Forensic Analysis · Combined Gas & Other Services · as of Nov 9, 2026
Sempra (SRE)
A forensic read on Sempra 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
2
Forensic signals
5.8%
ROE
3.9%
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.
Sempra 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
2.4%
FY2025
Return on invested capital.Return on invested capital is 2.4% in the latest fiscal year and slipping across FY2023–FY2025 from 4.9%. After-tax operating profit was $3.9B in FY2023 and $2.2B in FY2025. The capital base behind it grew +14% across FY2023–FY2025, from $79.2B to $90.0B, while the return fell 2.5 points, so the dollars added over that window earned less than the 4.9% the older base was already earning.
FCF ($6.0B)
FY2025
Shareholder returns.Returned $1.7B to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($6.0B) after capex — there was no free cash flow to fund the payout from at all, though operating cash flow alone was $4.6B — 36% of that. Capex and the payout together ran $7.7B 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. It came out of the balance sheet's own liquid holdings, not new debt: cash fell $1.5B over FY2025, while total debt fell $429M — $1.5B of the $7.7B. The FY2025 cash-flow statement filed $11.3B of debt issued; $32M from shares issued; $974M of investments sold or matured; net cash used in investing activities of $12.5B; net cash provided by financing activities of $9.9B.
Key fundamentals
Latest Revenue$13.70B
Revenue Growth YoY+3.9%
Revenue CAGR (2yr)-9.5%
Net Margin13.4%
Free Cash Flow-$6.05B
Return on Equity5.8%
Debt / Equity1.05x
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 Sempra's actual 10-K/10-Q/8-K filings?