NASDAQ · Utilities

Exelon Corporation

EXC · Utilities - Regulated Electric

$46.60

▲ 0.1 (0.23%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Exelon Corporation at $46.60.

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 42.9%

Operating Margin 21.2%

Net Income Margin 11.4%

Fin. Health F

Years to Pay Off Debt 18.1 yrs

Working Capital vs Long-Term Debt -$48.6B

Working Capital -$785M

Valuation F

Margin of Safety 0.0%

Price-to-Book 1.66x

Cash Flow F

Free Cash Flow -$2.3B

CapEx % of Net Income 308.1%

Owner Earnings $14.3B

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 $47.7B

Enterprise Value $97.2B

P/E (TTM) 17.07

Dividend Yield 3.44%

Exchange NASDAQ

Key Margins

Gross Profit 42.9%

Operating Margin 21.2%

Net Margin 11.4%

Company Info

Sector Utilities

Industry Utilities - Regulated Electric

Employees 20571

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Exelon Corporation at $46.60.

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

At $46.60, the stock trades at a 13% premium to its Graham Number of $41.41. 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 Exelon Corporation

Exelon Corporation, a utility services holding company, engages in the energy distribution and transmission businesses in the United States. The company is involved in the purchase and regulated retail sale of electricity and natural gas; transmission and distribution of electricity; and distribution of natural gas to retail customers. It serves residential, commercial, industrial, and public authorities and electric railroads customers. Exelon Corporation was incorporated in 1999 and is headquartered in Chicago, Illinois.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	42.9% ▲	40.8%	41.1%	42.1%	N/A
Operating Margin %	21.2% ▲	18.7%	18.5%	17.4%	N/A
Net Income %	11.4% ▲	10.7%	10.7%	11.4%	N/A
Diluted EPS	2.71 ▲	2.45	2.33	2.08	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$116.6B	$107.8B	$101.9B	$95.3B	N/A
Total Debt	$50.1B ↑	$46.6B	$44.0B	$40.0B	N/A
Working Capital	-$785M ▲	-$1.2B	-$1.8B	-$3.3B	N/A
Years to Pay Debt	18.09	18.96	18.90	18.46	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	-$2.3B ▼	-$1.5B	-$2.7B	-$2.3B	N/A
Owner Earnings	$14.3B	$12.5B	$12.5B	$12.1B	N/A
CapEx % of Net Income	308.1%	288.5%	318.2%	329.4%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	477	931	1,384	-290
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	9,055,000	8,163,000	7,927,000	7,177,000
Total Unusual Items	3,000	12,000	10,000	-2,000
Total Unusual Items Excluding Goodwill	3,000	12,000	10,000	-2,000
Net Income From Continuing Operation Net Minority Interest	2,768,000	2,460,000	2,328,000	2,053,000
Reconciled Depreciation	3,046,000	2,918,000	2,786,000	2,768,000
Reconciled Cost Of Revenue	14,438,000	14,299,000	13,520,000	11,603,000
EBITDA	9,058,000	8,175,000	7,937,000	7,175,000
EBIT	5,418,000	4,581,000	4,431,000	3,850,000
Net Interest Income	-2,127,000	-1,914,000	-1,729,000	-1,447,000
Interest Expense	2,127,000	1,914,000	1,729,000	1,447,000
Normalized Income	2,765,477	2,448,931	2,319,384	2,054,710
Net Income From Continuing And Discontinued Operation	2,768,000	2,460,000	2,328,000	2,170,000
Total Expenses	19,113,000	18,721,000	17,714,000	15,761,000
Total Operating Income As Reported	5,148,000	4,319,000	4,023,000	3,315,000
Diluted Average Shares	1,022,401	1,005,046	999,000	1,043,269
Basic Average Shares	1,022,401	1,005,046	999,000	994,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	2,768,000	2,460,000	2,328,000	2,170,000
Net Income Common Stockholders	2,768,000	2,460,000	2,328,000	2,170,000
Net Income	2,768,000	2,460,000	2,328,000	2,170,000
Minority Interests		0	0	-1,000	-123,000
Net Income Including Noncontrolling Interests	2,768,000	2,460,000	2,328,000	2,171,000
Net Income Discontinuous Operations		0	0	117,000	213,000
Net Income Continuous Operations	2,768,000	2,460,000	2,328,000	2,054,000
Earnings From Equity Interest Net Of Tax					-9,000
Tax Provision	523,000	207,000	374,000	349,000
Pretax Income	3,291,000	2,667,000	2,702,000	2,403,000
Other Income Expense	273,000	274,000	418,000	533,000
Other Non Operating Income Expenses	270,000	262,000	408,000	535,000
Special Income Charges	3,000	12,000	10,000	-2,000
Gain On Sale Of Ppe	3,000	12,000	10,000	-2,000
Net Non Operating Interest Income Expense	-2,127,000	-1,914,000	-1,729,000	-1,447,000
Interest Expense Non Operating	2,127,000	1,914,000	1,729,000	1,447,000
Operating Income	5,145,000	4,307,000	4,013,000	3,317,000
Operating Expense	5,269,000	5,098,000	4,914,000	4,715,000
Other Taxes	1,629,000	1,504,000	1,408,000	1,390,000
Depreciation Amortization Depletion Income Statement	3,640,000	3,594,000	3,506,000	3,325,000
Depreciation And Amortization In Income Statement	3,640,000	3,594,000	3,506,000	3,325,000
Gross Profit	10,414,000	9,405,000	8,927,000	8,032,000
Cost Of Revenue	13,844,000	13,623,000	12,800,000	11,046,000
Total Revenue	24,258,000	23,028,000	21,727,000	19,078,000
Operating Revenue	24,258,000	23,028,000	21,727,000	19,078,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	2,000	2,000	2,000	2,000
Ordinary Shares Number	1,022,401	1,005,046	999,000	994,000
Share Issued	1,024,401	1,007,046	1,001,000	996,000
Net Debt	49,454,000	46,292,000	43,563,000	39,643,000
Total Debt	50,080,000	46,649,000	44,008,000	40,050,000
Tangible Book Value	22,168,000	20,291,000	19,125,000	18,114,000
Invested Capital	78,878,000	73,570,000	69,763,000	64,794,000
Working Capital	-785,000	-1,227,000	-1,814,000	-3,275,000
Net Tangible Assets	22,168,000	20,291,000	19,125,000	18,114,000
Common Stock Equity	28,798,000	26,921,000	25,755,000	24,744,000
Total Capitalization	76,601,000	70,258,000	65,837,000	60,406,000
Total Equity Gross Minority Interest	28,798,000	26,921,000	25,755,000	24,744,000
Minority Interest				0	402,000
Stockholders Equity	28,798,000	26,921,000	25,755,000	24,744,000
Gains Losses Not Affecting Retained Earnings	-762,000	-720,000	-726,000	-638,000
Other Equity Adjustments	-762,000	-720,000	-726,000	-638,000
Treasury Stock	123,000	123,000	123,000	123,000
Retained Earnings	7,577,000	6,426,000	5,490,000	4,597,000
Capital Stock	22,106,000	21,338,000	21,114,000	20,908,000
Common Stock	22,106,000	21,338,000	21,114,000	20,908,000
Total Liabilities Net Minority Interest	87,772,000	80,863,000	76,101,000	70,605,000
Total Non Current Liabilities Net Minority Interest	77,441,000	71,252,000	66,200,000	59,994,000
Other Non Current Liabilities	2,169,000	2,282,000	2,088,000	1,967,000
Liabilities Heldfor Sale Non Current				0	25,676,000
Derivative Product Liabilities	106,000	103,000	106,000	83,000
Employee Benefits	2,295,000	2,217,000	2,098,000	1,616,000
Non Current Pension And Other Postretirement Benefit Plans	2,295,000	2,217,000	2,098,000	1,616,000
Non Current Deferred Liabilities	13,731,000	12,814,000	11,983,000	11,285,000
Non Current Deferred Revenue	16,000	21,000	27,000	35,000
Non Current Deferred Taxes Liabilities	13,715,000	12,793,000	11,956,000	11,250,000
Long Term Debt And Capital Lease Obligation	47,803,000	43,337,000	40,082,000	35,662,000
Long Term Debt	47,803,000	43,337,000	40,082,000	35,662,000
Long Term Provisions	321,000	301,000	267,000	269,000
Current Liabilities	10,331,000	9,611,000	9,901,000	10,611,000
Other Current Liabilities	2,208,000	1,381,000	1,330,000	1,600,000
Current Deferred Liabilities	538,000	451,000	419,000	10,000
Current Deferred Revenue	538,000	451,000	419,000	10,000
Current Debt And Capital Lease Obligation	2,277,000	3,312,000	3,926,000	4,388,000
Current Debt	2,277,000	3,312,000	3,926,000	4,388,000
Other Current Borrowings	1,665,000	3,312,000	3,926,000	4,388,000
Commercial Paper	612,000
Pensionand Other Post Retirement Benefit Plans Current	705,000	679,000	661,000	613,000
Payables And Accrued Expenses	4,603,000	3,788,000	3,565,000	4,000,000
Current Accrued Expenses	635,000	572,000	493,000	402,000
Interest Payable	538,000	468,000	414,000	338,000
Payables	3,968,000	3,216,000	3,072,000	3,598,000
Dueto Related Parties Current	5,000	5,000	5,000	5,000
Total Tax Payable	242,000	217,000	221,000	211,000
Accounts Payable	3,721,000	2,994,000	2,846,000	3,382,000
Total Assets	116,570,000	107,784,000	101,856,000	95,349,000
Total Non Current Assets	107,024,000	99,400,000	93,769,000	88,013,000
Other Non Current Assets	1,795,000	1,562,000	1,365,000	1,141,000
Non Current Accounts Receivable	4,755,000	4,026,000	3,232,000	2,897,000
Financial Assets					949,000
Investments And Advances	312,000	290,000	251,000	232,000
Other Investments					16,381,000
Goodwill And Other Intangible Assets	6,630,000	6,630,000	6,630,000	6,630,000
Goodwill	6,630,000	6,630,000	6,630,000	6,630,000
Net PPE	84,318,000	78,182,000	73,593,000	69,076,000
Accumulated Depreciation	-20,080,000	-18,445,000	-17,251,000	-15,930,000
Gross PPE	104,398,000	96,627,000	90,844,000	85,006,000
Construction In Progress	5,755,000	4,306,000	4,589,000	4,534,000
Other Properties	908,000	809,000	825,000	791,000
Current Assets	9,546,000	8,384,000	8,087,000	7,336,000
Other Current Assets	1,882,000	2,385,000	2,585,000	2,047,000
Hedging Assets Current					2,169,000
Assets Held For Sale Current				0	7,835,000
Restricted Cash	525,000	541,000	482,000	566,000
Prepaid Assets	563,000	494,000	413,000
Inventory	868,000	853,000	801,000	755,000
Receivables	5,082,000	3,754,000	3,361,000	3,561,000
Other Receivables	1,785,000	1,016,000	1,019,000	1,344,000
Accounts Receivable	3,297,000	2,738,000	2,342,000	2,217,000
Allowance For Doubtful Accounts Receivable	-435,000	-406,000	-317,000	-327,000
Gross Accounts Receivable	3,732,000	3,144,000	2,659,000	2,544,000
Cash Cash Equivalents And Short Term Investments	626,000	357,000	445,000	407,000
Cash And Cash Equivalents	626,000	357,000	445,000	407,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	-2,275,000	-1,528,000	-2,705,000	-2,277,000
Repayment Of Debt	-2,558,000	-2,371,000	-2,176,000	-3,573,000
Issuance Of Debt	6,075,000	5,124,000	6,225,000	8,595,000
Issuance Of Capital Stock	691,000	148,000	140,000	563,000
Capital Expenditure	-8,529,000	-7,097,000	-7,408,000	-7,147,000
End Cash Position	1,201,000	939,000	1,101,000	1,090,000
Beginning Cash Position	939,000	1,101,000	1,090,000	1,619,000
Changes In Cash	262,000	-162,000	11,000	-529,000
Financing Cash Flow	2,533,000	1,311,000	2,683,000	1,591,000
Cash Flow From Continuing Financing Activities	2,533,000	1,311,000	2,683,000	1,591,000
Net Other Financing Charges	-94,000	-109,000	-114,000	-2,696,000
Proceeds From Stock Option Exercised	36,000	43,000	41,000	36,000
Cash Dividends Paid	-1,617,000	-1,524,000	-1,433,000	-1,334,000
Common Stock Dividend Paid	-1,617,000	-1,524,000	-1,433,000	-1,334,000
Net Common Stock Issuance	691,000	148,000	140,000	563,000
Common Stock Issuance	691,000	148,000	140,000	563,000
Net Issuance Payments Of Debt	3,517,000	2,753,000	4,049,000	5,022,000
Net Short Term Debt Issuance	-1,247,000	-664,000	-63,000	786,000
Short Term Debt Payments	-1,247,000	-814,000	-463,000	-1,500,000
Short Term Debt Issuance	0	150,000	400,000	2,286,000
Net Long Term Debt Issuance	4,764,000	3,417,000	4,112,000	4,236,000
Long Term Debt Payments	-1,311,000	-1,557,000	-1,713,000	-2,073,000
Long Term Debt Issuance	6,075,000	4,974,000	5,825,000	6,309,000
Investing Cash Flow	-8,525,000	-7,042,000	-7,375,000	-6,990,000
Cash Flow From Continuing Investing Activities	-8,525,000	-7,042,000	-7,375,000	-6,990,000
Net Other Investing Changes	4,000	55,000	33,000	185,000
Net Investment Purchase And Sale		0	0	-28,000	-141,000
Sale Of Investment		0	0	488,000	6,532,000
Purchase Of Investment		0	0	-516,000	-6,673,000
Capital Expenditure Reported	-8,529,000	-7,097,000	-7,408,000	-7,147,000
Operating Cash Flow	6,254,000	5,569,000	4,703,000	4,870,000
Cash Flow From Continuing Operating Activities	6,254,000	5,569,000	4,703,000	4,870,000
Change In Working Capital	-1,524,000	-1,048,000	-852,000	-2,260,000
Change In Other Working Capital	-71,000	-311,000	-579,000	-2,235,000
Change In Payables And Accrued Expense	260,000	-37,000	-191,000	1,318,000
Change In Payable			-143,000	1,314,000	767,000
Change In Account Payable			-191,000	1,318,000	440,000
Change In Tax Payable			48,000	-4,000	327,000
Change In Income Tax Payable			48,000	-4,000	327,000
Change In Inventory	-22,000	-56,000	-45,000	-121,000
Change In Receivables	-1,691,000	-644,000	-37,000	-1,222,000
Changes In Account Receivables	-1,691,000	-644,000	-37,000	-1,222,000
Other Non Cash Items	1,576,000	1,123,000	110,000	1,728,000
Unrealized Gain Loss On Investment Securities		0	0	16,000	160,000
Asset Impairment Charge		0	0	48,000	552,000
Deferred Tax	391,000	128,000	319,000	255,000
Deferred Income Tax	391,000	128,000	319,000	255,000
Depreciation Amortization Depletion	3,046,000	2,918,000	2,786,000	2,768,000
Depreciation And Amortization	3,046,000	2,918,000	2,786,000	2,768,000
Amortization Cash Flow	3,000	8,000	8,000	12,000
Amortization Of Intangibles	3,000	8,000	8,000	12,000
Depreciation	3,043,000	2,910,000	2,778,000	2,756,000
Operating Gains Losses	-3,000	-12,000	12,000	144,000
Earnings Losses From Equity Investments					160,000
Gain Loss On Investment Securities			22,000	152,000	-1,154,000
Net Income From Continuing Operations	2,768,000	2,460,000	2,328,000	2,171,000

These metrics estimate what Exelon Corporation 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

$41.41

Margin of Safety

Market Cap ÷ Company Value

2.66

P/B Ratio

1.66

Warren's Owner Earnings

$14.3B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$24.3B

vs > $1.5B revenue

❌ Strong Financial Condition

0.92x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

3.44%

vs Uninterrupted dividends

❌ Earnings Growth

+30.2% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

17.1x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

1.66x P/B (P/E×P/B: 28.3)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-76.45

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

$55.87

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

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	308.1%	288.5%	318.2%	329.4%	N/A
Repurchase of Capital Stock	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	-$2.3B ▼	-$1.5B ▲	-$2.7B ▼	-$2.3B •	N/A •
Warren's Owner Earnings	$14.3B	$12.5B	$12.5B	$12.1B	N/A

Peers & Industry

No auto-detected peers for Utilities - Regulated Electric. You can manually compare EXC 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

0.07%

Low — management has little skin in the game

Return on Equity (ROE)

9.6%

Adequate — returns are moderate

Return on Assets (ROA)

2.4%

Fair — average asset utilization

Debt Trend YoY

+7.4% YoY

Debt is roughly stable

Leadership Team

Calvin Butler Jr.

CEO, President & Director

Age 55

Pay: $4,301,286

0.155% of net income

Jeanne Jones

Executive VP of Audit & Risk and CFO

Age 45

Pay: $1,828,592

0.066% of net income

Michael Innocenzo

Executive VP & COO

Age 59

Pay: $1,734,768

0.063% of net income

Ryan Brown

Vice President of Investor Relations

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	13.50%	131,118,541
Blackrock Inc.	12.19%	118,420,605
State Street Corporation	6.86%	66,623,103
Geode Capital Management, LLC	2.93%	28,420,198
FMR, LLC	2.69%	26,104,199
GQG Partners LLC	2.57%	24,979,574
Lazard Asset Management LLC	2.38%	23,130,053
Deutsche Bank AG	2.16%	20,964,736

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.42

Low volatility — more stable than the market

Short Interest

4.8% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

1.74x

Moderate leverage

Current Ratio