PG&E Corp (PCG) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

Low Risk
Limited dilution potential
Last updated: April 24, 2025

Risk Assessment Details

Potential Dilution: 0.86% of current shares
Recent Dilution: 2.3% (2 years)
Historical Dilution Factor: minimal recent dilution
Outstanding Shares
2.7B
Potential Supply
23M
Additional shares possible
Splits
None
Past 2 years

Summary

PCG currently has 2.68B outstanding shares. with limited dilution risk as only 22.9M additional shares (0.9%) are authorized for issuance. The company has minimally diluted shareholders by 2.3% over the past 2 years.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
Apr 24, 2025

10-Q filing | 2675.4M shares outstanding

2.7B 23M
Feb 13, 2025

10-K filing | 2671.3M shares outstanding

2.7B 27M
Nov 07, 2024

10-Q filing | 2615.3M shares outstanding

2.6B 83M
Jul 25, 2024

10-Q filing | 2615.2M shares outstanding

2.6B 83M
Apr 25, 2024

10-Q filing | 2614.9M shares outstanding

2.6B 83M
Feb 22, 2024

10-K filing | 2611.4M shares outstanding

2.6B 87M
Dec 04, 2023

8-K filing: PG&E Corporation sold Convertible Notes to Initial Purchasers, with a maximum of 125,218,365 shares of Common Stock issuable upon conversion, subject to anti-dilution adjustments.

2.6B 87M
Oct 26, 2023

10-Q filing | 2611.3M shares outstanding

2.6B 87M
Jul 27, 2023

10-Q filing | 2569.0M shares outstanding

2.6B 130M
May 04, 2023

10-Q filing | 2473.5M shares outstanding

2.5B 220M
Feb 23, 2023

10-K filing | 2466.2M shares outstanding

2.5B 230M
Oct 27, 2022

10-Q filing | 2465.4M shares outstanding

2.5B 230M
Jul 28, 2022

10-Q filing | 2465.4M shares outstanding

2.5B 230M
Apr 28, 2022

10-Q filing | 2465.2M shares outstanding

2.5B 230M
Feb 10, 2022

10-K filing | 2463.9M shares outstanding

2.5B 230M
Nov 01, 2021

10-Q filing | 2463.1M shares outstanding

2.5B 240M
Jul 29, 2021

10-Q filing | 2463.0M shares outstanding

2.5B 240M
Jul 09, 2021

8-K filing: PG&E Corporation, Pacific Gas and Electric Company, PG&E ShareCo LLC, and the PG&E Fire Victim Trust entered into the PG&E Fire Victim Trust Share Exchange and Tax Matters Agreement to exchange 477,743,590 shares of PG&E Corporation common stock issued to the Trust for an equal number of newly-issued shares of PG&E Corporation common stock.

2B 710M
Apr 29, 2021

10-Q filing | 1985.0M shares outstanding

2B 710M
Feb 26, 2021

POS AM filing: This is a post-effective amendment to deregister any and all securities registered but unsold or otherwise unissued under registration statements No. 333-239687 and No. 333-240114.

2B 710M
Feb 26, 2021

POS AM filing: This is a post-effective amendment to deregister any and all securities registered but unsold or otherwise unissued under registration statements No. 333-239687 and No. 333-240114.

2B 710M
Feb 25, 2021

10-K filing | 1984.7M shares outstanding

2B 1.9B
Oct 29, 2020

10-Q filing | 1967.0M shares outstanding

2B 1.9B
Aug 03, 2020

8-K filing: PG&E Corporation issued 1,454,545 additional Units, and issued 42,337,173 shares of Common Stock to Backstop Parties at $9.50 per share in connection with a backstop agreement. Additionally, the Utility transferred 748,415 shares of Common Stock to the Fire Victim Trust. ($402.2M proceeds)

1.9B 2B
Jul 30, 2020

10-Q filing | 1941.5M shares outstanding

1.9B 2B
Jul 27, 2020

S-3/A filing: This is an S-3/A filing for PG&E Corporation regarding the offer and resale of common stock by selling shareholders, along with information on PIPE transactions and backstop commitment letters.

530M 3.4B
Jul 27, 2020

S-3 filing: This S-3 filing registers the offer and resale of up to 42,337,173 shares of common stock of PG&E Corporation by selling shareholders.

530M 3.4B
Jul 20, 2020

S-3/A filing: PG&E Corporation is filing an S-3/A to register the offer and resale of up to 819,100,436 shares of common stock by selling shareholders.

530M 3B
Jul 06, 2020

S-3 filing: PG&E Corporation is offering and reselling up to 819,100,436 shares of common stock by the selling shareholders.

530M 3B
Jun 26, 2020

8-K filing: PG&E Corporation priced an offering of 423,372,629 shares of its common stock at $9.50 per share and a concurrent offering of 14,545,455 equity units at $100.00 per unit, with expected closing on July 1, 2020, subject to customary conditions and emergence from Chapter 11. ($0.01M proceeds)

530M 2.2B
Jun 25, 2020

8-K filing: PG&E Corporation entered into Forward Stock Purchase Agreements with Backstop Parties to issue common stock, including Greenshoe Backstop Shares and Additional Backstop Premium Shares, contingent on certain conditions and exemptions from registration under the Securities Act.

530M 2.2B
May 29, 2020

S-3/A filing: PG&E Corporation and Pacific Gas and Electric Company may offer and sell up to $25,675,000,000 in the aggregate of securities including Debt Securities, Common Stock, Preferred Stock, Warrants to Purchase Common Stock, Preferred Stock or Debt Securities, Securities Purchase Contracts, Securities Purchase Units, Depositary Shares and Subscription Rights from time to time in one or more offerings.

530M 2.2B
May 22, 2020

S-3/A filing: PG&E Corporation and Pacific Gas and Electric Company may offer and sell up to $25,675,000,000 in the aggregate of securities identified above from time to time in one or more offerings.

530M 2.2B
May 01, 2020

10-Q filing | 529.0M shares outstanding

530M 2.1B
Apr 13, 2020

S-3/A filing: PG&E Corporation and Pacific Gas and Electric Company may offer and sell up to $25,675,000,000 in the aggregate of securities including Debt Securities, Common Stock, Preferred Stock, Warrants, Securities Purchase Contracts, Securities Purchase Units, Depositary Shares and Subscription Rights from time to time in one or more offerings.

530M 2.1B
Mar 10, 2020

8-K filing: PG&E Corporation amended its Chapter 11 Plan Backstop Commitment Letters with Backstop Parties, modifying terms including the deadline for Bankruptcy Court approval, the capital structure, and the Backstop Commitment Premium, which now includes a fixed number of shares.

530M 1.5B
Mar 02, 2020

8-K filing: PG&E Corporation entered into Amended and Restated Backstop Commitment Letters with Shareholder Proponents, modifying terms of the Backstop Commitment Letters, including changing the Backstop Commitment Premium to a fixed number of shares, with each Backstop Party receiving its pro rata share of 119.0 million shares of the Corporation's common stock, subject to adjustments.

530M 1.5B
Feb 25, 2020

S-3 filing: PG&E Corporation and Pacific Gas and Electric Company may offer and sell up to $25,675,000,000 in the aggregate of securities identified above from time to time in one or more offerings including Debt Securities, Common Stock, Preferred Stock, Warrants to Purchase Common Stock, Preferred Stock or Debt Securities, Securities Purchase Contracts, Securities Purchase Units, Depositary Shares and Subscription Rights.

530M 1.5B
Feb 18, 2020

10-K filing | 528.0M shares outstanding

530M 0
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