“Similar orders were issued to all other New Jersey Electric Distribution Companies (EDCs) and were as a result of state regulators’ concern about electric bill increases this summer, which the BPU attributed to the increasing demand for power and a lack of su…”10-K · Feb 26, 2026 ↗
Public Service Enterprise Group Incorporated
PEG
Market read
Public Service Enterprise Group Incorporated's current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 5 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 0 directly disclosed connections are confirming.
- Revenue decreased 2.7% versus the comparable filing period.
- PEG's market-adjusted activity becomes unusual and at least one connected name confirms.
Invalidation: The isolated read changes if PEG's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 5 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 0 directly disclosed connections are confirming.
No thresholded supportive filing evidence is available yet.
- Revenue decreased 2.7% versus the comparable filing period.
- Operating margin fell 12.2 percentage points.
- Net income decreased 42.9% versus the comparable filing period.
- PEG's market-adjusted activity becomes unusual and at least one connected name confirms.
Company research
Understand the business, not just the ticker
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
- Latest annual revenue changed +18.3% year over year.
- Operating margin changed +1.6 percentage points in the latest annual period.
- Operating cash flow covered net income at 1.56x in the latest annual period.
No qualifying adverse evidence was identified; that is not proof there is no downside.
- P/E is 22% below the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 34% above the available filing-peer median; determine whether growth and quality justify the difference.
Price as of Sep 10, 2026
72.49Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
Persistent and emerging business drivers
“Both the PTC rate and reduction amount are subject to the Internal Revenue Service’s determination of annual inflation.”10-K · Feb 26, 2026 ↗
“Similar orders were issued to all other New Jersey Electric Distribution Companies (EDCs) and were as a result of state regulators’ concern about electric bill increases this summer, which the BPU attributed to the increasing demand for power and a lack of su…”10-K · Feb 26, 2026 ↗
“Energy Costs increased $319 million due to Gas costs increased $313 million due primarily to • a net increase of $231 million related to sales under the BGSS contract, of which $133 million was due to higher average prices, and $98 million was due to higher s…”10-K · Feb 26, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 3.0× · EV/sales 4.8×. Comparisons use only industry-matched filing peers.
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for PEG. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment
The latest filing shows material pressure
10-Q filed 2026-08-04 against the comparable filing from 2025-08-05.
Capital and cash conversion
Cash conversion improved
Capital-spending intensity declined while free-cash-flow margin improved.
- Capital spending YoY
- +3.1%
- Capital spending / revenue
- +21.2%
- Free-cash-flow margin
- +5.3%
- FCF margin change
- +3.4 pts
Capex, revenue, and operating cash flow are matched to the same reported duration. Reported accounting context, not a forecast or trading recommendation.
What improved
No thresholded improvement was identified.
What weakened
- Revenue decreased 2.7% versus the comparable filing period.
- Operating margin fell 12.2 percentage points.
- Net income decreased 42.9% versus the comparable filing period.
Filing receipts
“The increase in PSE&G’s effective tax rate for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025 was primarily driven by a decrease in the flowback of historic mixed service cost deductions as an effect of utility ratemaking in 2026 compared to 2025.”
“The increase in PSEG’s effective tax rate for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 was primarily driven by a decrease in the flowback of historic mixed service cost deductions as an effect of utility ratemaking in 2026 compared to 2025.”
“PSEG’s and PSE&G’s effective tax rates for the three and six months ended June 30, 2026 and 2025 were as follows: Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 PSEG 16.1 % 19.4 % 13.7 % 12.6 % PSE&G 13.0 % 9.0 % 12.4 % 8.1 % PSEG and PSE&G’s lower effective tax rate compared to the statutory tax rate is primarily driven by the effects of utility ratemaking.”
Historical filing backfill generated after the original filing window. It is not part of Jodie's live track record.
Business ecosystem
The relationships behind PEG
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 5 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
PEG is currently a Early Follower in the organic co-movement group Regulated Utilities. This group is discovered from market behaviour rather than assigned from an industry taxonomy. No verified filing-linked names are available yet.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.