NASDAQ · Utilities

Exelon Corporation

EXC · Utilities - Regulated Electric

$45.81

▲ 0.25 (0.55%)

Cached · 10 min

Overall Grade

Defensive

Enterprising

Profitability

A⤢

Gross Profit Margin 41.4%

Operating Margin 22.2%

Net Income Margin 12.7%

Fin. Health

F⤢

Years to Pay Off Debt 55.8 yrs

Working Capital vs Long-Term Debt -$48.8B

Working Capital -$586M

Valuation

F⤢

Margin of Safety 0.0%

Price-to-Book 1.60x

Cash Flow

F⤢

Free Cash Flow -$634M

CapEx % of Net Income 256.6%

Owner Earnings $4.1B

Profitability

Gross Profit Margin 41.4%

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 22.2%

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 12.7%

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

Years to Pay Off Debt 55.8 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 -$48.8B

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 -$586M

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.

Cash Flow

Free Cash Flow -$634M

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 256.6%

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 $4.1B

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.

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

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.

Market Data

Market Cap $46.9B

Enterprise Value $98.2B

P/E (TTM) 16.66

Dividend Yield 3.56%

Exchange NASDAQ

Key Margins

Gross Profit 41.4%

Operating Margin 22.2%

Net Margin 12.7%

Company Info

Sector Utilities

Industry Utilities - Regulated Electric

Employees 20000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Exelon Corporation at $45.81.

The business passes only 2 of 6 of Graham's defensive criteria — well below his required standard.

At $45.81, the stock trades at a 90% premium to its Graham Number of $24.06. 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
Gross Profit %	41.4%▼	46.5%
Operating Margin %	22.2%▲	21.9%
Net Income %	12.7%▲	11.0%
Diluted EPS	0.90▲	0.58

Balance Sheet Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Total Assets	$117.5B	$116.6B	N/A
Total Debt	$51.2B▲	$50.1B•	N/A
Working Capital	-$586M▲	-$785M•	N/A
Years to Pay Debt	55.76	84.31	N/A

Cash Flow Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Free Cash Flow	-$634M▲	-$1.2B•	N/A
Owner Earnings	$4.1B	$3.8B	N/A
CapEx % of Net Income	256.6%	409.8%	N/A

Income Statement

	2026	2025
Tax Effect Of Unusual Items	0	352
Tax Rate For Calcs	0	0
Normalized EBITDA	2,626,000	2,191,000
Total Unusual Items	0	2,000
Total Unusual Items Excluding Goodwill	0	2,000
Net Income From Continuing Operation Net Minority Interest	919,000	594,000
Reconciled Depreciation	794,000	773,000
Reconciled Cost Of Revenue	4,400,000	3,043,000
EBITDA	2,626,000	2,193,000
EBIT	1,674,000	1,270,000
Net Interest Income	-555,000	-549,000
Interest Expense	555,000	549,000
Normalized Income	919,000	592,352
Net Income From Continuing And Discontinued Operation	919,000	594,000
Total Expenses	5,637,000	4,229,000
Total Operating Income As Reported	1,605,000	1,185,000
Diluted Average Shares	1,023,208	1,022,414
Basic Average Shares	1,023,208	1,022,401
Diluted EPS	0	0
Basic EPS	0	0
Diluted NI Availto Com Stockholders	919,000	594,000
Net Income Common Stockholders	919,000	594,000
Net Income	919,000	594,000
Net Income Including Noncontrolling Interests	919,000	594,000
Net Income Continuous Operations	919,000	594,000
Tax Provision	200,000	127,000
Pretax Income	1,119,000	721,000
Other Income Expense	69,000	87,000
Other Non Operating Income Expenses	69,000	85,000
Special Income Charges	0	2,000
Gain On Sale Of Ppe	0	2,000
Net Non Operating Interest Income Expense	-555,000	-549,000
Interest Expense Non Operating	555,000	549,000
Operating Income	1,605,000	1,183,000
Operating Expense	1,395,000	1,336,000
Other Taxes	443,000	413,000
Depreciation Amortization Depletion Income Statement	952,000	923,000
Depreciation And Amortization In Income Statement	952,000	923,000
Gross Profit	3,000,000	2,519,000
Cost Of Revenue	4,242,000	2,893,000
Total Revenue	7,242,000	5,412,000
Operating Revenue	7,242,000	5,412,000

Balance Sheet

	2026	2025	2024
Treasury Shares Number	2,000	2,000
Ordinary Shares Number	1,023,208	1,022,401
Share Issued	1,025,208	1,024,401
Net Debt	50,527,000	49,454,000
Total Debt	51,240,000	50,080,000
Tangible Book Value	22,685,000	22,168,000
Invested Capital	80,555,000	78,878,000
Working Capital	-586,000	-785,000
Net Tangible Assets	22,685,000	22,168,000
Common Stock Equity	29,315,000	28,798,000
Total Capitalization	77,564,000	76,601,000
Total Equity Gross Minority Interest	29,315,000	28,798,000
Stockholders Equity	29,315,000	28,798,000
Gains Losses Not Affecting Retained Earnings	-756,000	-762,000
Other Equity Adjustments	-756,000	-762,000
Treasury Stock	123,000	123,000
Retained Earnings	8,065,000	7,577,000
Capital Stock	22,129,000	22,106,000
Common Stock	22,129,000	22,106,000
Total Liabilities Net Minority Interest	88,230,000	87,772,000
Total Non Current Liabilities Net Minority Interest	78,642,000	77,441,000
Other Non Current Liabilities	2,573,000	2,169,000
Derivative Product Liabilities	112,000	106,000
Employee Benefits	1,984,000	2,295,000
Non Current Pension And Other Postretirement Benefit Plans	1,984,000	2,295,000
Non Current Deferred Liabilities	14,217,000	13,731,000
Non Current Deferred Revenue	16,000	16,000
Non Current Deferred Taxes Liabilities	14,201,000	13,715,000
Long Term Debt And Capital Lease Obligation	48,249,000	47,803,000
Long Term Debt	48,249,000	47,803,000
Long Term Provisions	321,000	321,000
Current Liabilities	9,588,000	10,331,000
Other Current Liabilities	1,700,000	2,208,000
Current Deferred Liabilities	570,000	538,000
Current Deferred Revenue	570,000	538,000
Current Debt And Capital Lease Obligation	2,991,000	2,277,000
Current Debt	2,991,000	2,277,000
Other Current Borrowings	2,991,000	1,665,000
Commercial Paper		612,000
Pensionand Other Post Retirement Benefit Plans Current		705,000	679,000
Payables And Accrued Expenses	4,327,000	4,603,000
Current Accrued Expenses	1,203,000	635,000
Interest Payable		538,000	468,000
Payables	3,124,000	3,968,000
Dueto Related Parties Current	5,000	5,000
Total Tax Payable		242,000	217,000
Accounts Payable	3,119,000	3,721,000
Total Assets	117,545,000	116,570,000
Total Non Current Assets	108,543,000	107,024,000
Other Non Current Assets	1,880,000	1,795,000
Non Current Accounts Receivable	4,830,000	4,755,000
Investments And Advances	317,000	312,000
Goodwill And Other Intangible Assets	6,630,000	6,630,000
Goodwill	6,630,000	6,630,000
Net PPE	85,564,000	84,318,000
Accumulated Depreciation	-20,694,000	-20,080,000
Gross PPE	106,258,000	104,398,000
Construction In Progress		5,755,000	4,306,000
Other Properties		908,000	809,000
Current Assets	9,002,000	9,546,000
Other Current Assets	1,877,000	1,882,000
Restricted Cash	560,000	525,000
Prepaid Assets	314,000	563,000
Inventory	846,000	868,000
Receivables	4,692,000	5,082,000
Other Receivables	1,578,000	1,785,000
Accounts Receivable	3,114,000	3,297,000
Allowance For Doubtful Accounts Receivable	-522,000	-435,000
Gross Accounts Receivable	3,636,000	3,732,000
Cash Cash Equivalents And Short Term Investments	713,000	626,000
Cash And Cash Equivalents	713,000	626,000

Cash Flow

	2026	2025	2024
Free Cash Flow	-634,000	-1,190,000
Repayment Of Debt	-447,000	-972,000
Issuance Of Debt	1,620,000	1,150,000
Issuance Of Capital Stock	0	518,000
Capital Expenditure	-2,358,000	-2,434,000
End Cash Position	1,297,000	1,201,000
Beginning Cash Position	1,201,000	2,098,000
Changes In Cash	96,000	-897,000
Financing Cash Flow	728,000	284,000
Cash Flow From Continuing Financing Activities	728,000	284,000
Net Other Financing Charges	-27,000	-19,000
Proceeds From Stock Option Exercised	12,000	12,000
Cash Dividends Paid	-430,000	-405,000
Common Stock Dividend Paid	-430,000	-405,000
Net Common Stock Issuance	0	518,000
Common Stock Issuance	0	518,000
Net Issuance Payments Of Debt	1,173,000	178,000
Net Short Term Debt Issuance	53,000	-468,000
Short Term Debt Payments	-447,000	-468,000
Short Term Debt Issuance	500,000	0
Net Long Term Debt Issuance	1,120,000	646,000
Long Term Debt Payments		-504,000	-221,000
Long Term Debt Issuance	1,120,000	1,150,000
Investing Cash Flow	-2,356,000	-2,425,000
Cash Flow From Continuing Investing Activities	-2,356,000	-2,425,000
Net Other Investing Changes	2,000	9,000
Capital Expenditure Reported	-2,358,000	-2,434,000
Operating Cash Flow	1,724,000	1,244,000
Cash Flow From Continuing Operating Activities	1,724,000	1,244,000
Change In Working Capital	-414,000	-596,000
Change In Other Working Capital	-197,000	559,000
Change In Payables And Accrued Expense	-632,000	95,000
Change In Inventory	20,000	19,000
Change In Receivables	395,000	-1,269,000
Changes In Account Receivables	395,000	-1,269,000
Other Non Cash Items	80,000	380,000
Deferred Tax	345,000	98,000
Deferred Income Tax	345,000	98,000
Depreciation Amortization Depletion	794,000	773,000
Depreciation And Amortization	794,000	773,000
Amortization Cash Flow	0	0
Amortization Of Intangibles	0	0
Depreciation	794,000	773,000
Operating Gains Losses		-5,000	-1,000
Gain Loss On Investment Securities
Net Income From Continuing Operations	919,000	594,000

📊 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: $6.7B ▲ $7.2B +7.9%

Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.

Gross Margin

Prior year: 42.4% ▲ 41.4% -0.9pp

Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.

Operating Margin

Prior year: 23.9% ▲ 22.2% -1.7pp

Graham: operating margin reflects true business economics before financing. Trend matters as much as level.

Net Margin

Prior year: 13.5% ▲ 12.7% -0.8pp

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.

$7.2B/qtr (≈$29.0B ann.)

vs > $1.5B annualised revenue

❌ Financial Condition

Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.

0.94x 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.

-$634M

vs Positive

Operating Cash Flow

$1.7B

Latest quarter · Buffett's cash reality check

ROIC

1.2%

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

1.6x

Net Assets: $29.3B

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)

3.1%

Weak — poor returns on equity

Return on Assets (ROA)

0.8%

Poor — assets are not generating adequate returns

Debt Trend YoY

+2.3% YoY

Debt is roughly stable

Leadership Team

Calvin Butler Jr.

CEO, President & Director

Age 55

Pay: $4,301,286

0.468% of net income

Jeanne Jones

Executive VP of Audit & Risk and CFO

Age 45

Pay: $1,828,592

0.199% of net income

Michael Innocenzo

Executive VP & COO

Age 59

Pay: $1,734,768

0.189% of net income

Ryan Brown

Vice President of Investor Relations

Top Institutional Holders

Institution	% Owned	Shares
Blackrock Inc.	11.60%	112,749,609
State Street Corporation	6.95%	67,571,965
Vanguard Capital Management LLC	6.79%	66,015,688
Vanguard Portfolio Management LLC	5.63%	54,665,434
Capital World Investors	4.12%	40,074,592
Geode Capital Management, LLC	3.27%	31,725,739
Lazard Asset Management LLC	2.53%	24,620,304
FMR, LLC	2.37%	23,027,865

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.41

Low volatility — more stable than the market

Short Interest

4.6% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

1.75x

Moderate leverage

Current Ratio

0.94x

Weak liquidity — current liabilities exceed current assets

52-Week Price Range

Low: $42.23 Current: $45.81 High: $50.65

Currently at 43% of 52-week range

Exelon Corporation

Metric Explanations

Full Graham Analysis

Income Highlights

Balance Sheet Highlights

Cash Flow Highlights

Quarter vs Same Quarter Last Year

Quarterly Health Checks

Operating Cash Flow

ROIC

Market Cap / Net Assets

Peers & Industry

Capital Allocation & Alignment

Leadership Team

Top Institutional Holders

Risk Analysis