Zurück zu den Rankings

Exelon Corporation (EXC)

NEUTRAL
UtilitiesUtilities - Regulated ElectricUnited States

Fundamental

42

Kurs

$44.15

Marktkapitalisierung

$45.68B

Teil 1 · Was das Unternehmen wert ist

Übersicht

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.

Wie das Geld verdient wird

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.

Wettbewerbsvorteil

Skaleneffekte · Schmal

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.

Was die Nachfrage antreibt

Defensiv

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.

Wichtigste Risiken

  • 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.

Kundenkonzentration

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.

Die Argumente dafür

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.

Die Argumente dagegen

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. August 2026

Direct competitors

Who this company fights with for the same customers

No editorial profile for this company yet

No competitor list for this company yet.

Bilanz & Liquidität

Umsatz

$24.79B

Letzte 12 Monate (bis 31.3.2026)

Nettogewinn

$2.78B

Letzte 12 Monate (bis 31.3.2026)

Freier Cashflow

$-2.27B

Gesamtes Eigenkapital

$28.80B

Gesamtverbindlichkeiten

$87.77B

Current Ratio

0.94

Zinsdeckungsgrad

-

Schulden/EBITDA

5.78

Gewinn je Aktie

Umsatz & Nettogewinn

Freier Cashflow

Ertragsaufschlüsselung

Historische Aufstellung

Margen im Zeitverlauf

Verschuldung im Zeitverlauf

Wie schwer die Schulden wiegen

Wachstumsraster

Wachstum — Umsatz

Innerer-Wert-Schätzung

Fair bewertet

Innerer Wert

$52.61

Aktueller Kurs

$44.15

Sicherheitsmarge

+16.1%

Innerer-Wert-Spanne

$40.64 - $64.58

Bewertungsmethoden

Analyst Target:$48.88
DCF:$78.22
PE-based:$41.80
Graham Growth:$50.79
EPV:$50.60
Analystenkonsens:Halten (7B / 18H / 2S)
Letzte Gewinnüberraschung:-2.54%

Bewertungskennzahlen

P/E-Verhältnis

16.24

ROE

9.6%

P/B-Verhältnis

1.55

P/FCF

-

Bruttomarge

-

ROIC

3.8%

Rentabilitäts-Radar

Value Creation (Economic Moat)

ROIC

3.8%

WACC

3.8%

ROIC − WACC

-0.0 pp

ROIC is roughly in line with the cost of capital — the company is barely covering its capital cost.

Fundamentalanalyse-Kriterien

Bestanden (13)

  • Price CAGR 5.63%
  • P/B Ratio 1.55
  • Debt/Equity ratio
  • Operating Margin 21.0%
  • Current Ratio
  • Debt/EBITDA
  • Return on Tangible Assets
  • Low reliance on intangibles
  • ROE 9.6%
  • Earnings Surprise avg 3.9%
  • Earnings Quality (OCF/NI) 2.44
  • Share Dilution 1.0%
  • Piotroski F-Score 6/9

Nicht bestanden (10)

  • EPS shows upward trend
  • EPS CAGR -2.41%
  • ROIC 3.8%
  • Positive Free Cash Flow
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • Revenue Growth 5Y -6.0%
  • Analyst Consensus 26% Buy
  • PEG Ratio 2.65
  • Net Margin Trend 11.2% vs 11.4%

Nicht verfügbar (5)

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

Piotroski F-Score

6/9

Gemischte Signale: Einige Bereiche bedürfen Aufmerksamkeit

score
criteria

Gewinnqualität

2.44

Hohe Qualität: Gewinne durch Cashflow gedeckt

Aktienverwässerung

1.0%

Aktienanzahl ist stabil

Unternehmensführung

Führungsteam

NamePositionAlter
Mr. Calvin G. Butler Jr.CEO, President & Director55
Ms. Jeanne M. JonesExecutive VP of Audit & Risk and CFO45
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. Robert A. KleczynskiSenior VP, Corporate Controller & Tax and Principal Accounting Officer55
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-

Prüfungsrisiko

3

Vorstandsrisiko

1

Vergütungsrisiko

5

Aktionärsrechterisiko

6

Teil 2 · Der Preis und der Einstiegszeitpunkt

Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.

Latest News

Recent headlines for EXC, sourced from Markets Gazette.

No recent news for EXC.