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Exelon (EXC)

Market Price (12/15/2025): $43.53 | Market Cap: $44.0 Bil
Sector: Utilities | Industry: Electric Utilities

Exelon (EXC)

Market Price (12/15/2025): $43.53
Market Cap: $44.0 Bil
Sector: Utilities
Industry: Electric Utilities

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.7%, Dividend Yield is 3.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.5%	Weak multi-year price returns 2Y Excs Rtn is -28%, 3Y Excs Rtn is -58%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 106%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, CFO LTM is 6.4 Bil		Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -6.6%
2	Low stock price volatility Vol 12M is 19%
3	Megatrend and thematic drivers Megatrends include Sustainable Infrastructure, Smart Grids & Grid Modernization, and Electrification of Everything. Themes include Smart Grid Technologies, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.7%, Dividend Yield is 3.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.5%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, CFO LTM is 6.4 Bil
2	Low stock price volatility Vol 12M is 19%
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 -28%, 3Y Excs Rtn is -58%
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 106%
6	Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -6.6%

Valuation, Metrics & Events

	12/15/25	2024	2023	2022	2021
Share Price CYE	$43.53	$36.32	$33.25	$38.65	$35.61
Market Cap CYE ($ Bil)	44.0	36.5	33.1	38.5	35.0
Total Debt ($ Bil)	49.9	46.6	44.0	40.1	34.5
Total Cash ($ Bil)	1.5	0.4	0.4	0.4	0.7
Enterprise Value ($ Bil)	92.4	83.1	77.1	78.6	69.5
Valuation Ratios
P/S TTM	1.9	1.6	1.6	2.2	3.1
P/EBIT TTM	8.6	8.2	8.1	11.1	19.2
P/E TTM	16.1	15.3	15.4	19.6	33.1
Sector Ratios
P/S TTM (Sector)	11.4	10.5	8.0	5.0	10.4
P/EBIT TTM (Sector)	29.1	31.2	26.5	17.6	29.4
P/E TTM (Sector)	37.5	39.9	36.4	22.9	42.6

	12/15/25	2024	2023
Share Price CYE	$43.53	$36.32	$33.25
Market Cap CYE ($ Bil)	44.0	36.5	33.1
Total Debt ($ Bil)	49.9	46.6	44.0
Total Cash ($ Bil)	1.5	0.4	0.4
Enterprise Value ($ Bil)	92.4	83.1	77.1
Valuation Ratios
P/S TTM	1.9	1.6	1.6
P/EBIT TTM	8.6	8.2	8.1
P/E TTM	16.1	15.3	15.4
Sector Ratios
P/S TTM (Sector)	11.4	10.5	8.0
P/EBIT TTM (Sector)	29.1	31.2	26.5
P/E TTM (Sector)	37.5	39.9	36.4

	EXC	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	24.3
Rev Chg Q	9.0%	15.9%
Rev Chg LTM	6.1%	13.2%
Rev Chg 3Y Avg	8.9%	12.2%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	5.1
CFO LTM ($ Bil)	6.4
Net Inc LTM ($ Bil)	2.8
Op Mgn LTM	20.8%	37.5%
CFO/Rev LTM	26.5%	35.5%
Net Inc Mgn	11.6%	27.6%
VALUATION	MODERATE
P/S	1.9	11.4
P/CFO	7.1	30.6
P/FCF	-28.5	54.0
P/E	16.1	37.5
STABILITY	POOR
Debt/Equity	1.10	0.03
Cash/Assets	0.01	0.16

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Total Customers	Over 10.7 million	11042025	Link
Commonwealth Edison (ComEd) Customers	Over 4 million	5162024	Link
PECO Energy Company (PECO) Electric Customers	Approximately 1.7 million	9022025	Link
PECO Energy Company (PECO) Natural Gas Customers	553,000	9022025	Link
Baltimore Gas and Electric (BGE) Electric Customers	Over 1.3 million	11172024	Link
Baltimore Gas and Electric (BGE) Natural Gas Customers	Over 700,000	11172024	Link
Pepco Electric Customers	Approximately 842,000	3232016	Link
Delmarva Power Electric Customers	Over 400,000	2142025	Link
Atlantic City Electric (ACE) Customers	Approximately 565,000	11102021	Link
BGE System Average Interruption Frequency Index (SAIFI)	0.71 interruptions	12312024	Link
BGE System Average Interruption Duration Index (SAIDI)	85.2 minutes	12312024	Link
Pepco System Average Interruption Frequency Index (SAIFI)	0.52 interruptions	12312024	Link
Pepco System Average Interruption Duration Index (SAIDI)	48 minutes	12312024	Link
Customers Connected to Local Solar and Renewable Energy	269,543	12312024	Link
Energy Savings from Efficiency Programs	26.2 million MWh	12312024	Link

Upcoming
2/11/2026	Earnings Release	Rev: - EPS: -

EXC Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

1. Regulatory Approvals and Infrastructure Projects. Exelon, along with NextEra Energy Transmission, was recommended by PJM Interconnection in December 2025 to develop a significant 765-kV high-voltage transmission line across Pennsylvania and West Virginia. This project, designed to move approximately 7 gigawatts of power, reinforces Exelon's role in major regional grid upgrades and aligns with substantial power investment plans in these states. Such large infrastructure projects, while promising long-term growth, also highlight increased dependence on external funding and potential risks associated with rising interest costs.

2. Earnings Performance and Analyst Expectations. Exelon reported stronger-than-expected earnings in Q3 2025, with $0.86 earnings per share (EPS) against analyst estimates of $0.69. For Q1 2025, operating EPS grew from $0.68 to $0.92 year-over-year, driven by new base rates and favorable weather conditions. Analysts generally view Exelon as a stable utility with predictable earnings, expecting compounded earnings growth through 2027 as margins expand and operational visibility strengthens. The company's FY 2025 guidance for EPS is set between $2.64 and $2.74.

3. Utility Sector Trends and Electricity Demand. The broader utility sector experienced favorable conditions in Q1 2025, with strong performance driven by factors such as favorable weather, firming demand from data centers, and higher rates for large consumers. The increasing demand from data centers, particularly those supporting AI, is a significant growth driver for utilities like Exelon, necessitating considerable investment in infrastructure. The sector is also seeing a long-term trend of investment in grid modernization and the transition to clean energy.

4. Analyst Ratings and Price Targets. As of December 2025, analyst consensus on Exelon is generally a "Hold," with an average target price around $49.92. While some firms, like JPMorgan Chase & Co., adjusted their price target downward to $47.00, others maintained or raised their targets, reflecting mixed but generally stable outlooks. These ratings often consider the company's fundamentals, business model, competitive advantage, and financial ratios.

5. Financial Health and Capital Management. Exelon's financial health is supported by a stable balance sheet, with management focused on grid reliability, modernization, and disciplined capital deployment. The company's return on equity (ROE) was reported at 10.31% and return on invested capital (ROIC) at 4.16% in November 2025. While the company has substantial debt, its cash flow and earnings are monitored closely by analysts to assess its ability to manage capital requirements and fund ongoing projects.

Show less

Stock Movement Drivers

Fundamental Drivers

The 1.3% change in EXC stock from 9/14/2025 to 12/14/2025 was primarily driven by a 3.9% change in the company's Net Income Margin (%).

	9142025	12142025	Change
Stock Price ($)	43.00	43.57	1.31%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	23766.00	24317.00	2.32%
Net Income Margin (%)	11.16%	11.60%	3.92%
P/E Multiple	16.37	15.61	-4.62%
Shares Outstanding (Mil)	1010.00	1011.00	-0.10%
Cumulative Contribution			1.31%

LTM = Last Twelve Months as of date shown

Market Drivers

9/14/2025 to 12/14/2025

	Return	Correlation
EXC	1.3%
Market (SPY)	3.7%	-1.1%
Sector (XLU)	0.9%	66.4%

Fundamental Drivers

The 2.5% change in EXC stock from 6/15/2025 to 12/14/2025 was primarily driven by a 2.6% change in the company's Total Revenues ($ Mil).

	6152025	12142025	Change
Stock Price ($)	42.50	43.57	2.52%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	23700.00	24317.00	2.60%
Net Income Margin (%)	11.43%	11.60%	1.45%
P/E Multiple	15.81	15.61	-1.22%
Shares Outstanding (Mil)	1008.00	1011.00	-0.30%
Cumulative Contribution			2.52%

LTM = Last Twelve Months as of date shown

Market Drivers

6/15/2025 to 12/14/2025

	Return	Correlation
EXC	2.5%
Market (SPY)	14.5%	5.8%
Sector (XLU)	6.7%	70.7%

Fundamental Drivers

The 22.5% change in EXC stock from 12/14/2024 to 12/14/2025 was primarily driven by a 9.4% change in the company's Net Income Margin (%).

	12142024	12142025	Change
Stock Price ($)	35.58	43.57	22.47%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	22925.00	24317.00	6.07%
Net Income Margin (%)	10.60%	11.60%	9.45%
P/E Multiple	14.68	15.61	6.33%
Shares Outstanding (Mil)	1003.00	1011.00	-0.80%
Cumulative Contribution			22.46%

LTM = Last Twelve Months as of date shown

Market Drivers

12/14/2024 to 12/14/2025

	Return	Correlation
EXC	22.5%
Market (SPY)	13.9%	0.7%
Sector (XLU)	13.6%	61.9%

Fundamental Drivers

The 15.0% change in EXC stock from 12/15/2022 to 12/14/2025 was primarily driven by a 29.1% change in the company's Total Revenues ($ Mil).

	12152022	12142025	Change
Stock Price ($)	37.89	43.57	14.99%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	18835.00	24317.00	29.11%
Net Income Margin (%)	11.30%	11.60%	2.63%
P/E Multiple	17.58	15.61	-11.20%
Shares Outstanding (Mil)	988.00	1011.00	-2.33%
Cumulative Contribution			14.92%

LTM = Last Twelve Months as of date shown

Market Drivers

12/15/2023 to 12/14/2025

	Return	Correlation
EXC	32.5%
Market (SPY)	48.0%	1.5%
Sector (XLU)	42.4%	68.0%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
EXC Return	-4%	41%	9%	-14%	9%	19%	65%
Peers Return	4%	16%	-1%	-11%	20%	15%	45%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	111%
Monthly Win Rates [3]
EXC Win Rate	58%	58%	67%	42%	67%	67%
Peers Win Rate	53%	58%	60%	53%	58%	63%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
EXC Max Drawdown	-34%	-9%	-12%	-17%	-6%	-1%
Peers Max Drawdown	-28%	-8%	-16%	-24%	-6%	-4%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[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] 2025 data is for the year up to 12/12/2025 (YTD)

How Low Can It Go

Unique Key	Event	EXC	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-29.3%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	41.4%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-40.5%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	68.0%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	539 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-15.1%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	17.8%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	141 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-56.2%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	128.2%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	Not Fully Recovered days	1480 days

Compare to ES, IMSR, ONE, CEG, SO

In The Past

Exelon's stock fell -29.3% during the 2022 Inflation Shock from a high on 4/20/2022. A -29.3% loss requires a 41.4% gain to breakeven.

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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 Generated Analysis | Feedback

Here are 1-3 brief analogies for Exelon:

Like AT&T or Verizon, but for electricity transmission and distribution instead of phone and internet service.
The electric utility equivalent of a major pipeline company like Kinder Morgan, but delivering electricity to millions of homes and businesses rather than natural gas or oil.
Similar to how FedEx or UPS delivers packages, Exelon transmits and distributes electricity to its customers.

AI Generated Analysis | Feedback

Electricity Distribution: Provides the delivery of electricity to residential, commercial, and industrial customers within its service territories.
Natural Gas Distribution: Delivers natural gas to homes and businesses for heating and other uses within its service territories.

AI Generated Analysis | Feedback

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Exelon (symbol: EXC) is a utility services holding company that operates through its regulated electric and gas utilities, such as BGE, ComEd, PECO, Pepco, Delmarva Power, and Atlantic City Electric. As such, it sells primarily to individuals and businesses within its service territories, rather than to other specific companies as major customers.

Exelon serves the following categories of customers:

Residential Customers: This category includes individual households and families that use electricity and natural gas for heating, cooling, lighting, and appliances in their homes. These are the general public served by Exelon's utility subsidiaries.
Commercial Customers: This category encompasses a wide range of businesses, including small and large businesses, offices, retail stores, restaurants, hospitals, schools, and government facilities. They consume energy for various operational needs.
Industrial Customers: This category consists of large-scale industrial operations, such as manufacturing plants, factories, and other heavy industries that have significant energy demands for production processes and machinery.

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AI Generated Analysis | Feedback

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Calvin Butler, President and Chief Executive Officer

Calvin Butler serves as the President and Chief Executive Officer of Exelon, overseeing its six local electric and natural gas companies. He was promoted to CEO on December 31, 2022. Prior to this, he held various roles of increasing responsibility within Exelon, including President and Chief Operating Officer, Senior Executive Vice President and COO, CEO of Exelon Utilities, and CEO of BGE (Baltimore Gas and Electric Company) from 2014 to 2019. Before joining Exelon in 2008, Mr. Butler held senior leadership positions in external affairs and manufacturing at R.R. Donnelley, a print, digital, and supply chain solutions company. His early career was spent at Central Illinois Light Company (CILCORP, Inc.), where he worked in government affairs, legal, and strategy.

Jeanne Jones, Executive Vice President and Chief Financial Officer

Jeanne Jones is the Executive Vice President and Chief Financial Officer of Exelon, a position she was appointed to in October 2022. In this role, she is responsible for all financial activities, including capital investment processes, financial reporting, planning, tax, insurance, credit management, investor relations, investments, and corporate mergers and acquisitions. Ms. Jones joined Exelon in 2007 and has held numerous finance-related positions across the company, including Senior Vice President, Corporate Finance; CFO of ComEd; Vice President of Finance for Exelon Nuclear; and CFO of Constellation Energy Nuclear Group, LLC. Before her tenure at Exelon, she worked as a manager in the audit practice of EY’s Chicago office.

Michael Innocenzo, Executive Vice President and Chief Operating Officer

Michael Innocenzo serves as the Executive Vice President and Chief Operating Officer of Exelon.

Denise Galambos, Senior Vice President and Chief People and Equity Officer

Denise Galambos holds the title of Senior Vice President and Chief People and Equity Officer at Exelon.

David Glockner, Executive Vice President, Compliance, Audit & Risk

David Glockner is the Executive Vice President, Compliance, Audit & Risk for Exelon.

AI Generated Analysis | Feedback

The clear emerging threat for Exelon (EXC) is the rapid growth and widespread adoption of Distributed Energy Resources (DERs), primarily customer-sited rooftop solar panels and battery storage systems.

This trend directly challenges the traditional utility business model by enabling customers to generate and store their own electricity, thereby reducing their reliance on the central grid and lowering the volume of electricity purchased from Exelon's regulated utilities. As DER penetration increases, it erodes the utilities' sales volumes and can necessitate costly grid upgrades to manage two-way power flow and maintain reliability, impacting revenue streams and capital expenditure planning.

AI Generated Analysis | Feedback

Exelon Corporation (symbol: EXC) primarily operates in the regulated electricity transmission and distribution, and natural gas distribution markets within the United States.

Addressable Market Sizes (United States):

Electricity Transmission and Distribution: The U.S. electricity transmission and distribution market is projected to be approximately $102.99 billion in 2025. Other estimates place the U.S. electric power transmission and distribution market at $89.9 billion in 2024, expected to grow to $110.4 billion by 2032 with a compound annual growth rate (CAGR) of 2.7% from 2025 to 2032.
Natural Gas Distribution: The market size for natural gas distribution in the United States is estimated to be $222.5 billion in 2025. This market has experienced a CAGR of 6.9% between 2020 and 2025. Another report valued the U.S. natural gas distribution market at $170.0 billion in 2024, with an expected increase to $186.0 billion by 2032, growing at a CAGR of 1.0% from 2025 to 2032.

AI Generated Analysis | Feedback

Exelon (EXC) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic investments, regulatory mechanisms, and increasing demand for electricity. The key drivers include:

Capital Investments in Transmission and Grid Modernization: Exelon plans a substantial capital expenditure of $38 billion over four years through 2028, with $9.1 billion allocated for 2025, focused on modernizing its transmission and distribution infrastructure. These investments are anticipated to lead to significant rate base growth, which forms the foundation for increased revenue generation in a regulated utility environment.
Increased Distribution and Transmission Rates: A direct outcome of the extensive infrastructure investments is the ability to seek and obtain higher distribution and transmission rates from regulatory bodies across its service territories. Higher rates were already cited as a primary driver for increased earnings in Q1 and Q3 2025, indicating this will continue to be a significant revenue contributor as new capital is put into service and approved.
Growth in New Business Connections, Especially Data Centers: Exelon's investment plan includes approximately $5 billion dedicated to new business initiatives. The company is actively focusing on strategies to connect new large loads, particularly from the surging electricity demand of data centers, which represents a growing segment for future revenue.
Strategic Investments and Regulatory Support for Clean Energy and Grid Modernization: Exelon's investments are also geared towards supporting a cleaner and more electrified future, aligning with state energy transition policies. Legislative and regulatory developments, such as a significant energy act passed in Illinois, are expected to bolster Exelon's growth potential by encouraging favorable returns on investments related to renewables and grid modernization. This includes exploring utility-owned generation to capitalize on market opportunities.

AI Generated Analysis | Feedback

Exelon Capital Allocation Decisions (Last 3-5 Years)

Share Repurchases

  Exelon has stated no current plans for a stock repurchase program in the foreseeable future.


Share Issuance

  Exelon expects to issue approximately $2.8 billion of equity between 2025 and 2028.
  On May 2, 2025, Exelon entered into an Equity Distribution Agreement to sell up to $2.5 billion in common stock for general corporate purposes, including debt repayment.
  As of July 31, 2025, Exelon had priced 100% of its $700 million annualized equity financing need for 2025 and approximately 22% for 2026.


Outbound Investments

  Exelon launched its 2026 Climate Investment program, a $20 million initiative for venture capital-style investments in startups developing climate solutions.
  Through its Climate Change Investment Initiative (2c2i), Exelon has backed 34 startups, with 15 located in its core service areas.
  Around 2022, Exelon exited the power generation business by spinning off its nuclear plant fleet to Constellation.


Capital Expenditures

  Exelon plans to invest approximately $38 billion in capital expenditures from 2025 to 2028, representing a 10% increase over previous plans.
  These investments are primarily focused on grid modernization, transmission upgrades, renewable infrastructure, and enhancing grid reliability and resilience.
  For the 2025-2028 period, specific allocations include $21.7 billion for electric distribution, $12.6 billion for electric transmission, and $3.8 billion for gas delivery.

Better Bets than Exelon (EXC)

	EXC	Better Performance than EXC
Metric	Value	INDUSTRY: Electric Utilities
Rev Chg LTM	6.1%	PEG (12.3%), SO (9.4%), AEP (8.4%), WEC (7.9%), ETR (7.3%)
Rev Chg 3Y Avg	8.9%	GNE (17.4%), POR (11.1%), VST (9.5%)
Op Mgn LTM	20.8%	DUK (27.1%), ETR (26.0%), SO (25.7%), AEP (24.9%), PEG (24.9%)
CFO/Rev LTM	26.5%	ETR (41.7%), DUK (38.1%), WEC (35.7%), SO (32.4%), AEP (32.3%)
FCF/Rev LTM	-6.6%	VST (9.6%), CEG (-1.1%), PEG (-1.5%), DUK (-2.9%), SO (-6.3%)
Total Yield	9.7%	EIX (20.9%), EMA (12.1%), POR (10.8%), OTTR (10.6%), FTS (9.9%)
P/S	1.9	HE (0.6), EIX (1.2), POR (1.4), EMA (1.7), FE (1.8)
P/Op Inc	9.0	EIX (4.1), EMA (7.1), FTS (7.3), HE (8.6), POR (8.8)

	EXC	Better Performance than EXC
Metric	Value	SECTOR: Utilities
Rev Chg LTM	6.1%	PEG (12.3%), SO (9.4%), AEP (8.4%), ETR (7.3%), SRE (6.1%)
Rev Chg 3Y Avg	8.9%	NEE (11.4%), AWK (10.0%), ORA (9.5%), VST (9.5%), PNW (8.9%)
Op Mgn LTM	20.8%	NEE (28.2%), DUK (27.1%), SO (25.7%), AEP (24.9%), SRE (22.5%)
CFO/Rev LTM	26.5%	NEE (45.5%), DUK (38.1%), SRE (35.1%), SO (32.4%), AEP (32.3%)
FCF/Rev LTM	-6.6%	NEE (11.7%), VST (9.6%), CEG (-1.1%), DUK (-2.9%), SO (-6.3%)
Total Yield	9.7%	EIX (20.9%), AES (16.6%), UGI (14.0%), EMA (12.1%), FTS (9.9%)
P/S	1.9	NRG (1.0), EIX (1.2), PCG (1.3), EMA (1.7), FE (1.8)
P/Op Inc	9.0	EIX (4.1), AES (5.2), PCG (7.1), EMA (7.1), FTS (7.3)

	EXC	Better Performance than EXC
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	6.1%	NVDA (65.2%), AVGO (28.0%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%)
Rev Chg 3Y Avg	8.9%	NVDA (91.6%), AVGO (24.0%), MSFT (13.2%), AMZN (11.3%), GOOGL (11.0%)
Op Mgn LTM	20.8%	NVDA (58.8%), MSFT (46.3%), AVGO (39.0%), GOOGL (32.2%), AAPL (31.9%)
CFO/Rev LTM	26.5%	MSFT (50.0%), NVDA (44.4%), AVGO (42.4%), GOOGL (39.3%), AAPL (26.6%)
FCF/Rev LTM	-6.6%	NVDA (41.3%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%), AMZN (2.0%)
Total Yield	9.7%	MRK (13.0%), T (11.0%), WFC (9.9%), RY (9.8%), XOM (9.8%)
P/S	1.9	UNH (0.7), WMT (1.2), XOM (1.5), COST (1.5), CVX (1.6)
P/Op Inc	9.0	CMCSA (5.2), VZ (5.9), BUD (7.7), BMY (8.0), T (8.3)

		Best Bets In Utilities Sector
	EXC	CWEN	LNT	VST	NEE	OTTR	BKH	WEC	MGEE	SWX	PEG
What You Pay
P/E	16.1	12.1	21.2	57.6	24.0	12.3	15.7	22.1	22.9	12.2	20.0
P/EBIT	8.6	15.6	14.5	30.1	20.7	9.3	8.4	13.6	16.4	9.3	13.0
What You Get
Rev Chg Q	9.0%	-11.7%	11.9%	-20.9%	5.3%	-3.7%	7.1%	13.4%	4.3%	-11.8%	22.1%
Rev Chg LTM	6.1%	0.8%	7.8%	5.7%	0.2%	-3.2%	7.0%	7.9%	8.3%	31.9%	12.3%
Rev Chg 3Y Avg	8.9%	3.5%	1.7%	9.5%	11.4%	-4.4%	-0.1%	1.4%	2.0%	10.8%	7.4%
FCF/Rev 3Y Avg	-9.9%	33.2%	23.8%	14.4%	9.3%	8.6%	3.6%	1.8%	-0.0%	-0.3%	-1.3%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 9.3%, alpha of -0.5%, and sharpe of 0.48

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Exelon Earnings Notes
2	Exelon Stock Drop Looks Sharp, But How Deep Can It Go?	Return
3	Exelon vs Cheniere Energy: Which Is A Better Investment?	Counter-Intuitive Comparisons
4	Exelon vs Eversource Energy: Which Is A Better Investment?	Counter-Intuitive Comparisons
5	How Does Exelon Stock Stack Up Against Its Peers?	Peer Comparison
6	Better Bet Than EXC Stock: Pay Less Than Exelon To Get More From OKE, CCL
7	Better Bet Than EXC Stock: Pay Less Than Exelon To Get More From BIPC
8	EXC Dip Buy Analysis
9	Exelon Total Shareholder Return (TSR): 12.5% in 2024 and 4.3% 3-yr compounded annual returns (above peer average)
10	Exelon (EXC) Operating Cash Flow Comparison	Financials
11	ARTICLES
12	Better Bet Than Duke Energy Stock: Pay Less To Get More From EXC		August 9th, 2025
13	Better Bet Than NextEra Energy Stock: Pay Less To Get More From Industry Peers		July 16th, 2025
14	Is Exelon Stock A Bargain Compared To Public Service Enterprise Group?		November 5th, 2020

	Title
0	DASHBOARDS
1	Exelon Earnings Notes
2	Exelon Stock Drop Looks Sharp, But How Deep Can It Go?
3	Exelon vs Cheniere Energy: Which Is A Better Investment?
4	Exelon vs Eversource Energy: Which Is A Better Investment?
5	How Does Exelon Stock Stack Up Against Its Peers?
6	Better Bet Than EXC Stock: Pay Less Than Exelon To Get More From OKE, CCL
7	Better Bet Than EXC Stock: Pay Less Than Exelon To Get More From BIPC
8	EXC Dip Buy Analysis
9	Exelon Total Shareholder Return (TSR): 12.5% in 2024 and 4.3% 3-yr compounded annual returns (above peer average)
10	Exelon (EXC) Operating Cash Flow Comparison
11	ARTICLES
12	Better Bet Than Duke Energy Stock: Pay Less To Get More From EXC
13	Better Bet Than NextEra Energy Stock: Pay Less To Get More From Industry Peers
14	Is Exelon Stock A Bargain Compared To Public Service Enterprise Group?

Trade Ideas

Select past ideas related to EXC. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
PEG_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	PEG	Public Service Enterprise	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-2.2%	-2.2%	-2.4%
PCG_9262025_Dip_Buyer_ValueBuy	09262025	PCG	PG&E	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	1.4%	1.4%	-0.8%
AES_9052025_Dip_Buyer_ValueBuy	09052025	AES	AES	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	8.3%	8.3%	-3.2%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
PEG_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	PEG	Public Service Enterprise	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-2.2%	-2.2%	-2.4%
PCG_9262025_Dip_Buyer_ValueBuy	09262025	PCG	PG&E	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	1.4%	1.4%	-0.8%
AES_9052025_Dip_Buyer_ValueBuy	09052025	AES	AES	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	8.3%	8.3%	-3.2%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
TLRY	Tilray Brands	12.9	44.1%	-8.6%
RZLT	Rezolute	0.2	28.6%	-63.3%
CRON	Cronos	1.3	14.7%	61.9%
YOU	Clear Secure	4.0	13.3%	58.5%
RIVN	Rivian Automotive	22.5	12.1%	38.5%
EVCM	EverCommerce	2.2	10.9%	9.7%
LULU	Lululemon Athletica	24.5	9.6%	-46.4%
NX	Quanex Building Products	0.8	9.5%	-30.9%
OXM	Oxford Industries	0.5	9.4%	-53.1%
IIPR	Innovative Industrial Properties	1.6	8.9%	-5.9%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FRMI	Fermi	7.1	-33.8%
LENZ	LENZ Therapeutics	0.5	-26.0%	-37.2%
AIP	Arteris	0.7	-17.2%	59.9%
MOD	Modine Manufacturing	7.4	-15.3%	20.7%
FBYD	Falcons Beyond Global	0.4	-15.2%	40.7%
OKLO	Oklo	12.2	-15.1%	311.8%
SEI	Solaris Energy Infrastructure	2.0	-14.8%	62.6%
SNDK	SanDisk	30.1	-14.7%
NXDR	Nextdoor	0.9	-14.4%
RCUS	Arcus Biosciences	2.3	-14.4%	44.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
WVE	WAVE Life Sciences	2.7	121.1%	33.9%
TLRY	Tilray Brands	12.9	65.3%	-8.6%
TERN	Terns Pharmaceuticals	4.1	53.3%	712.3%
PLAB	Photronics	2.1	50.4%	54.1%
FULC	Fulcrum Therapeutics	0.8	46.1%	176.6%
WRBY	Warby Parker	3.4	46.0%	13.2%
PL	Planet Labs PBC	5.5	42.8%	351.5%
ALEX	Alexander & Baldwin	1.5	37.5%	22.5%
KYMR	Kymera Therapeutics	7.8	34.6%	122.9%
CRON	Cronos	1.3	31.3%	61.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
RZLT	Rezolute	0.2	-82.7%	-63.3%
FBYD	Falcons Beyond Global	0.4	-44.0%	40.7%
FRMI	Fermi	7.1	-33.4%
LENZ	LENZ Therapeutics	0.5	-32.1%	-37.2%
GOGO	Gogo	0.7	-27.9%	-37.1%
ELVN	Enliven Therapeutics	0.9	-22.7%	-25.1%
CRK	Comstock Resources	6.3	-20.8%	18.9%
BE	Bloom Energy	22.3	-20.3%	327.6%
PHR	Phreesia	1.0	-19.9%	-35.4%
MVST	Microvast	1.0	-19.7%	45.4%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.8	310.0%	466.9%
WVE	WAVE Life Sciences	2.7	138.1%	33.9%
TERN	Terns Pharmaceuticals	4.1	121.7%	712.3%
ALMS	Alumis	0.9	119.3%	46.2%
CDTX	Cidara Therapeutics	5.9	106.0%	720.9%
SGML	Sigma Lithium	1.2	87.2%	-2.6%
ANNX	Annexon	0.7	75.0%	-3.1%
NUVB	Nuvation Bio	2.9	71.0%	216.9%
ARWR	Arrowhead Pharmaceuticals	9.7	69.2%	272.8%
SVRA	Savara	1.5	68.0%	125.4%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.2	-82.0%	-63.3%
FRMI	Fermi	7.1	-53.6%
JANX	Janux Therapeutics	0.9	-46.4%	-71.4%
UP	Wheels Up Experience	0.5	-41.9%	-57.4%
AGIO	Agios Pharmaceuticals	1.6	-37.5%	-17.0%
ARDT	Ardent Health	1.2	-37.4%	-48.5%
CTEV	Claritev	0.6	-36.1%
METC	Ramaco Resources	1.0	-35.9%	54.3%
QURE	uniQure	1.1	-35.2%	10.5%
IBTA	Ibotta	0.6	-34.6%	-67.1%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
TLRY	Tilray Brands	12.9	44.1%	-8.6%
RZLT	Rezolute	0.2	28.6%	-63.3%
CRON	Cronos	1.3	14.7%	61.9%
YOU	Clear Secure	4.0	13.3%	58.5%
RIVN	Rivian Automotive	22.5	12.1%	38.5%
EVCM	EverCommerce	2.2	10.9%	9.7%
LULU	Lululemon Athletica	24.5	9.6%	-46.4%
NX	Quanex Building Products	0.8	9.5%	-30.9%
OXM	Oxford Industries	0.5	9.4%	-53.1%
IIPR	Innovative Industrial Properties	1.6	8.9%	-5.9%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FRMI	Fermi	7.1	-33.8%
LENZ	LENZ Therapeutics	0.5	-26.0%	-37.2%
AIP	Arteris	0.7	-17.2%	59.9%
MOD	Modine Manufacturing	7.4	-15.3%	20.7%
FBYD	Falcons Beyond Global	0.4	-15.2%	40.7%
OKLO	Oklo	12.2	-15.1%	311.8%
SEI	Solaris Energy Infrastructure	2.0	-14.8%	62.6%
SNDK	SanDisk	30.1	-14.7%
NXDR	Nextdoor	0.9	-14.4%
RCUS	Arcus Biosciences	2.3	-14.4%	44.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
WVE	WAVE Life Sciences	2.7	121.1%	33.9%
TLRY	Tilray Brands	12.9	65.3%	-8.6%
TERN	Terns Pharmaceuticals	4.1	53.3%	712.3%
PLAB	Photronics	2.1	50.4%	54.1%
FULC	Fulcrum Therapeutics	0.8	46.1%	176.6%
WRBY	Warby Parker	3.4	46.0%	13.2%
PL	Planet Labs PBC	5.5	42.8%	351.5%
ALEX	Alexander & Baldwin	1.5	37.5%	22.5%
KYMR	Kymera Therapeutics	7.8	34.6%	122.9%
CRON	Cronos	1.3	31.3%	61.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
RZLT	Rezolute	0.2	-82.7%	-63.3%
FBYD	Falcons Beyond Global	0.4	-44.0%	40.7%
FRMI	Fermi	7.1	-33.4%
LENZ	LENZ Therapeutics	0.5	-32.1%	-37.2%
GOGO	Gogo	0.7	-27.9%	-37.1%
ELVN	Enliven Therapeutics	0.9	-22.7%	-25.1%
CRK	Comstock Resources	6.3	-20.8%	18.9%
BE	Bloom Energy	22.3	-20.3%	327.6%
PHR	Phreesia	1.0	-19.9%	-35.4%
MVST	Microvast	1.0	-19.7%	45.4%

Peer Comparisons for Exelon

Peers to compare with:

Financials

	EXC	NEE	DUK	SO	AEP	D	Median
Name	Exelon	NextEra .	Duke Ene.	Southern	American.	Dominion.
Mkt Price	43.57	81.65	115.30	84.44	114.13	59.33	83.05
Mkt Cap	44.0	168.6	89.7	93.1	61.0	50.6	75.4
Rev LTM	24,317	26,298	31,659	28,912	21,257	15,227	25,308
Op Inc LTM	5,060	7,404	8,583	7,426	5,300	4,528	6,352
FCF LTM	-1,595	3,073	-921	-1,823	-1,736	-8,071	-1,665
FCF 3Y Avg	-2,186	2,421	-2,122	-1,031	-1,932	-5,691	-2,027
CFO LTM	6,436	11,967	12,049	9,378	6,858	4,609	8,118
CFO 3Y Avg	5,337	11,847	10,539	8,610	5,834	5,677	7,222

Growth & Margins

	EXC	NEE	DUK	SO	AEP	D	Median
Name	Exelon	NextEra .	Duke Ene.	Southern	American.	Dominion.
Rev Chg LTM	6.1%	0.2%	4.8%	9.4%	8.4%	5.3%	5.7%
Rev Chg 3Y Avg	8.9%	11.4%	5.2%	1.3%	4.2%	7.5%	6.4%
Rev Chg Q	9.0%	5.3%	4.8%	7.5%	10.9%	9.3%	8.3%
QoQ Delta Rev Chg LTM	2.3%	1.5%	1.2%	1.9%	2.9%	2.2%	2.1%
Op Mgn LTM	20.8%	28.2%	27.1%	25.7%	24.9%	29.7%	26.4%
Op Mgn 3Y Avg	19.0%	31.5%	25.1%	23.7%	21.6%	27.0%	24.4%
QoQ Delta Op Mgn LTM	0.8%	-1.4%	0.3%	0.3%	0.1%	1.2%	0.3%
CFO/Rev LTM	26.5%	45.5%	38.1%	32.4%	32.3%	30.3%	32.3%
CFO/Rev 3Y Avg	23.3%	44.6%	34.6%	31.6%	29.0%	38.4%	33.1%
FCF/Rev LTM	-6.6%	11.7%	-2.9%	-6.3%	-8.2%	-53.0%	-6.4%
FCF/Rev 3Y Avg	-9.9%	9.3%	-7.1%	-3.7%	-9.7%	-38.2%	-8.4%

Valuation

	EXC	NEE	DUK	SO	AEP	D	Median
Name	Exelon	NextEra .	Duke Ene.	Southern	American.	Dominion.
Mkt Cap	44.0	168.6	89.7	93.1	61.0	50.6	75.4
P/S	1.9	5.9	3.0	3.6	2.8	3.4	3.2
P/EBIT	8.6	20.7	10.4	12.5	10.6	10.1	10.5
P/E	16.1	24.0	19.3	23.4	16.4	22.8	21.1
P/CFO	7.1	13.0	8.0	11.1	8.8	11.3	10.0
Total Yield	9.7%	7.1%	6.0%	7.1%	9.4%	8.7%	7.9%
Dividend Yield	3.5%	2.9%	0.8%	2.9%	3.3%	4.3%	3.1%
FCF Yield 3Y Avg	-5.5%	1.3%	-2.9%	-1.3%	-4.3%	-12.2%	-3.6%
D/E	1.1	0.6	0.9	0.7	0.8	0.9	0.8
Net D/E	1.1	0.6	0.9	0.7	0.8	0.9	0.8

Returns

	EXC	NEE	DUK	SO	AEP	D	Median
Name	Exelon	NextEra .	Duke Ene.	Southern	American.	Dominion.
1M Rtn	-5.2%	-2.0%	-6.0%	-6.1%	-5.9%	-0.9%	-5.5%
3M Rtn	1.3%	14.7%	-4.6%	-7.7%	5.1%	-0.1%	0.6%
6M Rtn	2.5%	10.8%	0.4%	-5.0%	12.7%	9.3%	5.9%
12M Rtn	22.5%	14.4%	9.8%	4.9%	27.4%	15.0%	14.7%
3Y Rtn	15.0%	3.8%	26.6%	35.3%	33.9%	17.1%	21.9%
1M Excs Rtn	-4.8%	-4.0%	-5.8%	-7.0%	-6.6%	-1.9%	-5.3%
3M Excs Rtn	-2.0%	11.8%	-8.2%	-10.9%	2.2%	-4.2%	-3.1%
6M Excs Rtn	-11.7%	-3.5%	-13.8%	-19.3%	-1.5%	-4.9%	-8.3%
12M Excs Rtn	7.9%	0.4%	-5.6%	-9.7%	11.1%	-0.1%	0.1%
3Y Excs Rtn	-58.4%	-69.1%	-43.2%	-34.6%	-41.2%	-54.7%	-49.0%

Comparison Analyses

	Title
0	How Does Exelon Stock Stack Up Against Its Peers?
1	Exelon vs. American Electric Power Company: With Return Forecast Of 40%, Exelon Is A Better Bet
2	PPL or EXC - With 22% Return Forecast, EXC Probably Deserves Your Money
3	FE or EXC - With 22% Return Forecast, EXC Probably Deserves Your Money
4	EXC Could Deliver 22% Returns And Outperform EIX
5	Why EXC With 22% Upside May Beat ETR?
6	Exelon vs. Illinois Tool Works: With Return Forecast Of 117%, Exelon Is A Better Bet
7	Exelon vs. Sherwin-Williams: With Return Forecast Of 117%, Exelon Is A Better Bet
8	Exelon vs. Becton Dickinson and company: With Return Forecast Of 117%, Exelon Is A Better Bet
9	Exelon vs. Boston Scientific: Similar Market Cap, Similar Bets

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/4/2025	2/12/2025	2/21/2024	2/14/2023	2/25/2022	2/24/2021	2/11/2020
Key Financials
Total Revenue	24,317	23,028	21,727	19,078	17,938	33,039	34,438
EBITDA	8,944	8,175	7,937	7,175	9,377	10,495	11,381
Operating Income	5,060	4,307	4,013	3,317	2,682	2,799	4,342
Net Income	2,821	2,460	2,328	2,170	1,706	1,963	2,936
EPS	2.80	2.45	2.34	2.20	1.74	2.01	3.02
Growth Rates
Total Revenue Growth	6.1%	6.0%	13.9%	6.4%	-45.7%	-4.1%	-4.3%
EBITDA Growth	9.6%	3.0%	10.6%	-23.5%	-10.7%	-7.8%	16.7%
Operating Income Growth	17.9%	7.3%	21.0%	23.7%	-4.2%	-35.5%	13.2%
Net Income Growth	16.1%	5.7%	7.3%	27.2%	-13.1%	-33.1%	46.4%
Margins
EBITDA Margin	36.8%	35.5%	36.5%	37.6%	52.3%	31.8%	33.0%
Operating Income Margin	20.8%	18.7%	18.5%	17.4%	15.0%	8.5%	12.6%
Net Income Margin	11.6%	10.7%	10.7%	11.4%	9.5%	5.9%	8.5%
Cash & Debt
Total Cash	1,533	357	445	407	672	663	587
Total Debt	49,921	46,649	44,008	40,050	34,540	39,333	37,799
Net Debt / (Cash)	48,388	46,292	43,563	39,643	33,868	38,670	37,212
Cash Flows
Net Cash from Operations	6,436	5,569	4,703	4,870	3,012	4,235	6,659
Free Cash from Operations	-1,595	-1,528	-2,705	-2,277	-4,969	-3,813	-589
Returns to Shareholders
Dividends	1,594	1,524	1,433	1,334	1,497	1,492	1,408
Share Repurchases	-0	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/4/2025	7/31/2025	5/1/2025	2/12/2025	10/30/2024	8/1/2024	5/2/2024	2/21/2024	11/2/2023	8/2/2023	5/3/2023	2/14/2023
Key Financials Quarterly
Total Revenue	6,705	5,427	6,714	5,471	6,154	5,361	6,043	5,367	5,980	4,818	5,563	4,666
Ebitda	2,480	1,894	2,493	2,077	2,161	1,871	2,069	2,059	2,094	1,710	2,075	1,662
Operating Income	1,500	925	1,537	1,098	1,193	906	1,112	1,082	1,123	704	1,106	709
Net Income	875	391	908	647	707	448	658	617	700	343	669	432
EPS	0.87	0.39	0.90	0.64	0.70	0.45	0.66	0.62	0.70	0.34	0.67	0.43
Key Financials TTM
Total Revenue TTM	24,317	23,766	23,700	23,029	22,925	22,751	22,208	21,728	21,027	19,892	19,313	19,077
Ebitda TTM	8,944	8,625	8,602	8,178	8,160	8,093	7,932	7,938	7,541	7,405	7,394	7,380
Operating Income TTM	5,060	4,753	4,734	4,309	4,293	4,223	4,021	4,015	3,642	3,530	3,522	3,316
Net Income TTM	2,821	2,653	2,710	2,460	2,430	2,423	2,318	2,329	2,144	2,120	2,242	2,170
Growth Rates Quarterly
Total Revenue Growth	9.0%	1.2%	11.1%	1.9%	2.9%	11.3%	8.6%	15.0%	23.4%	13.7%	4.4%	5.5%
EBITDA Growth	14.8%	1.2%	20.5%	0.9%	3.2%	9.4%	-0.3%	23.9%	6.9%	0.6%	0.7%	-0.4%
Operating Income Growth	25.7%	2.1%	38.2%	1.5%	6.2%	28.7%	0.5%	52.6%	11.1%	1.1%	22.9%	35.0%
Net Income Growth	23.8%	-12.7%	38.0%	4.9%	1.0%	30.6%	-1.6%	42.8%	3.6%	-26.2%	12.1%	10.5%
Margins Quarterly
EBITDA Margin	37.0%	34.9%	37.1%	38.0%	35.1%	34.9%	34.2%	38.4%	35.0%	35.5%	37.3%	35.6%
Operating Income Margin	22.4%	17.0%	22.9%	20.1%	19.4%	16.9%	18.4%	20.2%	18.8%	14.6%	19.9%	15.2%
Net Income Margin	13.0%	7.2%	13.5%	11.8%	11.5%	8.4%	10.9%	11.5%	11.7%	7.1%	12.0%	9.3%
Cash & Debt
Total Cash	1,533	724	1,004	357	616	934	720	445	300	399	522	407
Total Debt	49,921	48,844	48,270	46,649	46,076	46,191	45,370	44,008	43,195	42,623	41,784	40,050
Net Debt / (Cash)	48,388	48,120	47,266	46,292	45,460	45,257	44,650	43,563	42,895	42,224	41,262	39,643
Cash Flows Quarterly
FCF from Operations	2,299	1,511	1,200	1,426	1,689	1,462	992	1,411	1,531	1,277	484	729
Cash Flows TTM
FCF from Operations TTM	6,436	5,826	5,777	5,569	5,554	5,396	5,211	4,703	4,021	3,391	3,572	4,870
Returns to Shareholders Quarterly
Dividends	404	405	403	382	381	380	381	359	357	359	358	335
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	7.4%	4.6%	7.6%	6.1%	6.8%	5.0%	6.3%	5.8%	6.5%	3.7%	6.0%	4.8%
Return on Invested Capital (ROIC) TTM
ROIC TTM	6.3%	6.1%	6.3%	6.0%	5.9%	5.8%	5.5%	5.4%	5.1%	5.0%	5.1%	4.8%

Segment Financials

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Commonwealth Edison Company (ComEd)	42,827	39,661	36,470	34,466	32,765
PECO Energy Company (PECO)	15,595	14,502	13,824	12,531	11,469
Baltimore Gas and Electric Company (BGE)	14,184	13,350	12,324	11,650	10,634
Potomac Electric Power Company (Pepco)	11,194	10,657	9,903	9,264	8,661
Other	6,374	6,014	7,634	9,005	8,484
Delmarva Power & Light Company (DPL)	5,966	5,802	5,412	5,140	4,830
Atlantic City Electric Company (ACE)	5,157	4,979	4,556	4,286	3,933
Other-Pepco Holdings LLC (PHI)	4,627	4,677	4,933	5,079	5,335
Intersegment Eliminations-Pepco Holdings LLC (PHI)	-41	-33	-60	-33	-40
Intersegment Eliminations	-4,337	-4,260	-8,319	-10,165	-10,089
Exelon Generation Company, LLC (Generation)				48,094	48,995
Total	101,546	95,349	86,677	129,317	124,977

Price Behavior

Price Behavior

Market Price	$43.57
Market Cap ($ Bil)	44.0
First Trading Date	01/02/1980
Distance from 52W High	-8.9%
	50 Days	200 Days
DMA Price	$45.94	$44.02
DMA Trend	up	up
Distance from DMA	-5.2%	-1.0%
	3M	1YR
Volatility	17.5%	19.0%
Downside Capture	-12.97	-12.17
Upside Capture	-4.15	9.41
Correlation (SPY)	1.4%	0.9%

EXC Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.04	-0.03	0.00	0.09	0.00	0.14
Up Beta	-0.34	-0.05	-0.11	0.04	-0.01	0.10
Down Beta	1.12	0.30	0.16	0.11	0.07	0.08
Up Capture	-4%	3%	17%	16%	5%	6%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	9	22	34	61	131	386
Down Capture	-1%	-32%	-24%	-1%	-22%	38%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	10	19	27	63	116	355

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of EXC With Other Asset Classes (Last 1Y)
	EXC	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	20.6%	12.1%	13.8%	61.2%	3.6%	-3.9%	-7.4%
Annualized Volatility	19.0%	16.1%	19.7%	19.4%	15.9%	17.7%	35.6%
Sharpe Ratio	0.85	0.52	0.54	2.34	0.04	-0.38	-0.05
Correlation With Other Assets		62.1%	0.2%	12.0%	-12.4%	40.6%	-5.4%

ETFs used for asset classes: Sector ETF = XLU, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of EXC With Other Asset Classes (Last 5Y)
	EXC	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	12.3%	9.9%	14.5%	18.1%	11.5%	4.4%	36.1%
Annualized Volatility	20.7%	17.3%	17.1%	15.5%	18.9%	18.9%	48.9%
Sharpe Ratio	0.50	0.44	0.69	0.94	0.50	0.15	0.63
Correlation With Other Assets		77.9%	31.3%	16.6%	6.6%	52.9%	10.5%

Based On 10-Year Data

		Comparison of EXC With Other Asset Classes (Last 10Y)
	EXC	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	12.5%	10.8%	14.4%	14.3%	5.8%	5.3%	73.6%
Annualized Volatility	24.0%	19.2%	18.0%	14.7%	17.7%	20.8%	55.9%
Sharpe Ratio	0.50	0.49	0.69	0.80	0.26	0.22	0.93
Correlation With Other Assets		83.1%	50.2%	14.3%	17.6%	64.8%	10.1%

Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	37,873,823
Short Interest: % Change Since 11152025	9.9%
Average Daily Volume	7,586,709
Days-to-Cover Short Interest	4.99
Basic Shares Quantity	1,011,000,000
Short % of Basic Shares	3.7%

Returns Analyses

	Title
0	Exelon Stock Drop Looks Sharp, But How Deep Can It Go?
1	EXC YTD Stock Return Of -17% Underperforms AEP by -2.7% and Underperforms AEP by -2.7%
2	EXC YTD Stock Return Of 4.1% Outperforms EIX by 8.7% and Underperforms AEP by -2.2%
3	Exelon Stock Return Comparison
4	Exelon Total Shareholder Return (TSR): 10.5% in 2022 and 18.2% 3-yr returns (above peer average)

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/4/2025	0.4%	-1.6%	-5.0%
7/31/2025	1.5%	1.8%	-0.2%
5/1/2025	-0.6%	-1.2%	-5.7%
2/12/2025	1.3%	0.7%	3.6%
10/30/2024	0.4%	-2.7%	0.9%
8/1/2024	2.8%	1.7%	3.3%
5/2/2024	0.1%	-0.1%	0.2%
2/21/2024	4.3%	4.3%	6.4%
...
SUMMARY STATS
# Positive	15	14	13
# Negative	8	9	10
Median Positive	2.0%	1.3%	3.6%
Median Negative	-1.4%	-1.2%	-3.4%
Max Positive	6.8%	5.8%	20.8%
Max Negative	-3.3%	-3.7%	-17.0%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11042025	10-Q 9/30/2025
6302025	7312025	10-Q 6/30/2025
3312025	5012025	10-Q 3/31/2025
12312024	2122025	10-K 12/31/2024
9302024	10302024	10-Q 9/30/2024
6302024	8012024	10-Q 6/30/2024
3312024	5022024	10-Q 3/31/2024
12312023	2212024	10-K 12/31/2023
9302023	11022023	10-Q 9/30/2023
6302023	8022023	10-Q 6/30/2023
3312023	5032023	10-Q 3/31/2023
12312022	2142023	10-K 12/31/2022
9302022	11032022	10-Q 9/30/2022
6302022	8032022	10-Q 6/30/2022
3312022	5092022	10-Q 3/31/2022
12312021	2252022	10-K 12/31/2021

Industry Resources

Utilities Resources

Data.gov Energy Infrastructure

Daga.gov Energy Resources

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Exelon (EXC)

Market Price (12/15/2025): $43.53 | Market Cap: $44.0 BilSector: Utilities | Industry: Electric Utilities

Exelon (EXC)

Market Price (12/15/2025): $43.53Market Cap: $44.0 BilSector: UtilitiesIndustry: Electric Utilities

Valuation, Metrics & Events

EXC Stock

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About Exelon (EXC)

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Market Price (12/15/2025): $43.53 | Market Cap: $44.0 Bil
Sector: Utilities | Industry: Electric Utilities

Market Price (12/15/2025): $43.53
Market Cap: $44.0 Bil
Sector: Utilities
Industry: Electric Utilities