At a glance
Public Service Enterprise Group Inc is worth $37.08B, about 18 times its fiscal 2025 earnings. Revenue grew 18.3% to $12.17B in fiscal 2025, with 17.3% kept as profit; over 5 years it has grown 4.8% a year. It pays a 3.55% dividend yield, raised every year for at least 9 years, and returned $6.20B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −4.5% over the past year with dividends reinvested and +6.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 37.9% in the 2020 crash (S&P 500: 33.7%) and 27.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months and 19 months after the lows.
The business in plain English
Public Service Enterprise Group (PSEG) is a New Jersey holding company that owns a mostly regulated electric and gas utility and a nuclear power business. Its utility, PSE&G, runs transmission lines and delivers electricity and gas across about 2,600 square miles of New Jersey, serving 2.4 million electric and 1.9 million gas customers as of December 31, 2025. That area is home to about 74% of the state's residents and its six largest cities. Commercial customers took 57% of 2025 electric sales; households took 58% of gas sales.
PSE&G profits from its wires and pipes, not the energy. Federal regulators allow a base return on equity (the profit rate on shareholders' money) of 9.90% on transmission. New Jersey's Board of Public Utilities set a 9.6% return on equity for local delivery and a $17.8 billion rate base (the investment on which it earns a return). Energy supply costs pass through at no profit, and over 90% of distribution margin varies only with customer numbers, not energy use.
PSEG Power earns revenue from the energy its nuclear plants produce and the capacity they provide (being available to generate when needed), and supplies wholesale natural gas to PSE&G. PSEG Long Island operates the Long Island Power Authority's grid under contract. Total revenue was $12.2 billion in fiscal 2025.
Price history
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PEG -4.5% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $3.23B, up 0.2% from a year earlier, and net income was $376.0M (-39.5%).
- For fiscal 2025, revenue was $12.17B (+18.3% year over year; +4.8% a year from FY2020 to FY2025) with a 17.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +4.8% watch |
|---|---|
| Operating margin | 24.5% good |
| Free cash flow margin | 0.2% watch |
| Return on equity (FY2025) | 12.4% watch |
| Return on assets (FY2025) | 3.7% watch |
| Net cash (cash minus debt) | $-21.58B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $9.60B | $1.91B | $179.0M |
| FY2021 | $9.72B | $-648.0M | $-983.0M |
| FY2022 | $9.80B | $1.03B | $-1.39B |
| FY2023 | $11.24B | $2.56B | $481.0M |
| FY2024 | $10.29B | $1.77B | $-1.25B |
| FY2025 | $12.17B | $2.11B | $26.0M |
Valuation snapshot
| Market value | $37.08B |
|---|---|
| P/E ratio | 17.6 |
| Dividend yield | 3.55% |
Rank among 1514 US companies
Market value at each year end
Public Service Enterprise Group’s market value went from $22.20B at the end of 2016 to $37.08B on Nov 2, 2026, up 67%; since the end of 2025 it is down 7%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $37.08B | -7.5% |
| 2025 | $40.08B | -4.8% |
| 2024 | $42.10B | +38.1% |
| 2023 | $30.47B | -0.3% |
| 2022 | $30.57B | -9.4% |
| 2021 | $33.74B | +14.4% |
| 2020 | $29.49B | -1.2% |
| 2019 | $29.86B | +13.5% |
| 2018 | $26.31B | +1.0% |
| 2017 | $26.06B | +17.4% |
| 2016 | $22.20B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PEG price data to Nov 2, 2026 | -5.0% | -4.5% | +9.0% | +6.6% | +9.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -5.0% |
| 2025 | -1.9% |
| 2024 | +42.6% |
| 2023 | +3.6% |
| 2022 | -5.1% |
| 2021 | +18.3% |
| 2020 | +2.4% |
| 2019 | +17.1% |
| 2018 | +4.7% |
| 2017 | +21.8% |
| 2016 | +17.8% |
| 2015 | -2.8% |
| 2014 | +34.4% |
| 2013 | +9.4% |
| 2012 | -2.9% |
| 2011 | +8.3% |
| 2010 | -0.1% |
| 2009 | +19.2% |
| 2008 | -38.6% |
| 2007 | +52.1% |
| 2006 | +5.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 44.2% over that stretch · deepest drop along the way 51%, back to its old high 61.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 36.8% over that stretch · deepest drop along the way 37.9%, back to its old high 6.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 17.2% over that stretch · deepest drop along the way 27.3%, back to its old high 18.6 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 7 sales ($1.6M), 6 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 11, 2026 | Richard T Thigpen SVP Corporate Citizenship | sell | $596K |
| Jun 24, 2026 | Kim C Hanemann President and COO - PSE&G | sell (plan) | $249K |
| Jul 1, 2026 | Ralph A LaRossa Chair, President and CEO, Director | sell (plan) | $168K |
| Jun 1, 2026 | Ralph A LaRossa Chair, President and CEO, Director | sell (plan) | $160K |
| Aug 3, 2026 | Ralph A LaRossa Chair, President and CEO, Director | sell (plan) | $159K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 9.3% | Jun 30, 2025 |
| Vanguard Capital Management | 7.55% | Mar 31, 2026 |
| Vanguard Portfolio Management | 6.09% | Mar 31, 2026 |
ETFs with the most weight in PEG
| NLR VanEck Uranium and Nuclear ETF | 8.85% |
| UTES Virtus Reaves Utilities ETF | 4.81% |
| ZAP Global X U.S. Electrification ETF | 3.88% |
| XLU Utilities Select Sector SPDR Fund | 3.49% |
| PUI Invesco Dorsey Wright Utilities Momentum ETF | 3.32% |
| ELCV Eventide High Dividend ETF | 3.3% |
| RSPU Invesco S&P 500 Equal Weight Utilities ETF | 3.28% |
| FUTY Fidelity MSCI Utilities Index ETF | 3.11% |
What could go wrong
- New Jersey nuclear plants could close. PSEG warns that if power markets and a production tax credit (PTC) don't provide enough financial support, it could retire all of its New Jersey nuclear plants, a core part of the business.
- Power-bill backlash could squeeze utility growth. Tight supply and rising demand from data centers and electric vehicles have pushed up energy and capacity prices on the PJM grid, raising bills. Policymakers worried about affordability could curb rate increases or utility investment.
- Regulators may approve less investment than planned. PSE&G profits by earning a set return on its rate base (approved investments). If New Jersey regulators cut, delay or reject spending programs, rate base could end up lower than planned, slowing profit growth.
- Nuclear operations carry outage and safety risks. Running nuclear plants brings regulatory, safety and environmental risks. If plants go offline, PSEG Power may struggle to deliver power it has already contracted to provide, and future nuclear fuel supply isn't assured.
- Swings in wholesale power and gas prices. PSEG Power's results depend on wholesale electricity and natural gas markets. Price swings, or customers for its nuclear output failing to pay, could hurt its earnings and cash flow.
- Heavy debt makes access to capital vital. PSEG's spending plans rely on raising capital. Total debt was $22.9 billion against $1.3 billion of cash and investments as of September 30, 2026. Tighter credit or higher rates could raise costs or limit investment.
Recent events
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Dividends per share rose each year from FY2016 to FY2025, at least nine straight annual increases; the true streak may be longer. From FY2020 to FY2025 the dividend grew from $1.96 to $2.52 a share, about 5.2% a year, and the yield was 3.55% as of November 2, 2026. The FY2025 dividend took 59.6% of earnings. But free cash flow (operating cash minus capital spending) was only $26 million, as heavy investment absorbed nearly all operating cash, so the $1.26 billion dividend bill relied on other funding. Buybacks have been small: $500 million over FY2021–FY2025.
The share price has fallen sharply in past downturns. It dropped 51% from January 2008 to March 2009 and took about 61 months to recover. It fell 37.9% in the 2020 COVID crash, recovering in about 6.5 months, and 27.3% in the 2022 bear market, taking about 18.6 months. A single stock carries more risk than a diversified fund.
Questions investors ask
How does PSEG make money?
PSEG is mainly a regulated utility. Its subsidiary PSE&G earns fees for moving and delivering electricity and natural gas to 2.4 million electric and 1.9 million gas customers in New Jersey, at rates and returns set by regulators, including a 9.6% return on equity for local delivery. Energy supply costs pass through to customers at no profit. A second business, PSEG Power, earns revenue from its nuclear plants and wholesale gas supply. Total revenue was $12.2 billion in fiscal 2025.
Does PSEG raise its dividend every year?
Yes, based on its record. Dividends per share rose each year from FY2016 to FY2025, at least nine straight increases, and the true streak may be longer. The dividend grew from $1.96 a share in FY2020 to $2.52 in FY2025, about 5.2% a year, and the yield was 3.55% as of November 2, 2026. The FY2025 payout used 59.6% of earnings, though free cash flow of just $26 million covered only a sliver of it. Past increases don't guarantee future ones.
Does PSEG own nuclear power plants?
Yes. Its PSEG Power subsidiary runs nuclear plants in New Jersey and earns revenue from the energy and capacity they provide, which the company describes as consistent, reliable and carbon-free. The plants also carry risk: PSEG warns that if power markets and a production tax credit (PTC) don't provide enough support, all of its New Jersey nuclear plants could be retired. It also cites safety and regulatory risks and the chance it can't secure enough nuclear fuel.
How much debt does PSEG have?
PSEG had $22.9 billion of total debt and $1.3 billion of cash and investments as of September 30, 2026, compared with $17.4 billion of shareholders' equity. Heavy borrowing is common for utilities, which fund long-lived projects with debt, but it makes PSEG sensitive to interest rates and credit markets. The company lists access to capital at reasonable rates, and limits in its debt agreements, among its risks.
How has PSEG stock performed over the long term?
Based on share price, PSEG returned about 9.9% a year over the 10 years to November 2, 2026 (157% in total) and 6.6% a year over five years, and it lost 4.5% over one year. Calendar years vary widely: the stock gained 42.6% in 2024 but lost 1.9% in 2025. Its worst fall in about 21 years of price history was 51.2%, during the 2008 financial crisis.