Exelon (EXC)
Utilities · $43.1B market cap · SEC CIK 0001109357
fundamentals score out of 100
Next reports on Nov 2, 2026, before the open, with analysts expecting $0.82 in earnings per share.
The case for EXC
- Pays a 3.7% dividend while you wait.
- Reasonably priced at 15.5× earnings.
- Moves less than the market (beta 0.25).
- Price/sales of 1.7× is lower than 87% of Utilities companies.
The case against
- Burned $2.3B of free cash in FY2025.
- Long-term debt of $47.4B would take 8 years of operating cash flow to repay.
- Revenue has shrunk 6.0% a year over five years.
- Near the bottom of its 52-week range, 17% below the high. Falling prices usually have a reason; find it first.
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. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 57 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 16 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 51 |
| Momentumhow the price has behaved lately | 25 |
| Stabilityhow violently it moves, what it owes and what it pays you | 59 |
- Each factor except momentum is half fixed thresholds, half rank among the 31 Utilities companies.
Key numbers
| Price / earnings | 15.5× |
|---|---|
| Price / book | 1.61× |
| Price / sales | 1.7× |
| Revenue growth (YoY) | +6.6% |
| EPS growth (YoY) | +3.7% |
| Gross margin | 40% |
| Operating margin | 21% |
| Net margin | 11% |
| Return on equity | 10% |
| Debt / equity | 1.77× |
| Current ratio | 1.09 |
| Dividend yield | 3.67% |
| Beta | 0.25 |
| 52-week range | $41.84 – $50.65 |
| Position in that range | 0% of the way up |
| 3-month return | -8.4% |
| 1-year return | -3.3% |
Five years of financials, as filed
Pulled from Exelon's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $24.3B | $23.0B | $21.7B | $19.1B | $17.9B |
| Operating income | $5.1B | $4.3B | $4.0B | $3.3B | $2.7B |
| Operating cash flow | $6.3B | $5.6B | $4.7B | $4.9B | $3.0B |
| Capital expenditure | $8.5B | $7.1B | $7.4B | $7.1B | $8.0B |
| Total assets | $117B | $108B | $102B | $95.3B | $133B |
| Total liabilities | $87.8B | $80.9B | $76.1B | $70.6B | $98.2B |
| Shareholder equity | $28.8B | $26.9B | $25.8B | $24.7B | $34.4B |
| Cash | $626M | $357M | $445M | $407M | $672M |
| Long-term debt | $47.4B | $42.9B | $39.7B | $35.3B | $30.7B |
| Free cash flow | -$2.3B | -$1.5B | -$2.7B | -$2.3B | -$5.0B |
| Operating margin | 21.2% | 18.8% | 18.5% | 17.4% | 15.0% |
| Diluted shares | 1.0B | 1.0B | 997M | 987M | 980M |
Share count is up 3.3% over 4 years. Mild issuance.
What Exelon says it does
—Executive Officers of the Registrants as of February 12, 2026. Directors, Director Nomination Process and Audit Committee The information required under ITEM 10 concerning directors and nominees for election as directors at the annual meeting of shareholders (Item 401 of Regulation S-K), compliance with Section 16(a) of the Exchange Act (Item 405 of Regulation S-K), the director nomination process (Item 407(c)(3)), and the audit committee (Item 407(d)(4) and (d)(5)) is incorporated herein by reference to information to be contained in Exelon’s Proxy Statement for the 2026 Annual Meeting of Shareholders (2026 Exelon Proxy Statement) and the ComEd information statement (2026 ComEd Information Statement) to be filed with the SEC on or before April 30, 2026 pursuant to Regulation 14A or 14C, as applicable, under the Securities Exchange Act of 1934. Code of Ethics Exelon’s Code of Business Conduct is the code of ethics that applies to all…
Risk factors EXC lists in its 10-K
- Other Incremental Collateral Required
- Available Credit Facility Capacity Prior to Any Incremental Collateral
- Cash Requirements for Other Financial Commitments
- Location within Notes to the Consolidated Financial Statements
- For the Year Ended December 31, 2025
- Remaining Long-term Financing Authority
- Commodity Price Risk (All Registrants)
- Management’s Report on Internal Control Over Financial Reporting
- Internal Control—Integrated Framework (2013)
- Report of Independent Registered Public Accounting Firm
- Opinions on the Financial Statements and Internal Control over Financial Reporting
- Definition and Limitations of Internal Control over Financial Reporting
- Accounting for the Effects of Rate Regulation
- Opinion on the Financial Statements