Exelon Corp (EXC)
Utilities · Electric Utilities · US stock · S&P 500 component
$44.85
▲ +1.80 (4.18%)
Fair valueFair
$45 +1.0% to fair value
$23fair band $39–$55$68
Day's range
$43.12 – $44.88
52-week range
$39.73 – $50.65
About Exelon Corp
Exelon is a regulated energy delivery company. Its utilities, which serve customers in the Mid-Atlantic and Midwest including areas around Chicago, Philadelphia, Baltimore and Washington, transmit and distribute electricity and, in some areas, natural gas. Revenue comes mainly from rates approved by state and federal regulators, which are set to cover costs and allow a return on invested capital. Earnings depend on regulatory decisions and on investment in the grid.
Sales reached $24.8 billion in the last twelve months, having grown 8.3% a year over the past three years. Operating profit equals 21.0% of revenue. Return on invested capital is 5%. Net debt is 5.6 times of EBITDA. It pays a dividend, and the yield is 3.7%. Overall, the X-Ray Score is 62 out of 100.
Price chart
52-wk range $39.73 – $50.65Volume 8,873,769Daily, split-adjusted
Vitals
Market cap$46.0B
52-week range$39.73 – $50.65
Volume (last day)8,873,769
P/E (TTM)16.4
EBIT / EV yield5.4%
Free-cash-flow yield-4.7%
Dividend yield3.7%
Revenue (TTM)$24.8B
Net income (TTM)$2.8B
Operating margin21.0%
Return on capital5.5%
Debt incl. leases$50.9B
Cash & securities$713M
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
$45middle half of models $39 – $52
Fair
+1.0% to fair value
Average of the 13 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 $45
Undervalued < $39Fair $39 – $55Overvalued > $55
P/E multiple
$45
P/B multiple
$46
P/S multiple
$52
EV/EBITDA multiple
$54
EV/EBIT multiple
$55
EV/revenue multiple
$51
10-year DCF, EBITDA exit
$26
5-year DCF, EBITDA exit
$40
10-year DCF, revenue exit
$26
5-year DCF, revenue exit
$39
10-year DCF, growth exit
$37
5-year DCF, growth exit
$52
Dividend discount, stable · not used
$93
Dividend discount, multi-stage · not used
$195
Earnings power value
$65
Growth the price implies
8.6%/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
Average business, fairly priced
The price sits inside our fair-value band. 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
Fair
60/100
Priced about in line with its sector.
See the numbers →
EBIT / EV yield5.4%
Free-cash-flow yield-4.7%
Fair value vs price1.0×
Growth
Fair
67/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)8.3%
Growth consistency90%
Profitability
Fair
55/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital5.5%
Operating margin21.0%
Financial health
Strong
76/100
Balance sheet looks strong: debt is well covered.
See the numbers →
Piotroski F-Score7 / 9
Net debt / EBITDA5.6×
Interest coverNo interest cost
Dividends
Weak
47/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield3.7%
Dividend growth6.6%
Quarterly results: last 6 quarters
+1.9%
Dec '24
+11.1%
Mar '25
+1.2%
Jun '25
+9.0%
Sep '25
-1.1%
Dec '25
+7.9%
Mar '26
Revenue against the same quarter a year earlier. Latest quarter revenue $7.2B, diluted EPS $0.90.
Compare with peers
EIX Edison International71 ES Eversource Energy65 DUK Duke Energy CORP58 AEP American Electric Powe...58Other Electric Utilities companies by X-Ray Score.
SWOT analysis: Exelon Corp
Strengthsinside the company
- Operating profit covers interest 50x, so debt costs are a small drag.
- Passes 7 of the 9 Piotroski tests, which points to improving profitability, funding and efficiency.
Weaknessesinside the company
- Return on invested capital is only 5.5% (median 5.5% for industry peers), so the business earns little above its cost of capital.
- Free cash flow is negative, so spending or debt has to be financed from outside.
- Net debt is 5.6x EBITDA, above the 3x level that lenders usually watch.
- Altman Z-score of 0.8 is in the zone linked with financial distress in past studies.
Opportunitiesvaluation and setting
- Trades at 16.6x earnings, 24% below the 21.9x median of industry peers.
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Heavy debt makes profits sensitive to interest rates and refinancing conditions.
- 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 EXC with peers and sector
Medians of 14 Electric Utilities peers and of 30 Utilities stocks in our universe.
Largest peers (X-Ray Score): SO 45, DUK 58, CEG 49, AEP 58, ETR 43, VST 53.
| Metric | EXC | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 62 | 51 | 50 |
| Valuation | 60 | 49 | 49 |
| Growth | 67 | 53 | 53 |
| Profitability | 55 | 54 | 49 |
| Financial health | 76 | 52 | 51 |
| Dividends | 47 | 53 | 55 |
Sector leaders: highest X-Ray Score in Utilities
EXC ranks #5 of 31 in Utilities and #3 of 15 in Electric 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 EXC
Each factor is rated by where EXC 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: 7 Good · 10 Average · 2 Bad of 19
Growth: 1 · 0 · 1
Profitability: 0 · 3 · 1
Financial strength: 2 · 2 · 0
Valuation: 4 · 1 · 0
Cash flow: 0 · 3 · 0
Efficiency: 0 · 1 · 0
| Factor | EXC | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +8.3% | Good beats 95% | +3.4% | – | – |
| Revenue growth, last year | +5.3% | Bad beats 25% | +9.6% | +6.4% | ≈ In line |
| Profitability | |||||
| Operating margin | 21.0% | Average beats 35% | 22.9% | 18.5% | ▲ Better |
| Net margin | 11.2% | Bad beats 25% | 14.4% | 10.7% | ≈ In line |
| Return on invested capital | 5.5% | Average beats 53% | 5.5% | – | – |
| Return on equity | 9.5% | Average beats 44% | 10.1% | 9.0% | ≈ In line |
| Financial strength | |||||
| Net debt / EBITDA | 5.6x | Average beats 65% | 5.8x | 5.8x | ≈ In line |
| Interest cover | 50.0x | Good beats 94% | 2.5x | – | – |
| Current ratio | 0.94 | Average beats 66% | 0.78 | 0.87 | ≈ In line |
| Piotroski F-score | 7 / 9 | Good beats 87% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 16.6x | Good beats 89% | 21.8x | 15.9x | ≈ In line |
| Price / book | 1.6x | Good beats 85% | 2.1x | 1.4x | ≈ In line |
| Price / sales | 1.9x | Good beats 75% | 2.9x | 1.8x | ≈ In line |
| EV / EBITDA | 10.8x | Good beats 82% | 14.0x | 10.6x | ≈ In line |
| Free cash flow yield | -4.7% | Average beats 52% | -4.9% | -5.3% | ≈ In line |
| Cash flow | |||||
| Free cash flow margin | -8.7% | Average beats 52% | -9.1% | -11.9% | ▲ Better |
| Cash from operations / net income | 2.44 | Average beats 66% | 2.20 | 2.24 | ≈ In line |
| Accruals (lower is better) | −3.4% | Average beats 60% | −3.3% | – | – |
| Efficiency | |||||
| Days sales outstanding | 46 days | Average beats 42% | 44 days | 42 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
● 5 Good · ● 8 Average · ● 0 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldAverage
Risk models
Altman Z''Average
Piotroski F-ScoreGood
Growth
Revenue growth (3y)Good
Growth consistencyGood
Balance sheet
Current ratioAverage
Net debt / EBITDAAverage
Interest coverGood
Valuation
Fair value vs priceAverage
EBIT / EV yieldGood
Profitability
Return on invested capitalAverage
Operating marginAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 66/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $17.9B | $19.1B | $21.7B | $23.0B | $24.3B |
| Operating income | $2.7B | $3.3B | $4.0B | $4.3B | $5.1B |
| Net income | $1.8B | $2.2B | $2.3B | $2.5B | $2.8B |
| Operating cash flow | $3.0B | $4.9B | $4.7B | $5.6B | $6.3B |
| Operating margin | 15.0% | 17.4% | 18.5% | 18.8% | 21.2% |
| Free cash flow | −$5.0B | −$2.3B | −$2.7B | −$1.5B | −$2.3B |
| Diluted EPS | $1.74 | – | – | – | – |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
11 bullish · 1 neutral · 4 bearish
Weekly
Strongly bullish
9 bullish · 1 neutral · 2 bearish
Monthly
Strongly bullish
6 bullish · 1 neutral · 1 bearish
Moving averages (daily)
| SMA 10 | 42.81 | Bullish |
| EMA 10 | 42.94 | Bullish |
| SMA 20 | 41.84 | Bullish |
| EMA 20 | 42.49 | Bullish |
| SMA 50 | 42.76 | Bullish |
| EMA 50 | 42.86 | Bullish |
| SMA 100 | 44.26 | Bullish |
| EMA 100 | 43.66 | Bullish |
| SMA 200 | 44.90 | Bearish |
| EMA 200 | 44.04 | Bullish |
Oscillators (daily)
| RSI (14) | 69.09 | Neutral |
| MACD (12, 26) | 0.32 | Bullish |
| Momentum (12) | 7.61 | Bullish |
| Stochastic %K (14) | 99.35 | Bearish |
| Williams %R (14) | -0.65 | Bearish |
| CCI (20) | 172.6 | Bearish |
Pivot points (classic, last session)
S3 41.92 | S2 42.52 | S1 43.68 | Pivot 44.28 | R1 45.45 | R2 46.05 | R3 47.21 |
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
1.66 USD
Yield on today's price
3.70%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.4200 | |
| 0.4200 | |
| 0.4200 | |
| 0.4000 | |
| 0.4000 | |
| 0.4000 | |
| 0.4000 | |
| 0.3800 | |
| 0.3800 | |
| 0.3800 | |
| 0.3800 | |
| 0.3600 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold EXC
| ETF | Share of the fund |
|---|---|
| XLU Utilities Select Sector SPDR | 3.36% |
| FUTY Fidelity MSCI Utilities Index | 3.05% |
| VPU Vanguard Utilities | 3.03% |
| IDU iShares U.S. Utilities | 2.90% |
| GQGU The Advisors’ Inner Circle Fund III | 2.55% |
| CGMM Capital Group U.S. Small and Mid Cap | 1.90% |
| SPHD Invesco S&P 500 High Dividend Low Vola... | 1.59% |
| PWV Invesco Dynamic Large Cap Value | 1.31% |
The eight funds with the largest weight in EXC 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.
EXC stock splits
EXC has split its stock once since 2004. The latest was a 2-for-1 split on 6 May 2004.
Full EXC stock split history →EXC SEC filings
8-KSEC EDGAR
Director or officer change; Regulation FD disclosure
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
8-KSEC EDGAR
Shareholder vote results
8-KSEC EDGAR
Regulation FD disclosure; Other events
DEF 14ASEC EDGAR
Proxy statement
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.