That's "fair" but you probably have SOME v drop
Put one meter probe on battery POS post, and the other on the blue alternator field wire. Turn the; key to "run" with engine off. Read the voltage, and you are hoping for LESS than .3V (three tenths of one volt) Any more means you have drop in the ignition harness. This voltage ADDS to the regulator set point. 1/2 volt, example, will take a properly operating voltage regulator at 13.8--14.2 and add 1/2 volt for 14.7.
I should have mentioned, also, to check charging voltage WARM if you did not. The regulator is someone temp. sensitive.
Next make sure of your regulator GROUND, which works the same way as harness drop, IE voltage drop across the ground path ALSO adds to the regulator voltage.
To do that, start the engine, run at a simulated "low cruise" RPM, and make the following check with all loads OFF, and then with heater blower, lights, etc, ON.
Put one probe of your meter on battery NEG post, and the other stab right into the regulator flange.
Once again, you are hoping for NOT MORE than .2V, and zero would be perfect