CompanyGraph
Public Service Enterprise Group Incorporated
PEG · NYSE Arca · United States
investor.pseg.comFinancials as of FY2025
Runs a regulated network delivering electricity and gas across a protected New Jersey territory, earning a set return on invested capital, while a separate arm sells nuclear-generated power into wholesale markets.
- Depends onDownstream position: depends on 11 industries, supplies 6
- ScaleMarket cap is $36.55B, higher than 95% of all stocks globally
- FinancialsAltman Z-Score 1.25: grey zone
- Interpretations5 currently firing — 1 · 4
What this company is and how it runs — written from structure, not news.
It sits between energy supply and end customers, delivering electricity and gas directly to homes and businesses through a regulated network. A separate generation arm sells power into a shared regional wholesale market, and a further unit operates a separate grid owner's network on that owner's behalf.
Most of its revenue comes from regulated delivery rates for electricity and gas, set through a public rate process rather than competitive pricing, while a smaller share comes from selling generated power and related services into a wholesale market where prices are not guaranteed.
Growth in this system comes mainly from expanding the regulated asset base it is allowed to earn a return on, rather than from selling more electricity or gas to existing customers, and capital spending that runs well ahead of recorded depreciation points to a plant still being built out or renewed. That expansion is being funded from a balance sheet where debt already sits at an elevated level against both total assets and operating cash flow.
It depends on a chain of specialized suppliers for nuclear fuel, covering uranium purchase, conversion, enrichment and fuel-assembly fabrication, and separately on gas transportation, storage and peaking-supply arrangements to keep customer deliveries supplied. It also relies on outside vendors for information and operating systems, and on borrowed labor from other utilities during severe weather.
Its regulated network delivers electricity and gas to residential, commercial and industrial customers across its New Jersey service territory. Its generation business supplies a regional wholesale power market and, under a separate contract, supplies wholesale gas to its own delivery utility, while another unit operates a separate grid owner's network on that owner's behalf.
CompanyGraph places this business in a large group of similarly structured regulated systems, so the general shape of the business, a regulated return on invested infrastructure, is common rather than rare. The company itself points to its nuclear fleet's low operating cost and to delivery earnings that continue regardless of which energy supplier a customer picks as its own claimed strengths, though CompanyGraph has not measured how differentiating these are relative to peers.
For households and businesses on its delivery network, switching away is not really possible: its own account draws a line between the energy supplier a customer can choose and the wires that physically deliver it, so delivery earnings continue regardless of supplier choice because no competing delivery network exists. On the wholesale side, the contract to supply its own utility's gas requirements renews automatically unless either side gives long advance notice, and a related agreement to run a separate grid owner's network was recently extended for a further multi-year term.
CompanyGraph treats regulated infrastructure businesses like this one as bound primarily by the terms a regulator sets for how much invested capital counts toward rates and what return is allowed on it, and this company's own disclosures are consistent with that: its future capital spending is described as investment that has been approved by, or is being sought from, its regulators rather than committed unilaterally. Separate readings around dividend coverage suggest that operating cash is also stretched across dividend commitments and debt service before it funds new investment.
The company itself names a nuclear fuel supply chain with a limited number of suppliers, dependence on outside vendors for information and operating systems, and reliance on borrowed labor from other utilities during major storms as points of exposure. Its nuclear fleet sits entirely within one regional power market and its delivery business is concentrated in a single state, so rule changes, price swings or a regional event in that footprint can reach a large share of the company at once.
It operates under active oversight from several separate regulators at once, its state utility regulator, the federal energy regulator, and the federal nuclear safety regulator among them, so a change originating in one regulatory track, safety, rates, or market rules, can affect a different part of the business than the one where it started. It also carries open legal and environmental proceedings and a nuclear fuel supply chain exposed to international trade measures that could raise fuel, operating or decommissioning costs.
Read from the company's own filings and public materials (gathered August 2026) together with figures CompanyGraph recomputed from its statements. Written August 2026. A question with no evidence behind it is left out rather than answered.
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Sign inWhat the company actually pays, and whether its own cash supports it.
Screen for this company's dividend patterns
Find other companies where the same dividend readings fire.
1 interpretation currently present — each is a set of fired observations whose alignment reads as one structural pattern. Click an observation to see the numbers behind it.
Screen for these patternsHow does this company return capital?
Dividend Consistency With Dividend-Stress Composite Firing And Elevated Dividends-to-FCF
The dividend has been paid regularly, and lately from more cash than the business frees.
An interpretation is present only while every observation it reads stays fired (score ≥ 70). It describes what the aligned readings show — never a verdict, never a prediction.
The reported statements, read against the company's own industry.
4 interpretations currently present — each is a set of fired observations whose alignment reads as one structural pattern. Click an observation to see the numbers behind it.
Screen for these patternsHow does this company use capital?
Elevated EBITDA Margin With Small D&A Gap and Capex Above Depreciation
EBITDA margin reads high with little depreciation charged, and capex above that charge.
How is this stock valued?
Close Below 40W SMA With Profitability
The price sits below its 40-week average, on three profitable years and cash above profit.
Price Below Mean With Profitability And Book Value
Price sits well below its yearly mean, on three profitable years and rising book value.
Where is this company structurally exposed?
Within or Near the Altman Distress Zone
Debt is a large share of its assets, and large against its cash flow.
An interpretation is present only while every observation it reads stays fired (score ≥ 70). It describes what the aligned readings show — never a verdict, never a prediction.
Shared structure with peers — never a ranking.
Structural observations derived from financial data, industry benchmarks, and supply chain position.
Financial Health
Supply Chain
Scale
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Companies that share active interpretations — structural patterns currently present in both stocks.
Supply Chain
Electricity Grid Supply Chain
Electricity is an energy carrier whose usefulness depends on place, time, and system condition. Follow it from energy source to end service to see why installed capacity is not usable supply, how buildings and timing shape demand, and where records stop short of physical delivery.
Nuclear Energy Supply Chain
Follow uranium from ore through conversion, enrichment, fuel fabrication, reactor operation, spent-fuel storage, decommissioning, and final isolation. Geometry, irradiation history, decay heat, evidence, financing, and custody determine what each stage can safely do.