Exelon Corp EXC

UtilitiesElectric Utilities & IPPsUnited States of America

Last close 46.16 USD on Nov 1, 2026, +8.8% year to date

Quant rating

Quant rating C Rank 43 of 90 in Utilities

Growth B 18 of 90
Valuation B 25 of 90
Quality C 46 of 90
Revisions D 76 of 90
Momentum B 30 of 90

Wall Street consensus Hold (2.77)Average target 47.35 USD +2.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 47.6B
Enterprise value: 98.5B
52-week range: 39.73 – 50.61
3-year range: 33.62 – 50.61
Dividend yield: 3.64%
Beta (5 years): 0.24
Shares outstanding: 1,032M
Next earnings: Oct 30, 2026

About the company

Exelon Corporation is a utility services holding company engaged in the energy transmission and distribution businesses through its subsidiaries, Commonwealth Edison Company (ComEd), PECO Energy Company (PECO), Baltimore Gas and Electric Company (BGE), Potomac Electric Power Company (Pepco), Delmarva Power & Light Company (DPL) and Atlantic City Electric Company (ACE). Its segments include ComEd, PECO, BGE, Pepco, DPL and ACE. ComEd segment is engaged in purchasing and regulating the retail sale of electricity. PECO segment is engaged in purchasing and regulating the retail sale of electricity and natural gas. BGE segment is focused on transmission and distribution of electricity and distribution of natural gas to retail customers. Through its business services subsidiary, Exelon Business Services Company, LLC (BSC), it provides its subsidiaries with a variety of support services at cost, including legal, human resources, finance, information technology and supply management services.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	24,258	23,028	21,727	19,078	17,938	–
Revenue growth	5.3%	6.0%	13.9%	6.4%	7.7%	7.8%
EPS (basic, normalized)	2.77	2.50	2.38	2.27	2.82	–
EPS growth	10.8%	5.0%	4.8%	−19.5%	–	–
Gross margin	–	–	–	–	–	–
Net margin	11.4%	10.7%	10.7%	10.8%	8.3%	10.4%
ROE	9.9%	9.3%	9.2%	6.9%	4.5%	8.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,469
Current ratio	1.03x
Long-term debt (mil)	51,181
Net debt (mil)	51,724
Total equity (mil)	30,132
Net debt / equity	1.72x
Net debt / EBITDA	5.89x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	24,258	+5.3%	4.1x	8,788	+7.9%	11.2x	2.77	+10.8%	16.7x
2026	25,538	+5.3%	3.9x	9,505	+8.2%	10.4x	2.87	+3.6%	16.1x
2027	26,152	+2.4%	3.8x	10,302	+8.4%	9.6x	3.04	+5.8%	15.2x
2028	27,044	+3.4%	3.6x	11,149	+8.2%	8.8x	3.22	+6.0%	14.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	25,538	−0.2%	+0.3%	+1.4%	2.87	+0.5%	+0.3%	+0.4%
2027	26,152	−0.1%	+0.1%	+0.6%	3.04	−0.2%	−0.3%	−0.5%
2028	27,044	+0.2%	+0.2%	+0.5%	3.22	−0.8%	−1.1%	−1.4%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	6,043	5,361	6,154	5,471	6,714	5,427	6,705	5,412	7,242	5,967
Sales mean (mil)	5,568	4,897	5,854	4,742	6,585	5,380	6,430	5,384	6,930	5,631
Surprise	+8.5%	+9.5%	+5.1%	+15.4%	+2.0%	+0.9%	+4.3%	+0.5%	+4.5%	+6.0%
EPS reported	0.68	0.47	0.71	0.64	0.92	0.39	0.86	0.59	0.91	0.43
EPS mean	0.70	0.40	0.67	0.59	0.88	0.37	0.78	0.55	0.89	0.44
Surprise	−2.4%	+18.0%	+6.4%	+8.3%	+4.9%	+6.1%	+10.7%	+7.9%	+2.8%	−1.6%

Peer comparison Electric Utilities & IPPs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
EXC Exelon Corp	47.6B	5.89x	11.4%	1.60x	16.1x	15.2x	10.4x	9.6x
NEE NextEra Energy, Inc.	175.6B	8.16x	24.9%	2.85x	20.8x	19.1x	17.2x	14.4x
SO Southern Co	107.8B	5.56x	14.7%	2.72x	20.4x	19.0x	13.0x	12.0x
DUK Duke Energy Corp	99.3B	6.28x	15.2%	1.81x	18.9x	17.8x	11.8x	10.7x
CEG Constellation Energy Corp	93.0B	4.28x	9.1%	2.91x	21.6x	19.6x	13.6x	12.6x
AEP American Electric Power Company Inc	70.9B	6.40x	16.4%	2.16x	20.4x	18.9x	13.1x	11.7x
Mean		6.09x	15.3%	2.34x	19.7x	18.3x	13.2x	11.8x
Median		6.09x	15.0%	2.44x	20.4x	18.9x	13.1x	11.8x

Technical analysis

1M+14.5%
3M−1.5%
1Y+0.3%
3Y+34.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Exelon Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	24,258	23,028	21,727	19,078	17,938	16,663
Cost of revenue	8,667	8,683	8,241	6,304	5,362	4,708
Gross profit	15,591	14,345	13,486	12,774	12,576	11,955
Selling, general & administrative expenses	–	–	–	–	–	–
Research & development	–	–	–	–	–	–
Depreciation/amortization	3,640	3,594	3,506	3,394	4,056	3,904
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−3.0	−12.0	−10.0	2.0	0	−13.0
Other operating expenses	6,806	6,444	5,967	6,063	5,838	5,873
Operating income	5,148	4,319	4,023	3,315	2,682	2,191
Net interest income (expense)	−2,127	−1,914	−1,729	−1,447	−1,289	−1,307
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	270	262	408	535	261	208
Net income before taxes	3,291	2,667	2,702	2,403	1,654	1,092
Provision for taxes	523	207	374	349	38.0	−7.0
Minority interest	–	–	0	−1.0	−123	9.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	2,768	2,460	2,328	2,053	1,493	1,108
Extraordinary items	–	–	0	117	213	855
Net income	2,768	2,460	2,328	2,170	1,706	1,963
EBIT, normalized	5,176	4,320	4,035	3,380	2,788	2,178
EBITDA, normalized	8,819	7,914	7,541	6,774	6,844	5,069
Basic EPS, normalized	2.77	2.50	2.38	2.27	2.82	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Exelon Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	626	357	445	407	1,182	663
Receivables	5,082	3,754	3,361	3,561	5,275	4,773
Total inventory	868	853	801	755	1,869	1,722
Prepaid expenses	563	494	413	–	–	–
Other current assets	2,407	2,926	3,067	2,613	5,631	5,404
Total current assets	9,546	8,384	8,087	7,336	13,957	12,562
Property, plant & equipment	84,457	78,406	73,850	69,341	85,094	83,648
Goodwill	6,630	6,630	6,630	6,630	6,677	6,677
Intangibles	–	–	–	–	–	294
Long-term investments	312	290	251	232	443	440
Note receivable	4,755	4,026	3,232	2,897	–	–
Other long-term assets	10,870	10,048	9,806	8,913	26,842	25,696
Total assets	116,570	107,784	101,856	95,349	133,013	129,317
Liabilities
Accounts payable	3,721	2,994	2,846	3,382	4,136	3,562
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,601	1,506	1,413	1,266	2,079	2,291
Short-term debt	612	1,859	2,523	2,586	3,330	2,031
Current portion of long-term debt	1,665	1,453	1,403	1,802	3,373	1,819
Other current liabilities	2,732	1,799	1,716	1,575	3,193	3,068
Total current liabilities	10,331	9,611	9,901	10,611	16,111	12,771
Long-term debt	47,803	43,337	40,082	35,662	35,714	35,483
Minority interest	–	–	–	0	402	2,283
Other liabilities	29,638	27,915	26,118	24,332	46,393	46,195
Total liabilities	87,772	80,863	76,101	70,605	98,620	96,732
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	22,106	21,338	21,114	20,908	20,324	19,373
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	7,577	6,426	5,490	4,597	16,942	16,735
Treasury stock	−123	−123	−123	−123	−123	−123
Other equity	−762	−720	−726	−638	−2,750	−3,400
Total equity	28,798	26,921	25,755	24,744	34,393	32,585
Total liabilities & shareholders' equity	116,570	107,784	101,856	95,349	133,013	129,317

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Exelon Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	2,768	2,460	2,328	2,171	1,829	1,954
Depreciation, depletion & amortization	3,643	3,596	3,506	3,533	7,573	6,527
Deferred taxes	391	128	319	255	18.0	309
Non-cash items	1,328	580	−323	578	−843	244
Changes in working capital	−1,876	−1,195	−1,127	−1,667	−5,565	−4,799
Cash from operations	6,254	5,569	4,703	4,870	3,012	4,235
Investing activities
Capital expenditures	−8,529	−7,097	−7,408	−7,147	−7,981	−8,048
Other investing cash flows	4.0	55.0	33.0	157	4,664	3,712
Cash from investing	−8,525	−7,042	−7,375	−6,990	−3,317	−4,336
Financing activities
Financing cash flow items	−94.0	−109	−114	−2,696	−965	−136
Cash dividends paid	−1,617	−1,524	−1,433	−1,334	−1,497	−1,492
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	4,244	2,944	4,230	5,621	3,220	1,773
Cash from financing	2,533	1,311	2,683	1,591	758	145
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	262	−162	11.0	−529	453	44.0
Free cash flow	−2,275	−1,528	−2,705	−2,277	−4,969	−3,813

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.