Utilities · Electric Utilities · US stock · price as of 22 Oct 2026
Key indicators
Price
$44.85
52-week range
$39.73 – $50.65
Market cap
$46.0B
P/E (trailing)
16.4×
EV / EBITDA
10.8×
Free-cash-flow yield
−4.7%
Dividend yield
3.7%
Revenue (last 12 months)
$24.8B
Revenue growth (3y a year)
8.3%
Operating margin
21.0%
Return on invested capital
5.5%
Net debt / EBITDA
5.6×
Fair value
Fair value (average of valid models)$45.31 middle half of models $39 – $52
Versus priceFair+1% to fair value
P/E multiple
$45.14
P/B multiple
$46.09
P/S multiple
$52.31
EV/EBITDA multiple
$54.17
EV/EBIT multiple
$54.55
EV/revenue multiple
$51.37
10-year DCF, EBITDA exit
$26.22
5-year DCF, EBITDA exit
$39.85
10-year DCF, revenue exit
$26.05
5-year DCF, revenue exit
$39.40
10-year DCF, growth exit
$36.93
5-year DCF, growth exit
$51.77
Earnings power value
$65.12
Model uncertainty
Medium
X-Ray Score
62/ 100 · Medium confidence · ahead of 84% of sector peers
Valuation60
Growth67
Profitability55
Financial health76
Dividends47
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%.
StocksXray gives Exelon Corp an X-Ray Score of 62 out of 100 (medium confidence), ahead of 84% of the S&P 500 stocks in its sector. Its strongest lens is financial health (76) and its weakest is dividends (47).
Our fair value (the average of the valid models) is $45.31 (range $39.40 to $52.31). At $44.85 the stock trades 1% below that value, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Exelon Corp (EXC)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$34.73
$37.61
$32.36
$35.34
$42.41
$44.85
Market cap
$34.0B
$37.1B
$32.3B
$35.4B
$42.9B
$46.0B
P/E
20.0×
–
–
–
–
16.4×
EV / revenue
3.8×
4.0×
3.5×
3.5×
3.8×
3.9×
EV / EBITDA
11.9×
11.5×
10.0×
10.3×
10.5×
10.8×
Price / free cash flow
–
–
–
–
–
–
Free-cash-flow yield
−14.6%
−6.1%
−8.4%
−4.3%
−5.3%
−4.7%
Price / book
1.0×
1.5×
1.3×
1.3×
1.5×
1.6×
Dividend yield
4.41%
3.59%
4.45%
4.30%
3.77%
3.70%
Fundamentals checklist ● 5 Good · ● 8 Average · ● 0 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−3.4%Average
Free-cash-flow yield−4.7%Average
Risk models
Altman Z score0.8×Average
Piotroski F-Score7 of 9Good
Growth
Revenue growth (3y)8.3%Good
Growth consistency90%Good
Balance sheet
Current ratio0.9×Average
Net debt / EBITDA5.6×Average
Interest coverno interest costGood
Valuation
Fair value vs price1.0×Average
EBIT / EV yield5.4%Good
Profitability
Return on invested capital5.5%Average
Operating margin21.0%Average
XStocksXray
Exelon Corp (EXC)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
17,938
19,078
21,727
23,028
24,258
24,786
Gross profit
–
–
–
–
–
–
Operating income
2,682
3,315
4,023
4,319
5,148
5,217
Net income
1,829
2,171
2,328
2,460
2,768
2,779
Diluted EPS ($)
1.74
–
–
–
–
2.74
Free cash flow
-4,969
-2,277
-2,705
-1,528
-2,275
-2,163
Gross margin
–
–
–
–
–
–
Operating margin
15.0%
17.4%
18.5%
18.8%
21.2%
21.0%
Net margin
10.2%
11.4%
10.7%
10.7%
11.4%
11.2%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
133,013
95,349
101,856
107,784
116,570
117,545
Cash
672
407
445
357
626
713
Total debt
34,150
39,660
43,618
46,259
49,690
50,850
Equity
34,393
24,744
25,755
26,921
28,798
29,315
Dividend per share ($)
1.53
1.35
1.44
1.52
1.60
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
