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Public Service Enterprise Group (PEG) stock

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NYSE: PEG NYSE Electric Utilities Next results ~February 1, 2027

C+ Fundamentals grade

Public Service Enterprise Group is a US-listed company in the electric utilities industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$71

Valuation models combined (5)

Base case. Range ~$58–$75. Weighted average of 5 models (utility earnings model, forward price-to-earnings vs peers, justified price-to-book, residual income, dividend discount (two-stage)), the utility earnings model counting double.

Price vs value

Modestly overvalued

The price is inside our value range, 5% above our base value.

Price used: $74.38, November 2, 2026

Public Service Enterprise Group valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Public Service Enterprise Group files

10-Q filed November 2: Public Service Enterprise

Model value +14.5%

Public Service Enterprise Group posted revenue of $12.3bn for the twelve months to September 2026, a 5.3% rise on the year before. That pace marks a clear slowdown from the 12.7% growth recorded a quarter earlier. Profitability also softened: operating margin narrowed to 21.6% from 24.9%, while free-cash-flow margin held steady at -1.4%. These shifts have pulled the fundamentals grade down from B to C+. Despite the weaker trajectory, our model value has climbed from $62.07 to $71.06 a share, reflecting updated assumptions rather than improved momentum. The shares currently trade at $74.38, above this revised estimate. With the stock sitting ahead of fair value and growth cooling, the rating remains Hold.

Source: 10-Q filed November 2, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Public Service Enterprise stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $12.5bn, up 12.7% on a year earlier, slower than 19.0% a quarter earlier. That growth ranks 2 of 12 among the electric utilities companies we cover. Free-cash-flow margin rose to 2.2% from -5.8% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 0 of our 6 financial-health checks. Our valuation models combined value is $62.68 a share, against a share price of $71.01.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 1, 2027 (estimated)

Public Service Enterprise Group's trailing-twelve-month revenue grew 5.3% year on year, with a free-cash-flow margin of -1.4%. Where it stands out: change in share count of 0.0% ranks 3 of 23 electric utilities companies we cover. Where it lags: change in growth rate of -7.4pp ranks 24 of 25 electric utilities companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 2.3% while net income fell 15.2%: a 17pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Public Service Enterprise Group's latest figures clears our strength thresholds.

Things to watch

  • Growth slowing. The growth rate is 7.4 points lower than a quarter earlier.
  • Margins narrowing. Operating margin is down 3.2 points on a year ago.
  • Burning cash. Free cash flow was -1.4% of revenue over the last 12 months.
  • High debt. Long-term debt exceeds cash by $23.3bn, more than 1.5 times annual revenue.
  • Weak cash conversion. Free cash flow was -10% of net income over the last 12 months.
  • Below peers: days sales outstanding. Days sales outstanding of 57 days ranks 17 of 18 electric utilities companies we cover (median 45 days).

Latest results: FY2026 Q3

Filed November 2, 2026
Earnings per share
$1.15 against an average estimate of $1.19: missed by 3.7%
Revenue
$3.02bn, down 6.4% on a year earlier
Guidance given
non-GAAP Operating Earnings guidance $4.28 to $4.4 (full-year 2026); non-GAAP Operating Earnings growth outlook growth 6% to 8% (through 2030)
Next report
November 2, 2026; average EPS estimate $0.80

Public Service Enterprise Group's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.1%
  • 1 week+3.1%
  • 1 month+9.3%
  • This year-5.0%
  • 1 year-4.5%
  • 5 years+38.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$12.3B
Operating margin
21.6%
Net margin
14.3%
EPS (TTM, diluted)
$3.53

Growth

Revenue growth
+5.3%
Change in growth rate
−7.4 pts
Share count change
+0.0%

Cash

Free cash flow (TTM)
-$173M
FCF margin
-1.4%

Earnings

Last results
November 2, 2026
Next results (est.)
February 1, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Our research
  3. Our research
  4. Results
  5. Announcement
  6. Announcement
  7. Announcement
  8. Announcement
  9. Product
  10. Results
  11. Guidance
  12. Announcement
  13. Dividend
  14. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Public Service Enterprise Group valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$71
Price used
$73.46close November 3, 2026
Implied change
▼ 3%
Uncertainty
Low

How we got here: the combined value of 5 valuation models built for a business like Public Service Enterprise Group (see the models table below and how they are combined) , with a 7.22% cost of equity. The models span ~$58–~$75; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Public Service Enterprise Group's free cash flow after stock-based pay ( $377M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Public Service Enterprise Group as an utility or power producer, with every model that fits that kind of business. Cost of equity 7.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.51 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Utility earnings model Net income growing 3% a year, discounted at 8%: for regulated investment that makes free cash flow negative. ~$73 ~$60–$92 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$73 ~$71–$90 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$75 ~$61–$98 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$58 ~$42–$84 Included
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$74 ~$60–$98 Included
Combined value Weighted average of the models that apply: the primary model (utility earnings model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$71 ~$58–$75 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Public Service Enterprise Group with utilities and power producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$26.70$31.45$38.30$40.09$46.94$48.05$56.87$53.97$55.93$79.77$78.26$74.38
Market value$13.6bn$16.0bn$19.4bn$20.3bn$23.8bn$24.4bn$28.7bn$27.0bn$28.0bn$39.9bn$39.2bn$37.2bn
+ Net debt (− = net cash)$9.5bn$11.4bn$13.3bn$15.3bn$16.1bn$16.7bn$18.6bn$19.8bn$20.2bn$22.6bn$23.9bn$24.8bn
Enterprise value$23.1bn$27.3bn$32.7bn$35.6bn$39.9bn$41.1bn$47.3bn$46.8bn$48.1bn$62.5bn$63.2bn$62.0bn
Multiples
Price / sales 1.3x1.8x2.1x2.1x2.4x2.5x2.9x2.8x2.5x3.9x3.2x3.0x
Price / earnings 8.1x18.0x12.3x14.1x14.1x12.8x—26.2x10.9x22.5x18.6x21.1x
Price / free cash flow n/m———111.7x136.1x——58.1x—n/m—
EV / EBITDA 5.5x8.9x9.6x10.3x————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

30 /100

Weak moat

How hard Public Service Enterprise Group's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 3 / 20

    Net income has been a median 3.3% of total assets over 10 years.

  • Durability 7 / 20

    Operating margin has been a median 22.4%; its worst year was -14.6%.

  • Cash conversion 2 / 20

    Free cash flow was positive in 2 of 10 years, at a median -5.0% of revenue.

  • Discipline 12 / 20

    The diluted share count fell 1.0% over five years.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.38 +8% $12.8bn +6%
Next $4.65 +6% $13.3bn +4%

Next year's EPS estimate has moved −0.7% in 90 days, across 21 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −0.1% on 90 days ago. In the last 30 days, 2 analysts raised Public Service Enterprise Group's forecast and 0 cut it.

Consensus EPS forecast Public Service Enterprise Group, last 90 days
$4.30 $4.40 $4.50 $4.60 $4.70 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $4.38 Current fiscal year, 60 days ago: $4.37 Current fiscal year, 30 days ago: $4.37 Current fiscal year, 7 days ago: $4.38 Current fiscal year, Now: $4.38 $4.38 Next fiscal year, 90 days ago: $4.68 Next fiscal year, 60 days ago: $4.67 Next fiscal year, 30 days ago: $4.67 Next fiscal year, 7 days ago: $4.65 Next fiscal year, Now: $4.65 $4.65

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $4.38$4.68
60 days ago $4.37$4.67
30 days ago $4.37$4.67
7 days ago $4.38$4.65
Now $4.38$4.65

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.19 $1.15 −3.7%
Jun 2026 $0.80 $0.86 +7.7%
Mar 2026 $1.43 $1.55 +8.5%
Dec 2025 $0.71 $0.72 +1.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 4, 2026
  • non-GAAP Operating Earnings guidance full-year 2026 $4.28 to $4.40 Non-GAAP Maintained
    “In addition to an exemplary storm response, our teams delivered solid financial and operational results for the second quarter and first half of 2026, enabling us to maintain PSEG's full-year 2026 non-GAAP Operating Earnings guidance of $4.28 to $4.40 per share.” source
  • non-GAAP Operating Earnings growth outlook through 2030 6% growth to 8% growth Non-GAAP Maintained
    “We are also reaffirming PSEG's five-year, non-GAAP Operating Earnings growth outlook of 6% to 8% through 2030 as we continue to pursue opportunities incremental to our long-term forecast, including the potential to contract our nuclear output under multi-year agreements.” source
  • total five-year capital investment program five-year $24bn to $28bn
    “Importantly, our solid balance sheet enables the funding of PSEG's total five-year capital investment program of $24 billion to $28 billion without the need to issue new equity or sell assets and provides the opportunity for consistent and sustainable dividend growth," LaRossa concluded.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Public Service Enterprise Group's revenue by +5.8% next year and +3.4% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+6.8%, weight 69%) and the company's own record (+3.4%, weight 31%) . How the weights are set.

Analyst recommendations

23 analysts, Nov 2026
Buy835%
Hold1565%
Sell00%

Monthly trend

  1. Nov 202671523
  2. Oct 202671523
  3. Sep 2026271322
  4. Aug 202671422

Counts of recommendations published by analysts covering Public Service Enterprise Group, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.0%
of tradable shares
Days to cover
2.02
at average volume
Short interest, 1 month
−18%
to October 15, 2026
Held by institutions
79%
of shares
Held by insiders
0.1%
of shares
Employees
13,189
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −4.5%

$77.89 on October 31, 2025 to $74.38

ThenNowEffect
Revenue (last 12 months) $11.1bn $12.5bn +12.7%
Net margin 17.8% 16.0% −9.8%
P/E multiple 19.7x 18.5x −5.9%
Share count 500m 501m −0.1%

Biggest factor: revenue.

Last 3 years +29.0%

$57.64 on November 3, 2023 to $74.38

ThenNowEffect
Revenue (last 12 months) $11.6bn $12.5bn +8.3%
Net margin 24.0% 16.0% −33.1%
P/E multiple 10.4x 18.5x +78.3%
Share count 501m 501m 0.0%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
PEG+18%−5%+4%+43%−2%−5%
Industry peers (median)+18%+0%−4%+16%+17%+5%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
PEG50%33%58%75%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
PEG−9%−27%−15%−12%−14%−22%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 41% from October 31, 2019 to March 23, 2020. Getting back needed a 69% gain, reached on March 29, 2021, 371 days after the low.

Price behaviour

52-week range
$66.56 – $84.74
From 52-week high
−12.2%
vs 50-day average
+4.6%
vs 200-day average
−3.4%
Volatility (1 year)
19%
Beta vs S&P 500
0.05

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 6 down
typical move ±2.3%
After a week
5 up, 6 down
typical move ±2.7%
After a month
4 up, 7 down
typical move ±4.7%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 −1.4% +1.6% −1.8% −4.3%
May 5, 2026 −1.4% +2.2% −2.3% −2.9%
February 26, 2026 +0.1% −1.0% −2.4% −5.4%
November 3, 2025 +1.6% −1.0% +3.3% 0.0%
August 5, 2025 −4.7% +0.3% −2.6% −9.3%
April 30, 2025 −3.6% +0.7% −2.2% −0.7%
February 25, 2025 −1.7% −0.4% −3.5% −2.6%
November 4, 2024 −4.0% +1.0% +0.7% +5.1%
July 30, 2024 +3.7% +1.1% +1.9% +4.7%
April 30, 2024 +1.7% −1.9% +4.9% +7.7%
February 26, 2024 +1.4% −0.2% +4.3% +8.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Public Service Enterprise Group’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Public Service Enterprise Group in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Public Service Enterprise Group
$10B $11B $12B $13B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $11.2B Revenue (TTM), FY24 Q1: $10.2B Revenue (TTM), FY24 Q2: $10.2B Revenue (TTM), FY24 Q3: $10.4B Revenue (TTM), FY24 Q4: $10.3B Revenue (TTM), FY25 Q1: $10.8B Revenue (TTM), FY25 Q2: $11.1B Revenue (TTM), FY25 Q3: $11.7B Revenue (TTM), FY25 Q4: $12.2B Revenue (TTM), FY26 Q1: $12.8B Revenue (TTM), FY26 Q2: $12.5B Revenue (TTM), FY26 Q3: $12.3B $12.3B

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $11.2B
FY24 Q1 $10.2B
FY24 Q2 $10.2B
FY24 Q3 $10.4B
FY24 Q4 $10.3B
FY25 Q1 $10.8B
FY25 Q2 $11.1B
FY25 Q3 $11.7B
FY25 Q4 $12.2B
FY26 Q1 $12.8B
FY26 Q2 $12.5B
FY26 Q3 $12.3B
Revenue growth, TTM YoY Public Service Enterprise Group
-20% -10% 0% 10% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 14.7% Revenue growth, TTM YoY, FY24 Q1: -8.9% Revenue growth, TTM YoY, FY24 Q2: -11.6% Revenue growth, TTM YoY, FY24 Q3: -11.4% Revenue growth, TTM YoY, FY24 Q4: -8.4% Revenue growth, TTM YoY, FY25 Q1: 5.0% Revenue growth, TTM YoY, FY25 Q2: 8.7% Revenue growth, TTM YoY, FY25 Q3: 12.3% Revenue growth, TTM YoY, FY25 Q4: 18.3% Revenue growth, TTM YoY, FY26 Q1: 19.0% Revenue growth, TTM YoY, FY26 Q2: 12.7% Revenue growth, TTM YoY, FY26 Q3: 5.3% 5.3%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 14.7%
FY24 Q1 -8.9%
FY24 Q2 -11.6%
FY24 Q3 -11.4%
FY24 Q4 -8.4%
FY25 Q1 5.0%
FY25 Q2 8.7%
FY25 Q3 12.3%
FY25 Q4 18.3%
FY26 Q1 19.0%
FY26 Q2 12.7%
FY26 Q3 5.3%
Operating margin (TTM) Public Service Enterprise Group
20% 25% 30% 35% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 32.8% Operating margin (TTM), FY24 Q1: 26.6% Operating margin (TTM), FY24 Q2: 24.5% Operating margin (TTM), FY24 Q3: 24.9% Operating margin (TTM), FY24 Q4: 22.9% Operating margin (TTM), FY25 Q1: 22.9% Operating margin (TTM), FY25 Q2: 24.3% Operating margin (TTM), FY25 Q3: 24.9% Operating margin (TTM), FY25 Q4: 24.5% Operating margin (TTM), FY26 Q1: 25.5% Operating margin (TTM), FY26 Q2: 23.1% Operating margin (TTM), FY26 Q3: 21.6% 21.6%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 32.8%
FY24 Q1 26.6%
FY24 Q2 24.5%
FY24 Q3 24.9%
FY24 Q4 22.9%
FY25 Q1 22.9%
FY25 Q2 24.3%
FY25 Q3 24.9%
FY25 Q4 24.5%
FY26 Q1 25.5%
FY26 Q2 23.1%
FY26 Q3 21.6%
FCF margin (TTM) Public Service Enterprise Group
-15% -10% -5% 0% 5% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 4.3% FCF margin (TTM), FY24 Q1: -7.4% FCF margin (TTM), FY24 Q2: -9.5% FCF margin (TTM), FY24 Q3: -8.5% FCF margin (TTM), FY24 Q4: -12.1% FCF margin (TTM), FY25 Q1: -6.4% FCF margin (TTM), FY25 Q2: -5.8% FCF margin (TTM), FY25 Q3: -1.5% FCF margin (TTM), FY25 Q4: 0.2% FCF margin (TTM), FY26 Q1: 1.4% FCF margin (TTM), FY26 Q2: 2.2% FCF margin (TTM), FY26 Q3: -1.4% -1.4%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 4.3%
FY24 Q1 -7.4%
FY24 Q2 -9.5%
FY24 Q3 -8.5%
FY24 Q4 -12.1%
FY25 Q1 -6.4%
FY25 Q2 -5.8%
FY25 Q3 -1.5%
FY25 Q4 0.2%
FY26 Q1 1.4%
FY26 Q2 2.2%
FY26 Q3 -1.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Public Service Enterprise Group took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $12.2B
  2. Other operating costs $9.2B · 75.5%
  3. Operating income $3B · 24.5%
  4. Income tax $263M · 2.2%
  5. Interest and other $606M · 5.0%
  6. Net income $2.1B · 17.3%

Shares of revenue. Source: Public Service Enterprise Group's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 12.0 11.8 11.1 9.8 10.0 10.9 10.4 9.0 9.1 9.7 10.1 9.6 9.7 9.8 11.2 10.3 12.2 12.3
Gross profit — — — — — — — 6.1 6.3 6.5 6.7 6.5 — — — — — —
EBITDA 4.0 3.9 3.7 3.3 3.5 3.9 4.2 3.1 3.4 3.5 — — — — — — — —
Operating income 3.1 2.9 2.7 2.3 2.3 2.6 3.0 1.6 1.4 2.3 1.9 2.3 −0.9 1.4 3.7 2.4 3.0 2.7
Net income 1.6 1.6 1.5 1.3 1.2 1.5 1.7 0.9 1.6 1.4 1.7 1.9 −0.6 1.0 2.6 1.8 2.1 1.8
Diluted EPS $3.14 $3.08 $2.96 $2.51 $2.45 $2.99 $3.30 $1.75 $3.10 $2.83 $3.33 $3.76 −$1.29 $2.06 $5.13 $3.54 $4.22 $3.53
Growth (year on year)
Revenue −4.6% −2.0% −6.1% −11.7% +1.9% +9.2% −4.3% −13.9% +1.4% +6.6% +3.9% −4.7% +1.2% +0.8% +14.7% −8.4% +18.3% +5.3%
EBITDA +20.7% −1.1% −4.8% −10.5% +4.4% +10.7% +8.5% −26.4% +11.1% +1.2% — — — — — — — —
Operating income +25.4% −5.7% −6.6% −16.9% +0.9% +14.1% +12.9% −46.0% −10.6% +60.8% −15.4% +16.8% −137.7% — +166.8% −36.1% +26.6% −8.4%
Net income +34.0% −1.8% −3.9% −15.2% −2.5% +22.1% +10.6% −47.2% +77.5% −8.6% +17.7% +12.5% −134.0% — +148.6% −30.9% +19.1% −15.2%
Diluted EPS +34.2% −1.9% −3.9% −15.2% −2.4% +22.0% +10.4% −47.0% +77.1% −8.7% +17.7% +12.9% −134.3% — +149.0% −31.0% +19.2% −15.2%
Margins
Gross margin — — — — — — — 67.6% 69.5% 66.7% 66.5% 68.2% — — — — — —
EBITDA margin 32.9% 33.2% 33.6% 34.1% 34.9% 35.4% 40.1% 34.3% 37.6% 35.6% — — — — — — — —
Operating margin 25.9% 24.9% 24.7% 23.3% 23.1% 24.1% 28.4% 17.8% 15.7% 23.7% 19.3% 23.6% −8.8% 14.1% 32.8% 22.9% 24.5% 21.6%
Net margin 13.2% 13.3% 13.6% 13.0% 12.5% 13.9% 16.1% 9.9% 17.3% 14.8% 16.8% 19.8% −6.7% 10.5% 22.8% 17.2% 17.3% 14.3%
Free-cash-flow margin 0.5% 0.0% 13.3% 2.2% 3.5% 3.1% 0.5% −9.9% −10.2% −10.3% 2.1% 1.9% −10.1% −14.1% 4.3% −12.1% 0.2% −1.4%
Cash flow
Cash from operations 1.9 2.2 3.6 2.8 3.2 3.2 3.9 3.3 3.3 2.9 3.4 3.1 1.7 1.5 3.8 2.1 3.3 3.3
Capital spending 1.8 2.2 2.1 2.6 2.8 2.8 3.9 4.2 4.2 3.9 3.2 2.9 2.7 2.9 3.3 3.4 3.3 3.4
Free cash flow 0.1 0.0 1.5 0.2 0.3 0.3 0.1 −0.9 −0.9 −1.0 0.2 0.2 −1.0 −1.4 0.5 −1.2 0.0 −0.2
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 —
Free cash flow after stock pay 0.1 0.0 1.5 0.2 0.3 0.3 0.1 −0.9 −1.0 −1.0 0.2 0.1 −1.0 −1.4 0.5 −1.3 −0.0 —
Balance sheet
Cash 0.4 0.3 0.8 0.4 0.5 0.4 0.4 0.4 0.3 0.2 0.1 0.5 0.8 0.5 0.1 0.1 0.1 0.8
Total debt 8.7 9.0 8.1 8.2 8.7 9.2 9.9 11.8 13.6 15.5 16.2 17.2 19.4 20.3 20.2 22.7 24.1 25.6
Net debt (negative = net cash) 8.3 8.7 7.3 7.8 8.2 8.8 9.5 11.4 13.3 15.3 16.1 16.7 18.6 19.8 20.2 22.6 23.9 24.8
Diluted shares 507m 507m 507m 507m 508m 508m 508m 508m 507m 507m 507m 507m 504m 501m 500m 500m 501m 500m
Returned to shareholders
Dividends 0.7 0.7 0.7 0.7 0.7 0.7 0.8 0.8 0.9 0.9 1.0 1.0 1.0 1.1 1.1 1.2 1.3 1.3
Buybacks 0.0 0.0 — — — — — — — — — 0.0 0.0 0.5 0.0 0.0 — —
Total returned 0.7 0.7 0.7 0.7 0.7 0.7 0.8 0.8 0.9 0.9 1.0 1.0 1.0 1.6 1.1 1.2 1.3 1.3

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 6 checks passed · September 30, 2026
What it owns · $60.3bn
Short-term assets $5.2bnLonger-term assets $55.2bn
What it owes, and who funded it · $22.5bn
Short-term liabilities $5.1bnShareholders' equity $17.4bn
  • Short-term assets cover short-term liabilities $5.2bn of assets due within a year against $5.1bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $837m of cash against $24.6bn of debt.
  • Debt below 40% of shareholders' equity Debt is 141% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 125% to 141% over five years.
  • A year's operating cash flow covers at least 20% of debt $3.3bn of operating cash flow against $24.6bn of debt.
  • Operating profit covers interest at least five times over Operating income of $2.7bn against $1.1bn of interest.

From Public Service Enterprise Group's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$1.3B
Diluted share count
0.0%
year over year
Total shareholder yield
3.5%
dividends 3.5% + buybacks 0.0% of market value
Dividend payout ratio
75%
of net income paid out
Days sales outstanding
57 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in electric utilities
Last 12 months unless stated PEG ETR ES WEC PPL FE Median
Revenue, last 12 months $12.3bn $13.5bn $14.0bn $10.3bn $9.4bn $16.2bn $9.4bn
Revenue growth, last 12 months 5.3% 9.5% 7.8% 8.1% 6.7% 12.2% 6.4%
Revenue growth, 3-year average 1.6% 0.4% 3.4% 3.8% 2.8% 8.0% 3.7%
Revenue growth, latest quarter −6.4% 5.9% 2.3% 8.9% 4.2% 9.9% 4.3%
Gross margin 66.5% — — 65.9% — — 65.9%
Operating margin 21.6% 22.9% 21.5% 23.5% 24.1% 14.9% 22.3%
Operating margin, 3-year average 23.8% 22.9% 21.2% 23.6% 22.3% 17.3% 22.4%
Net margin 14.3% 13.3% 10.4% 17.5% 13.5% 7.4% 13.3%
Cash from operations / revenue 26.4% 45.1% 31.6% 37.2% 28.2% 19.7% 27.0%
Free-cash-flow margin −1.4% −22.0% 2.1% −7.4% −21.2% −13.3% −10.0%
Free-cash-flow margin, 3-year average −3.8% −18.8% −9.4% −2.3% −12.7% −9.8% −8.2%
Stock pay / revenue — — — — 0.5% 0.1% 0.4%
Change in share count 0.0% 4.9% 2.6% 2.3% 1.3% 0.2% 1.7%

Median of all 25 companies we cover in electric utilities. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

25 electric utilities companies
Measure Company Peer median Rank
Revenue growth Growth 5.3% 6.4% 15 of 25
Change in growth rate Growth -7.4pp -0.1pp 24 of 25
Operating margin Profitability 21.6% 22.5% 14 of 24
Net margin Profitability 14.3% 13.3% 9 of 25
Free-cash-flow margin Cash generation -1.4% -10.0% 8 of 24
Long-term debt as % of assets Balance sheet 40.0% 40.9% 11 of 24
Change in share count Balance sheet 0.0% 1.7% 3 of 23
Days sales outstanding Balance sheet 57 days 45 days 17 of 18

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Electric Distribution Contracts $4.9B ▲ 22.2%
Gas Distribution Contracts $2.5B ▲ 19.5%
Transmission $1.8B ▲ 1.4%
Other Contract Revenues $1.1B ▲ 7.4%

These categories overlap or exclude eliminations, so shares aren't shown.

From Public Service Enterprise Group's 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$31.3B
Institutions reporting
1,306
Shares held vs prior quarter
▲ 3.5%
Positions opened / closed
111 / 90

Top buyers and sellers, Q2 2026: 662 institutions bought and 489 sold ; the biggest buyer was Citadel Advisors LLC (+3.4M shares) and the biggest seller Capital World Investors (−3.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $4.4B 53.8M 13.9% ▲ 3.7%
Vanguard Capital Management LLC $2.6B 32.5M 8.4% ▲ 0.4%
Vanguard Portfolio Management LLC $2.5B 30.4M 7.9% ▲ 0.4%
State Street Corp $2.4B 29.5M 7.6% ▲ 1.4%
Bank Of America Corp $1.2B 14.9M 3.9% ▲ 4.4%
Geode Capital Management, LLC $1.1B 13.2M 3.4% ▲ 1.1%
Capital Research Global Investors $870M 10.7M 2.8% ▲ 1.4%
Morgan Stanley $621M 7.7M 2.0% ▲ 11.5%
Invesco Ltd. $614M 7.6M 2.0% ▲ 3.8%
Legal & General Group PLC $555M 6.8M 1.8% ▲ 2.0%
Norges Bank $529M 6.5M 1.7% —
Atlas Infrastructure Partners (UK) Ltd. $500M 6.2M 1.6% ▲ 52.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Public Service Enterprise Group's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $2.9M 13 trades by 3 insiders · 53% under pre-set plans
Net ▼ $2.9M net selling
Insider Date Trade Shares Price Value
Larossa Ralph A Chair, President and CEO October 1, 2026 Sell pre-set plan 2,083 $67.48 $140,571
Larossa Ralph A Chair, President and CEO September 1, 2026 Sell pre-set plan 2,083 $73.46 $153,010
Thigpen Richard T SVP Corporate Citizenship August 11, 2026 Sell 8,000 $74.56 $596,480
Larossa Ralph A Chair, President and CEO August 3, 2026 Sell pre-set plan 2,083 $76.47 $159,290
Larossa Ralph A Chair, President and CEO July 1, 2026 Sell pre-set plan 2,083 $80.51 $167,704
Hanemann Kim C President and COO - PSE&G June 24, 2026 Sell pre-set plan 3,035 $82.00 $248,870
Larossa Ralph A Chair, President and CEO June 1, 2026 Sell pre-set plan 2,083 $77.01 $160,420
Larossa Ralph A Chair, President and CEO May 1, 2026 Sell pre-set plan 2,083 $81.21 $169,152
Larossa Ralph A Chair, President and CEO April 1, 2026 Sell pre-set plan 2,083 $81.24 $169,231
Hanemann Kim C President and COO - PSE&G March 9, 2026 Sell 9 $84.04 $738
Larossa Ralph A Chair, President and CEO March 5, 2026 Sell pre-set plan 2,083 $83.66 $174,256
Thigpen Richard T SVP Corporate Citizenship March 3, 2026 Sell 4,700 $83.00 $390,100

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 17 trades and filings

In the last 12 months, 3 members of Congress disclosed 2 purchases and 3 sales of Public Service Enterprise Group shares.

  • Julia Letlow(R-LA 5):Sale (full), $1,001 - $15,000, traded February 17, 2026, filed March 12, 2026
  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded December 9, 2025, filed January 15, 2026
  • Julie Johnson(D-TX 32):Purchase, $1,001 - $15,000, traded December 8, 2025, filed August 5, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 1, 2027 estimated from the company's past filing pattern, not announced

  • November 2, 2026
  • August 4, 2026
  • May 5, 2026
  • February 26, 2026
  • November 3, 2025
  • August 5, 2025

Recent SEC filings

Data status

When each part of this page on Public Service Enterprise Group was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Public Service Enterprise Group in brief

What does Public Service Enterprise Group do?
Public Service Enterprise Group is a US-listed company in the electric utilities industry. Its financial year ends in December.
What is Public Service Enterprise Group's stock ticker?
Public Service Enterprise Group trades under the ticker PEG on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Public Service Enterprise Group's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Public Service Enterprise Group reported revenue of $12.3B, 5.3% higher than a year earlier, according to its SEC filings.
What is Public Service Enterprise Group's free cash flow?
Public Service Enterprise Group's free-cash-flow margin is -1.4% of revenue over the trailing twelve months, ranking 8 of the 24 electric utilities companies we cover.
Who are Public Service Enterprise Group's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Public Service Enterprise Group's market cap?
On November 2, 2026, Public Service Enterprise Group's market capitalisation was about $37.2B, with a price-to-earnings ratio of 21.1 and net debt of $24.8B. Market figures come from third-party market data and may be delayed.
Does Public Service Enterprise Group pay a dividend?
Yes: Public Service Enterprise Group paid $1.3B in dividends over the trailing twelve months, a dividend yield of 3.55% and a payout ratio of 74.6%.
How much debt does Public Service Enterprise Group have?
Public Service Enterprise Group's debt-to-equity ratio is 141.5%, from its latest balance sheet (124.8% five years earlier). The financial health section below sets out its other solvency checks.
Who are Public Service Enterprise Group's competitors?
In our Electric Utilities peer group, the companies closest to Public Service Enterprise Group are Entergy, Eversource Energy, WEC Energy Group, PPL Corporation and FirstEnergy. The side-by-side comparison below sets their revenue, margins and growth against Public Service Enterprise Group's.
Are insiders buying or selling Public Service Enterprise Group stock?
Over the last 12 months, Public Service Enterprise Group's directors and officers reported 0 open-market purchases and 13 sales on Form 4. The insider trading page charts every trade.
When is Public Service Enterprise Group's next earnings date?
Around February 1, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Public Service Enterprise Group announces its own schedule.