Consolidated Edison

Regulated Electric · Utilities

Also trades as: 0I35.L

Price

$107.78

+0.28 (+0.26%)

Market Cap

$39.72B

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 13, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Good

Stability

Mixed

Valuation

Good

Dividends

Good

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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)

Winston Score History

The full picture

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.

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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

+13.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+22.1% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$2.6B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Consolidated Edison is a rare growth stock that's already generating positive cash flow while growing at 13%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Operating Margin

13.6%

Healthy — 13.6% operating margin

ROCE

1.0%

Weak — 1.0% 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

+9.5%

Steady sales growth (+9.5% YoY)

EPS YoY

+10.5%

Earnings growing (+10.5% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

178%

Turns 178% of profit into real cash

FCF Margin

-12.0%

Burning cash (-12.0%)

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

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Stability

Debt / Equity

1.08

Elevated debt (1.08)

Interest Cover

1.49x

Dangerous — barely covers interest (1.5x)

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

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Valuation

P/E Ratio (TTM)

17.6x

Fair value — P/E 17.6

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

P/E vs Forward

+1.9

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

3.19%

Moderate income — 3.19% yield

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

Dividend Growth

+3.9%

Dividend growing modestly (3.9% YoY)

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