# Exelon Corporation (EXC) — Stock CV

Exelon Corporation is a $43.1B utility company. Revenue grew 6.6% over the last year, it keeps 11¢ of every dollar of sales as profit, and it carries $49.4B of net debt. It trades at 15.5× earnings — in the cheapest third of its own history.

> Exelon serves approximately 10 million power and gas customers at its six regulated utilities in Illinois, Pennsylvania, Maryland, New Jersey, Delaware, and Washington, D.C.

## Identity

- **Ticker**: EXC
- **Sector**: Utilities
- **Industry**: Electric & Other Services Combined
- **Headquarters**: CHICAGO, IL
- **Employees**: 20 571
- **Website**: https://www.exeloncorp.com
- **Market cap**: $43.1B
- **Last price**: $41.80
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $25.3B
- **Net income**: $2.78B
- **Free cash flow**: -$1.92B
- **Net debt**: $49.4B
- **P/E**: 15.5
- **Revenue growth (YoY)**: 6.6%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 70 |
| Growth | 44 |
| Profitability | 57 |
| Health | 30 |
| Quality | 62 |
| Moat | 12 |

## Qualifications (beginner checklist) — 8 of 11 passed

- [x] Revenue growing — +6.6% YoY
- [x] Profitable — $2.78B TTM
- [x] Profit growing — +7.5% YoY
- [ ] Generates cash — -$1.92B TTM
- [ ] Debt under control — current ratio 1.09
- [x] Established company — $43.1B market cap
- [x] Not printing shares — +3.6% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — Altman Z 0.6 — distress
- [x] Pays a dividend — yield 3.87%
- [x] Valuation not extreme — P/E 15.5

## Experience (career milestones)

- **Feb 2, 2022** — Exelon completed the corporate spin-off of Constellation Energy, its energy generation business
- **FY2017** — Best year on record: $3.77B net income
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $10B: $31.4B in first reported year
- **Mar 23, 2016** — The merger was finally approved by the District of Columbia Public Service Commission after the…
- **2015** — The merger was originally rejected by the District of Columbia Public Service Commission in August 2015, though it…
- **Mar 12, 2012** — Exelon acquired Constellation Energy, with the combined company owning more than 34 gigawatts of…
- **2000** — Exelon Corporation was created in October 2000 by the merger between PECO Energy Company, formed in 1902
- **1998** — The merger was overseen by the CEO of Unicom, John Rowe, who joined the corporation in 1998 and led the newly formed…

## Strengths

- High gross margin (40.4%)
- Piotroski F-Score 7/9 — fundamentally strong checklist

## Watch-outs

- Negative free cash flow (-$1.9B)
- Altman Z-Score 0.57 — elevated financial-distress risk

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $36.3B | $1.71B | -$4.97B |
| FY2022 | $19.1B | $2.17B | -$2.28B |
| FY2023 | $21.7B | $2.33B | -$2.71B |
| FY2024 | $23.0B | $2.46B | -$1.53B |
| FY2025 | $24.3B | $2.77B | -$2.27B |

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Source: https://stockcv.com/EXC — derived from company filings; may be delayed or incomplete. Information, not investment advice.