Sempra (SRE)
Market Price (9/22/2026): $80.67 | Market Cap: $52.8 BilInvestor Relations Sector: Utilities | Industry: Multi-Utilities
Sempra (SRE)
Market Price (9/22/2026): $80.67Market Cap: $52.8 BilSector: UtilitiesIndustry: Multi-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 7.4%, Dividend Yield is 3.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.3% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 40%, CFO LTM is 5.4 Bil Stock buyback supportStock Buyback 3Y Total is 1.0 Bil Low stock price volatilityVol 12M is 21% Megatrend and thematic driversMegatrends include Renewable Energy Transition, Smart Grids & Grid Modernization, Electrification of Everything, Hydrogen Economy, Show more. | Weak multi-year price returns2Y Excs Rtn is -35%, 3Y Excs Rtn is -51% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 69% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -6.7%, Rev Chg QQuarterly Revenue Change % is -0.1% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -39% Key risksSRE key risks include [1] significant operational and financial liabilities from severe wildfires in California and [2] adverse regulatory and political shifts across its distinct operations in California, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.4%, Dividend Yield is 3.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.3% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 40%, CFO LTM is 5.4 Bil |
| Stock buyback supportStock Buyback 3Y Total is 1.0 Bil |
| Low stock price volatilityVol 12M is 21% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, Smart Grids & Grid Modernization, Electrification of Everything, Hydrogen Economy, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -35%, 3Y Excs Rtn is -51% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 69% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -6.7%, Rev Chg QQuarterly Revenue Change % is -0.1% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -39% |
| Key risksSRE key risks include [1] significant operational and financial liabilities from severe wildfires in California and [2] adverse regulatory and political shifts across its distinct operations in California, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Sempra (SRE) stock has lost about 10% since 5/31/2026 because of the following key factors:
1. Revenue Miss in Fiscal Q2 2026 Earnings.
While Sempra (SRE) reported adjusted earnings per share (EPS) of $1.16 for fiscal Q2 2026 (ended June 30, 2026), surpassing analysts' consensus estimates of $1.01 to $1.06, the company's revenue of $3.00 billion fell short of expectations, which ranged from $3.12 billion to $3.18 billion. The flat year-over-year revenue performance likely contributed to investor apprehension despite the EPS beat.
2. Analyst Downgrades and Reduced Price Targets.
Sempra experienced a more cautious outlook from several financial analysts during the specified period. Notably, Mizuho downgraded Sempra from an "Outperform" rating to "Neutral" and significantly cut its price target from $104 to $84 on August 31, 2026. Other firms, including Morgan Stanley and Barclays, also lowered their price targets on Sempra shares.
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Sempra (SRE) stock has lost about 10% since 5/31/2026 because of the following key factors:
1. Revenue Miss in Fiscal Q2 2026 Earnings.
While Sempra (SRE) reported adjusted earnings per share (EPS) of $1.16 for fiscal Q2 2026 (ended June 30, 2026), surpassing analysts' consensus estimates of $1.01 to $1.06, the company's revenue of $3.00 billion fell short of expectations, which ranged from $3.12 billion to $3.18 billion. The flat year-over-year revenue performance likely contributed to investor apprehension despite the EPS beat.
2. Analyst Downgrades and Reduced Price Targets.
Sempra experienced a more cautious outlook from several financial analysts during the specified period. Notably, Mizuho downgraded Sempra from an "Outperform" rating to "Neutral" and significantly cut its price target from $104 to $84 on August 31, 2026. Other firms, including Morgan Stanley and Barclays, also lowered their price targets on Sempra shares.
3. Concerns Over California Regulatory Environment and Texas Capital Expenditure Risks.
Investor sentiment was impacted by ongoing concerns surrounding California's regulatory landscape, specifically the lack of new financial protections for investor-owned utilities against wildfire liabilities, which could affect Sempra's operations in the state. Additionally, apprehension existed regarding potential risks and delays to Texas transmission capital expenditure projects.
4. Broader Utilities Sector Underperformance Amidst Macroeconomic Headwinds.
The utilities sector generally underperformed during the period, with a decline of 2.2% in July 2026. This sector-wide weakness was exacerbated by macroeconomic factors, including persistent inflation concerns and rising interest rates, which typically pressure capital-intensive utility companies that rely heavily on debt financing.
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Stock Movement Drivers
Fundamental Drivers
The -8.2% change in SRE stock from 5/31/2026 to 9/21/2026 was primarily driven by a -21.2% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9212026 | Change |
|---|---|---|---|
| Stock Price ($) | 88.50 | 81.20 | -8.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13,555 | 13,552 | 0.0% |
| Net Income Margin (%) | 14.4% | 16.8% | 16.6% |
| P/E Multiple | 29.6 | 23.3 | -21.2% |
| Shares Outstanding (Mil) | 654 | 654 | -0.1% |
| Cumulative Contribution | -8.2% |
Market Drivers
5/31/2026 to 9/21/2026| Return | Correlation | |
|---|---|---|
| SRE | -8.2% | |
| Market (SPY) | 2.5% | -13.1% |
| Sector (XLU) | -7.9% | 76.2% |
Fundamental Drivers
The -14.5% change in SRE stock from 2/28/2026 to 9/21/2026 was primarily driven by a -31.0% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9212026 | Change |
|---|---|---|---|
| Stock Price ($) | 94.93 | 81.20 | -14.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13,702 | 13,552 | -1.1% |
| Net Income Margin (%) | 13.4% | 16.8% | 25.5% |
| P/E Multiple | 33.8 | 23.3 | -31.0% |
| Shares Outstanding (Mil) | 653 | 654 | -0.1% |
| Cumulative Contribution | -14.5% |
Market Drivers
2/28/2026 to 9/21/2026| Return | Correlation | |
|---|---|---|
| SRE | -14.5% | |
| Market (SPY) | 13.4% | -1.4% |
| Sector (XLU) | -13.7% | 78.5% |
Fundamental Drivers
The 1.2% change in SRE stock from 8/31/2025 to 9/21/2026 was primarily driven by a 20.7% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 9212026 | Change |
|---|---|---|---|
| Stock Price ($) | 80.24 | 81.20 | 1.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13,336 | 13,552 | 1.6% |
| Net Income Margin (%) | 20.4% | 16.8% | -17.3% |
| P/E Multiple | 19.3 | 23.3 | 20.7% |
| Shares Outstanding (Mil) | 653 | 654 | -0.2% |
| Cumulative Contribution | 1.2% |
Market Drivers
8/31/2025 to 9/21/2026| Return | Correlation | |
|---|---|---|
| SRE | 1.2% | |
| Market (SPY) | 21.2% | 6.8% |
| Sector (XLU) | -0.9% | 74.5% |
Fundamental Drivers
The 27.0% change in SRE stock from 8/31/2023 to 9/21/2026 was primarily driven by a 46.9% change in the company's P/E Multiple.| (LTM values as of) | 8312023 | 9212026 | Change |
|---|---|---|---|
| Stock Price ($) | 63.92 | 81.20 | 27.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 16,967 | 13,552 | -20.1% |
| Net Income Margin (%) | 15.0% | 16.8% | 12.4% |
| P/E Multiple | 15.9 | 23.3 | 46.9% |
| Shares Outstanding (Mil) | 630 | 654 | -3.7% |
| Cumulative Contribution | 27.0% |
Market Drivers
8/31/2023 to 9/21/2026| Return | Correlation | |
|---|---|---|
| SRE | 27.0% | |
| Market (SPY) | 78.3% | 30.8% |
| Sector (XLU) | 41.4% | 67.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SRE Return | 7% | 20% | -0% | 21% | 4% | -7% | 52% |
| Peers Return | 14% | 7% | 1% | 17% | -0% | -3% | 38% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| SRE Win Rate | 42% | 58% | 67% | 50% | 67% | 33% | |
| Peers Win Rate | 62% | 62% | 53% | 60% | 65% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| SRE Max Drawdown | -16% | -20% | -17% | -13% | -27% | -18% | |
| Peers Max Drawdown | -17% | -24% | -21% | -13% | -23% | -21% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PCG, EIX, NEE, SO, DUK. See SRE 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 9/21/2026 (YTD)
How Low Can It Go
| Event | SRE | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.6% | -18.8% |
| % Gain to Breakeven | 32.6% | 23.1% |
| Time to Breakeven | 157 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -13.1% | -9.5% |
| % Gain to Breakeven | 15.0% | 10.5% |
| Time to Breakeven | 72 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -10.7% | -6.7% |
| % Gain to Breakeven | 12.0% | 7.1% |
| Time to Breakeven | 27 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -44.5% | -33.7% |
| % Gain to Breakeven | 80.2% | 50.9% |
| Time to Breakeven | 717 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -12.8% | -3.7% |
| % Gain to Breakeven | 14.7% | 3.9% |
| Time to Breakeven | 101 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -17.0% | -12.2% |
| % Gain to Breakeven | 20.5% | 13.9% |
| Time to Breakeven | 82 days | 62 days |
In The Past
Sempra's stock fell -24.6% during the 2025 US Tariff Shock. Such a loss loss requires a 32.6% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | SRE | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.6% | -18.8% |
| % Gain to Breakeven | 32.6% | 23.1% |
| Time to Breakeven | 157 days | 79 days |
| 2020 COVID-19 Crash | ||
| % Loss | -44.5% | -33.7% |
| % Gain to Breakeven | 80.2% | 50.9% |
| Time to Breakeven | 717 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -39.5% | -53.4% |
| % Gain to Breakeven | 65.3% | 114.4% |
| Time to Breakeven | 1156 days | 1085 days |
In The Past
Sempra's stock fell -24.6% during the 2025 US Tariff Shock. Such a loss loss requires a 32.6% 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 Sempra (SRE)
Sempra (SRE) is an energy-services holding company that primarily operates regulated utilities in the United States, focusing on the transmission, distribution, and supply of electricity and natural gas. The company plays a critical role in providing essential energy services to large populations and businesses across its key operational areas.
Through its main operating segments, Sempra delivers electric services to approximately 3.6 million people and natural gas to around 3.3 million people via San Diego Gas & Electric Company in Southern California. Its Southern California Gas Company further expands this reach by operating a vast natural gas distribution, transmission, and storage system that supplies natural gas to an estimated 22 million people. In Texas, the Sempra Texas Utilities segment is responsible for the regulated transmission and distribution of electricity, serving 3.8 million homes and businesses.
Sempra's extensive infrastructure includes hundreds of thousands of miles of transmission and distribution lines and numerous substations, underpinning its ability to reliably deliver energy. This comprehensive network ensures that millions of customers in major markets like Southern California and Texas receive the electricity and natural gas necessary for their daily lives and economic activities.
AI Analysis | Feedback
Here are 1-3 brief analogies for Sempra:
- Like PG&E, but for both electricity and natural gas across Southern California and parts of Texas.
- Similar to Con Edison or Duke Energy, but with a focus on electricity and natural gas distribution in key Western and Southern U.S. markets.
- The AT&T or Verizon of essential energy, providing vital electricity and natural gas services to millions of customers.
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- Electric Services: Providing electricity generation and delivery to residential and commercial customers.
- Natural Gas Services: Supplying natural gas to homes and businesses, including distribution, transmission, and storage.
- Electricity Transmission & Distribution: Operating and maintaining the regulated infrastructure for transmitting and distributing electricity.
AI Analysis | Feedback
Sempra (SRE) primarily sells its electric and natural gas services directly to a broad base of individual consumers and businesses within its service territories, rather than to a few major corporate customers.
The company serves the following categories of customers:
- Residential Customers: Sempra provides electric and natural gas services to millions of homes and individuals, referred to as "population" in its service areas, including San Diego, Southern California, and Texas.
- Commercial and Business Customers: Sempra supplies electricity and natural gas to a wide range of businesses and commercial enterprises within its operating regions.
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Jeffrey W. Martin
Chairman, Chief Executive Officer and President
Background: Jeffrey W. Martin leads Sempra as Chairman, Chief Executive Officer, and President. He has served as CEO since May 2018 and as Chairman since December 2018. Under his leadership, Sempra, a Fortune 500 utility company, manages over $50 billion in market capitalization and nearly $110 billion in assets. He oversees a $65 billion capital campaign, the largest in the company's history. Prior to his current role, Martin was executive vice president and chief financial officer for Sempra from 2017 to 2018. He also served as CEO of San Diego Gas & Electric Company and president and CEO of Sempra U.S. Gas & Power and Sempra Generation. Martin was a commissioned officer in the U.S. Army, where he served as an air cavalry pilot.
Karen Sedgwick
Executive Vice President and Chief Financial Officer
Background: Karen Sedgwick is the Executive Vice President and Chief Financial Officer of Sempra, leading corporate functions such as accounting, treasury, tax, finance, and investor relations. With over 32 years at Sempra, she has held numerous leadership positions within the company, including chief administrative officer, chief human resources officer, and treasurer. Her experience also spans financial planning, investor relations, audit services, and enterprise risk management roles.
Justin Bird
Executive Vice President
Background: Justin Bird serves as Executive Vice President of Sempra and is also the Chief Executive Officer of Sempra Infrastructure, one of the company's three growth platforms. In his role at Sempra, he leads several corporate functions, including corporate development and financial planning. Bird has been with the Sempra family of companies for over 20 years, holding various leadership roles, including previously serving as CEO of Sempra LNG.
Caroline Winn
Executive Vice President
Background: Caroline Winn is an Executive Vice President at Sempra, where she is responsible for overseeing Sempra California's dual utility platform, which includes San Diego Gas & Electric Company and Southern California Gas Company. Additionally, she holds the position of chairman of the board for both of these companies.
Diana Day
Chief Legal Counsel and Corporate Secretary
Background: Diana Day holds the titles of Chief Legal Counsel and Corporate Secretary for Sempra, overseeing the company's legal affairs and governance. With more than 25 years of experience at Sempra, she possesses extensive expertise in corporate law, mergers and acquisitions, risk management, and governance. She has held multiple leadership roles across the Sempra family of companies.
AI Analysis | Feedback
Here are the key risks to Sempra's business:
- Regulatory Challenges and Wildfire Liabilities in California: Sempra's California utilities, San Diego Gas & Electric Company and Southern California Gas Company, operate within a highly regulated environment that poses significant financial and operational risks. The California Public Utilities Commission (CPUC) can disallow costs and impose penalties, as demonstrated by recent regulatory disallowances at Sempra California. A major risk stems from California's doctrine of inverse condemnation, which holds utilities strictly liable for property damage caused by their facilities, even without a finding of fault. Recovering these wildfire-related costs from insurance or regulatory mechanisms is highly uncertain, presenting a material weakness and potentially an "existential threat" to California electric utilities. Ongoing legal challenges, such as those related to the Eaton fire, further highlight this evolving risk.
- Execution Risk and Capital Intensity of Sempra Infrastructure Projects: Sempra has substantial capital investment plans, particularly within its Sempra Infrastructure segment, focusing on large-scale energy infrastructure projects including liquefied natural gas (LNG) facilities. These projects, such as Port Arthur LNG Phase 2, require significant financial outlay and involve long development timelines, introducing considerable execution risk. The company faces potential challenges including delays, cost overruns, and shifts in market demand or policy affecting LNG. Sempra's high debt load and sensitivity to interest rate fluctuations further amplify the financial risks associated with these capital-intensive ventures.
- Climate Change Transition Risks and Decarbonization Pressures: While Sempra has established goals to achieve net-zero greenhouse gas emissions by 2050, its continued investments in natural gas assets expose it to transition risks as economies move towards decarbonization. Evolving climate change policies and regulations, including potential reforms to limit or prohibit fossil fuels, could lead to expensive projects becoming underused or impact the company's ability to recover costs. Additionally, there is a risk of "consumer rejection of fossil fuels products" and increasing societal pressures for cleaner energy sources.
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Clear Emerging Threats for Sempra (SRE):
- Decentralized Energy Generation and Storage: The increasing adoption of rooftop solar panels, home and commercial battery storage systems, and microgrids allows customers to generate and store their own electricity, reducing their reliance on Sempra's grid for power supply. This directly threatens the demand for and revenue from Sempra's electricity distribution and transmission services, particularly in its California markets which have high rates of solar adoption.
- Electrification and Decarbonization Policies: A growing push, especially in California, for policies that encourage the electrification of buildings (e.g., replacing natural gas furnaces and water heaters with electric alternatives) and reduce reliance on fossil fuels, poses a significant long-term threat to Sempra's substantial natural gas distribution and transmission business (Southern California Gas Company). These initiatives aim to decrease natural gas consumption, potentially leading to reduced demand and revenue for Sempra's gas operations.
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Sempra operates in regulated energy markets in Southern California and Texas. The addressable market sizes for its main products and services are as follows:
-
Southern California Gas Company (Natural Gas Distribution, Transmission, and Storage)
- Addressable Market Size: Approximately $6.29 billion (annual revenue)
- Region: Southern California, excluding San Diego County, the City of Long Beach, and the desert area of San Bernardino. This segment serves over 21 million consumers across a 24,000 square mile service territory.
-
Sempra Texas Utilities (Regulated Transmission and Distribution of Electricity)
- Addressable Market Size: Approximately $4.4 billion (annual revenue)
- Region: Texas. This estimate is based on the transmission-specific revenue of Oncor, Texas's largest transmission and distribution utility, which operates a similar regulated business model in Texas. Sempra Texas Utilities serves 3.8 million homes and businesses.
-
San Diego Gas & Electric Company (Electric Services)
- Addressable Market Size: Null
- Explanation: While San Diego Gas & Electric (SDG&E) provides electric services to approximately 3.6 million people in Southern California, a significant and increasing portion of its customers receive their electricity supply from Community Choice Aggregators (CCAs) or other entities. SDG&E's role for these customers is primarily energy delivery, grid maintenance, and customer service related to delivery. A precise market size for these "delivery-only" services in its specific service territory in terms of revenue is not readily available.
-
San Diego Gas & Electric Company (Natural Gas Services)
- Addressable Market Size: Null
- Explanation: San Diego Gas & Electric (SDG&E) supplies natural gas to approximately 3.3 million people in a 4,100 square mile area of Southern California. However, a specific addressable market size in terms of revenue for this particular natural gas distribution segment is not available in the provided information.
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Expected Drivers of Future Revenue Growth for Sempra (SRE) Over the Next 2-3 Years:
- Record Capital Plan and Utility Investments: Sempra is embarking on a record $65 billion capital plan for 2026-2030, with approximately 95% of this investment specifically allocated to utility projects in its California and Texas segments. This substantial capital deployment is projected to fuel an 11% compound annual growth rate (CAGR) in the company's rate base, increasing it from $57 billion in 2025 to an anticipated $97 billion by 2030.
- Expansion in Texas Utilities: Growth within Sempra's Texas utilities, primarily Oncor, is expected to be a significant revenue driver. The rate base for Sempra Texas is forecast to achieve an 18% CAGR and is anticipated to become the majority of Sempra's total rate base by 2030. This expansion is driven by considerable transmission investments, including the acceleration of the Permian Basin Reliability Plan and potential opportunities arising from ERCOT projects and increasing data center demand.
- Advancement of LNG Projects: While shifting towards a more regulated utility business model, Sempra's Liquefied Natural Gas (LNG) franchise continues to contribute to future growth. The Port Arthur LNG Phase 1 project is on track to achieve its Commercial Operation Date (COD) by or near the end of 2027. Additionally, the ECA LNG Phase 1 project has reached mechanical completion. These key project milestones are expected to support revenue growth well into the next decade.
- Operational Efficiencies and Cost Reduction Programs: Sempra is actively pursuing operational efficiencies and cost reduction through initiatives such as "Fit for 2026." These programs are designed to modernize operations, enhance capital efficiency, and optimize the company's cost structure. Such improvements are aimed at bolstering earnings growth and improving financial performance.
- Strategic Asset Sales and Capital Recycling: The company is focused on simplifying its business model and recycling capital through strategic asset divestitures. This includes the planned sale of a 45% stake in Sempra Infrastructure Partners for $10 billion, expected to close in the second or third quarter of 2026, and the sale of Ecogas in Mexico for approximately $500 million. The proceeds from these sales are intended to fund the company's substantial capital program without the need for new common equity issuances and to strengthen the balance sheet.
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Share Repurchases
- Sempra initiated a $500 million stock repurchase program in December 2021, completing $300 million in the fourth quarter of that year.
Share Issuance
- Sempra's 2026-2030 capital plan is designed to eliminate the need for new common equity issuances to fund its base capital plan.
Inbound Investments
- In September 2025, Sempra agreed to sell a 45% equity interest in Sempra Infrastructure Partners to affiliates of KKR and Canada Pension Plan Investment Board for $10 billion in cash, with the transaction expected to close in Q2-Q3 2026.
- In December 2021, Sempra sold a 10% non-controlling interest in Sempra Infrastructure Partners to a subsidiary of the Abu Dhabi Investment Authority (ADIA) for $1.785 billion in cash. This followed an earlier sale of a 20% non-controlling interest to a KKR affiliate in October 2021.
- In September 2025, an investor consortium led by Blackstone Credit & Insurance, including KKR, Apollo-managed funds, and Private Credit at Goldman Sachs Alternatives, acquired a 49.9% minority equity interest in the Port Arthur LNG Phase 2 project for $7 billion.
Outbound Investments
- Sempra Infrastructure Partners reached a final investment decision for Port Arthur LNG Phase 2 in September 2025, with estimated incremental project capital expenditures of $12 billion, plus approximately $2 billion for shared common facilities.
- As part of its capital recycling strategy, Sempra agreed in Q4 2025 to sell Ecogas México for approximately $500 million, with the transaction anticipated to close in Q2 or Q3 2026.
Capital Expenditures
- Sempra reported approximately $13 billion in capital expenditures in 2025, primarily directed towards modernizing energy infrastructure in its Texas and California utilities.
- The company announced a record five-year capital plan of approximately $65 billion for 2026-2030, an increase from the $56 billion plan for 2025-2029. Over 95% of these projected expenditures are focused on regulated utility investments in Texas and California.
- In 2024, Sempra's capital expenditures surged to $8.21 billion, with approximately $4.7 billion invested in Sempra Texas (Oncor) to support customer needs and a focus on wildfire and climate resilience in Sempra California. In 2023, the company invested $4.6 billion in capital projects in California and roughly $3.8 billion in Sempra Texas.
Peer Outperformance in Multi-Utilities
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Independent Power Producers & Energy Traders | 6 | -26.1% | 42.0% | 105.5% | HNRG 558% · OKLO 309% · NRG 179% |
| Gas Utilities | 10 | 2.8% | 44.8% | 43.2% | ATO 102% · NFG 84% · NJR 79% |
| Electric Utilities | 24 | 5.7% | 40.0% | 40.2% | VST 778% · GNE 183% · ETR 131% |
| Multi-Utilities ← | 18 | 4.9% | 34.5% | 39.7% | NI 98% · MDU 97% · CNP 75% |
| Water Utilities | 11 | 7.4% | 5.6% | -11.0% | CWCO 174% · HTO 8% · AWR 8% |
| Renewable Electricity | 5 | -33.5% | -66.0% | -93.7% | ORA 47% · CWEN 26% · AGIG -94% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Sempra stock vs Dominion Energy stock: Which Is A Better Investment? | 08/05/2026 | |
| Sempra Earnings Notes | 05/06/2026 | |
| 9-Day Rally Sends Sempra Stock Up 8.2% | 04/03/2026 | |
| Sempra Stock 8-Day Winning Spree: Stock Climbs 6.2% | 04/02/2026 | |
| Sempra Stock On Fire: Up 5.9% With 7-Day Winning Streak | 04/01/2026 | |
| How Low Can Sempra Stock Really Go? | 10/17/2025 | |
| Better Bet Than SRE Stock: Pay Less Than Sempra To Get More From D, PCG | 10/09/2025 | |
| Time To Buy Sempra Stock? | 10/08/2025 | |
| ARTICLES | ||
| S&P 500 Movers | Winners: HOOD, MRNA, COIN | Losers: MRVL, SRE, EIX | 08/24/2026 | |
| How Will Sempra Stock React To Its Upcoming Earnings? | 05/06/2026 | |
| Sempra Stock Rockets 8.2% With 9-Day Winning Streak | 04/03/2026 | |
| Large Cap Stocks Trading At 52-Week High | 04/03/2026 | |
| S&P 500 Stocks Trading At 52-Week High | 04/01/2026 |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 80.41 |
| Mkt Cap | 72.0 |
| Rev LTM | 27,269 |
| Op Inc LTM | 6,236 |
| FCF LTM | -3,766 |
| FCF 3Y Avg | -1,811 |
| CFO LTM | 9,399 |
| CFO 3Y Avg | 8,483 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.4% |
| Rev Chg 3Y Avg | 3.7% |
| Rev Chg Q | 0.1% |
| QoQ Delta Rev Chg LTM | 0.0% |
| Op Inc Chg LTM | 9.8% |
| Op Inc Chg 3Y Avg | 13.5% |
| Op Mgn LTM | 24.9% |
| Op Mgn 3Y Avg | 24.2% |
| QoQ Delta Op Mgn LTM | 0.6% |
| CFO/Rev LTM | 35.0% |
| CFO/Rev 3Y Avg | 35.4% |
| FCF/Rev LTM | -11.8% |
| FCF/Rev 3Y Avg | -5.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 72.0 |
| P/S | 3.0 |
| P/Op Inc | 11.8 |
| P/EBIT | 10.3 |
| P/E | 17.6 |
| P/CFO | 8.5 |
| Total Yield | 9.0% |
| Dividend Yield | 3.1% |
| FCF Yield 3Y Avg | -2.4% |
| D/E | 0.9 |
| Net D/E | 0.9 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -4.0% |
| 3M Rtn | -9.3% |
| 6M Rtn | -11.5% |
| 12M Rtn | 0.1% |
| 3Y Rtn | 26.4% |
| 1M Excs Rtn | -8.4% |
| 3M Excs Rtn | -13.2% |
| 6M Excs Rtn | -29.6% |
| 12M Excs Rtn | -16.2% |
| 3Y Excs Rtn | -48.9% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Utilities | 11,896 | 11,460 | 13,848 | 12,666 | |
| Energy-related businesses | 1,887 | 1,804 | 2,984 | 1,830 | |
| Intersegment eliminations | -81 | -79 | -112 | -57 | |
| Adjustments and eliminations | 0 | ||||
| All other | 5 | ||||
| Intersegment revenue | -71 | ||||
| Sempra California | 10,926 | ||||
| Sempra Infrastructure | 1,997 | ||||
| Total | 13,702 | 13,185 | 16,720 | 14,439 | 12,857 |
| $ Mil | 2001 | 2000 |
|---|---|---|
| Southern California Gas | 207 | 206 |
| Sempra Energy Trading | 196 | 155 |
| San Diego Gas & Electric | 177 | 145 |
| All Other | -62 | -77 |
| Total | 518 | 429 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Sempra California | 1,747 | 392 | |||
| Sempra Infrastructure | 877 | 310 | 682 | 580 | |
| Sempra Texas Utilities | 694 | 736 | 616 | 579 | 528 |
| All other | -288 | -466 | -436 | -563 | -515 |
| San Diego Gas & Electric Company (SDG&E) | 915 | 824 | 767 | ||
| Southern California Gas Company (SoCalGas) | 599 | 504 | 641 | ||
| Discontinued operations | 1,840 | 328 | |||
| Sempra Liquefied Natural Gas | -6 | ||||
| Sempra Mexico | 253 | ||||
| Sempra Renewables | 59 | ||||
| Total | 3,030 | 2,094 | 1,254 | 3,764 | 2,055 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Sempra California | 53,430 | ||||
| Sempra Infrastructure | 19,430 | 15,760 | 14,408 | 12,772 | |
| Sempra Texas Utilities | 14,392 | 13,781 | 13,047 | 12,542 | 11,619 |
| All other | 967 | 1,376 | 1,399 | 1,215 | 749 |
| Intersegment receivables | -1,038 | -1,111 | -1,191 | -677 | -2,137 |
| San Diego Gas & Electric Company (SDG&E) | 26,422 | 24,058 | 22,311 | 20,560 | |
| Southern California Gas Company (SoCalGas) | 22,346 | 20,324 | 18,460 | 17,077 | |
| Discontinued operations | 3,958 | ||||
| Sempra Liquefied Natural Gas | 3,901 | ||||
| Sempra Mexico | 9,938 | ||||
| Total | 87,181 | 78,574 | 72,045 | 66,623 | 65,665 |
Price Behavior
| Market Price | $81.20 | |
| Market Cap ($ Bil) | 53.1 | |
| First Trading Date | 06/29/1998 | |
| Distance from 52W High | -18.0% | |
| 50 Days | 200 Days | |
| DMA Price | $86.60 | $89.84 |
| DMA Trend | down | down |
| Distance from DMA | -6.2% | -9.6% |
| 3M | 1YR | |
| Volatility | 22.5% | 20.8% |
| Downside Capture | -23.51 | -3.92 |
| Upside Capture | -74.31 | -2.69 |
| Correlation (SPY) | -17.4% | 6.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.87 | -0.35 | -0.27 | -0.02 | 0.12 | 0.49 |
| Up Beta | -0.37 | 0.28 | 0.14 | 0.14 | 0.07 | 0.61 |
| Down Beta | -3.12 | 0.52 | 0.06 | 0.28 | 0.51 | 0.55 |
| Up Capture | -123% | -102% | -60% | -23% | -0% | 13% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 8 | 16 | 29 | 58 | 129 | 390 |
| Down Capture | -11% | -41% | -41% | -2% | -5% | 63% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 13 | 26 | 35 | 68 | 121 | 356 |
[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 SRE | |
|---|---|---|---|---|
| SRE | 1.3% | 20.8% | -0.04 | - |
| Sector ETF (XLU) | -1.0% | 15.2% | -0.27 | 74.3% |
| Equity (SPY) | 18.2% | 13.0% | 1.01 | 6.5% |
| Gold (GLD) | 18.8% | 29.3% | 0.59 | -3.0% |
| Commodities (DBC) | 47.0% | 20.6% | 1.76 | 0.2% |
| Real Estate (VNQ) | 5.7% | 13.6% | 0.15 | 41.6% |
| Bitcoin (BTCUSD) | -31.0% | 44.4% | -0.71 | 3.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SRE | |
|---|---|---|---|---|
| SRE | 7.2% | 23.1% | 0.26 | - |
| Sector ETF (XLU) | 6.7% | 17.4% | 0.24 | 73.7% |
| Equity (SPY) | 13.1% | 17.2% | 0.58 | 38.8% |
| Gold (GLD) | 18.9% | 18.8% | 0.81 | 9.8% |
| Commodities (DBC) | 11.0% | 19.5% | 0.44 | 15.8% |
| Real Estate (VNQ) | 1.2% | 18.8% | -0.04 | 51.3% |
| Bitcoin (BTCUSD) | 12.5% | 52.6% | 0.42 | 13.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SRE | |
|---|---|---|---|---|
| SRE | 8.0% | 25.0% | 0.32 | - |
| Sector ETF (XLU) | 8.7% | 19.2% | 0.38 | 76.1% |
| Equity (SPY) | 15.6% | 17.9% | 0.74 | 48.4% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 11.6% |
| Commodities (DBC) | 8.4% | 18.1% | 0.38 | 19.9% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 60.5% |
| Bitcoin (BTCUSD) | 62.7% | 66.2% | 1.03 | 11.3% |
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Earnings Returns History
Updated 9/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -0.4% | 1.5% | -0.1% |
| 5/7/2026 | -2.2% | -2.1% | -2.4% |
| 2/26/2026 | 0.7% | 0.9% | 1.8% |
| 11/5/2025 | -0.1% | 1.1% | -2.0% |
| 8/7/2025 | 1.8% | 1.3% | -0.0% |
| 5/8/2025 | -0.1% | -1.3% | 1.3% |
| 2/25/2025 | -19.0% | -18.1% | -20.0% |
| 11/6/2024 | 7.3% | 12.1% | 11.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 12 | 11 |
| # Negative | 13 | 12 | 13 |
| Median Positive | 1.4% | 1.4% | 5.2% |
| Median Negative | -1.9% | -1.9% | -1.5% |
| Max Positive | 7.3% | 12.1% | 21.9% |
| Max Negative | -19.0% | -18.1% | -20.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -0.4% | 1.5% | -0.1% |
| 5/7/2026 | -2.2% | -2.1% | -2.4% |
| 2/26/2026 | 0.7% | 0.9% | 1.8% |
| 11/5/2025 | -0.1% | 1.1% | -2.0% |
| 8/7/2025 | 1.8% | 1.3% | -0.0% |
| 5/8/2025 | -0.1% | -1.3% | 1.3% |
| 2/25/2025 | -19.0% | -18.1% | -20.0% |
| 11/6/2024 | 7.3% | 12.1% | 11.3% |
| 8/6/2024 | -2.1% | 0.4% | 6.0% |
| 5/7/2024 | 1.8% | 6.1% | 5.2% |
| 2/27/2024 | 0.2% | -0.2% | -1.5% |
| 11/3/2023 | 0.4% | -3.5% | 1.0% |
| 8/3/2023 | -2.4% | -2.1% | -4.4% |
| 5/4/2023 | 0.6% | 1.9% | -5.3% |
| 2/28/2023 | -1.4% | -1.1% | -0.2% |
| 11/3/2022 | 1.4% | -0.3% | 10.2% |
| 8/4/2022 | -1.9% | -0.7% | 2.1% |
| 5/5/2022 | -2.1% | -3.5% | -2.6% |
| 2/25/2022 | 5.4% | 11.5% | 21.9% |
| 11/5/2021 | 0.0% | -4.5% | -1.5% |
| 8/5/2021 | 1.6% | 0.9% | 2.9% |
| 5/5/2021 | -1.8% | 0.4% | -0.7% |
| 2/25/2021 | -2.6% | -1.8% | 11.9% |
| 11/5/2020 | -1.1% | 4.1% | -0.2% |
| SUMMARY STATS | |||
| # Positive | 11 | 12 | 11 |
| # Negative | 13 | 12 | 13 |
| Median Positive | 1.4% | 1.4% | 5.2% |
| Median Negative | -1.9% | -1.9% | -1.5% |
| Max Positive | 7.3% | 12.1% | 21.9% |
| Max Negative | -19.0% | -18.1% | -20.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/04/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
| 09/30/2019 | 11/01/2019 | 10-Q |
Recent Forward Guidance
Updated 8/7/2026Latest: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 GAAP EPS | Reported | 5.02 | 5.29 | 5.55 | 3.2% | Raised | Guidance: 5.12 for 2026 | |
| 2026 Adjusted EPS | Reported | 4.8 | 5.05 | 5.3 | 0 | Affirmed | Guidance: 5.05 for 2026 | |
| 2026 EPS Growth | Reported | 7.0% | 8.0% | 9.0% | 0 | Affirmed | Guidance: 8.0% for 2026 | |
| 2027 EPS | Reported | 5.1 | 5.4 | 5.7 | 0 | Affirmed | Guidance: 5.4 for 2027 | |
Prior: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 GAAP EPS | Reported | 4.87 | 5.12 | 5.37 | Higher New | |||
| 2026 Adjusted EPS | Reported | 4.8 | 5.05 | 5.3 | 0.0% | Affirmed | Guidance: 5.05 for 2026 | |
| 2026 Long-term EPS Growth Rate | Reported | 7.0% | 8.0% | 9.0% | Higher New | |||
| 2027 Adjusted EPS | Reported | 5.1 | 5.4 | 5.7 | 0.0% | Affirmed | Guidance: 5.4 for 2027 | |
Q4 2025 Earnings Reported 2/26/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EPS | Reported | 4.8 | 5.05 | 5.3 | Affirmed | Guidance: 5.05 for 2026 | ||
| 2027 EPS | Reported | 5.1 | 5.4 | 5.7 | ||||
| 2030 EPS | Reported | 6.7 | 7.1 | 7.5 | ||||
| 2026-2030 Capital Plan | Reported | 65.00 Bil | ||||||
| 2026-2030 Rate Base Compound Annual Growth Rate | Reported | 11.0% | ||||||
| 2026-2030 Annual Dividend Increase | Reported | 0.02 | 0.03 | 0.04 | ||||
Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 GAAP EPS | Reported | 3.05 | 3.25 | 3.45 | -23.5% | Lowered | Guidance: 4.25 for 2025 | |
| 2025 Adjusted EPS | Reported | 4.3 | 4.5 | 4.7 | 0 | Affirmed | Guidance: 4.5 for 2025 | |
| 2026 Adjusted EPS | Reported | 4.8 | 5.05 | 5.3 | 0 | Affirmed | Guidance: 5.05 for 2026 | |
| 2029 EPS Compound Annual Growth Rate | Reported | 7.0% | 8.0% | 9.0% | 0 | Affirmed | Guidance: 8.0% for 2025-2029 | |
Insider Activity
Updated 7/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Winn, Caroline Ann | Executive Vice President | Direct | Sell | 6172026 | 90.55 | 8,000 | 724,409 | 2,278,611 | Form |
| 2 | Ferrero, Pablo | Direct | Sell | 5192026 | 89.53 | 2,600 | 232,778 | 1,380,850 | Form | |
| 3 | Day, Diana L | Chief Legal Counsel | Direct | Sell | 5142026 | 92.13 | 3,300 | 304,029 | 2,106,994 | Form |
| 4 | Bird, Justin Christopher | Executive Vice President | Direct | Sell | 4012026 | 96.69 | 1,128 | 109,066 | 2,091,551 | Form |
| 5 | Wold, Dyan Z | VP, Controller and CAO | Direct | Sell | 3162026 | 95.38 | 1,539 | 146,790 | 441,850 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Winn, Caroline Ann | Executive Vice President | Direct | Sell | 6172026 | 90.55 | 8,000 | 724,409 | 2,278,611 | Form |
| 2 | Ferrero, Pablo | Direct | Sell | 5192026 | 89.53 | 2,600 | 232,778 | 1,380,850 | Form | |
| 3 | Day, Diana L | Chief Legal Counsel | Direct | Sell | 5142026 | 92.13 | 3,300 | 304,029 | 2,106,994 | Form |
| 4 | Bird, Justin Christopher | Executive Vice President | Direct | Sell | 4012026 | 96.69 | 1,128 | 109,066 | 2,091,551 | Form |
| 5 | Wold, Dyan Z | VP, Controller and CAO | Direct | Sell | 3162026 | 95.38 | 1,539 | 146,790 | 441,850 | Form |
| 6 | Kirk, Jennifer M | Direct | Buy | 3132026 | 93.44 | 1,000 | 93,440 | 93,440 | Form | |
| 7 | Warner, Cynthia J | Direct | Buy | 3112026 | 92.95 | 2,500 | 232,375 | 1,047,967 | Form | |
| 8 | Mark, Richard J | Direct | Buy | 3112026 | 93.30 | 2,692 | 251,164 | 1,621,180 | Form | |
| 9 | Sedgwick, Karen L | Executive VP and CFO | Direct | Sell | 3092026 | 92.58 | 4,872 | 451,041 | 3,613,196 | Form |
| 10 | Martin, Jeffrey W | Chairman, CEO and President | Direct | Sell | 1052026 | 87.21 | 23,111 | 2,015,591 | 210 | Form |
| 11 | Martin, Jeffrey W | Chairman, CEO and President | Direct | Sell | 1052026 | 89.29 | 30,000 | 2,678,838 | 2,063,903 | Form |
| 12 | Sedgwick, Karen L | Executive VP and CFO | Direct | Sell | 11242025 | 92.29 | 7,564 | 698,082 | 3,809,692 | Form |
| 13 | Wold, Dyan Z | VP, Controller and CAO | Direct | Sell | 11192025 | 91.38 | 1,510 | 137,984 | 318,125 | Form |
| 14 | Winn, Caroline Ann | Executive Vice President | Direct | Sell | 11192025 | 91.70 | 500 | 45,850 | 3,086,997 | Form |
| 15 | Winn, Caroline Ann | Executive Vice President | Direct | Sell | 11192025 | 91.58 | 5,500 | 503,690 | 3,128,747 | Form |
| 16 | Larroque, Alexander Lisa | SVP, Corp Affairs and HR | Direct | Sell | 11072025 | 92.55 | 4,322 | 400,001 | 1,048,114 | Form |
| 17 | Sagara, Kevin C | Direct | Sell | 9292025 | 89.50 | 14,433 | 1,291,754 | 93,265 | Form | |
| 18 | Sagara, Kevin C | Direct | Sell | 9152025 | 84.21 | 28,864 | 2,430,567 | 1,303,118 | Form | |
| 19 | Winn, Caroline Ann | Executive Vice President | Direct | Sell | 8142025 | 82.01 | 5,114 | 419,399 | 3,229,592 | Form |
| 20 | Larroque, Alexander Lisa | SVP, Corp Affairs & HR | Direct | Sell | 7232025 | 80.00 | 1,576 | 126,080 | 1,247,977 | Form |
Investor Activity (13F)
Updated Sep 22, 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.
| Active Manager |
|---|
SRE Trade Sentinel
Constructive
CONVICTION RATIONALE
Sempra is executing a peer-leading growth plan centered on a $65 billion investment in its Texas utility, targeting an 11% rate base compound annual growth rate. This growth is funded and management has a strong execution record. Conviction is tempered by high balance sheet leverage, which is being addressed by a planned asset sale expected to close in 2026.
STOCK ARCHETYPE
Regulated Utility & Contracted Infrastructure(Regulated Rate Base x Authorized Rate of Return) + (Contracted Infrastructure Capacity x Contracted Fee) Favorable regulatory outcomes in rate cases (e.g., higher authorized ROE, supportive recovery mechanisms like the UTM) and on-budget, on-schedule completion of large-scale infrastructure projects.
INVESTMENT THESIS
Evidence suggests a fully-funded plan is underway to capture unprecedented electricity demand from data centers in a favorable regulatory environment.
- The 2026-2030 capital plan totals a record $65 billion.
- The company projects an 11% five-year compound annual growth rate for its rate base.
- The Texas utility rate base is projected to grow at an 18% compound annual rate.
- Oncor has a 289 gigawatt queue for large load interconnections in Texas.
- Management affirmed long-term EPS growth guidance of 7% to 9%.
PRIMARY RISK
The ambitious growth plan is financed with significant debt, creating a precarious financial position where any project delay or failure to complete planned asset sales could strain the company.
- Net debt stands at $36.6 billion, or 6.5 times trailing EBITDA.
- Interest coverage is low at 2 times trailing EBIT.
- Trailing-twelve-month free cash flow is negative at $-5.2 billion.
- Capital expenditures represent 78.7% of trailing-twelve-month revenue.
| KPI | Status | Rationale |
|---|---|---|
| Capital Expenditure Plan | A record $65 billion for the 2026 to 2030 period. - Accelerating | The company significantly increased its five-year capital plan in its Q4 2025 report, representing a major acceleration in planned investment. The most recent quarter shows the company is executing against this new, higher plan, with management also highlighting an additional $9 billion in upside opportunities beyond the base plan. |
| Projected Rate Base Growth | Projected 11% five-year CAGR, growing from $57 billion in 2025 to $97 billion in 2030. - Accelerating | The 11% projected CAGR is a direct result of the accelerated capital plan. The growth is heavily weighted toward the Texas utility (Oncor), which is projected to grow its rate base at an 18% CAGR over the plan period. |
| SDG&E Electric Customer Meters | 1,547,824 (As of December 31, 2025) | Indicates the scale of the electric utility operations within the Sempra California segment and the size of the customer base from which regulated revenue is generated. |
| SoCalGas Natural Gas Customer Meters | 6,210,543 (As of December 31, 2025) | Represents the size of the customer base for the natural gas utility in Southern California, a key driver of regulated revenue and a measure of the segment's market penetration. |
| Oncor Points of Delivery | More than 4.1 million (As of December 31, 2025) | Measures the number of end-use customers served by Oncor's transmission and distribution system in Texas, reflecting the scale and growth of the Sempra Texas Utilities investment. |
Texas Growth Engine vs. Balance Sheet Strain
BULL VIEW
The $65 billion Texas-focused capital plan will generate peer-leading rate base and earnings growth, funded by a clear capital recycling program that will de-risk the balance sheet.
CORE TENSION
Can the 11% projected rate base growth offset the risk from a balance sheet with net debt at 6.5 times EBITDA before the planned 2026 asset sale closes?
PREVAILING SENTIMENT
The latest evidence favors the bull view. Management has a strong record of executing complex projects and asset sales, and has explicitly committed to using proceeds for debt paydown.
BEAR VIEW
The 6.5x Net Debt to EBITDA ratio is unsustainable, and the entire plan hinges on a single large asset sale. Any execution slip-up could force a dividend cut or equity issuance.
| Timeline | Event & Metric To Watch |
|---|---|
in 2026 | SI Partners Transaction Delay Watch: Company announcement on the closing status of the SI Partners equity sale. |
Oct. 15, 2026 | Quarterly Common Stock Dividend Watch: A dividend of $0.6575 per share is payable to common stock shareholders. |
10/21/2026 | Adverse Peer Commentary on California Watch: PCG earnings call discussion of wildfire liability legislation, CPUC actions, and customer affordability pressures. |
11/3/2026 | Negative Q3 Earnings Reaction Watch: Q3 results versus expectations, and management commentary on SI Partners sale, Oncor capital plan, and project timelines. |
11/3/2026 | Next Quarterly Earnings Report Watch: Sempra is scheduled to report its next quarterly earnings. |
11/5/2026 | Peer Duke Energy Earnings Report Watch: Peer Duke Energy (DUK) is scheduled to report earnings. |
second half of this year | FERC Ruling on Transmission Rates Watch: A FERC decision on the SDG&E TO6 settlement offer is expected. |
second half of this year | Unfavorable FERC Rate Decision Watch: FERC order on the TO6 proceeding settlement, specifically the approved ROE and capital structure. |
| Date | Event | Stock Impact |
|---|---|---|
2026-09-14 | New LNG Agreement with Petrobras Details: Sempra Infrastructure announced a 20-year sales and purchase agreement with Petrobras to supply approximately 0.8 million tonnes per annum of LNG from the Port Arthur LNG Phase 2 project. | -2.6% $83.34 -> $81.20 |
2026-08-20 | Ecogas Subsidiary Sale Completed Details: The company announced the successful completion of Sempra Infrastructure's sale of Ecogas México, advancing its capital recycling program. | -3.2% $85.59 -> $82.89 |
2026-08-06 | GAAP EPS Guidance Raised Details: At its earnings report on August 6, 2026, the company raised its 2026 GAAP EPS guidance, with a new midpoint of 5.29, a change of 3.2%. | -0.9% $84.66 -> $83.88 |
2026-07-08 | ECA LNG Exports First Cargo Details: Sempra Infrastructure announced that the ECA LNG Phase 1 project in Mexico successfully loaded and shipped its first cargo of liquefied natural gas. | +0.0% $94.59 -> $94.62 |
2026-05-07 | Negative Post-Earnings Stock Reaction Details: The stock had a two-day reaction of -2.0% around the earnings call on May 7, 2026, underperforming the S&P 500's +3.0% move. | -2.3% $93.01 -> $90.88 |
2026-04-01 | Executive Vice President Sells Stock Details: A press report in April noted an EVP sold 1,128 shares of stock for a total value of $109,066.32 at an average price of $96.69. | +2.1% $96.48 -> $98.50 |
2026-03-16 | Rating Downgrade to Hold Details: A press report in March indicated a rating of Hold, citing fair valuation and a predictable business model. The report noted projected 7-9% annual adjusted EPS growth. | +0.9% $93.78 -> $94.60 |
Position Sizing
5% - 7%
NORMAL POSITION
Sizing is volatility-based: SRE trades at roughly 23% annualized options-implied volatility versus about 13% for the S&P 500 (1.7x the market), around the 43rd percentile of its own trailing year. A 5% - 7% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
NEE - a business partner
Higher-Margin Competitora business partner exhibits superior profitability, with a trailing-twelve-month operating margin of 28.3% compared to Sempra's 25.5%, suggesting a more efficient operational model.
DUK - Duke Energy
Larger-Scale Utility PeerDuke Energy offers exposure to a different set of regulated utility markets with significantly larger scale, as its revenue is 2.5 times that of Sempra.
A regulated utility holding company de-risking its portfolio by recycling capital from international infrastructure into a high-growth Texas transmission and distribution buildout.
Sempra is executing a strategic pivot to become a more focused U.S. utility business. The company is monetizing a significant portion of its Sempra Infrastructure segment to fund a record capital plan heavily weighted towards its Oncor utility in Texas. This shift is designed to capitalize on the state's strong economic and energy demand growth, driven by data centers and electrification, while improving the predictability of its earnings and strengthening its balance sheet.
A constructive final order in the Oncor base rate review, successful closing of the Sempra Infrastructure Partners transaction, and announcements of new capital projects being moved from 'upside' to the base plan in Texas.
An unfavorable legislative outcome on California wildfire liability, significant delays or cost overruns on major LNG construction projects, or a negative turn in the Texas regulatory environment.
Short-term fluctuations in natural gas commodity prices, as these are largely a pass-through cost for the utility segments.
Repricing Catalyst
The successful closing of the Sempra Infrastructure Partners transaction, which is expected to unlock value, provide capital for reinvestment in high-growth utilities, and lead to a re-evaluation of the company's credit profile.
Sempra Texas Utilities
$11.7B TTM (87% of Total)What It Is
This segment consists of an 80.25% equity interest in Oncor, a regulated electricity transmission and distribution utility serving over 4.1 million homes and businesses in Texas.
Who Pays & How
Retail electric providers, who sell electricity to end-use customers, pay Oncor for wholesale transmission and retail delivery services. Oncor operates the infrastructure that delivers electricity, but does not sell the electricity itself.
Competition
Industry Resources
| Utilities Resources |
| Data.gov Energy Infrastructure |
| Data.gov Energy Resources |
| Utility Dive |
| Multi-Utilities Resources |
| Public Utilities Fortnightly |
| Power Magazine |
| Energy Central |
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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