総合バリュエーションレンジ · 保守的 $10–$13 / 妥当 $16–$21 / 楽観的 $26–$30。$17.6 時点で 妥当な本源的価値レンジ内。
レポート公開時 $16.42（2026年5月27日）
データ提供：EODHD、報告通貨で表示。参考情報であり、投資助言ではありません。
PG&E Corporation, through its subsidiary, Pacific Gas and Electric Company, engages in the sale and delivery of electricity and natural gas to customers in northern and central California, the United States. It generates electricity using nuclear, hydroelectric, fossil fuel-fired, fuel cells, and photovoltaic sources. The company owns and operates interconnected transmission lines; electric transmission substations, distribution lines, switching and distribution substations; and natural gas transmission, storage, and distribution systems consisting of distribution pipelines, backbone and local transmission pipelines, and various storage facilities. It serves residential, commercial, industrial, and agricultural customers, as well as natural gas-fired electric generation facilities. The company was incorporated in 1995 and is based in Oakland, California.
沿革
PG&E Corporation operates through its subsidiary Pacific Gas and Electric Company, selling and delivering electricity and natural gas across northern and central California. The corporation was incorporated in 1995 and is based in Oakland, California, and its IPO date is recorded as June 1, 1972. The company has experienced bankruptcy in its history, and the regulatory framework available to it improved relative to its pre-bankruptcy era under AB 1054 and SB 254, with the Wildfire Fund providing a payment mechanism for eligible wildfire claims arising after July 12, 2019. Common stock dividends resumed on November 28, 2023, and by the end of 2025 the quarterly common dividend had been raised to $0.05 per share. In December 2024 the company issued approximately 48.66 million common shares at $20.55, and on December 5, 2024 it issued 32.2 million shares of 6.0% Series A mandatory convertible preferred stock; for 2024 it recognized cash inflows of $1.128 billion from common stock issuance and $1.579 billion from mandatory convertible preferred issuance. By 2025 the company generated $24.935 billion in revenue with net income of $2.703 billion, employed 29,010 people, and held total assets of $141.611 billion including $96.348 billion of net property, plant and equipment.
業界での地位
PG&E is a large regulated electric and natural gas utility holding a franchise across northern and central California, serving over 16 million people across roughly 70,000 square miles with 5.6 million electric distribution customers and 4.6 million gas distribution customers. It generates electricity using nuclear, hydroelectric, fossil fuel-fired, fuel cell, and photovoltaic sources, and operates interconnected transmission lines, electric and distribution substations, and natural gas transmission, storage, and distribution systems. Its earnings model is a regulated cost-plus, return-on-rate-base structure: the CPUC sets allowed returns for portions of distribution and gas assets while FERC applies formula rates to transmission, with disclosed 2026 parameters of a CPUC allowed ROE of 9.98% at a 52% equity ratio and a FERC allowed ROE of 10.38% at a 50% equity ratio. Its competitive position rests on three sources of advantage that are factual rather than brand-based: regulatory licensing and franchise barriers, the scale and non-replicable nature of network infrastructure across a 70,000-square-mile service territory, and switching costs tied to a transmission and distribution network for which there is effectively no substitute, with the company remaining the supplier of last resort for many customers and much of its procurement cost passed through. These advantages are conditioned on maintaining valid safety certification, since the company's 10-K states that without an approved wildfire mitigation plan or valid safety certification it would lose certain protections under AB 1054/SB 254, including the prudency presumption. Competitive pressures in California include Community Choice Aggregators (CCA), Direct Access (DA), distributed solar and storage, and private microgrids, which the company states can reduce customer numbers and limit rate-base growth, alongside an expected multi-year decline in natural gas demand. Peers include Edison International, which is likewise affected by California wildfire and regulatory events, and Sempra, which is not a pure local regulated utility but carries stronger infrastructure and LNG business attributes. The grid and gas network industry is mature, though the company's asset base is in an expansion phase, with about 4.6 GW of data center projects reported as having entered final engineering.
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