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Exelon (EXC)

Market Price (5/13/2026): $44.75 | Market Cap: $45.8 Bil
Sector: Utilities | Industry: Electric Utilities

Exelon (EXC)

Market Price (5/13/2026): $44.75
Market Cap: $45.8 Bil
Sector: Utilities
Industry: Electric Utilities

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.6%, Dividend Yield is 3.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.2%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, CFO LTM is 6.8 Bil

Low stock price volatility
Vol 12M is 18%

Megatrend and thematic drivers
Megatrends include Sustainable Infrastructure, Smart Grids & Grid Modernization, and Electrification of Everything. Themes include Smart Grid Technologies, Show more.

Weak multi-year price returns
2Y Excs Rtn is -15%, 3Y Excs Rtn is -62%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 110%

Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -8.7%

Key risks
EXC key risks include [1] unfavorable regulatory rulings in Illinois from the Illinois Commerce Commission that have resulted in below-average returns on equity.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.6%, Dividend Yield is 3.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.2%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, CFO LTM is 6.8 Bil
2 Low stock price volatility
Vol 12M is 18%
3 Megatrend and thematic drivers
Megatrends include Sustainable Infrastructure, Smart Grids & Grid Modernization, and Electrification of Everything. Themes include Smart Grid Technologies, Show more.
4 Weak multi-year price returns
2Y Excs Rtn is -15%, 3Y Excs Rtn is -62%
5 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 110%
6 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -8.7%
7 Key risks
EXC key risks include [1] unfavorable regulatory rulings in Illinois from the Illinois Commerce Commission that have resulted in below-average returns on equity.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Exelon (EXC) stock has remained largely at the same level since 1/31/2026 because of the following key factors:

1. Stable Q1 2026 Financial Performance with Mixed Underlying Trends.

Exelon reported Q1 2026 adjusted operating earnings of $0.91 per share, surpassing analyst estimates of $0.89, and revenues of $7.24 billion, which beat projections of $6.93 billion. However, these adjusted operating earnings were slightly lower than the $0.92 per share reported in Q1 2025, and while some utility segments, such as ComEd, PECO, and BGE, saw increases in GAAP net income, PHI experienced a decline. The company also reaffirmed its full-year 2026 adjusted operating earnings guidance of $2.81-$2.91 per share, alongside a long-term growth target near the top end of 5-7% through 2029, signaling a consistent overall financial outlook.

2. Long-Term Capital Investment Strategy Counterbalanced by Near-Term Regulatory Uncertainty.

Exelon unveiled a revised four-year capital plan totaling $41.7 billion for 2026-2029, an increase of $400 million from the prior quarter's guidance. This plan strategically reallocates capital, increasing transmission investment by $1.5 billion to support an anticipated 7.9% rate base growth, driven by electrification and increasing demand from data centers. Despite these long-term growth initiatives, the company faced near-term regulatory challenges, notably the withdrawal of PECO's electric and gas rate cases in Pennsylvania, citing timing and affordability concerns, which introduced an element of regulatory risk.

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Stock Movement Drivers

Fundamental Drivers

The 1.3% change in EXC stock from 1/31/2026 to 5/12/2026 was primarily driven by a 4.2% change in the company's P/E Multiple.
(LTM values as of)13120265122026Change
Stock Price ($)44.4044.981.3%
Change Contribution By: 
Total Revenues ($ Mil)24,31724,7861.9%
Net Income Margin (%)11.6%11.2%-3.4%
P/E Multiple15.916.64.2%
Shares Outstanding (Mil)1,0111,024-1.3%
Cumulative Contribution1.3%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 5/12/2026
ReturnCorrelation
EXC1.3% 
Market (SPY)7.0%-21.3%
Sector (XLU)5.2%57.5%

Fundamental Drivers

The -0.8% change in EXC stock from 10/31/2025 to 5/12/2026 was primarily driven by a -4.0% change in the company's P/E Multiple.
(LTM values as of)103120255122026Change
Stock Price ($)45.3344.98-0.8%
Change Contribution By: 
Total Revenues ($ Mil)23,76624,7864.3%
Net Income Margin (%)11.2%11.2%0.4%
P/E Multiple17.316.6-4.0%
Shares Outstanding (Mil)1,0101,024-1.4%
Cumulative Contribution-0.8%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 5/12/2026
ReturnCorrelation
EXC-0.8% 
Market (SPY)8.8%-15.3%
Sector (XLU)2.9%61.7%

Fundamental Drivers

The -0.7% change in EXC stock from 4/30/2025 to 5/12/2026 was primarily driven by a -10.5% change in the company's P/E Multiple.
(LTM values as of)43020255122026Change
Stock Price ($)45.2944.98-0.7%
Change Contribution By: 
Total Revenues ($ Mil)23,02924,7867.6%
Net Income Margin (%)10.7%11.2%5.0%
P/E Multiple18.516.6-10.5%
Shares Outstanding (Mil)1,0061,024-1.8%
Cumulative Contribution-0.7%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2025 to 5/12/2026
ReturnCorrelation
EXC-0.7% 
Market (SPY)34.6%-10.4%
Sector (XLU)17.8%65.3%

Fundamental Drivers

The 18.5% change in EXC stock from 4/30/2023 to 5/12/2026 was primarily driven by a 29.9% change in the company's Total Revenues ($ Mil).
(LTM values as of)43020235122026Change
Stock Price ($)37.9544.9818.5%
Change Contribution By: 
Total Revenues ($ Mil)19,07724,78629.9%
Net Income Margin (%)11.4%11.2%-1.4%
P/E Multiple17.416.6-4.8%
Shares Outstanding (Mil)9951,024-2.8%
Cumulative Contribution18.5%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2023 to 5/12/2026
ReturnCorrelation
EXC18.5% 
Market (SPY)84.4%3.9%
Sector (XLU)43.6%69.9%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
EXC Return41%9%-14%9%20%2%77%
Peers Return16%-1%-11%20%16%11%57%
S&P 500 Return27%-19%24%23%16%8%97%

Monthly Win Rates [3]
EXC Win Rate58%67%42%67%67%40% 
Peers Win Rate58%60%53%58%63%60% 
S&P 500 Win Rate75%42%67%75%67%60% 

Max Drawdowns [4]
EXC Max Drawdown-9%-12%-17%-6%-1%-2% 
Peers Max Drawdown-8%-16%-24%-6%-4%-2% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-7% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: NEE, DUK, SO, AEP, D. See EXC Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/12/2026 (YTD)

How Low Can It Go

EventEXCS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-14.1%-9.5%
  % Gain to Breakeven16.5%10.5%
  Time to Breakeven380 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-10.5%-24.5%
  % Gain to Breakeven11.7%32.4%
  Time to Breakeven33 days427 days
2020 COVID-19 Crash
  % Loss-39.6%-33.7%
  % Gain to Breakeven65.4%50.9%
  Time to Breakeven493 days140 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-10.9%-3.7%
  % Gain to Breakeven12.2%3.9%
  Time to Breakeven27 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-23.0%-12.2%
  % Gain to Breakeven29.8%13.9%
  Time to Breakeven80 days62 days
2014-2016 Oil Price Collapse
  % Loss-20.2%-6.8%
  % Gain to Breakeven25.2%7.3%
  Time to Breakeven52 days15 days

Compare to NEE, DUK, SO, AEP, D

In The Past

Exelon's stock fell 0.0% during the 2025 US Tariff Shock. Such a loss loss requires a 0.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventEXCS&P 500
2020 COVID-19 Crash
  % Loss-39.6%-33.7%
  % Gain to Breakeven65.4%50.9%
  Time to Breakeven493 days140 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-23.0%-12.2%
  % Gain to Breakeven29.8%13.9%
  Time to Breakeven80 days62 days
2014-2016 Oil Price Collapse
  % Loss-20.2%-6.8%
  % Gain to Breakeven25.2%7.3%
  Time to Breakeven52 days15 days
2013 Taper Tantrum
  % Loss-25.4%-0.2%
  % Gain to Breakeven34.0%0.2%
  Time to Breakeven95 days1 days
2008-2009 Global Financial Crisis
  % Loss-49.0%-53.4%
  % Gain to Breakeven96.2%114.4%
  Time to Breakeven3996 days1085 days

Compare to NEE, DUK, SO, AEP, D

In The Past

Exelon's stock fell 0.0% during the 2025 US Tariff Shock. Such a loss loss requires a 0.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Exelon (EXC)

Exelon Corporation, a utility services holding company, engages in the energy generation, delivery, and marketing businesses in the United States and Canada. It owns nuclear, fossil, wind, hydroelectric, biomass, and solar generating facilities. The company also sells electricity to wholesale and retail customers; and sells natural gas, renewable energy, and other energy-related products and services. Additionally, it is involved in the purchase and regulated retail sale of electricity and natural gas; and transmission and distribution of electricity, and distribution of natural gas to retail customers. Further, the company offers support services, including legal, human resources, information technology, financial, supply management, accounting, engineering, customer operations, distribution and transmission planning, asset management, system operations, and power procurement services. It serves distribution utilities, municipalities, cooperatives, and financial institutions, as well as commercial, industrial, governmental, and residential customers. Exelon Corporation was incorporated in 1999 and is headquartered in Chicago, Illinois.

AI Analysis | Feedback

Here are 1-3 brief analogies for Exelon (EXC):

  • A giant integrated energy provider, similar to Southern Company or Duke Energy, that both generates electricity and natural gas and delivers it to customers.
  • Think of them as a diversified utility giant, like a broader version of Con Edison or Pacific Gas & Electric, but one that also owns a vast portfolio of power plants, from nuclear to solar.

AI Analysis | Feedback

  • Electricity Generation: Producing electricity from a diverse portfolio of nuclear, fossil, wind, hydroelectric, biomass, and solar facilities.
  • Electricity Transmission & Distribution: Transporting and delivering electricity through regulated networks from generation sources to wholesale and retail customers.
  • Natural Gas Distribution: Delivering natural gas through regulated networks to residential, commercial, and industrial customers.
  • Energy Sales & Marketing: Selling electricity, natural gas, renewable energy, and other energy-related products and services to wholesale and retail customers.

AI Analysis | Feedback

Exelon Corporation serves a diverse range of customers, encompassing both wholesale and retail segments. As the company description provides categories rather than specific named companies for its major customers, the following are the primary customer categories:

  • Wholesale and Institutional Buyers: This category includes distribution utilities, municipalities, cooperatives, and financial institutions. These entities purchase electricity and other energy products from Exelon's generation and marketing businesses, often for redistribution or energy-related transactions.
  • Commercial, Industrial, and Governmental Customers: These are non-residential customers, ranging from large businesses and industrial facilities to government agencies. They purchase electricity and natural gas directly from Exelon for their operational needs.
  • Residential Customers: These are individual households that receive electricity and natural gas services directly from Exelon through its regulated transmission and distribution operations.

AI Analysis | Feedback

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AI Analysis | Feedback

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Calvin Butler, President and Chief Executive Officer

Calvin Butler was appointed President and Chief Executive Officer of Exelon at the end of 2022. Prior to this, he held the roles of President and Chief Operating Officer of Exelon. From 2014 to 2019, he served as CEO of BGE (Baltimore Gas and Electric). Before joining Exelon in 2008, Butler held senior leadership positions at R.R. Donnelley, a company specializing in print, digital, and supply chain solutions. His early career included working in government affairs, legal, and strategy at Central Illinois Light Company (CILCORP, Inc.).

Jeanne Jones, Executive Vice President and Chief Financial Officer

Jeanne Jones has served as Exelon's Executive Vice President and Chief Financial Officer since October 17, 2022. She joined Exelon in 2007, starting as a principal analyst in the controller's department. Before becoming CFO of Exelon, she was the chief financial officer for ComEd, an Exelon subsidiary. Her experience also includes serving as Vice President of Finance for Exelon Nuclear and as CFO of Constellation Energy Nuclear Group, LLC. Prior to her tenure at Exelon, Jones was a manager in the audit practice at EY (Ernst & Young).

Mike Innocenzo, Executive Vice President and Chief Operating Officer

Mike Innocenzo was promoted to Executive Vice President and Chief Operating Officer of Exelon in February 2024, with the role becoming effective April 1, 2024. Previously, he was the President and Chief Executive Officer of Exelon's subsidiary, PECO. Innocenzo joined the company in 1988 and has held various roles, including those in Electric and Gas Distribution Operations, Energy Management, Smart Grid, Process Improvement, and Project Management.

Colette D. Honorable, Executive Vice President, Public Policy and Chief Legal Officer

Colette D. Honorable leads Exelon's legal, public policy, legislative and regulatory affairs, compliance, and corporate giving efforts. She was promoted to Chief Legal Officer on January 1, 2025, having joined Exelon in September 2023 as Executive Vice President and Chief External Affairs Officer. Before joining Exelon, Honorable was an equity partner at the global law firm Reed Smith LLP, where she led the firm's energy regulatory group. She was nominated by President Barack Obama and unanimously confirmed by the U.S. Senate to serve as a Commissioner at the Federal Energy Regulatory Commission (FERC). Her career also includes serving on the Arkansas Public Service Commission, where she held roles including commissioner, interim chairman, and chairman, and as chief of staff to the Arkansas Attorney General.

Tim Peterson, Executive Vice President and Chief Customer and Technology Officer

Tim Peterson holds the position of Executive Vice President and Chief Customer and Technology Officer at Exelon. In this role, he is responsible for the company's enterprise-wide customer strategy and experience, as well as information technology and cybersecurity. Prior to joining Exelon, Peterson worked at Xcel Energy, where he was responsible for the company's customer and employee experience, IT, and digital functions. He has over two decades of experience and has previously served as Chief Information Officer at several customer-focused organizations, including Optum, Wellmark, and TruStage Financial Group.

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AI Analysis | Feedback

Here are the key risks to Exelon's business:

  1. Regulatory and Legal Challenges: Exelon operates within a highly regulated environment, making it susceptible to significant risks stemming from evolving legislative and regulatory actions. Changes in energy policies, such as those related to conservation or emission standards, could impose additional costs or operational constraints, negatively impacting the company's financial performance and strategic plans. The uncertainty surrounding regulatory approval proceedings also poses a risk to Exelon's investments and growth opportunities.
  2. Operational Risks, including Extreme Weather and Cybersecurity Threats: The company faces substantial operational risks, including the potential for disruptions caused by extreme weather events and natural disasters such as wildfires or natural gas explosions. These events can adversely affect operations, energy demand, and commodity prices, potentially requiring significant resources to meet contractual obligations. Furthermore, cybersecurity threats represent a material risk that could lead to operational disruptions, financial losses, and reputational damage.
  3. Market and Technological Disruptions: The energy industry is characterized by rapid changes driven by technological advancements and shifting customer expectations. Emerging technologies, such as distributed generation and energy storage, could challenge Exelon's traditional business model and affect its market position over time. Additionally, the company is exposed to market volatility and broader economic downturns that could threaten its operational stability and financial health.

AI Analysis | Feedback

The increasing proliferation and affordability of distributed energy resources (DERs), such as rooftop solar panels and battery storage systems, represent a clear emerging threat. As customers generate more of their own electricity and store it, their reliance on power purchased from Exelon's generation facilities and delivered via its grid diminishes. This directly impacts Exelon's revenue streams from both energy sales and transmission/distribution charges.

The growing development and deployment of microgrids and other localized energy solutions pose another clear emerging threat. Commercial, industrial, and even community-level customers are increasingly investing in self-sufficient or highly resilient local energy systems that can operate independently or with minimal reliance on the broader utility grid. This trend threatens to erode Exelon's customer base and associated revenue by allowing significant load to bypass or entirely disconnect from its traditional services.

AI Analysis | Feedback

Exelon Corporation (EXC) operates in the energy generation, delivery, and marketing sectors across the United States and Canada. The addressable markets for its main products and services are substantial within these regions.

Electricity Generation and Delivery

  • The overall U.S. power market, encompassing electricity generation, was valued at approximately USD 380.33 billion in 2025 and is projected to reach USD 397.67 billion in 2026. This market is expected to grow to USD 568.13 billion by 2034. Separately, the U.S. electricity sector generated revenues of $491 billion in 2023.
  • In Canada, the power generation industry recorded total revenues of $44.7 billion in 2022. The Canadian electrical distribution market closed the 2025 reporting period with $17.6 billion in sales.
  • The U.S. retail electricity market is estimated at USD 575.49 billion in 2025 and is projected to reach USD 741.50 billion by 2030.

Renewable Energy

  • The North American renewable energy market was valued at USD 296.4 billion in 2025. Another source indicates a value of USD 341.32 billion in 2024. This market is anticipated to grow significantly, with projections reaching US$803.0 billion by 2033.

Natural Gas Distribution and Sales

  • The U.S. natural gas distribution market was valued at USD 170.0 billion in 2024 and is forecast to increase to USD 186.0 billion by 2032. Another estimate places the U.S. natural gas distribution market at $222.5 billion in 2025, growing to $225.5 billion in 2026.
  • For Canada, the natural gas distribution market was valued at $17.1 billion in 2025. In 2022, the natural gas distribution sector contributed over $5.1 billion to Canada's GDP.

AI Analysis | Feedback

Exelon Corporation (EXC) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

  1. Grid Modernization and Infrastructure Investments: Exelon plans substantial capital expenditures for grid modernization, transmission upgrades, and renewable infrastructure. The company projected investments of $35 billion over four years from 2024-2027, which is expected to result in a 7.5% rate base growth. Similarly, it outlined plans for $38 billion in investments from 2025-2028, aiming for a 7.4% annualized rate base growth. These investments are crucial as regulated utilities generate revenue based on their rate base.
  2. Rate Increases and Regulatory Approvals: As a regulated utility, Exelon's revenue growth is significantly influenced by successful rate cases and multi-year rate plans across its operating companies like ComEd, PECO, BGE, and PHI. Recent approvals for rate increases and final orders on multi-year plans are expected to lead to increased revenue and recovery of investments.
  3. Growth in Data Center Load and Electrification: Exelon anticipates revenue growth from an increasing demand for electricity, particularly from large load opportunities such as data centers. Northern Illinois, one of Exelon's service territories, has shown significant growth in data center load. Additionally, initiatives like ComEd's Beneficial Electrification Plan support the adoption of electric vehicles and other electrification efforts, further increasing electricity consumption.
  4. Transmission Infrastructure Expansion: The company has identified a significant pipeline of $10 billion to $15 billion in transmission projects. These projects are expected to lead to substantial capital investments that will expand Exelon's regulated asset base and contribute to long-term earnings growth.

AI Analysis | Feedback

Share Issuance

  • Exelon’s updated four-year financing plan for 2026-2029 includes $3.4 billion of equity to fund capital expenditures, implying annualized equity needs of $850 million per year.
  • The previous four-year financing plan (2025-2028) included $1.4 billion of additional equity to fund incremental capital expenditures, implying total annual equity needs of $700 million per year.
  • Exelon's shares outstanding have shown an increasing trend, from 0.997 billion in 2023 to 1.003 billion in 2024, and 1.014 billion in 2025.

Capital Expenditures

  • Exelon plans to invest $41.3 billion over the next four years (2026-2029) primarily to enhance customer services and grid reliability, with over 70% of the increase dedicated to transmission investments.
  • The company projected $38 billion in capital expenditures from 2025 to 2028, focusing on grid modernization, transmission upgrades, and renewable infrastructure.
  • Annual capital expenditures averaged $7.632 billion from fiscal years ending December 2021 to 2025, peaking at $8.529 billion in December 2025.

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PEG_11212025_Monopoly_xInd_xCD_Getting_Cheaper11212025PEGPublic Service EnterpriseMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
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Peer Comparisons

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Financials

EXCNEEDUKSOAEPDMedian
NameExelon NextEra .Duke Ene.Southern American.Dominion. 
Mkt Price44.9894.59125.0793.47131.9462.9294.03
Mkt Cap46.1197.097.3105.171.555.384.4
Rev LTM24,78627,86733,16630,17422,43317,44926,326
Op Inc LTM5,2137,7518,5817,2935,4925,0196,392
FCF LTM-2,1632,363-3,299-3,466-3,242-7,391-3,270
FCF 3Y Avg-1,9153,250-1,762-1,452-2,005-6,706-1,838
CFO LTM6,77812,33011,6659,7787,0135,0608,396
CFO 3Y Avg5,92212,66211,5229,1756,5205,2457,848

Growth & Margins

EXCNEEDUKSOAEPDMedian
NameExelon NextEra .Duke Ene.Southern American.Dominion. 
Rev Chg LTM4.6%10.3%7.2%8.3%11.3%17.1%9.3%
Rev Chg 3Y Avg8.8%4.3%4.6%1.7%4.5%5.1%4.5%
Rev Chg Q7.9%7.3%11.3%8.0%10.2%23.1%9.1%
QoQ Delta Rev Chg LTM2.2%1.7%2.9%2.1%2.5%5.7%2.4%
Op Inc Chg LTM10.1%4.8%3.1%-1.1%20.5%18.0%7.5%
Op Inc Chg 3Y Avg14.0%3.2%9.4%12.3%15.1%9.5%10.9%
Op Mgn LTM21.0%27.8%25.9%24.2%24.5%28.8%25.2%
Op Mgn 3Y Avg19.7%29.9%25.9%25.2%22.8%27.1%25.6%
QoQ Delta Op Mgn LTM-0.2%-1.4%-0.7%-0.5%-0.1%-1.1%-0.6%
CFO/Rev LTM27.3%44.2%35.2%32.4%31.3%29.0%31.8%
CFO/Rev 3Y Avg25.1%47.4%37.0%33.0%31.6%34.3%33.6%
FCF/Rev LTM-8.7%8.5%-9.9%-11.5%-14.5%-42.4%-10.7%
FCF/Rev 3Y Avg-8.1%12.3%-5.6%-5.0%-9.5%-43.1%-6.8%

Valuation

EXCNEEDUKSOAEPDMedian
NameExelon NextEra .Duke Ene.Southern American.Dominion. 
Mkt Cap46.1197.097.3105.171.555.384.4
P/S1.97.12.93.53.23.23.2
P/Op Inc8.825.411.314.413.011.012.2
P/EBIT8.420.010.012.612.29.011.1
P/E16.624.118.924.119.618.719.3
P/CFO6.816.08.310.710.210.910.5
Total Yield9.6%6.6%6.1%7.1%7.9%9.5%7.5%
Dividend Yield3.6%2.4%0.9%2.9%2.8%4.2%2.9%
FCF Yield 3Y Avg-4.4%2.2%-1.9%-1.5%-3.3%-13.9%-2.6%
D/E1.10.50.90.70.70.90.8
Net D/E1.10.50.90.70.70.90.8

Returns

EXCNEEDUKSOAEPDMedian
NameExelon NextEra .Duke Ene.Southern American.Dominion. 
1M Rtn-7.4%0.5%-5.1%-3.8%-2.5%-2.0%-3.1%
3M Rtn1.6%4.8%2.0%3.8%9.6%-0.3%2.9%
6M Rtn-0.2%11.8%2.9%4.2%9.1%5.1%4.6%
12M Rtn5.9%39.8%11.8%10.0%34.8%20.0%15.9%
3Y Rtn19.5%32.4%42.8%41.9%60.8%32.2%37.2%
1M Excs Rtn-14.1%-5.0%-11.6%-10.0%-8.6%-7.6%-9.3%
3M Excs Rtn-5.0%-1.8%-4.6%-2.8%3.0%-6.9%-3.7%
6M Excs Rtn-11.0%4.2%-7.1%-6.1%1.2%-5.6%-5.8%
12M Excs Rtn-27.7%7.8%-23.1%-23.9%-0.7%-11.3%-17.2%
3Y Excs Rtn-61.5%-42.2%-37.4%-38.7%-17.4%-49.8%-40.4%

Financials

Segment Financials

Assets by Segment
$ Mil20252024202320222021
Commonwealth Edison Company (ComEd)44,75042,82739,66136,47034,466
Pepco Holdings LLC (PHI)28,297    
PECO Energy Company (PECO)17,12315,59514,50213,82412,531
Baltimore Gas and Electric Company (BGE)15,54214,18413,35012,32411,650
Other6,0126,3746,0147,6349,005
Intersegment Eliminations-3,940-4,337-4,260-8,319-10,165
Atlantic City Electric Company (ACE) 5,1574,9794,5564,286
Delmarva Power & Light Company (DPL) 5,9665,8025,4125,140
Intersegment Eliminations-Pepco Holdings LLC (PHI) -41-33-60-33
Other-Pepco Holdings LLC (PHI) 4,6274,6774,9335,079
Potomac Electric Power Company (Pepco) 11,19410,6579,9039,264
Exelon Generation Company, LLC (Generation)    48,094
Total107,784101,54695,34986,677129,317


Price Behavior

Price Behavior
Market Price$44.98 
Market Cap ($ Bil)45.6 
First Trading Date01/02/1980 
Distance from 52W High-10.6% 
   50 Days200 Days
DMA Price$47.74$45.31
DMA Trendupup
Distance from DMA-5.8%-0.7%
 3M1YR
Volatility23.3%18.1%
Downside Capture-31.88-15.18
Upside Capture-17.10-3.96
Correlation (SPY)-22.0%-9.4%
EXC Betas & Captures as of 4/30/2026

 1M2M3M6M1Y3Y
Beta0.010.04-0.24-0.16-0.110.06
Up Beta0.020.020.090.15-0.050.09
Down Beta-3.35-0.33-0.96-0.38-0.26-0.06
Up Capture-25%-3%-5%-14%-3%3%
Bmk +ve Days15223166141428
Stock +ve Days8193363126388
Down Capture111%34%-35%-27%-17%17%
Bmk -ve Days4183056108321
Stock -ve Days14243162125359

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with EXC
EXC3.0%18.3%0.02-
Sector ETF (XLU)15.9%14.4%0.8065.5%
Equity (SPY)32.5%12.4%1.98-9.7%
Gold (GLD)41.3%26.9%1.263.9%
Commodities (DBC)50.3%18.5%2.06-7.1%
Real Estate (VNQ)12.8%13.5%0.6535.2%
Bitcoin (BTCUSD)-21.0%41.7%-0.460.9%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with EXC
EXC11.6%20.7%0.46-
Sector ETF (XLU)10.0%17.2%0.4376.1%
Equity (SPY)13.7%17.1%0.6326.9%
Gold (GLD)21.0%17.9%0.9513.6%
Commodities (DBC)11.4%19.4%0.476.8%
Real Estate (VNQ)3.9%18.8%0.1151.3%
Bitcoin (BTCUSD)7.2%55.9%0.349.3%

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Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with EXC
EXC10.0%23.9%0.40-
Sector ETF (XLU)9.8%19.2%0.4482.9%
Equity (SPY)15.5%17.9%0.7448.5%
Gold (GLD)13.4%15.9%0.7013.0%
Commodities (DBC)8.4%17.9%0.3916.4%
Real Estate (VNQ)5.6%20.7%0.2464.4%
Bitcoin (BTCUSD)68.2%66.8%1.079.8%

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Short Interest

Short Interest: As Of Date4302026
Short Interest: Shares Quantity37.0 Mil
Short Interest: % Change Since 4152026-13.6%
Average Daily Volume9.2 Mil
Days-to-Cover Short Interest4.0 days
Basic Shares Quantity1,024.0 Mil
Short % of Basic Shares3.6%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/6/2026-2.5%  
2/12/20267.0%6.5%13.0%
11/4/20250.4%-0.7%-4.1%
7/31/20251.5%1.8%-0.2%
5/1/2025-0.6%-1.2%-5.7%
2/12/20251.3%0.7%3.6%
10/30/20240.4%-2.7%0.9%
8/1/20242.8%1.7%3.3%
...
SUMMARY STATS   
# Positive151414
# Negative999
Median Positive2.0%1.3%4.3%
Median Negative-1.5%-0.9%-3.4%
Max Positive7.0%6.5%20.8%
Max Negative-3.3%-3.7%-6.5%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/06/202610-Q
12/31/202502/12/202610-K
09/30/202511/04/202510-Q
06/30/202507/31/202510-Q
03/31/202505/01/202510-Q
12/31/202402/12/202510-K
09/30/202410/30/202410-Q
06/30/202408/01/202410-Q
03/31/202405/02/202410-Q
12/31/202302/21/202410-K
09/30/202311/02/202310-Q
06/30/202308/02/202310-Q
03/31/202305/03/202310-Q
12/31/202202/14/202310-K
09/30/202211/03/202210-Q
06/30/202208/03/202210-Q

Recent Forward Guidance [BETA]

Latest: Q1 2026 Earnings Reported 5/6/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Adjusted (non-GAAP) operating earnings2.812.862.910 AffirmedGuidance: 2.86 for 2026
2029 Operating EPS compounded annual growth5.0%7.0%7.0%16.7%1.0%RaisedGuidance: 6.0% for 2029
2029 Capital Expenditures 41.70 Bil 1.0% RaisedGuidance: 41.30 Bil for 2026
2029 Rate base growth 7.9%   Higher New
2029 Equity needs 3.40 Bil   Higher New

Prior: Q4 2025 Earnings Reported 2/12/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Adjusted (non-GAAP) operating earnings2.812.862.916.3% Higher NewGuidance: 2.69 for 2025
2026 Capital Expenditures 41.30 Bil 8.7% RaisedGuidance: 38.00 Bil for 2029
2029 Operating EPS Compounded Annual Growth5.0%6.0%7.0%00AffirmedGuidance: 6.0% for 2028
2026 Annualized Equity Needs 850.00 Mil    

Industry Resources

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