# PPL (PPL.US)

Canonical: https://gigainvestors.com/s/PPL

Analysis as of: 2026-10-16T07:31:17.755Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $34.48 per share; close as of 2026-10-15.

Estimated value: low $12.34 per share, central $14.02 per share, high $16.25 per share. Buy at or below the central value $14.02 per share. Valuation as of 2026-10-16T07:31:17.755Z; scenarios are not confidence intervals.

Expected annual return: 5.8% at the stated quote. About 5.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 0.26×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.39×

- FY2018: 0.37×

- FY2019: 0.27×

- FY2020: 0.29×

- FY2021: 0.25×

- FY2022: 0.17×

- FY2023: 0.20×

- FY2024: 0.21×

- FY2025: 0.24×

- LTM to Jun 2026: 0.24×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 7.1pp below the typical margin (limit 4pp)

- ROIC, median of available years: 4.9%

- ROIC, second-lowest year: 3.8%

- Typical minus recent gross margin: 7.1 pp

- Typical gross margin (annual median): 47.2%

- Recent gross margin (lower of latest and 3-year median): 40.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 40.2%

- ROIC including acquisitions, ten-year median: 0.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 8.5%

- FY2017: 6.7%

- FY2018: 7.6%

- FY2019: 3.8%

- FY2020: 3.8%

- FY2021: 4.5%

- FY2022: 4.2%

- FY2023: 4.8%

- FY2024: 4.9%

- FY2025: 5.5%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.45×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $946M

- Net income, five-year total: $2.1B

- Return on incremental invested capital: -2.8%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 2.2 pp

- Working capital / revenue, final three-year average: 10.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 0.06×

- FY2025: 0.74×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 7.6% vs 4.9%

- Per-share earnings: 1.64 to 1.20 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.0%

- Ordinary dilution, 5-year annual growth: -0.7%

- Market cap gain: $3.2B

- Cumulative retained earnings: -$622M

- Diluted shares, 10-year annual growth: 1.0%

- Diluted shares, 5-year annual growth: -0.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -3.8%

- Per-share value change: -$0.44

- Per-share value, starting three-year median: $1.64

- Per-share value, ending three-year median: $1.20

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 3.9%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: $3.9B

- Cumulative net income, 10 years: $10B

- ROIC, first three-year median: 7.6%

- ROIC, last three-year median: 4.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.80

- FY2017: $1.64

- FY2018: $2.58

- FY2019: $2.37

- FY2020: $1.91

- FY2021: -$1.94

- FY2022: $1.03

- FY2023: $1.00

- FY2024: $1.20

- FY2025: $1.59

### accounting: pass

- Sloan accruals: -3.2%

- Receivables to sales index (DSRI): 1.15×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.23×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.17×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.6%

- FY2017: -3.2%

- FY2018: -2.3%

- FY2019: -1.5%

- FY2020: -2.7%

- FY2021: -11.3%

- FY2022: -2.6%

- FY2023: -2.6%

- FY2024: -3.5%

- FY2025: -3.2%

## Holders

- [John Rogers](https://gigainvestors.com/AI): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 12.3% a year for ten years · "PPL Leans Into Data Center Demand With US$23b Grid Buildout" (finance.yahoo.com, May 2026) · sales +3.9%

Story as of 2026-10-16T09:59:25.814Z; price observation 2026-10-15.

Price needs cash profits to grow 12.3% a year for ten years

- 2025-07-15: PPL and Blackstone form joint venture to build gas plants for data centers ([investing.com](https://www.investing.com/news/company-news/ppl-and-blackstone-form-joint-venture-to-build-gas-plants-for-data-centers-93CH-4136444))

- 2025-11-05: PPL Corporation reports third-quarter 2025 results; narrows earnings forecast and reaffirms growth targets ([finance.yahoo.com](https://finance.yahoo.com/news/ppl-corporation-reports-third-quarter-123000051.html))

- 2026-03-15: PPL Rate Case And US$8b Grid Plan Reshape Earnings Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/ppl-rate-case-us-8b-031007595.html))

- 2026-08-07: PPL Q2 Earnings Miss Estimates on Higher Costs, Revenues Increase Y/Y ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/ppl-q2-earnings-miss-estimates-182800323.html))

### Sales · FY2025–2026

sales +3.9%; source https://www.sec.gov/Archives/edgar/data/922224/000092222426000008/ppl-20251231.htm; observed 2026-02-20.

- FY2017: $7.4B 

- FY2018: $7.8B 

- FY2019: $5.6B 

- FY2020: $5.5B 

- FY2021: $5.8B 

- FY2022: $7.9B 

- FY2023: $8.3B 

- FY2024: $8.5B 

- FY2025: $9.0B 

- FY2026: $9.4B 

### Gross margin · FY2025

gross margin 42.7%; source https://www.sec.gov/Archives/edgar/data/922224/000092222426000008/ppl-20251231.htm; observed 2026-02-20.

- FY2016: 55.4% 

- FY2017: 56.4% 

- FY2018: 54.7% 

- FY2019: 47.5% 

- FY2020: 50.9% 

- FY2021: 46.9% 

- FY2022: 36.5% 

- FY2023: 39.4% 

- FY2024: 40.1% 

- FY2025: 42.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in utilities regulated electric; annual sales are USD 9 billion.

- Source: https://www.sec.gov/Archives/edgar/data/922224/000092222426000008/ppl-20251231.htm (filed 2026-02-20); FY2025: revenue 9042000000; grossProfit 3864000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PPL.US: PPL Corporation provides electricity and natural gas to approximately 3.6 million customers in the United States. It operates in three segments: Kentucky Regulated, Pennsylvania Regulated, and Rhode Island Regulated. The company engages in the transmission and distribution of electricity in eastern and central Pennsylvania; generation, transmission, distribution, and sale of electricity in Kentucky, Virginia, and Rhode Island; distribution and sale of natural gas in Kentucky and Rhode Island; sale of wholesale electricity in Kentucky; and generation of electricity from power plants in Kentucky. It generates electricity from coal, gas, hydro, and solar sources. The company was formerly known as PP&L Resources, Inc. and changed its name to PPL Corporation in 2000. PPL Corporation was founded in 1920 and is headquartered in Allentown, Pennsylvania.

### Why customers stay

Margins ranged from 39.4% to 42.7% during 2023–25; it earns 4.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2023: grossProfit / revenue = 39.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2024: grossProfit / revenue = 40.1%.

- Source: https://www.sec.gov/Archives/edgar/data/922224/000092222426000008/ppl-20251231.htm (filed 2026-02-20); FY2025: grossProfit / revenue = 42.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); 10-year return on capital observations [[2016,0.0850549807059189],[2017,0.06664722722935001],[2018,0.07625829715935646],[2019,0.03816527388780387],[2020,0.03790193888969544],[2021,0.044834100266408335],[2022,0.04198169434211515],[2023,0.048422094862986584],[2024,0.04887102467462965],[2025,0.055255637666157056]]; median 0.04864655976880812. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2018: growth capex 1380380406.241913; upkeep 1857619593.758087; owner earnings 1141380406.241913. Growth capex / owner earnings = 1.209395569341274.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2022: growth capex 922000000; upkeep 1233000000; cash acquisitions 3660000000; owner earnings 756000000. Growth capex plus acquisitions / owner earnings = 6.060846560846561.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2023: growth capex 1055000000; upkeep 1335000000; cash acquisitions 0; owner earnings 740000000. Growth capex plus acquisitions / owner earnings = 1.4256756756756757.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2024: growth capex 612115491.6881719; upkeep 2192884508.311828; cash acquisitions 0; owner earnings 52115491.68817186. Growth capex plus acquisitions / owner earnings = 11.745365377164765.

- Source: https://www.sec.gov/Archives/edgar/data/922224/000092222426000008/ppl-20251231.htm (filed 2026-02-20); FY2025: growth capex 2311203137.4585633; upkeep 1718796862.5414367; owner earnings 878203137.4585633. Growth capex / owner earnings = 2.631740925165636.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Dividend observations: [[2016,1030000000],[2017,1072000000],[2018,1133000000],[2019,1192000000],[2020,1275000000],[2021,1279000000],[2022,787000000],[2023,704000000],[2024,747000000],[2025,794000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PPL.US SharesStats.PercentInsiders = 0.17099999999999999 percentage points; cache date 2026-10-16.

### What could break it

"Our facilities may not operate as planned" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/922224/000092222426000008/ppl-20251231.htm (filed 2026-02-20); Our facilities may not operate as planned

### What the price says

The price assumes cash profits grow 12.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Ten-year compound average after fade. Initial solved rate 0.16510167590757285. Price 34.48; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -2.838298745439245 → FY2025 1.181415887926736. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $34.34 per share

- 2016-11: $33.46 per share

- 2016-12: $34.05 per share

- 2017-01: $34.84 per share

- 2017-02: $36.88 per share

- 2017-03: $37.39 per share

- 2017-04: $38.11 per share

- 2017-05: $39.91 per share

- 2017-06: $38.66 per share

- 2017-07: $38.33 per share

- 2017-08: $39.24 per share

- 2017-09: $37.95 per share

- 2017-10: $37.56 per share

- 2017-11: $36.67 per share

- 2017-12: $30.95 per share

- 2018-01: $31.87 per share

- 2018-02: $28.65 per share

- 2018-03: $28.29 per share

- 2018-04: $29.10 per share

- 2018-05: $27.32 per share

- 2018-06: $28.55 per share

- 2018-07: $28.77 per share

- 2018-08: $29.74 per share

- 2018-09: $29.26 per share

- 2018-10: $30.40 per share

- 2018-11: $30.59 per share

- 2018-12: $28.33 per share

- 2019-01: $31.32 per share

- 2019-02: $32.17 per share

- 2019-03: $31.74 per share

- 2019-04: $31.21 per share

- 2019-05: $29.76 per share

- 2019-06: $31.01 per share

- 2019-07: $29.63 per share

- 2019-08: $29.55 per share

- 2019-09: $31.49 per share

- 2019-10: $33.49 per share

- 2019-11: $34.03 per share

- 2019-12: $35.88 per share

- 2020-01: $36.19 per share

- 2020-02: $30.01 per share

- 2020-03: $24.68 per share

- 2020-04: $25.42 per share

- 2020-05: $27.94 per share

- 2020-06: $25.84 per share

- 2020-07: $26.62 per share

- 2020-08: $27.63 per share

- 2020-09: $27.21 per share

- 2020-10: $27.50 per share

- 2020-11: $28.42 per share

- 2020-12: $28.20 per share

- 2021-01: $27.67 per share

- 2021-02: $26.19 per share

- 2021-03: $28.84 per share

- 2021-04: $29.13 per share

- 2021-05: $29.11 per share

- 2021-06: $27.97 per share

- 2021-07: $28.37 per share

- 2021-08: $29.35 per share

- 2021-09: $27.88 per share

- 2021-10: $28.80 per share

- 2021-11: $27.83 per share

- 2021-12: $30.06 per share

- 2022-01: $29.68 per share

- 2022-02: $26.17 per share

- 2022-03: $28.56 per share

- 2022-04: $28.31 per share

- 2022-05: $30.18 per share

- 2022-06: $27.13 per share

- 2022-07: $29.08 per share

- 2022-08: $29.08 per share

- 2022-09: $25.35 per share

- 2022-10: $26.49 per share

- 2022-11: $29.52 per share

- 2022-12: $29.22 per share

- 2023-01: $29.60 per share

- 2023-02: $27.07 per share

- 2023-03: $27.79 per share

- 2023-04: $28.72 per share

- 2023-05: $26.20 per share

- 2023-06: $26.46 per share

- 2023-07: $27.53 per share

- 2023-08: $24.92 per share

- 2023-09: $23.56 per share

- 2023-10: $24.57 per share

- 2023-11: $26.12 per share

- 2023-12: $27.10 per share

- 2024-01: $26.20 per share

- 2024-02: $26.37 per share

- 2024-03: $27.53 per share

- 2024-04: $27.46 per share

- 2024-05: $29.33 per share

- 2024-06: $27.65 per share

- 2024-07: $29.72 per share

- 2024-08: $31.91 per share

- 2024-09: $33.08 per share

- 2024-10: $32.56 per share

- 2024-11: $34.93 per share

- 2024-12: $32.46 per share

- 2025-01: $33.60 per share

- 2025-02: $35.21 per share

- 2025-03: $36.11 per share

- 2025-04: $36.50 per share

- 2025-05: $34.75 per share

- 2025-06: $33.89 per share

- 2025-07: $35.69 per share

- 2025-08: $36.47 per share

- 2025-09: $37.16 per share

- 2025-10: $36.52 per share

- 2025-11: $36.90 per share

- 2025-12: $35.02 per share

- 2026-01: $36.25 per share

- 2026-02: $38.98 per share

- 2026-03: $38.20 per share

- 2026-04: $37.44 per share

- 2026-05: $35.39 per share

- 2026-06: $36.35 per share

- 2026-07: $35.21 per share

- 2026-08: $34.13 per share

- 2026-09: $32.89 per share

- 2026-10: $34.48 per share

## Annual estimated value (USD per share)

- FY2024: low $0.95 per share, central $1.06 per share, high $1.20 per share

- FY2025: low $13.03 per share, central $14.67 per share, high $16.84 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:37:02.363Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/922224/000092222426000008/ppl-20251231.htm); period 2025-12-31, filed 2026-02-20.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [John Rogers](https://gigainvestors.com/AI): 1,349,987 PPL shares; USD 49,072,000 reported position value; 0.49% of portfolio; new; quarter 2026 Q2.

# PPL — PPL Corp.

Held by 1 investor · USD 49,072,000 total · 2026 Q2 · reported price USD 36.35 (split-adjusted).
Page: https://gigainvestors.com/s/PPL

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| John Rogers (https://gigainvestors.com/AI) | USD 49,072,000 | 0.5% | new |

## Total held by quarter

- 2026 Q2: USD 49,072,000 · 1 holder · USD 36.35