- Price
- $12.50 → $13.13(+5.0%)
- Discount
- 39.0% → 36.0%(−3.1 pts)
- Balance sheet
- Cash: $972M
Debt: $64.3B
Net debt: $63.3B
Net debt / EBITDA: 6.0× (high)
Interest cover: 3.4×
Undrawn credit line: $5.5B
Debt due within 12 months: $2.5B
Ratings: Fitch BBB- (negative outlook)
PG&E borrows mostly at the regulated utility, and debt is high for the cash that PG&E makes. Free cash flow was about minus $4.3 billion in the 12 months to June 30, 2026, because capital spending is larger than operating cash flow. The CPUC lets the utility fund its rate base with about 52% equity and 47.5% long-term debt, and customers pay the interest through rates. At June 30, 2026, consolidated long-term debt was $61.8 billion. There was also of long-term debt, $1.1 billion due within a year and $1.4 billion of short-term borrowings, against $972 million of cash. Of the long-term debt, $55.2 billion sat at the utility. This includes $11.6 billion in special-purpose entities, such as wildfire recovery bonds that dedicated customer charges pay. About $6.6 billion sat at the parent, PG&E Corporation, which pays it from utility dividends. This includes $2.15 billion of 4.25% convertible secured notes due December 1, 2027 and $1.0 billion of 6.850% junior subordinated notes. Debt is high for the cash that PG&E makes.The leverage ratio and interest cover come from Yahoo Finance data shows net debt of about 6.0 timesand use trailing EBITDA, and EBITDA of about 3.4 times interest. Free cash flow was about minus $4.3 billion in the 12 months to June 30, 2026, because capital spending is larger than operating cash flow. Total liquidity was about $6.5 billion at June 30, 2026, mostly $5.5 billion ofthe undrawn revolving credit lines. One major agency still rates the utility's unsecured debt below investment grade. On September 16, 2026, Fitch kept BBB- but changed theits outlook to negative on September 16, 2026, after wildfire reform failed. The debt load and the open wildfire liability limit PG&E's choices. This is why it cut planned 2027 capital spending and did not raise more debt or equity.
As of 2026-06-30.