“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 ↗
Sempra
SRE
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.
- 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.
Research brief
The story so far
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.
No thresholded supportive filing evidence is available yet.
No thresholded adverse filing evidence is available yet.
- 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
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 +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.
- 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.
No credible peer-relative valuation comparison is available yet.
Price as of Sep 10, 2026
83.97Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
Persistent and emerging business drivers
“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 ↗
“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 ↗
“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.
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 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.