Question 1

What is PPL's P/FCF ratio?

Accepted Answer

PPL (PPL) P/FCF ratio is 119.0× as of August 2, 2022. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for PPL?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For PPL specifically, the relevant sector benchmark is the current sector median of 45.4×.

Question 5

Is PPL's P/FCF ratio high or low?

Accepted Answer

PPL's P/FCF ratio of 119.0× is above its own 5-year average of 117.3× and above the sector median of 45.4×. That places the current reading at the 93th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is PPL's historical P/FCF ratio range?

Accepted Answer

In the available daily series, PPL (PPL) P/FCF ratio has ranged from a low of 18.8× in 2010 to a high of 1471.2× in 2011. The 5-year average is 117.3× and the 5-year median is 108.6×.

Question 7

What was PPL's P/FCF ratio in 2021?

Accepted Answer

PPL (PPL) P/FCF ratio at the end of 2021 was 127.7×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does PPL's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$37.7B	-$1.4B	—	—	Dec 31, 2025
2024	$37.6B	-$465M	—	—	Dec 31, 2024
2023	$37.5B	-$632M	—	—	Dec 31, 2023
2022	$37.5B	-$425M	—	—	Dec 31, 2022
2021	$37.9B	$297M	127.7×	+45.5×	Dec 31, 2021
2020	$39.1B	$476M	82.2×	—	Dec 31, 2020
2019	$38.1B	-$656M	—	—	Dec 31, 2019
2018	$36.7B	-$417M	—	—	Dec 31, 2018
2017	$35.1B	-$710M	—	—	Dec 31, 2017
2016	$34.6B	-$67M	—	—	Dec 31, 2016
2015	$34.3B	-$955M	—	—	Dec 31, 2015
2014	$33.9B	-$782M	—	—	Dec 31, 2014
2013	$32.1B	-$1.45B	—	—	Dec 31, 2013
2012	$29.6B	-$341M	—	—	Dec 31, 2012
2011	$29.4B	$20M	1471.2×	+1399.7×	Dec 31, 2011
2010	$24.6B	$344M	71.5×	+35.9×	Dec 31, 2010
2009	$19.2B	$539M	35.6×	—	Dec 31, 2009
2008	$19B	-$161M	—	—	Dec 31, 2008
2007	$18.9B	-$114M	—	—	Dec 31, 2007
2006	$19.5B	$364M	53.5×	+20.2×	Dec 31, 2006
2005	$19.3B	$577M	33.4×	+6.0×	Dec 31, 2005
2004	$19.2B	$703M	27.3×	-3.7×	Dec 31, 2004
2003	$17.6B	$569M	31.0×	-79.7×	Dec 31, 2003
2002	$16.4B	$148M	110.7×	—	Dec 31, 2002


Eversource Energy (ES)	110.1×
Constellation Energy (CEG)	86.9×
NextEra Energy (NEE)	82.1×
American States Water (AWR)	77.8×
Middlesex Water (MSEX)	63.1×
Vistra (VST)	45.4×
UGI (UGI)	32.9×
FirstEnergy (FE)	16.3×
Duke Energy (DUK)	15.4×
Consolidated Edison (ED)	14.6×
American Electric Power Company (AEP)	9.3×

P/FCF Ratio for PPL (PPL) 2002-2026

P/FCF Ratio daily chart for PPL (PPL)

Historical P/FCF Ratio for PPL (PPL) from 2002 to 2025

About P/FCF Ratio at PPL (PPL)

PPL P/FCF Ratio by Year

PPL P/FCF Ratio 2021: 127.7×

PPL P/FCF Ratio 2020: 82.2×

PPL P/FCF Ratio 2011: 1471.2×

PPL P/FCF Ratio 2010: 71.5×

PPL P/FCF Ratio 2009: 35.6×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

PPL (PPL) Key Financials