PPL Corporation (PPL) 10-Year Financial Performance & Capital Metrics

PPL • • Utilities

UtilitiesElectric UtilitiesMulti-Utility CompaniesDual Electric & Gas Utilities

AboutPPL Corporation, a utility holding company, delivers electricity and natural gas in the United States and the United Kingdom. The company operates through two segments: Kentucky Regulated and Pennsylvania Regulated. It serves approximately 429,000 electric and 333,000 natural gas customers in Louisville and adjacent areas in Kentucky; 538,000 electric customers in central, southeastern, and western Kentucky; and 28,000 electric customers in five counties in southwestern Virginia. The company also provides electric services to approximately 1.4 million customers in Pennsylvania; and generates electricity from coal, gas, hydro, and solar sources in Kentucky; and sells wholesale electricity to two municipalities in Kentucky. PPL Corporation was founded in 1920 and is headquartered in Allentown, Pennsylvania.Show more

Revenue $8.46B +1.8%
EBITDA $3.1B +4.5%
Net Income $888M +20.0%
Free Cash Flow -$465M +26.4%
EBITDA Margin 36.6% +2.6%
Net Margin 10.49% +17.9%
ROE 6.34% +19.3%
Interest Coverage 2.36 -3.7%
Debt/Equity 1.19 +6.6%
Net Debt/EBITDA 5.33 +3.4%
CapEx / Revenue 33.15% +15.3%
CapEx Coverage 0.83 +13.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Healthy dividend yield of 2.8%

✗Weaknesses

✗Profits declining 12.6% over 5 years
✗High leverage: 5.4x Debt/EBITDA

Price & Volume

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Growth Metrics

Revenue CAGR

10Y0.75%

5Y8.6%

3Y13.53%

TTM8.42%

Profit (Net Income) CAGR

10Y-6.49%

5Y-12.65%

3Y-

TTM32.52%

EPS CAGR

10Y-7.48%

5Y-12.73%

3Y-

TTM32.14%

ROCE

10Y Avg5.75%

5Y Avg4.47%

3Y Avg4.54%

Latest4.73%

Peer Comparison

Dual Electric & Gas Utilities

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AQNBAlgonquin Power & Utilities Cor		25.60	170.63	-14.03%	-57.66%	-26.75%		1.09
ESEversource Energy	26.15B	69.69	30.70	-0.08%	10.22%	8.3%		1.92
PPLPPL Corporation	26.42B	35.71	29.76	1.8%	12.16%	7.58%		1.19
LNTAlliant Energy Corporation	17.24B	67.06	24.93	-1.14%	19.13%	11.19%		1.49
DDominion Energy, Inc.	51.53B	60.34	24.73	0.46%	14.77%	7.36%		1.38
PEGPublic Service Enterprise Group Incorporated	39.64B	79.41	22.43	-8.43%	17.77%	12.24%		1.42
WECWEC Energy Group, Inc.	35.18B	108.16	22.39	-3.3%	17.76%	12.1%	1.22%	1.59
XELXcel Energy Inc.	44.58B	75.36	21.91	-5.38%	11.01%	9.04%		1.55

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	7.67B	7.52B	7.45B	7.79B	5.6B	5.47B	5.78B	7.9B	8.31B	8.46B
Revenue Growth %	-0.02%	-0.02%	-0.01%	0.05%	-0.28%	-0.02%	0.06%	0.37%	0.05%	0.02%
Cost of Revenue	3.66B	3.35B	3.25B	3.53B	2.94B	2.69B	3.07B	5.01B	5.04B	5.07B
Gross Profit+	4.01B	4.16B	4.2B	4.26B	2.66B	2.79B	2.71B	2.89B	3.28B	3.39B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	-0.02%	0.04%	0.01%	0.01%	-0.38%	0.05%	-0.03%	0.06%	0.13%	0.04%
Operating Expenses+	1.18B	1.23B	1.3B	1.41B	1.14B	1.2B	1.29B	1.51B	1.65B	1.65B
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	3.77B	3.94B	4.01B	4.02B	2.53B	2.67B	2.54B	2.61B	2.96B	3.1B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	-0.02%	0.04%	0.02%	0%	-0.37%	0.05%	-0.05%	0.02%	0.14%	0.04%
Depreciation & Amortization+	942M	1.01B	1.1B	1.17B	1.01B	1.08B	1.12B	1.23B	1.33B	1.36B
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	2.83B	2.94B	2.9B	2.85B	1.53B	1.59B	1.42B	1.37B	1.63B	1.74B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.01%	0.04%	-0.01%	-0.02%	-0.46%	0.04%	-0.1%	-0.04%	0.19%	0.07%
Interest Expense+	871M	888M	901M	963M	621M	634M	918M	513M	666M	738M
Interest Coverage	3.25x	3.31x	3.22x	2.96x	2.46x	2.50x	1.55x	2.68x	2.45x	2.36x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income+	2.07B	2.55B	1.91B	2.29B	919M	954M	521M	915M	924M	1.12B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	465M	648M	784M	458M	183M	314M	503M	201M	184M	228M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	682M	1.9B	1.13B	1.83B	1.75B	1.47B	-1.48B	756M	740M	888M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.61%	1.79%	-0.41%	0.62%	-0.04%	-0.16%	-2.01%	1.51%	-0.02%	0.2%
EPS (Diluted)+	1.01	2.79	1.64	2.58	2.37	1.91	-1.93	1.02	1.00	1.20
EPS Growth %	-0.61%	1.76%	-0.41%	0.57%	-0.08%	-0.19%	-2.01%	1.53%	-0.02%	0.2%
EPS (Basic)	1.01	2.80	1.64	2.59	2.39	1.91	-1.93	1.02	1.00	1.20
Diluted Shares Outstanding	672.59M	680.45M	687.33M	708.62M	736.75M	769.38M	764.82M	736.9M	738.17M	739.85M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	39.3B	38.31B	41.48B	43.4B	45.68B	48.12B	33.22B	37.84B	39.24B	41.07B
Asset Growth %	-0.2%	-0.03%	0.08%	0.05%	0.05%	0.05%	-0.31%	0.14%	0.04%	0.05%
PP&E (Net)+	30.38B	30.07B	33.09B	34.46B	36.48B	24.5B	25.47B	30.24B	31.42B	33.15B
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	2.65B	2.07B	2.29B	2.43B	2.77B	20.9B	5.01B	2.82B	2.93B	2.88B
Cash & Equivalents	836M	341M	485M	621M	815M	442M	3.57B	356M	331M	306M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	357M	356M	320M	303M	332M	302M	322M	443M	505M	511M
Other Current Assets	259M	161M	199M	279M	245M	19.2B	164M	485M	344M	481M
Long-Term Investments	0	0	0	0	0	0	0	0	0	2M
Goodwill	3.55B	3.06B	3.26B	3.16B	3.2B	716M	716M	2.25B	2.25B	2.25B
Intangible Assets	679M	700M	697M	717M	743M	351M	343M	313M	306M	314M
Other Assets	2.04B	2.41B	2.14B	2.63B	2.49B	1.65B	1.69B	2.21B	2.33B	2.48B
Total Liabilities	29.38B	28.42B	30.72B	31.74B	32.69B	34.74B	19.5B	23.92B	25.3B	26.99B
Total Debt+	19.96B	19.25B	21.27B	22.03B	23.04B	15.86B	11.21B	14.23B	15.6B	16.81B
Net Debt	19.13B	18.91B	20.79B	21.41B	22.23B	15.41B	7.64B	13.87B	15.27B	16.5B
Long-Term Debt	18.56B	17.81B	19.85B	20.07B	20.72B	13.62B	10.67B	12.89B	14.61B	15.95B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	0	0	0	0	0	47M	42M	63M	102M
Total Current Liabilities+	3.88B	3.84B	4.02B	4.56B	4.9B	15.05B	2.32B	3.79B	3.34B	3.33B
Accounts Payable	812M	820M	924M	989M	956M	745M	679M	1.2B	1.1B	1.2B
Accrued Expenses	303M	270M	282M	278M	294M	113M	81M	97M	124M	157M
Deferred Revenue	326M	276M	292M	257M	261M	300M	0	0	0	0
Other Current Liabilities	694M	670M	719M	673M	650M	11.27B	619M	862M	816M	837M
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	3.38B	2.75B	4.26B	4.18B	3.86B	3.42B	3.24B	4.12B	4.13B	4.24B
Total Equity+	9.92B	9.9B	10.76B	11.66B	12.99B	13.37B	13.72B	13.92B	13.93B	14.08B
Equity Growth %	-0.27%	-0%	0.09%	0.08%	0.11%	0.03%	0.03%	0.01%	0%	0.01%
Shareholders Equity	9.92B	9.9B	10.76B	11.66B	12.99B	13.37B	13.72B	13.91B	13.93B	14.08B
Minority Interest	0	0	0	0	0	0	0	3M	0	0
Common Stock	7M	7M	7M	7M	8M	8M	8M	8M	8M	8M
Additional Paid-in Capital	9.69B	9.84B	10.3B	11.02B	12.21B	12.27B	12.3B	12.32B	12.33B	12.35B
Retained Earnings	2.95B	3.83B	3.87B	4.59B	5.13B	5.32B	2.57B	2.68B	2.71B	2.83B
Accumulated OCI	-2.73B	-3.78B	-3.42B	-3.96B	-4.36B	-4.22B	-157M	-124M	-163M	-184M
Return on Assets (ROA)	0.02%	0.05%	0.03%	0.04%	0.04%	0.03%	-0.04%	0.02%	0.02%	0.02%
Return on Equity (ROE)	0.06%	0.19%	0.11%	0.16%	0.14%	0.11%	-0.11%	0.05%	0.05%	0.06%
Debt / Equity	2.01x	1.94x	1.98x	1.89x	1.77x	1.19x	0.82x	1.02x	1.12x	1.19x
Debt / Assets	0.51%	0.5%	0.51%	0.51%	0.5%	0.33%	0.34%	0.38%	0.4%	0.41%
Net Debt / EBITDA	5.07x	4.80x	5.19x	5.32x	8.78x	5.78x	3.00x	5.32x	5.15x	5.33x
Book Value per Share	14.75	14.55	15.66	16.45	17.63	17.38	17.94	18.89	18.88	19.03

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	2.58B	2.89B	2.46B	2.82B	2.43B	2.75B	2.27B	1.73B	1.76B	2.34B
Operating CF Growth %	-0.24%	0.12%	-0.15%	0.15%	-0.14%	0.13%	-0.17%	-0.24%	0.02%	0.33%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	1.6B	1.9B	1.13B	1.83B	736M	640M	18M	714M	740M	888M
Depreciation & Amortization	942M	1.01B	1.1B	1.17B	1.01B	1.08B	1.12B	1.23B	1.33B	1.36B
Deferred Taxes	428M	560M	707M	355M	169M	169M	87M	179M	322M	196M
Other Non-Cash Items	-258M	-522M	-471M	-712M	656M	713M	985M	-41M	-533M	-140M
Working Capital Changes	-131M	-84M	-46M	153M	-177M	115M	22M	-392M	-139M	-7M
Capital Expenditures+	-3.53B	-2.92B	-3.13B	-3.24B	-3.08B	-2.27B	7.96B	-5.65B	-2.39B	-2.81B
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-3.59B	-2.93B	-3.16B	-3.36B	-3.08B	-3.26B	7.96B	-5.65B	-2.38B	-2.82B
Acquisitions	0	0	0	0	0	0	10.56B	-3.51B	0	0
Purchase of Investments	0	0	0	-65M	-55M	0	0	0	0	0
Sale of Investments	1000K	1000K	0	0	1000K	1000K	0	1000K	0	0
Other Investing	-191M	-8M	-28M	-64M	-11M	-18M	-630M	-131M	7M	-13M
Cash from Financing+	68M	-439M	824M	690M	836M	386M	-7.39B	709M	650M	435M
Dividends Paid	-1B	-1.03B	-1.07B	-1.13B	-1.19B	-1.27B	-1.28B	-787M	-704M	-747M
Dividend Payout Ratio %	1.47%	0.54%	0.95%	0.62%	0.68%	0.87%	-	1.04%	0.95%	0.84%
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	-1000K	1000K	1000K	1000K
Stock Issued	203M	144M	453M	698M	1.17B	0	9M	0	0	0
Share Repurchases	0	0	0	0	0	0	-1B	0	0	0
Other Financing	-461M	6M	-19M	-20M	-26M	458M	-72M	-6M	-51M	-23M
Net Change in Cash+	-563M	-495M	144M	132M	193M	-375M	3.13B	-3.21B	25M	-43M
Exchange Rate Effect	-1000K	-1000K	1000K	-1000K	1000K	-1000K	1000K	0	0	0
Cash at Beginning	1.4B	836M	341M	511M	643M	818M	443M	3.57B	357M	382M
Cash at End	836M	341M	485M	643M	836M	443M	3.57B	357M	382M	339M
Free Cash Flow+	-955M	-67M	-710M	-417M	-656M	476M	10.23B	-3.92B	-632M	-465M
FCF Growth %	-0.22%	0.93%	-9.6%	0.41%	-0.57%	1.73%	20.49%	-1.38%	0.84%	0.26%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	5.79%	19.19%	10.92%	16.3%	14.17%	11.14%	-10.92%	5.47%	5.31%	6.34%
EBITDA Margin	49.2%	52.44%	53.79%	51.69%	45.22%	48.7%	44.01%	32.99%	35.67%	36.6%
Net Debt / EBITDA	5.07x	4.80x	5.19x	5.32x	8.78x	5.78x	3.00x	5.32x	5.15x	5.33x
Interest Coverage	3.25x	3.31x	3.22x	2.96x	2.46x	2.50x	1.55x	2.68x	2.45x	2.36x
CapEx / Revenue	46.06%	39.34%	42.58%	41.59%	55.03%	59.35%	137.59%	71.55%	28.75%	33.15%
Dividend Payout Ratio	147.21%	54.15%	95.04%	62.01%	68.27%	86.79%	-	104.1%	95.14%	84.12%
Debt / Equity	2.01x	1.94x	1.98x	1.89x	1.77x	1.19x	0.82x	1.02x	1.12x	1.19x
EPS Growth	-61.3%	176.24%	-41.22%	57.32%	-8.14%	-19.41%	-201.05%	152.85%	-1.96%	20%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Kentucky Regulated	3.12B	3.14B	3.16B	3.21B	3.21B	3.11B	3.35B	3.81B	3.45B	3.58B
Kentucky Regulated Growth	-	0.83%	0.48%	1.84%	-0.25%	-3.12%	7.79%	13.95%	-9.52%	3.77%
Pennsylvania Regulated	-	-	-	-	-	2.33B	2.48B	3.03B	3.01B	2.88B
Pennsylvania Regulated Growth	-	-	-	-	-	-	6.52%	22.08%	-0.73%	-4.39%
Rhode Island Regulated	-	-	-	-	-	-	-	1.04B	1.85B	2.02B
Rhode Island Regulated Growth	-	-	-	-	-	-	-	-	78.32%	9.35%
United Kingdom Regulated	2.41B	2.21B	2.09B	2.27B	2.17B	-	-	-	-	-
United Kingdom Regulated Growth	-	-8.42%	-5.26%	8.46%	-4.45%	-	-	-	-	-
Corporate	-	13M	5M	37M	38M	-	-	-	-	-
Corporate Growth	-	-	-61.54%	640.00%	2.70%	-	-	-	-	-
Corporate And Other	20M	-	-	-	-	-	-	-	-	-
Corporate And Other Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Kentucky Regulated	3.12B	3.14B	3.16B	3.21B	-	3.11B	3.35B	3.81B	3.45B	3.58B
Kentucky Regulated Growth	-	0.83%	0.48%	1.84%	-	-	7.79%	13.95%	-9.52%	3.77%
Pennsylvania Regulated	2.12B	2.16B	2.19B	2.28B	-	2.33B	2.48B	3.03B	3.01B	2.88B
Pennsylvania Regulated Growth	-	1.51%	1.81%	3.74%	-	-	6.52%	22.08%	-0.73%	-4.39%
Rhode Island Regulated	-	-	-	-	-	-	-	1.04B	1.85B	2.02B
Rhode Island Regulated Growth	-	-	-	-	-	-	-	-	78.32%	9.35%
United Kingdom Regulated	2.41B	2.21B	2.09B	2.27B	-	2.13B	-	-	-	-
United Kingdom Regulated Growth	-	-8.42%	-5.26%	8.46%	-	-	-	-	-	-
UNITED STATES	-	-	-	-	5.6B	-	-	-	-	-
UNITED STATES Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

PPL Corporation (PPL) has a price-to-earnings (P/E) ratio of 29.8x. This suggests investors expect higher future growth.

Growth & Financials

PPL Corporation (PPL) reported $8.98B in revenue for fiscal year 2024. This represents a 30% decrease from $12.74B in 2011.

PPL Corporation (PPL) grew revenue by 1.8% over the past year. Growth has been modest.

Yes, PPL Corporation (PPL) is profitable, generating $1.09B in net income for fiscal year 2024 (10.5% net margin).

Dividend & Returns

Yes, PPL Corporation (PPL) pays a dividend with a yield of 2.83%. This makes it attractive for income-focused investors.

PPL Corporation (PPL) has a return on equity (ROE) of 6.3%. This is below average, suggesting room for improvement.

PPL Corporation (PPL) had negative free cash flow of $1.14B in fiscal year 2024, likely due to heavy capital investments.

Industry Metrics

PPL Corporation (PPL) has a dividend payout ratio of 84%. The dividend is reasonably covered.

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