Latest Ratios: P/E Ratio 17.4x · EV/EBITDA 11.2x · ROE 9.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $48.7B | $44.1B | $37.8B | $35.8B | $42.7B | $40.4B | $29.4B | $31.7B | $31.2B | $26.7B | $23.5B |
| Enterprise Value | $98.1B | $93.5B | $84.0B | $79.4B | $82.3B | $74.2B | $68.1B | $68.9B | $66.3B | $61.1B | $58.7B |
| P/E Ratio → | 17.36 | 15.91 | 15.36 | 15.34 | 20.78 | 23.67 | 14.98 | 10.80 | 15.54 | 7.08 | 20.75 |
| P/S Ratio | 2.01 | 1.82 | 1.64 | 1.65 | 2.24 | 2.25 | 0.89 | 0.92 | 0.87 | 0.80 | 0.75 |
| P/B Ratio | 1.67 | 1.53 | 1.40 | 1.39 | 1.72 | 1.16 | 0.84 | 0.92 | 0.94 | 0.83 | 0.85 |
| P/FCF | — | — | — | — | — | — | — | — | 29.68 | — | — |
| P/OCF | 7.78 | 7.05 | 6.78 | 7.61 | 8.76 | 13.40 | 6.95 | 4.76 | 3.61 | 3.56 | 2.78 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.86 | 3.65 | 3.65 | 4.31 | 4.14 | 2.06 | 2.00 | 1.84 | 1.82 | 1.87 |
| EV / EBITDA | 11.16 | 10.64 | 10.62 | 10.54 | 12.40 | 8.14 | 7.28 | 6.78 | 6.73 | 6.23 | 6.68 |
| EV / EBIT | 19.07 | 18.18 | 18.35 | 17.91 | 21.38 | 25.22 | 17.16 | 12.30 | 17.56 | 11.46 | 16.74 |
| EV / FCF | — | — | — | — | — | — | — | — | 63.18 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 27.9% | 27.9% | 40.8% | 41.1% | 42.1% | 39.1% | 28.8% | 30.0% | 27.7% | 27.9% | 27.7% |
| Operating Margin | 21.2% | 21.2% | 18.8% | 18.5% | 17.4% | 15.0% | 8.5% | 12.7% | 10.8% | 13.1% | 10.2% |
| Net Profit Margin | 11.4% | 11.4% | 10.7% | 10.7% | 11.4% | 9.5% | 5.9% | 8.5% | 5.6% | 11.2% | 3.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.9% | 9.9% | 9.3% | 9.2% | 7.3% | 4.9% | 5.7% | 8.7% | 6.2% | 12.6% | 4.1% |
| ROA | 2.5% | 2.5% | 2.3% | 2.4% | 1.9% | 1.3% | 1.5% | 2.4% | 1.7% | 3.3% | 1.1% |
| ROIC | 5.1% | 5.1% | 4.5% | 4.5% | 3.7% | 2.8% | 2.9% | 4.7% | 4.3% | 5.1% | 4.4% |
| ROCE | 5.0% | 5.0% | 4.5% | 4.6% | 3.3% | 2.3% | 2.5% | 4.0% | 3.6% | 4.2% | 3.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.76 | 1.76 | 1.73 | 1.71 | 1.62 | 0.99 | 1.13 | 1.09 | 1.11 | 1.11 | 1.30 |
| Debt / EBITDA | 5.75 | 5.75 | 5.90 | 5.85 | 6.03 | 3.79 | 4.21 | 3.72 | 3.70 | 3.63 | 4.09 |
| Net Debt / Equity | — | 1.72 | 1.72 | 1.69 | 1.60 | 0.97 | 1.11 | 1.08 | 1.06 | 1.07 | 1.28 |
| Net Debt / EBITDA | 5.62 | 5.62 | 5.85 | 5.79 | 5.97 | 3.72 | 4.14 | 3.66 | 3.57 | 3.51 | 4.01 |
| Debt / FCF | — | — | — | — | — | — | — | — | 33.50 | — | — |
| Interest Coverage | 2.42 | 2.42 | 2.39 | 2.56 | 2.66 | 2.28 | 2.43 | 3.47 | 2.43 | 3.42 | 2.28 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.92 | 0.92 | 0.87 | 0.82 | 0.69 | 0.87 | 0.98 | 0.85 | 1.17 | 1.10 | 0.92 |
| Quick Ratio | 0.84 | 0.84 | 0.78 | 0.74 | 0.62 | 0.83 | 0.85 | 0.72 | 1.02 | 0.94 | 0.80 |
| Cash Ratio | 0.11 | 0.11 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.04 | 0.12 | 0.10 | 0.05 |
| Asset Turnover | — | 0.21 | 0.21 | 0.21 | 0.20 | 0.13 | 0.26 | 0.28 | 0.30 | 0.29 | 0.27 |
| Inventory Turnover | 20.14 | 20.14 | 15.97 | 15.98 | 14.63 | 18.82 | 13.65 | 13.64 | 15.43 | 14.63 | 13.85 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.4% | 3.7% | 2.1% | 4.0% | 3.1% | 3.7% | 5.1% | 4.4% | 4.3% | 4.6% | 5.0% |
| Payout Ratio | 58.4% | 58.4% | 31.5% | 61.6% | 61.5% | 87.7% | 76.0% | 48.0% | 66.3% | 32.8% | 102.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.8% | 6.3% | 6.5% | 6.5% | 4.8% | 4.2% | 6.7% | 9.3% | 6.4% | 14.1% | 4.8% |
| FCF Yield | — | — | — | — | — | — | — | — | 3.4% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.8% |
| Total Shareholder Yield | 3.4% | 3.7% | 2.1% | 4.0% | 3.1% | 3.7% | 5.1% | 4.4% | 4.3% | 4.6% | 5.8% |
| Shares Outstanding | — | $1.0B | $1.0B | $997M | $987M | $980M | $977M | $974M | $969M | $949M | $927M |
Regulatory lag and political scrutiny
According to current market data, Exelon trades at a forward P/E of 16.59, which appears to reflect its status as a pure-play regulated utility, while the 3.4% dividend yield serves as a primary return driver for income-focused investors monitoring the company's consistent rate base expansion.
The current valuation multiple suggests that the market is pricing in the stability of the company's regulated revenue streams rather than aggressive growth expectations. Investors should monitor whether the forward P/E remains anchored to interest rate trends, as the stock continues to function as a bond proxy in the current macroeconomic environment.
Based on the reported figures, the earned ROE has fluctuated between 1.4% and 3.3% over the last ten quarters, which may indicate significant regulatory lag or the impact of performance-based ratemaking adjustments that warrant further investigation into the company's ability to achieve its authorized returns.
The gap between these realized returns and typical industry-authorized ROEs suggests that the company may be facing headwinds in timely cost recovery. This trend warrants close observation, as sustained under-earning relative to authorized levels could pressure the company's ability to fund its extensive capital expenditure program internally.
As reported in financial statements, the debt-to-capital ratio has remained remarkably consistent at approximately 0.64 over the last ten quarters, indicating a disciplined approach to leverage that aligns with the expectations of state utility commissions for a large-scale, capital-intensive regulated distribution entity.
Maintaining this leverage profile is essential for preserving the company's investment-grade credit ratings, which are critical for accessing capital markets at favorable rates. The stability of this ratio suggests that management is successfully balancing the need for infrastructure investment with the constraints imposed by its regulatory compact.
According to quarterly data, the dividend payout ratio has shown significant volatility, ranging from 44.4% to 103.6%, which reflects the periodic pressure of heavy capital expenditure cycles on the company's cash flow available for distribution to shareholders.
While the dividend remains a core component of the total return, the wide variance in payout ratios suggests that investors should focus on the long-term cash flow generation from the rate base rather than short-term fluctuations. The company's ability to maintain its dividend policy appears contingent on successful rate case outcomes that allow for the recovery of its ongoing grid modernization investments.
As indicated by the company's unique regulatory structure, the standard P/E ratio is frequently misapplied to Exelon, as it fails to account for the non-cash nature of regulatory assets and the specific timing of rate recovery that can distort reported earnings per share.
Analysts should instead prioritize metrics like the Price-to-Rate-Base or adjusted cash flow multiples, which better capture the underlying value of the regulated assets. Relying solely on P/E obscures the impact of regulatory lag and may lead to an inaccurate assessment of the company's true earnings power and valuation relative to its peers.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying EXC stock.
Exelon Corporation's current P/E ratio is 17.4x. The historical average is 13.9x. This places it at the 79th percentile of its historical range.
Exelon Corporation's current EV/EBITDA is 11.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.9x.
Exelon Corporation's return on equity (ROE) is 9.9%. The historical average is 11.3%.
Based on historical data, Exelon Corporation is trading at a P/E of 17.4x. This is at the 79th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Exelon Corporation's current dividend yield is 3.36% with a payout ratio of 58.4%.
Exelon Corporation has 27.9% gross margin and 21.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Exelon Corporation's Debt/EBITDA ratio is 5.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.