A Business at a Glance
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EXELON CORP
EXC
$48.2B
Mkt Cap
$47.53
+0.53%
EXELON CORP (EXC) has a current P/E ratio of 17.4, compared to its historical median P/E of 15.3. The stock is currently considered Fair based on its historical valuation range.
EXELON CORP (EXC) has a 5-year average return on invested capital (ROIC) of 5.7%. This is below average and may indicate limited pricing power.
EXELON CORP (EXC) has a market capitalization of $48.6B. It is classified as a large-cap stock.
Yes, EXELON CORP (EXC) pays a dividend with a trailing twelve-month yield of 3.38%.
Based on historical P/E analysis, EXELON CORP (EXC) appears fair. The current P/E of 17.4 is 13% above its historical median of 15.3. The estimated fair value CAGR (P/E method) is 5.2%.
EXELON CORP (EXC) operates in the Electric & Other Services Combined industry, within the Utilities sector.
EXELON CORP (EXC) reported annual revenue of $24.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
Exelon is a utility services holding company that owns and operates regulated electric and natural gas distribution utilities serving major metropolitan areas across the northeastern and mid-Atlantic United States, including Chicago, Philadelphia, Baltimore, Washington D.C., Wilmington, and Atlantic City. The company's six primary utility subsidiaries—ComEd, PECO, BGE, Pepco, DPL, and ACE—provide transmission and distribution services to approximately 10 million electric customers and 1.4 million natural gas customers across their respective service territories. Exelon's business model is based on recovering reasonable and prudent capital expenditures and operating costs through regulated rates approved by state utility commissions, earning a return on invested capital; the company does not generate electricity but procures it through state-directed competitive processes and PJM markets, while natural gas is sourced from multiple suppliers with long-term transportation contracts and storage capacity. The utilities operate under decoupling mechanisms in most jurisdictions that insulate distribution revenues from weather and usage fluctuations, and they retain default service obligations to supply electricity and natural gas to customers who do not choose competitive suppliers, acting as billing agents for those who do. Exelon's competitive advantages include its multi-state footprint, operational expertise in owning and operating high-voltage transmission infrastructure, industry-leading reliability performance, and scale in managing capital-intensive distribution and transmission networks across densely populated regions with strong economic fundamentals.
【Transmission-led growth acceleration】 Management expects transmission rate base to grow at approximately 16% through 2029, driven by significant infrastructure modernization needs, new large-load interconnections, and reliability investments identified in PJM's open windows and inter-RTO opportunities. The company is pursuing disciplined cost management, targeting no more than 2% adjusted operating and maintenance growth through 2029 and identifying an additional $350 million in savings in 2027 through technology transformation and operational efficiency initiatives. Exelon anticipates deploying approximately $10 billion of capital annually, earning a consolidated 9%–10% return on equity, and maintaining strong credit metrics targeting approximately 14% leverage while funding its capital plan through a balanced strategy of internally generated cash flow, utility debt, and modest equity issuance. The company remains focused on customer affordability and energy security, working closely with regulators and policymakers to ensure grid investments support reliable and cost-effective service while advancing state clean energy and economic development priorities.
| Metric | Target | Period |
|---|---|---|
| Transmission rate base growth | 16% | Through 2029 |
| Capital deployment | Approximately $10 billion | FY2026 |
| Consolidated return on equity | 9%–10% | FY2026 |
| Long-term operating earnings growth | Near the top end of 5%–7% | 2025–2029 |
| Transmission opportunities | $12 billion–$17 billion | Over the next decade |
Transmission rate base growth (Through 2029): “We now anticipate transmission rate base growing at 16% through 2029”
Capital deployment (FY2026): “In 2026, we expect to deploy approximately $10 billion of capital for the benefit of our customers”
Consolidated return on equity (FY2026): “earn a consolidated 9%-10% ROE”
Long-term operating earnings growth (2025–2029): “our long-term operating earnings growth outlook from 2025-2029 near the top end of the 5%-7% range”
Transmission opportunities (Over the next decade): “we now have line of sight to an additional $12 billion-$17 billion of transmission opportunities over the next decade”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Electricity, US Regulated | $16.25B | $16.90B | $19.27B | $21.34B | $22.66B | 39% |
Operating Segments | $16.39B | $17.08B | $19.92B | $21.22B | $21.96B | 38% |
Residential | $3.23B | $3.30B | $3.56B | $3.81B | $4.20B | 7% |
Natural Gas, US Regulated | $1.52B | $2.02B | $1.76B | $1.78B | $2.35B | 4% |
Small Commercial & Industrial | $1.57B | $1.17B | $1.86B | $2.26B | $2.07B | 4% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 24.8B | 24.3B | 23.0B | 21.7B | 19.1B | 17.9B |
| Net Income | 2.8B | 2.8B | 2.5B | 2.3B | 2.2B | 1.7B |
| EPS | $2.73 | $2.73 | $2.45 | $2.34 | $2.08 | $1.74 |
| Free Cash Flow | -2.2B | -2.3B | -1.5B | -2.7B | -2.3B | -5.0B |
| ROIC | 5.5% | 7.8% | 7.6% | 5.2% | 4.3% | 3.8% |
| Gross Margin | - | 34.8% | 32.4% | 33.1% | 30.2% | 26.3% |
| Debt/Equity | 1.73 | 1.80 | 1.78 | 1.76 | 1.60 | 0.99 |
| Dividends/Share | $1.61 | $1.60 | $1.52 | $1.44 | $1.35 | $1.53 |
| Operating Income | 5.2B | 5.1B | 4.3B | 4.0B | 3.3B | 2.7B |
| Operating Margin | 21.0% | 21.2% | 18.8% | 18.5% | 17.4% | 15.0% |
| ROE | 9.5% | 9.9% | 9.3% | 9.2% | 7.3% | 5.1% |
| Shares Outstanding | 1,023M | 1,014M | 1,004M | 995M | 1,043M | 980M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 27.4B | 29.4B | 31.4B | 33.6B | 36.0B | 34.4B | 16.7B | 17.9B | 19.1B | 21.7B | 23.0B | 24.3B | 24.8B |
| Gross Margin | 20.9% | 26.6% | 27.7% | 27.2% | 22.5% | 28.5% | 33.6% | 26.3% | 30.2% | 33.1% | 32.4% | 34.8% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | 25.3B | 27.7B | 25.8B | 11.6B | 12.2B | 12.4B | 14.2B | 15.1B | 15.5B | 15.5B |
| EBIT | 3.1B | 4.4B | 3.2B | 4.4B | 3.9B | 4.4B | 2.2B | 2.7B | 3.3B | 4.0B | 4.3B | 5.1B | 5.2B |
| Op. Margin | 11.3% | 15.0% | 10.2% | 13.1% | 10.8% | 12.7% | 13.1% | 15.0% | 17.4% | 18.5% | 18.8% | 21.2% | 21.0% |
| Net Income | 1.6B | 2.3B | 1.1B | 3.8B | 2.0B | 2.9B | 2.0B | 1.7B | 2.2B | 2.3B | 2.5B | 2.8B | 2.8B |
| Net Margin | 5.9% | 7.7% | 3.6% | 11.3% | 5.6% | 8.5% | 11.8% | 9.5% | 11.4% | 10.7% | 10.7% | 11.4% | 11.2% |
| Non-Recurring | 874M | 40M | 51M | 38M | 35M | 201M | 696M | 609M | 48M | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 5.5% | 6.9% | 3.8% | 7.0% | 5.7% | 5.6% | 3.4% | 3.8% | 4.3% | 5.2% | 7.6% | 7.8% | 5.5% |
| ROE | 7.2% | 9.4% | 4.3% | 13.6% | 6.6% | 9.3% | 6.1% | 5.1% | 7.3% | 9.2% | 9.3% | 9.9% | 9.5% |
| ROA | 2.0% | 2.5% | 1.1% | 3.3% | 1.7% | 2.4% | 1.5% | 1.3% | 1.9% | 2.4% | 2.3% | 2.5% | 2.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 4.5B | 7.6B | 8.5B | 7.5B | 8.6B | 6.7B | 4.2B | 3.0B | 4.9B | 4.7B | 5.6B | 6.3B | 6.8B |
| Free Cash Flow | -1.6B | -8.0M | -92M | -104M | 1.1B | -589M | -3.8B | -5.0B | -2.3B | -2.7B | -1.5B | -2.3B | -2.2B |
| Owner Earnings | 2.1B | 5.1B | 4.4B | 3.6B | 4.2B | 2.4B | 1.3B | -158M | 1.5B | 1.9B | 2.7B | 3.2B | -15.0B |
| CapEx | 6.1B | 7.6B | 8.6B | 7.6B | 7.6B | 7.2B | 8.0B | 8.0B | 7.1B | 7.4B | 7.1B | 8.5B | 8.9B |
| Maint. CapEx | 2.3B | 2.5B | 3.9B | 3.8B | 4.4B | 4.3B | 2.9B | 3.0B | 3.3B | 2.8B | 2.9B | 3.0B | 21.8B |
| Growth CapEx | 3.8B | 5.2B | 4.6B | 3.8B | 3.2B | 3.0B | 5.2B | 4.9B | 3.8B | 4.6B | 4.2B | 5.5B | 0 |
| D&A | 2.3B | 2.5B | 3.9B | 3.8B | 4.4B | 4.3B | 2.9B | 3.0B | 3.3B | 2.8B | 2.9B | 3.0B | 21.8B |
| CapEx/OCF | 136.3% | 100.1% | 101.3% | 101.4% | 87.9% | 108.8% | 190.0% | 265.0% | 146.8% | 157.5% | 127.4% | 136.4% | 131.9% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 1.1B | 1.1B | 1.2B | 1.2B | 1.3B | 1.4B | 1.5B | 1.5B | 1.3B | 1.4B | 1.5B | 1.6B | 1.6B |
| Dividend Yield | 7.8% | 7.8% | 7.3% | 6.6% | 6.0% | 5.4% | 6.5% | 5.4% | 3.4% | 3.9% | 4.3% | 3.7% | 3.4% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 91M | 97M | 111M | 88M | 75M | 10M | 56M | 137M | 42M | 659K | 464K | 323K | 362K |
| Debt Repayment | 1.5B | 2.7B | 1.9B | 2.5B | 1.8B | 1.3B | 6.4B | 1.6B | 2.1B | 1.7B | 1.6B | 1.3B | 1.3B |
| Balance Sheet | |||||||||||||
| Net Debt | 19.6B | 19.2B | 34.6B | 34.3B | 34.8B | 27.4B | 38.5B | 33.5B | 39.3B | 44.8B | 47.6B | 51.1B | 50.1B |
| Cash & Equiv. | 1.9B | 6.5B | 635M | 898M | 1.3B | 587M | 432M | 672M | 407M | 445M | 357M | 626M | 713M |
| Long-Term Debt | 19.2B | 23.6B | 31.6B | 32.2B | 34.1B | 31.3B | 35.1B | 30.7B | 35.3B | 41.3B | 44.7B | 49.4B | 47.9B |
| Debt/Equity | 0.95 | 1.00 | 1.37 | 1.18 | 1.18 | 0.87 | 1.20 | 0.99 | 1.60 | 1.76 | 1.78 | 1.80 | 1.73 |
| Interest Coverage | 3.0 | 4.4 | 2.1 | 2.9 | 2.5 | 2.7 | 1.4 | 2.1 | 2.3 | 2.4 | 2.3 | 2.4 | 2.4 |
| Equity | 22.6B | 25.8B | 25.8B | 29.9B | 30.7B | 32.2B | 32.6B | 34.4B | 24.7B | 25.8B | 26.9B | 28.8B | 29.3B |
| Total Assets | 86.4B | 95.4B | 114.9B | 116.8B | 119.6B | 125.0B | 129.3B | 133.0B | 95.3B | 101.9B | 107.8B | 116.6B | 117.5B |
| Total Liabilities | 62.3B | 68.1B | 87.3B | 84.6B | 86.6B | 90.4B | 94.4B | 98.2B | 70.6B | 76.1B | 80.9B | 87.8B | 88.2B |
| Intangibles | 738M | 755M | -258M | -27M | 118M | 174M | 172M | -207M | -25M | N/A | N/A | N/A | N/A |
| Retained Earnings | 10.9B | 12.1B | 12.0B | 14.1B | 14.7B | 16.3B | 16.7B | 16.9B | 4.6B | 5.5B | 6.4B | 7.6B | 8.1B |
| Working Capital | 3.1B | 6.2B | -1.0B | 1.1B | 1.9B | -2.1B | -209M | -2.2B | -3.3B | -1.8B | -1.2B | -785M | -586M |
| Current Assets | 11.9B | 15.3B | 12.4B | 11.9B | 13.3B | 12.0B | 12.6B | 14.0B | 7.3B | 8.1B | 8.4B | 9.5B | 9.0B |
| Current Liabilities | 8.8B | 9.1B | 13.5B | 10.8B | 11.4B | 14.2B | 12.8B | 16.1B | 10.6B | 9.9B | 9.6B | 10.3B | 9.6B |
| Per Share Data | |||||||||||||
| EPS | 1.88 | 2.54 | 1.21 | 3.98 | 2.07 | 3.01 | 2.01 | 1.74 | 2.08 | 2.34 | 2.45 | 2.73 | 2.73 |
| Owner EPS | 2.38 | 5.67 | 4.76 | 3.75 | 4.35 | 2.46 | 1.32 | -0.16 | 1.44 | 1.93 | 2.65 | 3.16 | -14.70 |
| Book Value | 26.19 | 28.87 | 27.89 | 31.49 | 31.74 | 33.04 | 33.37 | 35.08 | 23.72 | 25.89 | 26.81 | 28.40 | 28.66 |
| Cash Flow/Share | 5.16 | 8.53 | 9.13 | 7.88 | 8.92 | 6.83 | 4.34 | 3.07 | 4.67 | 4.73 | 5.55 | 6.17 | 24.04 |
| Dividends/Share | 1.24 | 1.24 | 1.26 | 1.31 | 1.38 | 1.45 | 1.53 | 1.53 | 1.35 | 1.44 | 1.52 | 1.60 | 1.61 |
| Shares Out. | 863.3M | 893.3M | 926.4M | 949.5M | 968.6M | 975.4M | 976.6M | 980.5M | 1.0B | 994.9M | 1.0B | 1.0B | 1.0B |
| Valuation | |||||||||||||
| P/E Ratio | 13.7 | 7.7 | 21.1 | 7.5 | 16.9 | 12.2 | 12.5 | 20.8 | 18.5 | 14.2 | 14.7 | 16.0 | 17.4 |
| P/FCF | N/A | N/A | N/A | N/A | 23.0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | 12.9 | 6.8 | 18.6 | 14.0 | 17.3 | 16.5 | 22.1 | 25.5 | 13.7 | 9.3 | 9.3 | 9.1 | 18.9 |
| Price/Book | 1.0 | 0.7 | 0.9 | 0.9 | 1.1 | 1.1 | 0.8 | 1.0 | 1.6 | 1.3 | 1.3 | 1.5 | 1.7 |
| Price/Sales | 0.7 | 0.7 | 0.7 | 0.8 | 0.9 | 1.1 | 0.7 | 1.6 | 2.1 | 1.7 | 1.5 | 1.8 | 2.0 |
| FCF Yield | -7.3% | -0.0% | -0.4% | -0.4% | 3.1% | -1.6% | -15.5% | -14.0% | -5.7% | -8.2% | -4.2% | -5.2% | -4.4% |
| Market Cap | 22.3B | 17.4B | 23.9B | 28.2B | 33.9B | 35.7B | 24.6B | 35.5B | 40.1B | 33.0B | 36.3B | 44.2B | 48.6B |
| Avg. Price | 15.86 | 15.79 | 17.17 | 19.79 | 22.80 | 26.85 | 23.42 | 28.52 | 38.02 | 36.93 | 35.26 | 43.21 | 47.53 |
| Year-End Price | 18.43 | 13.92 | 18.33 | 21.21 | 24.96 | 26.14 | 25.22 | 34.36 | 38.39 | 33.21 | 36.12 | 43.56 | 47.53 |
EXELON CORP passes 3 of 9 quality checks, indicating weak fundamentals.
EXELON CORP trades at 17.4x trailing earnings, compared to its 15-year median P/E of 15.3x, suggesting it is currently Fair relative to its historical range. The company's 5-year average ROIC is 5.7% with a gross margin of 31.3%. Total shareholder yield (dividends) is 3.4%. At current prices, the estimated annualized return to fair value is -4.2%.
EXELON CORP (EXC) has a net profit margin of 11.4%. This is a healthy margin.
EXELON CORP (EXC) generated $-2.3 billion in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
EXELON CORP (EXC) has a debt-to-equity ratio of 1.80. This indicates higher leverage, which may increase financial risk.
EXELON CORP (EXC) reported earnings per share (EPS) of $2.73 in its most recent fiscal year.
EXELON CORP (EXC) has a return on equity (ROE) of 9.9%. This indicates moderate shareholder returns.
EXELON CORP (EXC) has a 5-year average gross margin of 31.3%. This indicates decent pricing power.
The Ledger Terminal provides 18 years of financial data for EXELON CORP (EXC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
EXELON CORP (EXC) has a book value per share of $28.40, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects transmission rate base to grow at approximately 16% through 2029, driven by significant infrastructure modernization needs, new large-load interconnections, and reliability investments identified in PJM's open windows and inter-RTO opportunities. The company is pursuing disciplined cost management, targeting no more than 2% adjusted operating and maintenance growth through 2029 and identifying an additional $350 million in savings in 2027 through technology transformation and operational efficiency initiatives. Exelon anticipates deploying approximately $10 billion of capital annually, earning a consolidated 9%–10% return on equity, and maintaining strong credit metrics targeting approximately 14% leverage while funding its capital plan through a balanced strategy of internally generated cash flow, utility debt, and modest equity issuance. The company remains focused on customer affordability and energy security, working closely with regulators and policymakers to ensure grid investments support reliable and cost-effective service while advancing state clean energy and economic development priorities.
Based on recent SEC filings and earnings calls, EXELON CORP (EXC) has provided the following forward guidance: Transmission rate base growth: 16% (Through 2029); Capital deployment: Approximately $10 billion (FY2026); Consolidated return on equity: 9%–10% (FY2026); Long-term operating earnings growth: Near the top end of 5%–7% (2025–2029); Transmission opportunities: $12 billion–$17 billion (Over the next decade).