Want to see EXC full AI Analyst Report?
Top Page
Exelon
(NASDAQ:EXC)
Select Model
Select Model
Rating:63Neutral
Price Target:
$47.00
â–²(6.07% Upside)
Action:Reiterated
Date:08/26/26
EXC scores as a moderate-quality utility: steady profitability and reaffirmed guidance support the outlook, but the overall score is held back by persistently negative free cash flow and a highly levered balance sheet. Technical signals are also weak with the stock trading below major moving averages, while valuation is supported by a mid-level P/E and a ~3.7% dividend yield.
Positive Factors
Regulated rate-base growth supports durable earnings
Exelon’s regulated utility model provides recurring cost recovery and authorized returns, while planned grid investment expands rate base. This supports relatively predictable earnings growth over multiple years, subject to regulatory approval.
Negative Factors
Elevated leverage limits financial flexibility
The growing debt burden increases sensitivity to refinancing costs, interest rates and future capital requirements. High leverage may constrain flexibility if regulators delay recovery or if Exelon must fund additional resilience and reliability spending.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulated rate-base growth supports durable earnings
Exelon’s regulated utility model provides recurring cost recovery and authorized returns, while planned grid investment expands rate base. This supports relatively predictable earnings growth over multiple years, subject to regulatory approval.
Read all positive factors
Exelon Key Performance Indicators (KPIs)
Any
Natural Gas Customers
Indicates the number of customers using natural gas services, reflecting market penetration and potential for revenue growth in this segment.
Indicates the number of customers using natural gas services, reflecting market penetration and potential for revenue growth in this segment.
Data provided by:
The Fly
The FlyExelon (EXC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$45.05B
Dividend Yield3.78%
Average Volume (3M)7.29M
Price to Earnings (P/E)16.0
Beta (1Y)-0.08
Revenue Growth6.56%
EPS Growth3.72%
CountryUS
Employees20,571
SectorGeneral
Sector StrengthN/A
IndustryRegulated Electric
Share Statistics
EPS (TTM)2.74
Shares Outstanding1,032,253,900
10 Day Avg. Volume7,581,681
30 Day Avg. Volume7,290,040
Financial Highlights & Ratios
PEG Ratio1.34
Price to Book (P/B)1.53
Price to Sales (P/S)1.82
P/FCF Ratio-19.37
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$48.13Price Target Upside8.61% Upside
Rating ConsensusHold
Number of Analyst Covering8
EPS Forecast (FY)2.86
Revenue Forecast (FY)$25.40B
Exelon Business Overview & Revenue Model
Company Description
Exelon Corporation, a utility holding company established in 1999 and headquartered in Chicago, Illinois, operates across the United States and Canada. The company primarily focuses on the generation, delivery, and marketing of energy. It maintain...
How the Company Makes Money
Exelon primarily makes money through regulated utility revenue earned by delivering electricity (and in some territories, natural gas) to end-use customers. The core of its revenue model is cost-of-service ratemaking: utility rates are set or appr...
Exelon Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Neutral
The call presented a mix of positive execution items (Q2 earnings growth, reaffirmed guidance, strong reliability performance, financing progress, and large-scale storage development) alongside material industry-level challenges (PJM capacity shortfalls, record demand and price spikes, and storm-related operational stress). Management emphasized pragmatic, multi-pronged solutions (transmission, utility-owned generation, storage, VPPs, and regulatory engagement) and reconfirmed capital and earnings targets while acknowledging affordability pressures and pipeline refinement. Overall, company fundamentals and execution are solid, but systemic supply adequacy and market signals are significant risks that temper the near-term outlook.Positive Updates
Quarterly Adjusted Operating Earnings Increase
Adjusted operating earnings of $0.43 per share in Q2 2026 versus $0.39 in Q2 2025, a $0.04 per share increase (≈10% year-over-year). Management reaffirmed full-year guidance of $2.81–$2.91 per share.
Negative Updates
PJM Resource Adequacy Shortfall and Capacity Market Stress
PJM capacity auction cleared at the FERC-approved price cap for the third consecutive auction and the auction fell short of PJM’s reliability requirement by ~6.8 GW (vs prior 6.5 GW). Only ~525 MW of new generation/upgrades cleared, indicating insufficient market-driven supply additions.
Read all updates
Q2-2026 Updates
Positive
Negative
Quarterly Adjusted Operating Earnings Increase
Adjusted operating earnings of $0.43 per share in Q2 2026 versus $0.39 in Q2 2025, a $0.04 per share increase (≈10% year-over-year). Management reaffirmed full-year guidance of $2.81–$2.91 per share.
Read all positive updates
Company Guidance
Exelon reported Q2 adjusted operating earnings of $0.43 per share and reaffirmed full‑year adjusted operating earnings guidance of $2.81–$2.91 per share (with Q3 expected to be ~27% of the midpoint and the company targeting the midpoint or better), while forecasting annualized earnings growth near the top end of 5%–7% (2025–2029) supported by 7.9% annualized rate‑base growth and a 2026 consolidated operating ROE target of 9%–10%. Capital and financing guidance includes approximately $10 billion of 2026 capital deployment, $41 billion of capital through 2029, roughly 86% of 2026 debt financing completed, ~37% of planned equity needs through 2029 priced (all 2026, half 2027), pre‑issuance hedges, and expected average credit metrics of ~14% through 2029. Q2 drivers were +$0.04 from distribution/transmission rates, +$0.04 from last year’s Customer Relief Fund, +$0.01 favorable PECO weather, offset by −$0.02 BGE credit losses and −$0.02 interest; the company also highlighted a 500‑MW (~$1B) New Jersey battery project that is projected to deliver >$700 million net customer benefits with no bill impact until at least 2035.Exelon Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
62
Positive
Cash Flow
45
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 25.33B | 24.26B | 23.03B | 21.73B | 19.08B | 17.94B |
| Gross Profit | 6.21B | 6.77B | 9.40B | 8.93B | 8.03B | 7.01B |
| EBITDA | 9.06B | 9.06B | 8.18B | 7.94B | 7.17B | 9.38B |
| Net Income | 2.78B | 2.77B | 2.46B | 2.33B | 2.17B | 1.71B |
Balance Sheet | ||||||
| Total Assets | 120.50B | 116.57B | 107.78B | 101.86B | 95.35B | 133.01B |
| Cash, Cash Equivalents and Short-Term Investments | 1.25B | 1.15B | 357.00M | 445.00M | 407.00M | 672.00M |
| Total Debt | 52.28B | 50.55B | 46.65B | 44.01B | 40.05B | 34.54B |
| Total Liabilities | 90.81B | 87.77B | 80.86B | 76.10B | 70.61B | 98.22B |
| Stockholders Equity | 29.70B | 28.80B | 26.92B | 25.75B | 24.74B | 34.39B |
Cash Flow | ||||||
| Free Cash Flow | -1.92B | -2.27B | -1.53B | -2.71B | -2.28B | -4.97B |
| Operating Cash Flow | 7.21B | 6.25B | 5.57B | 4.70B | 4.87B | 3.01B |
| Investing Cash Flow | -9.12B | -8.53B | -7.04B | -7.38B | -6.99B | -3.32B |
| Financing Cash Flow | 3.09B | 2.53B | 1.31B | 2.68B | 1.59B | 758.00M |
Exelon Technical Analysis
Negative
44.31
Price Trends
45.30
Negative
45.15
Negative
45.08
Negative
Market Momentum
-0.45
Negative
45.38
Neutral
55.66
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EXC, the sentiment is Negative. The current price of 44.31 is above the 20-day moving average (MA) of 44.18, below the 50-day MA of 45.30, and below the 200-day MA of 45.08, indicating a bearish trend. The MACD of -0.45 indicates Negative momentum. The RSI at 45.38 is Neutral, neither overbought nor oversold. The STOCH value of 55.66 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for EXC.
Exelon Risk Analysis
Exelon disclosed 28 risk factors in its most recent earnings report. Exelon reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Exelon Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $174.03B | 18.75 | 16.82% | 2.91% | 11.83% | 55.48% | |
68 Neutral | $93.74B | 18.20 | 9.88% | 3.53% | 6.33% | 8.98% | |
63 Neutral | $45.05B | 16.04 | 9.61% | 3.78% | 6.56% | 3.72% | |
62 Neutral | $101.36B | 21.34 | 12.61% | 3.37% | 6.40% | 6.90% | |
59 Neutral | $50.06B | 27.41 | 10.41% | 2.36% | 10.19% | -2.59% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | $57.91B | 22.91 | 8.89% | 4.03% | 21.98% | -0.39% |
* General Sector Average
EXC
Exelon
43.95
2.39
5.74%
D
Dominion Energy
66.22
9.78
17.33%
DUK
Duke Energy
121.24
4.94
4.25%
ETR
Entergy
108.53
23.64
27.84%
NEE
NextEra Energy
83.83
15.72
23.08%
SO
Southern Co
88.99
0.70
0.79%
Exelon Corporate Events
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Exelon Reshapes Senior Leadership to Support Growth
Positive
Aug 25, 2026
On Aug. 25, 2026, Exelon announced a broad reshaping of its senior leadership as it prepares for future growth and strategic execution across its six utilities. Longtime executive Michael Innocenzo will depart in 2027 after nearly four decades at ...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Exelon posts solid Q2 earnings, reaffirms 2026 guidance
Positive
Jul 30, 2026
On July 30, 2026, Exelon reported second-quarter 2026 GAAP net income of $0.39 per share and adjusted operating earnings of $0.43 per share, modestly above the prior year and in line with expectations, while reaffirming full-year adjusted earnings...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.