Latest revenue
$6.88B
as of 2026-03-31
Latest net income
—
as of 2026-03-31
Net margin
—
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $44.19B
- Enterprise value
- $105.50B
- P/E (trailing)
- —
- Forward P/E
- —
- P/B
- 1.33×
- Dividend yield
- 0.9%
- 52-wk high
- $19.16
- 52-wk low
- $12.97
- Beta
- —
- Shares out
- 2.68B
5-year trend
What this company does
PG&E delivers electricity and natural gas to roughly 16 million people across northern and central California through its regulated utility subsidiary. Electricity sales generate about three-quarters of revenue, with natural gas distribution providing the remainder, all under California Public Utilities Commission rate-setting. The company is rebuilding after its 2020 bankruptcy emergence tied to catastrophic wildfire liabilities, carrying $40 billion in debt, ongoing wildfire claims, and Wildfire Fund obligations that continue to pressure earnings.
Key risks
- Wildfire exposure: $2.76B current wildfire-related claims liability plus $5.9B Wildfire Fund asset; Q3 wildfire claims expense rose to $94M from $25M.
- Heavy leverage: $40.5B total debt ($4.5B now current) against $20.7B equity and only $420M cash; Q3 interest expense $399M vs $304M operating income.
- Deteriorating collections: bad debt expense tripled to $280M YTD; allowance for doubtful accounts more than doubled to $306M from $146M.
Profitability
Operating margin
19.0%
4.3%Leverage
Debt / equity
3.35×
2.4%Long-term debt / equity
1.76×
0.7%Debt / assets
77.0%
0.5%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $6.88B | +15.0% | — | — | — |
Q4 2025 2025-12-31 | $6.80B | +2.6% | — | — | — |
Q3 2025 2025-09-30 | $6.25B | +5.2% | — | — | — |
Q2 2025 2025-06-30 | $5.90B | -1.5% | — | — | — |
Q1 2025 2025-03-31 | $5.98B | +2.1% | — | — | — |
Q4 2024 2024-12-31 | $6.63B | — | — | — | — |
Q3 2024 2024-09-30 | $5.94B | +0.9% | — | — | — |
Q2 2024 2024-06-30 | $5.99B | +13.2% | — | — | — |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Electric & Other Services Combined · SIC 4931
Your notes
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Insider activity
Insider buying
$119.7K
Insider selling
$5.0M
Net activity
−$4.8M
Distinct insiders
8
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns PCG
Institutional value
$17.74B
Total shares held
1.03B
Distinct holders
601
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 195.5M | $3.44B | — | New |
| 2 | VANGUARD CAPITAL MANAGEMENT LLC | 141.1M | $2.48B | — | New |
| 3 | VANGUARD PORTFOLIO MANAGEMENT LLC | 109.1M | $1.92B | — | New |
| 4 | DEUTSCHE BANK AG\ | 43.9M | $771.3M | — | New |
| 5 | BARROW HANLEY MEWHINNEY & STRAUSS LLC | 28.9M | $508.6M | — | New |
| 6 | JPMORGAN CHASE & CO | 28.3M | $494.9M | — | New |
| 7 | Clearbridge Investments, LLC | 26.0M | $456.5M | — | New |
| 8 | Legal & General Group Plc | 23.9M | $419.7M | — | New |
| 9 | FRANKLIN RESOURCES INC | 21.6M | $379.5M | — | New |
| 10 | HSBC HOLDINGS PLC | 18.9M | $331.6M | — | New |
| 11 | Capital Research Global Investors | 17.4M | $304.9M | — | New |
| 12 | Invesco Ltd. | 17.1M | $300.2M | — | New |
| 13 | UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 14.6M | $256.4M | — | New |
| 14 | Pictet Asset Management Holding SA | 13.7M | $241.3M | — | New |
| 15 | JANE STREET GROUP, LLC | 12.6M | $222.0M | — | New |
| 16 | VANGUARD FIDUCIARY TRUST CO | 12.3M | $216.5M | — | New |
| 17 | Bank of New York Mellon Corp | 11.2M | $197.0M | — | New |
| 18 | MACKENZIE FINANCIAL CORP | 10.2M | $180.0M | — | New |
| 19 | Allianz Asset Management GmbH | 10.1M | $177.2M | — | New |
| 20 | Eurizon Capital SGR S.p.A. | 9.8M | $171.4M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Q3 2021 net loss was $1.09B driven by a $1.1B tax provision on near-zero pretax income—what specifically drove that tax charge and is it recurring?
- 2
With $4.5B of long-term debt now classified current and only $420M cash, walk us through refinancing plans amid rising rates and any covenant headroom.
- 3
Wildfire-related claims liabilities rose to $2.76B and bad debt expense tripled to $280M—what's your updated exposure to 2021 fire season and PSPS-driven collections risk?