PG&E Corporation

PCG

Regulated Electric · Utilities

Also trades as: 0QR3.L

Price

$17.60

-0.36 (-2.00%)

Market Cap

$47.17B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Good

Stability

Mixed

Valuation

Strong

Dividends

Good

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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

For growth stock investors

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

Revenue Growth

+0.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+37.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

18.3%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Runway

~1 months

$972M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

PG&E Corporation has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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.

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Quality

Profit per sale

Gross Margin

84.5%

Premium pricing power — 84.5% gross margin

Profit after running costs

Operating Margin

21.4%

Excellent — 21.4% operating margin

Return on the money invested

ROCE

5.3%

Weak — 5.3% 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

+5.7%

Slow sales growth (+5.7% YoY)

Profit growth

EPS YoY

+26.6%

Earnings growing fast (+26.6% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

242%

Turns 242% of profit into real cash

Spare cash per sale

FCF Margin

-18.3%

Burning cash (-18.3%)

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

1.67x

Dangerous — barely covers interest (1.7x)

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)

12.8x

Attractive valuation — P/E 12.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+3.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (12.8 → 8.9)

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Dividends

Dividend

Dividend Yield

1.00%

Small dividend — 1.00% yield

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

Dividend record

Dividend Growth

+105.9%

Dividend growing fast (105.9% YoY)

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