Latest Ratios: P/E Ratio 17.9x · EV/EBITDA 10.7x · ROE 9.9%. (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 | $46.7B | $44.1B | $37.8B | $35.8B | $42.7B | $40.4B | $29.4B | $31.7B | $31.2B | $26.7B | $23.5B |
| Enterprise Value | $96.1B | $93.5B | $84.0B | $79.4B | $82.3B | $74.2B | $68.1B | $68.9B | $66.3B | $61.1B | $58.7B |
| P/E Ratio → | 17.93 | 15.91 | 15.36 | 15.34 | 20.78 | 23.67 | 14.98 | 10.80 | 15.54 | 7.08 | 20.75 |
| P/S Ratio | 1.80 | 1.82 | 1.64 | 1.65 | 2.24 | 2.25 | 0.89 | 0.92 | 0.87 | 0.80 | 0.75 |
| P/B Ratio | 1.60 | 1.53 | 1.40 | 1.39 | 1.72 | 1.16 | 0.84 | 0.92 | 0.94 | 0.83 | 0.85 |
| P/FCF | — | — | — | — | — | — | — | — | 29.68 | — | — |
| P/OCF | 7.46 | 7.05 | 6.78 | 7.61 | 8.76 | 13.40 | 6.95 | 4.76 | 3.61 | 3.56 | 2.78 |
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 | — | 3.86 | 3.65 | 3.65 | 4.31 | 4.14 | 2.06 | 2.00 | 1.84 | 1.82 | 1.87 |
| EV / EBITDA | 10.70 | 10.64 | 10.62 | 10.54 | 12.02 | 7.24 | 7.28 | 6.78 | 7.16 | 6.23 | 6.68 |
| EV / EBIT | 18.68 | 17.26 | 18.35 | 17.91 | 21.38 | 25.22 | 17.16 | 12.30 | 17.56 | 11.46 | 16.74 |
| EV / FCF | — | — | — | — | — | — | — | — | 63.18 | — | — |
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 | 27.9% | 27.9% | 40.8% | 41.1% | 42.1% | 39.1% | 28.8% | 30.0% | 27.7% | 27.9% | 27.7% |
| Operating Margin | 21.2% | 21.2% | 18.8% | 18.5% | 17.4% | 15.0% | 8.5% | 12.7% | 10.8% | 13.1% | 10.2% |
| Net Profit Margin | 11.4% | 11.4% | 10.7% | 10.7% | 11.4% | 9.5% | 5.9% | 8.5% | 5.6% | 11.2% | 3.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.9% | 9.9% | 9.3% | 9.2% | 7.3% | 4.9% | 5.7% | 8.7% | 6.2% | 12.6% | 4.1% |
| ROA | 2.5% | 2.5% | 2.3% | 2.4% | 1.9% | 1.3% | 1.5% | 2.4% | 1.7% | 3.3% | 1.1% |
| ROIC | 5.1% | 5.1% | 4.5% | 4.5% | 3.7% | 2.8% | 2.9% | 4.7% | 4.3% | 5.1% | 4.4% |
| ROCE | 5.0% | 5.0% | 4.5% | 4.6% | 3.3% | 2.3% | 2.5% | 4.0% | 3.6% | 4.2% | 3.4% |
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 | 1.76 | 1.76 | 1.73 | 1.71 | 1.62 | 0.99 | 1.13 | 1.09 | 1.11 | 1.11 | 1.30 |
| Debt / EBITDA | 5.75 | 5.75 | 5.89 | 5.85 | 5.85 | 3.37 | 4.21 | 3.72 | 3.94 | 3.63 | 4.09 |
| Net Debt / Equity | — | 1.72 | 1.72 | 1.69 | 1.60 | 0.97 | 1.11 | 1.08 | 1.06 | 1.07 | 1.28 |
| Net Debt / EBITDA | 5.62 | 5.62 | 5.85 | 5.79 | 5.79 | 3.30 | 4.14 | 3.66 | 3.80 | 3.51 | 4.01 |
| Debt / FCF | — | — | — | — | — | — | — | — | 33.50 | — | — |
| Interest Coverage | 2.55 | 2.55 | 2.39 | 2.56 | 2.66 | 2.28 | 2.43 | 3.47 | 2.43 | 3.42 | 2.28 |
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 | 0.92 | 0.92 | 0.87 | 0.82 | 0.69 | 0.87 | 0.98 | 0.85 | 1.17 | 1.10 | 0.92 |
| Quick Ratio | 0.84 | 0.84 | 0.78 | 0.74 | 0.62 | 0.83 | 0.85 | 0.72 | 1.02 | 0.94 | 0.80 |
| Cash Ratio | 0.11 | 0.11 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.04 | 0.12 | 0.10 | 0.05 |
| Asset Turnover | — | 0.21 | 0.21 | 0.21 | 0.20 | 0.13 | 0.26 | 0.28 | 0.30 | 0.29 | 0.27 |
| Inventory Turnover | 20.14 | 20.14 | 15.97 | 15.98 | 14.63 | 18.82 | 13.65 | 13.64 | 15.43 | 14.63 | 13.85 |
| 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 | 3.5% | 3.7% | 2.1% | 4.0% | 3.1% | 3.7% | 5.1% | 4.4% | 4.3% | 4.6% | 5.0% |
| Payout Ratio | 58.4% | 58.4% | 31.5% | 61.6% | 61.5% | 87.7% | 76.0% | 48.0% | 66.3% | 32.8% | 102.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.6% | 6.3% | 6.5% | 6.5% | 4.8% | 4.2% | 6.7% | 9.3% | 6.4% | 14.1% | 4.8% |
| FCF Yield | — | — | — | — | — | — | — | — | 3.4% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.8% |
| Total Shareholder Yield | 3.5% | 3.7% | 2.1% | 4.0% | 3.1% | 3.7% | 5.1% | 4.4% | 4.3% | 4.6% | 5.8% |
| Shares Outstanding | — | $1.0B | $1.0B | $997M | $987M | $980M | $977M | $974M | $969M | $949M | $927M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying EXC stock.
Exelon Corporation's current P/E ratio is 17.9x. The historical average is 13.9x. This places it at the 79th percentile of its historical range.
Exelon Corporation's current EV/EBITDA is 10.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.8x.
Exelon Corporation's return on equity (ROE) is 9.9%. The historical average is 11.3%.
Based on historical data, Exelon Corporation is trading at a P/E of 17.9x. This is at the 79th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Exelon Corporation's current dividend yield is 3.50% with a payout ratio of 58.4%.
Exelon Corporation has 27.9% gross margin and 21.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Exelon Corporation's Debt/EBITDA ratio is 5.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Regulatory recovery timing pressure
Metrics are mathematically derived from official filings.
Premium Multiple Rests on Regulated Earnings
Based on EXC's reported trailing P/E of 16.98 and a 3.4% dividend yield at $46.53, the stock trades at a modest discount to several utility peers, though well above PCG's 11.21 times earnings.
A trailing P/E near 17 sits below DUK, SO, D, and ED, which suggests the market is not paying a full pure-play premium for EXC's delivery assets. The 3.4% yield is competitive with the peer group, indicating investors are anchoring to income and allowed returns rather than growth. Investors should monitor whether the forward P/E of 16.28 compresses further if the recent quarterly earnings shortfall persists.
Earned Returns Trail Regulatory Expectations
EXC's reported ROE ranged from 1.3% to 3.3% across the ten quarters shown, a level that appears far below the allowed returns typically granted to regulated utilities in its jurisdictions.
Quarterly ROE figures are not annualized in the supplied data, so the reported range may understate full-year returns, but the gap versus typical authorized levels remains a notable observation. A persistent shortfall between earned and allowed ROE would suggest regulatory lag or disallowances are absorbing value. Investors should check the actual authorized ROE in each jurisdiction before drawing firm conclusions.
Operating Margin Swings Reflect Recovery Timing
Operating margin on EXC's reported figures moved between 16.4% in 2026Q2 and 22.9% in 2025Q1, a band that may indicate regulatory recovery timing drives much of the reported profitability variance.
The margin swings appear more consistent with the timing of rider recovery and rate case outcomes than with changes in underlying operating efficiency. Net margin tracked the same pattern, falling to 6.6% in 2026Q2 before recovering to 12.7% in 2026Q1. This pattern warrants further investigation into whether deferred regulatory assets are smoothing or delaying the recognition of costs.
Stable Leverage Amid Heavy Capital Spending
Reported debt-to-capital held near 0.64 across all ten quarters, while interest coverage moved between 1.82 and 3.11, suggesting leverage has been managed in step with the rate base build.
Stable debt-to-capital alongside growing total debt implies that equity issuance and retained earnings are keeping pace with the asset base. Interest coverage in the 1.8x to 2.0x range during weaker quarters is thinner than typical investment-grade utility profiles, which may indicate limited headroom if earnings decline further. FFO-to-debt between 3.43 and 4.79 appears adequate, though investors should monitor it against agency thresholds.
Dividend Coverage Hinges on Cash Generation
Reported dividend payout swung from 44.4% to 108.6% of earnings across the period, with the 2026Q2 peak exceeding full earnings coverage and raising questions about internal funding of the capital program.
Payout spikes above 100% during earnings troughs suggest the dividend is being supported by cash flows rather than current-period net income, which is typical for utilities but still carries risk. With capital expenditures consistently exceeding operating cash flow, the dividend competes with the construction program for internal funds. Investors should monitor whether external financing needs rise if payout ratios remain elevated.
Misapplying Standard Leverage Ratios Here
Standard debt-to-equity comparisons may mislead for EXC, because the reported 1.76x figure does not separate regulatory assets, pension obligations, or formula-rate reconciliations that shape true leverage.
Applying generic industrial leverage thresholds to a utility obscures the fact that regulated balance sheets carry large regulatory assets and rate base that support debt capacity. Debt-to-capital and FFO-to-debt are more informative for this business, and any adjustment should reflect recoverable regulatory balances. Analysts should reconcile the reported D/E figures against total long-term debt before relying on them.