NYSE · Utilities

Sempra

SRE · Utilities - Diversified

$94.24

▼ -0.43 (-0.45%)

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Mr. Market is currently offering Sempra at $94.24.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 46.6%

Operating Margin 22.5%

Net Income Margin 13.4%

Fin. Health D

Years to Pay Off Debt 19.1 yrs

Working Capital vs Long-Term Debt -$16.0B

Working Capital $12.9B

Valuation F

Margin of Safety 0.0%

Price-to-Book 1.95x

Cash Flow F

Free Cash Flow -$6.0B

CapEx % of Net Income 577.7%

Owner Earnings $15.0B

3/7

Graham Score

Speculative

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 $61.6B

Enterprise Value $107.2B

P/E (TTM) 34.27

Dividend Yield 2.73%

Exchange NYSE

Key Margins

Gross Profit 46.6%

Operating Margin 22.5%

Net Margin 13.4%

Company Info

Sector Utilities

Industry Utilities - Diversified

Employees 15938

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Sempra at $94.24.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $94.24, the stock trades at a 72% premium to its Graham Number of $54.70. 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: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About Sempra

Sempra engages in the regulated utilities business in the United States and Mexico. It operates through three segments: Sempra California, Sempra Texas Utilities, and Sempra Infrastructure. It also invests in and operates electric and gas utilities and other energy infrastructure that provides energy services to customers. The Sempra California segment provides natural gas and electric services to Southern California and part of central California. As of December 31, 2025, it offered electric services to approximately 3.6 million population and natural gas services to approximately 3.3 million population that covers 4,100 square miles. This segment owns and operates a natural gas distribution, transmission, and storage system that supplies natural gas. As of December 31, 2025, it served a population of 21.3 million covering an area of 24,000 square miles. The Sempra Texas Utilities segment engages in the regulated electricity transmission and distribution utility business. As of December 31, 2025, transmission system included approximately 18,418 circuit miles of transmission lines; 1,333 transmission and distribution substations; interconnection to 230 third-party generation facilities totaling 63,670 MW; and distribution system included more than 4.1 million points of delivery and consisted of 127,398 circuit miles of overhead and underground lines. The Sempra Infrastructure segment develops, constructs, operates, and invests in energy infrastructure to help enable the access to cleaner energy in markets in the United States, Mexico, and internationally. The company was formerly known as Sempra Energy and changed its name to Sempra in May 2023. Sempra was incorporated in 1996 and is headquartered in San Diego, California.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	46.6% ▲	46.2%	39.6%	36.1%	N/A
Operating Margin %	22.5% ▲	22.5%	22.2%	17.7%	N/A
Net Income %	13.4% ▼	21.7%	18.4%	14.8%	N/A
Diluted EPS	2.75 ▼	4.42	4.79	3.31	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$110.9B	$96.2B	$87.2B	$78.6B	N/A
Total Debt	$35.0B ↓	$35.8B	$31.1B	$28.9B	N/A
Working Capital	$12.9B ▲	-$4.4B	-$4.6B	-$4.0B	N/A
Years to Pay Debt	19.06	12.53	10.11	13.52	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	-$6.0B ▼	-$3.3B	-$2.2B	-$4.2B	N/A
Owner Earnings	$15.0B	$13.5B	$13.7B	$9.5B	N/A
CapEx % of Net Income	577.7%	287.0%	273.1%	250.4%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-161,460	13,760	32,455	-35,910
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	5,678,000	5,424,000	5,989,000	4,587,000
Total Unusual Items	-414,000	172,000	174,000	-171,000
Total Unusual Items Excluding Goodwill	-414,000	172,000	174,000	-171,000
Net Income From Continuing Operation Net Minority Interest	1,837,000	2,862,000	3,075,000	2,139,000
Reconciled Depreciation	2,563,000	2,437,000	2,227,000	2,019,000
Reconciled Cost Of Revenue	7,315,000	7,093,000	10,100,000	9,228,000
EBITDA	5,264,000	5,596,000	6,163,000	4,416,000
EBIT	2,701,000	3,159,000	3,936,000	2,397,000
Net Interest Income	-1,336,000	-913,000	-1,141,000	-953,000
Interest Expense	1,532,000	1,049,000	1,309,000	1,054,000
Interest Income	196,000	136,000	168,000	101,000
Normalized Income	2,089,540	2,703,760	2,933,455	2,274,090
Net Income From Continuing And Discontinued Operation	1,837,000	2,862,000	3,075,000	2,139,000
Total Expenses	10,622,000	10,223,000	13,004,000	11,882,000
Diluted Average Shares	653,826	637,943	632,733	632,756
Basic Average Shares	652,697	633,795	630,296	630,318
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	1,796,000	2,817,000	3,030,000	2,094,000
Net Income Common Stockholders	1,796,000	2,817,000	3,030,000	2,094,000
Preferred Stock Dividends	41,000	45,000	45,000	45,000
Net Income	1,837,000	2,862,000	3,075,000	2,139,000
Minority Interests	-235,000	-638,000	-543,000	-146,000
Net Income Including Noncontrolling Interests	2,072,000	3,500,000	3,618,000	2,285,000
Net Income Continuous Operations	2,072,000	3,500,000	3,618,000	2,285,000
Earnings From Equity Interest Net Of Tax	1,604,000	1,609,000	1,481,000	1,498,000
Tax Provision	701,000	219,000	490,000	556,000
Pretax Income	1,169,000	2,110,000	2,627,000	1,343,000
Other Income Expense	-575,000	61,000	52,000	-261,000
Other Non Operating Income Expenses	-161,000	-111,000	-122,000	-90,000
Special Income Charges	-477,000	150,000	140,000	-116,000
Gain On Sale Of Ppe			1,000	0	36,000
Other Special Charges	477,000	-150,000	-140,000	116,000
Impairment Of Capital Assets					3,000
Gain On Sale Of Security	63,000	22,000	34,000	-55,000
Net Non Operating Interest Income Expense	-1,336,000	-913,000	-1,141,000	-953,000
Interest Expense Non Operating	1,532,000	1,049,000	1,309,000	1,054,000
Interest Income Non Operating	196,000	136,000	168,000	101,000
Operating Income	3,080,000	2,962,000	3,716,000	2,557,000
Operating Expense	3,307,000	3,130,000	2,904,000	2,654,000
Other Operating Expenses				635,000	596,000
Other Taxes	744,000	693,000	677,000	635,000
Depreciation Amortization Depletion Income Statement	2,563,000	2,437,000	2,227,000	2,019,000
Depreciation And Amortization In Income Statement	2,563,000	2,437,000	2,227,000	2,019,000
Gross Profit	6,387,000	6,092,000	6,620,000	5,211,000
Cost Of Revenue	7,315,000	7,093,000	10,100,000	9,228,000
Total Revenue	13,702,000	13,185,000	16,720,000	14,439,000
Operating Revenue	13,702,000	13,185,000	16,720,000	14,439,000

Balance Sheet

	2025	2024	2023	2022	2021
Preferred Shares Number	5,750
Ordinary Shares Number	652,732	650,630	631,432	628,000
Share Issued	652,732	650,630	631,432	628,000
Net Debt	34,992,000	34,283,000	30,840,000	28,549,000
Total Debt	35,021,000	35,848,000	31,076,000	28,919,000
Tangible Book Value	31,594,000	28,439,000	25,866,000	24,280,000
Invested Capital	66,615,000	66,181,000	58,862,000	55,145,000
Working Capital	12,943,000	-4,391,000	-4,620,000	-3,987,000
Net Tangible Assets	31,614,000	29,348,000	26,775,000	25,189,000
Common Stock Equity	31,594,000	30,333,000	27,786,000	26,226,000
Preferred Stock Equity	20,000	909,000	909,000	909,000
Total Capitalization	60,593,000	62,800,000	56,454,000	51,683,000
Total Equity Gross Minority Interest	41,999,000	37,788,000	33,654,000	29,256,000
Minority Interest	10,385,000	6,546,000	4,959,000	2,121,000
Stockholders Equity	31,614,000	31,242,000	28,695,000	27,135,000
Other Equity Interest					20,000
Gains Losses Not Affecting Retained Earnings	-197,000	-166,000	-150,000	-135,000
Other Equity Adjustments	-197,000	-166,000	-150,000	-135,000
Retained Earnings	17,092,000	16,979,000	15,732,000	14,201,000
Capital Stock	14,719,000	14,429,000	13,113,000	13,069,000
Common Stock	14,699,000	13,520,000	12,204,000	12,160,000
Preferred Stock	20,000	909,000	909,000	909,000
Total Liabilities Net Minority Interest	68,879,000	58,367,000	53,527,000	49,318,000
Total Non Current Liabilities Net Minority Interest	46,985,000	48,691,000	43,437,000	39,419,000
Other Non Current Liabilities	3,762,000	3,214,000	2,329,000	2,682,000
Employee Benefits	124,000	168,000	407,000	410,000
Non Current Pension And Other Postretirement Benefit Plans	124,000	168,000	407,000	410,000
Dueto Related Parties Non Current	0	352,000	307,000	301,000
Non Current Deferred Liabilities	6,127,000	5,845,000	5,254,000	4,591,000
Non Current Deferred Taxes Liabilities	6,127,000	5,845,000	5,254,000	4,591,000
Long Term Debt And Capital Lease Obligation	28,979,000	31,558,000	27,759,000	24,548,000
Long Term Debt	28,979,000	31,558,000	27,759,000	24,548,000
Long Term Provisions	3,743,000	3,737,000	3,642,000	3,546,000
Current Liabilities	21,894,000	9,676,000	10,090,000	9,899,000
Other Current Liabilities	12,889,000	1,609,000	3,116,000	2,025,000
Current Debt And Capital Lease Obligation	6,042,000	4,290,000	3,317,000	4,371,000
Current Debt	6,042,000	4,290,000	3,317,000	4,371,000
Pensionand Other Post Retirement Benefit Plans Current	521,000	558,000	526,000	484,000
Current Provisions			31,000	129,000	1,980,000
Payables And Accrued Expenses	2,442,000	3,219,000	3,131,000	2,890,000
Payables	2,442,000	3,219,000	3,131,000	2,890,000
Other Payable	203,000	208,000	224,000	275,000
Dueto Related Parties Current	8,000	0	5,000	0
Dividends Payable	770,000	773,000	691,000	621,000
Accounts Payable	1,461,000	2,238,000	2,211,000	1,994,000
Total Assets	110,878,000	96,155,000	87,181,000	78,574,000
Total Non Current Assets	76,041,000	90,870,000	81,711,000	72,662,000
Other Non Current Assets	2,521,000	2,597,000	2,008,000	2,230,000
Defined Pension Benefit	605,000	585,000	549,000	505,000
Non Current Deferred Assets	10,000	172,000	129,000	135,000
Non Current Deferred Taxes Assets	10,000	172,000	129,000	135,000
Duefrom Related Parties Non Current				0	637,000
Non Current Accounts Receivable					997,000
Investments And Advances	18,764,000	19,071,000	17,651,000	16,821,000
Other Investments	147,000	2,534,000	2,244,000	2,012,000
Investmentin Financial Assets	1,145,000	1,137,000	1,141,000	1,144,000
Available For Sale Securities	1,145,000	1,137,000	1,141,000	1,144,000
Long Term Equity Investment	17,472,000	15,400,000	14,266,000	13,665,000
Goodwill And Other Intangible Assets	0	1,894,000	1,920,000	1,946,000
Other Intangible Assets		292,000	318,000	344,000	370,000
Goodwill	0	1,602,000	1,602,000	1,602,000
Net PPE	50,273,000	62,614,000	55,683,000	48,437,000
Accumulated Depreciation	-17,889,000	-18,960,000	-17,535,000	-16,111,000
Gross PPE	68,162,000	81,574,000	73,218,000	64,548,000
Construction In Progress	3,925,000	12,604,000	9,019,000	4,982,000
Other Properties	1,351,000	2,024,000	1,556,000	1,468,000
Current Assets	34,837,000	5,285,000	5,470,000	5,912,000
Other Current Assets	1,226,000	657,000	1,471,000	541,000
Hedging Assets Current		91,000	122,000	803,000	179,000
Assets Held For Sale Current	31,024,000	0			0
Restricted Cash	2,000	21,000	49,000	40,000
Prepaid Assets		255,000	273,000	268,000	260,000
Inventory	561,000	559,000	482,000	403,000
Other Inventories	158,000	190,000	183,000	168,000
Receivables	1,995,000	2,483,000	2,837,000	3,487,000
Other Receivables	157,000	397,000	561,000	685,000
Duefrom Related Parties Current	0	13,000	31,000	54,000
Taxes Receivable	71,000	90,000	94,000	113,000
Accounts Receivable	1,767,000	1,983,000	2,151,000	2,635,000
Allowance For Doubtful Accounts Receivable	-235,000	-447,000	-480,000	-140,000
Gross Accounts Receivable	2,002,000	2,430,000	2,631,000	2,775,000
Cash Cash Equivalents And Short Term Investments	29,000	1,565,000	236,000	370,000
Cash And Cash Equivalents	29,000	1,565,000	236,000	370,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	-6,047,000	-3,308,000	-2,179,000	-4,215,000
Repurchase Of Capital Stock	-958,000	-43,000	-32,000	-478,000
Repayment Of Debt	-5,220,000	-3,339,000	-6,294,000	-4,510,000
Issuance Of Debt	11,282,000	8,674,000	7,669,000	9,984,000
Issuance Of Capital Stock	32,000	1,219,000	145,000	4,000
Capital Expenditure	-10,612,000	-8,215,000	-8,397,000	-5,357,000
Interest Paid Supplemental Data		1,205,000	1,172,000	1,014,000	1,163,000
Income Tax Paid Supplemental Data		289,000	197,000	284,000	230,000
End Cash Position	3,552,000	1,589,000	389,000	462,000
Beginning Cash Position	1,589,000	389,000	462,000	581,000
Effect Of Exchange Rate Changes	5,000	-13,000	6,000	-1,000
Changes In Cash	1,958,000	1,213,000	-79,000	-118,000
Financing Cash Flow	9,930,000	5,424,000	2,419,000	3,779,000
Cash Flow From Continuing Financing Activities	9,930,000	5,424,000	2,419,000	3,779,000
Net Other Financing Charges	5,175,000	1,013,000	1,906,000	1,519,000
Cash Dividends Paid	-1,643,000	-1,543,000	-1,527,000	-1,474,000
Preferred Stock Dividend Paid	-40,000	-44,000	-44,000	-44,000
Common Stock Dividend Paid	-1,603,000	-1,499,000	-1,483,000	-1,430,000
Net Preferred Stock Issuance	-900,000	0	0	0
Preferred Stock Payments	-900,000	0	0
Net Common Stock Issuance	-26,000	1,176,000	113,000	-474,000
Common Stock Payments	-58,000	-43,000	-32,000	-478,000
Common Stock Issuance	32,000	1,219,000	145,000	4,000
Net Issuance Payments Of Debt	7,324,000	4,778,000	1,927,000	4,208,000
Net Short Term Debt Issuance	1,262,000	-557,000	552,000	-1,266,000
Short Term Debt Payments				-1,266,000
Short Term Debt Issuance					1,913,000
Net Long Term Debt Issuance	6,062,000	5,335,000	1,375,000	5,474,000
Long Term Debt Payments	-5,220,000	-3,339,000	-6,294,000	-4,510,000
Long Term Debt Issuance	11,282,000	8,674,000	7,669,000	9,984,000
Investing Cash Flow	-12,537,000	-9,118,000	-8,716,000	-5,039,000
Cash Flow From Continuing Investing Activities	-12,537,000	-9,118,000	-8,716,000	-5,039,000
Net Other Investing Changes	23,000	23,000	12,000	632,000
Dividends Received Cfi	0	9,000	0	0
Net Investment Purchase And Sale	-1,948,000	-935,000	-331,000	-314,000
Sale Of Investment	1,098,000	942,000	661,000	762,000
Purchase Of Investment	-3,046,000	-1,877,000	-992,000	-1,076,000
Capital Expenditure Reported	-10,612,000	-8,215,000	-8,397,000	-5,357,000
Operating Cash Flow	4,565,000	4,907,000	6,218,000	1,142,000
Cash Flow From Continuing Operating Activities	4,565,000	4,907,000	6,218,000	1,142,000
Dividend Received Cfo	1,120,000	1,093,000	912,000	854,000
Change In Working Capital	-975,000	-612,000	835,000	-4,022,000
Change In Other Working Capital	-719,000	-625,000	-166,000	-2,439,000
Change In Other Current Liabilities	177,000	130,000	1,172,000	228,000
Change In Other Current Assets	-296,000	-30,000	11,000	-1,608,000
Change In Payables And Accrued Expense	-7,000	-131,000	-270,000	430,000
Change In Payable	-7,000	-131,000	-270,000	430,000
Change In Account Payable	-7,000	-131,000	-270,000	430,000
Change In Inventory	-64,000	-74,000	-80,000	-17,000
Change In Receivables	-66,000	118,000	168,000	-616,000
Changes In Account Receivables	-66,000	118,000	168,000	-976,000
Other Non Cash Items	635,000	20,000	-14,000	56,000
Stock Based Compensation	64,000	86,000	80,000	71,000
Asset Impairment Charge	65,000	209,000	458,000	122,000
Deferred Tax	533,000	-20,000	249,000	392,000
Deferred Income Tax	533,000	-20,000	249,000	392,000
Depreciation Amortization Depletion	2,563,000	2,437,000	2,227,000	2,019,000
Depreciation And Amortization	2,563,000	2,437,000	2,227,000	2,019,000
Operating Gains Losses	-1,512,000	-1,806,000	-2,147,000	-635,000
Earnings Losses From Equity Investments	-1,604,000	-1,609,000	-1,481,000	-1,498,000
Gain Loss On Investment Securities	92,000	-197,000	-666,000	863,000
Net Foreign Currency Exchange Gain Loss			-2,000	24,000	18,000
Net Income From Continuing Operations	2,072,000	3,500,000	3,618,000	2,285,000

These metrics estimate what Sempra 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

$54.70

Margin of Safety

Market Cap ÷ Company Value

1.44

P/B Ratio

1.95

Warren's Owner Earnings

$15.0B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$13.7B

vs > $1.5B revenue

❌ Strong Financial Condition

1.59x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

2.73%

vs Uninterrupted dividends

❌ Earnings Growth

-16.9% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

34.3x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

1.95x P/B (P/E×P/B: 66.8)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-52.11

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

$52.38

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

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	577.7%	287.0%	273.1%	250.4%	N/A
Repurchase of Capital Stock	-$958M	-$43M	-$32M	-$478M	N/A
Free Cash Flow	-$6.0B ▼	-$3.3B ▼	-$2.2B ▲	-$4.2B •	N/A •
Warren's Owner Earnings	$15.0B	$13.5B	$13.7B	$9.5B	N/A

Peers & Industry

No auto-detected peers for Utilities - Diversified. You can manually compare SRE 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

0.10%

Low — management has little skin in the game

Return on Equity (ROE)

5.8%

Weak — poor returns on equity

Return on Assets (ROA)

1.7%

Poor — assets are not generating adequate returns

Share Buybacks (Latest Year)

$958M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-2.3% YoY

Debt is declining — management is deleveraging

Leadership Team

Jeffrey Walker Martin

Chairman, President & CEO

Age 63

Pay: $7,763,268

0.423% of net income

Karen Sedgwick

Executive VP & CFO

Age 57

Pay: $1,918,244

0.104% of net income

Justin Christopher Bird

Executive VP & CEO of Sempra Infrastructure

Age 53

Pay: $2,728,686

0.149% of net income

Caroline Winn

Executive Vice President

Age 62

Pay: $2,528,651

0.138% of net income

Louise Bick

Vice President of Investor Relations

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	11.75%	76,734,070
Blackrock Inc.	8.80%	57,483,639
Capital International Investors	7.93%	51,777,703
Wellington Management Group, LLP	7.14%	46,643,525
State Street Corporation	5.63%	36,810,449
Morgan Stanley	3.42%	22,330,091
FMR, LLC	2.79%	18,244,907
Geode Capital Management, LLC	2.19%	14,298,845

Risk Analysis

Beta (Market Risk)

0.60

Low volatility — more stable than the market

Short Interest

1.7% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.83x

Conservative balance sheet — low financial risk

Current Ratio