Puget Energy Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Puget Energy Inc (PSD) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Puget Energy Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 5,855M vs 114M combined for its competitors (98.1% combined share).
- Trending: Latest-quarter revenue run-rate is decelerating (-10.3% annualized vs trailing 12 months), vs accelerating (+4.6%) for its tracked peer group.
- Growth: Puget Energy Inc generated 17.2% revenue growth year over year in Q2 2026, vs 3.7% for its competitors combined.
- Profitability: Its 3.8% net margin compares with 19.6% for the peer group.
- Peer revenue share: Puget Energy Inc accounted for 97.8% of combined revenue among its tracked peer group, up from 97.5% a year earlier.
- Peer differentiation: Revenue per employee of $1.72M compares with $0.35M for the peer group (4.9x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
PSD Sales vs. its Competitors, Q2 2026
Puget Energy Inc reported revenue growth of 17.17 % year on year in Q2 2026, above its competitors' combined revenue growth of 3.71 %.
With a net margin of 3.79 %, Puget Energy Inc reported lower profitability than its competitors (19.55 %).
Puget Energy Inc generated 97.79 % of the combined sales of its peer group, up from 97.51 % a year earlier.
API endpoints for this dataset
Puget Energy Inc vs. its Competitors, Q2 2026
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in Puget Energy Inc reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Puget Energy Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Puget Energy Inc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (6) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Puget Energy Inc's competitor groups requires a Commercial License.
For context: the Electric Utilities industry grew revenue 1,586.2% year over year, combined, vs 17.2% for Puget Energy Inc. Puget Energy Inc's share of combined industry revenue moved from 0.37% to 0.03%, a loss of 0.34 percentage points.
Puget Energy Inc's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Puget Energy Inc | Yes | Yes | Yes | No |
| Competitors combined (1) | ||||
| Similar Growth & Profitability (8) | 100.00 % (8 of 8) | 100.00 % (8 of 8) | 100.00 % (8 of 8) | 0.00 % (0 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
PSD Stock Performance relative to its Competitors
PSD Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Meridian Corp | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Puget Energy Inc's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Publicly Traded Peers of Puget Energy Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Puget Energy Inc |
- | 5,854.93 |
 Meridian Corp |
199.11 | 113.63 |
| SUBTOTAL | 199.11 | 5,968.55 |
Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Puget Energy Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Puget Energy Inc's Competitors Named by the Company
Competitive relationships identified from Puget Energy Inc reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Meridian Corp | Company report | 85% |
Company report basis, confidence, active dates and source counts for Puget Energy Inc's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Puget Energy Inc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Puget Energy Inc | - | 1,715,981 | 126,075 |
| Meridian Corp | 199 | 347,480 | 66,232 |
| PEERS TOTAL | 199 | 347,480 | 66,232 |
Puget Energy Inc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Electric Utilities industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (104 companies). See the full Electric Utilities industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 55.69 % | 42.57 % (avg) | +13.1 pp |
| Operating Margin | 14.77 % | industry median | +14.5 pp |
| EBITDA Margin | 29.39 % | 27.18 % (avg) | +2.2 pp |
| Capital Intensity (Capex / Revenue) | 0.00 % | 32.49 % (avg) | -32.5 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Puget Energy Inc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | -2.96 % | 1.29 % | 8.16 % | 3.20 % | 10.92 % | 14.11 % | 0.82 % | 11.53 % |
| Operating Margin | 16.05 % | 15.26 % | 19.58 % | 15.18 % | 18.42 % | 6.87 % | 12.50 % | 13.95 % |
| Return on Invested Capital | 3.07 % | 2.86 % | 4.01 % | 3.00 % | 3.84 % | 1.61 % | 2.91 % | 3.25 % |
| P/E | - | - | - | - | - | - | - | - |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Puget Energy Inc's Strategic Group Map
Puget Energy Inc is shown in red; its closest peers by combined growth, margin and ROIC are labeled. See Methodology: Strategic Group Map for how this chart is built.
Puget Energy Inc's trailing-12-month revenue growth of 16.4% and operating margin of 14.8% compares with an average of 15.5% growth and 15.5% margin across its 8 closest peers by combined growth, margin and ROIC -- Puget Energy Inc sits above that peer average on growth and below it on margin.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Puget Energy Inc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 0.00 % vs industry average 32.49 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Puget Energy Inc's dedicated Suppliers and Customers pages, not here.
Puget Energy Inc's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Puget Energy Inc falls in the High attractiveness / High strength cell: Invest / Grow.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Puget Energy Inc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Operating margin 14.5 points above the industry median.
Weaknesses
- Latest-quarter revenue run-rate is decelerating (-10.3% annualized vs trailing 12 months).
Opportunities
No rule matched.
Threats
No rule matched.
Methodology: see Methodology: SWOT Analysis.
Puget Energy Inc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Puget Energy Inc | 0.29 | 1.07 | 2.07 |
| Meridian Corp | 0.00 | 1.52 | 0.39 |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Puget Energy Inc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Puget Energy Inc | Q2 2026 | +17.2 % | +12.5 % |
| Meridian Corp | Q2 2026 | +3.7 % | +3.8 % |
| PEERS TOTAL | +16.8 % | +11.5 % |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Puget Energy Inc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Puget Energy Inc | Q2 2026 | +139.1 % | - |
| Meridian Corp | Q2 2026 | -22.0 % | -25.7 % |
Puget Energy Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Puget Energy Inc | 2.04% | 2.23% | 7.44% |
| Meridian Corp | 0.84% | 2.35% | 10.93% |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Puget Energy Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Puget Energy Inc | - | - |
| Meridian Corp | 8.84 | 1.75 |
| PEERS AVERAGE | 0.44 | 0.03 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.