Forensic Analysis · Utilities · as of Aug 11, 2026
Pg&E Corp (PCG)
A forensic read on Pg&E Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
0.6
Distress distance
Clean
Earnings quality
4
Forensic signals
12.2
P / E (ttm)
8.3%
ROE
$46.1B
Market cap
1.18%
Dividend yield
2.1%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Pg&E Corp earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 0.6, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
3.4%
FY2025
Return on invested capital.Return on invested capital is 3.4% in the latest fiscal year and rising from 2% — well below its ~6% cost of capital, so reinvested dollars may be destroying value, not building it.
+1.1%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +3% over the last 3 years to FY2025 (+1.1%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~1.1% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~3%.
FCF ($2.3B)
FY2024
Shareholder returns.Returned $86M to shareholders (buybacks + dividends) in FY2024, but free cash flow was ($2.3B) after capex — there was no free cash flow to fund the payout from at all, though operating cash flow alone was $8.0B — 1% of that. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
-92%
FY2017→FY2024
Dividend — cut.The payout was CUT ~92% in FY2024 (from FY2017). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies. Measured on total dividend dollars rather than per share: the reported share count steps sharply around FY2024, a stock-split seam between filing vintages rather than a change in the payout, and a split leaves the dollars paid untouched.
Key fundamentals
Latest Revenue$24.93B
Revenue Growth YoY+2.1%
Revenue CAGR (3yr)+4.8%
Net Margin10.8%
Free Cash Flow-$3.07B
Return on Equity8.3%
Debt / Equity1.79x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Pg&E Corp's actual 10-K/10-Q/8-K filings?