Exelon Corporation

EXC

Regulated Electric · Utilities

Also trades as: 0IJN.L

Price

$44.76

-0.85 (-1.87%)

Market Cap

$46.11B

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 10, 2026 · filings through Jun 30, 2026

Share count rising — dilution

+3.3% over 4y

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

Diluted shares outstanding: 980.0M (2021) → 1.01B (2025)

Exelon Corporation is one of the largest electric and natural gas utility companies in the United States. It delivers electricity and natural gas to homes, businesses, and governments across six states — Illinois, Pennsylvania, Maryland, Delaware, New Jersey, and Washington D.C. The company owns well-known utility brands like ComEd, PECO, BGE, Pepco, Delmarva Power, and Atlantic City Electric.

Exelon makes money by charging customers regulated rates for delivering power through its network of wires and pipes. Because state regulators set the rates it can charge, the business generates fairly predictable revenue, which is typical for regulated utilities. Exelon operates entirely in the U.S. and serves roughly 10 million customers, giving it a strong geographic footprint in densely populated mid-Atlantic and Midwest markets. The key growth driver is continued investment in grid modernization and infrastructure upgrades, though rising interest rates remain a meaningful risk since utilities rely heavily on debt to fund those projects.

Winston Score History

Politician Trades

12 trades / 12mo

6 Congressional buys and 6 sells on EXC 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

+10.0% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+0.0% YoY

YoY Growth Rate

Slow 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 Runway

~6 years

$6.4B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$6.4B cash & investments at current burn rate

Growth context

Exelon Corporation is growing revenue at 10% 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.

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

Quality

Gross Margin

41.0%

Healthy — 41.0% gross margin

Operating Margin

16.4%

Healthy — 16.4% operating margin

ROCE

1.2%

Weak — 1.2% 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

+6.6%

Slow sales growth (+6.6% YoY)

EPS YoY

+4.2%

Modest earnings growth (+4.2% YoY)

Single-digit earnings growth — steady but not exciting.

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

259%

Turns 259% of profit into real cash

FCF Margin

-7.6%

Burning cash (-7.6%)

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

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Stability

Debt / Equity

1.76

Elevated debt (1.76)

Interest Cover

2.38x

Tight — interest eats into profit (2.4x)

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

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Valuation

P/E Ratio (TTM)

16.3x

Fair value — P/E 16.3

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

P/E vs Forward

+2.1

GROWING

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

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Dividends

Dividend Yield

3.55%

Moderate income — 3.55% yield

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

Dividend Growth

+5.1%

Dividend growing modestly (5.1% YoY)

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