# PG&E Corporation (PCG)

> Source: Nexqual · https://nexqual.com/PCG · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, PG&E Corporation (PCG), nexqual.com/PCG" · informational, not investment advice.

**Price:** USD 12.98 (-1.29% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 13.15 · day 12.68–13.09 · 52w 11.77–19.16 · market cap $39.0B · NYQ

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $25.8B, net income $3.09B (12.0% margin), free cash flow -$4.98B (SEC filings).
- Valuation: P/E 12.6x (avg 15.8x at the last 3 fiscal year-ends), net debt $61.9B.
- 2 of 80 tracked superinvestors hold PCG (13F, Q2 2026): 0 new, 1 added, 0 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 7 Form 4 filings, $4.8M; 1 not under a Rule 10b5-1 plan ($773K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $92K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.39 on a 1–5 scale) (18 analysts), mean target USD 17.5 (range 14–24).
- Total return with dividends: 1Y -19.3% vs S&P 500 +14.9%; 5Y +11.4% vs S&P 500 +80.3%.
- Next earnings: 2026-10-22, EPS estimate USD 0.39, revenue estimate $7.42B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $20.6B | $21.7B | $24.4B | $24.4B | $24.9B | $25.8B |
| Operating income | $1.88B | $1.84B | $2.67B | $4.46B | $4.75B | $5.21B |
| Net income | -$88.0M | $1.81B | $2.26B | $2.51B | $2.70B | $3.09B |
| EPS (diluted) | -$0.05 | $0.84 | $1.05 | $1.15 | $1.18 | — |
| Free cash flow | -$5.43B | -$5.86B | -$4.97B | -$2.33B | -$3.07B | -$4.98B |
| Operating margin | 9.1% | 8.5% | 10.9% | 18.3% | 19.0% | 20.2% |
| Net margin | -0.4% | 8.4% | 9.2% | 10.3% | 10.8% | 12.0% |
| Revenue growth | +11.8% | +5.0% | +12.7% | +0.0% | +2.1% | — |
| Cash + short-term investments | $291M | $734M | $635M | $940M | $713M | — |
| Total debt | $42.7B | $50.0B | $52.4B | $55.7B | $58.2B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/E 12.6x · P/S 1.5x · EV/Sales 3.9x · P/B 1.1x · FCF yield -12.77% · Earnings yield 7.93% · Net debt $61.9B · EV $101B
P/E at fiscal year-ends: Dec 2025 13.1x, Dec 2024 17.2x, Dec 2023 17.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold PCG. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| David Einhorn | Greenlight Capital | 2.85% | $112M | Unchanged |
| First Pacific Advisors |  | 0.25% | $19.7M | Added +0.9% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
6 of 7 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-04 | Fugate William Craig | Director | 6,500 | $89K | 8.1% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-07-22 | Cooper Kerry Whorton | Director | 1,250 | $23K | 1.4% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-07-22 | Santos Marlene |  | 158,250 | $2.8M | 40.7% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-15 | Peterman Carla J | President, EVP Cust&Corp Afrs | 31,786 | $530K | 16.3% | Yes (adopted December 11, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-02 | Cooper Kerry Whorton | Director | 1,250 | $21K | 1.4% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-04-28 | Glickman Jason M | EVP, Strategy and Growth | 47,264 | $773K | 25.7% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-28 | Poppe Patricia K | Chief Executive Officer | 31,250 | $512K | 1.2% | Yes (adopted November 4, 2025) | Too little history (no open-market trades in 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $92K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-30 | Larsen John O | Director | 7,500 | $92K | 12.2 | Too little history (no open-market trades in 2023 or 2024) |

## Analysts
Consensus Buy (mean 2.39 on a 1–5 scale), 18 analysts; mean target USD 17.5 (low 14, high 24).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Morgan Stanley | Target raised | Equal-Weight | $20 → $21 |
| 2026-10-12 | Barclays | Target lowered | Overweight | $18 → $17 |
| 2026-10-12 | JP Morgan | Target lowered | Overweight | $18 → $17 |
| 2026-09-23 | UBS | Downgrade | Buy → Neutral | $19 → $14 |
| 2026-09-18 | Morgan Stanley | Target lowered | Equal-Weight | $22 → $20 |
| 2026-09-04 | B of A Securities | Target raised | Neutral | $13 → $14 |
| 2026-09-03 | Barclays | Target lowered | Overweight | $23 → $18 |
| 2026-09-03 | Mizuho | Target lowered | Neutral | $16 → $14 |
| 2026-09-03 | Truist Securities | Downgrade | Buy → Hold | $21 → $17 |
| 2026-09-02 | JP Morgan | Target lowered | Overweight | $25 → $18 |
| 2026-09-01 | B of A Securities | Downgrade | Buy → Neutral | $24 → $13 |
| 2026-08-31 | Wells Fargo | Downgrade | Overweight → Equal-Weight | $25 → $24 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -19.3% | +11.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -19.4% | +2.2% |
| Volatility (annualized) | 36.2% | 27.4% |
| Max drawdown | -37.1% (Mar 2026→Sep 2026) | -42.1% (Nov 2024→Sep 2026) |

## Peers (Utilities - Regulated Electric)
ED (Consolidated Edison, Inc.) USD 116.26 +3.97% · PEG (Public Service Enterprise Group) USD 72.72 +2.42% · WEC (WEC Energy Group, Inc.) USD 112.15 +3.36% · EXC (Exelon Corporation) USD 44.85 +4.18% · XEL (Xcel Energy Inc.) USD 78.9 +2.76% · ETR (Entergy Corporation) USD 108.19 +1.99%

## More
Full page: https://nexqual.com/PCG · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Electric | $4.66B | 75.3% | -2.0% |
| Natural Gas, US Regulated | $1.53B | 24.7% | +2.2% |
| Total revenue | $6.19B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $0.39 | $0.40 | -1.4% | $7.42B | 11 |
| Next quarter (ends 2027-03-31) | $0.46 | $0.45 | +0.9% | $7.26B | 7 |
| Current fiscal year (ends 2026-12-31) | $1.65 | $1.65 | +0.0% | $25.93B | 18 |
| Next fiscal year (ends 2027-12-31) | $1.80 | $1.81 | -0.2% | $27.11B | 18 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 44.4% | ±5.3% |
| 2026-11-06 | 14 | 41.4% | ±6.8% |
| 2026-11-13 | 21 | 47.5% | ±9.3% |
| 2026-11-20 | 28 | 52.0% | ±11.7% |
| 2026-11-27 | 35 | 50.2% | ±12.6% |
| 2026-12-18 | 56 | 49.6% | ±15.7% |
| 2027-01-15 | 84 | 47.4% | ±18.2% |
| 2027-03-19 | 147 | 46.7% | ±23.6% |