FTS vs PCG: Fortis and PG&E compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- PG&E is the larger company, worth $28.6B, close to Fortis's $27.0B.
- Fortis grew revenue faster over the last year (+5.8% vs +0.1%).
- Fortis keeps more of each dollar of revenue as operating profit (29.3% vs 20.0%).
- On earnings, PG&E is the cheaper stock (10.1x vs 21.5x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | FTS | PCG |
|---|---|---|
| Market cap | $27.0B | $28.6B |
| Share price | $53.31 | $13.13 |
| Revenue (last fiscal year) | $11.9B | $24.9B |
| Free cash flow (last fiscal year) | -$1.9B | -$3.1B |
| Revenue growth, last year | +5.8% | +0.1% |
| Revenue growth per year, last 5 fiscal years | +6.5% | +4.8% |
| Operating margin | 29.3% | 20.0% |
| Net margin | 14.4% | 11.8% |
| Return on equity | 7.2% | 9.0% |
| P/E (trailing) | 21.5x | 10.1x |
| Price / free cash flow | — | — |
| EV / EBITDA | 12.7x | 8.64x |
| FCF growth the price implies | — | — |
| Dividend yield | 4.8% | 1.2% |
| Debt / equity | 2.00x | 3.27x |
| Fundamental grade | C | C |
| Superinvestors holding it | 2 | 6 |
| Insider purchases, last 12 months | 0 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Fortis
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $9.3B | -$282M | 26.7% |
| 2022 | $10.9B | -$513M | 25.1% |
| 2023 | $11.2B | -$441M | 27.6% |
| 2024 | $11.2B | -$1.1B | 29.3% |
| 2025 | $11.9B | -$1.9B | 29.3% |
PG&E
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $20.6B | -$5.4B | 9.1% |
| 2022 | $21.7B | -$5.9B | 8.5% |
| 2023 | $24.4B | -$5.0B | 10.9% |
| 2024 | $24.4B | -$2.3B | 18.3% |
| 2025 | $24.9B | -$3.1B | 19.0% |
Where the revenue comes from
Fortis · by products, 2025
Electric and Gas Revenue$11.6B97%
Other ServicesRrevenue$316M3%
PG&E · by products, 2025
Electric$18.3B73%
Natural Gas, US Regulated$6.6B27%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open FTS in InvestinglyQuestions
Which is bigger, Fortis or PG&E?
PG&E (PCG), at $28.6B against $27.0B.
Is FTS or PCG cheaper?
By trailing P/E, PG&E (10.1x) is cheaper than Fortis (21.5x). A lower multiple can also mean the market expects less growth.
Which grows faster, FTS or PCG?
Fortis: revenue grew +5.8% over the last year, against +0.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.