Consolidated Edison

Regulated Electric · Utilities

Price

$112.37

-0.02 (-0.02%)

Market Cap

$41.41B

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+2.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 349.4M (2021) → 358.7M (2025)

Consolidated Edison, also called Con Edison, delivers electricity, natural gas, and steam to homes and businesses in New York City and the surrounding area. It is one of the largest utility companies in the United States and has been providing power to New York City for over 190 years. The company owns and operates the pipes, wires, and equipment that move energy to roughly 3.5 million customers.

Con Edison makes most of its money by charging customers regulated rates set by state government agencies, which limits both its losses and its profits. It operates almost entirely in New York and New Jersey, making it a highly regional business with little geographic diversification. Because regulators control what it can charge, the company has a stable and predictable income stream, but its main risk is that rising costs for infrastructure upgrades — especially modernizing its aging grid — could pressure earnings if regulators do not approve matching rate increases.

Winston Score History

Politician Trades

7 trades / 12mo

6 Congressional buys and 1 sell on ED in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+8.9% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-7.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.2%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$1.6B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Consolidated Edison is growing revenue at 9% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

51.5%

Healthy — 51.5% gross margin

Operating Margin

12.1%

Healthy — 12.1% operating margin

ROCE

0.9%

Weak — 0.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+10.9%

Steady sales growth (10.9% YoY)

EPS YoY

+8.0%

Modest earnings growth (8.0% YoY)

Single-digit earnings growth — steady but not exciting.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

237%

Turns 237% of profit into real cash

FCF Margin

-8.0%

Burning cash (-8.0%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

1.17

Elevated debt (1.17)

Interest Cover

1.38x

Dangerous — barely covers interest (1.4x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

19.8x

Fair value — P/E 19.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+3.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (19.8 → 16.2)

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Dividends

Dividend Yield

3.11%

Moderate income — 3.11% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+3.4%

Dividend growing modestly (3.4% YoY)

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