---
title: PG&E (PCG) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/pcg
ticker: PCG
as_of: 2026-10-17
sector: Utilities
industry: Regulated Electric
---
# PG&E (PCG)

PG&E (PCG) closed at $13.09 on Oct 16, 2026, undervalued by 42% vs its model value of $22.39 (from its own five-year median P/E applied to its earnings).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $13.09 (Oct 16, 2026) |
| Model value (from its own five-year median P/E applied to its earnings) | $22.39 |
| Price vs model | undervalued by 42% vs model |
| Range of that model | $19.91 – $26.99 |
| Market value | $35.1B |
| P/E (fiscal 2025) | 11.1 |
| Net margin (fiscal 2025) | 10.8% |
| Free cash flow (fiscal 2025) | -$3.1B |
| Dividend yield (trailing twelve months) | 1.53% |
| Beta | 0.28 |
| Cost of capital (WACC) | 5.19% |
| Business classification | Mature & Stable (Low/slowing growth (~1% recent), Moderate margins (11% net margin), Highly cyclical earnings, Negative free cash flow) |

## On the stock lists

| List | Place | Figure | Page |
| --- | ---: | ---: | --- |
| Lowest P/E | #25 | 11.1× | https://sweetvaluelab.com/lists/lowest-pe |
| Insider buying | #44 | $91,500 | https://sweetvaluelab.com/lists/insider-buying |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 1.53% |
| Dividends per share, last 12 months | $0.20 |
| Coverage | — |
| Raised | 1 years in a row |
| Growth over 2 years | 123.6% a year |
| Latest payment | $0.05, ex-date Sep 30, 2026, paid Oct 15, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Sep 30, 2024 | $0.04 |
| To Sep 30, 2025 | $0.10 |
| Trailing twelve months (to Sep 30, 2026) | $0.20 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | cross check | $47.22 | $8.27 | $69.89 |
| DCF · Perpetuity growth · 10y | cross check | $46.71 | $9.16 | $71.15 |
| DCF · EBITDA exit · 5y | cross check | $46.99 | $22.20 | $76.42 |
| DCF · EBITDA exit · 10y | cross check | $47.64 | $21.11 | $83.84 |
| P/E · peers | cross check | $25.05 | $17.01 | $27.80 |
| P/E · own history | primary | $22.39 | $19.91 | $26.99 |
| PEG | sanity check | $23.88 | $23.88 | $23.88 |
| EV/EBITDA · peers | cross check | $0.00 | $0.00 | $0.00 |
| EV/Revenue · peers | cross check | $26.47 | $4.95 | $52.90 |
| Earnings power value | cross check | $0.00 | $0.00 | $0.00 |
| Dividend discount | cross check | $2.66 | $1.81 | $5.51 |

## Insider activity (SEC Form 4)

Past 90 days: 1 open-market buy ($91,500) and 3 open-market sales ($3.0M); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Sep 30, 2026 | DENAULT LEO P | Director | Grant / award | 2,653.06 | $32,500 |
| Sep 30, 2026 | LARSEN JOHN O | Director | Open-market buy | 7,500 | $91,500 |
| Sep 23, 2026 | Vallejo Alejandro T | EVP, Chief People Officer | Grant / award | 596.66 | $7,404.6 |
| Sep 4, 2026 | Fugate William Craig | Director | Open-market sell (10b5-1 plan) | 6,500 | $89,440 |
| Aug 21, 2026 | Vallejo Alejandro T | EVP, Chief People Officer | Grant / award | 420.71 | $7,404.5 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Aug 31, 2026 | 8-K | 7.01 Regulation FD Disclosure | https://www.sec.gov/Archives/edgar/data/1004980/000199937126019256/pcg-8k_083126.htm |
| Aug 4, 2026 | 8-K | 8.01 Other Events; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1004980/000119312526332848/d173171d8k.htm |
| Jul 23, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1004980/000100498026000048/pcg-20260630.htm |
| Jul 23, 2026 | 8-K | 2.02 Results of Operations (Earnings); 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1004980/000100498026000047/pcg-20260723.htm |
| Jul 21, 2026 | S-8 | Employee stock plan registration | https://www.sec.gov/Archives/edgar/data/1004980/000100498026000043/forms-82026.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Einhorn | 2026-06-30 | 6,632,852 | $111.6M |
| Bridgewater | 2026-06-30 | 5,931,314 | $99.8M |
| First Pacific Advisors | 2026-06-30 | 1,172,695 | $19.7M |

3 tracked managers in all.

## About

PG&E Corporation operates as a holding company, overseeing the generation, transmission, and distribution of electricity and natural gas to its clientele. The firm's expertise spans a broad range of energy-related services, including general utilities, power provision, gas supply, electrical grids, solar solutions, and sustainability initiatives. Established in 1995, the company maintains its corporate headquarters in Oakland, California.

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Source: https://sweetvaluelab.com/stocks/pcg (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.