Présentation de l'entreprise
Consolidated Edison, Inc., operating under the ticker ED, engages in regulated utility businesses across the United States, specifically providing electric, gas, and steam delivery services. The company serves a substantial customer base, delivering electricity to approximately 3.7 million customers in New York City and Westchester County, while supplying gas to roughly 1.1 million customers. This utility giant operates within the Utilities sector and the specific industry of Regulated Electric, a classification that implies stable, utility-like earnings streams often supported by regulatory frameworks rather than pure market competition. The enterprise holds a market capitalization of $41.03B and generates annual revenue of $16.92B, supported by a workforce of 15,407 employees. These financial figures underscore the entity's status as a major infrastructure provider, where the high market cap reflects the capital-intensive nature of regulated electric assets, and the revenue scale indicates a dominant position in the Northeastern United States energy distribution landscape.
Santé financière
Consolidated Edison reported a revenue of $16.92B and a net income of $2.02B for the trailing twelve months, with an EBITDA of $6.02B. The significant gap between the $16.92B revenue and the $2.02B net income highlights a substantial cost structure typical of utility companies, where operating expenses, including depreciation, maintenance, and regulatory costs, absorb a large portion of gross receipts before reaching the bottom line. However, the EBITDA figure of $6.02B suggests strong underlying cash generation capabilities before accounting for interest, taxes, depreciation, and amortization. The company currently holds $1.63B in cash, yet its free cash flow stands at -$145,250,000, indicating that capital expenditures are currently exceeding the operating cash generated, a common scenario for regulated utilities maintaining and upgrading their extensive infrastructure networks. The company maintains a debt load of $28.38B, resulting in a debt-to-equity ratio of 117.32%, which characterizes a highly leveraged balance sheet consistent with the heavy asset model of the Utilities - Regulated Electric industry. Despite this leverage, the current ratio of 1.02 demonstrates adequate short-term liquidity, as current assets slightly exceed current liabilities, ensuring the ability to meet immediate financial obligations. Return on Equity is calculated at 8.8%, while Return on Assets sits at 3.2%, metrics that reveal the efficiency of management in generating returns relative to the shareholder equity and total asset base, respectively.
Évaluation de la valorisation
The valuation metrics for Consolidated Edison show a P/E Ratio (TTM) of 20.14 and a Forward P/E of 17.52. The difference between the trailing and forward P/E ratios implies that the market expects earnings growth in the future, as the forward multiple is lower than the trailing multiple, suggesting analysts anticipate a compression in the P/E ratio if earnings increase. The Price to Book ratio is 1.70, indicating that the market values the company's equity at a premium of 70% over its book value, which can be attributed to the intangible value of its regulated franchise rights and the stability of its cash flows. Alternative valuation metrics include a Price to Sales ratio of 2.43 and an EV/EBITDA of 11.26, figures that provide a broader perspective on valuation relative to sales volume and earnings power before non-cash charges and interest. The stock's price has fluctuated between a 52-Week High of $116.23 and a 52-Week Low of $94.96, and while the exact current price is not listed in the provided facts, the valuation multiples suggest the market is pricing in steady utility performance within this trading range. With a Beta of 0.34, the stock exhibits low price volatility relative to the broader market, confirming its characteristics as a defensive holding that moves less than half as much as the overall market index.
Growth & Income
The growth profile for Consolidated Edison reveals a Revenue Growth (YoY) of 8.9% contrasted with an Earnings Growth (YoY) of -8.3%. This divergence indicates that earnings are currently growing slower than revenue, likely due to rising operating costs, regulatory adjustments, or one-time expenses that have impacted the bottom line despite top-line expansion. As a dividend payer, the company offers a Dividend Yield of 3.0% with a Payout Ratio of 60.3%, a level that is generally sustainable for a regulated utility provided that earnings do not deteriorate further and regulatory environments remain favorable. The payout ratio being below 100% suggests that the company retains a portion of its earnings for reinvestment or to bolster the balance sheet against its high debt load, rather than distributing all profits as dividends. Overall, the company presents a profile of moderate revenue expansion tempered by short-term earnings compression, supported by a consistent dividend yield that appeals to income-focused investors seeking stability in the Utilities sector.