Analysis for PEG

📈 Growth & Financial Trajectory

Over the eight quarters, revenue fluctuated with mid-2025 peaks, but the sequence ends slightly below the start: start Revenues 2.642B and end 2.554B. Net income declined from 520M to 334M, though notable upticks occurred in 2025 Q1 and 2025 Q3. The pattern is cyclical but with resilient operating performance in several periods.

💰 Margins & Cash Flow

Gross margin averaged about 19.8%, with swings from a high ~38% (2025 Q3–Q4) to a low ~1% (2025 Q2). Operating margin averaged ~23%, indicating meaningful operating leverage in many quarters. Net cash flow from operating activities was positive across most quarters, while investing cash flow was consistently negative and financing activity varied; Q2 2026 shows a modest net cash outflow.

🛡️ Balance Sheet & Liquidity

Total assets ~$58–59B with liabilities ~$41–42B and equity ~$17B, yielding a Debt-to-Assets near 70% and Debt-to-Equity around 2.4x. Current ratio near 0.9 suggests modest near-term liquidity cushion; interest coverage ~1.7x signals sensitivity to rates.

⚠️ Key Drivers & Risks

• Drivers: Regulated distribution model; ongoing infrastructure capex.
• Risks: Regulatory/legislative changes and interest-rate sensitivity; earnings volatility from one-off items.