Does PUBLIC SERVICE ENTERPRISE GROUP INC have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores PUBLIC SERVICE ENTERPRISE GROUP INC (PEG) 40.6 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 3, balance-sheet safety 2, capital discipline 47.

How has PEG's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 40.6 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

PUBLIC SERVICE ENTERPRISE GROUP INC

PEG · Utilities · $39.2B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power100

Median gross margin 65.5% over 5y, very stable.

Returns on capital3

Median ROIC 5.6%, above the 9% hurdle in 0% of years.

Balance-sheet safety2

Net debt/EBITDA 8.0x, interest coverage 3x.

Capital discipline47

Owner earnings trend unclear, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $78.64
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

20 years of fundamentals

The business, in plain English

Across the filed record, revenue shrank from $12.7B (FY2007) to $12.1B (FY2025) — about −0.2% a year compounded over 18 years.

It earned 6.5% on invested capital in FY2025, with a median of 7.6% across 19 filed years. The Returns on Capital filter above scores it 3/100.

The balance sheet carried $24.1B of total debt in FY2025. Balance-Sheet Safety scores it 2/100.

The share count has held roughly flat between FY2009 and FY2025. Capital Discipline scores it 47/100.

Put together: Pricing Power is the strongest of the four filters (100/100) and Balance-Sheet Safety the weakest (2/100), which is how PEG lands at 41/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$12.1B FY2025

Gross marginRevenue kept after cost of goods66.4% FY2020

Return on invested capitalOperating profit on the capital employed6.5% FY2025

Owner earningsCash an owner could take out−$1.2B FY2025

Gaps in a line mean that item isn’t in PEG’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale40.6 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — PEG has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Utilities context

#17 of 48 scored Utilities companies, ranked by Moat Score.

Nearest peers by Moat Score

#15NI NISOURCE INC.42.4 out of 100, Shallow moatShallow moat
#16LNT ALLIANT ENERGY CORP40.7 out of 100, Shallow moatShallow moat
#18DUK DUKE ENERGY CORPORATION40.6 out of 100, Shallow moatShallow moat
#19XEL XCEL ENERGY INC39.2 out of 100, No moatNo moat

Compare PEG with its nearest peers →All Utilities companies on the Index →

Common questions about PEG

Does PUBLIC SERVICE ENTERPRISE GROUP INC have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores PUBLIC SERVICE ENTERPRISE GROUP INC (PEG) 40.6 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 3, balance-sheet safety 2, capital discipline 47.
How has PEG's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 40.6 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell PEG. See the disclaimer.