Exelon Corporation (EXC) 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

-51.1%

$22.55

vs $46.15 price

Levered DCF

-$79.22

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.76

Distress zone

Rating

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	15.91×	15.36×	15.34×	19.65×	23.67×	14.98×	10.76×	15.46×
P/B	1.53×	1.4×	1.39×	1.72×	1.17×	0.9×	0.98×	1.01×
P/S	1.82×	1.64×	1.65×	2.23×	2.25×	0.89×	0.92×	0.86×
EV / EBITDA	10.32×	10.28×	9.99×	11.14×	7.06×	6.48×	6.05×	7.24×
Gross margin	27.9%	40.8%	41.1%	42.1%	39.1%	28.8%	30.0%	27.7%
Operating margin	21.2%	18.8%	18.5%	17.4%	15.0%	8.5%	12.7%	10.8%
Net margin	11.4%	10.7%	10.7%	11.4%	9.5%	5.9%	8.5%	5.6%
Current ratio	0.92×	0.87×	0.82×	0.69×	0.87×	0.98×	0.85×	1.17×
Debt / equity	1.76×	1.73×	1.71×	1.62×	1×	1.21×	1.17×	1.19×
Interest coverage	2.42×	2.26×	2.33×	2.29×	2.08×	1.73×	2.71×	2.5×
Dividend yield	3.7%	4.0%	4.0%	3.1%	3.7%	5.1%	4.5%	4.3%
Payout ratio	58.4%	62.0%	61.6%	61.5%	87.7%	76.0%	48.0%	66.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.6%	9.1%	9.0%	8.8%	5.0%	6.0%	9.1%	6.5%
Return on invested capital	4.0%	3.9%	3.6%	3.2%	2.2%	2.0%	3.0%	3.3%
Return on assets	2.4%	2.3%	2.3%	2.3%	1.3%	1.5%	2.3%	1.7%
Free cash flow yield	-5.2%	-4.0%	-7.6%	-5.3%	-12.3%	-13.0%	-1.9%	3.4%
Earnings yield	6.3%	6.5%	6.5%	5.1%	4.2%	6.7%	9.3%	6.5%
Enterprise value	$93.5B	$84B	$79.3B	$82.3B	$74.2B	$68.1B	$68.8B	$66.3B
Net debt / EBITDA	5.45×	5.66×	5.49×	5.37×	3.22×	3.68×	3.27×	3.84×
Cash conversion cycle (days)	17	2	-2	-19	-2	23	38	30