회사 개요
Exelon Corporation operates as a utility services holding company primarily engaged in the energy distribution and transmission sectors across the United States. The corporation facilitates the purchase and regulated retail sale of electricity and natural gas, alongside the transmission and distribution of electric power to residential and commercial customers. Operating within the Utilities sector as a Regulated Electric utility, the company manages a massive infrastructure network that serves as a critical component of the national energy grid. With a market capitalization of $50.59B and annual revenue of $24.26B, Exelon represents a significant entity in the American power market. The scale of these figures, combined with an employee base of 20,571, indicates a highly capitalized, large-scale operation that plays a foundational role in the regulated utility industry. This substantial market presence suggests the company possesses the operational depth and regulatory standing required to manage complex energy distribution assets on a national level.
재무 건전성
Exelon Corporation reported a trailing twelve-month revenue of $24.26B, generating a net income of $2.77B and an EBITDA of $8.14B during the same period. The significant gap between the total revenue and the net income reveals a substantial cost structure involving operating expenses, taxes, and interest costs that reduces the bottom line by approximately 11.4%. The company's free cash flow stands at -$2,124,249,984, which indicates a current financial situation where capital expenditures and operational outflows exceed cash generation from core activities. This negative free cash flow suggests the company is investing heavily in its infrastructure or managing temporary liquidity constraints rather than utilizing excess cash for immediate expansion. The gross margin is recorded at 42.9%, while the operating margin sits at 21.6% and the profit margin at 11.4%, reflecting the typical high-cost environment of the regulated utility sector where fixed costs are substantial. Total cash holdings of $629.00M are significantly lower than the total debt of $50.25B, highlighting a balance sheet that is heavily leveraged rather than conservative. This leverage is further quantified by a debt-to-equity ratio of 174.49, which underscores the reliance on debt financing to support the capital-intensive utility business model. The current ratio of 0.92 indicates that the company's current assets are slightly less than its current liabilities, suggesting a tight liquidity position that requires careful management of short-term obligations. Return on Equity stands at 9.9% and Return on Assets is 2.8%, metrics that reveal the efficiency with which management utilizes shareholder equity and total assets to generate profits within a low-margin industry.
밸류에이션 평가
The trailing twelve-month P/E ratio is 18.11, while the forward P/E is projected at 16.23, implying that the market expects earnings growth that would justify a lower multiple in the future. The difference between these two ratios suggests an anticipated improvement in earnings trajectory, as investors price in future performance that is currently more favorable than historical results. The price-to-book ratio is 1.76, indicating that the stock trades at a premium of 76% above its book value, reflecting the market's valuation of the company's intangible assets and regulated franchise value. Additionally, the price-to-sales ratio is 2.09 and the EV/EBITDA is 12.31, providing alternative perspectives on valuation that account for enterprise value and operational cash generation relative to sales. The stock's 52-week high is $50.65 and the 52-week low is $41.71, placing the current trading range within a moderate volatility band relative to its recent history. The beta value is 0.51, which signifies that the stock's price volatility is approximately half that of the broader market, making it a lower-risk instrument for portfolios seeking stability. These metrics collectively paint a picture of a mature utility stock valued on stable cash flows rather than high-growth premiums.
Growth & Income
Exelon Corporation experienced a revenue growth rate of -1.1% year-over-year, while earnings growth declined more sharply at -9.3% for the same period. The fact that earnings are shrinking at a faster rate than revenue implies that cost pressures or margin compression are impacting profitability disproportionately to top-line sales. As a dividend payer, the company offers a dividend yield of 3.4% with a payout ratio of 58.6%, indicating that the portion of earnings distributed to shareholders is nearly 60% of net income. This payout ratio is relatively conservative for a utility, suggesting that the company retains a significant portion of earnings to service its debt and fund capital projects. Although the company is not reinvesting earnings into rapid growth, the dividend yield provides a steady income stream that is supported by a reasonable payout level given the current earnings structure. Overall, the growth and income profile of Exelon is characterized by modest contraction in profitability metrics balanced by a stable and attractive dividend yield typical of mature regulated utility companies.