Upside case
Bull case
$277+153.6%
ED would need investors to value it at roughly 45x earnings — about 27x more generous than today's 18x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewHoldUpdated May 1, 2026
Consolidated Edison, Inc. (ED) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Hold
Covering
27
analysts
3 bullish · 7 bearish · 27 covering ED
Strong Buy
0
Buy
3
Hold
17
Sell
7
Strong Sell
0
Consensus Target
$109
-0.3% vs today
Scenario Range
$123 – $277
Model bear to bull value window
Coverage
27
Published analyst ratings
Valuation Context
17.9x
Forward P/E · Market cap $25.7B
ED price targets
Three scenarios for where ED stock could go
Current
~$109
Confidence
60 / 100
Updated
May 1, 2026
Where we are now
Current · $109
Bear
$123
Base
$170
Bull
$277
Market caseClosest to today
Base case
$170+55.5%
At 28x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$123+12.6%
The bear case assumes sentiment or fundamentals disappoint enough to push ED down roughly 13% from the current price.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Consolidated Edison, Inc.
ED · NYSEUtilitiesRegulated ElectricDecember year-end
Consolidated Edison is a regulated utility that provides essential electric, gas, and steam services to millions of customers in New York City and surrounding areas. It generates nearly all its revenue from regulated utility operations — primarily electricity distribution (about 60% of revenue) and gas distribution (about 30%) — with returns determined by state regulators. Its key advantage is its monopoly franchise status in densely populated, economically vital territories where infrastructure barriers to entry are prohibitive.
Market Cap
$25.7B
Revenue TTM
$16.6B
Net Income TTM
$2.0B
Net Margin
12.3%
ED Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
92%Exceptional
12 quarters tracked
Revenue Beat Rate
58%Exceptional
vs consensus estimates
Avg EPS Surprise
+5.2%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Last 4 Quarters
EPS beats: 4 of 4Q2 2025
EPS
$2.25/$2.21
Revenue
$4.8B/$4.3B
Q3 2025
EPS
$0.67/$0.64
Revenue
$3.6B/$3.5B
Q4 2025
EPS
$1.90/$1.74
Revenue
$4.5B/$4.2B
Q1 2026
EPS
$0.89/$0.86
Revenue
$4.0B/$3.6B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q2 2025 | $2.25/$2.21 | +1.8% | $4.8B/$4.3B | +12.6% |
| Q3 2025 | $0.67/$0.64 | +4.5% | $3.6B/$3.5B | +3.9% |
| Q4 2025 | $1.90/$1.74 | +9.2% | $4.5B/$4.2B | +7.4% |
| Q1 2026 | $0.89/$0.86 | +4.0% | $4.0B/$3.6B | +10.6% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$17.7B
+6.8% YoY
FY2
$18.9B
+6.9% YoY
EPS Outlook
FY1
$8.11
+44.2% YoY
FY2
$8.77
+8.1% YoY
Trailing FCF (TTM)$3.4B
FCF Margin: 20.4%
Next Earnings
May 7, 2026
Expected EPS
$2.28
Expected Revenue
$5.2B
ED beat EPS estimates in 4 of 4 tracked quarters. A perfect track record raises the bar for the upcoming report.
ED Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $16.9B
Product Mix
Latest annual revenue by segment or product family
Electricity
74.5%
+16.3% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
Segment breakdown not available for this company.
Electricity is the largest disclosed segment at 74.5% of FY 2025 revenue, up 16.3% YoY.
ED Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Significantly Undervalued
Fair value est. $181 — implies +63.8% from today's price.
Upside to Fair Value
63.8%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
ED
19.4x
vs
S&P 500
25.1x
23% discount
vs Utilities Trailing P/E
ED
19.4x
vs
Utilities
20.1x
In line with benchmark
vs ED 5Y Avg P/E
Today
19.4x
vs
5Y Average
18.0x
+8% premium
Forward PE
17.9x
S&P 500
19.1x
-6%
Utilities
17.5x
+2%
5Y Avg
—
—
Trailing PE
19.4x
S&P 500
25.1x
-23%
Utilities
20.1x
-4%
5Y Avg
18.0x
+8%
PEG Ratio
1.69x
S&P 500
1.72x
-2%
Utilities
1.69x
0%
5Y Avg
—
—
EV/EBITDA
5.0x
S&P 500
15.2x
-67%
Utilities
11.4x
-56%
5Y Avg
11.0x
-55%
Price/FCF
5.7x
S&P 500
21.1x
-73%
Utilities
15.1x
-62%
5Y Avg
7.9x
-28%
Price/Sales
1.5x
S&P 500
3.1x
-51%
Utilities
2.2x
-29%
5Y Avg
2.1x
-29%
Dividend Yield
2.90%
S&P 500
1.87%
+55%
Utilities
3.06%
-5%
5Y Avg
3.37%
-14%
| Metric | ED | S&P 500 | Utilities | 5Y Avg ED |
|---|---|---|---|---|
| Forward PE | 17.9x | 19.1x | 17.5x | — |
| Trailing PE | 19.4x | 25.1x-23% | 20.1x | 18.0x |
| PEG Ratio | 1.69x | 1.72x | 1.69x | — |
| EV/EBITDA | 5.0x | 15.2x-67% | 11.4x-56% | 11.0x-55% |
| Price/FCF | 5.7x | 21.1x-73% | 15.1x-62% | 7.9x-28% |
| Price/Sales | 1.5x | 3.1x-51% | 2.2x-29% | 2.1x-29% |
| Dividend Yield | 2.90% | 1.87% | 3.06% | 3.37% |
ED trades above S&P 500 benchmarks on 0 of 6 measured multiples — appears modestly priced relative to the S&P 500 on most measures.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolED Financial Health
Verdict
Exceptional
ED earns 17.8% operating margin on regulated earnings, 2.9% dividend yield. Utilities carry higher leverage than industrials as a structural feature of the business model.
Regulated Operations
Revenue, regulated margins, and earnings
Revenue (TTM)
Trailing-twelve-month sales base
$16.6B
Revenue Growth
TTM vs prior year
+10.3%
Operating Margin
Operating income divided by revenue
17.8%
Net Margin
Net income divided by revenue
12.3%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$5.62
Operating Margin
Operating income over revenue — primary regulated earnings signal
17.8%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
6.0%
ROA
Return on assets, trailing twelve months
2.8%
Cash & Equivalents
Liquid assets on the balance sheet
$1M
Net Debt
Total debt minus cash
$314M
Debt Serviceability
Net debt as a multiple of annual free cash flow
0.1× FCF
Regulated utilities typically operate at 3–5× net debt/FCF — this is structural, not a risk flag.
ROE
Return on equity, trailing twelve months
8.4%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
2.9%
Dividend
2.9%
Buyback
0.0%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$0
Dividend / Share
Annualized trailing dividend per share
$3.16
Payout Ratio
Share of earnings distributed as dividends
—
Shares Outstanding
Current diluted share count
235M
All figures from the trailing twelve months. Utilities operate with structural leverage (3–5× net debt/FCF) due to regulated, predictable cash flows.
Open full ratios pageED Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 29, 2026
High Risk
Regulatory and Compliance Risks
As a regulated utility, Consolidated Edison (ED) is vulnerable to political shifts and changes in required rates, which can significantly impact its revenue. Violations of state utility laws or regulations could result in substantial penalties, further complicating its financial outlook.
High Risk
Operational and Market Risks
Supply chain disruptions and inflation are critical risks for ED, potentially leading to increased prices and longer lead times for essential materials and equipment. Additionally, market risks such as interest rate fluctuations and commodity price volatility could adversely affect the company's financial performance.
Medium
Financial and Valuation Considerations
ED's current dividend yield may not be attractive compared to prevailing risk-free rates, which could deter investors. Analysts have issued 'Reduce' or 'Sell' ratings, with price targets below current trading levels, reflecting mixed sentiment and the stock's underperformance relative to the S&P 500 and S&P 500 Utilities Index in 2024.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why ED Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 29, 2026
Strong Earnings
Recent earnings reports show EPS exceeding expectations, indicating robust financial performance for Consolidated Edison. This trend suggests a solid foundation for continued growth in the company's earnings.
Capital Plan Execution
Bulls are pricing in the full execution of a significant capital plan for 2028-2030, which is expected to drive earnings growth. The approved rate case for its New York utility operations locks in cost recovery through 2028, supporting expanding EBITDA margins.
Dividend Stability
Consolidated Edison has a history of consistent dividend increases, with a current yield around 3.2%. The dividend payout ratio is considered sustainable, providing a reliable income stream for investors.
Regulated Operations
The company's focus on regulated utility businesses provides a stable foundation for continued growth, especially after divesting its clean energy business. This strategic focus enhances predictability in revenue and earnings.
Institutional Confidence
A significant portion of the stock is held by institutional investors, suggesting confidence in its long-term prospects. This institutional backing can provide additional stability and support for the stock.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
ED Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$109.15
52W Range Position
67%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$94.96
+14.9% from the low
52-Week High
$116.17
-6.0% from the high
1 Month
-4.76%
3 Month
+0.26%
YTD
+9.2%
1 Year
-0.3%
3Y CAGR
+3.1%
5Y CAGR
+7.3%
10Y CAGR
+3.7%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
ED vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
17.9x
vs 19.0x median
-6% below peer median
Revenue Growth
+6.8%
vs +4.5% median
+52% above peer median
Net Margin
12.3%
vs 13.1% median
-6% below peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
ED ED Consolidated Edison, Inc. | $25.7B | 17.9x | +6.8% | 12.3% | Hold | -0.3% |
SO SO The Southern Company | $108.1B | 21.0x | +4.5% | 14.5% | Hold | +3.9% |
DUK DUK Duke Energy Corporation | $99.3B | 19.0x | +4.8% | 15.4% | Hold | +6.2% |
EXC EXC Exelon Corporation | $46.6B | 16.2x | +3.7% | 11.6% | Hold | +6.5% |
PPL PPL PPL Corporation | $27.8B | 19.2x | +6.8% | 13.1% | Buy | +11.3% |
ES ES Eversource Energy | $25.9B | 14.6x | +2.4% | 10.2% | Hold | +7.4% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
ED Dividend and Capital Return
ED returns 2.9% total yield, led by a 2.90% dividend, raised 44 consecutive years.
Dividend UnknownFCF Well Covered
Total Shareholder Yield
2.9%
Dividend + buyback return per year
Buyback Yield
0.0%
Dividend Yield
2.90%
Payout Ratio
—
How ED Splits Its Return
Div 2.90%
Dividend 2.90%Buybacks 0.0%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$3.16
Growth Streak
Consecutive years of dividend increases
44Y
3Y Div CAGR
2.5%
5Y Div CAGR
2.1%
Ex-Dividend Date
—
Payment Cadence
Semi-Annual
5 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$0
Estimated Shares Retired
0
Approx. Share Reduction
0.0%
Shares Outstanding
Current diluted share count from the screening snapshot
235M
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $1.78 | — | — | — |
| 2025 | $3.40 | +2.4% | 0.0% | 3.2% |
| 2024 | $3.32 | +2.5% | 0.0% | 3.5% |
| 2023 | $3.24 | +2.5% | 3.1% | 6.6% |
| 2022 | $3.16 | +1.9% | 0.0% | 3.2% |
FAQ
7 questionsED Investor Questions
Common questions answered from live analyst data and company financials.
01Is Consolidated Edison, Inc. (ED) stock a buy or sell in 2026?
Consolidated Edison, Inc. (ED) is rated Hold by Wall Street analysts as of 2026. Of 27 analysts covering the stock, 3 rate it Buy or Strong Buy, 17 rate it Hold, and 7 rate it Sell or Strong Sell. The consensus 12-month price target is $109, implying -0.3% from the current price of $109. The bear case scenario is $123 and the bull case is $277.
02What is the ED stock price target for 2026?
The Wall Street consensus price target for ED is $109 based on 27 analyst estimates. The high-end target is $118 (+8.1% from today), and the low-end target is $97 (-11.1%). The base case model target is $170.
03Is Consolidated Edison, Inc. (ED) stock overvalued in 2026?
ED trades at 17.9x times forward earnings. The stock currently trades at a discount to the broader market. Based on current multiples versus the peer group, the relative model signals significantly undervalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Consolidated Edison, Inc. (ED) stock in 2026?
The primary risks for ED in 2026 are: (1) Regulatory and Compliance Risks — As a regulated utility, Consolidated Edison (ED) is vulnerable to political shifts and changes in required rates, which can significantly impact its revenue. (2) Operational and Market Risks — Supply chain disruptions and inflation are critical risks for ED, potentially leading to increased prices and longer lead times for essential materials and equipment. (3) Financial and Valuation Considerations — ED's current dividend yield may not be attractive compared to prevailing risk-free rates, which could deter investors. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Consolidated Edison, Inc.'s revenue and earnings forecast?
Analyst consensus estimates ED will report consensus revenue of $17.7B (+6.8% year-over-year) and EPS of $8.11 (+44.2% year-over-year) for the upcoming fiscal year. The following year, analysts project $18.9B in revenue.
06When does Consolidated Edison, Inc. (ED) report its next earnings?
Consolidated Edison, Inc. is expected to report its next earnings on approximately 2026-05-07. Consensus expects EPS of $2.28 and revenue of $5.2B. Over recent quarters, ED has beaten EPS estimates 92% of the time.
07How much free cash flow does Consolidated Edison, Inc. generate?
Consolidated Edison, Inc. (ED) generated $3.4B in free cash flow over the trailing twelve months — a free cash flow margin of 20.4%. ED returns capital to shareholders through dividends (2.9% yield) and share repurchases ($0 TTM).