Consolidated Edison, Inc. (ED) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-39.5%

$71.15

vs $117.53 price

Levered DCF

$39.06

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.26

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	17.55×	16.96×	12.56×	20.37×	22.1×	21.97×	22.12×	17.26×
P/B	1.47×	1.41×	1.49×	1.63×	1.48×	1.28×	1.65×	1.42×
P/S	2.1×	2.02×	2.16×	2.16×	2.17×	1.98×	2.37×	1.93×
EV / EBITDA	10.18×	10.47×	9.15×	11.02×	12.37×	11.69×	11.72×	10.8×
Gross margin	62.0%	64.0%	61.2%	61.0%	65.0%	65.9%	65.8%	64.7%
Operating margin	17.3%	17.9%	15.8%	16.7%	20.5%	21.7%	21.1%	20.5%
Net margin	12.0%	11.9%	17.2%	10.6%	9.8%	9.0%	10.7%	11.2%
Current ratio	1.02×	1.04×	1.01×	1.14×	1.02×	0.72×	0.68×	0.62×
Debt / equity	1.19×	1.27×	1.18×	1.18×	1.27×	1.33×	1.25×	1.24×
Interest coverage	2.38×	2.3×	2.26×	2.75×	3.05×	2.6×	2.78×	3.09×
Dividend yield	3.3%	3.6%	3.5%	3.2%	3.5%	4.0%	3.1%	3.5%
Payout ratio	57.6%	60.4%	43.5%	65.6%	76.5%	88.6%	68.8%	60.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.4%	8.3%	11.9%	8.0%	6.7%	5.8%	7.5%	8.3%
Return on invested capital	3.2%	3.5%	3.1%	3.2%	4.0%	4.1%	4.0%	3.9%
Return on assets	2.7%	2.6%	3.8%	2.4%	2.1%	1.8%	2.3%	2.6%
Free cash flow yield	0.1%	-3.7%	-7.4%	-0.7%	-4.1%	-7.1%	-1.2%	-3.4%
Earnings yield	5.7%	5.9%	8.0%	4.9%	4.5%	4.6%	4.5%	5.8%
Enterprise value	$62.6B	$57.4B	$55.5B	$56.9B	$54.1B	$48B	$51.3B	$43.6B
Net debt / EBITDA	4.41×	4.84×	3.93×	4.48×	5.57×	5.8×	4.93×	4.9×
Cash conversion cycle (days)	3	15	11	-12	2	-16	-8	-7