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PEG US S&P 500Russell 1000 Earnings call · transcribed from the recording

Public Service Enterprise Group (PEG) · Q3 2026 results and valuation

Share price: $74.29 · 2026-11-11

Results Q3 2026 vs Q2 2026 · previous quarter · published 2 Nov 2026 and 4 Aug 2026

Management sounded restrained, in its script and in answers to analysts.

Only a basic analysis is available for this company at the moment.

1 · Numbers

—

Figures not yet filed

Outlook given

2 · How management spoke

Restrained

Less upbeat than 74% of company calls

Answers to analysts: restrained, in line with the script.

Similar to last call.

3 · What stood out

Key theme

A portion of the proceeds was used to redeem $425 million of 2.25% secured MTNs at maturity in September.

Valuation

Is Public Service Enterprise Group undervalued?

Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

The projected cash flow doesn't cover the debt, so the price is far above the model's fair value.

Current price

$74.29

close of 2026-11-11

Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.

+81.0% for 10 yrs

Fair value / share

$-47.83

Buy below

$-35.87

Price vs fair value

n/a

Price vs buy-below price

n/a

Official channels

The company's own website and social media accounts.

Read between the lines

  1. Guidance

    An update on some good news for customers is that PGM has prospectively reduced wholesale transmission rates for PSE &G customers this was due to Public Service Enterprise's collaboration...

  2. Guidance

    On the nuclear PTC front, similar to 2026, Public Service Enterprise expects that its current portfolio position for 2027 will result in the realized value of its nuclear generation output...

  3. Figure

    Public Service Enterprise's filing highlights success and efficacy of its EE programs, which generate over $1 billion in annual customer savings, having helped nearly 525,000...

  4. Fading

    When you consider that Public Service Enterprise has added a significant amount of distribution rate base at a time when there have been fewer infrastructure investment programs…

    Source quote
    “When you consider that we have added a significant amount of distribution rate base at a time when there have been fewer infrastructure investment programs... However, we have stated before that we could file sooner if conditions warranted. As a result, PSE&G currently anticipates filing by year-end 2026 to update base rates.”

Tone

How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q3 2026. Ring: Q2 2026.

Prepared remarks Restrained (was cautious)
Answers to analysts Restrained (was restrained)

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone
“BSEG Power continues to generate stable cash flows that help fund our regulated investments while pursuing high-value regional growth opportunities.”
“Looking ahead, our solid balance sheet supports the execution of PSCG's predominantly regulated five-year capital spending plan without the need to issue new equity or sell assets and provides the...”
“and I can't give you a specific answer on what's going to where we're going to be sitting in 2031 but I know what we're doing and that's continuing to...”

Full figures

Q3 2026 figures are not available yet: the company files its quarterly report (10-Q) a few weeks after the call. This page compares what management said; the figures are added when the report is filed.

Topics

Most discussed now

  • Continuing investments in PSEG's energy efficiency programs and transmission were the main contributors of growth in utility margin and…
  • This initiative is focusing on cost discipline financing modernization targeted incentives and shared savings and staged performance based…
  • Turning briefly to Public Service Enterprise's regional power market, PJM continues to have a significant resource adequacy problem and…
  • BSEG Power continues to generate stable cash flows that help fund Public Service Enterprise's regulated investments while pursuing…
  • This past October 1st, PSE &G implemented a 5% decrease for residential gas customers, driven by higher revenues from a...

Faded since Q2 2026

  • Fading These included multiyear rate plans, performance-based rates, performance incentive metrics, earnings sharing mechanisms, decoupling, and…
  • Fading I put all those pieces together, and I feel pretty good about where Public Service Enterprise is.
  • Dropped I'll just end by wishing Carlotta a belated happy birthday for all of you that are on the call and...
  • Fading Its operational results may have even been better as Public Service Enterprise successfully managed one of the most challenging storm…

Latest announcements

Official filings, newest first.

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