公司概述
Consolidated Edison, Inc. operates as a major utility provider in the United States, specifically engaging in regulated electric, gas, and steam delivery businesses. The company serves a substantial customer base, providing electricity to approximately 3.7 million customers in New York City and Westchester County, while also supplying gas to roughly 1.1 million customers. Operating within the Utilities sector and the Regulated Electric industry, the firm functions under a regulatory framework that dictates its pricing and operational scope. The entity employs a workforce of 15,407 individuals and holds a market capitalization of $42.36 billion, reflecting its status as a significant player in the energy infrastructure landscape. With annual revenue reaching $16.92 billion, these valuation and income figures indicate that the company maintains a dominant position in the Northeastern United States power market, supported by a large-scale operational footprint that encompasses both electricity generation distribution and natural gas supply networks.
财务健康
Consolidated Edison, Inc. reported revenue of $16.92 billion over the trailing twelve months, generating a net income of $2.02 billion and an EBITDA of $6.02 billion during the same period. The substantial gap between the $16.92 billion in revenue and the $2.02 billion in net income reveals a cost structure where operational expenses, including cost of goods sold and administrative costs, consume a significant portion of top-line earnings before arriving at the bottom line. However, the EBITDA figure of $6.02 billion suggests that when excluding interest, taxes, depreciation, and amortization, the company generates strong cash-flow-like earnings to cover its capital-intensive operations. Despite the high revenue, the company reported a negative free cash flow of -$145,250,000, which indicates that capital expenditures for maintaining and upgrading the utility grid currently exceed the operating cash generated, limiting immediate financial flexibility for share buybacks or aggressive expansion without external financing. The balance sheet shows a cash balance of $1.63 billion against total debt of $28.38 billion, resulting in a debt-to-equity ratio of 117.32%, which characterizes the company as a highly leveraged entity typical of capital-intensive regulated utilities. Liquidity is maintained at a current ratio of 1.02, indicating that the company possesses just slightly more than enough current assets to cover its short-term liabilities, a conservative stance necessary for meeting regulatory obligations and operational needs. Return on equity stands at 8.8% while return on assets is 3.2%, metrics that reveal how effectively management utilizes shareholder equity and total assets to generate profits, with the ROA reflecting the lower margin environment inherent in the regulated utility sector.
估值评估
The valuation metrics for Consolidated Edison, Inc. show a trailing twelve-month P/E ratio of 20.35 and a forward P/E of 17.74. The difference between the trailing and forward P/E ratios implies that the market expects earnings growth in the future, as the lower forward multiple suggests the stock is priced based on anticipated higher earnings per share compared to historical performance. The price-to-book ratio is recorded at 1.72, indicating that the market values the company at a premium of 72% over its tangible book value, which often reflects the value of intangible assets, regulatory franchises, and the stability of cash flows not fully captured on the balance sheet. Alternative valuation metrics include a price-to-sales ratio of 2.50 and an EV/EBITDA of 11.34, figures that provide context on how the market prices the company relative to its sales volume and operating earnings before interest, taxes, depreciation, and amortization. Regarding price momentum, the stock has traded between a 52-week low of $94.96 and a 52-week high of $116.23, meaning the current trading price sits somewhere within this established range, reflecting recent market sentiment and volatility. The company exhibits a beta of 0.34, which signifies that the stock's price volatility is significantly lower than the broader market, making it a defensive holding that tends to move less than 34% as much as the overall market index during periods of fluctuation.
Growth & Income
Consolidated Edison, Inc. demonstrated revenue growth of 8.9% year-over-year, while earnings growth declined by 8.3% during the same period. This divergence implies that earnings are growing slower than revenue, a common occurrence in utility companies where one-time costs, regulatory adjustments, or capital investment cycles can temporarily suppress profitability even as sales volume expands. As a dividend-paying company, the firm offers a dividend yield of 3.0% with a payout ratio of 60.3%, a level that appears sustainable given the steady revenue stream and the fact that the payout ratio remains well below the maximum threshold often supported by stable utility earnings. The combination of revenue expansion in the double digits alongside a significant negative free cash flow period highlights a growth profile driven by necessary infrastructure investment rather than pure organic cash accretion. Overall, the company presents an income-focused profile with moderate revenue growth tempered by earnings volatility and a high dividend yield designed to attract yield-seeking investors in a low-volatility environment.