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Research · S&P 500 · Utilities
PCG · PG&E Corporation
The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.
Value Scorecard · run 2026-10-18
13 value checks: 12 scored 1 to 5 where the data allows, plus moat evidence
28/55
low-moderate value score11 of 12 checks scored11 of the 12 checks that carry a score were scored from the data available. 1 could not be scored (Margin of Safety) and was left out, so the score is out of 55 instead of 60. The label uses the same share of the available points as for a full scorecard. The moat is shown as evidence from the filings, without a score.
Earnings & returns
EPS Trend
5/5Diluted EPS: $0.84 (2022), $1.05 (2023), $1.15 (2024), $1.18 (2025). It rose every year; the framework scores that as 5.
ROE Trend
2/5ROE (net income / common equity): 7.9% (2022), 9.0% (2023), 8.7% (2024), 8.4% (2025). Median 8.5%, lowest 7.9%; the framework scores a median 5-10% as 2.
ROIC
1/5ROIC of 3.8%: operating income of $4.75B divided by $125.31B of capital (total assets $141.61B minus current liabilities $16.30B), fiscal year to Dec 31, 2025, as filed in the 10-K (SEC EDGAR). The framework scores below 5% as 1.
Profit Margins
4/5Net margin of 11.8%; the framework scores 10-20% as 4; gross margin 39.8%, operating margin 24.8%.
Balance sheet & cash
Debt-to-Equity
2/5Debt-to-equity of 1.89; the framework scores 1.5-2.5 as 2 (total debt $64.70B, total cash $972.00M).
Free Cash Flow
1/5Free cash flow (operating cash flow minus capital expenditure): -$5.86B (2022), -$4.97B (2023), -$2.33B (2024), -$3.07B (2025). The latest figure is at or below zero; the framework scores that as 1.
Retained Earnings
1/5Retained earnings, as filed in the 10-Ks (SEC EDGAR): -$7.54B (2022), -$5.32B (2023), -$2.97B (2024), -$650.00M (2025). The latest balance is negative (an accumulated deficit); the framework scores that as 1.
Valuation models
Graham IV
5/5IV = EPS x (8.5 + 2g) x (4.4 / Y) = $1.38 x (8.5 + 2 x 6.0) x (4.4 / 4.5) = $27.66. Current price $13.09; price is 52.7% below the model value.
DCF Value
1/5Free cash flow per share is -$2.79; a two-stage DCF cannot be computed from negative free cash flow.
Margin of Safety
Not scoredNeeds both a Graham value and a DCF value. Graham value $27.66 (price is 52.7% below the model value); DCF value N/A (not comparable).
Price-to-Book
5/5P/B of 0.89; the framework scores below 1.0 as 5.
Business quality
Moat Evidence
Not scoredA moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.
Return on capital, each year
Above 15% in 0 of 10 years (2016-2025); lowest -27.5%, highest 4.8%.
Gross margin, each year
Not reported: the filings don’t state a gross profit or cost of revenue figure, as is common for oil and gas companies, banks and insurers.
Competition, in the company’s own words · 10-K filed Feb 12, 2026
The Utility expects customer electric load to increase in coming years primarily as a result of data center usage, electric vehicle adoption, and building electrification. The Utility’s ability to accurately predict the location and pace of electric load growth is limited, due to factors such as extent of customer demand, the policy environment, and macroeconomics. Load growth can reduce other customers' rates when the incremental revenue for the new load is greater than the incremental cost to serve that load. The degree to which load growth reduces other customers’ rates will depend on the pricing for the new load, which in turn depends on the unit cost of power for the new load, the costs to construct infrastructure to connect new load, the Utility’s cost to serve the new load, and the amount of power used. The Utility is engaged with regulators and other stakeholders on policies, such as cost allocation and rate design frameworks, that support conditions for load growth to improve affordability for customers. The Utility is also impacted by an increasing quantity of distributed generation and energy storage. The levels of self-generation of electricity by customers (primarily solar installations) and customer enrollment in NEM, which allows self-generating customers employing qualifying renewable resources to receive bill credits at the full retail rate, put upward rate pressure on non-NEM customers.
The opening of the company’s “Competition” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.
Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.
Capital Allocation
1/5Capital allocation, 2022-2025: dividends or buybacks paid in 2 of 4 years (fail); $403.00M paid out against -$16.23B of free cash flow (fail: free cash flow was negative); total debt $53.54B to $61.34B, up 14.6%, 6.1x EBITDA (fail: up more than 10% and above 2x EBITDA); shares outstanding 1.99B to 2.20B, up 10.6% (fail: up more than 2%). 0 of 4 tests passed; the framework scores that as 1.
Filings
Company notices to the SEC
Not scoredThree kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.
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These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.
How the Graham and DCF values were calculated
Graham Formula:
IV = EPS x (8.5 + 2g) x (4.4 / Y)
EPS = $1.38, g = 6.0%, Y = 4.5
IV = $27.66
Current price $13.09 vs Graham value $27.66 — price is 52.7% below the model value.
DCF:
FCF/share -$2.793 — a two-stage DCF cannot be computed from negative free cash flow.Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $13.09. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. A check that cannot be scored from the available data is shown as not scored and left out of the composite score. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.
Recent headlines · third-party publishers · not investment advice
In the news
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The 8 newest headlines whose title names the company, shown automatically and never chosen by Valerius. From third-party publishers via Yahoo Finance, linked to the source. Valerius doesn't write or endorse them. Not investment advice.