PG&E Corp.
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+ FollowMarket Cap$29.18B
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Earnings Call Q3 2026
October 22, 2026 - AI Summary
Core earnings + guidance reaffirmed (good)
- Q3 2026 core EPS: $0.41; core EPS YTD (1st 9 months): $1.24 vs $1.14 LY (+~9%).
- Reaffirmed 2026 core EPS guidance: $1.64–$1.66 (about +10% vs 2025 at the midpoint).
- Reaffirmed 2027 core EPS guidance: $1.78–$1.82 (about +9% at the midpoint).
- No guidance beyond 2027 because of an ongoing strategic review.
Strategic review: goal is investment-grade + capital structure options (opportunity, with execution/regulatory risk)
- PG&E is assessing “how PG&E is organized and financed” with a foundational objective: achieve/maintain investment-grade ratings to reduce financing costs.
- Evaluating pathways such as capital allocation changes, regulatory reforms, and revisiting corporate structure (examples mentioned: ring fencing, sales/separations), aiming to reduce the discount from wildfire risk that burdens parts of the business with little/no exposure.
- Timeline: more definitive outcome “no later than next summer” (with ongoing updates through earnings calls).
- Key risk: some solutions depend heavily on regulator/legislature approval and could face long lead times.
Wildfire policy reform remains the “fastest” solution, but legislation not yet enacted (bad + key risk factor)
- Management emphasized comprehensive wildfire reform has not yet been enacted; tail risk under current framework remains.
- The framework has evolved (SB 901 → AB 1.05 → SB 254), including self-insurance up to $1B, liquidity from wildfire fund/continuation account, revised prudency, presumption of prudency for certified utilities, and limits on reimbursements if imprudent.
- Despite progress, leadership said major work remains and cited ongoing pressure from Governor Newsom, CPUC, wildfire fund administrator, and rating agencies.
- Near-term “signal”: CPUC report due Nov 1 (requested by the Governor) expected to document the unsustainable customer impact of the status quo.
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$-3.81
128.8% downside
Current Fair Value
128.8% downsideOvervalued by 128.8% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $29.18 Billion |
|---|---|
| Enterprise Value | $93.75 Billion |
| Annual dividend | $0.17 |
| Dividend yield | 1.54% |
| Earnings per Share | $1.18 |
| Beta | 0.28 |
| Outstanding Shares | 2,202,000,000 |
Return
| Return on Equity | 8.90% |
|---|---|
| Return on Assets | 2.09% |
| Return on Invested Capital | -0.30% |
Valuation & Multiples
| P/E Ratio | 9.61 |
|---|---|
| PEG | -110.36 |
| Price to Sales | - |
| Price to Book Ratio | 0.88 |
| Enterprise Value to Revenue | 111.61 |
| Enterprise Value to EBIT | -237.95 |
| Enterprise Value to Net Income | 30 |
| Total Debt to Enterprise | 0.7 |
| Debt to Equity | 1.89 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 22, 2026
EPS
$0.41
Est. $0.41Revenue
$6.19 B
Est. $6.82 BNext Earnings Call
Expected Date
February 11, 2027
EPS Estimate
$0.40
Consensus analyst estimateRevenue Estimate
$6.90 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 1.26, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 1.2588▲ 112.03% |
|---|---|
| Total Calls | 4,475,650▼ 95.72% |
| Total Puts | 5,633,800▼ 61.08% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 12.01%▼ 86.60% |
|---|---|
| Total Invested | $3.30B▼ 90.89% |
| Investors Holding | 396▼ 613.00% |
About PG&E Corp.
23,000 employees
CEO: Bill Smith
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is one of the largest combined natural gas and electric energy companies in the United States. Based in San Francisco, with more than 23,000 employees, the co...