Exelon Corporation (EXC)
NEUTRALFondamental
42
Prix
$44.35
Capitalisation boursière
$45.68B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
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.
Comment l'entreprise gagne de l'argent
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.
Avantage concurrentiel
Économies d'échelle · ÉtroitExelon'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.
Ce qui stimule la demande
DéfensifHouseholds 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.
Principaux risques
- 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.
Concentration des clients
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.
Les arguments en faveur
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.
Les arguments contre
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 août 2026
Direct competitors
Who this company fights with for the same customers
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Bilan & Liquidités
Chiffre d'affaires
$24.79B
12 derniers mois (au 31/03/2026)
Résultat net
$2.78B
12 derniers mois (au 31/03/2026)
Flux de trésorerie libre
$-2.27B
Capitaux propres totaux
$28.80B
Passif total
$87.77B
Ratio de liquidité général
0.94
Couverture des intérêts
-
Dette/EBITDA
5.78
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$52.61
Prix actuel
$44.35
Marge de sécurité
+15.7%
Fourchette de juste valeur
$40.64 - $64.58
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
16.24
ROE
9.6%
Ratio P/B
1.55
P/FCF
-
Marge brute
-
ROIC
3.8%
Radar de rentabilité
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.
Critères d'analyse fondamentale
Réussi (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
Échoué (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%
Indisponible (5)
- Gross Margin NaN%
- P/FCF NaN
- Dividend Payout NaN%
- CapEx intensity
- Interest Coverage
Score F de Piotroski
Signaux mixtes : certains domaines nécessitent attention
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Le nombre d'actions est stable
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| Mr. Calvin G. Butler Jr. | CEO, President & Director | 55 |
| Ms. Jeanne M. Jones | Executive VP of Audit & Risk and CFO | 45 |
| Mr. Michael A. Innocenzo | Executive VP & COO | 59 |
| Ms. Colette D. Honorable J.D. | Executive VP of Compliance, Chief Legal Officer & Corporate Secretary | 55 |
| Ms. Jessica K. Hart | Senior VP & Chief Investment Officer | 48 |
| Mr. Robert A. Kleczynski | Senior VP, Corporate Controller & Tax and Principal Accounting Officer | 55 |
| Mr. Timothy George Peterson | Executive VP and Chief Customer & Technology Officer | 48 |
| Mr. Ryan Brown | Vice President of Investor Relations | - |
| Ms. Cynthia McCabe | Senior VP & Chief Communications Officer | - |
| Ms. Elizabeth Pitts-Madonna | Senior VP & Chief Human Resources Officer | - |
Risque d'audit
3
Risque du conseil
1
Risque de rémunération
5
Risque droits des actionnaires
6
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Latest News
Recent headlines for EXC, sourced from Markets Gazette.