Sempra (SRE)
Market Price (2/4/2026): $86.93 | Market Cap: $56.8 BilSector: Utilities | Industry: Multi-Utilities
Sempra (SRE)
Market Price (2/4/2026): $86.93Market Cap: $56.8 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 6.0%, Dividend Yield is 2.2% | Weak multi-year price returns2Y Excs Rtn is -12%, 3Y Excs Rtn is -52% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 58% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 35%, CFO LTM is 4.8 Bil | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.3% | |
| Low stock price volatilityVol 12M is 29% | Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -45% | |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, Smart Grids & Grid Modernization, Electrification of Everything, Hydrogen Economy, Show more. | 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 6.0%, Dividend Yield is 2.2% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 35%, CFO LTM is 4.8 Bil |
| Low stock price volatilityVol 12M is 29% |
| 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 -12%, 3Y Excs Rtn is -52% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 58% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.3% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -45% |
| 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
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Sempra (SRE) stock has lost about 5% since 10/31/2025 because of the following key factors:
1. Analyst Price Target Reductions and Downgrades
Several analyst firms revised their outlooks for Sempra in late 2025 and early 2026, contributing to negative investor sentiment. For instance, Jefferies reduced its price target for Sempra Energy to $89.00 from $95.00 on January 26, 2026, while maintaining a Hold rating. Similarly, BMO Capital lowered its price target for Sempra to $100.00 from $103.00, and UBS Group also cut its price target to $92.00 on January 25, 2026. These downward adjustments, coupled with a Seeking Alpha downgrade to "Hold" in September 2025 due to the stock trading above its estimated fair value, signaled limited near-term upside and potentially pressured the stock's performance during this period.
2. Heightened Litigation and Regulatory Risks in California
A significant factor impacting Sempra's stock was a lawsuit filed by Southern California Edison against Sempra's subsidiary, Southern California Gas, concerning alleged negligence during the Eaton fire. This legal development, reported in January 2026, complicated the risk profile for Sempra's California utilities, which had historically been perceived as having lower wildfire risk exposure compared to peers. This new litigation introduced concerns regarding potential liabilities and the broader regulatory environment in a key operating region, prompting analysts to lower estimates reflecting California's cost of capital and potential outcomes.
3. Headwinds in the LNG Market and Declining Segment Net Income
Sempra's Liquid Natural Gas (LNG) business faced challenges in the fourth quarter of 2025, as tightening spreads between global LNG markers and U.S. Henry Hub prices generally pressured exporters. Concurrently, Sempra's financial reports indicated a decline in net income for its Sempra Infrastructure segment due to lower asset optimization. Furthermore, the Parent & Other segment experienced a significant decline in net income, attributed to increased net interest expenses, collectively highlighting concerns about the company's operational efficiency, profitability, and growing financial burdens in crucial business areas. Show more
1. Analyst Price Target Reductions and Downgrades
Several analyst firms revised their outlooks for Sempra in late 2025 and early 2026, contributing to negative investor sentiment. For instance, Jefferies reduced its price target for Sempra Energy to $89.00 from $95.00 on January 26, 2026, while maintaining a Hold rating. Similarly, BMO Capital lowered its price target for Sempra to $100.00 from $103.00, and UBS Group also cut its price target to $92.00 on January 25, 2026. These downward adjustments, coupled with a Seeking Alpha downgrade to "Hold" in September 2025 due to the stock trading above its estimated fair value, signaled limited near-term upside and potentially pressured the stock's performance during this period.
2. Heightened Litigation and Regulatory Risks in California
A significant factor impacting Sempra's stock was a lawsuit filed by Southern California Edison against Sempra's subsidiary, Southern California Gas, concerning alleged negligence during the Eaton fire. This legal development, reported in January 2026, complicated the risk profile for Sempra's California utilities, which had historically been perceived as having lower wildfire risk exposure compared to peers. This new litigation introduced concerns regarding potential liabilities and the broader regulatory environment in a key operating region, prompting analysts to lower estimates reflecting California's cost of capital and potential outcomes.
3. Headwinds in the LNG Market and Declining Segment Net Income
Sempra's Liquid Natural Gas (LNG) business faced challenges in the fourth quarter of 2025, as tightening spreads between global LNG markers and U.S. Henry Hub prices generally pressured exporters. Concurrently, Sempra's financial reports indicated a decline in net income for its Sempra Infrastructure segment due to lower asset optimization. Furthermore, the Parent & Other segment experienced a significant decline in net income, attributed to increased net interest expenses, collectively highlighting concerns about the company's operational efficiency, profitability, and growing financial burdens in crucial business areas. Show more
Stock Movement Drivers
Fundamental Drivers
The -4.7% change in SRE stock from 10/31/2025 to 2/3/2026 was primarily driven by a -22.6% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 2032026 | Change |
|---|---|---|---|
| Stock Price ($) | 91.27 | 87.00 | -4.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13,336 | 13,711 | 2.8% |
| Net Income Margin (%) | 20.4% | 15.8% | -22.6% |
| P/E Multiple | 21.9 | 26.3 | 19.8% |
| Shares Outstanding (Mil) | 653 | 653 | 0.0% |
| Cumulative Contribution | -4.7% |
Market Drivers
10/31/2025 to 2/3/2026| Return | Correlation | |
|---|---|---|
| SRE | -4.7% | |
| Market (SPY) | 1.1% | 27.9% |
| Sector (XLU) | -2.9% | 64.1% |
Fundamental Drivers
The 8.1% change in SRE stock from 7/31/2025 to 2/3/2026 was primarily driven by a 48.6% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 2032026 | Change |
|---|---|---|---|
| Stock Price ($) | 80.51 | 87.00 | 8.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13,347 | 13,711 | 2.7% |
| Net Income Margin (%) | 22.2% | 15.8% | -29.1% |
| P/E Multiple | 17.7 | 26.3 | 48.6% |
| Shares Outstanding (Mil) | 652 | 653 | -0.1% |
| Cumulative Contribution | 8.1% |
Market Drivers
7/31/2025 to 2/3/2026| Return | Correlation | |
|---|---|---|
| SRE | 8.1% | |
| Market (SPY) | 9.4% | 28.4% |
| Sector (XLU) | 1.6% | 66.9% |
Fundamental Drivers
The 8.3% change in SRE stock from 1/31/2025 to 2/3/2026 was primarily driven by a 51.6% change in the company's P/E Multiple.| (LTM values as of) | 1312025 | 2032026 | Change |
|---|---|---|---|
| Stock Price ($) | 80.30 | 87.00 | 8.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12,918 | 13,711 | 6.1% |
| Net Income Margin (%) | 22.7% | 15.8% | -30.6% |
| P/E Multiple | 17.3 | 26.3 | 51.6% |
| Shares Outstanding (Mil) | 634 | 653 | -2.9% |
| Cumulative Contribution | 8.3% |
Market Drivers
1/31/2025 to 2/3/2026| Return | Correlation | |
|---|---|---|
| SRE | 8.3% | |
| Market (SPY) | 15.6% | 42.8% |
| Sector (XLU) | 13.4% | 58.0% |
Fundamental Drivers
The 19.5% change in SRE stock from 1/31/2023 to 2/3/2026 was primarily driven by a 32.2% change in the company's P/E Multiple.| (LTM values as of) | 1312023 | 2032026 | Change |
|---|---|---|---|
| Stock Price ($) | 72.81 | 87.00 | 19.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 14,828 | 13,711 | -7.5% |
| Net Income Margin (%) | 15.5% | 15.8% | 1.4% |
| P/E Multiple | 19.9 | 26.3 | 32.2% |
| Shares Outstanding (Mil) | 629 | 653 | -3.6% |
| Cumulative Contribution | 19.5% |
Market Drivers
1/31/2023 to 2/3/2026| Return | Correlation | |
|---|---|---|
| SRE | 19.5% | |
| Market (SPY) | 75.9% | 38.6% |
| Sector (XLU) | 36.2% | 67.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SRE Return | 7% | 20% | -0% | 21% | 4% | -2% | 59% |
| Peers Return | 14% | 7% | 1% | 18% | -0% | 1% | 45% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 2% | 86% |
Monthly Win Rates [3] | |||||||
| SRE Win Rate | 42% | 58% | 67% | 50% | 67% | 0% | |
| Peers Win Rate | 62% | 62% | 53% | 60% | 65% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 100% | |
Max Drawdowns [4] | |||||||
| SRE Max Drawdown | -9% | -0% | -13% | -10% | -27% | -3% | |
| Peers Max Drawdown | -14% | -17% | -15% | -8% | -17% | -3% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[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 2/3/2026 (YTD)
How Low Can It Go
| Event | SRE | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -25.7% | -25.4% |
| % Gain to Breakeven | 34.6% | 34.1% |
| Time to Breakeven | 401 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -45.0% | -33.9% |
| % Gain to Breakeven | 81.8% | 51.3% |
| Time to Breakeven | 739 days | 148 days |
| 2018 Correction | ||
| % Loss | -17.6% | -19.8% |
| % Gain to Breakeven | 21.4% | 24.7% |
| Time to Breakeven | 275 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -44.2% | -56.8% |
| % Gain to Breakeven | 79.2% | 131.3% |
| Time to Breakeven | 1,320 days | 1,480 days |
Compare to PCG, EIX, NEE, SO, DUK
In The Past
Sempra's stock fell -25.7% during the 2022 Inflation Shock from a high on 9/12/2022. A -25.7% loss requires a 34.6% gain to breakeven.
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About Sempra (SRE)
Sempra operates as an energy-services holding company in the United States and internationally. The company's San Diego Gas & Electric Company segment provides electric services; and supplies natural gas. It offers electric services to approximately 3.6 million population and natural gas services to approximately 3.3 million population that covers 4,100 square miles. Its Southern California Gas Company segment owns and operates a natural gas distribution, transmission, and storage system that supplies natural gas to a population of approximately 22 million covering an area of 24,000 square miles. The company's Sempra Texas Utilities segment engages in the regulated transmission and distribution of electricity serving 3.8 million homes and businesses, and operation of 140,000 miles of transmission and distribution lines. Its transmission system includes 18,249 circuit miles of transmission lines, a total of 1,174 transmission and distribution substations, and interconnection to 130 third-party generation facilities totaling 45,403 megawatts. The company was formerly known as Sempra Energy and changed its name to Sempra in July 2021. Sempra was founded in 1998 and is headquartered in San Diego, California.
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Here are 1-3 brief analogies for Sempra:
It's like Edison International (a major California utility) meets Cheniere Energy (a leading LNG exporter), combining stable regulated utilities with significant global energy infrastructure projects.
A large utility holding company similar to Southern Company or Duke Energy, but with a strong and growing additional focus on large-scale natural gas and LNG export infrastructure.
Imagine an energy infrastructure giant like Kinder Morgan, but which also owns and operates major regulated electric and natural gas utilities, similar to PG&E or Edison International.
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- Electricity Distribution and Transmission: Provides safe and reliable delivery of electricity to homes and businesses in its service territories.
- Natural Gas Distribution and Transmission: Delivers natural gas to residential, commercial, and industrial customers through extensive pipeline networks.
- Liquefied Natural Gas (LNG) Export: Operates facilities for the liquefaction, storage, and export of natural gas to global markets.
- Energy Infrastructure Development: Develops and invests in large-scale energy infrastructure projects, including natural gas pipelines and storage facilities.
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Sempra (SRE) - Major Customers
Sempra (SRE), primarily through its regulated utility subsidiaries such as San Diego Gas & Electric (SDG&E) and Southern California Gas Company (SoCalGas), sells natural gas and electricity directly to end-users within its service territories. Therefore, the company primarily serves a diverse base of individuals and businesses, falling under categories rather than specific corporate customers.
The up to three categories of customers Sempra serves are:
- Residential Customers: Individuals and households utilizing natural gas and/or electricity for domestic purposes in their homes. This represents a significant portion of its customer base in terms of numbers.
- Commercial Customers: A wide range of businesses, institutions, and organizations, including retail stores, offices, restaurants, schools, and government facilities, that use natural gas and/or electricity for their operations.
- Industrial Customers: Large-scale industrial operations, such as manufacturing plants, refineries, and other high-energy-consumption facilities, which require substantial volumes of natural gas and/or electricity.
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Jeffrey W. Martin, Chairman, Chief Executive Officer and President
Jeffrey W. Martin leads Sempra as Chairman, Chief Executive Officer, and President. He joined Sempra in 2004, initially working in the company's mergers and acquisitions group. Prior to becoming CEO in 2018, he held various leadership positions within Sempra, including Executive Vice President and Chief Financial Officer for Sempra Energy from 2017 to 2018, Chief Executive Officer of San Diego Gas & Electric from 2014 to 2016, and President and Chief Executive Officer of Sempra U.S. Gas & Power and Sempra Generation from 2010 to 2013. Before his tenure at Sempra, Martin served as Chief Financial Officer of NewEnergy, Inc. He also worked as corporate counsel at UniSource Energy Corporation and as an attorney at Snell & Wilmer, LLP, where his practice focused on corporate and commercial finance and real estate.
Karen Sedgwick, Executive Vice President and Chief Financial Officer
Karen Sedgwick was appointed Executive Vice President and Chief Financial Officer of Sempra effective January 1, 2024. She has over 31 years of experience within the Sempra family of companies, holding numerous financial leadership roles. Her prior positions include responsibilities in Treasury and Cash Management, Investor Relations, Financial Planning, Audit Services, and Enterprise Risk Management and Compliance.
Justin Bird, Executive Vice President
Justin Bird serves as Executive Vice President of Sempra and Chief Executive Officer of Sempra Infrastructure. He has been with the Sempra family of companies for nearly 20 years, holding various leadership roles including Chief Executive Officer of Sempra LNG. In his current role as Executive Vice President of Sempra, he is also responsible for corporate functions such as Corporate Development and Financial Planning.
Caroline Winn, Executive Vice President
Caroline Winn is an Executive Vice President of Sempra and also serves as the Chief Executive Officer of San Diego Gas & Electric (SDG&E), one of Sempra's California utilities. With over 35 years of experience in the utility industry, all within the Sempra family of companies, she joined as an associate engineer in 1986. Her previous roles include Chief Operating Officer for SDG&E from 2017 to 2020, Chief Energy Delivery Officer, Vice President of Customer Services, and Director of Supply Chain Management.
Peter R. Wall, Senior Vice President, Controller and Chief Accounting Officer
Peter R. Wall is the Senior Vice President, Controller, and Chief Accounting Officer at Sempra. He joined Sempra in 2012 as an Assistant Controller, following a 14-year career at Ernst & Young LLP. Prior to his current role, he served as Vice President and Chief Financial Officer for Sempra U.S. Gas & Power from 2015 to 2016, and for Sempra's domestic infrastructure businesses in 2017.
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Key Risks to Sempra (SRE)
- Operational Risks, including Wildfires and Natural Disasters: Sempra faces significant risks from operational disruptions, including those caused by natural disasters such as severe wildfires, particularly in California. These events can lead to temporary power outages, damage to electric and natural gas infrastructure, and substantial financial losses. The company's ability to maintain adequate insurance coverage and comply with regulatory requirements in the aftermath of such events is also a concern.
- Regulatory and Political Environment: Sempra's business is highly susceptible to changes in the extensive state, federal, and local regulations governing its utilities in California and Texas, as well as its operations in Mexico. Adverse shifts in laws, environmental regulations, ratemaking processes, or affiliate rules could materially impact its operations, financial performance, and growth prospects. Risks also include potential issues with government regulation and contractual obligations when dealing with state-owned enterprises in Mexico.
- Capital-Intensive Business and Debt Obligations: Sempra's infrastructure-focused business requires substantial capital investments, and the company carries significant debt service obligations. There is an ongoing need for considerable additional capital, which, if not adequately secured or available, could necessitate further equity issuances or asset sales, potentially impacting its financial condition and cash flows. Negative credit rating actions, which could be influenced by the expansion of capital-intensive projects, also pose a risk.
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The accelerating trend of municipal and state-level policies to ban or significantly restrict natural gas infrastructure and consumption, particularly in new construction and increasingly for existing buildings. This directly impacts Sempra's natural gas utility subsidiaries by limiting future growth and potentially eroding existing demand for natural gas delivery services, challenging a core business segment.
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Sempra (SRE) operates across several key energy infrastructure markets. The addressable market sizes for its main products and services are as follows:
-
California Utilities (Electric Power Transmission and Distribution):
- The market size for the Electric Power Transmission industry in California is estimated at $51.4 billion in 2025.
-
California Utilities (Natural Gas Distribution):
- null
-
Sempra Texas Utilities (Electric Transmission and Distribution):
- null
-
Sempra Infrastructure Partners (Liquefied Natural Gas - LNG):
- The global liquefied natural gas (LNG) market size was valued at USD 167.06 billion in 2024 and is projected to reach USD 227.28 billion by 2032.
- The North America LNG market size was valued at USD 54.44 billion in 2024.
-
Sempra Infrastructure Partners (Renewable Energy):
- The North American renewable energy market size was valued at approximately USD 341.32 billion in 2024.
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Sempra (SRE) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and favorable market conditions. The company's forward guidance and project updates highlight significant investments in regulated utilities, the advancement of major energy infrastructure projects, and a strategic focus on core markets.
Here are five expected drivers of Sempra's future revenue growth:
- Significant Capital Investments in U.S. Utilities: Sempra is executing an expansive capital plan, with a substantial portion dedicated to modernizing and expanding its regulated utility infrastructure in California and Texas. For instance, its Texas subsidiary, Oncor, plans to increase capital spending by over 30% between 2026 and 2030, driven by rapid business migration and population growth across the state. These investments in the rate base are expected to secure future regulated returns and underpin long-term revenue growth.
- Progress and Completion of Major LNG Projects: The advancement and anticipated completion of large-scale liquefied natural gas (LNG) projects, such as Port Arthur LNG and ECA LNG, are key revenue drivers. Port Arthur LNG Phase 1 is on schedule, with Train 1 expected to be operational in 2027, and ECA LNG Phase 1 is over 95% complete. These projects are expected to significantly enhance future cash flows and long-term revenue generation by capitalizing on sustained global demand for U.S. LNG.
- Strategic Shift Towards a Utility-Focused Business Model and Capital Recycling: Sempra is strategically simplifying its business model by increasing its focus on regulated utility operations. The sale of a 45% stake in Sempra Infrastructure Partners for $10 billion is a key example, which is expected to improve Sempra’s business growth profile by increasing the mix of regulated earnings and unlocking reinvestment capital for its U.S. utilities. This transaction is anticipated to be accretive to EPS starting in 2027.
- Favorable Regulatory Mechanisms in Texas: Regulatory developments in Texas, such as the passage of Texas House Bill 5247, which established the Unified Tracker Mechanism (UTM), are expected to benefit Oncor. This mechanism is designed to reduce regulatory lag and is projected to improve Oncor's earned Return on Equity (ROE) by 50 to 100 basis points, thereby supporting higher margins and steady long-term revenue.
- Growth in Demand from Population and Business Expansion in Texas: Rapid population growth and ongoing business migration into Texas are fueling increased demand for energy and associated infrastructure. This organic growth in the customer base and energy consumption directly translates into increased opportunities for Sempra’s Texas utilities, driving higher levels of capital spending and, consequently, revenue growth.
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Share Repurchases
- Sempra executed approximately $1.25 billion in share repurchases between 2020 and 2024.
- Common stock repurchases amounted to $(58) million in Q3 2025 and $(58) million in Q2 2025.
Share Issuance
- Sempra conducted a $1.3 billion equity offering in November 2023.
- An additional $271 million equity offering was made in December 2024 under a $3.0 billion At-The-Market (ATM) program.
- Issuances of common stock were $26 million in Q3 2025 and $19 million in Q2 2025.
Inbound Investments
- Sempra agreed to sell a 45% equity interest in Sempra Infrastructure Partners to affiliates of KKR and Canada Pension Plan Investment Board (CPP Investments) for $10 billion in cash. This transaction, expected to close in Q2-Q3 2026, implies an equity value of $22.2 billion for Sempra Infrastructure Partners.
- The proceeds from this sale are intended to be reinvested into Sempra's U.S. utilities and eliminate the need for common equity issuances in its previously announced 2025-2029 capital plan.
- Sempra previously divested a 20% non-controlling interest in Sempra Infrastructure to KKR in 2021 for approximately $16.9 billion and a 10% stake to Abu Dhabi Investment Authority (ADIA) in 2022 for $17.9 billion.
Outbound Investments
- Sempra Infrastructure Partners reached a final investment decision for Port Arthur LNG Phase 2, which includes estimated incremental capital expenditures of $12 billion, plus an approximate $2 billion payment for shared common facilities. Commercial operations for Trains 3 and 4 are expected in 2030 and 2031.
- Sempra plans to sell certain energy infrastructure assets in Mexico, including Ecogas Mexico, as part of a capital recycling program to simplify its portfolio and reinvest in U.S. utilities.
Capital Expenditures
- Sempra plans to invest approximately $13 billion in energy infrastructure in 2025, with over $10 billion directed towards its U.S. utilities.
- The company's 2025-2029 capital plan includes $56 billion for clean energy and LNG growth.
- Oncor, a Sempra subsidiary, has a $36 billion base capital plan for 2025-2029 and anticipates a more than 30% increase in its 2026-2030 capital plan, primarily focused on expanding the grid to meet rising demand from industrial customers and North Texas data centers.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 87.91 |
| Mkt Cap | 75.7 |
| Rev LTM | 25,530 |
| Op Inc LTM | 6,316 |
| FCF LTM | -1,372 |
| FCF 3Y Avg | -1,662 |
| CFO LTM | 9,033 |
| CFO 3Y Avg | 7,730 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.6% |
| Rev Chg 3Y Avg | 3.9% |
| Rev Chg Q | 6.4% |
| QoQ Delta Rev Chg LTM | 1.7% |
| Op Mgn LTM | 26.4% |
| Op Mgn 3Y Avg | 22.3% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 35.1% |
| CFO/Rev 3Y Avg | 29.9% |
| FCF/Rev LTM | -5.1% |
| FCF/Rev 3Y Avg | -7.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 75.7 |
| P/S | 3.2 |
| P/EBIT | 11.0 |
| P/E | 20.6 |
| P/CFO | 9.2 |
| Total Yield | 6.8% |
| Dividend Yield | 2.4% |
| FCF Yield 3Y Avg | -3.6% |
| D/E | 0.8 |
| Net D/E | 0.8 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 2.1% |
| 3M Rtn | -1.4% |
| 6M Rtn | 4.4% |
| 12M Rtn | 11.1% |
| 3Y Rtn | 26.3% |
| 1M Excs Rtn | 1.3% |
| 3M Excs Rtn | -3.5% |
| 6M Excs Rtn | -4.9% |
| 12M Excs Rtn | -2.8% |
| 3Y Excs Rtn | -46.6% |
Comparison Analyses
Segment Financials
Assets by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Sempra California | 53,430 | ||||
| Sempra Infrastructure | 19,430 | 15,760 | 14,408 | ||
| Sempra Texas Utilities | 14,392 | 13,781 | 13,047 | 12,542 | 11,619 |
| All other | 967 | 1,376 | 1,399 | 1,209 | 749 |
| Intersegment receivables | -1,038 | -1,111 | -1,191 | -856 | -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 | |
| Sempra Liquefied Natural Gas | 2,205 | 3,901 | |||
| Sempra Mexico | 10,752 | 9,938 | |||
| Discontinued operations | 3,958 | ||||
| Total | 87,181 | 78,574 | 72,045 | 66,623 | 65,665 |
Price Behavior
Price Behavior
| Market Price | $87.00 | |
| Market Cap ($ Bil) | 56.8 | |
| First Trading Date | 06/29/1998 | |
| Distance from 52W High | -7.5% | |
| 50 Days | 200 Days | |
| DMA Price | $88.88 | $82.70 |
| DMA Trend | up | down |
| Distance from DMA | -2.1% | 5.2% |
| 3M | 1YR | |
| Volatility | 19.8% | 29.4% |
| Downside Capture | 64.91 | 69.21 |
| Upside Capture | 26.04 | 66.96 |
| Correlation (SPY) | 29.7% | 43.0% |
SRE Betas & Captures as of 1/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.69 | 0.81 | 0.54 | 0.53 | 0.66 | 0.60 |
| Up Beta | -2.97 | -1.54 | -0.32 | 0.55 | 0.63 | 0.67 |
| Down Beta | 2.62 | 2.04 | 1.02 | 0.82 | 0.66 | 0.61 |
| Up Capture | -13% | 22% | 34% | 42% | 57% | 22% |
| Bmk +ve Days | 11 | 22 | 34 | 71 | 142 | 430 |
| Stock +ve Days | 13 | 23 | 32 | 64 | 133 | 391 |
| Down Capture | 21% | 83% | 71% | 36% | 79% | 81% |
| Bmk -ve Days | 9 | 19 | 27 | 54 | 109 | 321 |
| Stock -ve Days | 7 | 18 | 29 | 61 | 118 | 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 | 8.4% | 29.3% | 0.28 | - |
| Sector ETF (XLU) | 13.4% | 15.5% | 0.62 | 58.0% |
| Equity (SPY) | 15.6% | 19.2% | 0.63 | 42.8% |
| Gold (GLD) | 77.2% | 24.5% | 2.30 | 9.8% |
| Commodities (DBC) | 10.0% | 16.5% | 0.40 | 19.9% |
| Real Estate (VNQ) | 2.9% | 16.5% | -0.00 | 45.0% |
| Bitcoin (BTCUSD) | -23.4% | 40.3% | -0.56 | 21.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SRE | |
|---|---|---|---|---|
| SRE | 11.2% | 22.7% | 0.43 | - |
| Sector ETF (XLU) | 10.1% | 17.1% | 0.45 | 73.4% |
| Equity (SPY) | 14.5% | 17.0% | 0.68 | 43.0% |
| Gold (GLD) | 21.5% | 16.8% | 1.04 | 13.5% |
| Commodities (DBC) | 12.0% | 18.9% | 0.51 | 17.1% |
| Real Estate (VNQ) | 4.8% | 18.8% | 0.16 | 52.6% |
| Bitcoin (BTCUSD) | 20.9% | 57.5% | 0.56 | 15.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SRE | |
|---|---|---|---|---|
| SRE | 10.0% | 24.8% | 0.40 | - |
| Sector ETF (XLU) | 10.4% | 19.2% | 0.47 | 76.0% |
| Equity (SPY) | 15.6% | 17.9% | 0.75 | 50.1% |
| Gold (GLD) | 15.6% | 15.5% | 0.84 | 13.3% |
| Commodities (DBC) | 8.4% | 17.6% | 0.39 | 21.2% |
| Real Estate (VNQ) | 5.6% | 20.8% | 0.24 | 60.9% |
| Bitcoin (BTCUSD) | 69.9% | 66.5% | 1.09 | 12.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/5/2025 | -0.1% | 1.1% | -1.3% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 10 | 10 |
| # Negative | 10 | 10 | 10 |
| Median Positive | 1.6% | 2.7% | 5.6% |
| Median Negative | -2.0% | -1.5% | -1.4% |
| 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 |
|---|---|---|
| 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 |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Martin, Jeffrey W | Chairman, CEO and President | Direct | Sell | 1052026 | 89.29 | 30,000 | 2,678,838 | 2,063,903 | Form |
| 2 | Martin, Jeffrey W | Chairman, CEO and President | Direct | Sell | 1052026 | 87.21 | 23,111 | 2,015,591 | 210 | Form |
| 3 | Sedgwick, Karen L | Executive VP and CFO | Direct | Sell | 11242025 | 92.29 | 7,564 | 698,082 | 3,809,692 | Form |
| 4 | Wold, Dyan Z | VP, Controller and CAO | Direct | Sell | 11192025 | 91.38 | 1,510 | 137,984 | 318,125 | Form |
| 5 | Winn, Caroline Ann | Executive Vice President | Direct | Sell | 11192025 | 91.58 | 5,500 | 503,690 | 3,128,747 | Form |
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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