NYSE · Utilities

Public Service Enterprise Group Incorporated

PEG · Utilities - Regulated Electric

$80.43

▲ 0.28 (0.35%)

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Mr. Market is currently offering Public Service Enterprise Group Incorporated at $80.43.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 34.8%

Operating Margin 24.5%

Net Income Margin 17.3%

Fin. Health F

Years to Pay Off Debt 11.5 yrs

Working Capital vs Long-Term Debt -$22.8B

Working Capital -$1.1B

Valuation F

Margin of Safety 0.0%

Price-to-Book 2.36x

Cash Flow C

Free Cash Flow $26M

CapEx % of Net Income 155.0%

Owner Earnings $6.8B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $40.1B

Enterprise Value $64.1B

P/E (TTM) 19.06

Dividend Yield 3.14%

Exchange NYSE

Key Margins

Gross Profit 34.8%

Operating Margin 24.5%

Net Margin 17.3%

Company Info

Sector Utilities

Industry Utilities - Regulated Electric

Employees 13189

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Public Service Enterprise Group Incorporated at $80.43.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $80.43, the stock trades at a 42% premium to its Graham Number of $56.82. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Public Service Enterprise Group Incorporated

Public Service Enterprise Group Incorporated, through its subsidiaries, operates in electric and gas utility, and nuclear generation businesses in the United States. It operates through PSE&G and PSEG Power segments. The PSE&G segment transmits electricity; distributes electricity and natural gas to residential, commercial, and industrial customers; and appliance services and repairs to customers through its service territory, as well as invests in solar generation projects, and energy efficiency and related programs. The PSEG Power segment engages in nuclear generation businesses; and supplies power and natural gas to nuclear power plants. As of December 31, 2025, it had electric transmission and distribution system of 25,000 circuit miles and 871,000 poles; 58 switching stations with an installed capacity of 40,000 megavolt-amperes (MVA), and 238 substations with an installed capacity of 10,890 MVA; four electric distribution headquarters and five electric sub-headquarters; 18,000 miles of gas mains, 12 gas distribution headquarters, two sub-headquarters, and two meter shop, as well as 54 natural gas metering and regulating stations; and 158 MegaWatts defined conditions of installed PV solar capacity. The company was founded in 1903 and is based in Newark, New Jersey.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	34.8% ▲	34.4%	42.9%	26.6%	N/A
Operating Margin %	24.5% ▲	22.9%	32.8%	15.1%	N/A
Net Income %	17.3% ▲	17.2%	22.8%	10.5%	N/A
Diluted EPS	4.21 ▲	3.54	5.13	2.06	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$57.6B	$54.6B	$50.7B	$48.7B	N/A
Total Debt	$24.2B ↑	$22.9B	$173M	$20.4B	N/A
Working Capital	-$1.1B ▲	-$2.3B	-$1.7B	-$2.4B	N/A
Years to Pay Debt	11.46	12.90	0.07	19.82	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$26M ▲	-$1.2B	$481M	-$1.4B	N/A
Owner Earnings	$6.8B	$6.5B	$7.2B	$5.2B	N/A
CapEx % of Net Income	155.0%	190.7%	129.7%	280.1%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	20,979	3,683	31,752	-81,480
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	4,605,000	3,912,000	4,904,000	3,236,000
Total Unusual Items	189,000	127,000	189,000	-388,000
Total Unusual Items Excluding Goodwill	189,000	127,000	189,000	-388,000
Net Income From Continuing Operation Net Minority Interest	2,111,000	1,772,000	2,563,000	1,031,000
Reconciled Depreciation	1,459,000	1,373,000	1,324,000	1,283,000
Reconciled Cost Of Revenue	7,729,000	6,564,000	6,228,000	7,013,000
EBITDA	4,794,000	4,039,000	5,093,000	2,848,000
EBIT	3,335,000	2,666,000	3,769,000	1,565,000
Net Interest Income	-839,000	-728,000	-567,000	-470,000
Interest Expense	961,000	841,000	688,000	563,000
Interest Income	122,000	113,000	121,000	93,000
Normalized Income	1,942,979	1,648,683	2,405,752	1,337,520
Net Income From Continuing And Discontinued Operation	2,111,000	1,772,000	2,563,000	1,031,000
Total Expenses	9,188,000	7,937,000	7,552,000	8,323,000
Total Operating Income As Reported	2,980,000	2,353,000	3,685,000	1,381,000
Diluted Average Shares	501,000	500,000	500,000	501,000
Basic Average Shares	499,000	498,000	498,000	498,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	2,111,000	1,772,000	2,563,000	1,031,000
Net Income Common Stockholders	2,111,000	1,772,000	2,563,000	1,031,000
Net Income	2,111,000	1,772,000	2,563,000	1,031,000
Net Income Including Noncontrolling Interests	2,111,000	1,772,000	2,563,000	1,031,000
Net Income Continuous Operations	2,111,000	1,772,000	2,563,000	1,031,000
Tax Provision	263,000	53,000	518,000	-29,000
Pretax Income	2,374,000	1,825,000	3,081,000	1,002,000
Other Income Expense	233,000	198,000	-39,000	-5,000
Other Non Operating Income Expenses	44,000	71,000	-228,000	369,000
Special Income Charges		-6,000	-7,000	-123,000	-2,935,000
Gain On Sale Of Ppe		-6,000	-7,000	-123,000	-2,637,000
Other Special Charges				1,000	298,000
Earnings From Equity Interest		1,000	1,000	14,000	16,000
Gain On Sale Of Security	189,000	127,000	189,000	-265,000
Net Non Operating Interest Income Expense	-839,000	-728,000	-567,000	-470,000
Interest Expense Non Operating	961,000	841,000	688,000	563,000
Interest Income Non Operating	122,000	113,000	121,000	93,000
Operating Income	2,980,000	2,353,000	3,685,000	1,477,000
Operating Expense	1,257,000	1,182,000	1,135,000	1,127,000
Other Taxes				27,000	19,000
Depreciation Amortization Depletion Income Statement	1,257,000	1,182,000	1,135,000	1,100,000
Depreciation And Amortization In Income Statement	1,257,000	1,182,000	1,135,000	1,100,000
Selling General And Administration			218,000	-376,000	-328,000
General And Administrative Expense			218,000	-376,000	-328,000
Salaries And Wages			218,000	-376,000	-328,000
Gross Profit	4,237,000	3,535,000	4,820,000	2,604,000
Cost Of Revenue	7,931,000	6,755,000	6,417,000	7,196,000
Total Revenue	12,168,000	10,290,000	11,237,000	9,800,000
Operating Revenue	12,168,000	10,290,000	11,237,000	9,800,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	36,000	36,000	36,000	37,000
Ordinary Shares Number	498,154	498,225	498,000	497,000
Share Issued	534,154	534,225	534,000	534,000
Net Debt	23,942,000	22,582,000	20,179,000	19,805,000
Total Debt	24,202,000	22,860,000	173,000	20,439,000
Tangible Book Value	16,982,000	16,114,000	13,396,000	13,729,000
Invested Capital	41,056,000	38,821,000	35,710,000	33,999,000
Working Capital	-1,144,000	-2,270,000	-1,684,000	-2,377,000
Net Tangible Assets	16,982,000	16,114,000	13,396,000	13,729,000
Capital Lease Obligations	128,000	153,000	173,000	169,000
Common Stock Equity	16,982,000	16,114,000	13,396,000	13,729,000
Total Capitalization	38,652,000	35,078,000	13,396,000	30,224,000
Total Equity Gross Minority Interest	16,982,000	16,114,000	15,477,000	13,729,000
Stockholders Equity	16,982,000	16,114,000	13,396,000	13,729,000
Gains Losses Not Affecting Retained Earnings	-91,000	-133,000	-179,000	-550,000
Other Equity Adjustments	-91,000	-133,000	-179,000	-550,000
Treasury Stock	1,435,000	1,403,000	1,379,000	1,377,000
Retained Earnings	13,446,000	12,593,000	12,017,000	10,591,000
Capital Stock	5,062,000	5,057,000	5,018,000	5,065,000
Common Stock	5,062,000	5,057,000	5,018,000	5,065,000
Total Liabilities Net Minority Interest	40,594,000	38,526,000	35,264,000	34,989,000
Total Non Current Liabilities Net Minority Interest	34,854,000	32,021,000	30,207,000	28,309,000
Other Non Current Liabilities	262,000	205,000	28,132,000	199,000
Derivative Product Liabilities	21,000	4,000	6,000	33,000
Employee Benefits	1,048,000	1,321,000	1,571,000	1,652,000
Non Current Pension And Other Postretirement Benefit Plans	1,048,000	1,321,000	1,571,000	1,652,000
Tradeand Other Payables Non Current	141,000	130,000	45,000	66,000
Non Current Deferred Liabilities	7,930,000	7,248,000	6,671,000	5,725,000
Non Current Deferred Taxes Liabilities	7,930,000	7,248,000	6,671,000	5,725,000
Long Term Debt And Capital Lease Obligation	21,798,000	19,117,000	17,957,000	16,664,000
Long Term Capital Lease Obligation	128,000	153,000	173,000	169,000
Long Term Debt	21,670,000	18,964,000	17,784,000	16,495,000
Long Term Provisions	1,606,000	1,725,000	1,681,000	1,730,000
Current Liabilities	5,740,000	6,505,000	5,057,000	6,680,000
Other Current Liabilities	1,487,000	1,397,000	5,143,000	1,488,000
Current Debt And Capital Lease Obligation	2,404,000	3,743,000	2,449,000	3,775,000
Current Debt	2,404,000	3,743,000	2,449,000	3,775,000
Other Current Borrowings	875,000	2,150,000	1,500,000	1,575,000
Commercial Paper	1,529,000	1,593,000	949,000	2,200,000
Payables And Accrued Expenses	1,849,000	1,365,000	1,392,000	1,417,000
Current Accrued Expenses	265,000	219,000	170,000	134,000
Interest Payable	265,000	219,000	170,000	134,000
Payables	1,584,000	1,146,000	1,222,000	1,283,000
Total Tax Payable	95,000	10,000	8,000	12,000
Accounts Payable	1,489,000	1,136,000	1,214,000	1,271,000
Total Assets	57,576,000	54,640,000	50,741,000	48,718,000
Total Non Current Assets	52,980,000	50,405,000	47,368,000	44,415,000
Other Non Current Assets	372,000	347,000	42,182,000	285,000
Non Current Accounts Receivable	520,000	558,000	632,000	556,000
Financial Assets	6,000	51,000	29,000	15,000
Investments And Advances	3,449,000	3,098,000	2,998,000	3,037,000
Other Investments	3,449,000	3,098,000	2,998,000	3,037,000
Goodwill And Other Intangible Assets				14,000	20,000
Other Intangible Assets				14,000	20,000
Net PPE	42,202,000	40,226,000	38,210,000	36,118,000
Accumulated Depreciation	-11,856,000	-11,143,000	-10,572,000	-9,982,000
Gross PPE	54,058,000	51,369,000	48,782,000	46,100,000
Construction In Progress	1,489,000	1,291,000	1,507,000	1,513,000
Other Properties	1,435,000	1,363,000	1,309,000	1,311,000
Current Assets	4,596,000	4,235,000	3,373,000	4,303,000
Other Current Assets	548,000	532,000	3,117,000	402,000
Hedging Assets Current	11,000	33,000	112,000	18,000
Assets Held For Sale Current			0	20,000	2,060,000
Prepaid Assets	75,000	117,000	144,000	93,000
Inventory	1,155,000	1,124,000	1,023,000	960,000
Receivables	2,675,000	2,304,000	1,736,000	2,345,000
Taxes Receivable	406,000	394,000	10,000	79,000
Accounts Receivable	1,888,000	1,597,000	1,482,000	1,944,000
Allowance For Doubtful Accounts Receivable	-248,000	-210,000	-279,000	-323,000
Gross Accounts Receivable	2,136,000	1,807,000	1,761,000	2,267,000
Cash Cash Equivalents And Short Term Investments	132,000	125,000	54,000	465,000
Cash And Cash Equivalents	132,000	125,000	54,000	465,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	26,000	-1,247,000	481,000	-1,385,000
Repurchase Of Capital Stock		0	0	-500,000	0
Repayment Of Debt	-2,314,000	-2,000,000	-3,825,000	-4,019,000
Issuance Of Debt	3,700,000	4,494,000	3,800,000	4,850,000
Capital Expenditure	-3,272,000	-3,380,000	-3,325,000	-2,888,000
Interest Paid Supplemental Data	932,000	799,000	683,000	602,000
Income Tax Paid Supplemental Data	0	68,000	144,000	353,000
End Cash Position	156,000	154,000	99,000	511,000
Beginning Cash Position	154,000	99,000	511,000	863,000
Changes In Cash	2,000	55,000	-412,000	-352,000
Financing Cash Flow	12,000	1,228,000	-1,260,000	-754,000
Cash Flow From Continuing Financing Activities	12,000	1,228,000	-1,260,000	-754,000
Net Other Financing Charges	-116,000	-70,000	-98,000	-6,000
Cash Dividends Paid	-1,258,000	-1,196,000	-1,137,000	-1,079,000
Common Stock Dividend Paid	-1,258,000	-1,196,000	-1,137,000	-1,079,000
Net Common Stock Issuance		0	0	-500,000	0
Common Stock Payments		0	0	-500,000	0
Net Issuance Payments Of Debt	1,386,000	2,494,000	-25,000	831,000
Net Short Term Debt Issuance	-64,000	644,000	-1,250,000	-1,319,000
Short Term Debt Payments	-164,000	-500,000	-2,250,000	-3,319,000
Short Term Debt Issuance	100,000	1,144,000	1,000,000	2,000,000
Net Long Term Debt Issuance	1,450,000	1,850,000	1,225,000	2,150,000
Long Term Debt Payments	-2,150,000	-1,500,000	-1,575,000	-700,000
Long Term Debt Issuance	3,600,000	3,350,000	2,800,000	2,850,000
Investing Cash Flow	-3,308,000	-3,306,000	-2,958,000	-1,101,000
Cash Flow From Continuing Investing Activities	-3,308,000	-3,306,000	-2,958,000	-1,101,000
Net Other Investing Changes	-36,000	74,000	39,000	-7,000
Net Investment Purchase And Sale					8,000
Sale Of Investment					2,100,000
Purchase Of Investment					-2,092,000
Net Business Purchase And Sale	0	0	291,000	-124,000
Sale Of Business	0	0	291,000	0
Purchase Of Business		0	0	-124,000	-111,000
Net Intangibles Purchase And Sale					-98,000
Purchase Of Intangibles					-98,000
Net PPE Purchase And Sale	-3,272,000	-3,380,000	-3,288,000	-970,000
Sale Of PPE	0	0	37,000	1,918,000
Purchase Of PPE	-3,272,000	-3,380,000	-3,325,000	-2,888,000
Operating Cash Flow	3,298,000	2,133,000	3,806,000	1,503,000
Cash Flow From Continuing Operating Activities	3,298,000	2,133,000	3,806,000	1,503,000
Change In Working Capital	193,000	-604,000	1,307,000	-847,000
Change In Other Working Capital	107,000	-226,000	1,443,000	-865,000
Change In Other Current Liabilities	13,000	4,000	-201,000	111,000
Change In Payables And Accrued Expense	85,000	2,000	-10,000	-94,000
Change In Payable	85,000	2,000	-10,000	-94,000
Change In Account Payable	82,000	34,000	13,000
Change In Tax Payable	85,000	2,000	-10,000	-94,000
Change In Income Tax Payable	85,000	2,000	-10,000	-94,000
Change In Prepaid Assets	11,000	29,000	-50,000
Change In Inventory	29,000	-123,000	-211,000
Change In Receivables	-12,000	-384,000	75,000	1,000
Other Non Cash Items	-426,000	-762,000	-528,000	-483,000
Provisionand Write Offof Assets		0	3,000	55,000	138,000
Deferred Tax	100,000	263,000	355,000	-261,000
Deferred Income Tax	100,000	263,000	355,000	-261,000
Depreciation Amortization Depletion	1,459,000	1,373,000	1,324,000	1,283,000
Depreciation And Amortization	1,459,000	1,373,000	1,324,000	1,283,000
Depreciation	1,459,000	1,373,000	1,324,000	1,283,000
Operating Gains Losses	-139,000	91,000	-1,215,000	725,000
Pension And Employee Benefit Expense	76,000	75,000	366,000	-239,000
Gain Loss On Investment Securities	-215,000	16,000	-1,581,000	841,000
Net Income From Continuing Operations	2,111,000	1,772,000	2,563,000	1,031,000

These metrics estimate what Public Service Enterprise Group Incorporated is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$56.82

Margin of Safety

Market Cap ÷ Company Value

2.28

P/B Ratio

2.36

Warren's Owner Earnings

$6.8B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$12.2B

vs > $1.5B revenue

❌ Strong Financial Condition

0.80x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

3.14%

vs Uninterrupted dividends

✅ Earnings Growth

+104.8% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

19.1x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

2.36x P/B (P/E×P/B: 45.0)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-72.18

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$66.39

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	155.0%	190.7%	129.7%	280.1%	N/A
Repurchase of Capital Stock	N/A	$0M	$0M	-$500M	$0M
Free Cash Flow	$26M ▲	-$1.2B ▼	$481M ▲	-$1.4B •	N/A •
Warren's Owner Earnings	$6.8B	$6.5B	$7.2B	$5.2B	N/A

Peers & Industry

No auto-detected peers for Utilities - Regulated Electric. You can manually compare PEG against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.13%

Low — management has little skin in the game

Return on Equity (ROE)

12.4%

Adequate — returns are moderate

Return on Assets (ROA)

3.7%

Fair — average asset utilization

Debt Trend YoY

+5.9% YoY

Debt is roughly stable

Leadership Team

Ralph LaRossa

Chair, President & CEO

Age 62

Pay: $4,132,581

0.196% of net income

Daniel Cregg

Executive VP & CFO

Age 61

Pay: $1,938,003

0.092% of net income

Kim Hanemann

President & COO of Public Service Electric & Gas

Age 61

Pay: $1,877,585

0.089% of net income

Carlotta Chan

Vice President of Investor Relations

Karen Cleeve

Vice President of Corporate Communications

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	13.53%	67,498,821
Blackrock Inc.	9.94%	49,585,081
State Street Corporation	5.69%	28,361,198
Bank of America Corporation	3.43%	17,131,714
Geode Capital Management, LLC	2.56%	12,771,343
Capital Research Global Investors	1.53%	7,624,545
Morgan Stanley	1.41%	7,014,677
Legal & General Group PLC	1.39%	6,948,448

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.55

Low volatility — more stable than the market

Short Interest

2.4% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

1.43x

Moderate leverage

Current Ratio