Latest Ratios: P/E Ratio 18.2x · EV/EBITDA 12.4x · ROE 8.8%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $37.8B | $35.6B | $31.0B | $31.8B | $33.9B | $29.8B | $24.3B | $29.8B | $23.9B | $26.2B | $22.2B |
| Enterprise Value | $64.9B | $62.8B | $57.5B | $55.6B | $57.0B | $54.2B | $48.1B | $51.4B | $43.7B | $42.0B | $37.3B |
| P/E Ratio → | 18.19 | 17.61 | 17.03 | 12.62 | 20.41 | 22.16 | 22.03 | 22.17 | 17.30 | 17.20 | 17.88 |
| P/S Ratio | 2.24 | 2.11 | 2.03 | 2.17 | 2.16 | 2.18 | 1.98 | 2.38 | 1.94 | 2.18 | 1.84 |
| P/B Ratio | 1.52 | 1.47 | 1.41 | 1.50 | 1.62 | 1.47 | 1.27 | 1.64 | 1.42 | 1.70 | 1.55 |
| P/FCF | 1050.41 | 989.61 | — | — | — | — | — | — | — | — | — |
| P/OCF | 7.88 | 7.42 | 8.57 | 14.74 | 8.62 | 10.91 | 11.04 | 9.51 | 8.88 | 7.79 | 6.43 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.71 | 3.77 | 3.80 | 3.64 | 3.96 | 3.93 | 4.09 | 3.55 | 3.50 | 3.09 |
| EV / EBITDA | 12.36 | 11.95 | 11.76 | 12.81 | 12.21 | 11.21 | 10.51 | 11.85 | 11.01 | 10.24 | 9.58 |
| EV / EBIT | 22.16 | 16.38 | 17.29 | 13.79 | 18.35 | 23.15 | 21.97 | 19.09 | 16.81 | 15.42 | 14.13 |
| EV / FCF | — | 1743.06 | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 62.0% | 62.0% | 64.0% | 61.2% | 61.0% | 65.0% | 65.9% | 65.8% | 64.7% | 67.2% | 39.2% |
| Operating Margin | 17.3% | 17.3% | 17.9% | 15.8% | 16.7% | 20.5% | 21.7% | 21.1% | 20.5% | 23.0% | 22.2% |
| Net Profit Margin | 12.0% | 12.0% | 11.9% | 17.2% | 10.6% | 9.8% | 9.0% | 10.7% | 11.2% | 12.7% | 10.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.8% | 8.8% | 8.4% | 12.0% | 8.1% | 6.8% | 5.9% | 7.7% | 8.6% | 10.3% | 9.1% |
| ROA | 2.8% | 2.8% | 2.7% | 3.7% | 2.5% | 2.1% | 1.8% | 2.4% | 2.7% | 3.2% | 2.7% |
| ROIC | 4.4% | 4.4% | 4.4% | 3.9% | 4.4% | 4.8% | 4.8% | 5.2% | 5.6% | 6.8% | 7.2% |
| ROCE | 4.4% | 4.4% | 4.4% | 3.9% | 4.5% | 4.9% | 4.9% | 5.3% | 5.6% | 6.3% | 6.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.19 | 1.19 | 1.27 | 1.18 | 1.17 | 1.25 | 1.32 | 1.24 | 1.23 | 1.08 | 1.11 |
| Debt / EBITDA | 5.47 | 5.47 | 5.69 | 5.76 | 5.23 | 5.25 | 5.49 | 5.20 | 5.22 | 4.04 | 4.07 |
| Net Debt / Equity | — | 1.12 | 1.21 | 1.13 | 1.11 | 1.20 | 1.25 | 1.18 | 1.18 | 1.02 | 1.05 |
| Net Debt / EBITDA | 5.16 | 5.16 | 5.42 | 5.49 | 4.95 | 5.04 | 5.21 | 4.97 | 4.99 | 3.85 | 3.87 |
| Debt / FCF | — | 753.44 | — | — | — | — | — | — | — | — | — |
| Interest Coverage | 3.11 | 3.11 | 2.80 | 3.94 | 3.27 | 2.55 | 2.15 | 2.82 | 3.18 | 3.74 | 3.79 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.02 | 1.02 | 1.04 | 1.01 | 1.14 | 1.02 | 0.72 | 0.68 | 0.62 | 0.72 | 0.89 |
| Quick Ratio | 0.94 | 0.94 | 0.96 | 0.94 | 1.10 | 0.94 | 0.67 | 0.62 | 0.56 | 0.65 | 0.80 |
| Cash Ratio | 0.25 | 0.25 | 0.21 | 0.18 | 0.11 | 0.18 | 0.17 | 0.16 | 0.14 | 0.16 | 0.20 |
| Asset Turnover | — | 0.23 | 0.22 | 0.22 | 0.23 | 0.22 | 0.19 | 0.22 | 0.23 | 0.25 | 0.25 |
| Inventory Turnover | 12.12 | 12.12 | 11.33 | 12.13 | 12.42 | 10.95 | 11.72 | 12.19 | 12.17 | 11.81 | 21.64 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.2% | 3.3% | 3.5% | 3.4% | 3.2% | 3.5% | 4.0% | 3.1% | 3.5% | 3.1% | 3.4% |
| Payout Ratio | 57.6% | 57.6% | 60.4% | 43.5% | 65.6% | 76.5% | 88.6% | 68.8% | 60.9% | 52.7% | 61.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.5% | 5.7% | 5.9% | 7.9% | 4.9% | 4.5% | 4.5% | 4.5% | 5.8% | 5.8% | 5.6% |
| FCF Yield | 0.1% | 0.1% | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 3.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.2% | 3.3% | 3.5% | 6.6% | 3.2% | 3.5% | 4.0% | 3.1% | 3.5% | 3.1% | 3.4% |
| Shares Outstanding | — | $359M | $347M | $349M | $356M | $349M | $336M | $330M | $313M | $309M | $302M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying ED stock.
Consolidated Edison, Inc.'s current P/E ratio is 18.2x. The historical average is 16.0x. This places it at the 83th percentile of its historical range.
Consolidated Edison, Inc.'s current EV/EBITDA is 12.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.3x.
Consolidated Edison, Inc.'s return on equity (ROE) is 8.8%. The historical average is 9.6%.
Based on historical data, Consolidated Edison, Inc. is trading at a P/E of 18.2x. This is at the 83th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Consolidated Edison, Inc.'s current dividend yield is 3.17% with a payout ratio of 57.6%.
Consolidated Edison, Inc. has 62.0% gross margin and 17.3% operating margin. Operating margin between 10-20% is typical for established companies.
Consolidated Edison, Inc.'s Debt/EBITDA ratio is 5.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Regulatory lag and political pressure
Metrics are mathematically derived from official filings.
Premium Anchored to Regulatory Allowed Return
ED trades at 19.3x trailing earnings and 3.0% dividend yield, as per recent market data, a premium to the peer median P/E of 20.5x, reflecting the market's confidence in NYPSC rate outcomes.
The forward P/E of 17.8x implies expected earnings growth from rate base expansion, but the yield spread over 10-year Treasuries remains thin, suggesting limited cushion for rate shocks. The P/B of 1.61x is below the peer average of 1.9x, indicating the market prices in regulatory risk in New York. Investors should monitor whether the premium persists as interest rates fluctuate.
Earned ROE Trails Authorized Levels
Quarterly ROE averaged 2.2% over the last year, as reported in financial statements, well below the typical authorized ROE of 9-10%, indicating significant regulatory lag and seasonal earnings patterns.
The annualized ROE, based on the sum of quarterly figures, approximates 8.8%, which is near the lower end of authorized returns, suggesting the company is earning close to its allowed return but with limited cushion. The gap between earned and allowed ROE appears to stem from timing of rate case implementations and weather impacts. This implies that any further regulatory tightening could compress returns below the cost of equity.
Pass-Through Costs Mask Margin Stability
Operating margin fluctuated between 9.9% and 24.3% quarterly, as per SEC filings, but the pass-through of fuel costs keeps core delivery margins stable, insulating earnings from commodity volatility.
The wide quarterly swings in operating margin are largely due to seasonal revenue patterns and the timing of cost recoveries, not underlying deterioration. The net margin of 7.6% in Q2 2026, as reported, reflects the regulated return on rate base, which is the true earnings driver. The stability of the delivery margin suggests effective cost recovery mechanisms, but the high fixed-cost structure and property tax burden in NYC warrant monitoring for margin pressure.
Leverage Creeps Higher with Rate Base Growth
Debt-to-capital rose to 0.52 in Q2 2026 from 0.54 a year earlier, based on reported figures, while interest coverage averaged 2.9x over the last four quarters, indicating adequate but tightening credit metrics.
The increase in debt-to-capital, though modest, reflects the funding of the $1.2B quarterly capex program, which is outpacing internal cash generation. FFO-to-debt of 2.3% in Q2 2026, as per financial statements, is below the typical investment-grade threshold of 15-20%, suggesting reliance on external financing. This leverage build, while manageable, could strain credit ratings if rate case outcomes disappoint.
Dividend Coverage Relies on Cash Flow Timing
Dividend payout averaged 78% of earnings over the last year, as per financial statements, but OCF-to-dividend coverage of 3.6x indicates cash flow comfortably supports the dividend, despite negative free cash flow.
The payout ratio spiked to 102.6% in Q2 2026, reflecting seasonal earnings troughs, but the annualized payout is near 80%, which is typical for utilities. The dividend yield of 3.0% is below the peer average of 3.2%, suggesting the market prices in lower growth or higher risk. The company's ability to fund its capex program while maintaining the dividend hinges on timely rate relief and continued access to capital markets.
Misapplied P/E Ignores Regulatory Lag
Comparing ED's P/E to industrial companies is misleading, as per standard utility analysis, because the authorized ROE and rate base growth, not market growth, drive earnings, and regulatory lag can distort near-term multiples.
The P/E of 19.3x appears rich relative to the S&P 500, but utilities are bond proxies, and the appropriate benchmark is the allowed ROE and interest rates. The EV/EBITDA of 12.8x is more relevant, as it captures the capital intensity and debt load. Investors should focus on the earned ROE versus authorized ROE and the regulatory environment, rather than P/E alone, to assess valuation.