Exelon (EXC)
NASDAQ:EXC
Want to see EXC full AI Analyst Report?
Top Page
Exelon
(NASDAQ:EXC)
Select Model
Select Model
Rating:59Neutral
Price Target:
$50.00
â–²(6.34% Upside)
Action:ReiteratedDate:04/17/26
The score is primarily held back by financial constraints—high leverage and persistently negative free cash flow—despite stable utility-like profitability. Offsetting this, valuation is supportive (mid-teens P/E and ~3.4% yield) and the latest earnings call outlined credible multi-year growth and capital plans, while technical signals suggest neutral near-term momentum.
Positive Factors
Regulated utility model & steady margins
Exelon's core regulated distribution business produces consistent net margins (~10–11%) and steady operating cash flow under rate‑of‑return regulation. This model yields predictable, durable revenue and earnings streams tied to rate base growth and regulatory recovery, supporting multi‑year cash predictability.
Negative Factors
High leverage and thinner equity base
Rising total debt and a materially higher debt‑to‑equity ratio reduce balance‑sheet flexibility and raise credit exposure. With an ambitious capex plan, elevated leverage heightens sensitivity to financing costs and regulatory timing, constraining optionality and increasing refinancing and rating risks over the planning horizon.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulated utility model & steady margins
Exelon's core regulated distribution business produces consistent net margins (~10–11%) and steady operating cash flow under rate‑of‑return regulation. This model yields predictable, durable revenue and earnings streams tied to rate base growth and regulatory recovery, supporting multi‑year cash predictability.
Read all positive factors
Exelon (EXC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$47.99B
Dividend Yield3.68%
Average Volume (3M)7.78M
Price to Earnings (P/E)15.9
Beta (1Y)-0.09
Revenue Growth5.34%
EPS Growth11.60%
CountryUS
Employees20,000
SectorUtilities
Sector Strength65
IndustryRegulated Electric
Share Statistics
EPS (TTM)0.59
Shares Outstanding1,022,892,600
10 Day Avg. Volume7,806,852
30 Day Avg. Volume7,782,527
Financial Highlights & Ratios
PEG Ratio1.35
Price to Book (P/B)1.53
Price to Sales (P/S)1.82
P/FCF Ratio-19.37
Enterprise Value/Market Cap2.02
Enterprise Value/Revenue4.00
Enterprise Value/Gross Profit14.33
Enterprise Value/Ebitda11.05
Forecast
1Y Price Target
$50.20Price Target Upside6.76% Upside
Rating ConsensusHold
Number of Analyst Covering17
EPS Forecast (FY)2.85
Revenue Forecast (FY)$25.15B
Exelon Business Overview & Revenue Model
Company Description
Exelon Corporation, a utility services holding company, engages in the energy generation, delivery, and marketing businesses in the United States and Canada. It owns nuclear, fossil, wind, hydroelectric, biomass, and solar generating facilities. T...
How the Company Makes Money
Exelon makes money primarily through regulated utility operations. Its utilities earn revenue by charging customers for electric delivery service (distribution), which is generally set under state regulatory frameworks via approved tariffs and rat...
Exelon Key Performance Indicators (KPIs)
Any
Natural Gas Customers
Indicates the number of customers using natural gas services, reflecting market penetration and potential for revenue growth in this segment.
Indicates the number of customers using natural gas services, reflecting market penetration and potential for revenue growth in this segment.
Data provided by:
The Fly
The FlyExelon Earnings Call Summary
Earnings Call Date:Feb 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call emphasized a strong operational and financial performance with clear, actionable growth plans—notably a $41.3 billion capital program, transmission opportunity pipeline, durable cost savings, and continued top-quartile reliability. Management provided constructive regulatory wins and set 2026 guidance above the prior midpoint, while also outlining a disciplined financing and credit plan. Key risks include partial recovery at BGE, supply-side affordability pressures, regulatory timing uncertainty across jurisdictions, financing cost sensitivity, and tax/legal clarity (CAMT). Overall, positive momentum and execution credibility outweigh the manageable regulatory and market headwinds, but these risks warrant monitoring.Positive Updates
Strong Full-Year and Quarterly Earnings
2025 GAAP EPS of $2.73 and adjusted (non-GAAP) operating EPS of $2.77; Q4 GAAP $0.58 and non-GAAP $0.59. Adjusted 2026 operating earnings guidance of $2.81 to $2.91 per share (midpoint-to-midpoint growth above 6% vs prior disclosures).
Negative Updates
Partial Recovery in BGE Reconciliation
Final BGE reconciliation resulted in roughly half of the requested recovery being granted, requiring realignment of capital spending and representing a regulatory setback in that jurisdiction.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Full-Year and Quarterly Earnings
2025 GAAP EPS of $2.73 and adjusted (non-GAAP) operating EPS of $2.77; Q4 GAAP $0.58 and non-GAAP $0.59. Adjusted 2026 operating earnings guidance of $2.81 to $2.91 per share (midpoint-to-midpoint growth above 6% vs prior disclosures).
Read all positive updates
Company Guidance
Exelon initiated 2026 operating earnings guidance of $2.81–$2.91 per share (targeting midpoint or better), with Q1 expected to be ~31% of the midpoint; this follows 2025 adjusted operating EPS of $2.77 ($2.73 GAAP) and Q4 non‑GAAP $0.59/$0.58 GAAP. The company plans to deploy ~$10 billion in 2026 and $41.3 billion of utility CapEx over the next four years (a $3.3 billion, ~9% increase), driving ~7.9% annualized rate base growth (nearly $23 billion added 2025–2029), with >70% (~$2.3 billion) of the plan‑over‑plan increase in transmission and transmission rate‑base CAGR of >15%; management has line‑of‑sight to an additional $12–$17 billion of transmission opportunities. Financial targets include earned ROEs of 9%–10%, annualized EPS growth of 5%–7% through 2029 (expecting to be near the top end), dividend growth of 5% with a $1.68 dividend in 2026, adjusted O&M growth ≤2.5% through 2029 (nearly flat 2024–2026) and ~$580 million of annual O&M savings; funding is expected to be $22 billion internally generated cash, $13 billion utility debt, $3 billion holding‑co debt and modest equity (~$3.4 billion total equity over four years, ~40% of incremental funding, ≈$850M/year, $700M already priced), supported by a Dec convertible issuance of $1 billion and average credit metrics ~13.5% (target ~14%).Exelon Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
48
Neutral
Cash Flow
44
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 24.26B | 23.03B | 21.73B | 19.08B | 17.94B |
| Gross Profit | 6.77B | 9.40B | 8.93B | 8.03B | 7.01B |
| EBITDA | 8.79B | 8.18B | 7.94B | 7.17B | 9.38B |
| Net Income | 2.77B | 2.46B | 2.33B | 2.17B | 1.71B |
Balance Sheet | |||||
| Total Assets | 116.57B | 107.78B | 101.86B | 95.35B | 133.01B |
| Cash, Cash Equivalents and Short-Term Investments | 1.15B | 357.00M | 445.00M | 407.00M | 672.00M |
| Total Debt | 50.55B | 46.65B | 44.01B | 40.05B | 34.54B |
| Total Liabilities | 87.77B | 80.86B | 76.10B | 70.61B | 98.22B |
| Stockholders Equity | 28.80B | 26.92B | 25.75B | 24.74B | 34.39B |
Cash Flow | |||||
| Free Cash Flow | -2.27B | -1.53B | -2.71B | -2.28B | -4.97B |
| Operating Cash Flow | 6.25B | 5.57B | 4.70B | 4.87B | 3.01B |
| Investing Cash Flow | -8.53B | -7.04B | -7.38B | -6.99B | -3.32B |
| Financing Cash Flow | 2.53B | 1.31B | 2.68B | 1.59B | 758.00M |
Exelon Technical Analysis
Neutral
47.02
Price Trends
48.02
Negative
45.91
Positive
45.00
Positive
Market Momentum
-0.07
Positive
39.56
Neutral
18.87
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EXC, the sentiment is Neutral. The current price of 47.02 is below the 20-day moving average (MA) of 48.30, below the 50-day MA of 48.02, and above the 200-day MA of 45.00, indicating a neutral trend. The MACD of -0.07 indicates Positive momentum. The RSI at 39.56 is Neutral, neither overbought nor oversold. The STOCH value of 18.87 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for EXC.
Exelon Risk Analysis
Exelon disclosed 27 risk factors in its most recent earnings report. Exelon reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Exelon Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $73.23B | 16.71 | 12.06% | 3.25% | 10.46% | 19.64% | |
79 Outperform | $198.69B | 22.23 | 13.05% | 2.84% | 11.51% | 47.33% | |
71 Outperform | $99.04B | 18.33 | 9.69% | 3.61% | 6.19% | 11.06% | |
66 Neutral | $105.39B | 22.16 | 12.50% | 3.40% | 10.58% | -1.88% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
59 Neutral | $47.99B | 15.92 | 9.87% | 3.68% | 5.34% | 11.60% | |
56 Neutral | $55.01B | 16.69 | 10.77% | 4.59% | 16.62% | 27.30% |
* Utilities Sector Average
EXC
Exelon
46.59
1.71
3.81%
AEP
American Electric Power
135.07
31.47
30.37%
D
Dominion Energy
62.50
11.14
21.69%
DUK
Duke Energy
127.09
10.55
9.05%
NEE
NextEra Energy
94.83
30.55
47.53%
SO
Southern Co
93.77
5.90
6.72%
Exelon Corporate Events
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Exelon Backs Affordability, Withdraws PECO Rate Review Petitions
Positive
Apr 16, 2026
On April 16, 2026, PECO, Exelon’s Pennsylvania utility subsidiary, withdrew its recently filed electric and natural gas distribution rate review petitions with the state regulator, citing severe cost-of-living pressures on households and bus...
Private Placements and Financing
Exelon Expands Long-Term Debt with New 2036 Notes
Positive
Feb 20, 2026
On February 20, 2026, Exelon Corporation issued and sold $775 million in aggregate principal amount of 4.950% Notes due 2036, expanding its long-term debt profile. The transaction underscores the company’s continued access to capital markets...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Exelon Posts Strong 2025 Results, Sets 2026 Earnings Outlook
Positive
Feb 12, 2026
Exelon on Feb. 12, 2026 reported fourth-quarter and full-year 2025 results showing GAAP net income of $0.58 per share and adjusted operating earnings of $0.59 per share for the quarter, yielding full-year GAAP earnings of $2.73 and adjusted earnin...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.