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1. Company Snapshot

1.a. Company Description

Exelon Corporation, a utility services holding company, engages in the energy generation, delivery, and marketing businesses in the United States and Canada.It owns nuclear, fossil, wind, hydroelectric, biomass, 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.


Additionally, 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 support services, including legal, human resources, information technology, financial, supply management, accounting, engineering, customer operations, 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.


Exelon Corporation was incorporated in 1999 and is headquartered in Chicago, Illinois.

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1.b. Last Insights on EXC

Exelon Corporation's recent performance was driven by strong Q4 2025 earnings, with adjusted EPS of $0.59 beating estimates. The company's strategic investments yielded results, with an annual earnings growth rate of 7.4% since 2021 and an 8% rate base growth through 2025. A $41.3 billion infrastructure investment plan through 2029, including upgrades to support 19 GW of new projects, signals growth prospects. Decoupled revenues, EV adoption, and data center demand also contributed positively.

1.c. Company Highlights

2. Exelon's Strong 2025 Earnings and Growth Outlook

Exelon Corporation reported adjusted operating earnings per share of $2.77 in 2025, exceeding expectations. The company's utilities maintained top quartile reliability metrics, with fewer than 1% of customers experiencing outages during Winter Storm FERN. Exelon expects to invest $41.3 billion of capital to support customers, with over 70% of the plan-over-plan increase driven by transmission. For 2026, the company initiated operating earnings guidance of $2.81 to $2.91 per share, representing midpoint-to-midpoint growth above 6%. The actual EPS for the quarter was $0.59, beating analyst estimates of $0.547.

Publication Date: Feb -13

📋 Highlights
  • 2025 Adjusted Earnings: Exelon delivered $2.77 adjusted operating EPS, exceeding expectations with strong financial performance.
  • Capital Investment Plan: $41.3B in capital expenditures planned through 2029, with 70% driven by transmission infrastructure.
  • 2026 Earnings Guidance: Projected $2.81–$2.91 EPS (midpoint $2.86), reflecting >6% growth from 2025 midpoint of $2.69.
  • Rate Base Growth: 7.9% CAGR in rate base (2025–2029), adding $23B in rate base to support long-term growth.
  • Cost Management Savings: $580M annual O&M savings achieved through operational efficiency over the past decade.

Financial Performance and Guidance

Exelon's strong financial performance in 2025 was driven by its continued investment in reliability and resiliency, as well as its ability to capitalize on growing transmission opportunities. The company's size and scale, multistate footprint, and operational expertise position it to pursue competitive opportunities outside of its service territories. Exelon's 2026 guidance implies a continued strong growth trajectory, with a projected addition of nearly $23 billion in rate base from 2025 to 2029.

Regulatory Updates and Outlook

Exelon executed a busy regulatory calendar in 2025, marking significant milestones and reaching final resolution on open reconciliation and key rate cases. The company received final orders in its open reconciliations at BGE and ComEd in December, gaining clarity on the recovery of investments from 2023 and 2024. Exelon is confident it will execute this next stage of growth, driving progress towards economic and energy goals and prioritizing customer needs.

Valuation and Growth Prospects

With a P/E Ratio of 17.04 and a Dividend Yield of 3.36%, Exelon's valuation reflects its stable growth prospects. The company's projected compounded annual earnings growth near the top end of 5% to 7% from its 2025 guidance midpoint of $2.69 per share through 2029 is expected to drive long-term value creation. Analysts estimate next year's revenue growth at 2.5%, indicating a stable outlook for the company's top line.

Operational Focus and Cost Management

Exelon's operational focus and cost management have enabled the company to standardize and streamline its structure and operations, resulting in significant savings for customers. The company's rigorous focus on cost management has saved customers approximately $580 million in O&M annually relative to what it would have been growing at a standard inflation level over the last decade.

3. NewsRoom

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Exelon Corporation $EXC Shares Bought by Elo Mutual Pension Insurance Co

Mar -03

Source: defenseworld.net

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Andra AP fonden Purchases 521,969 Shares of Exelon Corporation $EXC

Feb -27

Source: defenseworld.net

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ComEd Reinforces Commitment to Fight Rising Energy Costs as Part of “The Exelon Promise”

Feb -23

Source: businesswire.com

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Exelon Commends U.S. Department of the Treasury for Issuing Tax Notice that Addresses Affordability, Promotes Grid Investment

Feb -19

Source: businesswire.com

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Exelon Launches the Exelon Promise to Fight Out of Control Energy Costs

Feb -17

Source: businesswire.com

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Envestnet Asset Management Inc. Trims Holdings in Exelon Corporation $EXC

Feb -14

Source: defenseworld.net

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Exelon (NASDAQ:EXC) Reaches New 52-Week High on Earnings Beat

Feb -14

Source: defenseworld.net

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Exelon: Not Just A Bet On AI Data Center Tailwinds, But On Electrification Overall

Feb -13

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.00%)

6. Segments

Commonwealth Edison Company (ComEd)

Expected Growth: 3.2%

Slightly above the global growth hypothesis due to its strategic importance and ongoing infrastructure investments, which are expected to drive growth.

Pepco Holdings LLC (PHI)

Expected Growth: 3.0%

In line with the global growth hypothesis, as PHI's utilities operate in a relatively stable regulatory environment, with growth driven by infrastructure investments and rate case outcomes.

Baltimore Gas and Electric Company (BGE)

Expected Growth: 3.1%

Slightly above the global growth hypothesis, driven by ongoing grid modernization efforts and a strong focus on customer satisfaction, which is expected to drive growth.

PECO Energy Company (PECO)

Expected Growth: 2.9%

Slightly below the global growth hypothesis, as PECO's growth is tempered by regulatory lag and the need for continued infrastructure investments.

Other

Expected Growth: 2.5%

Below the global growth hypothesis, as this segment is subject to variability and is not directly related to the core utility operations, making it more challenging to predict growth.

Intersegment Eliminations

Expected Growth: None%

None

7. Detailed Products

Electricity Generation

Exelon Corporation generates electricity through its nuclear, fossil, wind, and solar power plants.

Electricity Transmission

Exelon Corporation owns and operates high-voltage transmission lines that transport electricity from power plants to the grid.

Electricity Distribution

Exelon Corporation distributes electricity to customers through its network of power lines, substations, and transformers.

Natural Gas Distribution

Exelon Corporation distributes natural gas to customers through its network of pipelines and meters.

Renewable Energy

Exelon Corporation develops and operates renewable energy projects, including wind and solar farms.

Energy Efficiency

Exelon Corporation offers energy efficiency programs and services to help customers reduce energy consumption.

Energy Storage

Exelon Corporation develops and operates energy storage systems to optimize energy usage and reduce peak demand.

8. Exelon Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

Exelon Corporation operates in a highly regulated industry, and the threat of substitutes is moderate. While there are alternative energy sources available, they are not yet widely adopted, and Exelon's diversified energy portfolio helps to mitigate this threat.

Bargaining Power Of Customers

Exelon Corporation's customers have limited bargaining power due to the lack of alternative energy providers in many areas. Additionally, Exelon's large customer base and diversified energy portfolio reduce the bargaining power of individual customers.

Bargaining Power Of Suppliers

Exelon Corporation's suppliers have moderate bargaining power due to the availability of alternative suppliers and the company's dependence on fuel sources. However, Exelon's large scale and diversified energy portfolio help to mitigate this threat.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the energy industry, including significant capital requirements and regulatory hurdles. Exelon Corporation's established position and diversified energy portfolio also make it difficult for new entrants to compete.

Intensity Of Rivalry

The intensity of rivalry in the energy industry is high due to the presence of several large competitors and the ongoing trend of consolidation. Exelon Corporation faces intense competition in terms of pricing, customer service, and innovation.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 63.08%
Debt Cost 4.56%
Equity Weight 36.92%
Equity Cost 6.93%
WACC 5.44%
Leverage 170.87%

11. Quality Control: Exelon Corporation passed 0 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Exelon

A-Score: 6.7/10

Value: 6.7

Growth: 3.8

Quality: 4.4

Yield: 7.0

Momentum: 8.5

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
WEC Energy

A-Score: 6.7/10

Value: 5.3

Growth: 4.8

Quality: 4.9

Yield: 7.0

Momentum: 8.0

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
Dominion Energy

A-Score: 6.5/10

Value: 5.8

Growth: 3.6

Quality: 5.0

Yield: 8.0

Momentum: 7.0

Volatility: 9.7

1-Year Total Return ->

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Stock-Card
DTE Energy

A-Score: 6.2/10

Value: 4.8

Growth: 3.7

Quality: 4.1

Yield: 7.0

Momentum: 7.5

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
NextEra Energy

A-Score: 6.1/10

Value: 2.5

Growth: 5.9

Quality: 5.5

Yield: 6.0

Momentum: 8.0

Volatility: 8.7

1-Year Total Return ->

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Stock-Card
Xcel Energy

A-Score: 6.0/10

Value: 4.3

Growth: 4.6

Quality: 3.2

Yield: 6.0

Momentum: 8.0

Volatility: 10.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

49.14$

Current Price

49.14$

Potential

-0.00%

Expected Cash-Flows