PPL (PPL)
Market Price (9/23/2026): $32.88 | Market Cap: $24.7 BilInvestor Relations Sector: Utilities | Industry: Electric Utilities
PPL (PPL)
Market Price (9/23/2026): $32.88Market Cap: $24.7 BilSector: UtilitiesIndustry: Electric Utilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.4%, Dividend Yield is 3.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.3% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 28%, CFO LTM is 2.7 Bil Low stock price volatilityVol 12M is 18% Megatrend and thematic driversMegatrends include Smart Grids & Grid Modernization, and Electrification of Everything. Themes include Smart Metering, Grid Automation, Show more. | Weak multi-year price returns2Y Excs Rtn is -30%, 3Y Excs Rtn is -33% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 81% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -21% Key risksPPL key risks include [1] executing its ambitious $20 billion infrastructure investment plan from 2025 through 2028 and [2] navigating competition for transmission projects within its Pennsylvania Regulated segment. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.4%, Dividend Yield is 3.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.3% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 28%, CFO LTM is 2.7 Bil |
| Low stock price volatilityVol 12M is 18% |
| Megatrend and thematic driversMegatrends include Smart Grids & Grid Modernization, and Electrification of Everything. Themes include Smart Metering, Grid Automation, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -30%, 3Y Excs Rtn is -33% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 81% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -21% |
| Key risksPPL key risks include [1] executing its ambitious $20 billion infrastructure investment plan from 2025 through 2028 and [2] navigating competition for transmission projects within its Pennsylvania Regulated segment. |
Qualitative Assessment
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PPL (PPL) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. PPL's fiscal Q2 2026 (ending June 30, 2026) earnings saw a slight miss on analyst estimates, but the reaffirmation of full-year guidance provided stability. The company reported an EPS of $0.33 on August 7, 2026, missing consensus estimates of $0.34 by $0.01. Additionally, quarterly revenue of $2.11 billion fell below analysts' expectations of $2.19 billion. Despite this miss, PPL reaffirmed its fiscal 2026 EPS guidance of $1.90–$1.98, which likely mitigated negative sentiment and supported a largely stable stock performance.
2. The consistent quarterly dividend payout offers a steady return to investors, supporting the stock's valuation. On August 21, 2026, PPL declared a quarterly common stock dividend of $0.2850 per share, payable October 1, 2026. This translates to an annualized yield of approximately 3.3%, which is attractive to income-focused investors and provides a baseline for the stock price in the stable utilities sector.
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PPL (PPL) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. PPL's fiscal Q2 2026 (ending June 30, 2026) earnings saw a slight miss on analyst estimates, but the reaffirmation of full-year guidance provided stability. The company reported an EPS of $0.33 on August 7, 2026, missing consensus estimates of $0.34 by $0.01. Additionally, quarterly revenue of $2.11 billion fell below analysts' expectations of $2.19 billion. Despite this miss, PPL reaffirmed its fiscal 2026 EPS guidance of $1.90–$1.98, which likely mitigated negative sentiment and supported a largely stable stock performance.
2. The consistent quarterly dividend payout offers a steady return to investors, supporting the stock's valuation. On August 21, 2026, PPL declared a quarterly common stock dividend of $0.2850 per share, payable October 1, 2026. This translates to an annualized yield of approximately 3.3%, which is attractive to income-focused investors and provides a baseline for the stock price in the stable utilities sector.
3. Broader macroeconomic headwinds, including rising interest rates and increased affordability concerns, tempered significant upside in the utilities sector. The long-standing perception of utilities as a defensive, bond-like investment has been challenged by rising interest rates in 2026, which can make fixed-income alternatives more appealing and reduce the relative attractiveness of utility yields. Furthermore, escalating electricity prices are intensifying affordability pressures on consumers, leading to increased regulatory scrutiny and making it challenging for utilities to pass through increased costs for necessary grid modernization and capital spending.
4. Analyst sentiment, while generally positive, reflected a balanced outlook, contributing to a sideways stock movement. As of late August 2026, PPL held a "Moderate Buy" consensus rating from 13 analysts, with an average 12-month price target of $41.00. This target suggested potential upside from the stock's closing price of $34.47 on September 1, 2026. However, the presence of "hold" ratings from some analysts and mixed adjustments to price targets during the period indicated a cautious and balanced view, preventing a strong upward or downward trend.
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Stock Movement Drivers
Fundamental Drivers
The -5.6% change in PPL stock from 5/31/2026 to 9/22/2026 was primarily driven by a -9.0% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9222026 | Change |
|---|---|---|---|
| Stock Price ($) | 34.82 | 32.88 | -5.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,312 | 9,398 | 0.9% |
| Net Income Margin (%) | 13.1% | 13.5% | 2.9% |
| P/E Multiple | 21.5 | 19.5 | -9.0% |
| Shares Outstanding (Mil) | 752 | 752 | -0.1% |
| Cumulative Contribution | -5.6% |
Market Drivers
5/31/2026 to 9/22/2026| Return | Correlation | |
|---|---|---|
| PPL | -5.6% | |
| Market (SPY) | 2.5% | -7.1% |
| Sector (XLU) | -8.2% | 84.7% |
Fundamental Drivers
The -13.6% change in PPL stock from 2/28/2026 to 9/22/2026 was primarily driven by a -18.1% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9222026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.06 | 32.88 | -13.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,042 | 9,398 | 3.9% |
| Net Income Margin (%) | 13.1% | 13.5% | 3.1% |
| P/E Multiple | 23.9 | 19.5 | -18.1% |
| Shares Outstanding (Mil) | 740 | 752 | -1.6% |
| Cumulative Contribution | -13.6% |
Market Drivers
2/28/2026 to 9/22/2026| Return | Correlation | |
|---|---|---|
| PPL | -13.6% | |
| Market (SPY) | 13.3% | -4.3% |
| Sector (XLU) | -13.9% | 74.7% |
Fundamental Drivers
The -6.2% change in PPL stock from 8/31/2025 to 9/22/2026 was primarily driven by a -25.5% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 9222026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.06 | 32.88 | -6.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,806 | 9,398 | 6.7% |
| Net Income Margin (%) | 11.2% | 13.5% | 20.1% |
| P/E Multiple | 26.2 | 19.5 | -25.5% |
| Shares Outstanding (Mil) | 739 | 752 | -1.7% |
| Cumulative Contribution | -6.2% |
Market Drivers
8/31/2025 to 9/22/2026| Return | Correlation | |
|---|---|---|
| PPL | -6.2% | |
| Market (SPY) | 21.2% | -2.0% |
| Sector (XLU) | -1.2% | 69.2% |
Fundamental Drivers
The 47.2% change in PPL stock from 8/31/2023 to 9/22/2026 was primarily driven by a 53.3% change in the company's Net Income Margin (%).| (LTM values as of) | 8312023 | 9222026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.34 | 32.88 | 47.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,662 | 9,398 | 8.5% |
| Net Income Margin (%) | 8.8% | 13.5% | 53.3% |
| P/E Multiple | 21.6 | 19.5 | -9.7% |
| Shares Outstanding (Mil) | 737 | 752 | -2.0% |
| Cumulative Contribution | 47.2% |
Market Drivers
8/31/2023 to 9/22/2026| Return | Correlation | |
|---|---|---|
| PPL | 47.2% | |
| Market (SPY) | 78.3% | 13.4% |
| Sector (XLU) | 40.9% | 78.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PPL Return | 13% | 0% | -4% | 24% | 11% | -3% | 45% |
| Peers Return | 22% | 19% | 3% | 31% | 26% | -3% | 137% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 107% |
Monthly Win Rates [3] | |||||||
| PPL Win Rate | 50% | 42% | 67% | 58% | 67% | 33% | |
| Peers Win Rate | 56% | 66% | 55% | 62% | 65% | 42% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| PPL Max Drawdown | -8% | -22% | -25% | -9% | -12% | -16% | |
| Peers Max Drawdown | -10% | -24% | -18% | -15% | -19% | -17% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: EXC, CEG, SO, DUK, AEP. See PPL Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/22/2026 (YTD)
How Low Can It Go
| Event | PPL | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -18.6% | -9.5% |
| % Gain to Breakeven | 22.8% | 10.5% |
| Time to Breakeven | 92 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -18.5% | -24.5% |
| % Gain to Breakeven | 22.7% | 32.4% |
| Time to Breakeven | 49 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.3% | -33.7% |
| % Gain to Breakeven | 86.3% | 50.9% |
| Time to Breakeven | 876 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -11.6% | -12.2% |
| % Gain to Breakeven | 13.2% | 13.9% |
| Time to Breakeven | 31 days | 62 days |
| 2013 Taper Tantrum | ||
| % Loss | -13.4% | -0.2% |
| % Gain to Breakeven | 15.4% | 0.2% |
| Time to Breakeven | 259 days | 1 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -13.3% | -15.4% |
| % Gain to Breakeven | 15.3% | 18.2% |
| Time to Breakeven | 97 days | 125 days |
In The Past
PPL's stock fell -1.7% during the 2025 US Tariff Shock. Such a loss loss requires a 1.8% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | PPL | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -46.3% | -33.7% |
| % Gain to Breakeven | 86.3% | 50.9% |
| Time to Breakeven | 876 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -50.6% | -53.4% |
| % Gain to Breakeven | 102.3% | 114.4% |
| Time to Breakeven | 2121 days | 1085 days |
In The Past
PPL's stock fell -1.7% during the 2025 US Tariff Shock. Such a loss loss requires a 1.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About PPL (PPL)
PPL Corporation is a utility holding company primarily engaged in the delivery of electricity and natural gas to customers in the United States. Operating through regulated segments, its core business involves transmitting and distributing essential energy services. The company also generates electricity from various sources including coal, gas, hydro, and solar, and sells wholesale electricity to municipalities.
PPL serves a significant customer base across multiple states. In Pennsylvania, it provides electric services to approximately 1.4 million customers. Its Kentucky Regulated segment serves around 429,000 electric and 333,000 natural gas customers in the Louisville area, an additional 538,000 electric customers elsewhere in Kentucky, and 28,000 electric customers in southwestern Virginia. This makes PPL a key provider of utility services in these regions.
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Here are a few analogies for PPL Corporation:
- Think of PPL as the Con Edison for major parts of Pennsylvania and Kentucky, providing electricity and natural gas services.
- It's like a regional Duke Energy or Southern Company, focused on delivering essential power and gas to millions of customers across Pennsylvania and Kentucky.
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- Electricity Delivery: PPL distributes and transmits electricity to residential, commercial, and industrial customers in its regulated service territories across the United States.
- Natural Gas Delivery: PPL distributes natural gas to residential and business customers in regulated areas within Kentucky.
- Electricity Generation: PPL generates electricity from a diverse portfolio of sources, including coal, natural gas, hydro, and solar.
- Wholesale Electricity Sales: PPL sells electricity in bulk quantities to municipalities in Kentucky.
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PPL Corporation (symbol: PPL) primarily sells electricity and natural gas services directly to a large number of individual, commercial, and industrial customers within its regulated service territories. The company serves millions of electric and natural gas customers across Kentucky, Pennsylvania, and Virginia. It also sells wholesale electricity to municipalities.
Based on the description, PPL's major customer categories are:
- Residential Customers: Individuals and households that receive electricity and natural gas services for personal use in Kentucky, Pennsylvania, and Virginia.
- Commercial & Industrial Customers: Businesses, factories, offices, and other non-residential entities that consume electricity and natural gas for their operations within PPL's service areas.
- Municipalities: PPL sells wholesale electricity to two municipalities in Kentucky.
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Vincent Sorgi, President and Chief Executive Officer
Vincent Sorgi has served as President and Chief Executive Officer of PPL Corporation since June 2020. He possesses over 25 years of experience within the utility industry. Prior to his current role, he held various leadership positions at PPL, including President and Chief Operating Officer from July 2019 to May 2020, and Executive Vice President and Chief Financial Officer from January 2019 to July 2019, following a tenure as Senior Vice President and CFO from 2014 to 2019. As CFO, Sorgi was instrumental in guiding PPL through the spinoff of its competitive generation business in 2015. Before joining PPL in 2006, he gained experience at Public Service Enterprise Group and Deloitte & Touche.
Joseph P. Bergstein, Jr., Executive Vice President and Chief Financial Officer
Joseph P. Bergstein, Jr. is the Executive Vice President and Chief Financial Officer of PPL Corporation. He brings more than two decades of experience in the utility industry, having joined PPL in 1999. Before becoming CFO in July 2019, he served as Vice President – Investor Relations and Corporate Development & Planning since 2018 and as Treasurer from 2016 to 2018. Throughout his career at PPL, Bergstein led investor relations efforts during two significant cash acquisitions in the U.S. utility sector and during the spinoff of PPL's competitive energy business. His professional background also includes work at Amerigas Partners, L.P. prior to PPL.
Wendy E. Stark, Executive Vice President-Utilities and Chief Legal Officer
Wendy E. Stark holds the titles of Executive Vice President-Utilities and Chief Legal Officer at PPL Corporation.
Angela K. Gosman, Executive Vice President and Chief Human Resources Officer
Angela K. Gosman serves as the Executive Vice President and Chief Human Resources Officer for PPL Corporation.
Dean A. Del Vecchio, Executive Vice President and Chief Technology and Innovation Officer
Dean A. Del Vecchio is the Executive Vice President and Chief Technology and Innovation Officer for PPL Corporation. He has over three decades of leadership, IT, and operations experience, focusing on developing technology-enabled utilities for PPL by utilizing advancements in technology, automation, artificial intelligence (AI), and data analytics.
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- Regulatory Risks: PPL Corporation operates in a heavily regulated environment, subjecting its operations to extensive federal and state oversight. Changes in regulations, particularly environmental policies affecting coal-fired generation, can lead to increased costs and operational changes. A significant threat is the potential for adverse regulatory actions, such as reductions in authorized returns on equity in rate cases, which directly impacts the profitability of the company's substantial capital investment plans. Delays in the regulatory process and constant scrutiny from utility commissions regarding rate increases and cost recovery also pose ongoing challenges.
- Capital Expenditure and Project Execution Risks: PPL Corporation has ambitious capital investment plans, projected at approximately $20 billion through 2028, aimed at grid modernization, renewable energy projects, and infrastructure upgrades. Executing such large-scale projects carries inherent risks, including unforeseen costs, delays, or failures, and potential supply chain disruptions. The capital-intensive nature of these projects necessitates continuous external financing, and rising interest rates can significantly increase borrowing costs, thereby pressuring earnings per share and straining financial resources if not effectively managed.
- Cybersecurity Risks: As a critical infrastructure operator, PPL Corporation faces increasing cybersecurity threats. The company's reliance on sophisticated computer systems and network infrastructure for its operations makes it vulnerable to cyberattacks, which could lead to operational interruptions, data loss, and significant costs. Proactive measures are essential to mitigate these risks and protect the company's assets and reputation in an evolving threat landscape, particularly with the increasing reliance on artificial intelligence and complex IT systems.
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The proliferation of distributed energy resources, particularly customer-owned rooftop solar and battery storage systems, which allow customers to generate and store their own electricity, thereby reducing their reliance on the utility grid and PPL's delivered electricity.
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PPL Corporation's primary addressable markets for its main products and services in the United States are as follows:
- Electricity Distribution Market (U.S.): The U.S. electric power transmission and distribution market was valued at approximately USD 89.9 billion in 2024. The distribution segment is estimated to represent about 30% of this market, placing the addressable market for electricity distribution at approximately USD 26.97 billion in the U.S. in 2024.
- Natural Gas Distribution Market (U.S.): The U.S. natural gas distribution market was valued at USD 170.0 billion in 2024, and is projected to grow to USD 186.0 billion by 2032.
- Natural Gas Distribution Market (Kentucky): Specifically for Kentucky, the natural gas distribution industry is projected to have a market size of USD 709.7 million in 2026.
PPL Corporation completed the divestiture of its U.K. utility business, Western Power Distribution (WPD), to National Grid in June 2021.
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1. Significant Capital Investments and Rate Base Growth: PPL Corporation has outlined an updated capital investment plan of $23 billion for 2026-2029, a substantial increase from previous plans. These investments are projected to drive an average annual rate base growth of approximately 10.3% through 2029. The capital will be deployed for critical infrastructure projects, including strengthening networks against extreme weather, grid modernization, expansion of transmission and distribution systems, and new generation in Kentucky. As a regulated utility, PPL earns a return on its rate base, so these investments are a direct driver of future revenue growth.
2. Increased Electricity Demand from Data Centers and Economic Development: A major catalyst for PPL's expanded investment plan and a key revenue growth driver is the surging demand for electricity from data centers and other economic development projects in its service territories, particularly Pennsylvania and Kentucky. PPL expects at least 10 gigawatts of data center projects to be under electric supply agreements in Pennsylvania by the end of the first quarter of 2026, with a total pipeline of 25.2 gigawatts in the state and an 8 gigawatt pipeline in Kentucky. This robust demand necessitates and supports the extensive capital investments, leading to increased electricity sales and, consequently, higher revenues.
3. Favorable Regulatory Outcomes and Approved Rate Increases: PPL benefits from a constructive regulatory environment, which enables the approval of rate cases that increase annual revenues. For example, a recent Kentucky rate case approval resulted in an aggregate increase of approximately $233 million in annual electric and gas revenues, along with approved Returns on Equity (ROEs) of 9.775% for both utilities. PPL Electric Utilities also reached a settlement for its first distribution rate increase since 2016, which, if approved, would increase annual base distribution revenues by $275 million starting July 1, 2026. Ongoing rate cases in Pennsylvania and Rhode Island, with decisions anticipated in mid-2026, are expected to further contribute to revenue growth by allowing the company to recover costs and earn a fair return on its growing asset base.
4. Growth through Joint Venture with Blackstone Infrastructure: PPL has established a joint venture with Blackstone Infrastructure, which is actively securing land and natural gas capacity for potential new generation projects. This initiative is particularly aimed at supporting the substantial demand from data centers. While the earnings contributions from this joint venture are anticipated to materialize more significantly in the latter part of the current plan period, it represents a strategic avenue for future revenue generation by addressing the need for dedicated power supplies for large industrial customers.
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Share Repurchases
- In August 2021, PPL Corporation approved a $3.0 billion share buyback program, intending to repurchase $0.5 billion in shares during 2021, primarily funded by proceeds from the sale of its U.K. utility business.
Share Issuance
- PPL projects approximately $3 billion in equity needs for 2026 through 2029, with about $1 billion already executed through forward sales agreements in 2025.
- In February 2026, PPL announced a public offering of 20 million equity units, valued at $1 billion, with an option for underwriters to purchase an additional $150 million, intended to repay short-term debt and for general corporate purposes.
- The company issued approximately $350 million in equity through an at-the-market program in the first half of 2025.
Outbound Investments
- In June 2021, PPL completed the divestiture of its U.K. utility business, Western Power Distribution (WPD), to National Grid for approximately $10.7 billion in cash, aiming to simplify its corporate structure and focus on U.S. operations.
- In May 2022, PPL completed the acquisition of The Narragansett Electric Company (now Rhode Island Energy) from National Grid for an equity value of approximately $3.8 billion.
Capital Expenditures
- PPL updated its capital investment plan to $23 billion for 2026 through 2029, an increase from the previous $20 billion plan for 2025-2028, targeting approximately 10.3% average annual rate base growth.
- The company plans approximately $5.1 billion in infrastructure investments in 2026, focusing on constructing generation in Kentucky, expanding transmission for new data centers, and improving grid reliability.
- PPL Electric Utilities in Pennsylvania will invest over $8 billion in infrastructure improvements between 2026 and 2029 for grid modernization, storm resilience, and smart-grid technology expansion.
Peer Outperformance in Electric Utilities
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| PPL | PPL | 2.9% | 19.5x | -4.9% | 44.5% | 36.9% | — |
| VST | Vistra | 6.7% | 21.3x | -35.2% | 333.6% | 768.8% | +732pp |
| ETR | Entergy | 0.7% | 25.5x | 16.2% | 131.0% | 137.1% | +100pp |
| AEP | American Electric Power | 5.5% | 20.8x | 15.8% | 69.3% | 74.9% | +38pp |
| SO | Southern | 3.1% | 20.8x | -4.7% | 36.1% | 61.2% | +24pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Independent Power Producers & Energy Traders | 6 | -26.5% | 37.6% | 100.4% | HNRG 536% · OKLO 311% · NRG 174% |
| Gas Utilities | 10 | 2.3% | 43.3% | 41.2% | ATO 102% · NFG 82% · NJR 79% |
| Multi-Utilities | 18 | 4.4% | 34.6% | 40.3% | NI 96% · MDU 96% · CNP 73% |
| Electric Utilities ← | 24 | 3.8% | 39.5% | 40.1% | VST 769% · GNE 178% · ETR 137% |
| Water Utilities | 11 | 5.7% | 5.7% | -11.3% | CWCO 170% · HTO 9% · AWR 8% |
| Renewable Electricity | 5 | -40.2% | -67.7% | -94.4% | ORA 46% · CWEN 25% · AGIG -94% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| PPL stock vs Eversource Energy stock: Which Is A Better Investment? | 08/05/2026 | |
| PPL Earnings Notes | 05/07/2026 | |
| PPL Stock Rockets 8.9% With 13-Day Winning Streak | 04/10/2026 | |
| PPL Stock On Fire: Up 7.1% With 12-Day Winning Streak | 04/09/2026 | |
| PPL Stock 11-Day Winning Spree: Stock Climbs 6.3% | 04/08/2026 | |
| PPL Stock On Fire: Up 5.9% With 10-Day Winning Streak | 04/07/2026 | |
| 9-Day Rally Sends PPL Stock Up 5.7% | 04/03/2026 | |
| ARTICLES | ||
| How Will PPL Stock React To Its Upcoming Earnings? | 05/07/2026 | |
| PPL Stock 13-Day Winning Spree: Stock Climbs 8.9% | 04/10/2026 | |
| Mid Cap Stocks Trading At 52-Week High | 04/09/2026 | |
| PPL Stock Surges 7.1%, With A 12-Day Winning Spree | 04/09/2026 | |
| S&P 500 Stocks Trading At 52-Week High | 04/08/2026 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 100.73 |
| Mkt Cap | 78.0 |
| Rev LTM | 27,752 |
| Op Inc LTM | 5,303 |
| FCF LTM | -2,214 |
| FCF 3Y Avg | -1,889 |
| CFO LTM | 7,453 |
| CFO 3Y Avg | 6,456 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.6% |
| Rev Chg 3Y Avg | 5.0% |
| Rev Chg Q | 5.6% |
| QoQ Delta Rev Chg LTM | 1.3% |
| Op Inc Chg LTM | 8.1% |
| Op Inc Chg 3Y Avg | 15.3% |
| Op Mgn LTM | 23.8% |
| Op Mgn 3Y Avg | 22.6% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 31.1% |
| CFO/Rev 3Y Avg | 29.3% |
| FCF/Rev LTM | -10.8% |
| FCF/Rev 3Y Avg | -8.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 78.0 |
| P/S | 2.8 |
| P/Op Inc | 11.6 |
| P/EBIT | 10.8 |
| P/E | 20.2 |
| P/CFO | 8.8 |
| Total Yield | 8.2% |
| Dividend Yield | 3.3% |
| FCF Yield 3Y Avg | -4.0% |
| D/E | 0.8 |
| Net D/E | 0.8 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -3.5% |
| 3M Rtn | -9.0% |
| 6M Rtn | -8.9% |
| 12M Rtn | -2.9% |
| 3Y Rtn | 42.0% |
| 1M Excs Rtn | -4.7% |
| 3M Excs Rtn | -14.4% |
| 6M Excs Rtn | -26.2% |
| 12M Excs Rtn | -18.9% |
| 3Y Excs Rtn | -35.3% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Kentucky Regulated | 3,760 | 3,562 | 3,452 | 3,811 | 3,348 |
| Pennsylvania Regulated | 3,113 | 2,876 | 3,008 | 3,030 | 2,402 |
| Rhode Island Regulated | 2,168 | 2,024 | 1,851 | 1,038 | 0 |
| Corporate and Other | 1 | 0 | 1 | 23 | 33 |
| Total | 9,042 | 8,462 | 8,312 | 7,902 | 5,783 |
| $ Mil | 2004 | 2000 |
|---|---|---|
| Supply | 421 | 368 |
| International | 197 | |
| Delivery | 80 | 113 |
| Development | 17 | |
| Total | 698 | 498 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Kentucky Regulated | 674 | 620 | 552 | 549 | 508 |
| Pennsylvania Regulated | 639 | 574 | 519 | 525 | 445 |
| Rhode Island Regulated | 85 | 109 | 96 | -44 | 0 |
| Corporate and Other | -217 | -415 | -427 | -316 | -935 |
| Discontinued Operations | 42 | -1,498 | |||
| Total | 1,181 | 888 | 740 | 756 | -1,480 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Kentucky Regulated | 19,060 | 17,626 | 17,029 | 16,904 | 16,360 |
| Pennsylvania Regulated | 16,886 | 15,475 | 14,294 | 13,565 | 13,336 |
| Rhode Island Regulated | 7,510 | 7,055 | 6,515 | 6,081 | |
| Corporate and Other | 1,788 | 913 | 1,398 | 1,287 | 3,527 |
| Total | 45,244 | 41,069 | 39,236 | 37,837 | 33,223 |
Price Behavior
| Market Price | $32.88 | |
| Market Cap ($ Bil) | 24.7 | |
| First Trading Date | 04/08/1985 | |
| Distance from 52W High | -16.1% | |
| 50 Days | 200 Days | |
| DMA Price | $34.76 | $35.60 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -5.4% | -7.6% |
| 3M | 1YR | |
| Volatility | 18.3% | 17.9% |
| Downside Capture | 17.61 | -7.75 |
| Upside Capture | -31.17 | -12.10 |
| Correlation (SPY) | -8.2% | -2.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.12 | -0.08 | -0.17 | -0.08 | -0.04 | 0.16 |
| Up Beta | 0.12 | -0.15 | -0.01 | -0.05 | 0.16 | 0.19 |
| Down Beta | 0.40 | 1.02 | 0.06 | 0.04 | -0.03 | 0.10 |
| Up Capture | -15% | -42% | -33% | -18% | -8% | 6% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 7 | 16 | 31 | 64 | 135 | 410 |
| Down Capture | 57% | -17% | -30% | -1% | -16% | 22% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 14 | 26 | 33 | 63 | 115 | 331 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PPL | |
|---|---|---|---|---|
| PPL | -4.9% | 17.9% | -0.43 | - |
| Sector ETF (XLU) | -1.9% | 15.2% | -0.33 | 69.1% |
| Equity (SPY) | 17.6% | 13.0% | 0.98 | -2.7% |
| Gold (GLD) | 18.0% | 29.3% | 0.56 | 4.3% |
| Commodities (DBC) | 46.6% | 20.7% | 1.75 | -10.2% |
| Real Estate (VNQ) | 5.2% | 13.6% | 0.12 | 46.1% |
| Bitcoin (BTCUSD) | -26.0% | 44.9% | -0.54 | 0.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PPL | |
|---|---|---|---|---|
| PPL | 5.9% | 18.9% | 0.20 | - |
| Sector ETF (XLU) | 6.7% | 17.4% | 0.24 | 80.5% |
| Equity (SPY) | 13.3% | 17.2% | 0.59 | 33.9% |
| Gold (GLD) | 18.9% | 18.8% | 0.81 | 13.5% |
| Commodities (DBC) | 10.8% | 19.6% | 0.43 | 4.5% |
| Real Estate (VNQ) | 1.0% | 18.9% | -0.05 | 60.1% |
| Bitcoin (BTCUSD) | 12.7% | 52.6% | 0.42 | 11.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PPL | |
|---|---|---|---|---|
| PPL | 4.0% | 22.7% | 0.16 | - |
| Sector ETF (XLU) | 8.5% | 19.2% | 0.37 | 81.1% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 47.4% |
| Gold (GLD) | 12.2% | 16.4% | 0.61 | 11.5% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 13.5% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 65.8% |
| Bitcoin (BTCUSD) | 64.0% | 66.2% | 1.04 | 9.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 9/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/7/2026 | 2.4% | 3.1% | 1.4% |
| 5/8/2026 | -2.3% | -2.7% | -3.9% |
| 2/20/2026 | 1.3% | 4.4% | -0.4% |
| 11/5/2025 | 0.3% | 1.7% | -6.6% |
| 7/31/2025 | -1.0% | 0.3% | 1.4% |
| 4/30/2025 | 0.3% | -0.7% | -5.4% |
| 2/13/2025 | -0.3% | -1.1% | 1.9% |
| 11/1/2024 | -3.1% | -0.7% | 5.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 12 | 14 |
| # Negative | 10 | 11 | 9 |
| Median Positive | 1.3% | 2.9% | 3.6% |
| Median Negative | -1.0% | -1.8% | -3.9% |
| Max Positive | 2.4% | 5.3% | 9.4% |
| Max Negative | -3.1% | -2.7% | -7.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/7/2026 | 2.4% | 3.1% | 1.4% |
| 5/8/2026 | -2.3% | -2.7% | -3.9% |
| 2/20/2026 | 1.3% | 4.4% | -0.4% |
| 11/5/2025 | 0.3% | 1.7% | -6.6% |
| 7/31/2025 | -1.0% | 0.3% | 1.4% |
| 4/30/2025 | 0.3% | -0.7% | -5.4% |
| 2/13/2025 | -0.3% | -1.1% | 1.9% |
| 11/1/2024 | -3.1% | -0.7% | 5.8% |
| 8/2/2024 | 1.1% | 0.7% | 5.3% |
| 5/1/2024 | 2.0% | 3.2% | 4.0% |
| 2/16/2024 | 0.7% | 1.3% | 2.6% |
| 11/2/2023 | 1.5% | 3.8% | 7.2% |
| 8/4/2023 | -2.1% | -2.0% | -7.0% |
| 5/4/2023 | 0.7% | 0.9% | -6.9% |
| 2/17/2023 | 1.3% | -2.7% | -3.3% |
| 11/4/2022 | 1.6% | 4.3% | 9.4% |
| 8/3/2022 | -0.4% | -2.1% | -0.1% |
| 5/5/2022 | -0.3% | -1.7% | 3.3% |
| 11/4/2021 | -1.4% | -1.8% | -2.2% |
| 8/5/2021 | 1.5% | 2.7% | 7.0% |
| 5/6/2021 | -0.3% | -1.1% | 0.2% |
| 2/18/2021 | -1.1% | -2.1% | 7.3% |
| 11/5/2020 | 0.5% | 5.3% | 2.5% |
| SUMMARY STATS | |||
| # Positive | 13 | 12 | 14 |
| # Negative | 10 | 11 | 9 |
| Median Positive | 1.3% | 2.9% | 3.6% |
| Median Negative | -1.0% | -1.8% | -3.9% |
| Max Positive | 2.4% | 5.3% | 9.4% |
| Max Negative | -3.1% | -2.7% | -7.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/18/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/18/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 02/14/2020 | 10-K |
| 09/30/2019 | 11/05/2019 | 10-Q |
Recent Forward Guidance
Updated 8/8/2026Latest: Q2 2026 Earnings Reported 8/7/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 EPS | Reported | 1.9 | 1.94 | 1.98 | 0 | Affirmed | Guidance: 1.94 for 2026 | |
| 2029 EPS Growth | Reported | 6.0% | 7.0% | 8.0% | 0 | Affirmed | Guidance: 7.0% for 2029 | |
| 2032 Generation Investment Upside | Reported | 10.00 Bil | 11.00 Bil | 12.00 Bil | ||||
| 2032 Invitium Energy Investment Opportunity | Reported | 12.50 Bil | 13.75 Bil | 15.00 Bil | ||||
| 2032 Incremental Investment Need | Reported | 3.50 Bil | 3.75 Bil | 4.00 Bil | ||||
Prior: Q1 2026 Earnings Reported 5/8/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 EPS | Reported | 1.9 | 1.94 | 1.98 | 0 | Affirmed | Guidance: 1.94 for 2026 | |
| 2029 EPS Growth | Reported | 6.0% | 7.0% | 8.0% | 0 | Affirmed | Guidance: 7.0% for 2029 | |
Q4 2025 Earnings Reported 2/20/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Dividend Growth | Reported | 4.0% | 5.0% | 6.0% | -2.0% | Lower New | Guidance: 7.0% for 2028 | |
| 2026 EPS | Reported | 1.9 | 1.94 | 1.98 | 7.2% | Higher New | Actual: 1.81 for 2025 | |
| 2026 Capital Expenditures | Reported | 5.10 Bil | ||||||
| 2029 EPS Growth | Reported | 6.0% | 8.0% | 8.0% | 1.0% | Higher New | Guidance: 7.0% for 2028 | |
Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Earnings from Ongoing Operations | Reported | 1.78 | 1.81 | 1.84 | 0.0% | Affirmed | Guidance: 1.81 for 2025 | |
| 2028 Dividend Growth | Reported | 6.0% | 7.0% | 8.0% | 0.0% | Affirmed | Guidance: 7.0% for 2028 | |
| 2028 EPS Growth | Reported | 6.0% | 7.0% | 8.0% | 0.0% | Affirmed | Guidance: 7.0% for 2028 | |
Insider Activity
Updated 9/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Cornett, John Gregory | President of a PPL Subsidiary | Direct | Sell | 6152026 | 35.56 | 7,051 | 250,734 | 276,263 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Cornett, John Gregory | President of a PPL Subsidiary | Direct | Sell | 6152026 | 35.56 | 7,051 | 250,734 | 276,263 | Form |
Investor Activity (13F)
Updated Sep 23, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
| Utilities Resources |
| Data.gov Energy Infrastructure |
| Data.gov Energy Resources |
| Utility Dive |
| Electric Utilities Resources |
| T&D World |
| Edison Electric Institute (EEI) |
| Smart Energy International |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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