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Exelon Corporation (EXC)

Fair Value
UtilitiesUtilities - Regulated ElectricUnited States

Fundamental

46

मूल्य

$40.40

मार्केट कैप

$41.42B

भाग 1 · कंपनी का मूल्य कितना है

अवलोकन

Exelon delivers electricity and, in some territories, natural gas to homes and businesses across six regulated utilities: ComEd in Illinois, PECO in Pennsylvania, BGE in Maryland, and the Pepco Holdings companies serving Washington DC, Maryland, Delaware and New Jersey. It owns and maintains the wires, substations and pipelines that carry power from the grid to the meter, but — since spinning off its power plants as Constellation Energy in 2022 — it no longer generates electricity itself.

यह पैसा कैसे कमाती है

Exelon earns nothing from selling power itself: its revenue comes from regulated delivery rates that state commissions approve to cover the cost of building and maintaining the grid, plus a set return on that invested capital. Rates are reset through periodic rate cases, so revenue growth tracks approved capital spending on grid modernization more than electricity consumption. Because prices and allowed returns are negotiated with regulators rather than set by competition, earnings are steady but capped well below what an unregulated monopoly could charge.

प्रतिस्पर्धी बढ़त (Moat)

स्केल · संकीर्ण

Exelon's utilities hold exclusive, government-granted franchises to deliver power in their territories — no competitor can string a second set of wires to the same houses. That is a durable barrier to entry, but it comes bundled with the obligation to serve and a regulator-capped return, so it protects Exelon from competition without letting it earn outsized profits.

मांग को क्या चलाता है

डिफेंसिव

Households and businesses need electricity and gas regardless of the economic cycle, so volumes are far more stable than in most industries — the biggest swings come from weather, not recessions. Longer term, demand is shifting upward as electrification and data-centre growth increase load, while efficiency gains and mild winters work the other way.

प्रमुख जोखिम

  • Regulatory and rate case risk — Nearly all of Exelon's revenue depends on rates that state and federal regulators approve. An unfavorable rate case outcome, a disallowed capital expenditure, or a change in allowed return on equity directly reduces earnings.
  • Storm and weather restoration costs — Extreme weather can knock out power to large parts of a service territory, forcing costly emergency restoration. Recovery of those costs through rates is not automatic and can lag the spending by months or years.
  • Large, debt-funded capital programme — Exelon spends billions of dollars a year upgrading the grid, financed largely with new debt. Higher interest rates raise financing costs and a weaker balance sheet can eventually limit how much regulators let it invest.
  • Energy transition and electrification uncertainty — Long-term growth assumptions rely on electrification of heating and transport and on new data-centre load. If that demand grows more slowly than planned, or policy support for the transition weakens, planned investment may not be recovered as expected.
  • Cybersecurity and grid security — The grid is critical infrastructure and a target for cyberattacks and physical sabotage. A significant breach could disrupt service, trigger regulatory penalties and require costly remediation.

ग्राहक Concentration

Exelon serves millions of retail electricity and gas customers across its six utilities, mostly households and small businesses. No single customer accounts for a material share of revenue.

खरीदने के पक्ष में तर्क

Buyers argue that Exelon's exclusive regulated franchises deliver predictable, growing earnings almost regardless of the economic cycle, and that rising electrification and data-centre demand give it years of rate-based capital investment to fund with regulator-approved returns.

बेचने के पक्ष में तर्क

Sellers fear that returns are permanently capped by regulators, that rising rates and heavy debt-funded capital spending squeeze margins, and that an adverse rate case or storm season can erode earnings with little the company can do about it.

Written by the editors, published on 18 अगस्त 2026

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 18 सितंबर 2026 with claude-haiku-4-5 — shared with all users

P/E: 23.5Score: 44Market cap: $24.88B

Like Exelon, FirstEnergy is a pure wires company whose regulated distribution utilities serve Pennsylvania, Maryland and New Jersey — the same states and the same PJM transmission market where the two bid against each other for competitively awarded grid projects and for large new loads choosing where to connect.

P/E: 20.2Score: 52Market cap: $24.16B

PPL Electric Utilities delivers power in central and north-eastern Pennsylvania, next door to Exelon's PECO in the eastern part of the state, and PPL runs the same generation-free transmission-and-distribution model inside PJM.

P/E: 16.8Score: 60Market cap: $33.26B

PSEG's utility PSE&G covers the New Jersey corridor that borders the territory of Exelon's Atlantic City Electric, and the two compete for the same New Jersey regulatory approvals and the same PJM transmission build-out.

P/E: 17.5Score: 66Market cap: $27.52B

Ameren Illinois serves most of Illinois outside the Chicago area, directly adjacent to Exelon's ComEd, so the two argue their rate and grid-investment cases before the same Illinois Commerce Commission and compete for industrial customers siting in the state.

P/E: 17.2Score: 63Market cap: $37.90B

Con Edison is the other large East Coast utility built almost entirely on regulated electric and gas delivery in a dense urban territory, the same business Exelon runs in Chicago, Philadelphia, Baltimore and Washington.

बैलेंस शीट और तरलता

राजस्व

$24.79B

पिछले 12 महीने (31/3/2026 तक)

शुद्ध आय

$2.78B

पिछले 12 महीने (31/3/2026 तक)

Free Cash Flow

$-2.27B

कुल इक्विटी

$28.80B

कुल देनदारियाँ

$87.77B

Current Ratio

0.94

Interest Coverage

-

Debt/EBITDA

5.78

Earnings Per Share

राजस्व और शुद्ध आय

Free Cash Flow

आय विवरण

ऐतिहासिक विवरण

समय के साथ मार्जिन

समय के साथ ऋण

ऋण कितना भारी है

वृद्धि तालिका

वृद्धि — राजस्व

Fair Value अनुमान

विनियमित यूटिलिटीउचित मूल्यांकित

Fair Value

$49.33

वर्तमान मूल्य

$40.40

Margin of Safety

+18.1%

Fair Value सीमा

$36.56 - $62.11

इस्तेमाल किए गए valuation methods के बीच का फैलाव, कोई सांख्यिकीय रूप से calibrated confidence interval नहीं।

अनुमान विधियाँ

विश्लेषकों का लक्ष्य मूल्य:$48.71
डिस्काउंटेड कैश फ्लो (DCF):$76.62
आय गुणक (P/E):$38.01
Graham वृद्धि फॉर्मूला:इस प्रकार की कंपनी पर लागू नहीं
अर्निंग पावर वैल्यू (EPV):$50.60
उचित P/B:इस प्रकार की कंपनी पर लागू नहीं
लाभांश डिस्काउंट (Gordon):$41.42
P/FFO, परिचालन से प्राप्त निधि:इस प्रकार की कंपनी पर लागू नहीं
मध्य-चक्र आय:इस प्रकार की कंपनी पर लागू नहीं
राजस्व गुणक:इस प्रकार की कंपनी पर लागू नहीं
विश्लेषक सहमति:रोकें (7B / 17H / 2S)
अंतिम Earnings सरप्राइज़:-2.54%

मूल्यांकन मेट्रिक्स

P/E Ratio

14.80

ROE

9.6%

P/B Ratio

1.41

P/FCF

-

Gross Margin

-

ROIC

3.8%

लाभप्रदता Radar

मूल्य सृजन (प्रतिस्पर्धी बढ़त)

ROIC

3.8%

WACC

3.6%

ROIC − WACC

+0.2 pp

ROIC लगभग पूंजी की लागत के बराबर है — कंपनी मुश्किल से अपनी पूंजी लागत की भरपाई कर पा रही है।

Fundamental विश्लेषण मानदंड

पास (13)

  • P/B Ratio 1.41
  • Debt/Equity ratio
  • Operating Margin 21.0%
  • Current Ratio
  • Debt/EBITDA
  • Return on Tangible Assets
  • Low reliance on intangibles
  • Price below Graham Number
  • ROE 9.6%
  • Earnings Surprise avg 3.9%
  • Earnings Quality (OCF/NI) 2.44
  • Share Dilution 1.0%
  • Piotroski F-Score 6/9

फेल (10)

  • EPS shows upward trend
  • EPS CAGR -2.41%
  • Price CAGR 4.86%
  • ROIC 3.8%
  • Positive Free Cash Flow
  • DCF valuation (Overvalued)
  • Revenue Growth 5Y -6.0%
  • Analyst Consensus 27% Buy
  • PEG Ratio 2.35
  • Net Margin Trend 11.2% vs 11.4%

अनुपलब्ध (5)

  • Gross Margin NaN%
  • P/FCF NaN
  • Dividend Payout NaN%
  • CapEx intensity
  • Interest Coverage

Piotroski F-Score

6/9

मिश्रित संकेत: कुछ क्षेत्रों पर ध्यान देना आवश्यक

score
criteria

Earnings गुणवत्ता

2.44

उच्च गुणवत्ता: earnings नकदी द्वारा समर्थित

शेयर Dilution

1.0%

शेयर संख्या स्थिर है

संस्थागत होल्डिंग

प्रशासन

कार्यकारी टीम

नामपदआयु
Mr. Calvin G. Butler Jr.CEO, President & Director55
Ms. Jeanne M. JonesExecutive VP of Audit & Risk and CFO46
Mr. Michael A. InnocenzoExecutive VP & COO59
Ms. Colette D. Honorable J.D.Executive VP of Compliance, Chief Legal Officer & Corporate Secretary55
Ms. Jessica K. HartSenior VP & Chief Investment Officer48
Mr. Timothy George PetersonExecutive VP and Chief Customer & Technology Officer48
Mr. Ryan BrownVice President of Investor Relations-
Ms. Cynthia McCabeSenior VP & Chief Communications Officer-
Ms. Elizabeth Pitts-MadonnaSenior VP & Chief Human Resources Officer-
Mr. Carim V. KhouzamiExecutive Vice President Transmission & Development50

Audit जोखिम

3

बोर्ड जोखिम

1

मुआवजा जोखिम

5

शेयरधारक अधिकार जोखिम

6

भाग 2 · कीमत और खरीदने का समय

यह हिस्सा यह नहीं बताता कि कंपनी अच्छी है या नहीं: यह तय करने में मदद करता है कि उसे कब खरीदें, जब फंडामेंटल आपको आश्वस्त कर चुके हों। इसमें: तकनीकी विश्लेषण, संभावना, ऐतिहासिक गिरावट, गामा एक्सपोज़र।

दस्तावेज़

  • वार्षिक रिपोर्ट (10-K)

    कंपनी के कारोबार, वित्तीय नतीजों और जोखिमों का वार्षिक सिंहावलोकन।

    दाखिल तिथि: 2026-02-12

    दस्तावेज़ देखें
  • तिमाही रिपोर्ट (10-Q)

    पिछले तीन महीनों के वित्तीय प्रदर्शन का अपडेट।

    दाखिल तिथि: 2026-07-30

    दस्तावेज़ देखें
  • विशेष रिपोर्ट (8-K)

    किसी बड़ी घटना, जैसे नेतृत्व में बदलाव या बड़ी घोषणा, की सूचना।

    दाखिल तिथि: 2026-08-25

    दस्तावेज़ देखें

via SEC EDGAR

आय का इतिहास

via SEC EDGAR

Latest News

Recent headlines for EXC, sourced from Markets Gazette.

  • 8/28/2026NEUTRAL
    Why Exelon’s CFO is stepping into a new strategy role

    Exelon Corporation is shifting its Chief Financial Officer to a new strategy role, coinciding with a surge in electricity demand. This move suggests a potential pivot in the company's strategic direction and investment focus, aiming to capitalize on growing energy needs. While the specific details of the new strategy are not yet disclosed, the appointment of a key executive to a forward-looking position indicates a proactive approach to market opportunities. Investors will be watching for further announcements regarding capital allocation and strategic initiatives.

via Markets Gazette

Disclaimer

यह प्लेटफ़ॉर्म केवल शैक्षिक उद्देश्यों के लिए है। यह कोई वित्तीय, निवेश, या ट्रेडिंग सलाह नहीं देता। सभी स्कोर, मूल्यांकन, और संकेत सार्वजनिक रूप से उपलब्ध डेटा के स्वचालित विश्लेषण पर आधारित हैं जो अधूरे या गलत हो सकते हैं। निवेश निर्णय लेने से पहले हमेशा अपना शोध करें और एक योग्य वित्तीय सलाहकार से परामर्श लें।

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