PG&E Corporation

PCG

Regulated Electric · Utilities

Price

$17.32

-0.21 (-1.20%)

Market Cap

$38.14B

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

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)

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.

Winston Score History

Politician Trades

4 trades / 12mo

1 Congressional buy and 3 sells on PCG in the last 12 months.

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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

+15.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+39.3% 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

0.3%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~5 months

$1.5B 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.

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

Quality

Gross Margin

85.0%

Premium pricing power — 85.0% gross margin

Operating Margin

21.4%

Excellent — 21.4% operating margin

ROCE

1.5%

Weak — 1.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+5.3%

Slow sales growth (5.3% YoY)

EPS YoY

+18.3%

Earnings growing fast (18.3% YoY)

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

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

281%

Turns 281% of profit into real cash

FCF Margin

-16.3%

Burning cash (-16.3%)

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

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Stability

Debt / Equity

1.88

Elevated debt (1.88)

Interest Cover

1.61x

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

P/E Ratio (TTM)

13.4x

Attractive valuation — P/E 13.4

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

P/E vs Forward

+4.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (13.4 → 8.6)

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Dividends

Dividend Yield

1.03%

Small dividend — 1.03% yield

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

Dividend Growth

+105.9%

Dividend growing fast (105.9% YoY)

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