PPL
PPL Corporation
PPL's fundamentals are mixed: revenue grew 7.5%, but free cash flow was negative. At 20x earnings, it's trading below its usual 25x. Analysts expect earnings growth.
PPL Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Weak | |
| Weak |
PPL's profitability is currently strong, and its revenue is stable, but its cash flow and balance sheet are weak.
PPL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 14x | $24.85 | -29% |
| Forward | 17x | $35.21 | — |
| Current | 20x | $35.21 | — |
| Fair | 25x | $43.71 | +24% |
| Expensive | 29x | $50.38 | +43% |
Historical ranges are pointers, not guarantees.
PPL's PE is in its cheap range at 20x. If earnings grow as analysts expect, today's price would be 17x next year's earnings.
PPL Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for PPL, with profitability holding steady.
PPL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.11 | +21% |
| Q3 2026 | $1.74 | +18% |
| Q2 2026 | $1.68 | +26% |
| Q1 2026 | $1.63 | +22% |
| Q4 2025 | $1.59 | +33% |
| Q3 2025 | $1.47 | +31% |
| Q2 2025 | $1.33 | +17% |
| Q1 2025 | $1.34 | +30% |
| Q4 2024 | $1.20 | +20% |
PPL's earnings per share have fallen from their peak: $1.74 over the past year, against $2.45 in early 2020.
PPL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.5B | +12% |
| Q2 2026 | $2.1B | +4.2% |
| Q1 2026 | $2.8B | +11% |
| Q4 2025 | $2.3B | +2.8% |
| Q3 2025 | $2.2B | +8.4% |
| Q2 2025 | $2B | +7.7% |
| Q1 2025 | $2.5B | +8.7% |
| Q4 2024 | $2.2B | +8.9% |
PPL's revenue has grown year over year for 10 quarters in a row: $2.5B last quarter, up 12% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 27% | +1.2 points |
| Q2 2026 | 23% | +2.4 points |
| Q1 2026 | 27% | -0.2 points |
| Q4 2025 | 21% | +3.9 points |
| Q3 2025 | 25% | +4.7 points |
| Q2 2025 | 20% | -0.7 points |
| Q1 2025 | 27% | +3.4 points |
| Q4 2024 | 17% | -2.1 points |
PPL's operating margin was 27% last quarter, up 1.2 points from the same quarter a year ago.
PPL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$275M | -$96M |
| Q2 2026 | -$698M | -$370M |
| Q1 2026 | -$501M | -$221M |
| Q4 2025 | -$614M | -$265M |
| Q3 2025 | -$179M | -275% |
| Q1 2025 | -$280M | +$34M |
| Q4 2024 | -$349M | +$190M |
| Q3 2024 | $102M | -34% |
PPL has burned cash in most quarters: −$2.1B over the past year, against −$1.1B the year before.
PPL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -1.9M shares |
| 1 year | +1.5% | +11M shares |
| 3 years | +2.3% | +17.2M shares |
| 5 years | -1.9% | -14.5M shares |
| Available history | +2.5% | +18.6M shares |
PPL has 755M diluted shares, up 1.5% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2022 | — |
| Q4 2021 | $721M |
PPL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 5.4x | High |
| Q2 2026 | 5.5x | High |
| Q1 2026 | 5.4x | High |
| Q4 2025 | 5.3x | High |
| Q3 2025 | 5.4x | High |
| Q2 2025 | 5.5x | High |
| Q1 2025 | 5.4x | High |
| Q4 2024 | 5.5x | High |
PPL's net debt is about 5.4 years of its operating earnings (EBITDA), about the same as a year ago.
PPL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 50.0 | Neutral |
| Stochastic | 77.8 | Neutral |
PPL's weekly RSI is 50 (neutral) and its Stochastic is 78 (neutral).
PPL PE vs Utilities Sector
| Metric | PPL | Sector median | Relative |
|---|---|---|---|
| PE | 20x | 20x | 0.8% below |
| PE % | 25 | 44 | 19 pts below |
PPL is trading at 20x earnings, in line with the Utilities sector's median of 20x.
PPL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $34.5 | 2.1% above |
| 20 week MA | $34.9 | 0.8% above |
| 50 week MA | $35.9 | 2% below |
| 100 week MA | $35.5 | 0.9% below |
| 200 week MA | $31.8 | 11% above |
PPL's trend is mixed: it's above three of its five weekly moving averages, and 11% above its 200-week average.
PPL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $35.5 | $26.9 | -24% |
| 2021 | $26.9 | $29.4 | +9.4% |
| 2022 | $29.4 | $29.5 | +0.4% |
| 2023 | $29.5 | $27.1 | -8.3% |
| 2024 | $27.1 | $32.5 | +20% |
| 2025 | $32.5 | $35.1 | +7.9% |
| 2026 YTD | $35.1 | $35.2 | +0.4% |
PPL has finished higher in four of the last six years. It's roughly flat so far in 2026.