PPLPPL Corp

Electric Services

Revenue: $9.2B; 8.6% YoY
Operating margin: 23.2%; 13% YoY
EBITDA: $3.4B; 14% YoY
Market cap: $26.8B
Employees: 300; $31M revenue each
Net debt / EBITDA: 5.1×; $17.7B net debt
AI in 10-K: 1.2; mentions per 10K words

Takeover score 0 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
223% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
30% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
5% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$31M · 95th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.2 per 10K words · 38th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
5.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$26.8B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$441K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$5.8B	$7.8B	$8.3B	$8.4B	$9.2B	8.6%
Operating income	$1.4B	$1.4B	$1.6B	$1.7B	$2.1B	22%
Net income	−$1.5B	$756M	$740M	$888M	$1.2B	33%
Operating cash flow	$2.3B	$1.7B	$1.8B	$2.3B	$2.6B	12%
Capex	$2.0B	$2.2B	$2.4B	$2.8B	$4.0B	44%
Stock-based comp	$37M	$37M	$33M	$46M	$49M	6.5%
Buybacks	$1.0B	$0	$0	—	—
Dividends	$1.3B	$787M	$704M	$747M	$794M	6.3%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $441K · 2
Net: −$441K

Pay vs performance

No pay-versus-performance disclosure yet.