | — | — | — | — | 1.5% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.6% | 0.6% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 4.4% | 3.0% |
| Shares Outstanding | — | $2.2B | $2.1B | $2.1B | $2.1B | $2.0B | $1.3B | $528M | $517M | $513M | $501M |
Regulatory and wildfire liability
According to current market data, PCG trades at a forward P/E of 10.55, a significant discount to national utility peers, which suggests that investors continue to apply a substantial risk premium due to the company's unique exposure to California's wildfire liability framework and regulatory uncertainty.
The valuation gap relative to peers like Duke Energy or Southern Company indicates that the market remains skeptical of the company's ability to consistently earn its authorized return. Investors should monitor whether this discount narrows as the company demonstrates sustained execution on its grid-hardening initiatives.
Based on the reported figures, PCG's earned ROE has consistently hovered in the low single digits, such as the 2.7% recorded in 2026Q1, which remains well below the typical authorized levels for California utilities, indicating significant regulatory lag and the impact of non-recurring safety-related charges.
This persistent shortfall suggests that the company is struggling to translate its massive rate base growth into bottom-line profitability. The gap between allowed and earned returns warrants further investigation into whether current regulatory mechanisms are sufficient to cover the escalating costs of wildfire mitigation.
As reported in financial statements, the debt-to-capital ratio has remained elevated, often exceeding 0.65, which, when combined with an interest coverage ratio that frequently dips below 2.0x, suggests a highly constrained balance sheet that leaves little room for operational or legal shocks.
The reported debt-to-equity ratio of 1.87% appears inconsistent with the company's capital-intensive nature and high debt load, suggesting that standard metrics may be obscuring significant regulatory debt or off-balance-sheet obligations. This opacity complicates the assessment of the company's true credit quality and long-term solvency.
According to quarterly cash flow data, while the dividend payout ratio appears low at 12.4% in 2026Q1, the company's consistent free cash flow deficit suggests that dividends are effectively being funded through external debt issuance rather than organic cash generation from core utility operations.
Investors should view the current dividend yield of 0.6% with caution, as the primary focus of capital allocation remains the massive, state-mandated grid-hardening program. The reliance on external financing to cover both CAPEX and shareholder distributions may indicate a fragile long-term dividend policy.
The most commonly misapplied ratio for PCG is the standard P/E multiple, which fails to account for the distortive impact of regulatory accounting and non-cash wildfire settlement charges that frequently depress GAAP earnings and inflate the perceived valuation of the company's equity.
Using a standard P/E ratio obscures the underlying earnings power of the regulated rate base, which is the true driver of value for a utility. Analysts should instead focus on Price-to-Rate-Base or adjusted earnings metrics that normalize for the unique accounting treatments inherent in the California regulatory environment.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying PCG stock.
PG&E Corporation's current P/E ratio is 14.3x. The historical average is 16.2x. This places it at the 30th percentile of its historical range.
PG&E Corporation's current EV/EBITDA is 9.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.2x.
PG&E Corporation's return on equity (ROE) is 8.6%. The historical average is 2.4%.
Based on historical data, PG&E Corporation is trading at a P/E of 14.3x. This is at the 30th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
PG&E Corporation's current dividend yield is 0.59% with a payout ratio of 8.1%.
PG&E Corporation has 19.6% gross margin and 19.6% operating margin. Operating margin between 10-20% is typical for established companies.
PG&E Corporation's Debt/EBITDA ratio is 6.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.