PUBLIC SERVICE ENTERPRISE GROUP INC（PEG）の決算・業績分析
PUBLIC SERVICE ENTERPRISE GROUP INCの2025年有価証券報告書をAI分析。売上高$12.1B(+22.8%)。営業利益$3.0B。Utilities。
目次
PUBLIC SERVICE ENTERPRISE GROUP INCの2025年度 業績サマリー
PUBLIC SERVICE ENTERPRISE GROUP INC（証券コード: PEG）の2025年度決算・業績分析。売上高は$12.1B（前年比+22.8%）。営業利益は$3.0B（前年比+26.6%）。純利益は$2.1B（前年比+19.1%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
PUBLIC SERVICE ENTERPRISE GROUP INCの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Operating income surged +261.3% YoY to $1.4B (XBRL), driven by regulatory approvals and nuclear generation performance.
- Free cash flow turned negative at -$1.4B (XBRL) due to $2.9B CapEx (XBRL), despite $1.5B operating cash flow (XBRL).
- Payout ratio reached 104.7% (XBRL), with $1.6B total shareholder returns (dividends + buybacks) (XBRL).
- Revenue grew +8.9% YoY to $11.2B (XBRL), but 5-year CAGR remains negative at -0.2% (XBRL).
- Net debt of $17.7B (XBRL) and current ratio of 0.67x (XBRL) highlight liquidity challenges.
PUBLIC SERVICE ENTERPRISE GROUP INCの売上高変化の要因
- •Revenue increased +8.9% YoY to $11.2B (XBRL), with historical growth showing volatility: $9.3B (2020) to $11.2B (2024). Operating income improved sharply to $1.4B (+261.3% YoY) (XBRL), reversing a 2023 loss of -$856M (XBRL). Growth drivers include regulatory approvals for capital projects and strong performance in nuclear generation (10-K). However, 5-year revenue CAGR remains negative at -0.2% (XBRL), reflecting long-term industry challenges.
PUBLIC SERVICE ENTERPRISE GROUP INCの営業利益変化の要因
- •Operating margin expanded to 12.3% (XBRL) and net margin to 9.2% (XBRL), driven by cost control and regulatory rate recovery. Operating income surged +261.3% YoY to $1.4B (XBRL), while net income rose +259.1% YoY to $1.0B (XBRL). Despite strong margins, ROE of 7.1% (XBRL) and ROA of 2.1% (XBRL) reflect capital intensity and high leverage.
PUBLIC SERVICE ENTERPRISE GROUP INCの事業リスクと対応
Regulatory approval delays for capital projects could disrupt growth (10-K).
Macroeconomic factors like inflation may limit cost recovery for capital investments (10-K).
Climate change risks, including legislation and lawsuits, could impact operations (10-K).
Severe weather events pose physical risks to infrastructure (10-K).
High CapEx ($2.9B) and net debt ($17.7B) increase financial vulnerability (XBRL).
PUBLIC SERVICE ENTERPRISE GROUP INCの事業内容
Public Service Enterprise Group Inc (PEG) operates as a public utility holding company, generating revenue through regulated electric and gas distribution tariffs approved by FERC and BPU, competitive services like appliance repairs, nuclear power generation, and gas marketing via PSEG Power. Key segments include regulated electric/gas transmission/distribution, solar generation, nuclear power, and PJM transmission services. Competitive advantages include regulated monopoly status as a provider of last resort, long-term infrastructure investments, and nuclear generation assets. The company serves ~2.4M electric and 1.9M gas customers in New Jersey (10-K).
PUBLIC SERVICE ENTERPRISE GROUP INCのAI業績分析レポート（2024年度）
Public Service Enterprise Group Inc (PEG) FY2024 Annual Report Analysis
Highlights
Business Overview
PEG operates as a public utility holding company, generating revenue through regulated electric and gas distribution tariffs, competitive services like appliance repairs, nuclear power generation, and gas marketing via PSEG Power. Key segments include regulated electric/gas transmission/distribution, solar generation, nuclear power, and PJM transmission services. Competitive advantages include regulated monopoly status as a provider of last resort, long-term infrastructure investments, and nuclear generation assets. The company serves ~2.4M electric and 1.9M gas customers in New Jersey (10-K).
Revenue Analysis
Revenue increased +8.9% YoY to $11.2B (XBRL), with historical growth showing volatility: $9.3B (2020) to $11.2B (2024). Operating income improved sharply to $1.4B (+261.3% YoY) (XBRL), reversing a 2023 loss of -$856M (XBRL). Growth drivers include regulatory approvals for capital projects and strong performance in nuclear generation (10-K). However, 5-year revenue CAGR remains negative at -0.2% (XBRL), reflecting long-term industry challenges.
Profitability Analysis
Operating margin expanded to 12.3% (XBRL) and net margin to 9.2% (XBRL), driven by cost control and regulatory rate recovery. Operating income surged +261.3% YoY to $1.4B (XBRL), while net income rose +259.1% YoY to $1.0B (XBRL). Despite strong margins, ROE of 7.1% (XBRL) and ROA of 2.1% (XBRL) reflect capital intensity and high leverage.
Balance Sheet Analysis
Equity ratio of 29.6% (XBRL) and net debt of $17.7B (XBRL) indicate high leverage. Current ratio of 0.67x (XBRL) suggests short-term liquidity constraints. Total assets declined slightly to $48.7B (XBRL) in 2024 from $50.0B (XBRL) in 2022, while total equity fell to $14.4B (XBRL) from $16.0B (XBRL) in 2023 (XBRL).
Cash Flow Analysis
Operating cash flow of $1.5B (XBRL) was offset by $2.9B CapEx (XBRL), resulting in -$1.4B free cash flow (XBRL). Dividends paid totaled $1.1B (XBRL), and share repurchases amounted to $500M (XBRL). Investing cash flow was -$1.1B (XBRL), primarily from capital investments. Financing cash flow was -$754M (XBRL), reflecting dividend payments and buybacks.
Working Capital Analysis
N/A
Risks
Outlook
N/A
Historical Time Series
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | 9.3B | 9.3B | 9.1B | 10.3B | 11.2B | 9.3B |
| Operating Income | 2.3B | 1.9B | 2.3B | -856M | 1.4B | 3.7B |
| Net Income | 1.4B | 1.7B | 1.9B | -648M | 1.0B | 2.6B |
| Total Assets | 45.3B | 47.7B | 50.0B | 49.0B | 48.7B | 50.7B |
| Total Equity | 13.8B | 14.4B | 15.1B | 16.0B | 14.4B | 13.7B |
| Operating Cash Flow | 2.9B | 3.4B | 3.1B | 1.7B | 1.5B | 3.8B |
Utilitiesの企業一覧
PUBLIC SERVICE ENTERPRISE GROUP INCと同じ「Utilities」セクターの企業