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PPL Corporation

PPL Utilities Utilities Regulated Electric

PPL Corporation’s revenue for fiscal 2025 (year ended December 2025) was $9.0 billion, up 6.85% from fiscal 2024.

Revenue
+4.25%
EPS
+24.0%
Free cash flow
−112.8%
Total debt
+14.2%

Quarter to June 2026, against a year earlier

35.96 0.24 +0.67%
Market cap
$27.1B
P/E
21.2×
Fwd P/E
18.7×
Dividend yield
3.14%
F-score
5/9
Altman Z
0.95
Beneish M
−2.49
Dividend safety
24/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2023

  • Total Segments
  • Corporate and Other

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 0.44
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — 1 — — — 1 —
Insider Ownership 0.18%

Capital & Financial Ratios $m

Size
Market Cap 27,090.00
Revenue ttm 9,398.00
Net income ttm 1,266.00
Free cash flow ttm (1,992.00)
Net debt Q 19,991.00
Valuation
P/E 21.15
Forward P/E 18.70
Price / sales 2.88
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.80
Financial health
Current ratio Q 0.91 (below 1: weak)
Debt / equity Q 1.35
Interest coverage Q 2.05
Growth
Revenue growth Q +4.25% (above 0%: growing)
Operating income growth Q +17.00% (above 0%: growing)
EPS, this year +7.65%
EPS, next year A +8.64%
Revenue, next year A +6.60%
EPS, past 5 yrs −3.60% (below 0%: weak)
EPS, next 5 yrs A +8.20%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 5.0×, against a ten-year median of 5.3×; over the ten years it ranged from 3.7× in 2023 to 11.6× in 2020.
P/E against its own 10 years 51.62%
10-year low 10-year high
P/S against its own 10 years 35.97%
10-year low 10-year high
P/B against its own 10 years 56.18%
10-year low 10-year high
EV/Sales against its own 10 years 36.71%
10-year low 10-year high

Dividends raised 3 years running

Yield
3.14%
Annual rate
1.13
Payout ratio
66.7%
Growth, 2017–25
−4.53%/yr
  1. 1.58 ’17
  2. 1.64 ’18 +4
  3. 1.65 ’19 +1
  4. 1.66 ’20 +1
  5. 1.66 ’21 +0
  6. 0.88 ’22 −47
  7. 0.96 ’23 +10
  8. 1.03 ’24 +7
  9. 1.09 ’25 +6
  10. 1.14 ’26e +5
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 331 306 1,071 332
Receivables 1,221 1,037 1,225 1,248
Inventory 505 511 551 597
Other 772 890 978 810
2,932 2,880 3,931 3,165
2023 2024 2025 Q'26
Payables 1,104 1,196 1,559 1,360
ST’ Debt 993 854 1,360 534
Other 816 837 1,044 1,074
3,340 3,333 4,546 3,497

Compound Annual Growth %

10y 5y 3y
Sales 1.66% 10.56% 4.59%
Cash Flow 0.05% (0.87%) 14.97%
Earnings 5.63% (4.30%) 16.02%
Book Value 4.14% 2.16% 2.26%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.35 Actual 0.33

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.46 0.48 Beat by 0.02
Q4 FY25 0.42 0.41 Miss by 0.01
Q1 FY26 0.61 0.63 Beat by 0.02
Q2 FY26 0.35 0.33 Miss by 0.02
Q3 FY26 0.53 — Reports 6 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.60 0.30 — — —
’25 0.56 0.25 0.43 0.36 1.59
’24 0.42 0.26 0.29 0.24 1.20
’23 0.39 0.15 0.31 0.15 1.00
’22 0.37 0.16 0.24 0.26 1.02
’21 (2.39) 0.03 0.27 0.18 (1.93)
’20 0.72 0.45 0.37 0.38 1.91
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,774 2,111 — — —
’25 2,504 2,025 2,239 2,274 9,042
’24 2,304 1,881 2,066 2,211 8,462
’23 2,415 1,823 2,043 2,031 8,312
’22 1,782 1,696 2,134 2,290 7,902
’21 1,498 1,288 1,512 1,485 5,783
’20 1,440 1,263 1,400 1,371 5,474
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 557 583 — — —
’25 513 602 966 548 2,629
’24 282 766 781 511 2,340
’23 430 412 806 110 1,758
’22 502 477 532 219 1,730
’21 663 858 457 292 2,270
’20 692 607 948 499 2,746
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (501) (698) — — —
’25 (280) (328) (179) (614) (1,401)
’24 (314) 96 102 (349) (465)
’23 (69) (179) 155 (539) (632)
’22 75 (105) 26 (421) (425)
’21 192 360 (34) (221) 297
’20 76 65 416 (81) 476
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 23.0% a year for ten years.

Implied
23.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 7,517 7,447 7,785 5,602 5,474 5,783 7,902 8,312 8,462 9,042 9,398 +2.1% 9,639 10,210 10,799 +6.1%
Gross margin, % 80.09 80.61 80.17 74.44 76.87 74.72 66.88 69.03 70.91 69.62 68.62 (10.5) pt
EBT 2,550 1,912 2,285 919 954 521 915 924 1,116 1,472 1,572 (5.9%)
EBT margin, % 33.92 25.67 29.35 16.40 17.43 9.01 11.58 11.12 13.19 16.28 16.73 (17.6) pt
Net income 1,902 1,128 1,827 1,746 1,469 (1,480) 756 740 888 1,181 1,266 (5.2%)
Per share, $
Per share, $ Revenue 11.09 10.87 11.05 7.69 7.12 7.58 10.74 11.28 11.47 12.23 12.49 +1.1%
Earnings 2.80 1.64 2.59 2.39 1.91 (1.93) 1.03 1.00 1.20 1.60 1.70 (6.0%)
Cash flow 4.27 3.59 4.00 3.33 3.57 2.98 2.35 2.39 3.17 3.56 3.53 (2.0%)
Capex (4.31) (4.57) (4.60) (3.08) (2.95) (2.59) (2.93) (3.24) (3.80) (5.45) (6.18) +2.6%
Free cash flow (0.04) (0.98) (0.59) 0.25 0.62 0.39 (0.58) (0.86) (0.63) (1.89) (2.65) +51.8%
Book value 14.61 15.70 16.55 17.83 17.40 17.99 18.91 18.90 19.08 20.13 20.00 +3.6%
Shares, m 678 685 704 729 769 763 736 737 738 739 746 +1.0%
Valuation, ×
Valuation, × P/E 12.15 18.55 10.94 14.89 14.69 0.00 28.63 27.51 26.83 21.89 21.15 17.6
P/S 3.07 2.82 2.56 4.67 3.96 3.97 2.72 2.44 2.83 2.86 2.88 3.2
P/B 2.33 1.95 1.71 2.01 1.62 1.67 1.54 1.46 1.70 1.74 1.80 1.8
EV/Sales 5.58 5.61 5.31 8.63 6.78 5.29 4.48 4.28 4.78 4.89 5.01 5.6
EV/FCF (723.56) (59.83) (93.37) 306.13 82.42 112.81 (78.41) (54.03) (82.38) (30.96) (23.31) (62.1)
Cash, $m
Cash, $m Operating cash flow 2,890 2,461 2,821 2,427 2,746 2,270 1,730 1,758 2,340 2,629 2,654 (1.0%)
Capex (2,920) (3,133) (3,238) (2,243) (2,270) (1,973) (2,155) (2,390) (2,805) (4,030) (4,646) +3.6%
Free cash flow (30) (672) (417) 184 476 297 (425) (632) (465) (1,401) (1,992) +53.3%
Balance, $m
Balance, $m Working capital (1,770) (1,729) (2,131) (2,133) 5,845 2,684 (965) (408) (453) (615) (332) (11.1%)
Net debt 18,908 20,790 21,408 22,229 15,415 7,638 13,872 15,273 16,500 18,279 19,991 (0.4%)
Shareholders’ equity 9,899 10,761 11,657 12,991 13,373 13,723 13,918 13,933 14,077 14,881 15,045 +4.6%
Returns, %
Returns, % ROA 4.90 2.83 4.31 3.92 3.13 (3.64) 2.12 1.92 2.21 2.73 2.85 (2.2) pt
ROIC 6.37 5.75 5.39 2.71 3.44 4.17 3.09 3.49 3.56 4.01 4.04 (2.4) pt
ROE 19.19 10.92 16.30 14.17 11.14 (10.92) 5.46 5.31 6.33 8.14 8.62 (11.0) pt
People
People Employees 12,689 12,512 12,444 12,280 12,318 5,607 6,527 6,629 6,653 6,546 — (7.1%)
Revenue/emp, $m 0.59 0.60 0.63 0.46 0.44 1.03 1.21 1.25 1.27 1.38 — +9.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Business profile

Updated

PPL Corporation is a utility holding company: it owns businesses that deliver electricity and natural gas to homes and businesses. It delivers electricity in Pennsylvania, Kentucky, Virginia and Rhode Island, supplies natural gas in Kentucky and Rhode Island, and generates electricity at power plants in Kentucky.

PPL was founded in 1920 and incorporated as PPL Corporation in 1994. It is headquartered in Allentown, Pennsylvania. Vincent Sorgi is its president and chief executive officer.

Where the money comes from and where it goes Fiscal 2023

Fiscal 2023: revenue by segment, and margins
Total Segments 8,311 99.99%
Corporate and Other 1 0.01%
Gross margin 69.03%
Operating margin 19.61%
Pre-tax margin 11.12%

Revenue by segment since 2009

PPL Corporation vs peers in Utilities Regulated Electric (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
FTS Fortis $31.3B 23.2× 22.6× +4.39% (above 0%: growing) +28.66% (above 0%: growing) −10.20% (below 0%: shrinking) 47.83% 30.08% Compare
AEE Ameren Corporation $31.2B 19.7× 20.5× −5.81% (below 0%: shrinking) +11.76% (above 0%: growing) −51.22% (below 0%: shrinking) 73.90% 21.94% Compare
PCG Pacific Gas & Electric Co. $29.1B 9.8× 11.2× −0.99% (below 0%: shrinking) −8.11% (below 0%: shrinking) −892.50% (below 0%: shrinking) 83.63% 20.18% Compare
DTE DTE Energy Company $28.1B 20.5× 18.8× +5.67% (above 0%: growing) +11.88% (above 0%: growing) +230.17% (above 0%: growing) 0.00% 16.18% Compare
FE FirstEnergy Corporation $27.3B 22.6× 17.1× +9.86% (above 0%: growing) +26.32% (above 0%: growing) −44.47% (below 0%: shrinking) 63.57% 20.52% Compare
PPL PPL Corporation $27.1B 21.2× 18.7× +4.25% (above 0%: growing) +24.00% (above 0%: growing) −112.80% (below 0%: shrinking) 71.67% 22.50%
ES Eversource Energy $27.1B 18.6× 15.6× +2.29% (above 0%: growing) −85.42% (below 0%: shrinking) +398.93% (above 0%: growing) 67.64% 18.63% Compare
CNP CenterPoint Energy, Inc. $26.5B 22.8× 23.3× +10.21% (above 0%: growing) +11.29% (above 0%: growing) −27.29% (below 0%: shrinking) 91.42% 30.44% Compare
EIX Edison International $23.4B 6.5× 9.9× −15.03% (below 0%: shrinking) −12.96% (below 0%: shrinking) +41.59% (above 0%: growing) 65.47% 20.06% Compare
Median of peers $27.7B 20.1× 18.0× +3.34% +11.52% −18.74% 66.56% 20.35%

All 39 Utilities Regulated Electric stocks →

From the latest earnings call

Updated

  • Vince Sorgi said PPL reaffirmed its FY2026 earnings outlook while expecting stronger second-half growth from Pennsylvania and Rhode Island rate-case outcomes.
  • Vince Sorgi said PPL expects one or more NVIDIA Energy commercial agreements by year-end but will not commit capital without executed customer agreements or reimbursement arrangements.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 89.95%
Held by the ten largest 47.52%
Holder Shares Stake Change
Vanguard 93.80m 12.47% +2.02m
BlackRock 67.10m 8.92% +3.88m
State Street 40.50m 5.38% +1.08m
T. Rowe Price 33.52m 4.46% +11.71m
Invesco 28.82m 3.83% −98.53k
Wellington Management 21.37m 2.84% −3.14m
Geode Capital Management 19.94m 2.65% +572.72k
Franklin Templeton 19.80m 2.63% −27.67m
Morgan Stanley 16.40m 2.18% −566.90k
Fidelity (FMR) 16.26m 2.16% +3.75m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

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PPL metrics, ten years each

stockrow.com/PPL · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com