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PG&E Corporation PCG

PG&E Corporation scores weak on business quality (3.5 of 10). Here is why, in plain words, and what our sealed record shows.

Last price$13.13Oct 10, 2026
Business qualityWeak
Next earningsOct 22, 2026
Insiders, 90 daysBuying

Why it matters

  1. What PG&E Corporation does

    PG&E supplies electricity and natural gas to millions of customers across northern and central California, generating revenue through regulated utility rates. The business is executing a massive infrastructure capital program to modernize the grid and reduce wildfire risks.

  2. What it does best

    PG&E holds a regulated monopoly over essential utility services across its vast California territory. This exclusive service area creates an insurmountable barrier to entry, locking in millions of captive customers who cannot switch providers.

  3. The main risk

    Massive debt loads and negative free cash flow create severe balance sheet vulnerability. With net debt at $60.2 billion and free cash flow burning at negative $4.3 billion, ongoing capital expenditures require heavy external funding.

Quality, check by check

Scored against its own industry, from company filings.

ProfitabilityWeak

Operating margin stands at 21.5% while free cash flow margin remains deeply negative due to a massive $12.4 billion capex program. Massive infrastructure spending prevents profitability from scaling smoothly.

MoatFair

Regulatory capture creates an impenetrable utility monopoly locking in consumers across its region. A gross margin of 84.3% reflects this structural pricing power, though high debt caps the overall moat score.

GrowthSlow

Revenue grew at 2.1% to $25.8 billion over the trailing period. This pace lags the broader sector, sitting in the bottom quartile with a 17th percentile revenue growth rank.

Financial healthWeak

Net debt sits at $60.2 billion against just $713 million in cash, while free cash flow remains heavily negative at -$4.3 billion. Interest coverage of 1.8x leaves little margin for error, keeping the financial profile weak.

Insiders

Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.

1 insider bought $92K on the open market.

Our sealed record on PCG

Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.

The first sealed verdicts appear here on Oct 11, 2026.

Questions

Is PCG a good business?

PG&E Corporation scores weak on the Cluenex quality check (3.5 of 10), measured against its own industry. Profitability is weak, moat fair, growth slow and financial health weak.

Are insiders buying PCG?

In the last 90 days of SEC Form 4 filings: 1 insider bought $92K on the open market.

When does PCG report earnings?

Oct 22, 2026.

For members

See PCG today

  • Today's verdict on PCG, and why
  • Fair value with cautious, base and optimistic cases
  • The exact price that would change the verdict
  • Which stocks each signal names, the night it fires
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Cite this page: Cluenex, “PG&E Corporation (PCG)”, https://cluenex.com/stocks/pcg/, data as of Oct 10, 2026.