Latest Ratios: P/E Ratio 16.2x · EV/EBITDA 13.7x · ROE 12.8%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $33.9B | $40.2B | $42.2B | $30.6B | $30.7B | $33.6B | $29.6B | $29.9B | $26.4B | $26.1B | $22.3B |
| Enterprise Value | $58.2B | $64.5B | $65.0B | $50.9B | $50.7B | $52.4B | $46.5B | $46.3B | $41.7B | $39.4B | $33.7B |
| P/E Ratio → | 16.17 | 19.07 | 23.87 | 11.92 | 29.74 | — | 15.51 | 17.68 | 18.33 | 16.61 | 25.07 |
| P/S Ratio | 2.79 | 3.31 | 4.11 | 2.72 | 3.13 | 3.46 | 3.08 | 2.97 | 2.72 | 2.87 | 2.46 |
| P/B Ratio | 2.01 | 2.37 | 2.62 | 1.98 | 2.24 | 2.33 | 1.85 | 1.98 | 1.84 | 1.89 | 1.70 |
| P/FCF | 104.36 | 123.79 | — | 63.57 | — | — | 434.68 | 260.33 | — | — | — |
| P/OCF | 14.32 | 16.99 | 19.81 | 8.03 | 20.42 | 19.37 | 9.53 | 8.86 | 9.06 | 8.01 | 6.73 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.30 | 6.32 | 4.53 | 5.17 | 5.39 | 4.84 | 4.59 | 4.30 | 4.34 | 3.71 |
| EV / EBITDA | 13.72 | 15.22 | 17.45 | 10.17 | 19.02 | 95.87 | 12.44 | 13.74 | 11.44 | 10.90 | 10.27 |
| EV / EBIT | 19.51 | 19.08 | 24.38 | 13.51 | 32.38 | — | 16.53 | 18.82 | 17.89 | 23.75 | 19.99 |
| EV / FCF | — | 198.36 | — | 105.88 | — | — | 683.97 | 402.50 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 69.0% | 69.0% | 34.4% | 43.0% | 26.6% | 30.8% | 35.7% | 35.7% | 35.6% | 37.6% | 33.7% |
| Operating Margin | 24.5% | 24.5% | 22.9% | 32.8% | 14.1% | -8.8% | 23.6% | 19.3% | 23.7% | 15.7% | 17.6% |
| Net Profit Margin | 17.3% | 17.3% | 17.2% | 22.8% | 10.5% | -6.7% | 19.8% | 16.8% | 14.8% | 17.3% | 9.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.8% | 12.8% | 11.2% | 17.6% | 7.3% | -4.3% | 12.3% | 11.5% | 10.2% | 11.7% | 6.8% |
| ROA | 3.8% | 3.8% | 3.4% | 5.2% | 2.1% | -1.3% | 3.9% | 3.6% | 3.3% | 3.8% | 2.3% |
| ROIC | 5.6% | 5.6% | 4.7% | 7.9% | 3.1% | -1.9% | 5.3% | 4.8% | 6.1% | 4.2% | 5.1% |
| ROCE | 6.0% | 6.0% | 5.0% | 8.4% | 3.3% | -2.0% | 5.2% | 4.7% | 5.8% | 3.8% | 4.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.44 | 1.44 | 1.42 | 1.32 | 1.49 | 1.36 | 1.09 | 1.09 | 1.08 | 0.98 | 0.90 |
| Debt / EBITDA | 5.75 | 5.75 | 6.14 | 4.07 | 7.67 | 35.88 | 4.68 | 4.90 | 4.25 | 3.77 | 3.60 |
| Net Debt / Equity | — | 1.43 | 1.41 | 1.31 | 1.45 | 1.30 | 1.06 | 1.08 | 1.06 | 0.96 | 0.87 |
| Net Debt / EBITDA | 5.72 | 5.72 | 6.11 | 4.06 | 7.50 | 34.39 | 4.53 | 4.85 | 4.20 | 3.68 | 3.47 |
| Debt / FCF | — | 74.58 | — | 42.31 | — | — | 249.29 | 142.17 | — | — | — |
| Interest Coverage | 3.52 | 3.52 | 3.17 | 5.48 | 2.78 | -1.18 | 5.49 | 4.82 | 4.90 | 4.24 | 4.37 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.80 | 0.80 | 0.65 | 0.67 | 0.64 | 0.88 | 0.66 | 0.64 | 0.71 | 0.79 | 0.99 |
| Quick Ratio | 0.60 | 0.60 | 0.48 | 0.46 | 0.50 | 0.78 | 0.50 | 0.46 | 0.53 | 0.59 | 0.72 |
| Cash Ratio | 0.02 | 0.02 | 0.02 | 0.01 | 0.07 | 0.12 | 0.10 | 0.03 | 0.04 | 0.08 | 0.13 |
| Asset Turnover | — | 0.21 | 0.19 | 0.22 | 0.20 | 0.20 | 0.19 | 0.21 | 0.21 | 0.21 | 0.23 |
| Inventory Turnover | 3.27 | 3.27 | 6.00 | 6.27 | 7.50 | 9.04 | 7.03 | 7.23 | 6.92 | 6.55 | 6.77 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.7% | 3.1% | 2.8% | 3.7% | 3.5% | 3.1% | 3.4% | 3.2% | 3.4% | 3.3% | 3.7% |
| Payout Ratio | 59.6% | 59.6% | 67.5% | 44.4% | 104.7% | — | 52.0% | 56.1% | 63.3% | 55.3% | 93.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.2% | 5.2% | 4.2% | 8.4% | 3.4% | — | 6.4% | 5.7% | 5.5% | 6.0% | 4.0% |
| FCF Yield | 1.0% | 0.8% | — | 1.6% | — | — | 0.2% | 0.4% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 1.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.7% | 3.1% | 2.8% | 3.7% | 5.1% | 3.1% | 3.4% | 3.2% | 3.4% | 3.3% | 3.7% |
| Shares Outstanding | — | $501M | $500M | $500M | $501M | $504M | $507M | $507M | $507M | $507M | $508M |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying PEG stock.
Public Service Enterprise Group Incorporated's current P/E ratio is 16.2x. The historical average is 16.5x. This places it at the 56th percentile of its historical range.
Public Service Enterprise Group Incorporated's current EV/EBITDA is 13.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.3x.
Public Service Enterprise Group Incorporated's return on equity (ROE) is 12.8%. The historical average is 12.2%.
Based on historical data, Public Service Enterprise Group Incorporated is trading at a P/E of 16.2x. This is at the 56th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Public Service Enterprise Group Incorporated's current dividend yield is 3.69% with a payout ratio of 59.6%.
Public Service Enterprise Group Incorporated has 69.0% gross margin and 24.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Public Service Enterprise Group Incorporated's Debt/EBITDA ratio is 5.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Regulatory lag and storm costs
Metrics are mathematically derived from official filings.
Premium Priced for Regulated Pivot
PEG trades at 18.0x trailing earnings and 3.3% dividend yield, a premium to peers like ED (19.2x, 3.0%) but justified by its shift to regulated operations. According to market data, the forward P/E of 17.4x suggests modest growth expectations.
The P/E of 18.0x is above the peer median of ~19.8x, but the dividend yield of 3.3% is in line with the group, reflecting PEG's bond-proxy status. The premium likely stems from the de-risking of the generation portfolio, which reduces earnings volatility and supports a higher multiple. However, the PEG ratio of 7.9x indicates that the market is pricing in very low growth, consistent with a mature utility but leaving little room for disappointment.
Earned ROE Trails Authorized Levels
PEG's trailing twelve-month ROE is approximately 3.0%, well below the typical authorized ROE of 9-10% for regulated utilities. As reported in quarterly filings, this gap suggests significant regulatory lag or one-time charges, warranting close monitoring of recovery mechanisms.
The quarterly ROE has ranged from 1.8% to 4.3%, with the Q2 2026 dip to 1.9% coinciding with the EPS miss and storm-related costs. This indicates that earned returns are substantially below the allowed return, likely due to timing of cost recovery and the impact of severe weather. Investors should monitor whether the NJBPU allows recovery of these costs in future rate cases, as persistent under-earning could pressure the stock's valuation.
Operating Margin Volatility Signals Lag
Operating margins have fluctuated between 17.5% and 29.1% over the past ten quarters, with Q2 2026 at 18.1%. Based on financial statements, this volatility suggests that cost recovery mechanisms are not fully insulating earnings from storm and maintenance expenses.
The average operating margin of ~24% is healthy, but the sharp drops in Q4 and Q2 quarters indicate that regulatory lag is compressing margins when costs spike. The pass-through of fuel costs is evident, yet O&M and storm costs appear to be hitting the income statement before recovery. This pattern underscores the importance of timely rate case filings and the potential for disallowances if costs are deemed imprudent.
Leverage Creeps Higher, Coverage Adequate
Debt-to-capital has risen from 0.58 to 0.59 over the past year, while interest coverage averaged 3.2x in the last four quarters. As per SEC filings, FFO-to-debt of 4.2% is thin, indicating reliance on external financing for the capex program.
The debt-to-capital ratio of 0.59 is within the typical utility range, but the FFO-to-debt ratio of 3.13% in Q2 2026 is weak, suggesting that cash flow generation is not keeping pace with debt levels. Interest coverage of 2.02x in Q2 2026 is below the 3.0x threshold often considered adequate, reflecting the earnings dip. This could constrain future borrowing capacity and may lead to equity issuance if the capex program continues at this pace.
Payout Ratio Spikes Signal Coverage Risk
Dividend payout ratios have spiked to 100% in Q2 2026 and Q4 2025, up from the typical 50-60% range. According to quarterly reports, this indicates that earnings are barely covering the dividend, though cash flow coverage remains stronger.
The payout ratio based on GAAP earnings is concerning, but operating cash flow coverage of the dividend averaged 2.3x over the last four quarters, per cash flow analysis. This suggests the dividend is safe from a cash perspective, but the earnings-based payout highlights the volatility of reported earnings. If regulatory lag persists, the company may need to rely on debt or asset sales to fund the dividend, which could be unsustainable in the long term.
Misapplied P/E Ignores Rate Base Growth
The most misapplied ratio for PEG is the P/E, which is often compared to industrials or growth companies. For utilities, the P/E should be anchored to the authorized ROE and rate base growth, not earnings growth. As reported in financial statements, PEG's P/E of 18x is reasonable given its regulated profile.
Investors may mistakenly view PEG's low P/E as a sign of undervaluation, but utilities trade as bond proxies, and the P/E is primarily a function of the allowed ROE and interest rates. A better metric is the price-to-rate base ratio, which reflects the return on invested capital. Additionally, the P/E is distorted by non-cash items like AFUDC and deferred taxes, so cash flow-based metrics like FFO yield or dividend yield are more appropriate for assessing value.