debt_leverage_profile
Debt-to-EBITDA ~5.5x; 20bp rate rise adds ~$80-100M annual interest expense given ~$40B+ long-term debt load
Inferred
Agent_Inference
interest_rate_sensitivity
High sensitivity; ~70% fixed-rate debt limits near-term exposure but refinancing risk significant as ~$3-5B matures within 3 years
Inferred
Agent_Inference
geopolitical_supply_exposure
High intensity; European gas dependency on Russia exposed structural energy security vulnerabilities.
Medium
GICS-commodity-overlay-v1
supply_chain_dependency
Strait of Hormuz (LNG feedgas supply for IEnova Mexico) and U.S.-Mexico border infrastructure corridors for pipeline capacity
Inferred
Agent_Inference
international_expansion_readiness
Primary exposure: Mexican peso (IEnova ~15% of revenue); peso devaluation risk partially hedged via USD-denominated contracts
Inferred
Agent_Inference
geographic_footprint
Operations in U.S. (California, Texas) and Mexico; ~85% U.S. revenue, ~15% Mexico; Chile/Peru assets largely divested post-2020
Inferred
Agent_Inference
commodity_exposure_profile
High intensity; commodities: Natural Gas, Coal, Uranium, Crude Oil, Copper (grid), Lithium (storage); geopolitical: European gas dependency on Russia exposed structural energy security vulnerabilities.
Medium
GICS-commodity-overlay-v1
vendor_lock_dependency_score
No single vendor exceeds 30% of input costs; gas procurement diversified, but SoCalGas grid infrastructure creates captive dependency
Inferred
Agent_Inference
business_model_type_primary
Cloud infrastructure termination risk is negligible; Sempra operates on proprietary OT/SCADA systems, not hyperscaler-dependent platforms
Inferred
Agent_Inference
business_model_type_secondary
Regulated utility and midstream energy infrastructure; physical asset-based model with minimal hyperscaler cloud dependency
Inferred
Agent_Inference
switching_cost_profile
Minimal API coupling risk; operations rely on industrial SCADA/EMS systems, not third-party API ecosystems
Inferred
Agent_Inference
howey_test_risk_index
Very low Howey Test risk; revenue from regulated utility tariffs and energy sales, not investment contracts or profit-sharing schemes
Inferred
Agent_Inference
regulatory_burden_tier
Very High
Medium
GICS-regulatory-overlay-v1
data_sovereignty_risk
Moderate CCPA exposure via SoCalGas/SDG&E customer data (~20M+ accounts); GDPR minimal given limited EU operations
Inferred
Agent_Inference
antitrust_exposure_flag
Moderate; SoCalGas holds near-monopoly on Southern California gas distribution; CPUC oversight limits but doesn't eliminate scrutiny
Inferred
Agent_Inference
regulatory_exposure_profile
Very High burden; regimes: FERC, NERC, EPA, NRC, State PUCs, DOE; Rate-case lag and clean-energy mandates compress returns on regulated asset base.
Medium
GICS-regulatory-overlay-v1
revenue_model_type
~80-85% recurring via regulated rate-base tariffs and long-term take-or-pay contracts; ~15-20% transactional/commodity-linked
Inferred
Agent_Inference
monetization_vector
Regulated tariff collections, long-term LNG offtake agreements, and interruptible gas transport fees
Inferred
Agent_Inference
pricing_architecture
Rate-base regulated pricing set by CPUC/FERC; limited discretionary pricing power but near-guaranteed cost recovery with allowed ROE ~9-10%
Inferred
Agent_Inference
pricing_power_rating
Moderate-high for regulated segments; pricing constrained by regulators but inflation pass-through mechanisms provide real protection
Inferred
Agent_Inference
target_gross_margin_bracket
Utility gross margin ~35-45%; midstream/LNG infrastructure margins ~40-55%; blended company gross margin ~38-42%
Inferred
Agent_Inference
churn_vulnerability_index
No free-rider problem; captive ratepayers in regulated territories with no practical alternative service provider
Inferred
Agent_Inference
headcount_cost_structure
Sublinear growth model; infrastructure-heavy utility scales revenue via rate base additions without proportional headcount growth
Inferred
Agent_Inference
marginal_cost_of_growth
Capital-intensive but operationally leveraged; incremental revenue from LNG/pipeline expansions requires capex not proportional headcount
Inferred
Agent_Inference
franchise_compliance_risk
Not applicable; Sempra operates under regulatory franchises, not franchise business networks with independent operators
Inferred
Agent_Inference
customer_acquisition_metric
At 10x scale, regulated monopoly structure limits customer acquisition relevance; growth via rate base expansion, not customer count
Inferred
Agent_Inference
network_effect_present
Weak network effects; utility infrastructure has geographic monopoly advantages but no traditional demand-side network scaling
Inferred
Agent_Inference
asset_efficiency_ratio
1.6% Return on Assets (Excellent)
High
SEC-XBRL
recession_resistance_tier
Tier 1 recession-resistant; essential natural gas and electricity services with inelastic demand and regulated revenue recovery
Inferred
Agent_Inference
customer_segment_primary
Residential and commercial ratepayers in SoCalGas/SDG&E territories (~21M end-users)
Inferred
Agent_Inference
customer_segment_secondary
Industrial and LNG offtake counterparties (e.g., Port Arthur LNG long-term contracts with global energy majors)
Inferred
Agent_Inference
characteristic_occupations
["11-0000 Management Occupations", "13-0000 Business and Financial Operations Occupations", "15-0000 Computer and Mathematical Occupations", "17-0000 Architecture and Engineering Occupations", "23-0000 Legal Occupations", "41-0000 Sales and Related Occupations", "43-0000 Office and Administrative Support Occupations", "47-0000 Construction and Extraction Occupations", "49-0000 Installation, Maintenance, and Repair Occupations"]
High
SOC-2018/GICS-overlay
agent_automatable_labor_share
0.34 (HIL — ~34% of characteristic roles agent-automatable)
Medium
SOC-2018 + agentic-exposure-v1
capital_expenditure_profile
Active reallocation toward future-state LNG export (Port Arthur ~$10B+) and grid modernization; legacy gas distribution still absorbs ~40% capex
Inferred
Agent_Inference
sec_cik
0001032208
High
SEC-EDGAR
ticker
SRE
High
SEC-EDGAR