Is the business good?
How good a business is EXC?
Exelon earns 5.2% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
5.2%
Return on invested capital · cost of capital 9.0% · 3.8 points below what the capital costs: growth destroys value
- Operating margin
- 21%
Operating margin · Utilities - Regulated Electric median 22% · 12 months to Q1 2026
- Cash conversion
- −0.78×
Cash conversion · −0.55× a year ago · some of the reported profit has not turned into cash yet
- Share count, year on year
- +1.7%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | 13% |
| FY2021 | 15% |
| FY2022 | 17% |
| FY2023 | 19% |
| FY2024 | 19% |
| FY2025 | 21% |
Details›
- Operating margin12 months to Q1 2026
- 21%
- Net margin12 months to Q1 2026
- 11%
- Free cash flow margin
- −8.7%
- Revenue, trailing twelve months
- $24.8B
- Free cash flow, trailing twelve months
- −$2.16B
- Net income, trailing twelve months
- $2.78B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 5.2%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Utilities - Regulated Electric
Ranks #20 of 37 by Smart Score