Skip to content
Compounder
← Stocks

P G & E Corp

PCGAbove valueExpectations · demanding

Held by 3 superinvestors.

Price$18.36
Holders3
Total value$231.1M

SEC 10-K · fundamentals

Business quality

as of 2025-12-31

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

Revenue growth
+2.1%
Net margin
0.0%
ROE
0.0%
FCF margin
-12.3%
Revenue $18.47B → $24.93B · 6y
What makes a business high quality

Valuation · value band

Above fair value

$0/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$18
cheaperpricier

Zero-growth floor

$15

Central IV

$0

Optimistic top

$15

P G & E Corp (PCG): A conservative value band $15 / sh (zero-growth floor to growth-capped optimistic top); central read about $0. Today’s price sits above that band (price $18 as of 2026-08-25).

The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.

Revenue growth 5% (lower of historical trend and fundamental cap, capped by moat) · moat 0 yr · discount 14.6% · Zero-growth downside $15

Price as of 2026-08-25 · yahoo · DGS10 4.6% @ 2026-08-25.

Method & numbers

Model cautions

  • Owner-earnings yield diverges sharply from the 10-year Treasury (over 300 bps).

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

Owner-earnings DCF $0.28 – $0.44 · Greenwald zero-growth $14.84 · zero-growth base $14.84 · reproduction $14.84

Moat Below asset base · terminal value 34% of present value · owner-earnings yield 0% vs 10Y 4.6%.

Graham earnings-power value (normalized NOPAT)$-13.95 – $-10.90 / sh

Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex unavailable → degraded to the v1 simplification (maintenance capex = D&A, so the depreciation add-back nets to zero). Share-based compensation is left as a real expense (not added back).

Buffett owner-earnings value$0.27 – $0.31 / sh

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 13.0–15.0% band (9–11% base + 4.0pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex or D&A unavailable → degraded to normalized net income (= average net income over the years shown). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% base band plus a 4.0pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 683.0 years of owner earnings, adding 4.0pp of cost-of-equity risk premium.

Reproduction value = tangible net assets $33.90B = $14.84 / sh. Total book value (shareholders' equity ÷ diluted shares); intangibles not separated — goodwill/intangibles unavailable this period.

Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. Dual reproduction test unavailable (intangibles not separated). A directional reading, not a verdict.

Growth value gated to zero — no moat or ROIIC ≤ WACC, so no growth value is credited.

Window TTM 2026-06-30, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 0% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Baseline 9%–11%, net debt ≈ 683.0 years of owner earnings → +4.0pp cost-of-equity premium → effective 13.0%–15.0%.

Owner-earnings DCF: growth g₁ 5% · OE FY TTM 2026-06-30, 2024, 2023, 2022, 2021 · Discount band: 13.14%–16.00% (DGS10 +4.5% to a 12% strict end, each +4.00pp for leverage premium, as of 2026-08-25). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

What the price is betting

Today's price pencils in about over 30.0% (outside the usual range) a year in owner-earnings for the next few years. Revenue actually grew 6.3% a year.

The market wants it well ahead of its own track record.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

3 holders · $231.1M combined · this quarter +0 opened / -0 exited

This quarter2 added
Holders 4 → 3 · last 8q
  • David Einhorn
    Value$111.6MWeight (prev→now)3.7% → 2.9% ▼
  • Ray Dalio
    Value$99.8MWeight (prev→now)0.0% → 0.4% ▲
  • Steven Romick
    Value$19.7MWeight (prev→now)0.3% → 0.2% ▼

SEC 13F · notes

Written summary

P G & E Corp (PCG) is held by 3 of the superinvestors tracked on Compounder, with a combined $231.1M in reported 13F value. The largest position belongs to David Einhorn, where it makes up 2.9% of the portfolio.

Other notable holders by value include Ray Dalio (0.4% of its book) and Steven Romick (0.2% of its book).

Over the latest quarter, 0 of the tracked filers opened a new position in PCG, 2 added to existing ones, 0 trimmed, and 0 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

Also held by these investors

Investors holding P G & E Corp (PCG) also commonly hold →

PCG's price is not below its conservative value band. See current strike-zone stocks

Also on

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

Stay Updated

New-quarter 13F moves and valuation updates, to your inbox.