One-glance verdict
Overvalued
$-10.81 our estimate vs market $41.76
Wall Street consensus: $48.53 (-548.8% lower than our fair-value estimate)
486% below our estimate, beyond the bull case
Fundamentals snapshot
Exelon Corporation
EXC · NMS · Utilities · Utilities - Regulated Electric
Current price
$41.76
52-week range
$39.73 - $50.65
Market cap
$43.02B
Balance sheet
Stretched
2.42x Stretched
Net debt $50.86B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
3 Risks
3 rewards · 3 risks
- Reward Revenue grew 2.2% last year.
- Reward Returns 9.7% on equity, ahead of 16% of its peers.
- Risk Net debt grew 24.7% over 3 years.
- Risk Operating margin compressed from 17.4% to 16.6% over 3 years.
What this company does
Exelon Corporation
Exelon is a big company that delivers electricity and natural gas to homes and businesses across the US. Their main money maker (how they earn most of their income) comes from these regulated services, meaning the prices they can charge are set by the government. This is important because it usually means their income is pretty steady and predictable, even when the economy has ups and downs.
How the company got here
Exelon Corporation was formed in October 2000 through the merger of PECO Energy Company and Unicom Corporation, creating one of the largest utilities in the United States at the time. The company has since grown through strategic acquisitions, including the purchase of Constellation Energy in 2012 and Pepco Holdings in 2016, which expanded its service territories and customer base. A significant turning point was the 2022 spin-off of its energy generation business, Constellation Energy, transforming Exelon into a pure-play regulated utility company focused on energy delivery. This strategic shift allows Exelon to concentrate on its core business of providing electricity and natural gas transmission and distribution services.
What it actually does
Exelon is a utility services holding company. In simpler terms, it's a company that owns and operates the essential infrastructure that delivers electricity and natural gas to homes and businesses. Think of the power lines, the underground pipes, and the substations – Exelon manages these to ensure reliable energy reaches millions of customers across several U.S. states. They don't typically generate the power themselves anymore, but rather focus on getting it to you safely and efficiently.
Commonwealth Edison Company (ComEd)
Commonwealth Edison, often called ComEd, is Exelon's regulated electric utility serving a large portion of Illinois, including the Chicago metropolitan area. It is responsible for delivering electricity to over 4 million customers. ComEd's operations involve maintaining and upgrading the electrical grid, ensuring power flows reliably, and responding to outages. This segment is a significant part of Exelon's overall business, representing a substantial portion of its customer base and revenue derived from regulated electricity delivery.
PECO Energy Company (PECO)
PECO Energy Company is Exelon's regulated utility primarily serving the Philadelphia metropolitan area and surrounding counties in Pennsylvania. It delivers electricity and natural gas to more than 1.7 million electric customers and over 500,000 natural gas customers. PECO's role includes managing the local energy infrastructure, investing in grid modernization to improve reliability, and ensuring safe and efficient energy delivery to its customers. This segment is a key contributor to Exelon's overall operations in the Mid-Atlantic region.
Baltimore Gas and Electric Company (BGE)
Baltimore Gas and Electric Company, or BGE, is Exelon's regulated utility serving the city of Baltimore and surrounding counties in Maryland. BGE provides electricity to over 1.2 million customers and natural gas to more than 650,000 customers. Its operations focus on the transmission and distribution of these energy sources, maintaining the safety and reliability of the energy infrastructure, and investing in upgrades to meet growing energy demands. BGE is a substantial part of Exelon's business, contributing significantly to its customer base and revenue in the Mid-Atlantic.
Potomac Electric Power Company (Pepco)
Potomac Electric Power Company, known as Pepco, is Exelon's regulated utility serving the District of Columbia and parts of Maryland. Pepco delivers electricity to over 890,000 customers in these areas. The company's core functions involve operating and maintaining the electric distribution system, investing in infrastructure to enhance reliability and resilience, and ensuring customers have access to safe and dependable power. Pepco represents a key part of Exelon's service footprint in the Mid-Atlantic region.
Delmarva Power and Light Company (DPL)
Delmarva Power and Light Company, or Delmarva Power, is an Exelon utility that serves customers in Delaware and parts of Maryland. It provides electricity to over 540,000 customers and natural gas to approximately 130,000 customers. Delmarva Power focuses on the safe and reliable delivery of energy through its transmission and distribution networks, investing in grid modernization, and supporting the integration of cleaner energy sources. This segment is an important component of Exelon's operations in the Mid-Atlantic.
Atlantic City Electric Company (ACE)
Atlantic City Electric Company, or ACE, is Exelon's regulated utility operating in southern New Jersey. It delivers electricity to over 545,000 customers across its service territory. ACE is responsible for maintaining and upgrading the electric distribution system, ensuring the reliable flow of power, and investing in infrastructure improvements to enhance grid resilience and meet customer needs. This segment is a vital part of Exelon's presence in the Mid-Atlantic region.
What management is betting on now
Exelon's management is focused on strengthening and modernizing its energy delivery infrastructure, a strategy they refer to as 'grid modernization.' This involves significant investments in transmission and distribution systems to improve reliability, resilience against extreme weather, and to support the increasing demand for electricity driven by factors like electrification and the growth of data centers. They are also committed to advancing clean energy goals, aiming to reduce greenhouse gas emissions from their operations while helping customers achieve their own clean energy targets. This strategic focus on infrastructure investment and sustainability is designed to ensure steady, long-term growth for the company.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q2
$-237.00M
FY2024 Q3
$-6.00M
FY2024 Q4
$-510.00M
FY2025 Q1
$-746.00M
FY2025 Q2
$-502.00M
FY2025 Q3
$163.00M
FY2025 Q4
$-1.19B
FY2026 Q1
$-634.00M
Revenue
$7.24B
Net income
—
Diluted EPS
0.90
Operating cash flow
$1.72B
Free cash flow
$-634.00M
Fetching…
Sources
Revenue
$5.41B
Net income
—
Diluted EPS
—
Operating cash flow
$1.24B
Free cash flow
$-1.19B
Fetching…
Sources
Revenue
$6.71B
Net income
—
Diluted EPS
0.86
Operating cash flow
$2.30B
Free cash flow
$163.00M
Fetching…
Sources
Revenue
$5.43B
Net income
—
Diluted EPS
0.39
Operating cash flow
$1.51B
Free cash flow
$-502.00M
Fetching…
Sources
Revenue
$6.71B
Net income
—
Diluted EPS
0.90
Operating cash flow
$1.20B
Free cash flow
$-746.00M
Fetching…
Sources
Revenue
$5.47B
Net income
—
Diluted EPS
—
Operating cash flow
$1.43B
Free cash flow
$-510.00M
Fetching…
Sources
Revenue
$6.15B
Net income
—
Diluted EPS
0.70
Operating cash flow
$1.69B
Free cash flow
$-6.00M
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Sources
Revenue
$5.36B
Net income
—
Diluted EPS
0.45
Operating cash flow
$1.46B
Free cash flow
$-237.00M
Fetching…
Sources
Is it cheap or expensive?
Fair value $-10.81 vs current price $41.76
Wall Street consensus is the average analyst price target: $48.53 (-548.8% lower than our fair-value estimate).
Our most-likely fair value is $-10.81 a share — about 125.9% below today's price of $41.76, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Stretched
Net debt $50.9B. Interest coverage 2.4x.
Net debt
$50.86B
Interest coverage
2.42x
Exelon Corporation's profit covers its interest bill about 2.4 times over. which is stronger than most peers shown here.
Stretched
Worse cushion
Baseline
Better cushion
EXC
BASELINE
Exelon Corporation
Total debt $52.67B Interest coverage 2.42x This is the baseline the peer rows are being compared against.
Total debt $110.20B Interest coverage 1.75x -27% vs EXC Carries about 1.4x less debt cushion than EXC.
Total debt $92.21B Interest coverage 2.36x -2% vs EXC Has roughly the same debt cushion as EXC.
Total debt $77.09B Interest coverage 2.25x -7% vs EXC Has roughly the same debt cushion as EXC.
Total debt $53.53B Interest coverage 2.66x +10% vs EXC Has roughly the same debt cushion as EXC.
What you should know
The case for and against EXC
3 Rewards
3 Risks
Rewards
-
Revenue grew 2.2% last year.
-
Returns 9.7% on equity, ahead of 16% of its peers.
-
Free cash flow was positive in 1/10 years.
Risks
-
Net debt grew 24.7% over 3 years.
-
Operating margin compressed from 17.4% to 16.6% over 3 years.
-
Insider ownership is only 0.1% (peer median: 0.1%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
15.35x
Forward P/E
13.74x
P/B
1.45x
P/S
1.70x
EV/EBITDA
11.25x
PEG ratio
2.24x
Profitability
How much profit each dollar creates
Gross margin
42.4%
Operating margin
16.6%
Net margin
11.0%
ROE
9.7%
ROA
2.8%
Health
Liquidity and balance-sheet strength
Debt / equity
1.77x
Current ratio
1.09x
Quick ratio
0.72x
Total debt
$52.67B
Total cash
$1.81B
Growth
How the business has been compounding
Revenue TTM
$24.79B
Revenue 5Y CAGR
7.8%
EPS TTM
2.72
EPS 5Y CAGR
9.2%
Cash flow
How much cash the business throws off
Operating CF TTM
$6.78B
Free CF TTM
$-2.27B
FCF margin
-9.2%
Dividend
Shareholder payout
Yield
4.0%
Payout ratio
60.3%
Last ex-div date
2026-09-04