{"schemaVersion":1,"research":true,"symbol":"ppl","name":"PPL","topic":"moat","path":"/stock/ppl/moat","status":"stale","version":8,"updatedAt":"2026-10-18T00:28:58.932Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"PPL has a narrow moat supported by protected utility distribution territories and established delivery networks. Pennsylvania distribution is a regulated monopoly, and Rhode Island has no competing electric or gas public utilities within its service area. Realized rate increases and cost-recovery mechanisms support earnings, but regulators constrain pricing and returns. Competitive transmission construction, potential customer bypass and capital-intensive expansion limit the assessment. Unsigned data-center generation agreements establish potential, not an additional current moat.","advantages":[{"mechanism":"intangible_assets","claim":"Statutory service rights and franchises protect established distribution businesses: PPL Electric operates a regulated distribution monopoly, while RIE has no other electric or gas public utilities operating within its territory. This advantage concerns energy delivery rather than exclusive commodity supply.","durability":"Existing legal authorizations and delivery networks support persistence, but the passages do not establish guaranteed franchise duration or exceptional long-term excess returns. Protection is demonstrated most clearly in Pennsylvania and Rhode Island; Kentucky territorial exclusivity is not established by these excerpts.","risks":"Regulators determine rates and can constrain remuneration. New transmission facilities face competition. Some large Rhode Island customers can bypass delivery infrastructure, while alternative fuels can affect gas demand. Unrecovered expansion spending could weaken the economic benefit of protected territories.","invalidation":"Reassess if distribution exclusivity is removed, competing delivery networks enter protected territories, material customer bypass occurs, or repeated rate decisions prevent recovery of prudently incurred costs and an economic return on invested capital.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e12","e13"],"counterEvidenceIds":["e6","e7","e8","e9","e10","e11","e14","e15"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Franchises and Licenses — PPL Electric service rights","excerpt":"Franchises and Licenses PPL Electric provides electricity delivery service in its service territory pursuant to certain franchises, licenses, statutory service areas, easements and other rights or permissions granted by the Pennsylvania state legislature, cities or municipalities or other entities."},{"id":"e2","sourceId":"filing-1","location":"Competition — Pennsylvania regulated distribution monopoly","excerpt":"Competition Pursuant to authorizations from the Commonwealth of Pennsylvania and the PAPUC, PPL Electric operates a regulated distribution monopoly in its service area."},{"id":"e3","sourceId":"filing-1","location":"Franchises and Licenses — RIE service rights","excerpt":"Franchises and Licenses RIE provides electricity delivery service and natural gas distribution service in its service territory pursuant to certain franchises, licenses, statutory service areas, easements and other rights or permissions granted by the Rhode Island state legislature, cities or municipalities or other entities."},{"id":"e4","sourceId":"filing-1","location":"Competition — absence of other utilities within RIE service area","excerpt":"Competition There are currently no other electric or gas public utilities operating within the service area of RIE."},{"id":"e5","sourceId":"filing-1","location":"Distribution — RIE ownership of delivery networks","excerpt":"Distribution RIE owns and maintains electric and natural gas distribution networks in Rhode Island."},{"id":"e6","sourceId":"filing-1","location":"Competition — competitive transmission construction and ownership","excerpt":"The PPL Electric transmission business, operating under a FERC-approved PJM Open Access Transmission Tariff, is subject to competition pursuant to FERC Order 1000 from entities that are not incumbent PJM transmission owners with respect to the construction and ownership of transmission facilities within PJM."},{"id":"e7","sourceId":"filing-1","location":"Competition — alternative fuels affecting natural gas revenues","excerpt":"Alternative energy sources such as electricity, oil, propane and other fuels indirectly impact RIE's natural gas revenues."},{"id":"e8","sourceId":"filing-1","location":"Competition — potential physical bypass by large customers","excerpt":"Some large industrial and commercial customers, however, may physically bypass RIE's facilities and seek delivery service directly from interstate pipelines or other natural gas distribution systems."},{"id":"e9","sourceId":"filing-1","location":"Distribution — regulatory approval of rates and service terms","excerpt":"Distribution sales are regulated by the RIPUC, which is responsible for approving the rates and other terms of services as part of the rate making process."},{"id":"e10","sourceId":"filing-1","location":"Utility rate regulation — remuneration for contracts approved from 2027","excerpt":"For long-term contracts approved pursuant to LTCS or ACES on or after January 1, 2027, RIE is not entitled to any financial remuneration, unless otherwise granted by the RIPUC."},{"id":"e11","sourceId":"filing-1","location":"Utility rate regulation — adjustment of remuneration above allowed returns","excerpt":"Also, the 2022 amendments to LTCS and ACES added a provision, which provides that for any calendar year in which RIE's actual return on equity exceeds the return on equity allowed by the RIPUC in the last general rate case, the RIPUC may adjust any or all remuneration to assure that such remuneration does not result in or contribute toward RIE earning above its allowed return for such calendar year."},{"id":"e12","sourceId":"filing-1","location":"Revenue accounting — cost-of-service base rates","excerpt":"101 Table of Contents PPL Electric's, RIE's, LG&E's and KU's base rates are determined based on cost of service."},{"id":"e13","sourceId":"filing-2","location":"KU Statement of Income Analysis — realized retail rate increases and operating results","excerpt":"91 Table of Contents KU: Statement of Income Analysis Net income for the periods ended June 30 includes the following results: Three Months Six Months 2026 2025 $ Change 2026 2025 $ Change Operating Revenues Retail and wholesale $ 493 $ 465 $ 28 $ 1,112 $ 1,024 $ 88 Electric revenue from affiliate 12 7 5 18 12 6 Total Operating Revenues 505 472 33 1,130 1,036 94 Operating Expenses Operation Fuel 128 117 11 301 269 32 Energy purchases 7 7 — 13 14 (1) Energy purchases from affiliate 2 5 (3) 11 10 1 Other operation and maintenance 108 102 6 209 202 7 Depreciation 114 101 13 224 203 21 Taxes, other than income 14 13 1 27 25 2 Total Operating Expenses 373 345 28 785 723 62 Operating Income 132 127 5 345 313 32 Other Income (Expense) - net 6 5 1 13 10 3 Interest Expense 40 35 5 80 70 10 Income Before Income Taxes 98 97 1 278 253 25 Income Taxes 19 19 — 55 50 5 Net Income $ 79 $ 78 $ 1 $ 223 $ 203 $ 20 Operating Revenues The increase (decrease) in operating revenues was due to: Three Months Six Months Retail rates (a) $ 28 $ 64 Fuel and other energy purchases (b) 10 34 Off-system sales (c) (4) (5) Other (1) 1 Total $ 33 $ 94 (a)The increases were due to new base rates approved by the KPSC effective January 1, 2026."},{"id":"e14","sourceId":"filing-1","location":"Risk factors — potential unrecovered capital if anticipated demand fails","excerpt":"If anticipated demand growth does not materialize, PPL could experience unrecovered capital investments."},{"id":"e15","sourceId":"filing-1","location":"Risk factors — project delivery and regulatory recovery","excerpt":"Failure to complete our capital projects on schedule or on budget, or at all, could adversely affect our financial performance, operations and future growth if such expenditures are not granted rate recovery by our regulators."},{"id":"e16","sourceId":"filing-1","location":"Competition — RIE commodity gas pass-through tariffs","excerpt":"RIE's natural gas tariffs include gas price pass-through mechanisms relating to its sale of natural gas as a commodity."},{"id":"e17","sourceId":"filing-1","location":"Competition — profitability effect of alternative gas suppliers","excerpt":"Therefore, customer natural gas purchases from alternative suppliers do not generally impact RIE's profitability."},{"id":"e18","sourceId":"filing-2","location":"Utility Rate Regulation — approved future recovery of bill credits","excerpt":"The RIPUC approved future cost recovery for RIE of any unfunded balance of the miscellaneous bill credits through future identified offsets and/or a reconciling recovery mechanism to be determined in conjunction with the 2026 electric retail rate filing to allow recovery by December 31, 2026."},{"id":"e19","sourceId":"filing-2","location":"Rhode Island rate proceedings — requested increases","excerpt":"As submitted in the initial application, in the first year of the rate plan RIE's proposed base distribution rates for electric and gas service are designed to collect additional annual operating revenue of approximately $181 million ($66 million or 18.2% in electricity revenues and $115 million or 36.4% in gas revenues)."},{"id":"e20","sourceId":"filing-2","location":"PPL consolidated cash flows — operating cash, capital spending and financing","excerpt":"5 Table of Contents CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS PPL Corporation and Subsidiaries (Unaudited) (Millions of Dollars) Six Months Ended June 30, 2026 2025 Cash Flows from Operating Activities Net income $ 682 $ 597 Adjustments to reconcile net income to net cash provided by operating activities Depreciation 713 646 Amortization 65 49 Defined benefit plans - income (7) (30) Deferred income taxes and investment tax credits 137 104 Stock-based compensation expense 31 26 Equity component of AFUDC (52) (35) Other (19) 12 Change in current assets and current liabilities Accounts receivable (31) (91) Accounts payable (192) (167) Unbilled revenues 138 63 Fuel, materials and supplies (42) 13 Prepayments (67) (56) Taxes payable (72) 40 Regulatory assets and liabilities, net (10) 64 Accrued interest 6 (5) Other (36) (52) Other operating activities Defined benefit plans - funding (8) (7) Other assets (101) (77) Other liabilities 5 21 Net cash provided by operating activities 1,140 1,115 Cash Flows from Investing Activities Expenditures for property, plant and equipment (2,339) (1,723) Other investing activities (68) 10 Net cash used in investing activities (2,407) (1,713) Cash Flows from Financing Activities Issuance of long-term debt 2,046 — Retirement of long-term debt (668) — Payment of common stock dividends (416) (392) Net increase (decrease) in short-term debt (391) 983 Debt issuance costs (38) (5) Other financing activities (13) (9) Net cash provided by financing activities 520 577 Net Decrease in Cash, Cash Equivalents and Restricted Cash (747) (21) Cash, Cash Equivalents and Restricted Cash at Beginning of Period 1,086 339 Cash, Cash Equivalents and Restricted Cash at End of Period $ 339 $ 318 Supplemental Disclosures of Cash Flow Information Significant non-cash transactions: Accrued expenditures for property, plant and equipment at June 30, $ 612 $ 450 The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements."},{"id":"e21","sourceId":"filing-2","location":"Earnings per share — income growth and increased share count","excerpt":"Reconciliations of the amounts of income and shares of PPL common stock (in thousands) for the periods ended June 30 used in the EPS calculation are: Three Months Six Months 2026 2025 2026 2025 Income (Numerator) Net income attributable to PPL $ 230 $ 183 $ 682 $ 597 Less amounts allocated to participating securities — — 1 1 Net income available to PPL common shareowners - Basic and Diluted $ 230 $ 183 $ 681 $ 596 Shares of Common Stock (Denominator) Weighted-average shares - Basic EPS 752,358 739,276 752,062 738,986 Add: Dilutive share-based payment awards (a) 1,660 2,504 1,979 2,606 Add: Forward sale agreements 680 23 662 11 Add: Exchangeable Notes 2,527 738 2,490 369 Weighted-average shares - Diluted EPS 757,225 742,541 757,193 741,972 Basic EPS Net Income available to PPL common shareowners $ 0.31 $ 0.25 $ 0.91 $ 0.81 Diluted EPS Net Income available to PPL common shareowners $ 0.30 $ 0.25 $ 0.90 $ 0.80 (a) The Treasury Stock Method was applied to non-participating share-based payment awards."},{"id":"e22","sourceId":"filing-2","location":"Generation development — land parcels and turbine deposits","excerpt":"Invitium is actively engaged with hyperscalers, landowners, natural gas pipeline companies and turbine manufacturers, and has secured multiple land parcels and placed deposits on future turbine purchases to enable the build of new generation."},{"id":"e23","sourceId":"filing-2","location":"Generation development — no signed developer or hyperscaler ESSAs at filing","excerpt":"No ESSAs with developers or hyperscalers have been signed as of the filing date of this Form 10-Q."},{"id":"e24","sourceId":"filing-3","location":"Board message — reported annual operations and maintenance savings","excerpt":"In 2025, PPL achieved $170 million in annual operations and maintenance savings, compared to the 2021 baseline, to keep energy affordable."},{"id":"e25","sourceId":"filing-3","location":"2025 performance achievements — reported reliability and generation performance","excerpt":"In 2025, our operating companies achieved first-quartile or near first-quartile transmission and distribution reliability and top-decile generation performance, despite increasingly severe weather events and rising system demands across our service territories."},{"id":"e26","sourceId":"filing-3","location":"2025 performance achievements — forecast attainment and ongoing earnings growth","excerpt":"PPL also achieved the midpoint of our 2025 ongoing earnings forecast, representing 7.1% growth over the previous year."},{"id":"e27","sourceId":"filing-3","location":"Executive compensation — performance units actually awarded in 2025","excerpt":"52 PPL CORPORATION 2026 Proxy Statement Table of Contents EXECUTIVE COMPENSATION 2025 Performance Unit Award Grants (80% of Total LTI) The performance units awarded in 2025 were designed to align the interests of our NEOs with those of our shareowners by directly linking NEO pay with sustained long-term company performance over a designated performance period."},{"id":"e28","sourceId":"filing-3","location":"Executive compensation — conditions determining actual performance shares","excerpt":"Target award values are established at the start of the year, and the actual number of shares that an NEO receives is contingent on PPL’s TSR performance relative to the companies in the compensation peer group, the company’s EG performance and LTS metrics, as follows."},{"id":"e29","sourceId":"filing-3","location":"Governance and compensation facts — existing board and compensation practices","excerpt":"Corporate Governance and Compensation Facts Corporate Governance or Compensation Matter PPL’s Practice Board Composition, Leadership and Operations Current Number of Directors 10 Independence of Current Directors 90% Board Committee Membership Independence (except Executive Committee and ad hoc committees) Yes Independent Chair of the Board Yes Voting Standards in Director Elections: Majority with Plurality Carve-out for Contested Elections Yes Annual Director Elections for All Directors Yes Resignation Policy in Uncontested Elections Yes Limits on Director Service on Other Boards Yes Table of Contents Corporate Governance or Compensation Matter PPL’s Practice Board Composition, Leadership and Operations Mandatory Retirement Age Yes (75) Mandatory Tenure No Average Nominee Age 66 Average Nominee Tenure 10 years Directors Attending Fewer than 75% of Meetings None Annual Board and Committee Self-Evaluation Process Yes Number of Board Meetings Held in 2025 6 Total Number of Board and Committee Meetings Held in 2025 27 Proxy Access Bylaw Yes Independent Directors Meet without Management Present Yes Governance and Sustainability Practices Board and Committee Oversight of Safety Yes Board Oversight of Cybersecurity Yes Board and Committee Oversight of Sustainability Disclosure Yes Board Oversight of Corporate Culture Yes Code of Conduct for Directors, Officers and Employees Yes Robust Stock Ownership Policies Yes Insider Trading Policy Includes Anti-hedging and Anti-pledging Policy Yes Shareowner Engagement Practice Yes Long-Term Incentives Aligned with Sustainability Goals Yes Carbon Reduction Goal Includes Net-Zero by 2050 Yes Voluntary Framework Disclosures (GRI, TCFD, SASB & EEI-AGA) Yes Corporate Political Contribution Policy and Related Disclosure Yes Equal Employment Demographic Metrics Disclosure (EEO-1 Report) Yes Climate Policy Principles Yes Environmental Policy Statement Yes Health and Safety Policy Statement Yes Human Rights Policy Statement Yes Supplier Code of Conduct Yes Material Related-Party Transactions with Directors None Independent Auditor Deloitte & Touche LLP Compensation Practices CEO Pay Ratio 74:1 Compensation Recoupment (Clawback) Policy Yes Employment Agreements for Executive Officers No Pay-for-Performance Yes Double-Trigger Change-in-Control Provisions Yes Percentage of 2025 CEO Incentive Compensation at Risk 88% Performance-based Percentage of 2025 CEO Long-term Incentive Compensation 73% Tax “Gross-ups” for Change-in-Control Severance Agreements None Annual Risk Assessment of Compensation Policies and Practices Yes Independent Compensation Consultant Frederic W."},{"id":"e30","sourceId":"filing-3","location":"Board attendance — actual 2025 meeting attendance","excerpt":"In 2025, director attendance at Board and committee meetings was 100%."},{"id":"e31","sourceId":"filing-1","location":"Audit Committee — approval of auditor services in 2025 and 2024","excerpt":"The Audit Committee of PPL approved 100% of the 2025 and 2024 services provided by Deloitte."}],"changes":["No comparable previous version."],"limitations":["Assessment uses only supplied passages. Source dates are filing dates: February 20, 2026, August 7, 2026 and April 1, 2026. Later developments are not established.","No competing company is identified as a competitor in these passages. Generic transmission entrants, marketers, alternative suppliers and bypass options do not establish named competitor coverage; partners and compensation peers are not treated as competitors.","Legal monopoly and contractual recovery disclosures support a positive assessment without independent research, but reliability rankings, savings and forecast attainment are issuer-reported achievements with limited supporting methodology.","Kentucky service exclusivity, franchise expiration terms, sustained earned returns relative to capital costs and group-wide rate-case outcomes are missing. These gaps limit moat breadth and durability.","Customer dependence is assessed indirectly from protected delivery territories and installed networks. Customer retention rates and realized bypass losses are not supplied.","The Rhode Island requested rate increases remain requests in the supplied passages. The disclosed future remuneration restrictions are policy changes, not evidence that the associated future earnings losses have already occurred.","The proxy supplies actual governance practices and 2025 incentive grants, but detailed executive ownership and target rigor are incomplete. The proposed 2026 incentive-plan amendment is not treated as adopted or vested."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"A legally authorized Pennsylvania distribution monopoly and absence of competing Rhode Island utilities establish strong current protection. Coverage is insufficient to establish equivalent exclusivity across every operation.","evidenceIds":["e1","e2","e3","e4","e5"]},{"criterion":"durability","grade":3,"rationale":"Statutory service rights and existing delivery infrastructure support a persistent distribution advantage. Franchise duration and a long record of excess economic returns are not supplied, precluding exceptional durability.","evidenceIds":["e1","e2","e3","e5","e12"]},{"criterion":"customer_dependency","grade":3,"rationale":"Protected local delivery networks create strong dependence for customers requiring utility delivery. This is an indirect structural assessment, not a measured retention rate; large customers can potentially bypass RIE.","evidenceIds":["e2","e4","e5","e8"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Realized rate increases and approved recovery mechanisms support resilience, but regulatory return constraints, competitive transmission and possible bypass limit protection. Disclosed risk possibilities are not treated as realized customer losses.","evidenceIds":["e6","e8","e10","e11","e13","e18"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":3,"rationale":"KU reports $64 million of additional first-half 2026 retail-rate revenue from approved base rates effective January 1. This demonstrates realized regulated pricing recovery, although it does not establish discretionary or group-wide pricing power. Rhode Island's requested increases are not counted as achieved.","evidenceIds":["e13","e19"]},{"criterion":"retention","grade":3,"rationale":"Delivery dependence is strongly supported by monopoly territories and existing networks. RIE generally preserves profitability when customers change commodity gas suppliers. Retention is inferred from these structures rather than renewals or customer cohort data, with physical bypass a limitation.","evidenceIds":["e2","e4","e5","e8","e16","e17"]},{"criterion":"margin_resilience","grade":2,"rationale":"Commodity pass-through and approved recovery support resilience. KU's first-half operating income increased from $313 million to $345 million while revenue increased from $1,036 million to $1,130 million and operating expenses rose. Protection is meaningful but incomplete, and group-wide margin durability is not established.","evidenceIds":["e13","e16","e18","e10","e11"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Cost-of-service base rates and regulatory approval of rates and service terms materially restrict unilateral pricing. Specific remuneration limits and allowed-return adjustments reinforce this constraint despite available recovery mechanisms.","evidenceIds":["e9","e10","e11","e12"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Reported annual operating savings and increased earnings support productive execution. However, first-half capital expenditures of $2.339 billion exceeded operating cash flow of $1.140 billion, financing relied on debt and cash balances, and share counts increased. Turbine deposits precede signed generation agreements. This establishes mixed capital demands and outcomes, rather than proven value destruction or exceptional discipline.","evidenceIds":["e20","e21","e22","e23","e24"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual 2025 performance-unit awards represented 80% of long-term incentives, with eventual shares contingent on relative shareholder returns, earnings growth and sustainability metrics. Existing disclosures include clawbacks and ownership policies. Detailed executive holdings and evidence of target rigor are incomplete; proposed amendments are excluded.","evidenceIds":["e27","e28","e29"]},{"criterion":"execution","grade":3,"rationale":"Issuer-reported reliability achievements, $170 million of annual operating savings versus 2021 and attainment of the 2025 earnings forecast support strong execution. First-half 2026 net income and diluted EPS also increased. These are disclosed outcomes, with operational comparisons not independently reproduced; unsigned generation agreements receive no execution credit.","evidenceIds":["e21","e23","e24","e25","e26"]},{"criterion":"governance","grade":3,"rationale":"Existing practices include a 90% independent board, an independent chair, annual director elections, majority voting and compensation recovery provisions. Actual full board and committee attendance and auditor-service approvals support implementation. These disclosures do not establish exceptional governance effectiveness over time.","evidenceIds":["e29","e30","e31"]}]}],"qualityPolicy":"quality-scores-2","basisHash":"cb2f69922979d3a97d66018993b078409f9cfa26dc59d6c5d1a8a62f879c0004","updatedAt":"2026-10-18T00:28:58.932Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/55387/000092222426000008/ppl-20251231.htm","publishedAt":"2026-02-20","sha256":"816d407d49fae0400762c311293195632a969708c6510ab651efee7a0eba753f","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/922224/000092222426000044/ppl-20260630.htm","publishedAt":"2026-08-07","sha256":"2e45122258343136325a5e7f795aa595305a45a67b3c34c6e385b7f2f7f9b96d","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/922224/000119312526135991/ppl-20260331.htm","publishedAt":"2026-04-01","sha256":"0b0e2989b390959855fc7f11ac3b53f1048c3aea2e9f03448d85a2f2572e6de8","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:12291a894e4971afa7b74973db77ebab1c80a2b6488c6b86d7812c5db1315d38","usage":{"input_tokens":54200,"cached_input_tokens":20992,"cache_write_input_tokens":0,"output_tokens":3587,"reasoning_output_tokens":162}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":24.391915039397052,"roic":0.16729642688784865,"fcf_margin":5.087358684480987,"sbc_revenue":0.6337786913326482},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","ev_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":17.647058823529413,"roic":4.362761660203368,"fcf_margin":-5.458515283842795,"sbc_revenue":0.4752119188286668},"issues":{"peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":19.662243667068758,"roic":4.580711823325339,"fcf_margin":-7.623642943305187,"sbc_revenue":0.3980699638118214},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","ev_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":20.606347702510657,"roic":4.631805459853998,"fcf_margin":-5.506868782567503,"sbc_revenue":0.5447655139744197},"issues":{"pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pb":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":null,"operating_margin":23.21701199563795,"roic":5.359893083056664,"fcf_margin":-15.278080697928026,"sbc_revenue":0.5343511450381679},"issues":{"pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pb":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/55387/000092222426000008/ppl-20251231.htm","publishedAt":"2026-02-20","sha256":"816d407d49fae0400762c311293195632a969708c6510ab651efee7a0eba753f","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/922224/000092222426000044/ppl-20260630.htm","publishedAt":"2026-08-07","sha256":"2e45122258343136325a5e7f795aa595305a45a67b3c34c6e385b7f2f7f9b96d","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/922224/000119312526135991/ppl-20260331.htm","publishedAt":"2026-04-01","sha256":"0b0e2989b390959855fc7f11ac3b53f1048c3aea2e9f03448d85a2f2572e6de8","dateKind":"filed"}],"history":[{"version":8,"updatedAt":"2026-10-28T04:24:08.247Z","verdict":"narrow","value":null},{"version":7,"updatedAt":"2026-10-24T23:15:13.462Z","verdict":"narrow","value":null},{"version":6,"updatedAt":"2026-10-24T03:59:09.787Z","verdict":"narrow","value":null},{"version":5,"updatedAt":"2026-10-23T23:09:08.667Z","verdict":"narrow","value":null},{"version":4,"updatedAt":"2026-10-22T23:02:08.499Z","verdict":"narrow","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"queued","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}