NYSE · Utilities

Consolidated Edison, Inc.

ED · Utilities - Regulated Electric

$109.79

▼ -0.7 (-0.63%)

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Mr. Market is currently offering Consolidated Edison, Inc. at $109.79.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 53.3%

Operating Margin 17.7%

Net Income Margin 12.0%

Fin. Health D

Years to Pay Off Debt 14.0 yrs

Working Capital vs Long-Term Debt -$25.4B

Working Capital $136M

Valuation F

Margin of Safety 0.0%

Price-to-Book 1.67x

Cash Flow C

Free Cash Flow $36M

CapEx % of Net Income 235.5%

Owner Earnings $9.1B

3/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $40.4B

Enterprise Value $66.7B

P/E (TTM) 19.50

Dividend Yield 3.08%

Exchange NYSE

Key Margins

Gross Profit 53.3%

Operating Margin 17.7%

Net Margin 12.0%

Company Info

Sector Utilities

Industry Utilities - Regulated Electric

Employees 15407

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Consolidated Edison, Inc. at $109.79.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $109.79, the stock trades at a 20% premium to its Graham Number of $91.28. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About Consolidated Edison, Inc.

Consolidated Edison, Inc., through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.7 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,490 customers in parts of Manhattan. It also supplies electricity to approximately 0.3 million customers in southeastern New York and northern New Jersey; and gas to approximately 0.1 million customers in southeastern New York. In addition, the company operates 552 circuit miles of transmission lines; 16 transmission substations; 63 distribution substations; 89,675 in-service line transformers; 3,764 pole miles of overhead distribution lines; and 2,417 miles of underground distribution lines, as well as 4,374 miles of mains and 379, 939 service lines for natural gas distribution. Further, it invests in electric and gas transmission projects. The company primarily sells electricity to industrial, commercial, residential, and government customers. Consolidated Edison, Inc. was founded in 1823 and is based in New York, New York.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	53.3% ▼	53.5%	50.5%	49.0%	N/A
Operating Margin %	17.7% ▼	17.9%	15.9%	16.7%	N/A
Net Income %	12.0% ▲	11.9%	17.2%	10.6%	N/A
Diluted EPS	5.64 ▲	5.24	7.21	4.66	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$74.6B	$70.6B	$66.3B	$69.1B	N/A
Total Debt	$28.4B ↑	$27.8B	$25.0B	$24.4B	N/A
Working Capital	$136M ▼	$231M	$75M	$1.6B	N/A
Years to Pay Debt	14.03	15.29	9.93	14.71	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$36M ▲	-$1.2B	-$2.3B	-$233M	N/A
Owner Earnings	$9.1B	$8.7B	$9.0B	$7.9B	N/A
CapEx % of Net Income	235.5%	262.1%	178.4%	251.1%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	14,807	5,700	150,174	9,360
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	6,084,000	5,442,000	5,104,000	5,066,000
Total Unusual Items	67,000	38,000	953,000	39,000
Total Unusual Items Excluding Goodwill	67,000	38,000	953,000	39,000
Net Income From Continuing Operation Net Minority Interest	2,023,000	1,820,000	2,519,000	1,660,000
Reconciled Depreciation	2,321,000	2,155,000	2,031,000	2,056,000
Reconciled Cost Of Revenue	7,909,000	7,089,000	7,258,000	7,985,000
EBITDA	6,151,000	5,480,000	6,057,000	5,105,000
EBIT	3,830,000	3,325,000	4,026,000	3,049,000
Net Interest Income	-1,233,000	-1,187,000	-1,023,000	-852,000
Interest Expense	1,233,000	1,187,000	1,023,000	951,000
Interest Income				99,000	14,000
Normalized Income	1,970,807	1,787,700	1,742,174	1,630,360
Net Income From Continuing And Discontinued Operation	2,023,000	1,820,000	2,519,000	1,660,000
Total Expenses	13,918,000	12,524,000	12,332,000	13,046,000
Total Operating Income As Reported	2,935,000	2,670,000	3,196,000	2,624,000
Diluted Average Shares	358,700	347,300	349,300	355,800
Basic Average Shares	357,400	346,000	347,700	354,500
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	2,023,000	1,820,000	2,519,000	1,660,000
Net Income Common Stockholders	2,023,000	1,820,000	2,519,000	1,660,000
Net Income	2,023,000	1,820,000	2,519,000	1,660,000
Minority Interests	0	0	3,000	60,000
Net Income Including Noncontrolling Interests	2,023,000	1,820,000	2,516,000	1,600,000
Net Income Continuous Operations	2,023,000	1,820,000	2,516,000	1,600,000
Tax Provision	574,000	318,000	487,000	498,000
Pretax Income	2,597,000	2,138,000	3,003,000	2,098,000
Other Income Expense	830,000	593,000	1,695,000	326,000
Other Non Operating Income Expenses	763,000	555,000	742,000	287,000
Special Income Charges	4,000	-24,000	891,000	0
Gain On Sale Of Business	4,000	-62,000	865,000	0
Other Special Charges		-38,000	-26,000	-19,000	-21,000
Gain On Sale Of Security	63,000	62,000	62,000	20,000
Net Non Operating Interest Income Expense	-1,233,000	-1,187,000	-1,023,000	-852,000
Interest Expense Non Operating	1,233,000	1,187,000	1,023,000	951,000
Interest Income Non Operating				99,000	14,000
Operating Income	3,000,000	2,732,000	2,331,000	2,624,000
Operating Expense	6,009,000	5,435,000	5,074,000	5,061,000
Other Operating Expenses	-69,000
Other Taxes	3,757,000	3,280,000	3,043,000	3,005,000
Depreciation Amortization Depletion Income Statement	2,321,000	2,155,000	2,031,000	2,056,000
Depreciation And Amortization In Income Statement	2,321,000	2,155,000	2,031,000	2,056,000
Gross Profit	9,009,000	8,167,000	7,405,000	7,685,000
Cost Of Revenue	7,909,000	7,089,000	7,258,000	7,985,000
Total Revenue	16,918,000	15,256,000	14,663,000	15,670,000
Operating Revenue	16,918,000	15,256,000	14,663,000	15,670,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	33,754	33,754	33,754	23,211
Ordinary Shares Number	361,121	346,598	345,416	354,962
Share Issued	394,875	380,352	379,170	378,173
Net Debt	26,247,000	25,997,000	23,276,000	22,554,000
Total Debt	28,376,000	27,825,000	25,010,000	24,415,000
Tangible Book Value	23,784,000	21,554,000	20,750,000	20,279,000
Invested Capital	52,066,000	49,283,000	45,623,000	44,523,000
Working Capital	136,000	231,000	75,000	1,636,000
Net Tangible Assets	23,784,000	21,554,000	20,750,000	20,279,000
Capital Lease Obligations	500,000	504,000	545,000	579,000
Common Stock Equity	24,190,000	21,962,000	21,158,000	20,687,000
Total Capitalization	49,741,000	46,613,000	43,085,000	40,834,000
Total Equity Gross Minority Interest	24,190,000	21,962,000	21,158,000	20,889,000
Minority Interest	0	0	0	202,000
Stockholders Equity	24,190,000	21,962,000	21,158,000	20,687,000
Other Equity Interest	-140,000	-121,000	-122,000	-122,000
Gains Losses Not Affecting Retained Earnings	15,000	29,000	22,000	22,000
Other Equity Adjustments	15,000	29,000	22,000	22,000
Treasury Stock	2,017,000	2,017,000	2,017,000	1,038,000
Retained Earnings	14,857,000	14,048,000	13,377,000	11,985,000
Additional Paid In Capital	11,436,000	9,986,000	9,861,000	9,803,000
Capital Stock	39,000	37,000	37,000	37,000
Common Stock	39,000	37,000	37,000	37,000
Total Liabilities Net Minority Interest	50,413,000	48,600,000	45,173,000	48,176,000
Total Non Current Liabilities Net Minority Interest	43,799,000	42,167,000	38,711,000	36,840,000
Derivative Product Liabilities	8,000	96,000	121,000	13,000
Employee Benefits	564,000	551,000	592,000	577,000
Non Current Pension And Other Postretirement Benefit Plans	564,000	551,000	592,000	577,000
Non Current Deferred Liabilities	10,167,000	9,368,000	8,486,000	7,922,000
Non Current Deferred Taxes Liabilities	9,619,000	8,874,000	8,069,000	7,641,000
Long Term Debt And Capital Lease Obligation	25,928,000	25,037,000	22,356,000	20,623,000
Long Term Capital Lease Obligation	377,000	386,000	429,000	476,000
Long Term Debt	25,551,000	24,651,000	21,927,000	20,147,000
Long Term Provisions	1,758,000	1,671,000	1,828,000	1,678,000
Current Liabilities	6,614,000	6,433,000	6,462,000	11,336,000
Other Current Liabilities	1,254,000	1,161,000	1,269,000	4,860,000
Current Deferred Liabilities	498,000	412,000	396,000	358,000
Current Deferred Revenue	498,000	412,000	396,000	358,000
Current Debt And Capital Lease Obligation	2,448,000	2,788,000	2,654,000	3,792,000
Current Capital Lease Obligation	123,000	118,000	116,000	103,000
Current Debt	2,325,000	2,670,000	2,538,000	3,689,000
Other Current Borrowings	250,000		250,000	649,000	440,000
Line Of Credit	500,000	500,000	0	400,000
Current Notes Payable	1,575,000	2,170,000	2,288,000	2,640,000
Payables And Accrued Expenses	2,414,000	2,072,000	2,143,000	2,326,000
Current Accrued Expenses	363,000	326,000	295,000	269,000
Interest Payable	223,000	199,000	170,000	153,000
Payables	2,051,000	1,746,000	1,848,000	2,057,000
Total Tax Payable	104,000	70,000	73,000	102,000
Accounts Payable	1,947,000	1,676,000	1,775,000	1,955,000
Total Assets	74,603,000	70,562,000	66,331,000	69,065,000
Total Non Current Assets	67,853,000	63,898,000	59,794,000	56,093,000
Other Non Current Assets	390,000	365,000	316,000	182,000
Defined Pension Benefit	4,227,000	3,791,000	3,275,000	3,269,000
Non Current Deferred Assets					282,000
Financial Assets	126,000	27,000	48,000	85,000
Investments And Advances	1,213,000	1,126,000	999,000	841,000
Goodwill And Other Intangible Assets	406,000	408,000	408,000	408,000
Other Intangible Assets					1,293,000
Goodwill	406,000	408,000	408,000	408,000
Net PPE	55,892,000	52,658,000	50,141,000	47,334,000
Accumulated Depreciation	-16,488,000	-15,409,000	-14,181,000	-13,092,000
Gross PPE	72,380,000	68,067,000	64,322,000	60,426,000
Construction In Progress	3,414,000	3,166,000	2,443,000	2,485,000
Other Properties	515,000	530,000	570,000	604,000
Current Assets	6,750,000	6,664,000	6,537,000	12,972,000
Other Current Assets	264,000	335,000	406,000	481,000
Hedging Assets Current	86,000	15,000	52,000	59,000
Assets Held For Sale Current	0	133,000	163,000	7,162,000
Restricted Cash			1,000	0	154,000
Prepaid Assets	381,000	445,000	470,000	264,000
Inventory	530,000	485,000	469,000	492,000
Receivables	3,860,000	3,927,000	3,788,000	3,232,000
Other Receivables	445,000	494,000	647,000	328,000
Taxes Receivable	11,000	145,000	1,000	10,000
Accounts Receivable	2,583,000	2,440,000	2,418,000	2,192,000
Allowance For Doubtful Accounts Receivable	-507,000	-620,000	-360,000	-322,000
Gross Accounts Receivable	3,090,000	3,060,000	2,778,000	2,514,000
Cash Cash Equivalents And Short Term Investments	1,629,000	1,324,000	1,189,000	1,282,000
Cash And Cash Equivalents	1,629,000	1,324,000	1,189,000	1,282,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	36,000	-1,157,000	-2,338,000	-233,000
Repurchase Of Capital Stock	0	0	-1,000,000	0
Repayment Of Debt	-1,095,000	-595,000	-1,662,000	-406,000
Issuance Of Debt	1,650,000	3,475,000	2,250,000	1,350,000
Issuance Of Capital Stock	1,308,000	0	0	0
Capital Expenditure	-4,764,000	-4,771,000	-4,494,000	-4,168,000
Interest Paid Supplemental Data	1,147,000	1,072,000	987,000	900,000
Income Tax Paid Supplemental Data		7,000	397,000	47,000	9,000
End Cash Position	1,630,000	1,333,000	1,195,000	1,530,000
Beginning Cash Position	1,333,000	1,195,000	1,530,000	1,146,000
Changes In Cash	297,000	138,000	-335,000	384,000
Financing Cash Flow	746,000	1,797,000	-1,488,000	1,014,000
Cash Flow From Continuing Financing Activities	746,000	1,797,000	-1,488,000	1,014,000
Net Other Financing Charges	-15,000	-43,000	-36,000	-50,000
Proceeds From Stock Option Exercised	64,000	60,000	56,000	57,000
Cash Dividends Paid	-1,166,000	-1,100,000	-1,096,000	-1,089,000
Common Stock Dividend Paid	-1,166,000	-1,100,000	-1,096,000	-1,089,000
Net Common Stock Issuance	1,308,000	0	-1,000,000	0
Common Stock Payments	0	0	-1,000,000	0
Common Stock Issuance	1,308,000	0	0	0
Net Issuance Payments Of Debt	555,000	2,880,000	588,000	2,096,000
Net Short Term Debt Issuance	-595,000	-118,000	-202,000	1,152,000
Short Term Debt Payments	-895,000	-118,000	-202,000
Short Term Debt Issuance	300,000	0	0
Net Long Term Debt Issuance	1,150,000	2,998,000	790,000	944,000
Long Term Debt Payments	-200,000	-477,000	-1,460,000	-406,000
Long Term Debt Issuance	1,350,000	3,475,000	2,250,000	1,350,000
Investing Cash Flow	-5,249,000	-5,273,000	-1,003,000	-4,565,000
Cash Flow From Continuing Investing Activities	-5,249,000	-5,273,000	-1,003,000	-4,565,000
Net Other Investing Changes	-530,000	-502,000	-436,000	-397,000
Net Business Purchase And Sale	45,000	0	3,927,000	0
Sale Of Business	45,000	0	3,927,000	0
Purchase Of Business				-64,000	-30,000
Capital Expenditure Reported	-4,764,000	-4,771,000	-4,494,000	-4,168,000
Operating Cash Flow	4,800,000	3,614,000	2,156,000	3,935,000
Cash Flow From Continuing Operating Activities	4,800,000	3,614,000	2,156,000	3,935,000
Dividend Received Cfo	70,000	35,000	31,000	20,000
Change In Working Capital	-324,000	-921,000	-1,655,000	-109,000
Change In Other Working Capital	-855,000	-606,000	-1,183,000	-233,000
Change In Other Current Liabilities	163,000	-101,000	213,000	1,000
Change In Payables And Accrued Expense	218,000	22,000	-305,000	607,000
Change In Accrued Expense	24,000	28,000	-7,000	42,000
Change In Interest Payable	24,000	28,000	-7,000	42,000
Change In Payable	194,000	-6,000	-298,000	565,000
Change In Account Payable	161,000	-1,000	-285,000	558,000
Change In Tax Payable	33,000	-5,000	-13,000	7,000
Change In Income Tax Payable	33,000	-5,000	-13,000	7,000
Change In Prepaid Assets	64,000	25,000	-200,000	26,000
Change In Inventory		-16,000	38,000	-111,000	-82,000
Change In Receivables	86,000	-261,000	-180,000	-399,000
Changes In Account Receivables	-30,000	-263,000	-275,000	-296,000
Other Non Cash Items	120,000	47,000	-46,000	114,000
Asset Impairment Charge			0	0	443,000
Deferred Tax	590,000	416,000	132,000	435,000
Deferred Income Tax	590,000	416,000	132,000	435,000
Depreciation Amortization Depletion	2,321,000	2,155,000	2,031,000	2,056,000
Depreciation And Amortization	2,321,000	2,155,000	2,031,000	2,056,000
Operating Gains Losses		62,000	-853,000	-181,000	-53,000
Gain Loss On Investment Securities			12,000	-181,000	-53,000
Gain Loss On Sale Of Business	0	62,000	-865,000	0
Net Income From Continuing Operations	2,023,000	1,820,000	2,516,000	1,600,000

These metrics estimate what Consolidated Edison, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$91.28

Margin of Safety

Market Cap ÷ Company Value

2.06

P/B Ratio

1.67

Warren's Owner Earnings

$9.1B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$16.9B

vs > $1.5B revenue

❌ Strong Financial Condition

1.02x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

3.08%

vs Uninterrupted dividends

❌ Earnings Growth

+21.0% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

19.5x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

1.67x P/B (P/E×P/B: 32.6)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-118.51

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$90.48

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	235.5%	262.1%	178.4%	251.1%	N/A
Repurchase of Capital Stock	$0M	$0M	-$1.0B	$0M	N/A
Free Cash Flow	$36M ▲	-$1.2B ▲	-$2.3B ▼	-$233M •	N/A •
Warren's Owner Earnings	$9.1B	$8.7B	$9.0B	$7.9B	N/A

Peers & Industry

No auto-detected peers for Utilities - Regulated Electric. You can manually compare ED against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.18%

Low — management has little skin in the game

Return on Equity (ROE)

8.4%

Adequate — returns are moderate

Return on Assets (ROA)

2.7%

Fair — average asset utilization

Debt Trend YoY

+2.0% YoY

Debt is roughly stable

Leadership Team

Timothy Cawley

Chairman, President & CEO

Age 60

Pay: $4,357,347

0.215% of net income

Kirkland Andrews

Senior VP & CFO

Age 57

Pay: $1,983,342

0.098% of net income

Matthew Ketschke

President of Consolidated Edison Company of New York, Inc.

Age 53

Pay: $1,885,062

0.093% of net income

Robert Sanchez

President of Shared Services of Con Edison of New York

Age 59

Pay: $1,288,542

0.064% of net income

Stuart Nachmias

President & CEO of Con Edison Transmission, Inc.

Age 60

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	12.39%	45,636,041
Blackrock Inc.	10.84%	39,919,176
State Street Corporation	6.76%	24,905,440
Geode Capital Management, LLC	2.71%	9,988,113
Lazard Asset Management LLC	1.67%	6,165,594
Morgan Stanley	1.46%	5,393,572
Price (T.Rowe) Associates Inc	1.41%	5,200,840
NORGES BANK	1.34%	4,931,590

Risk Analysis

Beta (Market Risk)

0.29

Low volatility — more stable than the market

Short Interest

2.9% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

1.17x

Moderate leverage

Current Ratio