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Exelon Corporation

EXC
41
Regulated Electric · Utilities
Also trades as: 0IJN.L GBP 0.43 (+1.69%)
Price
$43.50
+1.02 (+2.40%)
Market Cap
$44.82B
Exchange
NASDAQ
Winston Score
41
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
14/30
Growth
Mixed
6/20
Cash Flow
Good
6/10
Stability
Mixed
4/10
Valuation
Strong
7/10
Ownership
Weak
1/15
Dividends
Good
3/5

41 of 100 counted points = Winston Score 41.

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Share count rising — dilution

+3.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 980.0M (2021) → 1.01B (2025)

§Winston Score History

The full picture

Exelon Corporation is one of the largest electric and natural gas utility companies in the United States. It delivers electricity and natural gas to homes, businesses, and governments across six states — Illinois, Pennsylvania, Maryland, Delaware, New Jersey, and Washington D.C. The company owns well-known utility brands like ComEd, PECO, BGE, Pepco, Delmarva Power, and Atlantic City Electric.

Exelon makes money by charging customers regulated rates for delivering power through its network of wires and pipes. Because state regulators set the rates it can charge, the business generates fairly predictable revenue, which is typical for regulated utilities. Exelon operates entirely in the U.S. and serves roughly 10 million customers, giving it a strong geographic footprint in densely populated mid-Atlantic and Midwest markets. The key growth driver is continued investment in grid modernization and infrastructure upgrades, though rising interest rates remain a meaningful risk since utilities rely heavily on debt to fund those projects.

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5 Congressional buys and 7 sells on EXC in the last 12 months.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.0% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+0.0% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~6 years

$6.4B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$6.4B cash & investments at current burn rate

Growth context

Exelon Corporation is growing revenue at 10% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
41.0%
Healthy — 41.0% gross margin
Profit after running costs
Operating Margin
16.4%
Healthy — 16.4% operating margin
Return on the money invested
ROCE
6.4%
Weak — 6.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+6.6%
Slow sales growth (+6.6% YoY)
Profit growth
EPS YoY
+4.2%
Modest earnings growth (+4.2% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
259%
Turns 259% of profit into real cash
Spare cash per sale
FCF Margin
-7.6%
Burning cash (-7.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
1.76
Elevated debt (1.76)
Covers its interest
Interest Cover
2.38x
Tight — interest eats into profit (2.4x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
15.9x
Fair value — P/E 15.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+3.1
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (15.9 → 12.8)

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Dividends

Dividend
Dividend Yield
3.99%
Moderate income — 3.99% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+5.1%
Dividend growing modestly (5.1% YoY)
Payout Ratio
60%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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