회사 개요
PG&E Corporation, operating primarily through its subsidiary Pacific Gas and Electric Company, is engaged in the sale and delivery of electricity and natural gas to residential, commercial, and industrial customers within northern and central California. The company functions within the Utilities sector, specifically the Regulated Electric industry, which implies operations subject to government oversight regarding rates and service obligations. This utility giant employs a workforce of 29,010 individuals and maintains a total market capitalization of $38.73 billion, reflecting its substantial presence in the regional energy landscape. With annual revenue reaching $24.94 billion, these valuation and revenue metrics indicate that the entity is a major infrastructure provider with significant scale, capable of influencing local energy markets while managing extensive generation assets including nuclear, hydroelectric, and fossil fuel-fired facilities.
재무 건전성
The company reported total revenue of $24.94 billion and generated $2.59 billion in net income over the trailing twelve months, while EBITDA stood at $9.98 billion, highlighting a substantial gap between operating earnings and net profit that reveals a heavy cost structure driven by taxes, interest expenses, and operational costs. Free cash flow for the period was recorded at -$3,413,625,088, which indicates a significant cash outflow that constrains financial flexibility and suggests the company is currently investing heavily in capital expenditures or managing liquidity challenges. Gross margin stands at 39.6%, operating margin at 21.3%, and profit margin at 10.4%, where the progression from gross to profit margin demonstrates the cumulative impact of operating expenses and interest costs on the final bottom line. The balance sheet shows a cash position of $713.00 million against total debt of $61.33 billion, resulting in a debt-to-equity ratio of 187.04, which signifies a highly leveraged financial structure rather than a conservative one. The current ratio is 0.97, a figure below 1.0 that indicates the company's current assets are insufficient to cover its current liabilities without relying on external financing or asset liquidation. Return on equity is 8.2% and return on assets is 2.4%, metrics that reveal management is generating relatively modest returns on the substantial equity base and total asset pool employed in the utility business.
밸류에이션 평가
The stock trades with a trailing twelve-month P/E ratio of 14.93 and a forward P/E of 9.77, where the significant difference between these two multiples implies that the market expects earnings to increase substantially in the coming year relative to current performance. The price-to-book ratio is 1.25, suggesting the market values the company at a slight premium over its net asset book value, which is typical for regulated utilities where assets are often undervalued on historical cost bases. Alternative valuation metrics show a price-to-sales ratio of 1.55 and an EV/EBITDA of 10.14, which provide context that the company is trading at a valuation consistent with the broader utilities sector despite its leverage concerns. Over the past year, the stock price has fluctuated between a 52-week low of $12.97 and a 52-week high of $19.16, providing a clear range within which the current trading price must be evaluated against historical volatility. The beta value is 0.34, indicating that the stock price exhibits significantly lower volatility than the broader market, making it a defensive holding that moves less sharply during general market swings.
Growth & Income
Revenue growth year-over-year is 2.6% while earnings growth year-over-year is -3.3%, indicating that earnings are currently declining relative to revenue, which implies that cost pressures or margin compression are outweighing top-line expansion. As a dividend payer, the company offers a dividend yield of 1.1% with a payout ratio of 10.6%, a low payout ratio that suggests the company retains the majority of its earnings, likely due to the need for capital investment rather than an inability to pay dividends. Given the negative free cash flow and high leverage, the sustainability of the dividend payout is dependent on continued regulatory support and debt restructuring rather than organic earnings growth. The overall profile presents a mature utility with modest revenue expansion but negative earnings growth and significant cash outflows, characteristic of an infrastructure-heavy business in a capital-intensive phase.