PCG vs WEC: PG&E and WEC Energy compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- WEC Energy is the larger company, worth $33.9B, close to PG&E's $28.6B.
- WEC Energy grew revenue faster over the last year (+2.6% vs +0.1%).
- WEC Energy keeps more of each dollar of revenue as operating profit (22.8% vs 20.0%).
- On earnings, PG&E is the cheaper stock (10.1x vs 20.8x).
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 | WEC |
|---|---|---|
| Market cap | $28.6B | $33.9B |
| Share price | $13.13 | $103.74 |
| Revenue (last fiscal year) | $24.9B | $9.8B |
| Free cash flow (last fiscal year) | -$3.1B | — |
| Revenue growth, last year | +0.1% | +2.6% |
| Revenue growth per year, last 5 fiscal years | +4.8% | +4.2% |
| Operating margin | 20.0% | 22.8% |
| Net margin | 11.8% | 16.7% |
| Return on equity | 9.0% | 11.6% |
| P/E (trailing) | 10.1x | 20.8x |
| Price / free cash flow | — | — |
| EV / EBITDA | 8.64x | 13.8x |
| FCF growth the price implies | — | — |
| Dividend yield | 1.2% | 3.5% |
| Debt / equity | 3.27x | 2.62x |
| Fundamental grade | C | C |
| Superinvestors holding it | 6 | 4 |
| Insider purchases, last 12 months | 2 | 0 |
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% |
WEC Energy
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $8.3B | -$340M | 20.6% |
| 2022 | $9.6B | -$636M | 20.0% |
| 2023 | $8.9B | — | 21.5% |
| 2024 | $8.6B | — | 25.0% |
| 2025 | $9.8B | — | 22.9% |
Where the revenue comes from
PG&E · by products, 2025
Electric$18.3B73%
Natural Gas, US Regulated$6.6B27%
WEC Energy · by segments, 2025
Wisconsin$7.3B71%
Illinois$1.7B16%
Non-Utility Energy Infrastructure$770M7%
Other States$528M5%
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 WEC Energy?
WEC Energy (WEC), at $33.9B against $28.6B.
Is PCG or WEC cheaper?
By trailing P/E, PG&E (10.1x) is cheaper than WEC Energy (20.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, PCG or WEC?
WEC Energy: revenue grew +2.6% 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.