PCGPG&E Corp

Electric & Other Services Combined

Revenue: $24.9B; 2.1% YoY
Operating margin: 19.0%; 4.3% YoY
EBITDA: $4.7B; 6.5% YoY
Market cap: $29.0B
Employees: —
Net debt / EBITDA: 11.9×; $56.4B net debt
AI in 10-K: 0.3; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
2 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
3361358× net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
1% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
91% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AIYes
0.3 per 10K words · 16th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
11.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$29.0B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$8M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$20.6B	$21.7B	$24.4B	$24.4B	$24.9B	2.1%
Operating income	$1.9B	$1.8B	$2.7B	$4.5B	$4.7B	6.5%
Net income	−$102	$2K	$2K	$2K	$3K	4.8%
Operating cash flow	$2.3B	$3.7B	$4.7B	$8.0B	$8.7B	8.5%
Capex	$7.7B	$9.6B	$9.7B	$10.4B	$11.8B	14%
Stock-based comp	$56M	$115M	$91M	$98M	$134M	37%
Dividends	—	$0	$0	$86M	—

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jul 14, 2023	PG&E Fire Victim Trust	SC 13D/A	3.4%	Passive
Apr 13, 2023	PG&E Fire Victim Trust	SC 13D/A	6.4%	Passive
Jan 11, 2023	PG&E Fire Victim Trust	SC 13D/A	9.4%	Passive
Dec 14, 2022	PG&E Fire Victim Trust	SC 13D/A	12.5%	Passive
Oct 31, 2022	PG&E Fire Victim Trust	SC 13D/A	12.5%	Passive
Oct 11, 2022	PG&E Fire Victim Trust	SC 13D/A	13.9%	Passive
Apr 18, 2022	PG&E Fire Victim Trust	SC 13D/A	15.3%	Passive
Feb 2, 2022	PG&E Fire Victim Trust	SC 13D/A	17.8%	Passive
Jul 9, 2021	PG&E Fire Victim Trust	SC 13D/A	24.1%	Passive
Jul 10, 2020	PG&E Fire Victim Trust	SC 13D	24.6%	Passive

Insider trading

Open-market buys, 12 mo: $211K · 2
Open-market sells, 12 mo: $8M · 13
Net: −$8M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	130	145
FY2024	—	—	163	129
FY2023	—	—	145	112
FY2022	—	—	130	119
FY2021	—	—	97	117