Consolidated Edison (ED)
Utilities · $43.9B market cap · SEC CIK 0001047862
ahead of 89% of the S&P 500 · #2 of 31 in Utilities
Next reports on Feb 17, 2027, after the close, with analysts expecting $1.07 in earnings per share.
52-week range $94.96 to $122.75. 3% below its 52-week high and 26% above its low.
The case for ED
- Revenue growing 9.5% year over year.
- Pays a 3.6% dividend while you wait.
- Moves less than the market (beta 0.20).
The case against
- Long-term debt of $25.6B would take 5 years of operating cash flow to repay.
- Return on equity of 9% is lower than 93% of Utilities companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Utilities companies (momentum is judged against fixed thresholds only), and the five are blended by weight. The score is where that blend places it in the S&P 500. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings and cash, against the growth you get | 63 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 63 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 70 |
| Momentumhow the price has behaved lately | 78 |
| Stabilityhow violently it moves, what it owes and what it pays you | 75 |
- Capital spending is missing from its filings, so free cash flow cannot be worked out. Operating cash flow stands in for the cash test, against a stricter bar.
- Each factor except momentum is half fixed thresholds, half rank among the 31 Utilities companies.
The financials
Revenue growth
Is the business growing? Yes
| Last 12 months | +9.5% |
|---|---|
| Over 5 years | +8.0% a year |
| FY2025 revenue | $17.0B (+10%) |
Free cash flow
Is it generating real cash? Can't tell: no capital spending in its filings
| FY2025 operating cash flow | $4.8B |
|---|---|
| Of profit, before capital spending | 237% |
Its filings do not give capital spending, so free cash flow cannot be worked out. Operating cash flow, which is before that spending, is shown instead, and the score judges it against a stricter bar.
Profit margins
Is profitability improving? Holding steady
| Gross margin | 47% |
|---|---|
| Operating margin | 19% |
| Net margin, FY24 → FY25 → now | 11.8% → 11.9% → 12.5% |
Debt vs. cash
Is the balance sheet healthy? Stretched
| Cash | $1.6B |
|---|---|
| Long-term debt | $25.6B |
| Net debt | $23.9B |
| Years to repay | 5.3 yrs |
Valuation
Is the stock price reasonable? Yes, about fair
| P/E | 19.8× |
|---|---|
| Fair P/E for its growth | 25× |
| Forward P/E | 18.2× |
| EV / EBITDA | 12.3× |
At 19.8× earnings it trades below the 25× that 8%+ a year of growth plus a 3.6% dividend would justify. As a utility it is judged on earnings alone: it borrows to build, so its free cash flow says little about its price.
The financials, five years deep
Pulled from Consolidated Edison's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue growth | |||||
| Revenue | $17.0B | $15.5B | $14.7B | $15.7B | $13.7B |
| Change on the year | +10% | +5% | −6% | +15% | — |
| Free cash flow | |||||
| Free cash flow | — | — | — | −$530M | −$1.2B |
| Of revenue | — | — | — | −3% | −9% |
| Profit margins | |||||
| Operating margin | 17.2% | 17.3% | 21.8% | 16.7% | 20.7% |
| Net margin | 11.9% | 11.8% | 17.2% | 10.6% | 9.8% |
| Debt vs. cash | |||||
| Cash | $1.6B | $1.3B | $1.2B | $1.3B | $992M |
| Long-term debt | $25.6B | $24.7B | $22.0B | $22.4B | $22.6B |
| Net cash (debt) | −$23.9B | −$23.4B | −$20.8B | −$21.2B | −$21.6B |
What Consolidated Edison says it does
Contents of Item 1 Page Overview 15 CECONY 15 Electric 15 Gas 15 Steam 15 O&R 16 Electric 16 Gas 16 Con Edison Transmission 16 Utility Regulation 16 State Utility Regulation 16 Regulators 16 New York Utility Industry 16 Rate Plans 17 Liability for Service Interruptions 17 Generic Proceedings 18 Federal Regulation 18 Federal Energy Regulatory Commission (FERC) 18 New York Independent System Operator (NYISO) 19 Cyber Regulation 19 Competition 19 The Utilities 20 CECONY 20 Electric Operations 20 Electric Facilities 20 Electric Sales and Deliveries 21 Electric Peak Demand 22 Electric Supply 22 Electric Reliability Needs 22 Gas Operations 23 Gas Facilities 23 Gas Sales and Deliveries 23 Gas Peak Demand 24 Gas Supply 24 Steam Operations 24 Steam Facilities 24 Steam Sales and Deliveries 25 Steam Peak Demand and Capacity 25 Steam Supply 25 O&R 25 Electric Operations 25 Electric Facilities 25 Electric Sales and Deliveries 25 Electric Peak…
Risk factors ED lists in its 10-K
- The Companies Are Extensively Regulated And May Be Subject To Substantial Penalties
- The Utilities’ Rate Plans May Not Provide A Reasonable Return
- The Companies May Be Adversely Affected By Changes To The Utilities’ Rate Plans
- The Failure Of, Or Damage To, The Companies’ Facilities Could Adversely Affect The Companies
- A Cyber Attack Could Adversely Affect The Companies
- AI is an emerging area of technology that has the potential to impact various aspects of the Companies’ business operations and customer interactions
- The Failure of Processes and Systems, the Failure to Retain and Attract Employees and Contractors, and Their Negative Performance Could Adversely Affect The Companies
- The Companies Are Exposed To Risks From The Environmental Consequences Of Their Operations, Including Increased Costs Related To Climate Change
- Con Edison’s Ability To Pay Dividends Or Interest Depends On Dividends From Its Subsidiaries
- Changes To Tax Laws Could Adversely Affect the Companies
- The Companies Require Access To Capital Markets To Satisfy Funding Requirements
- A Disruption In The Wholesale Energy Markets, Increased Commodity Costs Or Failure By An Energy Supplier or Customer Could Adversely Affect The Companies
- The Companies Face Risks Related To Health Epidemics And Other Outbreaks
- The Companies’ Strategies May Not Be Effective To Address Changes In The External Business Environment
- The Companies Face Risks Related To Supply Chain Disruptions, Inflation and the Imposition of Tariffs (or Subsequent Changes to the Tariffs once Announced or Implemented)
- The Companies Also Face Other Risks That Are Beyond Their Control