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Sempra

SRE

Utilities · 83.97 -1.3% today

Isolated · not yet confirmedMarket checked 10 Sept, 15:55 GMT-4

Market read

Sempra's current read is isolated; its market group is not confirming.

No new filing conclusion is available. 0 of 23 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 19 directly disclosed connections are confirming.

Company-1.3% todayVolume comparison unavailable
Market group0 of 23 activeDefensive Income · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
  • SoCalGas average cost of natural gas was $3.18 per thousand cubic feet in the three months ended March 31, 2026, vs $4.23 in 2025.

Invalidation: The isolated read changes if SRE's group or a disclosed connection begins moving with it.

Watch this read

Research brief

The story so far

Utilities · Utilities - Diversified

No new filing conclusion is available. 0 of 23 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 19 directly disclosed connections are confirming.

Evidence that supports

No thresholded supportive filing evidence is available yet.

Evidence that challenges

No thresholded adverse filing evidence is available yet.

What would clarify the read
  • SoCalGas average cost of natural gas was $3.18 per thousand cubic feet in the three months ended March 31, 2026, vs $4.23 in 2025.

Company research

Understand the business, not just the ticker

As of Sep 11, 2026
Business model and earnings drivers

Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.

Key research questions
  • Which operating variable is changing?
  • Is that change durable, cyclical or one-off?
  • What evidence would disprove the current interpretation?
Annual periods9
Price observations601
Usable filing statements105
Verified relationships15
Evidence supporting the case
  • Latest annual revenue changed +5.1% year over year.
  • Operating cash flow covered net income at 2.49x in the latest annual period.
  • Energy and commodity prices has repeated favorable evidence across 5 filings.
Evidence challenging the case
  • Net margin changed -9.4 percentage points in the latest annual period.
  • Diluted shares increased 2.5% in the latest annual period.
  • Macroeconomic conditions has repeated adverse evidence across 4 filings.
Questions before a position

No credible peer-relative valuation comparison is available yet.

Longer-term price context

Price as of Sep 10, 2026

83.97
6m-9.5%12m+4.5%24m+1.1%
Annual trajectory

Reported annual revenue and per-share history. This is accounting history, not a forecast.

PeriodRevenueYoYDiluted EPSShare change
2021-12-31$11.7B+13.2%$2.01
2022-12-31$13.7B+17.5%$3.31+1.1%
2023-12-31$14.8B+8.2%$4.79-0.0%
2024-12-31$11.8B-20.4%$4.42+0.8%
2025-12-31$12.4B+5.1%$2.75+2.5%

What management says matters

Persistent and emerging business drivers

Energy and commodity pricesmixed · 5 filings
In addition to the changes in cost or market prices, natural gas or electric revenues recorded during a period are impacted by the difference between customer billings and recorded or CPUC-authorized amounts.
10-Q · Aug 6, 2026
Demand and volumemixed · 4 filings
The CPUC regulatory framework provides for SDG&E and SoCalGas to use a “decoupling” mechanism, which allows SDG&E and SoCalGas to record revenue shortfalls or excess revenues resulting from any difference between actual and forecasted demand to be recovered o…
10-K · Feb 26, 2026
Legal and regulatory exposuremixed · 4 filings
Revenue requirements associated with the Track 3 requests have been recorded in regulatory accounts and any disallowances resulting from Track 3 would be recorded as an expense on the Sempra, SDG&E and SoCalGas Condensed Consolidated Statements of Operations.
10-Q · May 7, 2026
Macroeconomic conditionsnegative · 4 filings
TRANSACTIONAL GAINS (LOSSES) FROM FOREIGN CURRENCY AND INFLATION EFFECTS (Dollars in millions) Total reported amounts Transactional gains (losses) included in reported amounts Three months ended March 31, 2026 2025 2026 2025 Sempra: Other income, net $ 100 $…
10-Q · May 7, 2026

Valuation discipline

Peer-relative valuation withheld

Jodie found no industry-matched filing peers suitable for a valuation comparison. It will not substitute broader financial-sector names.

Scenario scaffold

Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.

Price action

How the market is pricing the story

83.97-1.3% today

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 SRE. 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.

Filing analysis

No comparable filing assessment is available yet

Jodie has not yet found a suitable current-versus-prior filing comparison for SRE. This does not mean the latest filing was neutral or immaterial.

Business ecosystem

The relationships behind SRE

Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.

Depends on

TTETotalEnergies SEpartnerMay 7, 2026

SI Partners and the other Cameron LNG JV members, namely affiliates of TotalEnergies SE, Mitsui & Co., Ltd.

AJGArthur J. Gallagher & Co.partnerMay 7, 2026

SI Partners is constructing a natural gas liquefaction project on a greenfield site that it owns in the vicinity of Port Arthur, Texas, located along the Sabine-Neches waterway.

Depended on by

CTRICenturi Holdings, Inc.customerFeb 26, 2026

Our customers include American Electric Power, Enbridge, Entergy, Exelon, NiSource, National Grid, Sempra Energy and Southern Company, among others.

Filing peers

Companies whose filings use similar operating language.

Open the three relationships above to see Jodie’s filing proof. Pro unlocks 16 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →

What is moving around it

Live connections

SRE is currently a Participant in the organic co-movement group Defensive Income. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.

This group is retained as the last observed read for SRE; it is not active in the latest market snapshot.

Context history

Theme membership history

No durable theme membership has been observed for this name yet.