PPL Corporation

Electric Services

PPLStrained8 of 11 basics passed

$34.25

+0.44%

Market cap $25.8B

$34.25

+0.44%

Market cap $25.8B

PPL is a holding company of regulated utilities in Pennsylvania, Kentucky, and Rhode Island. The Pennsylvania regulated delivery and transmission segment distributes electricity to customers in central and eastern Pennsylvania.

It is a $25.8B utility company. Revenue grew 6.7% over the last year, it keeps 13¢ of every dollar of sales as profit, and it carries $18.4B of net debt. It trades at 20.4× earnings — in the cheapest third of its own history.

Website: pplweb.com
Location: Allentown, PA
Employees: 6 546
Sector: Utilities

Share price · 3 years

$23.86 → $34.25+43.5%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $9.40B
Profit: keeps 13¢ of every $1 sold; $1.26B
Free cash flow: cash left after running the business; -$1.99B
Net debt: debt minus cash on hand; $18.4B
P/E: years of profit in the price; 20.4
EPS: earnings per share, TTM; $1.70
Dividend: pays out 65% of profit; 3.17%
Shares: up 9% since 2016 — dilution; 741.5M
Volatility: beta vs the market — under 1 swings less; 0.59

Revenue, last 9 years

52-week range

Low $31.97$34.25High $39.81

Today's price is 29% of the way from the year's low to its high.

P/E vs its history5y

20.4×median 21.9×

Higher than 15% of past days — in the cheapest third of its own history.

Valuation vs own history

P/E

20.4×

85%

P/S

2.7×

93%

EV/EBITDA

44.1×

P/B

1.7×

35%

FCF yield

1.1%

26%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Standing in Utilities

Size$25.8Btop 60%
Revenue growth+15%top 5%
Net margin22%top 14%
Return on equity9%top 93%
P/E20.4×top 52%
Dividend yield3.17%top 50%

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.

Valuation57

P/E vs own history15th pct · 25/25
FCF yield-7.7% · 0/25
P/S6.4x · 12/25
EV/EBITDA12.6x · 20/25

Growth40

Revenue CAGR11.8% · 20/25
Net income CAGRn/a · 0/25
EPS CAGR ~5Y-7.7% · 0/25
Fwd implied growth28.1% · 20/25

Profitability62

ROIC3.5% · 5/25
ROE8.5% · 12/25
Net margin13.4% · 20/25
Operating margin38.8% · 25/25

Health24

Altman Z0.70 · 3/25
Current ratio0.91 · 6/25
Interest coverage2.9x · 10/25
Net cash / debtD/A 41% · 5/25

Quality55

Piotroski F6/9 · 15/25
Beneish M-2.36 · 20/25
FCF conversion-158% · 0/25
Margin stabilityσ 7.0% · 20/25

Moat0

ROIC >12% years0/5 yrs · 0/25
Median gross marginn/a · 0/25
FCF-positive years1/9 yrs · 0/25
Worst-year net marginworst -25.6% · 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.

May 25, 2022Milestone
The sale of the Narragansett Electric Company was completed on May 25, 2022
Mar 18, 2021Acquisition
This resulted in a March 18, 2021, announcement of agreements to sell WPD to National Grid plc for £7.8 billion and…
FY2016Financial
First recorded profitable year
$1.90B net income
FY2016Financial
Revenue already above $1B
$7.52B in first reported year
FY2016Financial
Best year on record
$1.90B net income
Jun 1, 2015Milestone
The Talen spinoff was completed, allowing PPL to concentrate on the transmission and distribution…
2011Acquisition
PPL completed the acquisition of two regulated regional electricity distribution companies in the United…
2010Acquisition
PPL completed the acquisition of two regulated Kentucky-based utilities, Louisville Gas & Electric in…
2000Milestone
PP&L Resources was renamed PPL Corporation in 2000
1995Milestone
The company reorganized as a holding company

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$11 658 today — price return only

$9.0B revenue in FY2025

Revenue up 6.7% year over year

Profitable 4 years in a row

6 546 employees

Strengths & watch-outs

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

Strengths

No standout strengths in the available data.

Watch-outs

Negative free cash flow (-$2.0B)
Altman Z-Score 0.70 — elevated financial-distress risk
Loss-making in 1 of the recent years

Qualifications

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

8 of 11 checks passed

Revenue growing — the company sells more than a year ago+6.7% YoY
Profitable — makes more than it spends$1.26B TTM
Profit growing — earnings are higher than last year+15.7% YoY
Generates cash — cash left after running and investing-$1.99B TTM
Debt under control — could handle its obligationscurrent ratio 0.91
Established company — not a micro-cap — lower blow-up risk$25.8B market cap
Not printing shares — share count not ballooning — you keep your slice+0.6% shares over ~5y
Proven track record — years of profitability behind it8/9 profitable years
Financially stable — balance sheet not near distressAltman Z 0.7 — distress
Pays a dividend — returns cash to shareholdersyield 3.17%
Valuation not extreme — price not wildly above earningsP/E 20.4

Peer comparisonPPL Corporation vs 6 largest utilities peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
PPL this company	$25.8B	20.4	+6.7%	13.4%	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: PPL vs NEE · PPL vs CEG · PPL vs SO

References

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

Strong buy 6Buy 10Hold 4

Appendix · Financial records

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

Profit & lossRevenue $9.40B · net income $1.26B (TTM)Open ▾

Profit & loss

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

RevenueNet income

Revenue (TTM)

$9.40B

YoY 6.7%

Net income (TTM)

$1.26B

Margin 13.4%

Operating margin

38.8%

P/E ratio

20.4

Dividend yield

3.17%

Income statement — full detail

Figures in USD billions · EPS in USD

	2019	2021	2022	2023	2024	2025
Revenue	7.8	5.8	7.9	8.3	8.5	9.0
Gross profit	—	—	—	—	—	—
Operating income (EBIT)	2.8	1.4	—	—	—	—
Net income	1.7	-1.5	0.8	0.7	0.9	1.2
EPS (diluted)	2.37	-1.94	1.02	1.00	1.20	1.59

Cash flowFree cash flow -$1.99B · operating cash flow $2.65B (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)

-$1.99B

Margin -21.2%

Operating cash flow (TTM)

$2.65B

FCF margin

-21.2%

Cash flow statement — full detail

Figures in USD billions

	2019	2021	2022	2023	2024	2025
Operating cash flow	2.4	2.3	1.7	1.8	2.3	2.6
Capital expenditure	-3.1	-2.0	-2.2	-2.4	-2.8	-4.0
Free cash flow	-0.7	0.3	-0.4	-0.6	-0.5	-1.4
FCF margin	-8.4%	5.1%	-5.4%	-7.6%	-5.5%	-15.5%

Balance sheetAssets $45.2B · net debt $18.4B (FY2025)Open ▾

Balance sheet

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

How $45.2B of assets is financed

67%

33%

Liabilities $30.4B — borrowed moneyEquity $14.9B — owners' stake

Cash vs debt

Total debt $19.5B − cash $1.07B = net debt $18.4B

Cash on hand covers 5% of debt.

Altman Z-Score

0.70

Distress zone

Interest coverage

2.9x

EBIT ÷ interest expense

ROE

8.5%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2019	2021	2022	2023	2024	2025
Cash & equivalents	0.8	3.6	0.4	0.3	0.3	1.1
Total assets	45.7	33.2	37.8	39.2	41.1	45.2
Total liabilities	32.7	19.5	23.9	25.3	27.0	30.4
Total debt	21.9	10.7	14.3	15.7	16.9	19.5
Equity	13.0	13.7	13.9	13.9	14.1	14.9
Net debt	21.1	7.2	13.9	15.3	16.6	18.4

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of PPL on PreMarketPrice

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 $34.25 · market cap $25.8B.