The business behind the dividend
| Measure | PCG | Median | Formula |
|---|---|---|---|
| Return on equity | 8.3% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 5.2% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-3.07bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 19.0% | 15.0% | Operating income ÷ revenue |
| Net margin | 10.8% | 10.2% | Net income ÷ revenue |
| Debt to equity | 1.79x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 1.57x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 0.97x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 3.22x | 1.78x | Operating cash flow ÷ net income |
Not computed here: Long-term debt to working capital, Owner earnings — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 8.3% | 8.3% | 9.0% | 7.9% | -0.4% | -6.2% | -148.8% | -54.0% | 8.6% | 7.8% | 7.8% |
| Return on capital employed | 5.2% | 5.2% | 3.5% | 2.5% | 3.0% | 3.0% | -196.5% | -18.2% | 7.8% | 6.0% | 3.0% |
| Operating margin | 19.0% | 18.3% | 10.9% | 8.5% | 9.1% | 9.5% | -58.9% | -57.9% | 17.0% | 11.8% | 9.5% |
| Net margin | 10.8% | 10.3% | 9.2% | 8.4% | -0.4% | -7.1% | -44.6% | -40.8% | 9.7% | 8.0% | 8.0% |
| Debt to equity | 1.79x | 1.85x | 2.09x | 2.19x | 2.04x | 1.78x | 0.00x | 3.21x | 0.95x | 0.94x | 1.79x |
| Current ratio | 0.97x | 1.05x | 0.83x | 0.81x | 0.64x | 0.71x | 1.33x | 0.22x | 0.88x | 0.81x | 0.81x |
| Cash conversion | 3.22x | 3.20x | 2.10x | 2.05x | — | — | — | — | 3.60x | 3.13x | 3.13x |
How it compares in utilities
Among the 57 utilities companies here measured on GAAP earnings, PG&E pays out less than 54 of them. The median for that group is 61.5%, against this company’s 10.7%.
Closest on GAAP earnings
- Constellation Energy (CEG) 5.2%
- Cheniere Energy (LNG) 8.5%
- Excelerate Energy (EE) 21.7%
- Edison International (EIX) 29.1%
Same sector and same denominator, so the figures are comparable. All 58 in utilities →