회사 개요
Consolidated Edison, Inc. operates as a major utility provider in the United States, delivering regulated electric, gas, and steam services to a broad customer base across the nation. The company is specifically situated within the Utilities sector and functions within the Regulated Electric industry, which implies stable cash flows derived from rate-regulated assets rather than competitive market pricing. This enterprise manages a substantial workforce of 15,407 employees while maintaining a market capitalization of $42.36 billion and generating annual revenue of $16.92 billion. The scale of these figures indicates that Consolidated Edison holds a dominant position in the local energy market, serving approximately 3.7 million electric customers in New York City and Westchester County alongside roughly 1.1 million gas customers, reflecting its critical role in regional infrastructure.
재무 건전성
The company's operational performance for the trailing twelve months is characterized by a revenue of $16.92 billion, a net income of $2.02 billion, and an EBITDA of $6.02 billion. The significant disparity between the $16.92 billion in revenue and the $2.02 billion in net income reveals a cost structure with substantial operating expenses, including the high costs inherent in maintaining regulated utility infrastructure. However, the EBITDA of $6.02 billion demonstrates that the company generates robust operating cash earnings before interest, taxes, depreciation, and amortization, which is typical for capital-intensive utility firms. Despite the positive operating earnings, the free cash flow stands at -$145.25 million, indicating that capital expenditures currently exceed the cash generated from operations, a common characteristic for companies maintaining and upgrading extensive physical asset bases. The balance sheet shows a total cash position of $1.63 billion against a total debt load of $28.38 billion, resulting in a debt-to-equity ratio of 117.32, which suggests a highly leveraged financial structure typical of the regulated utility sector. Liquidity is maintained at a tight but adequate level with a current ratio of 1.02, indicating that current assets barely cover current liabilities. Management effectiveness is reflected in a return on equity of 8.8% and a return on assets of 3.2%, metrics that show moderate efficiency in generating returns given the company's heavy asset base and high leverage.
밸류에이션 평가
Valuation metrics for Consolidated Edison, Inc. show a trailing P/E ratio of 20.35 and a forward P/E ratio of 17.74. The difference between the trailing and forward multiples implies that the market expects earnings growth or a multiple compression that would lower the price-to-earnings ratio in the coming year. The price-to-book ratio is recorded at 1.72, indicating that the market values the company at a premium of 72% over its net asset book value. Alternative valuation measures such as the price-to-sales ratio of 2.50 and an EV/EBITDA of 11.34 provide additional context, suggesting the stock is valued moderately relative to its sales and earnings power. The 52-week price range spans from a low of $94.96 to a high of $116.23, providing a framework for analyzing current price volatility. The beta value of 0.34 indicates that the stock's price volatility is significantly lower than the broader market, making it a defensive holding that moves less than half as much as the general equity market.
Growth & Income
Growth dynamics are mixed, with revenue growth year-over-year at 8.9% while earnings growth year-over-year is negative at -8.3%. This divergence implies that while top-line sales are expanding, likely driven by volume or regulatory adjustments, profitability has contracted, potentially due to rising fuel costs, increased capital spending, or regulatory settlements. For this dividend-paying utility, the dividend yield is 3.0% with a payout ratio of 60.3%, which suggests the payout is currently sustainable as it consumes less than two-thirds of the net income despite the recent earnings decline. The company continues to reinvest significant capital into its regulated infrastructure, evidenced by the negative free cash flow and high debt-to-equity ratio, rather than distributing all available cash to shareholders. Overall, Consolidated Edison presents a profile of steady revenue expansion supported by a substantial dividend yield, albeit with a balance sheet that prioritizes capital maintenance over aggressive payout growth.