PCG vs PEG: PG&E and Public Service Enterprise compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Public Service Enterprise is the larger company, worth $36.1B, about 1.3 times PG&E.
- PG&E grew revenue faster over the last year (+0.1% vs -8.9%).
- Public Service Enterprise keeps more of each dollar of revenue as operating profit (23.1% vs 20.0%).
- On earnings, PG&E is the cheaper stock (10.1x vs 16.0x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | PCG | PEG |
|---|---|---|
| Market cap | $28.6B | $36.1B |
| Share price | $13.13 | $72.28 |
| Revenue (last fiscal year) | $24.9B | $12.2B |
| Free cash flow (last fiscal year) | -$3.1B | $26M |
| Revenue growth, last year | +0.1% | -8.9% |
| Revenue growth per year, last 5 fiscal years | +4.8% | +5.8% |
| Operating margin | 20.0% | 23.1% |
| Net margin | 11.8% | 16.0% |
| Return on equity | 9.0% | 11.6% |
| P/E (trailing) | 10.1x | 16.0x |
| Price / free cash flow | — | 111.0x |
| EV / EBITDA | 8.64x | 12.3x |
| FCF growth the price implies | — | 66.5% |
| Dividend yield | 1.2% | 3.6% |
| Debt / equity | 3.27x | 2.39x |
| Fundamental grade | C | D |
| Superinvestors holding it | 6 | 0 |
| Insider purchases, last 12 months | 2 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
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% |
Public Service Enterprise
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $9.7B | -$983M | -8.8% |
| 2022 | $9.8B | -$1.4B | 14.1% |
| 2023 | $11.2B | $481M | 32.8% |
| 2024 | $10.3B | -$1.2B | 22.9% |
| 2025 | $12.2B | $26M | 24.5% |
Where the revenue comes from
PG&E · by products, 2025
Electric$18.3B73%
Natural Gas, US Regulated$6.6B27%
Public Service Enterprise · by segments, 2025
Public Service Electric and Gas Company$9.5B72%
PSEG Power & Other$3.8B28%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open PCG in InvestinglyQuestions
Which is bigger, PG&E or Public Service Enterprise?
Public Service Enterprise (PEG), at $36.1B against $28.6B.
Is PCG or PEG cheaper?
By trailing P/E, PG&E (10.1x) is cheaper than Public Service Enterprise (16.0x). A lower multiple can also mean the market expects less growth.
Which grows faster, PCG or PEG?
PG&E: revenue grew +0.1% over the last year, against -8.9%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.