PG&E Corporation (PCG) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+89.9%

$25.16

vs $13.25 price

Levered DCF

$150.72

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.52

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	13.62×	17.4×	16.54×	17.87×	-242.8×	-11.87×	-0.75×	-1.79×
P/B	1.08×	1.43×	1.49×	1.42×	1.15×	0.75×	1.12×	0.97×
P/S	1.42×	1.77×	1.52×	1.49×	1.17×	0.85×	0.34×	0.73×
EV / EBITDA	9.19×	10.13×	12.01×	12.65×	11.16×	13.76×	-1.16×	-5.29×
Gross margin	19.6%	37.5%	16.4%	12.4%	10.4%	10.9%	8.7%	13.8%
Operating margin	19.6%	18.3%	16.4%	12.4%	10.4%	10.9%	8.7%	13.8%
Net margin	10.8%	10.3%	9.2%	8.4%	-0.4%	-7.1%	-44.6%	-40.8%
Current ratio	0.97×	1.05×	0.83×	0.81×	0.64×	0.71×	1.33×	0.22×
Debt / equity	1.88×	1.94×	2.31×	2.35×	2.2×	2.03×	0.74×	1.74×
Interest coverage	1.61×	1.46×	1.4×	1.4×	1.34×	1.59×	1.6×	2.49×
Dividend yield	0.9%	0.2%	0.1%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	11.7%	3.4%	0.9%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.3%	8.3%	9.0%	7.9%	-0.4%	-6.2%	-148.8%	-54.0%
Return on invested capital	3.8%	3.7%	3.5%	2.5%	-0.3%	2.3%	1.3%	2.7%
Return on assets	1.9%	1.9%	1.8%	1.5%	-0.1%	-1.3%	-9.0%	-8.9%
Free cash flow yield	-8.7%	-5.4%	-13.3%	-18.1%	-22.5%	-171.2%	-26.1%	-14.3%
Earnings yield	7.7%	5.8%	6.1%	5.6%	-0.4%	-8.3%	-133.2%	-55.7%
Enterprise value	$95.9B	$100.6B	$94.3B	$85.1B	$70B	$57.8B	$8B	$32.6B
Net debt / EBITDA	5.81×	5.78×	7.27×	7.85×	7.32×	10.03×	-0.32×	-3.3×
Cash conversion cycle (days)	126	144	131	109	103	82	118	101