Public Service Enterprise Group Incorporated

Electric & Other Services Combined

PEGStrained9 of 11 basics passed

$72.28

+0.61%

Market cap $36.0B

$72.28

+0.61%

Market cap $36.0B

Public Service Enterprise Group is the holding company for a regulated utility (PSE&G) and PSEG Power, which owns all or a share of three nuclear plants and clean energy projects. PSE&G provides regulated gas and electricity delivery services in New Jersey to a combined 4.3 million customers.

It is a $36.0B utility company. Revenue grew 12.7% over the last year, it keeps 16¢ of every dollar of sales as profit, and its net debt equals ~83.6 years of free cash flow. It trades at 17.9× earnings — in the cheapest third of its own history.

Website: investor.pseg.com
Location: Newark, NJ
Employees: 26 378
Sector: Utilities
Founded: 1928

Share price · 3 years

$59.05 → $72.28+22.4%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $12.5B
Profit: keeps 16¢ of every $1 sold; $2.01B
Free cash flow: cash left after running the business; $276M
Net debt: debt minus cash on hand; $23.1B
P/E: years of profit in the price; 17.9
EPS: earnings per share, TTM; $4.02
Dividend: pays out 64% of profit; 3.60%
Shares: shares outstanding; 501.0M
Volatility: beta vs the market — under 1 swings less; 0.52

Revenue, last 9 years

52-week range

Low $66.56$72.28High $86.95

Today's price is 28% of the way from the year's low to its high.

P/E vs its history5y

17.9×median 19.4×

Higher than 31% of past days — in the cheapest third of its own history.

Valuation vs own history

P/E

17.9×

68%

P/S

2.9×

77%

EV/EBITDA

20.3×

61%

P/B

2.1×

86%

FCF yield

0.8%

45%

Share of the last ~5 years that was pricier than today (cheaper than usual). Based on the daily valuation record.

Insider activity · 90 days

-$1.05Mnet selling

Purchases$0

Sales$1.05M

Insiders trading, last 14d0 buy · 1 sell

Standing in Utilities

Size$36.0Btop 44%
Revenue growth+7%top 21%
Net margin16%top 37%
Return on equity12%top 37%
P/E17.9×top 26%
Dividend yield3.60%top 33%

Ranked against 44 Utilities companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Growth, Health and Moat lag behind.

Valuation65

P/E vs own history31th pct · 20/25
FCF yield0.8% · 5/25
P/S2.9x · 20/25
EV/EBITDA14.4x · 20/25

Growth38

Revenue CAGR5.8% · 12/25
Net income CAGRn/a · 0/25
EPS CAGR ~5Y4.8% · 6/25
Fwd implied growth19.0% · 20/25

Profitability57

ROIC7.3% · 5/25
ROE11.7% · 12/25
Net margin16.0% · 20/25
Operating margin23.1% · 20/25

Health21

Altman Zn/a · 0/25
Current ratio0.88 · 6/25
Interest coverage4.4x · 10/25
Net cash / debtD/A 40% · 5/25

Quality62

Piotroski F7/9 · 22/25
Beneish M-2.55 · 25/25
FCF conversion14% · 3/25
Margin stabilityσ 10.6% · 12/25

Moat6

ROIC >12% years0/9 yrs · 0/25
Median gross margin24.5% · 6/25
FCF-positive years3/9 yrs · 0/25
Worst-year net marginworst -6.7% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2023Financial
Best year on record
$2.56B net income
FY2019Financial
Revenue crossed $10B
$10.1B for the year
FY2016Financial
First recorded profitable year
$887M net income
FY2016Financial
Revenue already above $1B
$9.06B in first reported year
2009Product
PSEG launched the Solar 4 All project, installing solar panels on 200,000 utility poles at a cost of $773…
2005Acquisition
The Federal Energy Regulatory Commission approved a proposed merger between PSEG and Exelon, a utility…
1989Product
The company created Enterprise Diversified Holdings Inc
1971Milestone
PSCT was renamed Transport of New Jersey in 1971, and sold to New Jersey Transit in 1980, leaving PSE&G exclusively…
1948Milestone
The parent Public Service Corporation was dissolved in 1948 and PSE&G became an independent company
1928Founded
Established in 1928, PSE&G is the state’s oldest and largest investor owned utility

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$11 552 today — price return only

$12.2B revenue in FY2025

Revenue up 12.7% year over year

Profitable 4 years in a row

26 378 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

Revenue growing 12.7% year over year
Piotroski F-Score 7/9 — fundamentally strong checklist

Watch-outs

Loss-making in 1 of the recent years
Net debt equals ~83.6 years of free cash flow

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

9 of 11 checks passed

Revenue growing — the company sells more than a year ago+12.7% YoY
Profitable — makes more than it spends$2.01B TTM
Profit growing — earnings are higher than last year+27.0% YoY
Generates cash — cash left after running and investing$276M TTM
Debt under control — could handle its obligations~83.6y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$36.0B market cap
Not printing shares — share count not ballooning — you keep your slice-1.2% shares over ~5y
Proven track record — years of profitability behind it8/9 profitable years
Financially stable — balance sheet not near distresshealth score 16/100
Pays a dividend — returns cash to shareholdersyield 3.60%
Valuation not extreme — price not wildly above earningsP/E 17.9

Peer comparisonPublic Service Enterprise Group Incorporated vs 6 largest utilities peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
PEG this company	$36.0B	17.9	+12.7%	16.0%	Strained
NEE NextEra Energy, Inc.	$161.3B	17.4	+10.8%	32.4%	Strained
CEG Constellation Energy Corporation	$105.8B	30.5	+26.0%	11.1%	Strained
SO The Southern Company	$99.1B	21.3	+6.4%	15.4%	Strained
DUK Duke Energy Corporation	$90.9B	17.3	+6.3%	15.8%	Strained
WMB Williams Companies Inc.	$89.2B	29.0	+8.7%	25.2%	Strained
KMI Kinder Morgan, Inc.	$72.4B	20.9	+12.5%	19.3%	Strained

Head-to-head: PEG vs NEE · PEG vs CEG · PEG vs SO

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 4Buy 7Hold 16

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $12.5B · net income $2.01B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$12.5B

YoY 12.7%

Net income (TTM)

$2.01B

Margin 16.0%

Operating margin

23.1%

P/E ratio

17.9

Dividend yield

3.60%

Income statement — full detail

Figures in USD billions · EPS in USD

	2019	2021	2022	2023	2024	2025
Revenue	10.1	9.7	9.8	11.2	10.3	12.2
Gross profit	6.7	-0.9	1.4	3.7	2.4	3.0
Operating income (EBIT)	1.9	-0.9	1.4	3.7	2.4	3.0
Net income	1.7	-0.6	1.0	2.6	1.8	2.1
EPS (diluted)	3.34	-1.29	2.06	5.13	3.54	4.21

Cash flowFree cash flow $276M · operating cash flow $3.59B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$276M

Margin 2.2%

Operating cash flow (TTM)

$3.59B

FCF margin

2.2%

Cash flow statement — full detail

Figures in USD billions

	2019	2021	2022	2023	2024	2025
Operating cash flow	3.4	1.7	1.5	3.8	2.1	3.3
Capital expenditure	-3.2	-2.7	-2.9	-3.3	-3.4	-3.3
Free cash flow	0.2	-1.0	-1.4	0.5	-1.2	0.0
FCF margin	2.1%	-10.1%	-14.1%	4.3%	-12.1%	0.2%

Balance sheetAssets $57.6B · net debt $23.1B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $57.6B of assets is financed

71%

29%

Liabilities $40.6B — borrowed moneyEquity $17.0B — owners' stake

Cash vs debt

Total debt $23.2B − cash $132M = net debt $23.1B

Cash on hand covers 1% of debt.

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

4.4x

EBIT ÷ interest expense

ROE

11.7%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2019	2021	2022	2023	2024	2025
Cash & equivalents	0.1	0.8	0.5	0.1	0.1	0.1
Total assets	47.7	49.0	48.7	50.7	54.6	57.6
Total liabilities	32.6	34.6	35.0	35.3	38.5	40.6
Total debt	14.9	18.7	18.7	18.7	20.6	23.2
Equity	15.1	14.4	13.7	15.5	16.1	17.0
Net debt	14.7	17.9	18.2	18.7	20.4	23.1

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Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $72.28 · market cap $36.0B.