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Exelon

NYSE:EXC
Snowflake Description

Second-rate dividend payer and slightly overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
EXC
NYSE
$46B
Market Cap
  1. Home
  2. US
  3. Utilities
Company description

Exelon Corporation, a utility services holding company, engages in energy generation and delivery businesses in the United States and Canada. The last earnings update was 78 days ago. More info.


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EXC Share Price and Events
7 Day Returns
-3%
NYSE:EXC
0.4%
US Electric Utilities
-0.3%
US Market
1 Year Returns
13.1%
NYSE:EXC
15.8%
US Electric Utilities
3.9%
US Market
EXC Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Exelon (EXC) -3% -4.9% -3.7% 13.1% 27.2% 51.3%
US Electric Utilities 0.4% 2.2% 6.9% 15.8% 16.5% 44.2%
US Market -0.3% 2.3% 2.3% 3.9% 36.7% 41.8%
1 Year Return vs Industry and Market
  • EXC underperformed the Electric Utilities industry which returned 15.8% over the past year.
  • EXC outperformed the Market in United States of America which returned 3.9% over the past year.
Price Volatility
EXC
Industry
5yr Volatility vs Market

Value

 Is Exelon undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Exelon to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Exelon.

NYSE:EXC Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 11 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:EXC
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Electric Utilities Unlevered Beta Simply Wall St/ S&P Global 0.26
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.262 (1 + (1- 21%) (83.91%))
0.621
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.8 * 5.96%)
7.5%

Discounted Cash Flow Calculation for NYSE:EXC using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Exelon is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NYSE:EXC DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 7.5%)
2020 1,429.75 Analyst x4 1,330.02
2021 1,740.25 Analyst x4 1,505.95
2022 1,993.30 Est @ 14.54% 1,604.62
2023 2,212.52 Est @ 11% 1,656.86
2024 2,400.97 Est @ 8.52% 1,672.57
2025 2,563.78 Est @ 6.78% 1,661.42
2026 2,706.48 Est @ 5.57% 1,631.55
2027 2,834.09 Est @ 4.72% 1,589.32
2028 2,950.84 Est @ 4.12% 1,539.37
2029 3,060.10 Est @ 3.7% 1,485.02
Present value of next 10 years cash flows $15,676.70
NYSE:EXC DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $3,060.10 × (1 + 2.73%) ÷ (7.5% – 2.73%)
$65,932.10
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $65,932.10 ÷ (1 + 7.5%)10
$31,995.81
NYSE:EXC Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $15,676.70 + $31,995.81
$47,672.51
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $47,672.51 / 970.95
$49.1
NYSE:EXC Discount to Share Price
Calculation Result
Value per share (USD) From above. $49.10
Current discount Discount to share price of $47.57
= -1 x ($47.57 - $49.10) / $49.10
3.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Exelon is available for.
Intrinsic value
3%
Share price is $47.57 vs Future cash flow value of $49.1
Current Discount Checks
For Exelon to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Exelon's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Exelon's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Exelon's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Exelon's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:EXC PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $2.41
NYSE:EXC Share Price ** NYSE (2019-07-19) in USD $47.57
United States of America Electric Utilities Industry PE Ratio Median Figure of 26 Publicly-Listed Electric Utilities Companies 22.92x
United States of America Market PE Ratio Median Figure of 3,083 Publicly-Listed Companies 17.92x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Exelon.

NYSE:EXC PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:EXC Share Price ÷ EPS (both in USD)

= 47.57 ÷ 2.41

19.75x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Exelon is good value based on earnings compared to the US Electric Utilities industry average.
  • Exelon is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Exelon's expected growth come at a high price?
Raw Data
NYSE:EXC PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 19.75x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts
4.5%per year
United States of America Electric Utilities Industry PEG Ratio Median Figure of 22 Publicly-Listed Electric Utilities Companies 3.25x
United States of America Market PEG Ratio Median Figure of 2,123 Publicly-Listed Companies 1.57x

*Line of best fit is calculated by linear regression .

NYSE:EXC PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 19.75x ÷ 4.5%

4.35x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Exelon is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Exelon's assets?
Raw Data
NYSE:EXC PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $32.30
NYSE:EXC Share Price * NYSE (2019-07-19) in USD $47.57
United States of America Electric Utilities Industry PB Ratio Median Figure of 29 Publicly-Listed Electric Utilities Companies 2.21x
United States of America Market PB Ratio Median Figure of 5,248 Publicly-Listed Companies 1.8x
NYSE:EXC PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:EXC Share Price ÷ Book Value per Share (both in USD)

= 47.57 ÷ 32.30

1.47x

* Primary Listing of Exelon.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Exelon is good value based on assets compared to the US Electric Utilities industry average.
X
Value checks
We assess Exelon's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Electric Utilities industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Electric Utilities industry average (and greater than 0)? (1 check)
  5. Exelon has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Exelon expected to perform in the next 1 to 3 years based on estimates from 11 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
4.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Exelon expected to grow at an attractive rate?
  • Exelon's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Exelon's earnings growth is positive but not above the United States of America market average.
  • Exelon's revenues are expected to decrease over the next 1-3 years, this is below the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:EXC Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:EXC Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts 4.5%
NYSE:EXC Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 11 Analysts -1.9%
United States of America Electric Utilities Industry Earnings Growth Rate Market Cap Weighted Average 8.1%
United States of America Electric Utilities Industry Revenue Growth Rate Market Cap Weighted Average 2.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:EXC Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:EXC Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 8,506
2022-12-31 8,143
2021-12-31 31,679 7,813 3,088 5
2020-12-31 31,486 7,691 2,981 8
2019-12-31 32,107 7,146 3,083 8
NYSE:EXC Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 35,769 8,186 2,332
2018-12-31 35,985 8,644 2,010
2018-09-30 35,555 8,482 3,737
2018-06-30 34,920 8,454 3,827
2018-03-31 34,511 7,908 3,381
2017-12-31 33,565 7,480 3,786
2017-09-30 33,054 6,755 2,111
2017-06-30 33,287 6,787 1,778
2017-03-31 32,532 8,046 1,951
2016-12-31 31,366 8,461 1,121
2016-09-30 30,187 9,305 1,240
2016-06-30 28,587 8,200 1,378

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Exelon's earnings are expected to grow by 4.5% yearly, however this is not considered high growth (20% yearly).
  • Exelon's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:EXC Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below

All data from Exelon Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:EXC Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31 3.21 3.21 3.21 1.00
2021-12-31 3.16 3.20 3.14 4.00
2020-12-31 3.10 3.25 2.83 5.00
2019-12-31 3.17 3.19 3.14 3.00
NYSE:EXC Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 2.41
2018-12-31 2.08
2018-09-30 3.87
2018-06-30 3.97
2018-03-31 3.53
2017-12-31 4.00
2017-09-30 2.25
2017-06-30 1.92
2017-03-31 2.11
2016-12-31 1.21
2016-09-30 1.34
2016-06-30 1.50

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Exelon is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Exelon's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Exelon has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Exelon performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Exelon's growth in the last year to its industry (Electric Utilities).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Exelon's year on year earnings growth rate has been positive over the past 5 years.
  • Exelon's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Exelon's 1-year earnings growth is negative, it can't be compared to the US Electric Utilities industry average.
Earnings and Revenue History
Exelon's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Exelon Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:EXC Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 35,769.00 2,332.00 32.00
2018-12-31 35,985.00 2,010.00 47.00
2018-09-30 35,555.00 3,737.00 60.00
2018-06-30 34,920.00 3,827.00 75.00
2018-03-31 34,511.00 3,381.00 93.00
2017-12-31 33,565.00 3,786.00 109.00
2017-09-30 33,054.00 2,111.00 82.00
2017-06-30 33,287.00 1,778.00 55.00
2017-03-31 32,532.00 1,951.00 26.00
2016-12-31 31,366.00 1,121.00 116.00
2016-09-30 30,187.00 1,240.00
2016-06-30 28,587.00 1,378.00
2016-03-31 28,192.00 1,749.00
2015-12-31 29,447.00 2,269.00
2015-09-30 30,002.00 1,978.00
2015-06-30 29,513.00 2,342.00
2015-03-31 29,022.00 2,226.00
2014-12-31 27,429.00 1,623.00
2014-09-30 26,336.00 2,099.00
2014-06-30 25,926.00 1,845.00
2014-03-31 26,043.00 1,813.00
2013-12-31 24,888.00 1,719.00
2013-09-30 24,979.00 1,602.00
2013-06-30 25,056.00 1,160.00
2013-03-31 24,881.00 956.00
2012-12-31 23,489.00 1,160.00
2012-09-30 21,593.00 1,388.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Exelon has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Exelon used its assets less efficiently than the US Electric Utilities industry average last year based on Return on Assets.
  • Exelon has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Exelon's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Electric Utilities industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Exelon has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Exelon's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Exelon's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Exelon is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Exelon's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Exelon's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.3x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Exelon Company Filings, last reported 3 months ago.

NYSE:EXC Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 33,704.00 37,112.00 880.00
2018-12-31 33,070.00 36,492.00 1,349.00
2018-09-30 33,388.00 36,514.00 1,918.00
2018-06-30 32,839.00 35,978.00 694.00
2018-03-31 32,565.00 36,151.00 787.00
2017-12-31 32,187.00 35,582.00 898.00
2017-09-30 30,317.00 35,964.00 1,203.00
2017-06-30 29,290.00 36,332.00 536.00
2017-03-31 28,291.00 37,378.00 609.00
2016-12-31 27,612.00 35,913.00 635.00
2016-09-30 27,486.00 36,051.00 1,897.00
2016-06-30 27,322.00 35,826.00 1,647.00
2016-03-31 27,205.00 35,653.00 960.00
2015-12-31 27,322.00 26,319.00 6,502.00
2015-09-30 27,289.00 26,761.00 7,265.00
2015-06-30 25,069.00 26,637.00 6,014.00
2015-03-31 24,638.00 22,736.00 1,825.00
2014-12-31 24,133.00 22,115.00 1,878.00
2014-09-30 25,050.00 22,474.00 2,763.00
2014-06-30 24,229.00 21,449.00 1,362.00
2014-03-31 22,778.00 20,548.00 914.00
2013-12-31 22,940.00 20,121.00 1,609.00
2013-09-30 22,067.00 20,427.00 1,644.00
2013-06-30 21,588.00 20,121.00 991.00
2013-03-31 21,326.00 20,049.00 772.00
2012-12-31 21,730.00 19,690.00 1,486.00
2012-09-30 22,103.00 19,736.00 1,700.00
  • Exelon's level of debt (110.1%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (90.2% vs 110.1% today).
  • Debt is well covered by operating cash flow (22.1%, greater than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 3x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Exelon's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Exelon has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Exelon's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.05%
Current annual income from Exelon dividends. Estimated to be 3.22% next year.
If you bought $2,000 of Exelon shares you are expected to receive $61 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Exelon's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.43%).
  • Exelon's dividend is below the markets top 25% of dividend payers in United States of America (3.74%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:EXC Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
United States of America Electric Utilities Industry Average Dividend Yield Market Cap Weighted Average of 27 Stocks 3.3%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2017 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:EXC Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 1.60 1.00
2022-12-31 1.62 2.00
2021-12-31 1.59 13.00
2020-12-31 1.52 16.00
2019-12-31 1.45 10.00
NYSE:EXC Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-04-30 1.450 2.947
2019-02-05 1.450 2.948
2018-09-24 1.380 3.067
2018-07-24 1.380 3.177
2018-05-01 1.380 3.353
2018-01-30 1.380 3.632
2017-09-25 1.310 3.302
2017-07-25 1.310 3.458
2017-04-25 1.310 3.659
2017-01-31 1.310 3.656
2016-10-25 1.272 3.741
2016-07-26 1.272 3.725
2016-01-26 1.240 3.640
2015-10-27 1.240 4.483
2015-04-28 1.240 3.876
2015-01-27 1.240 3.676
2014-10-21 1.240 3.399
2014-07-29 1.240 3.739
2014-05-06 1.240 3.556
2014-01-28 1.240 3.877
2013-10-22 1.240 4.475
2013-07-23 1.240 4.099
2013-04-24 1.240 3.801
2013-02-07 2.100 6.336
2012-10-22 2.100 6.878
2012-07-25 2.100 5.711
2012-05-10 2.100 5.573
2011-10-25 2.100 5.178
2011-07-26 2.100 4.940
2011-05-03 2.100 4.967
2011-01-25 2.100 5.066
2010-10-26 2.100 5.111
2010-07-27 2.100 4.983
2010-04-27 2.100 5.202
2010-01-26 2.100 4.726
2009-10-28 2.100 4.340
2009-07-28 2.100 4.211
2009-04-29 2.100 4.268
2009-01-27 2.100 4.410
2008-10-24 2.100 3.948
2008-07-29 2.000 3.088

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Exelon's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.7x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (2x coverage).
X
Income/ dividend checks
We assess Exelon's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Exelon afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Exelon has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Exelon's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Chris Crane
COMPENSATION $15,643,078
AGE 60
TENURE AS CEO 7.3 years
CEO Bio

Mr. Christopher Mark Crane, also known as Chris, has been a Vice Chairman of the Board of Edison Electric Institute since June 2018. He has been the Chief Executive Officer and President of Exelon Corporation since March 12, 2012 and September 23, 2008 respectively. Mr. Crane has been in the nuclear industry, in progressively more responsible leadership roles, for nearly 25 years. Mr. Crane served as the President of Exelon Generation Company, LLC since June 18, 2009 until 2013 and its Chief Operating Officer from September 6, 2007 to May 2010. He served as the Chief Operating Officer of Exelon Corp. from September 23, 2008 to April 28, 2011. He served as the President and Chief Executive Officer of AmerGen and Constellation Energy Group, Inc. He joined Exelon in 1998. He served as President and Chief Nuclear Officer at Exelon Nuclear Partners, LLC. Mr. Crane served as the President and Chief Nuclear Officer at Exelon Nuclear Partners from 2004 to September 6, 2007 and its Chief Operating Officer from 2003 to 2004. He served as a Senior Vice President of Exelon Nuclear Partners from 2000 to September 6, 2007. He served as an Executive Vice President of Exelon Corporation from September 6, 2007 to September 23, 2008 and served as its Senior Vice President until September 6, 2007. He served as Senior Vice President of Commonwealth Edison Company since July 1999. He joined ComEd as a Vice President of BWR (boiling water reactor) Operations in October 1998, served until July 1999, and was a major part of the ComEd nuclear program recovery. He served as Vice President Tennessee Valley Authority. He oversaw the restart of LaSalle Unit 2. He serves as Chairman of Atlantic City Electric Company; Potomac Electric Power Company and served as Chairman at Delmarva Power & Light Co. He has been the Chairman of Pepco Holdings LLC since 2016. He has been the Chairman of Baltimore Gas and Electric Company, Commonwealth Edison Company since 2012. He has been Chairman of PECO Energy Company since 2012 and serves as its Director. He served as Chairman of the Board of Nuclear Energy Institute since May 12, 2015. He served as a Vice Chairman of Nuclear Energy Institute from July 20, 2012 to May 12, 2015. He serves as a Director of Associated Electric & Gas Insurance Services Limited. He serves as a Director of Baltimore Gas and Electric Company, Commonwealth Edison Company since 2012. He serves as a Director of Nuclear Energy Institute. Mr. Crane has been a Director of Constellation Energy Group, Inc. since March 12, 2012 and Exelon Corporation since March 12, 2012. He served as a Director of Aleris Corporation from September 8, 2010 to December 4, 2013 and Aleris International, Inc. from September 8, 2010 to December 4, 2013. He is actively involved in leadership roles in the nuclear industry, including membership on the Executive Review Group for the Institute of Nuclear Power Operations, and a key leader of the industry's Materials Initiative Group. He also serves as vice-chairman of the Institute of Nuclear Power Operations, the industry organization promoting the highest levels of safety and reliability in nuclear plant operation. Mr. Crane is Vice-Chairman of the Edison Electric Institute. Prior to ComEd, Mr. Crane played a key role in the turnaround of the nuclear program of the Tennessee Valley Authority, introduced an industry- leading and nationally recognized process improvement program, restarted Browns Ferry Unit 3 and a Site Vice President of the Browns Ferry Nuclear Plant when it achieved an INPO 1 rating, a record-setting refueling outage and sustained high capacity factors. Mr. Crane served as a Trustee of Rush University Medical Center. He studied Electrical Technology at New Hampshire Technical College, as well as at Harvard Business School's Advanced Management Program. He has a Senior Reactor Operator Certification.

CEO Compensation
  • Chris's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Chris's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Exelon management team in years:

5.3
Average Tenure
57
Average Age
  • The average tenure for the Exelon management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Chris Crane

TITLE
President
COMPENSATION
$16M
AGE
60
TENURE
7.3 yrs

Joe Nigro

TITLE
Senior EVP & CFO
COMPENSATION
$7M
AGE
54
TENURE
1.2 yrs

Bill Von Hoene

TITLE
Senior EVP & Chief Strategy Officer
COMPENSATION
$6M
AGE
65
TENURE
13.4 yrs

Anne Pramaggiore

TITLE
Senior EVP of Exelon & CEO of Exelon Utilities
COMPENSATION
$6M
AGE
60
TENURE
1.1 yrs

Ken Cornew

TITLE
Senior EVP & Chief Commercial Officer
COMPENSATION
$5M
AGE
54
TENURE
11.5 yrs

M. Reidy

TITLE
Executive Vice President of Corporate Operations

Doug Brown

TITLE
Chief Investment Officer & Senior VP
TENURE
9.7 yrs

Fabian Souza

TITLE
Senior VP
AGE
48

Daniel Eggers

TITLE
Senior Vice President of Corporate Finance
TENURE
1.5 yrs

Mike Koehler

TITLE
Senior VP
TENURE
3.3 yrs
Board of Directors Tenure

Average tenure and age of the Exelon board of directors in years:

7.3
Average Tenure
66
Average Age
  • The tenure for the Exelon board of directors is about average.
Board of Directors

Mayo Shattuck

TITLE
Non-Executive Chairman
COMPENSATION
$593K
AGE
65
TENURE
7.3 yrs

Chris Crane

TITLE
President
COMPENSATION
$16M
AGE
60
TENURE
7.5 yrs

Ann Berzin

TITLE
Independent Director
COMPENSATION
$300K
AGE
67
TENURE
7.3 yrs

Yves de Balmann

TITLE
Independent Director
COMPENSATION
$308K
AGE
73
TENURE
7.3 yrs

Robert Lawless

TITLE
Director
COMPENSATION
$290K
AGE
72
TENURE
7.3 yrs

Tony Anderson

TITLE
Independent Director
COMPENSATION
$318K
AGE
63
TENURE
6.5 yrs

Nick DeBenedictis

TITLE
Independent Director
COMPENSATION
$305K
AGE
74
TENURE
17.3 yrs

John Young

TITLE
Director
COMPENSATION
$155K
AGE
63
TENURE
1 yrs

Steve Steinour

TITLE
Independent Director
COMPENSATION
$295K
AGE
60
TENURE
12.2 yrs

Paul Joskow

TITLE
Independent Director
COMPENSATION
$270K
AGE
71
TENURE
12 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
X
Management checks
We assess Exelon's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Exelon has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Does Exelon (NYSE:EXC) Have A Healthy Balance Sheet?

Either way, since Exelon does have more debt than cash, it's worth keeping an eye on its balance sheet. … So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. … In the last three years, Exelon created free cash flow amounting to 4.0% of its EBIT, an uninspiring performance.

Simply Wall St -

Exelon (NYSE:EXC) Has A Somewhat Strained Balance Sheet

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. … Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. … Because it carries more debt than cash, we think it's worth watching Exelon's balance sheet over time.

Simply Wall St -

Something To Consider Before Buying Exelon Corporation (NYSE:EXC) For The 2.9% Dividend

Exelon paid out 304% of its free cash flow last year, suggesting the dividend is poorly covered by cash flow. … While Exelon's dividends were covered by the company's reported profits, free cash flow is somewhat more important, so it's not great to see that the company didn't generate enough cash to pay its dividend. … First, the company has a payout ratio that was within an average range for most dividend stocks, but it paid out virtually all of its generated cash flow.

Simply Wall St -

Estimating The Fair Value Of Exelon Corporation (NYSE:EXC)

We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. … A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, and so the sum of these future cash flows is then discounted to today's value: 10-year free cash flow (FCF) estimate 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Levered FCF ($, Millions) $1.88k $1.60k $1.77k $1.90k $2.02k $2.12k $2.21k $2.30k $2.38k $2.46k Growth Rate Estimate Source Analyst x1 Analyst x3 Analyst x4 Est @ 7.61% Est @ 6.14% Est @ 5.12% Est @ 4.4% Est @ 3.9% Est @ 3.55% Est @ 3.3% Present Value ($, Millions) Discounted @ 7.5% $1.75k $1.39k $1.42k $1.42k $1.41k $1.37k $1.33k $1.29k $1.24k $1.19k Present Value of 10-year Cash Flow (PVCF)= $13.82b "Est" = FCF growth rate estimated by Simply Wall St The second stage is also known as Terminal Value, this is the business's cash flow after the first stage. … NYSE:EXC Intrinsic value, June 3rd 2019 Important assumptions Now the most important inputs to a discounted cash flow are the discount rate, and of course, the actual cash flows.

Simply Wall St -

Does Exelon Corporation (NYSE:EXC) Have A Good P/E Ratio?

This article is written for those who want to get better at using price to earnings ratios (P/E ratios). … View our latest analysis for Exelon How Do I Calculate Exelon's Price To Earnings Ratio? … The formula for price to earnings is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for Exelon: P/E of 20.34 = $48.98 ÷ $2.41 (Based on the trailing twelve months to March 2019.) Is A High P/E Ratio Good?

Simply Wall St -

The Exelon (NYSE:EXC) Share Price Is Up 40% And Shareholders Are Holding On

For example, the Exelon Corporation (NYSE:EXC) share price return of 40% over three years lags the market return in the same period. … One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price. … Exelon was able to grow its EPS at 7.6% per year over three years, sending the share price higher.

Simply Wall St -

What Kind Of Shareholders Own Exelon Corporation (NYSE:EXC)?

Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. … Companies that have been privatized tend to have low insider ownership. … Companies of this size are usually well known to retail investors, too.

Simply Wall St -

Exelon Corporation (NYSE:EXC): Is It A Smart Long Term Opportunity?

Looking at Exelon Corporation's (NYSE:EXC) earnings update in December 2018, … with earnings expected to grow by a high double-digit of 51% in the upcoming year,

Simply Wall St -

Can Exelon Corporation (NYSE:EXC) Improve Its Returns?

Exelon has a ROE of 6.3%, based on the last twelve months. … Another way to think of that is that for every $1 worth of equity in the company, it was able to earn $0.063. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

How Does Exelon Corporation (NYSE:EXC) Fare As A Dividend Stock?

Historically, Exelon Corporation (NYSE:EXC) has been paying a dividend to shareholders. … Let's dig deeper into whether Exelon should have a place in your portfolio. … See our latest analysis for Exelon

Simply Wall St -

Company Info

Description

Exelon Corporation, a utility services holding company, engages in energy generation and delivery businesses in the United States and Canada. It owns nuclear, fossil, wind, hydroelectric, and solar generating facilities. The company also sells electricity to wholesale and retail customers; and sells natural gas, renewable energy, and other energy-related products and services. In addition, it is involved in the purchase and regulated retail sale of electricity and natural gas; and transmission and distribution of electricity, and distribution of natural gas to retail customers. Further, the company offers corporate governance support services, including corporate strategy and development, legal, human resources, information technology, finance, real estate, security, corporate communications, supply at cost, engineering, distribution and transmission planning, asset management, system operations, and power procurement services. It serves distribution utilities, municipalities, cooperatives, and financial institutions, as well as commercial, industrial, governmental, and residential customers. The company was incorporated in 1999 and is headquartered in Chicago, Illinois.

Details
Name: Exelon Corporation
EXC
Exchange: NYSE
Founded: 1999
$46,188,323,594
970,954,879
Website: http://www.exeloncorp.com
Address: Exelon Corporation
10 South Dearborn Street,
48th Floor,
Chicago,
Illinois, 60680,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE EXC Common Stock New York Stock Exchange US USD 03. Jan 1994
DB PEO Common Stock Deutsche Boerse AG DE EUR 03. Jan 1994
LSE 0IJN Common Stock London Stock Exchange GB USD 03. Jan 1994
BMV EXC * Common Stock Bolsa Mexicana de Valores MX MXN 03. Jan 1994
Number of employees
Current staff
Staff numbers
33,383
Exelon employees.
Industry
Electric Utilities
Utilities
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/19 23:37
End of day share price update: 2019/07/19 00:00
Last estimates confirmation: 2019/07/19
Last earnings filing: 2019/05/02
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.