Sempra
- Open
- 83.75
- Day high
- 84.45
- Day low
- 82.56
- Prev close
- 84.26
- Volume
- 6.5M
- Mkt cap
- $54.8B
- P/E (TTM)
- 24.1
- EPS (TTM)
- $3.47
- P/B
- 1.7
- P/S
- 4.0
- Yield
- 1.57%
- Per share
- $1.31
- ▼Insiders net selling -$724K over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions accumulating (13F)
Sempra (SRE) is a Utilities company listed on NYSE. The stock is up 2% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4). Drillr has 2 published research articles covering SRE.
Sempra (SRE) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 8 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SRE earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $1.01 | $1.16 | +14.9% | $3.0B | -4.5% |
| May 7, 2026 | $1.51 | $1.51 | +0.0% | $3.7B | -10.9% |
| Nov 5, 2025 | $0.91 | $1.11 | +21.8% | $3.2B | +8.5% |
| Aug 7, 2025 | $0.85 | $0.89 | +5.2% | $3.0B | -3.1% |
| May 8, 2025 | $1.32 | $1.44 | +9.1% | $3.8B | -2.9% |
| Feb 25, 2025 | $1.47 | $1.50 | +2.0% | $3.8B | -13.8% |
| Feb 27, 2024 | $1.12 | $1.13 | +0.7% | $3.5B | -12.9% |
| Nov 3, 2023 | $1.01 | $1.08 | +6.9% | $3.3B | -16.9% |
| Aug 3, 2023 | $0.86 | $0.94 | +8.7% | $3.3B | -7.1% |
| May 4, 2023 | $1.38 | $1.46 | +5.5% | $6.6B | +65.5% |
| Feb 28, 2023 | $1.03 | $1.18 | +14.2% | $3.5B | -9.8% |
| Nov 3, 2022 | $0.90 | $0.99 | +9.9% | $3.6B | +7.1% |
SRE insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | YARDLEY JAMES Cdirector | Grant | 137 | — |
| Jul 2, 2026 | Sagara Kevin C.director | Grant | 137 | — |
| Jul 2, 2026 | MARK RICHARD Jdirector | Grant | 137 | — |
| Jul 2, 2026 | MEARS MICHAEL Ndirector | Grant | 137 | — |
| Jul 2, 2026 | CONESA ANDRESdirector | Grant | 137 | — |
| Jul 2, 2026 | WARNER CYNTHIA Jdirector | Grant | 317 | — |
| Jul 2, 2026 | Taylor Jack Tdirector | Grant | 137 | — |
| Jul 2, 2026 | Weaving Anyadirector | Grant | 137 | — |
| Jun 17, 2026 | Winn Caroline Annofficer: Executive Vice President | Sell | 100 | $89.85 |
| Jun 17, 2026 | Winn Caroline Annofficer: Executive Vice President | Sell | 7,900 | $90.56 |
| May 19, 2026 | Ferrero Pablodirector | Sell | 2,600 | $89.53 |
| May 14, 2026 | DAY DIANA Lofficer: Chief Legal Counsel | Sell | 3,300 | $92.13 |
| May 13, 2026 | Taylor Jack Tdirector | Grant | 1,499 | — |
| May 13, 2026 | MEARS MICHAEL Ndirector | Grant | 1,499 | — |
| May 13, 2026 | CONESA ANDRESdirector | Tax | 576 | $93.41 |
Source: SRE SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full SRE insider & 13F page →SRE research & analysis
[SRE] Sempra Thesis 2026: Texas Oncor Data Center Growth + LNG Infrastructure Buildout + California Regulatory Navigation Anchor Three-Pillar Compounding
Sempra FY2025 revenue ~$13.5-14B (+1-3%) with adj. EPS ~$4.85-5.00 reflecting continued Texas Oncor data center load growth + Sempra Infrastructure (LNG export) capacity additions + California regulated growth partially offset by selected California regulatory challenges. California + Texas utility holding company + LNG export developer with diversified business model. 3 segments: Sempra California ~$8B (~58% — SDG&E electric+gas + SoCalGas largest US gas distribution utility; combined ~$37B rate base + ~25M customers), Sempra Texas ~$3B (~22% — Oncor 80% Sempra ownership in Texas largest electric utility serving ~13M Texans + ~$30B rate base; reported as equity earnings consolidation), Sempra Infrastructure ~$2-3B (~20% — Cameron LNG ~12M tonnes/yr operational since 2019 + Energía Costa Azul Phase 1 commissioning 2025-2026 + Port Arthur LNG Phase 1 ~13M tonnes/yr under construction commissioning H2 2025-H1 2026 + selected Mexican operations). CEO Jeff Martin since May 2018 (succeeded Debra Reed-Klages). Martin's tenure executed transformational strategic refocus: Oncor majority acquisition 2018 ($9.45B), Sempra Renewables divestiture, Cameron LNG operational 2019, Sempra Infrastructure strategic sale 30% to KKR + ADIA 2022 valuing Sempra Infrastructure at ~$25B+, 2023 rebrand. Capital return: dividend $2.58-2.62/share (22 consecutive year increases — S&P 500 Dividend Aristocrat) + minimal buybacks; net debt $40B; Baa1/BBB+ investment grade. FY2026 thesis: Texas Oncor data center growth + LNG buildout + California navigation + dividend continuity. Risks: California regulatory environment shifts (wildfire + gas decarbonization), LNG project execution, data center load forecasting.
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Sempra company profile
Overview
Sempra (NYSE:SRE) is a major North American energy infrastructure company that operates regulated utilities and energy infrastructure assets across the United States and internationally. Founded in 1998 through the merger of San Diego Gas & Electric and Southern California Gas Company, Sempra has evolved into one of the largest utility holding companies in the United States. The company is headquartered in San Diego, California, and serves approximately 40 million consumers across its utility operations. Sempra changed its name from Sempra Energy to simply Sempra in July 2021, reflecting its strategic focus on becoming a premier North American energy infrastructure company.
Business
Sempra operates as a diversified energy infrastructure company with three primary business segments that collectively serve millions of customers across vast geographic territories. Sempra California represents the company's California utility operations, comprising two major regulated utilities. San Diego Gas & Electric (SDG&E) provides both electric and natural gas services to approximately 3.6 million people for electricity and 3.3 million for natural gas across 4,100 square miles in Southern California. Southern California Gas Company (SoCalGas) operates one of the largest natural gas distribution systems in the United States, serving approximately 22 million people across 24,000 square miles. These utilities are regulated monopolies that provide essential energy services to residential, commercial, and industrial customers. This segment typically generates around 30-35% of Sempra's total earnings. Sempra Texas consists primarily of Sempra's ownership stake in Oncor Electric Delivery Company, Texas's largest regulated electric transmission and distribution utility. Oncor serves 3.8 million homes and businesses across Texas, operating 140,000 miles of transmission and distribution lines, including 18,249 circuit miles of transmission lines and 1,174 substations. The system interconnects with 130 third-party generation facilities totaling 45,403 megawatts of capacity. Texas's deregulated electricity market means Oncor focuses solely on the "wires" business - delivering electricity from generators to retail providers - rather than generating or selling electricity directly to consumers. This segment has become increasingly important, representing approximately 40-45% of total earnings. Sempra Infrastructure encompasses the company's energy infrastructure development and operation activities, including liquefied natural gas (LNG) facilities, natural gas pipelines, and renewable energy projects. Key assets include ownership interests in Cameron LNG in Louisiana, development of Port Arthur LNG in Texas, and the ECA LNG project in Mexico. The segment also includes natural gas storage and transportation assets. This segment typically contributes 20-25% of total earnings but represents significant growth potential for the company.
Revenue model
Sempra generates revenue through multiple regulated and infrastructure-based business models that provide relatively stable and predictable cash flows. The regulated utility segments (Sempra California and Sempra Texas) operate under traditional utility rate-making frameworks where regulators set rates that allow utilities to recover their costs plus earn a reasonable return on invested capital. These utilities make money by investing capital in infrastructure improvements and maintenance, then earning a regulated return (typically 9-11%) on that invested capital base. Revenue comes from monthly customer bills for electricity and natural gas delivery services. Rate increases are typically granted every few years through formal regulatory proceedings called General Rate Cases (GRCs), where utilities demonstrate their capital investment needs and operating costs. The Sempra Infrastructure segment generates revenue through several mechanisms. LNG facilities earn revenue through long-term contracts (typically 15-20 years) with international buyers, charging fees for liquefying natural gas and loading it onto ships for export. Natural gas pipeline and storage assets earn revenue through capacity reservation fees and transportation charges. These infrastructure assets often have take-or-pay contracts, meaning customers pay even if they don't use the full capacity, providing stable cash flows. Several factors can significantly impact Sempra's profitability and margins. Positive factors include growing electricity demand from data centers, artificial intelligence computing, and Texas population growth, which drives higher capital investment opportunities and rate base growth. The energy transition toward renewable sources creates additional infrastructure investment needs. Rising interest rates can benefit utilities by increasing the allowed return on equity in rate cases. Negative factors include regulatory delays or adverse decisions in rate cases, which can defer cost recovery or reduce allowed returns. Higher construction costs due to inflation, supply chain disruptions, or labor shortages can squeeze margins if not fully recoverable through rates. Commodity price volatility affects the infrastructure segment, particularly LNG projects. Political and regulatory changes regarding environmental policies, permitting processes, or utility regulations can impact long-term growth prospects and profitability.
Competitive moat
Sempra possesses a strong economic moat primarily derived from its regulated utility operations, which benefit from natural monopoly characteristics and regulatory protection. The company's transmission and distribution networks represent massive capital investments that would be economically impractical for competitors to duplicate. These utilities hold exclusive franchises to serve specific geographic territories, backed by regulatory frameworks that provide stable, predictable returns on invested capital. The moat is particularly strong in high-growth markets. Sempra Texas (Oncor) operates in Texas, which is experiencing rapid population growth, industrial expansion, and massive data center development. The state's deregulated electricity market actually strengthens Oncor's position by making it the sole provider of transmission and distribution services regardless of which retail provider customers choose. Similarly, Sempra California operates in economically vibrant regions with high barriers to entry due to dense urban development and stringent environmental regulations. The infrastructure segment provides additional moat characteristics through long-term contracts and strategic asset locations. LNG export facilities require massive capital investments, specialized expertise, and prime coastal locations with pipeline access. Once built, these facilities benefit from long-term take-or-pay contracts that provide stable cash flows for decades. However, the moat faces some challenges. Regulatory risk remains significant, as adverse regulatory decisions can materially impact returns and growth prospects. California's increasingly complex regulatory environment and political pressures around utility costs pose ongoing challenges. The infrastructure segment faces competition from other LNG developers and potential changes in global energy markets. Additionally, the energy transition toward renewables and distributed generation could eventually challenge traditional utility business models, though this transformation also creates new investment opportunities for well-positioned utilities like Sempra.
Risks & safety
Sempra demonstrates a moderate margin of safety with solid financial fundamentals but elevated capital intensity typical of infrastructure companies. **Liquidity and Solvency:** - Cash and short-term investments of $1.7 billion provide adequate liquidity buffer - Debt-to-equity ratio of 1.19 is reasonable for a utility but indicates moderate leverage - Current ratio of 0.57 is low but typical for utilities given their stable cash flows and access to capital markets - Negative free cash flow of -$854 million reflects heavy capital investment phase but is supported by strong operating cash flow of $1.5 billion **Valuation Metrics:** - P/E ratio of 12.7 suggests reasonable valuation relative to utility peers - EV/EBITDA of 12.0 is moderate for a growing utility company - Price-to-book ratio of 1.47 indicates trading near tangible book value - Graham number of 39.2 suggests potential undervaluation from a value investing perspective **Other Considerations:** - Strong regulated utility cash flows provide stability and predictability - Significant capital investment requirements ($13 billion planned for 2025) create funding needs - Exposure to regulatory decisions in California and Texas creates some uncertainty - Long-term contracts in infrastructure segment provide cash flow visibility
Recent development
Sempra has undergone significant strategic transformation over the past few years, focusing on becoming a premier North American energy infrastructure company while divesting non-core international assets. The company has dramatically increased its capital investment plans, growing from a $48 billion five-year plan in 2023 to a record $56 billion plan through 2029, representing a 50% increase. This massive capital deployment is primarily focused on regulated transmission and distribution infrastructure to support growing electricity demand. The most significant development has been the explosive growth opportunity in Texas, where Sempra's Oncor subsidiary is positioned to benefit from unprecedented demand growth. The company reports 137 gigawatts of commercial and industrial load seeking transmission interconnection, with 82 gigawatts related to data centers driven by artificial intelligence and cloud computing expansion. This has led to a new $36 billion five-year capital plan for Oncor alone, representing a 50% increase from the previous plan. In the LNG infrastructure segment, Sempra has made substantial progress advancing multiple projects. The company achieved final investment decision (FID) on Port Arthur LNG Phase 1, continued construction of ECA LNG Phase 1 (though delayed to spring 2026), and is advancing Port Arthur LNG Phase 2 development. The company has also been working on Cameron LNG expansion projects, positioning itself to benefit from strong global LNG demand. Strategic portfolio optimization has been another key focus area. Sempra announced plans to sell a minority interest (15-30%) in Sempra Infrastructure Partners to unlock value and highlight what management believes are undervalued assets. The company is also divesting Ecogas, a natural gas distribution utility in Mexico, as part of its focus on North American markets. Additionally, Sempra launched a "Fit For 2025" cost reduction campaign to improve operational efficiency. The company has also been strengthening its financial position through various initiatives, including establishing a $3 billion at-the-market equity program to support its capital investment plans and maintaining strong credit ratings to access capital markets efficiently.
SRE company profile · for informational purposes only — not investment advice.
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