Forensic Analysis · Combined Electric & Other Services · as of Nov 8, 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.

C · Mixed — selective

Forensic grade

Clean

Earnings quality

Forensic signals

8.6%

ROE

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 (auditor quality, say on pay, board independence, going concern). 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 C (Mixed — selective) forensic quality grade. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

3.5%

FY2025

Return on invested capital. Return on invested capital is 3.5% in the latest fiscal year and steady across FY2023–FY2025, inside a 1.3-point range. After-tax operating profit was $2.4B in FY2023 and $4.3B in FY2025, with operating income at 10.9% of revenue in FY2023, 18.3% in FY2024 and 19.0% in FY2025. The capital base behind it grew +12% across FY2023–FY2025, from $109.1B to $122.0B, and the return did not fall doing it, so the dollars added over that window earned at least the 2.2% the older base was already earning.

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. Capex and the payout together ran $2.4B past operating cash flow — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of. New debt covered it: total debt rose $3.4B over FY2024, while cash rose $305M.

Key fundamentals

Latest Revenue$24.93B

Revenue Growth YoY+2.1%

Revenue CAGR (2yr)+1.0%

Net Margin10.8%

Free Cash Flow-$3.07B

Return on Equity8.6%

Debt / Equity1.79x

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.