# PPL Corporation (PPL)

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

**Price:** USD 35.35 (+2.23% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 34.58 · day 34.74–35.36 · 52w 31.56–40.11 · market cap $26.6B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $9.51B, net income $1.27B (13.3% margin), free cash flow -$1.99B (SEC filings).
- Valuation: P/E 21.0x (avg 25.3x at the last 3 fiscal year-ends), EV/EBITDA 12.8x, net debt $19.9B.
- 1 of 80 tracked superinvestors hold PPL (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $441K; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (18 analysts), mean target USD 39.59 (range 35–44).
- Total return with dividends: 1Y -2.3% vs S&P 500 +14.9%; 5Y +44.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.53, revenue estimate $2.43B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $5.84B | $7.90B | $8.31B | $8.46B | $9.17B | $9.51B |
| Operating income | $1.42B | $1.37B | $1.63B | $1.74B | $2.13B | $2.27B |
| Net income | -$1.48B | $756M | $740M | $888M | $1.18B | $1.27B |
| EPS (diluted) | -$1.93 | $1.02 | $1.00 | $1.20 | $1.59 | — |
| Free cash flow | $297M | -$425M | -$632M | -$465M | -$1.40B | -$1.99B |
| Operating margin | 24.4% | 17.4% | 19.6% | 20.6% | 23.2% | 23.8% |
| Net margin | -25.4% | 9.6% | 8.9% | 10.5% | 12.9% | 13.3% |
| Revenue growth | +6.6% | +35.4% | +5.2% | +1.8% | +8.4% | — |
| Cash + short-term investments | $3.57B | $356M | $331M | $306M | $1.07B | — |
| Total debt | $11.1B | $13.2B | $14.6B | $16.5B | $18.9B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 21.0x · P/S 2.8x · EV/EBITDA 12.8x · EV/Sales 4.9x · P/B 1.8x · FCF yield -7.49% · Earnings yield 4.76% · Dividend yield (paid, TTM) 3.07% · Net debt $19.9B · EV $46.5B
P/E at fiscal year-ends: Dec 2025 22.0x, Dec 2024 27.0x, Dec 2023 27.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold PPL. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| John Rogers | Ariel Investments | 0.49% | $49.1M | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
2 of 2 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 |
|---|---|---|---|---|---|---|---|
| 2026-10-15 | Stark Wendy E | EVP & CLO | 5,406 | $190K | 5.2% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-06-12 | Cornett John Gregory | President of a PPL Subsidiary | 7,051 | $251K | 47.6% | Yes | Too little history (no open-market trades in 2023–2025) |
% 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.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 18 analysts; mean target USD 39.59 (low 35, high 44).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | HSBC | Initiated | Buy | $42 |
| 2026-10-21 | Morgan Stanley | Target raised | Overweight | $39 → $40 |
| 2026-10-12 | Barclays | Target lowered | Overweight | $41 → $38 |
| 2026-09-29 | Scotiabank | Initiated | Sector Outperform | $36 |
| 2026-09-28 | Wells Fargo | Target raised | Overweight | $43 → $44 |
| 2026-09-18 | Morgan Stanley | Target lowered | Overweight | $42 → $39 |
| 2026-09-15 | RBC Capital | Initiated | Sector Perform | $35 |
| 2026-08-25 | Jefferies | Target lowered | Buy | $48 → $44 |
| 2026-08-21 | Morgan Stanley | Target lowered | Overweight | $43 → $42 |
| 2026-08-17 | Evercore ISI Group | Target lowered | Outperform | $44 → $42 |
| 2026-08-10 | BMO Capital | Target lowered | Outperform | $40 → $38 |
| 2026-07-22 | BMO Capital | Target raised | Outperform | $39 → $40 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -2.3% | +44.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -2.3% | +7.6% |
| Volatility (annualized) | 18.2% | 19.7% |
| Max drawdown | -18.4% (Apr 2026→Sep 2026) | -21.3% (Jan 2023→Oct 2023) |

## Peers (Utilities - Regulated Electric)
FE (FirstEnergy Corp.) USD 46.49 +2.15% · CNP (CenterPoint Energy, Inc (Holdin) USD 41.2 +2.18% · DTE (DTE Energy Company) USD 133.06 +2.63% · ES (Eversource Energy (D/B/A)) USD 67.84 +3.41% · FTS (Fortis Inc.) USD 57.88 +3.41% · AEE (Ameren Corporation) USD 108.94 +2.31%

## More
Full page: https://nexqual.com/PPL · 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 business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Total Segments | $2.11B | 100.0% | +4.3% |
| Kentucky Regulated | $887.0M | 42.0% | +6.5% |
| Pennsylvania Regulated | $764.0M | 36.2% | +9.1% |
| Rhode Island Regulated | $487.0M | 23.1% | -3.9% |
| Total revenue | $2.11B | 100% | — |
The lines above cover 201.3% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.53 | $0.52 | +2.1% | $2.43B | 12 |
| Next quarter (ends 2026-12-31) | $0.47 | $0.46 | +1.6% | $2.46B | 9 |
| Current fiscal year (ends 2026-12-31) | $1.95 | $1.95 | -0.1% | $9.63B | 17 |
| Next fiscal year (ends 2027-12-31) | $2.12 | $2.12 | -0.0% | $10.21B | 18 |

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

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±4.4%; last 8 reports averaged ±1.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 19.2% | ±4.4% |
| 2026-12-18 | 56 | 18.4% | ±6.0% |
| 2027-01-15 | 84 | 17.8% | ±6.9% |
| 2027-04-16 | 175 | 18.6% | ±10.3% |
| 2027-06-17 | 237 | 18.9% | ±12.1% |