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PG&E Corporation

PCG
57
Regulated Electric · Utilities
Also trades as: 0QR3.L GBP 0.13 (-1.10%)
Price
$12.63
-0.35 (-2.70%)
Market Cap
$33.85B
Winston Score
57
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 24, 2026 · filings through Sep 30, 2026

§How the score breaks down

Quality
Good
20/30
Growth
Mixed
7/20
Cash Flow
Good
6/10
Stability
Mixed
3/10
Valuation
Strong
8/10
Ownership
Good
10/15
Dividends
Good
3/5

57 of 100 counted points = Winston Score 57.

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Share count rising — dilution

+10.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 1.99B (2021) → 2.20B (2025)

§Winston Score History

The full picture

PG&E Corporation is a large electric and natural gas utility company based in California. It delivers electricity and natural gas to homes, businesses, and farms across Northern and Central California, serving roughly 16 million people. It owns the Pacific Gas and Electric Company subsidiary, which operates the actual power lines, pipelines, and equipment that move energy to customers.

PG&E makes money by charging customers regulated rates for delivering electricity and gas — rates that are set and approved by California state regulators, not by PG&E alone. It operates almost entirely within California, making it one of the largest regulated utilities in the United States by customer count. The company emerged from bankruptcy in 2020 after facing billions in liabilities tied to wildfires caused by its equipment, and ongoing wildfire risk — driven by California's dry climate and aging infrastructure — remains the single biggest threat to its financial stability going forward.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-1.0% YoY

YoY Growth Rate

Revenue declining

Reported EPS Growth

-8.1% YoY

Quarterly reporting periods ended:

30 Sept 2025: $0.37

30 Sept 2026: $0.34

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS decreased year over year

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

18.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~20 months

$5.3B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Revenue declining

PG&E Corporation's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
83.6%
Premium pricing power — 83.6% gross margin
Profit after running costs
Operating Margin
20.2%
Excellent — 20.2% operating margin
Return on the money invested
ROCE
5.2%
Weak — 5.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+4.1%
Slow sales growth (+4.1% YoY)
Profit growth
EPS YoY
+13.4%
Earnings growing (+13.4% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
252%
Turns 252% of profit into real cash
Spare cash per sale
FCF Margin
-19.3%
Burning cash (-19.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
1.89
Elevated debt (1.89)
Covers its interest
Interest Cover
1.65x
Dangerous — barely covers interest (1.6x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
9.4x
Attractive valuation — P/E 9.4

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
+2.8
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
1.63%
Small dividend — 1.63% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+100.0%
Dividend growing fast (100.0% YoY)
Payout Ratio
13%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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