Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin23.5%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin18.1%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
D
Years to Pay Off Debt29.4 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt-$24.6B
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital$1.0B
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
F
Margin of Safety0.0%
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book1.53x
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Cash Flow
F
Free Cash Flow-$999M
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income126.9%
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings$2.7B
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
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.
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.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Margin of Safety
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Mr. Market is currently offering Consolidated Edison, Inc. at $106.36.
The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.
At $106.36, the stock trades at a 69% premium to its Graham Number of $63.00. 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.
Showing Key Metrics
Income Highlights
Metric
Q1 2026
Q4 2025
Q4 2024
Gross Profit %
54.6%▲
51.1%•
N/A
Operating Margin %
23.5%▲
12.5%•
N/A
Net Income %
18.1%▲
7.4%•
N/A
Diluted EPS
2.54▲
0.82•
N/A
Balance Sheet Highlights
Metric
Q1 2026
Q4 2025
Q4 2024
Total Assets
$74.7B
$74.6B
N/A
Total Debt
$27.2B▼
$28.4B•
N/A
Working Capital
$1.0B▲
$136M•
N/A
Years to Pay Debt
29.41
95.54
N/A
Cash Flow Highlights
Metric
Q1 2026
Q4 2025
Q4 2024
Free Cash Flow
-$999M▼
$176M•
N/A
Owner Earnings
$2.7B
$2.2B
N/A
CapEx % of Net Income
126.9%
439.1%
N/A
Income Statement
2026
2025
2024
Tax Effect Of Unusual Items
51,129
3,429
Tax Rate For Calcs
0
0
Normalized EBITDA
1,900,000
1,268,000
Total Unusual Items
207,000
16,000
Total Unusual Items Excluding Goodwill
207,000
16,000
Net Income From Continuing Operation Net Minority Interest
924,000
297,000
Reconciled Depreciation
572,000
595,000
Reconciled Cost Of Revenue
2,311,000
1,953,000
EBITDA
2,107,000
1,284,000
EBIT
1,535,000
689,000
Net Interest Income
-308,000
-311,000
Interest Expense
308,000
311,000
Normalized Income
768,129
284,429
Net Income From Continuing And Discontinued Operation
924,000
297,000
Total Expenses
3,896,000
3,494,000
Total Operating Income As Reported
1,177,000
487,000
Diluted Average Shares
364,400
362,200
Basic Average Shares
363,000
361,000
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
924,000
297,000
Net Income Common Stockholders
924,000
297,000
Net Income
924,000
297,000
Net Income Including Noncontrolling Interests
924,000
297,000
Net Income Continuous Operations
924,000
297,000
Tax Provision
303,000
81,000
Pretax Income
1,227,000
378,000
Other Income Expense
336,000
189,000
Other Non Operating Income Expenses
129,000
173,000
Special Income Charges
189,000
4,000
Gain On Sale Of Business
189,000
4,000
Other Special Charges
-9,000
Gain On Sale Of Security
18,000
12,000
Net Non Operating Interest Income Expense
-308,000
-311,000
Interest Expense Non Operating
308,000
311,000
Operating Income
1,199,000
500,000
Operating Expense
1,585,000
1,541,000
Other Operating Expenses
-22,000
-17,000
Other Taxes
1,035,000
963,000
Depreciation Amortization Depletion Income Statement
572,000
595,000
Depreciation And Amortization In Income Statement
572,000
595,000
Gross Profit
2,784,000
2,041,000
Cost Of Revenue
2,311,000
1,953,000
Total Revenue
5,095,000
3,994,000
Operating Revenue
5,095,000
3,994,000
Balance Sheet
2026
2025
2024
Treasury Shares Number
33,754
33,754
Ordinary Shares Number
368,421
361,121
Share Issued
402,175
394,875
Net Debt
26,526,000
26,247,000
Total Debt
27,177,000
28,376,000
Tangible Book Value
25,190,000
23,784,000
Invested Capital
52,269,000
52,066,000
Working Capital
1,000,000
136,000
Net Tangible Assets
25,190,000
23,784,000
Capital Lease Obligations
504,000
500,000
Common Stock Equity
25,596,000
24,190,000
Total Capitalization
51,150,000
49,741,000
Total Equity Gross Minority Interest
25,596,000
24,190,000
Stockholders Equity
25,596,000
24,190,000
Other Equity Interest
-149,000
-140,000
Gains Losses Not Affecting Retained Earnings
12,000
15,000
Other Equity Adjustments
12,000
15,000
Treasury Stock
2,017,000
2,017,000
Retained Earnings
15,461,000
14,857,000
Additional Paid In Capital
12,249,000
11,436,000
Capital Stock
40,000
39,000
Common Stock
40,000
39,000
Total Liabilities Net Minority Interest
49,145,000
50,413,000
Total Non Current Liabilities Net Minority Interest
43,859,000
43,799,000
Derivative Product Liabilities
6,000
8,000
Employee Benefits
582,000
564,000
Non Current Pension And Other Postretirement Benefit Plans
582,000
564,000
Non Current Deferred Liabilities
10,568,000
10,167,000
Non Current Deferred Taxes Liabilities
10,004,000
9,619,000
Long Term Debt And Capital Lease Obligation
25,934,000
25,928,000
Long Term Capital Lease Obligation
380,000
377,000
Long Term Debt
25,554,000
25,551,000
Long Term Provisions
1,741,000
1,758,000
Current Liabilities
5,286,000
6,614,000
Other Current Liabilities
1,229,000
1,254,000
Current Deferred Liabilities
533,000
498,000
Current Deferred Revenue
533,000
498,000
Current Debt And Capital Lease Obligation
1,243,000
2,448,000
Current Capital Lease Obligation
124,000
123,000
Current Debt
1,119,000
2,325,000
Other Current Borrowings
250,000
250,000
Line Of Credit
0
500,000
Current Notes Payable
869,000
1,575,000
Payables And Accrued Expenses
2,281,000
2,414,000
Current Accrued Expenses
514,000
363,000
Interest Payable
366,000
223,000
Payables
1,767,000
2,051,000
Total Tax Payable
103,000
104,000
Accounts Payable
1,664,000
1,947,000
Total Assets
74,741,000
74,603,000
Total Non Current Assets
68,455,000
67,853,000
Other Non Current Assets
386,000
390,000
Defined Pension Benefit
4,269,000
4,227,000
Financial Assets
74,000
126,000
Investments And Advances
1,063,000
1,213,000
Goodwill And Other Intangible Assets
406,000
406,000
Goodwill
406,000
406,000
Net PPE
56,584,000
55,892,000
Accumulated Depreciation
-16,607,000
-16,488,000
Gross PPE
73,191,000
72,380,000
Construction In Progress
3,396,000
3,414,000
Other Properties
506,000
515,000
Current Assets
6,286,000
6,750,000
Other Current Assets
515,000
264,000
Hedging Assets Current
182,000
86,000
Assets Held For Sale Current
0
133,000
Restricted Cash
Prepaid Assets
1,072,000
381,000
Inventory
528,000
530,000
Receivables
3,842,000
3,860,000
Other Receivables
321,000
445,000
Taxes Receivable
54,000
11,000
Accounts Receivable
2,814,000
2,583,000
Allowance For Doubtful Accounts Receivable
-468,000
-507,000
Gross Accounts Receivable
3,282,000
3,090,000
Cash Cash Equivalents And Short Term Investments
147,000
1,629,000
Cash And Cash Equivalents
147,000
1,629,000
Cash Flow
2026
2025
2024
Free Cash Flow
-999,000
176,000
Repayment Of Debt
-1,206,000
-477,000
Issuance Of Debt
0
1,200,000
Issuance Of Capital Stock
776,000
0
Capital Expenditure
-1,173,000
-1,304,000
Interest Paid Supplemental Data
168,000
421,000
Income Tax Paid Supplemental Data
1,000
End Cash Position
147,000
1,630,000
Beginning Cash Position
1,630,000
182,000
Changes In Cash
-1,483,000
1,448,000
Financing Cash Flow
-721,000
1,431,000
Cash Flow From Continuing Financing Activities
-721,000
1,431,000
Net Other Financing Charges
-1,000
-12,000
Proceeds From Stock Option Exercised
18,000
15,000
Cash Dividends Paid
-308,000
-295,000
Common Stock Dividend Paid
-308,000
-295,000
Net Common Stock Issuance
776,000
0
Common Stock Issuance
776,000
0
Net Issuance Payments Of Debt
-1,206,000
1,723,000
Net Short Term Debt Issuance
-706,000
1,023,000
Short Term Debt Payments
-706,000
Net Long Term Debt Issuance
-500,000
700,000
Long Term Debt Payments
-500,000
-477,000
Long Term Debt Issuance
0
900,000
Investing Cash Flow
-936,000
-1,463,000
Cash Flow From Continuing Investing Activities
-936,000
-1,463,000
Net Other Investing Changes
-121,000
-159,000
Net Business Purchase And Sale
358,000
0
Sale Of Business
358,000
0
Capital Expenditure Reported
-1,173,000
-1,304,000
Operating Cash Flow
174,000
1,480,000
Cash Flow From Continuing Operating Activities
174,000
1,480,000
Dividend Received Cfo
15,000
19,000
Change In Working Capital
-1,454,000
362,000
Change In Other Working Capital
-320,000
-348,000
-167,000
Change In Other Current Liabilities
-112,000
86,000
Change In Payables And Accrued Expense
-78,000
212,000
Change In Accrued Expense
143,000
-114,000
Change In Interest Payable
143,000
-114,000
Change In Payable
-221,000
326,000
Change In Account Payable
-220,000
289,000
Change In Tax Payable
-1,000
37,000
Change In Income Tax Payable
-1,000
37,000
Change In Prepaid Assets
-691,000
764,000
Change In Inventory
-13,000
Change In Receivables
-253,000
-352,000
Changes In Account Receivables
-202,000
-133,000
Other Non Cash Items
-45,000
115,000
Deferred Tax
351,000
92,000
Deferred Income Tax
351,000
92,000
Depreciation Amortization Depletion
572,000
595,000
Depreciation And Amortization
572,000
595,000
Operating Gains Losses
-189,000
32,000
Gain Loss On Sale Of Business
-189,000
0
Net Income From Continuing Operations
924,000
297,000
📊Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.
Quarter vs Same Quarter Last Year
YoY strips seasonality
Revenue Growth (YoY)
Prior year: $4.8B▲ $5.1B+6.2%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 54.9%▲ 54.6%-0.3pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: 25.0%▲ 23.5%-1.5pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: 16.5%▲ 18.1%+1.6pp
Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.
Quarterly Health Checks
3 Graham/Buffett criteria that are valid and reliable on quarterly data
✅ Adequate Size
Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.
$5.1B/qtr (≈$20.4B ann.)
vs > $1.5B annualised revenue
❌ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
1.19x current ratio
vs ≥ 2.0x
❌ Free Cash Flow
Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.
-$999M
vs Positive
Operating Cash Flow
$174M
Latest quarter · Buffett's cash reality check
ROIC
1.4%
Based on latest annual operating income
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Market Cap / Net Assets
1.5x
Net Assets: $25.6B
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
0.19%
Low — management has little skin in the game
Return on Equity (ROE)
3.6%
Weak — poor returns on equity
Return on Assets (ROA)
1.2%
Poor — assets are not generating adequate returns
Debt Trend YoY
-4.2% YoY
Debt is declining — management is deleveraging
Leadership Team
Timothy Cawley
Chairman, President & CEO
Age 60
Pay: $4,357,347
0.472% of net income
Kirkland Andrews
Senior VP & CFO
Age 57
Pay: $1,983,342
0.215% of net income
Matthew Ketschke
President of Consolidated Edison Company of New York, Inc.
Age 53
Pay: $1,885,062
0.204% of net income
Robert Sanchez
President of Shared Services of Con Edison of New York
Age 59
Pay: $1,288,542
0.139% of net income
Stuart Nachmias
President & CEO of Con Edison Transmission, Inc.
Age 60
Top Institutional Holders
Institution
% Owned
Shares
Blackrock Inc.
10.71%
39,455,469
State Street Corporation
6.75%
24,879,928
Vanguard Capital Management LLC
6.38%
23,498,347
Vanguard Portfolio Management LLC
5.06%
18,641,984
Geode Capital Management, LLC
2.80%
10,322,025
Lazard Asset Management LLC
1.92%
7,075,838
Deutsche Bank AG
1.57%
5,797,582
Morgan Stanley
1.45%
5,359,232
Risk Analysis
Beta (Market Risk)
0.27
Low volatility — more stable than the market
Short Interest
4.2% of float
Low short interest — market is not heavily bearish
Debt-to-Equity
1.06x
Moderate leverage
Current Ratio
1.19x
Adequate liquidity
52-Week Price Range
Low: $94.96Current: $106.36High: $116.23
Currently at 54% of 52-week range
Consolidated Edison, Inc. (ED) fundamental analysis — Overall grade D based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: $63.00. Margin of safety: 0%. Gross profit margin: 54.6%. Operating margin: 23.5%. Net margin: 18.1%. Market cap: $39.2B. Sector: Utilities. Industry: Utilities - Regulated Electric. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
Disclaimer: 360investing is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice. All data is sourced from public third-party providers
and may be delayed, inaccurate, or incomplete. Past performance is not indicative of future results. Analysis, scores, and valuations are algorithmic and do not represent professional investment recommendations. Always conduct your own due
diligence and consult a qualified financial adviser before making any investment decision. Use of this tool constitutes acceptance that 360investing and its operators bear no liability for decisions made based on information presented here.