Consolidated Edison Inc (ED)
Utilities · Multi-Utilities · US stock · S&P 500 component
$116.26
▲ +4.44 (3.97%)
Fair valueUndervalued
$158 +35.6% to fair value
$79fair band $134–$191$237
Day's range
$112.63 – $116.36
52-week range
$94.96 – $116.36
About Consolidated Edison Inc
Consolidated Edison is a regulated utility holding company whose principal subsidiary, Con Edison of New York, delivers electricity, natural gas and steam to customers in New York City and parts of Westchester County. It also owns an Orange and Rockland utility and some clean energy investments. Most revenue comes from regulated delivery rates set by state commissions, which allow it to recover costs and earn an approved return.
The company pays a dividend with a yield of 3.0%. Looking at the numbers, trailing revenue is $17.4 billion, and it expanded at 2.9% a year across three years. Operating margin is 17.2%, while return on invested capital is 8%. Leverage, measured as net debt to EBITDA, is 0.3 times. Taken together, these figures give an X-Ray Score of 70 out of 100.
Price chart
52-wk range $94.96 – $116.36Volume 2,331,365Daily, split-adjusted
Vitals
Market cap$42.4B
52-week range$94.96 – $116.36
Volume (last day)2,331,365
P/E (TTM)313.7
EBIT / EV yield6.8%
Free-cash-flow yield–
Dividend yield3.0%
Revenue (TTM)$17.4B
Net income (TTM)$134M
Operating margin17.2%
Return on capital8.5%
Debt incl. leases$1.7B
Cash & securities$147M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$158middle half of models $145 – $178
Undervalued
+35.6% to fair value
Average of the 14 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $116
Undervalued < $134Fair $134 – $191Overvalued > $191
P/E multiple
$109
P/B multiple
$112
P/S multiple
$120
EV/EBITDA multiple
$145
EV/EBIT multiple
$145
EV/revenue multiple
$161
10-year DCF, EBITDA exit
$197
5-year DCF, EBITDA exit
$169
10-year DCF, revenue exit
$200
5-year DCF, revenue exit
$173
10-year DCF, growth exit
$185
5-year DCF, growth exit
$154
Dividend discount, stable
$180
Dividend discount, multi-stage · not used
$356
Earnings power value
$157
Growth the price implies
1.3%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Strong business at an attractive price
Our models put fair value above today's price, but models can be wrong, so check the business first. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Utilities peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Strong
91/100
Cheap against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield6.8%
Fair value vs price1.4×
Growth
Fair
53/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)2.9%
EPS growth (3y)6.6%
Growth consistency80%
Profitability
Strong
71/100
Earns high returns on the capital it uses.
See the numbers →
Return on invested capital8.5%
Operating margin17.2%
Financial health
Strong
73/100
Balance sheet looks strong: debt is well covered.
See the numbers →
Piotroski F-Score6 / 9
Net debt / EBITDA0.3×
Interest cover2.4×
Dividends
Weak
45/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield3.0%
Dividend growth2.3%
Quarterly results: last 6 quarters
+7.2%
Dec '24
+14.2%
Mar '25
+10.0%
Jun '25
+8.1%
Sep '25
+7.4%
Dec '25
+7.0%
Mar '26
Revenue against the same quarter a year earlier. Latest quarter revenue $5.2B, diluted EPS $2.54.
Compare with peers
NI Nisource Inc.54 AEE Ameren Corp54 DTB Dte Energy Co54 D Dominion Energy, Inc53Other Multi-Utilities companies by X-Ray Score.
SWOT analysis: Consolidated Edison Inc
Strengthsinside the company
- Net debt is only 0.3x EBITDA.
Weaknessesinside the company
- Operating profit covers interest only 2.4x.
- Altman Z-score of 1.6 is in the zone linked with financial distress in past studies.
Opportunitiesvaluation and setting
- Revenue growth picked up to 10.2% last year from 2.9% a year over three years.
- The price is 36% below our fair value estimate, with the gap larger than the margin we allow for error.
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Trades at 316.1x earnings, 1,384% above the 21.3x median of industry peers, so the price already assumes better results.
- Our Market Compass rates the backdrop for Utilities as unfavourable.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare ED with peers and sector
Medians of 11 Multi-Utilities peers and of 30 Utilities stocks in our universe.
Largest peers (X-Ray Score): NEE 45, D 53, SRE 33, XEL 27, AEE 54, PCG 39.
| Metric | ED | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 70 | 45 | 50 |
| Valuation | 91 | 40 | 49 |
| Growth | 53 | 50 | 53 |
| Profitability | 71 | 40 | 49 |
| Financial health | 73 | 46 | 51 |
| Dividends | 45 | 55 | 55 |
Sector leaders: highest X-Ray Score in Utilities
ED ranks #2 of 31 in Utilities and #1 of 12 in Multi-Utilities by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for ED
Each factor is rated by where ED stands among the 31 Utilities stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 9 Good · 5 Average · 5 Bad of 19
Growth: 0 · 3 · 0
Profitability: 1 · 0 · 3
Financial strength: 2 · 2 · 0
Valuation: 3 · 0 · 1
Cash flow: 3 · 0 · 0
Efficiency: 0 · 0 · 1
| Factor | ED | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +2.9% | Average beats 45% | +3.4% | – | – |
| Revenue growth, last year | +10.2% | Average beats 65% | +9.6% | +10.2% | ≈ In line |
| EPS growth, 3 years a year | +6.6% | Average beats 43% | +8.1% | – | – |
| Profitability | |||||
| Operating margin | 17.2% | Bad beats 18% | 22.9% | 17.3% | ≈ In line |
| Net margin | 0.8% | Bad beats 2% | 14.4% | 0.0% | ≈ In line |
| Return on invested capital | 8.5% | Good beats 92% | 5.5% | – | – |
| Return on equity | 0.5% | Bad beats 2% | 10.1% | 0.0% | ≈ In line |
| Financial strength | |||||
| Net debt / EBITDA | 0.3x | Good beats 98% | 5.8x | 4.9x | ▲ Better |
| Interest cover | 2.4x | Average beats 44% | 2.5x | 3.1x | ≈ In line |
| Current ratio | 1.19 | Good beats 89% | 0.78 | 1.02 | ▲ Better |
| Piotroski F-score | 6 / 9 | Average beats 58% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 316.1x | Bad beats 2% | 21.8x | 17,610.5x | ▲ Better |
| Price / book | 1.7x | Good beats 82% | 2.1x | 1.5x | ≈ In line |
| Price / sales | 2.4x | Good beats 68% | 2.9x | 2.2x | ≈ In line |
| EV / EBITDA | 8.3x | Good beats 89% | 14.0x | 11.7x | ▲ Better |
| Cash flow | |||||
| Free cash flow margin | 23.8% | Good beats 78% | -9.1% | 14.7% | ▲ Better |
| Cash from operations / net income | 30.87 | Good beats 98% | 2.20 | 2,030.46 | ▼ Worse |
| Accruals (lower is better) | −5.4% | Good beats 92% | −3.3% | – | – |
| Efficiency | |||||
| Days sales outstanding | 59 days | Bad beats 6% | 44 days | 55 days | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 7 Good · ● 5 Average · ● 1 BadCash quality
Earnings backed by cashGood
Risk models
Altman Z''Good
Piotroski F-ScoreAverage
Growth
EPS growth (3y)Average
Revenue growth (3y)Average
Growth consistencyAverage
Balance sheet
Current ratioGood
Net debt / EBITDAGood
Interest coverAverage
Valuation
Fair value vs priceGood
EBIT / EV yieldGood
Profitability
Return on invested capitalGood
Operating marginBad
Each check is graded against the company's sector, not a fixed number. Checklist score 70/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $13.7B | $15.7B | $14.7B | $15.5B | $17.0B |
| Operating income | $2.8B | $2.6B | $3.2B | $2.7B | $2.9B |
| Net income | $1M | $2M | $3M | $2M | $2M |
| Operating cash flow | $2.7B | $3.9B | $2.2B | $3.6B | $4.8B |
| Operating margin | 20.7% | 16.7% | 21.8% | 17.3% | 17.2% |
| Free cash flow | −$1.2B | −$530M | – | – | – |
| Diluted EPS | $3.85 | $4.66 | $7.21 | $5.24 | $5.64 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
12 bullish · 0 neutral · 4 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 110.3 | Bullish |
| EMA 10 | 110.7 | Bullish |
| SMA 20 | 107.0 | Bullish |
| EMA 20 | 108.6 | Bullish |
| SMA 50 | 106.8 | Bullish |
| EMA 50 | 107.4 | Bullish |
| SMA 100 | 107.7 | Bullish |
| EMA 100 | 107.2 | Bullish |
| SMA 200 | 107.4 | Bullish |
| EMA 200 | 106.0 | Bullish |
Oscillators (daily)
| RSI (14) | 74.55 | Bearish |
| MACD (12, 26) | 2.02 | Bullish |
| Momentum (12) | 10.60 | Bullish |
| Stochastic %K (14) | 99.28 | Bearish |
| Williams %R (14) | -0.72 | Bearish |
| CCI (20) | 171.0 | Bearish |
Pivot points (classic, last session)
S3 110.1 | S2 111.4 | S1 113.8 | Pivot 115.1 | R1 117.5 | R2 118.8 | R3 121.3 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
3.51 USD
Yield on today's price
3.02%
Frequency
Quarterly
Next ex-dividend date
18 Nov 2026
| Ex-dividend date | Amount per share |
|---|---|
| (upcoming) | 0.8875 |
| 0.8880 | |
| 0.8880 | |
| 0.8880 | |
| 0.8500 | |
| 0.8500 | |
| 0.8500 | |
| 0.8500 | |
| 0.8300 | |
| 0.8300 | |
| 0.8300 | |
| 0.8300 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold ED
| ETF | Share of the fund |
|---|---|
| XLU Utilities Select Sector SPDR | 2.87% |
| FUTY Fidelity MSCI Utilities Index | 2.61% |
| VPU Vanguard Utilities | 2.51% |
| IDU iShares U.S. Utilities | 2.48% |
| NOBL ProShares S&P 500 Dividend Aristocrats | 1.43% |
| KNG FT Cboe Vest S&P 500 Dividend Aristocr... | 1.33% |
| SDY SPDR S&P Dividend | 1.33% |
| USMV iShares MSCI USA Min Vol Factor | 1.23% |
The eight funds with the largest weight in ED among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
ED SEC filings
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Results of operations
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Director or officer change
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Shareholder vote results
8-KSEC EDGAR
Entered a material agreement
424B5SEC EDGAR
424B5
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.