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Regulated electric and gas transmission-and-distribution utility holding company covering Illinois, Pennsylvania, Maryland and other mid-Atlantic states.
Regulated electric and gas transmission-and-distribution utility holding company covering Illinois, Pennsylvania, Maryland and other mid-Atlantic states.
Earns allowed returns set by state commissions on its wires and pipes, with no power plants of its own after the 2022 spin-off of Constellation, so it no longer carries exposure to wholesale power prices. Illinois's ComEd and Pennsylvania's PECO sit alongside BGE, Pepco and its sister utilities.
Moat: narrow (regulatory licence, scale). Pure-play regulated wires utility with state-granted monopoly distribution territories.
Headquarters: Chicago, Illinois, US · Founded: 2000 · Employees: 20,571
Size Exelon (EXC) is a United States Utilities company (Electric Utilities) with a market value of $47.2B, the 267th largest of 3,117 United States companies the cockpit tracks. Shares closed at $45.62 on 6 Nov 2026.
Performance Over six months the shares gained 4.9%, against +3.7% for the median peer and -1.1% for the United States market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 6.7% over the last twelve months (peer median +5.4%); the operating margin is 20.0% (peer median 23.6%).
Valuation It trades at 15.2× forward earnings against a peer median of 18.5× (5th cheapest of 21).
Capital Return on invested capital runs 0.8 points below its cost of capital (5.9% WACC).
Backlog Backlog (remaining performance obligations) was $118M at 31 Mar 2026, down 6% on a year earlier — 0.0 years of trailing revenue. Backlog detail →
Credit Exelon has 20 bonds outstanding ($14.3B), rated BBB+ by the agencies and trading like BBB+ at a weighted spread of 89 bp.
Short interest Short interest is 3.1% of the free float (15 Oct 2026).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $25.9B | $24.3B | $23.0B | $21.7B | $19.1B |
| Revenue growth | — | +5% | +6% | +14% | — |
| Gross profit | $6.93B | $6.77B | $5.81B | $5.42B | $4.74B |
| EBITDA | $9.02B | $8.79B | $7.90B | $7.52B | $6.88B |
| Net income | $2.64B | $2.77B | $2.46B | $2.33B | $2.17B |
| Free cash flow | -$2.58B | -$2.27B | -$1.53B | -$2.71B | -$2.28B |
| Capital expenditure | $9.23B | $8.53B | $7.10B | $7.41B | $7.15B |
| Total debt | $53.6B | $50.6B | $47.1B | $44.4B | $40.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Exelon EXC | $47.2B | +5% | +7% | 20% | 15.2× | n/a |
| American Electric Power AEP | $68.9B | -3% | +10% | 24% | 18.5× | n/a |
| PPL PPL | $26.9B | 0% | +7% | 24% | 17.0× | n/a |
| Dominion Energy D | $60.3B | +12% | +23% | 29% | 18.7× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | EXC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.3% | +7.8% | 7th highest of 21 |
| 6-month return | +4.9% | +3.7% | 8th highest of 21 |
| Distance from 52-week high | -9.1% | -6.2% | 7th lowest of 21 |
| Revenue growth (TTM) | +6.7% | +5.4% | 10th highest of 21 |
| Operating margin | 20.0% | 23.6% | 8th lowest of 21 |
| Forward P/E | 15.2× | 18.5× | 5th cheapest of 21 |
| ROIC minus cost of capital | -0.8 pp | -1.1 pp | 7th highest of 21 |
| EV / EBITDA | 10.9× | 13.7× | 6th cheapest of 18 |
| Net debt / EBITDA | 5.7× | 4.9× | 5th most indebted of 18 |
| Bond spread | 89 bp | 82 bp | 3rd widest of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Exelon EXC | United States | $47.2B | +5% | +7% | 20% | 15.2× | n/a | n/a |
| Rwe RWE.DE | Germany | $50.4B | +2% | -34% | 0% | 18.6× | n/a | n/a |
| Endesa ELE.MC | Spain | $51.0B | +21% | +6% | 17% | 18.4× | 0.5% | +4.7% |
| Consolidated Edison ED | United States | $43.7B | +12% | +10% | 18% | 18.5× | n/a | n/a |
| Xcel Energy XEL | United States | $51.1B | +1% | +4% | 22% | 18.1× | n/a | n/a |
| Sse SSE.L | United Kingdom | $43.2B | +7% | +1% | 19% | 14.2× | n/a | n/a |
| Entergy ETR | United States | $52.8B | -1% | +11% | 24% | 22.8× | n/a | n/a |
| Vistra VST | United States | $41.9B | -15% | +9% | 19% | 12.8× | 12.5% | +10.1% |
| Adani Power ADANIPOWER.NS | India | $41.6B | -11% | +8% | 23% | 29.4× | n/a | n/a |
| E.on EOAN.DE | Germany | $55.9B | +4% | -8% | 7% | 17.5× | n/a | n/a |
| WEC Energy WEC | United States | $38.1B | +5% | +8% | 25% | 21.6× | n/a | n/a |
| Dominion Energy D | United States | $60.3B | +12% | +23% | 29% | 18.7× | n/a | n/a |
| Public Service Enterprise PEG | United States | $36.2B | -5% | +13% | 27% | 16.0× | n/a | n/a |
| NTPC NTPC.NS | India | $33.2B | -19% | +7% | 20% | 12.3× | n/a | n/a |
| CGN Power 003816.SZ | China | $33.1B | +4% | -20% | 30% | 22.4× | n/a | n/a |
| American Electric Power AEP | United States | $68.9B | -3% | +10% | 24% | 18.5× | n/a | n/a |
| Engie ENGI.PA | France | $69.0B | -11% | -5% | 13% | 11.7× | 5.8% | +10.2% |
| Ameren AEE | United States | $31.2B | +4% | +4% | 25% | 20.0× | n/a | n/a |
| Fortis FTS.TO | Canada | $31.0B | +11% | +4% | 28% | 22.5× | n/a | n/a |
| Huaneng Lancang River Hydropower 600025.SS | China | $30.7B | +15% | +4% | 48% | 23.1× | 3.8% | +6.6% |
| China National Nuclear Power 601985.SS | China | $29.8B | +7% | -2% | 27% | 26.1× | n/a | n/a |
Exelon has 20 bonds outstanding with $14.3B face value. The agencies rate it BBB+; its bonds trade like BBB+. Weighted yield 5.75%, a spread of 89 bp over government bonds.
Exelon reported $118M of remaining performance obligations at 31 Mar 2026, down 6% from a year earlier and down 1% from the previous quarter. That is 0.0 years of trailing revenue already under contract. Book-to-bill last quarter: 1.00.