NYSE: PEG
Public Service Enterprise Group
Utilities · Electric & Other Services Combined
52-week range
$66.15$87.63
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$40.5B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $22.2B |
| FY2017, ended Dec 31, 2017 | $26.0B |
| FY2018, ended Dec 31, 2018 | $26.3B |
| FY2019, ended Dec 31, 2019 | $29.8B |
| FY2020, ended Dec 31, 2020 | $29.4B |
| FY2021, ended Dec 31, 2021 | $33.5B |
| FY2022, ended Dec 31, 2022 | $30.6B |
| FY2023, ended Dec 31, 2023 | $30.5B |
| FY2024, ended Dec 31, 2024 | $42.1B |
| FY2025, ended Dec 31, 2025 | $40.0B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $40.5B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$13.0B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $8.97B |
| FY2017, ended Dec 31, 2017 | $9.09B |
| FY2018, ended Dec 31, 2018 | $9.70B |
| FY2019, ended Dec 31, 2019 | $10.1B |
| FY2020, ended Dec 31, 2020 | $9.60B |
| FY2021, ended Dec 31, 2021 | $10.3B |
| FY2022, ended Dec 31, 2022 | $11.2B |
| FY2023, ended Dec 31, 2023 | $11.2B |
| FY2024, ended Dec 31, 2024 | $10.3B |
| FY2025, ended Dec 31, 2025 | $12.2B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $13.0B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $887M | −$886M |
| FY2017, ended Dec 31, 2017 | $1.57B | −$930M |
| FY2018, ended Dec 31, 2018 | $1.44B | −$999M |
| FY2019, ended Dec 31, 2019 | $1.69B | $213M |
| FY2020, ended Dec 31, 2020 | $1.91B | $179M |
| FY2021, ended Dec 31, 2021 | −$648M | −$983M |
| FY2022, ended Dec 31, 2022 | $1.03B | −$1.39B |
| FY2023, ended Dec 31, 2023 | $2.56B | $481M |
| FY2024, ended Dec 31, 2024 | $1.77B | −$1.25B |
| FY2025, ended Dec 31, 2025 | $2.11B | $26.0M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $2.01B | $276M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$192M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $423M |
| FY2017, ended Dec 31, 2017 | $313M |
| FY2018, ended Dec 31, 2018 | $177M |
| FY2019, ended Dec 31, 2019 | $147M |
| FY2020, ended Dec 31, 2020 | $543M |
| FY2021, ended Dec 31, 2021 | $818M |
| FY2022, ended Dec 31, 2022 | $465M |
| FY2023, ended Dec 31, 2023 | $54.0M |
| FY2024, ended Dec 31, 2024 | $125M |
| FY2025, ended Dec 31, 2025 | $132M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $192M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$24.5B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $11.8B |
| FY2017, ended Dec 31, 2017 | $13.6B |
| FY2018, ended Dec 31, 2018 | $15.5B |
| FY2019, ended Dec 31, 2019 | $16.2B |
| FY2020, ended Dec 31, 2020 | $17.2B |
| FY2021, ended Dec 31, 2021 | $19.4B |
| FY2022, ended Dec 31, 2022 | $20.3B |
| FY2023, ended Dec 31, 2023 | $20.2B |
| FY2024, ended Dec 31, 2024 | $22.7B |
| FY2025, ended Dec 31, 2025 | $24.1B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $24.5B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 1.5% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.498M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 506M |
| FY2017, ended Dec 31, 2017 | 505M |
| FY2018, ended Dec 31, 2018 | 505M |
| FY2019, ended Dec 31, 2019 | 505M |
| FY2020, ended Dec 31, 2020 | 505M |
| FY2021, ended Dec 31, 2021 | 502M |
| FY2022, ended Dec 31, 2022 | 499M |
| FY2023, ended Dec 31, 2023 | 499M |
| FY2024, ended Dec 31, 2024 | 499M |
| FY2025, ended Dec 31, 2025 | 499M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 498M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: —
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | — | $1.00M |
| FY2017, ended Dec 31, 2017 | — | $31.0M |
| FY2018, ended Dec 31, 2018 | — | $30.0M |
| FY2019, ended Dec 31, 2019 | — | $33.0M |
| FY2020, ended Dec 31, 2020 | $0 | $35.0M |
| FY2021, ended Dec 31, 2021 | $0 | $28.0M |
| FY2022, ended Dec 31, 2022 | $500M | $29.0M |
| FY2023, ended Dec 31, 2023 | $0 | $18.0M |
| FY2024, ended Dec 31, 2024 | $0 | $40.0M |
| FY2025, ended Dec 31, 2025 | — | $43.0M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | — | — |
Revenue (TTM)
$13.0B
+17.0% YoY
Net income (TTM)
$2.01B
+1.6% YoY
Cash
$192M
+3.2% YoY
Total debt
$24.5B
+5.4% YoY
Valuation
At current price- Market Cap
- $37.0B
- P/E
- 18.4×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 2.8×
- Price / Book
- 2.1×
- EV / EBITDA
- —. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $13.0B
- Revenue Growth YoY
- 17.0%
- Revenue CAGR 3Y
- 2.7%
- Revenue CAGR 5Y
- 4.8%
- EPS Growth YoY
- 1.5%
- Net Income Growth YoY
- 1.6%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 22.3%
- Net Margin
- 15.4%
- FCF Margin
- 2.1%
- Return on Equity
- 11.8%
Earnings
Trailing 12 months- Net Income
- $2.01B
- EPS (diluted)
- $4.02
- EBITDA
- —. Operating income + depreciation & amortization
- Operating Income
- $2.90B
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $192M
- Total Debt
- $24.5B
- Net Debt
- $24.3B
- Total Assets
- $58.8B
- Total Liabilities
- $41.5B
- Shareholders' Equity
- $17.3B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $3.59B
- Capital Expenditure
- $3.32B
- Free Cash Flow
- $276M
Dividends and risk
Last 12 months- Dividend Yield
- 3.6%
- Dividend / Share
- $2.64
- Beta (5Y)
- 0.50
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 17.0% year over year, at $13.0B.
Note
Net margin of 15.4% over the last 12 months.
Watch
Carries $24.3B of net debt without positive EBITDA.
Note
Free cash flow of $276M, 2.1% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 26, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K55Some concerns
55Some concerns
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 25, 2025 · Read the filing on EDGAR
- Net income fell 31% to $1.77 billion ($3.54 a share), mainly because 2023's big paper gains on energy hedges turned into losses.
- Revenue fell 8% to $10.3 billion. The utility's revenue rose 8%, and its profit edged up to $1.547 billion after the rate case settled.
- Regulators approved the rate case at a 9.6% return on equity and a $17.8 billion rate base. They also approved a $2.9 billion energy-efficiency program.
- The five-year capital plan rose to $22.5–26 billion, rate base is expected to grow 6–7.5% a year, and the dividend rises to $2.52.
Business momentum
Weakening
“Our decrease in Net Income for 2024 as compared to 2023 was driven primarily by”
Outlook
Positive
“We expect these capital investments to result in a compound annual growth rate in our regulated rate base in a range of 6% to 7.5% from year-end 2024 to year-end 2029.”
Financial stress
Low
“We continue to expect our operating cash flows combined with cash on hand and financing activities to be sufficient to fund planned capital expenditures and shareholder dividends.”
Tone against the previous report
About the same
Red flags
None found in this report.
Positives
Rate case settled on solid terms
“The Order provides for a $17.8 billion rate base, a 9.6% return on equity for PSE&G’s distribution business and a 55% equity component of its capitalization structure.”
Utility rate base grew to about $34 billion
“our regulated rate base increased from approximately $30 billion as of December 31, 2023 to approximately $34 billion as of December 31, 2024.”
Dividend raised again
“This reflects an indicative annual dividend rate of $2.52 per share.”
Concerns
Profit hit by swing in energy hedge values
“a net decrease of $1,559 million due to MTM losses in 2024 as compared to MTM gains in 2023.”
Operating cash flow fell sharply
“For the year ended December 31, 2024, our operating cash flow decreased $1,673 million, as compared to 2023.”
Interest costs rising fast
“Interest Expense increased $89 million due primarily to long-term debt net issuances at higher rates in 2024 and 2023.”
New risks since the previous report
Long Island operating contract may not be renewed
“PSEG is negotiating its proposal with LIPA to continue as operations service provider for LIPA’s electrical transmission and distribution system, though the outcome of this process is uncertain.”
Data center demand strains power supply and raises customer bills
“Higher electric demand could significantly increase the prices of energy and capacity, as well as raise resource adequacy and reliability concerns within PJM”
Unsettled federal rules could change nuclear tax credit amounts already booked
“Guidance issued by the U.S. Treasury supporting or not supporting our tax position could result in an additional income tax benefit (expense) between approximately $89 million and $(89) million, respectively.”
Cleanup costs at former fossil plant sites
“the full remediation costs are not estimable, but given the number and operating history of the facilities in the portfolio, the full remediation costs will likely be material in the aggregate.”
New risks from artificial intelligence
“Artificial Intelligence is an emerging area of technology that has the potential to impact various aspects of our business operations and customer interactions.”
Biggest risks named
- Regulators may not approve or fully fund utility investments
- Nuclear profits depend on power prices and unsettled tax credit rules
- New Jersey decarbonization policies could strand gas assets
- Large collateral demands when energy prices swing
- Rising interest costs and inflation on a large debt-funded capital plan
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −6 | |
| Outlook | +3 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 55 | |
Written by AI (Claude Opus 5.5) from the report’s text. 14 of 14 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 26, 2026 | Pro | |||
| 10-K | Feb 25, 2025 | 55 | Weakening | None | |
| 10-K | Feb 26, 2024 | 60 | Mixed | None | |
| 10-K | Feb 22, 2023 | 68 | Improving | 1 minor | |
| 10-K | Feb 24, 2022 | 42 | Sharp deterioration | 1 medium1 minor | |
| 10-K | Mar 1, 2021 | 54 | Mixed | 1 medium1 minor | |
| 10-K | Feb 26, 2020 | 65 | Improving | 1 medium1 minor | |
| 10-K | Feb 28, 2019 | 50 | Mixed | 1 medium1 minor | |
| 10-K | Feb 26, 2018 | 60 | Improving | 2 minor | |
| 10-K | Feb 27, 2017 | 35 | Sharp deterioration | 1 medium1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 4, 2026. View filings on SEC EDGAR