NYSE: SRE
Sempra
Utilities · Gas & Other Services Combined
52-week range
$76.21$101.04
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 Mar 31, 2026. Hover or tap a column for another year.$63.5B
Show tableHide table
| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $25.2B |
| FY2017, ended Dec 31, 2017 | $27.3B |
| FY2018, ended Dec 31, 2018 | $29.6B |
| FY2019, ended Dec 31, 2019 | $44.3B |
| FY2020, ended Dec 31, 2020 | $38.6B |
| FY2021, ended Dec 31, 2021 | $41.8B |
| FY2022, ended Dec 31, 2022 | $48.6B |
| FY2023, ended Dec 31, 2023 | $47.2B |
| FY2024, ended Dec 31, 2024 | $57.1B |
| FY2025, ended Dec 31, 2025 | $57.7B |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $63.5B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.$13.6B
Show tableHide table
| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $10.2B |
| FY2017, ended Dec 31, 2017 | $9.64B |
| FY2018, ended Dec 31, 2018 | $10.1B |
| FY2019, ended Dec 31, 2019 | $10.8B |
| FY2020, ended Dec 31, 2020 | $11.4B |
| FY2021, ended Dec 31, 2021 | $12.9B |
| FY2022, ended Dec 31, 2022 | $14.4B |
| FY2023, ended Dec 31, 2023 | $16.7B |
| FY2024, ended Dec 31, 2024 | $13.2B |
| FY2025, ended Dec 31, 2025 | $13.7B |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $13.6B |
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 Mar 31, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $1.37B | −$1.90B |
| FY2017, ended Dec 31, 2017 | $256M | −$80.0M |
| FY2018, ended Dec 31, 2018 | $924M | −$28.0M |
| FY2019, ended Dec 31, 2019 | $2.06B | −$620M |
| FY2020, ended Dec 31, 2020 | $3.76B | −$2.08B |
| FY2021, ended Dec 31, 2021 | $1.32B | −$1.17B |
| FY2022, ended Dec 31, 2022 | $2.14B | −$4.21B |
| FY2023, ended Dec 31, 2023 | $3.08B | −$2.18B |
| FY2024, ended Dec 31, 2024 | $2.86B | −$3.31B |
| FY2025, ended Dec 31, 2025 | $1.84B | −$6.05B |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $1.96B | −$5.84B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.$794M
Show tableHide table
| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $349M |
| FY2017, ended Dec 31, 2017 | $288M |
| FY2018, ended Dec 31, 2018 | $102M |
| FY2019, ended Dec 31, 2019 | $108M |
| FY2020, ended Dec 31, 2020 | $960M |
| FY2021, ended Dec 31, 2021 | $559M |
| FY2022, ended Dec 31, 2022 | $370M |
| FY2023, ended Dec 31, 2023 | $236M |
| FY2024, ended Dec 31, 2024 | $1.56B |
| FY2025, ended Dec 31, 2025 | $29.0M |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $794M |
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 Mar 31, 2026. Hover or tap a column for another year.$36.4B
Show tableHide table
| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $17.1B |
| FY2017, ended Dec 31, 2017 | $19.4B |
| FY2018, ended Dec 31, 2018 | $24.6B |
| FY2019, ended Dec 31, 2019 | $25.8B |
| FY2020, ended Dec 31, 2020 | $24.2B |
| FY2021, ended Dec 31, 2021 | $24.6B |
| FY2022, ended Dec 31, 2022 | $28.9B |
| FY2023, ended Dec 31, 2023 | $31.1B |
| FY2024, ended Dec 31, 2024 | $35.8B |
| FY2025, ended Dec 31, 2025 | $35.0B |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $36.4B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 30.5% since 2016.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.654M
Show tableHide table
| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 501M |
| FY2017, ended Dec 31, 2017 | 511M |
| FY2018, ended Dec 31, 2018 | 548M |
| FY2019, ended Dec 31, 2019 | 585M |
| FY2020, ended Dec 31, 2020 | 605M |
| FY2021, ended Dec 31, 2021 | 631M |
| FY2022, ended Dec 31, 2022 | 629M |
| FY2023, ended Dec 31, 2023 | 632M |
| FY2024, ended Dec 31, 2024 | 651M |
| FY2025, ended Dec 31, 2025 | 653M |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | 654M |
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 Mar 31, 2026. Hover or tap a column for another year.Net: $101M more issued than bought back
Show tableHide table
| Period | Bought back | Paid to employees | Sold for cash |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $56.0M | $52.0M | $51.0M |
| FY2017, ended Dec 31, 2017 | $15.0M | $82.0M | $47.0M |
| FY2018, ended Dec 31, 2018 | $21.0M | $83.0M | $2.27B |
| FY2019, ended Dec 31, 2019 | $26.0M | $75.0M | $1.83B |
| FY2020, ended Dec 31, 2020 | $566M | $71.0M | $11.0M |
| FY2021, ended Dec 31, 2021 | $339M | $63.0M | $5.00M |
| FY2022, ended Dec 31, 2022 | $478M | $71.0M | $4.00M |
| FY2023, ended Dec 31, 2023 | $32.0M | $80.0M | $145M |
| FY2024, ended Dec 31, 2024 | $43.0M | $86.0M | $1.22B |
| FY2025, ended Dec 31, 2025 | $58.0M | $64.0M | $32.0M |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $21.0M | $91.0M | $31.0M |
Revenue (TTM)
$13.6B
+2.0% YoY
Net income (TTM)
$1.96B
−34.0% YoY
Cash
$794M
−54.3% YoY
Total debt
$36.4B
−3.4% YoY
Valuation
At current price- Market Cap
- $56.3B
- P/E
- 28.7×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 4.2×
- Price / Book
- 1.7×
- EV / EBITDA
- 15.3×
Growth
Trailing 12 months- Revenue (TTM)
- $13.6B
- Revenue Growth YoY
- 2.0%
- Revenue CAGR 3Y
- −1.7%
- Revenue CAGR 5Y
- 3.8%
- EPS Growth YoY
- −35.4%
- Net Income Growth YoY
- −34.0%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- —
- Net Margin
- 14.4%
- FCF Margin
- −43.1%
- Return on Equity
- 6.1%
Earnings
Trailing 12 months- Net Income
- $1.96B
- EPS (diluted)
- $2.94
- EBITDA
- $6.02B
- Operating Income
- —
Balance Sheet
As of Mar 31, 2026- Cash and cash equivalents
- $794M
- Total Debt
- $36.4B
- Net Debt
- $35.6B
- Total Assets
- $114B
- Total Liabilities
- $74.0B
- Shareholders' Equity
- $32.2B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $4.89B
- Capital Expenditure
- $10.7B
- Free Cash Flow
- −$5.84B
Dividends and risk
Last 12 months- Dividend Yield
- 3.0%
- Dividend / Share
- $2.62
- Beta (5Y)
- 0.56
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $13.6B.
Note
Net margin of 14.4% over the last 12 months.
Watch
Net debt is 5.9× EBITDA ($35.6B), a heavy load.
Watch
Free cash flow was negative (−$5.84B) over the last year.
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-K48Some concerns
48Some concerns
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 25, 2025 · Read the filing on EDGAR
- Profit fell 7% to $2.82 billion from $3.03 billion. A $330 million tax charge and paper losses on gas hedges outweighed growth at the California and Texas utilities.
- Revenue fell about 21%, mainly because lower natural gas prices are passed through to utility customers, and because hedge gains at Sempra Infrastructure reversed.
- In January 2025 S&P cut Sempra's credit outlook to negative and downgraded SoCalGas. The LA Fires created costs that SoCalGas cannot yet estimate.
- Planned spending rose to $12.5 billion for 2025 and $41.4 billion for 2025–2029, funded partly by new shares under a $3 billion at-the-market (ATM) program.
Business momentum
Weakening
“Earnings attributable to common shares $ 2,817 $ 3,030 $ 2,094”
Outlook
Positive
“We expect the weighted-average rate base to continue to increase in 2025 based on our expected capital investments.”
Financial stress
Low
“Sempra, SDG&E and SoCalGas currently have reasonable access to the money markets and capital markets and are not currently constrained in their ability to borrow or otherwise raise money at market rates”
Tone against the previous report
More negative
Red flags
- Medium
Other
“$330 million income tax expense in 2024 from changes to a valuation allowance against foreign tax credits that were carried forward from the implementation of the Tax Cuts and Jobs Act of 2017”
- Medium
Other
“SoCalGas cannot reasonably estimate the amount or range of such potential costs at this time.”
- Minor
Other
“In January 2025, S&P revised Sempra's outlook to negative from stable and downgraded SoCalGas' issuer credit rating to A- from A.”
- Minor
Other
“$89 million charge in 2024 for amounts relating to the FERC order finding that the TO5 adder refund provision has been triggered”
Positives
Final rate decision approved for California utilities
“The GRC FD adopts a 2024 revenue requirement of $3,806 million for SoCalGas, which represents an increase of $324 million (9.3%) over its authorized 2023 revenue requirement.”
Texas utility earnings up 13%
“In 2024 compared to 2023, the increase in earnings of $87 million (13%) to $781 million was primarily due to higher equity earnings from Oncor Holdings”
Aliso Canyon gas storage allowed to keep operating
“the CPUC approved an FD in the SB 380 OII finding that the Aliso Canyon natural gas storage facility is currently necessary for natural gas and electric reliability and affordable rates”
Concerns
Operating cash flow fell
“2024 $ 4,907 $ 2,073 $ 1,791”
Heavy spending relies on debt and new shares
“In 2025, we expect to make capital expenditures for PP&E and investments of approximately $12.5 billion”
Mexican energy reforms
“The energy reforms have the potential to increase government control and participation in the energy sector and to create novel challenges for infrastructure development and operations.”
New risks since the previous report
LA Fires costs at SoCalGas
“The LA Fires damaged some of SoCalGas' natural gas infrastructure and significant third-party property and resulted in service disruptions in some of its service territory.”
Credit rating pressure from S&P
“On January 9, 2025, S&P affirmed Sempra's issuer credit rating and revised Sempra's outlook to negative from stable.”
US tariffs on Mexico, steel and aluminum
“These materials are integral to the construction of energy infrastructure and could have a significant impact on the costs associated with the construction of the same”
SoCalGas union contract expired
“Two ratification votes in late 2024 were not successful.”
Loss of FERC transmission return bonus
“the FERC accepted SDG&E's TO6 filing but suspended the effective date to June 1, 2025 and disallowed the inclusion of the California ISO adder, which SDG&E has appealed.”
Biggest risks named
- California wildfire liability, LA Fires and Wildfire Fund depletion
- LNG project cost overruns, delays and permit litigation
- Mexican constitutional and energy law reforms
- Credit rating downgrades and heavy capital funding needs
- US–Mexico tariffs and trade policy shifts
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −6 | |
| Outlook | +3 | |
| Tone against the previous report | −2 | |
| Financial stress | 0 | |
| Red flags | −5.4 | |
| New risks | −2 | |
| Score | 48 | |
Written by AI (Claude Opus 5.5) from the report’s text. 18 of 18 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 | 48 | Weakening | 2 medium2 minor | |
| 10-K | Feb 27, 2024 | 74 | Strong improvement | 1 minor | |
| 10-K | Feb 28, 2023 | 74 | Strong improvement | 1 minor | |
| 10-K | Feb 25, 2022 | 40 | Sharp deterioration | 1 medium1 minor | |
| 10-K | Feb 25, 2021 | 63 | Improving | 1 medium2 minor | |
| 10-K | Feb 27, 2020 | 70 | Strong improvement | 2 medium | |
| 10-K | Feb 26, 2019 | 69 | Strong improvement | 2 medium1 minor | |
| 10-K | Feb 27, 2018 | 34 | Sharp deterioration | 4 medium1 minor | |
| 10-K | Feb 28, 2017 | 52 | Stable | 2 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 Q1 FY2026 (period ended Mar 31, 2026), filed May 7, 2026. View filings on SEC EDGAR