Consolidated Edison, Inc.

ED · Utilities · Utilities - Regulated Electric · Valued as of 2026-11-03 · Statements 2025-12-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

20.56B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

30.55B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

25.74B USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

25.62B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

38.32B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.67×

the ratio the screener ranks by

Margin of Safety

-49.6%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 20.56B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)47.44B USD
−②Net Debt Today26.88B USD
+③Growth Value0 USD
=Value20.56B USD

EPV of the Operations (NOPAT over WACC)

47.44B USD

Net debt today

-26.88B USD

Growth Value

0 USD

Value

20.56B USD

①EPV (earnings power value)

47.44B USD

②Net Debt Today

26.88B USD

③Growth Value

0 USD

Market value

Market Cap38.32B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-86.3%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 30.55B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE15.86B USD
+②Equity at Year 15, Today14.69B USD
=Value30.55B USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROE on new investment falling to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

15.86B USD

②Equity at Year 15, Today

14.69B USD

Market value

Market Cap38.32B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-25.4%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 25.74B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).

The projection was not made (an FCFF at or below zero in the latest three years), so the value is the book value today, 25.74B USD, as the screener leaves it.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Debt Today

Not in the value

Market value

Market Cap38.32B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-48.8%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 4.92%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.26×Market Risk Premium 6.00%= 6.05%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 574.57M USDPretax Income 2.60B USD= 22.10%

The tax the interest saves.

Interest Expense =EBIT 3.83B USD−Pretax Income 2.60B USD= 1.23B USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 1.23B USDTotal Debt 28.35B USD×(1 − Tax Rate for WACC 22.10%)= 3.39%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 28.35B USDMarket Cap + Total Debt 38.32B USD + 28.35B USD= 42.52%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 57.48%×Cost of Equity 6.05%+Debt Weight 42.52%×Cost of Debt 3.39%= 4.92%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-06-30.

Total Assets 76.54B USD − Total Liabilities 50.79B USD = Book Value Today 25.74B USD

Total Debt 28.35B USD − Cash and Short-Term Investments 1.47B USD = Net Debt Today 26.88B USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 17.1%at most 5%does not pass370,000,000 / 345,415,772
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets3.6%at least -10.0%passes(4.80B USD − 2.03B USD) ÷ 76.54B USD
Price to bookMarket Cap ÷ Book Value Today1.49×at most 3×passes38.32B USD ÷ 25.74B USD
Operating marginOperating Income ÷ Revenue17.7%above 10.0%passes3.00B USD ÷ 16.93B USD
Revenue growthRevenue ÷ Revenue a Year Before − 110.9%above 10.0%passes16.93B USD / 15.27B USD
Net cash(Cash − Total Debt) ÷ Market Cap-70.1%above -30%does not pass(1.47B USD − 28.35B USD) ÷ 38.32B USD
Operating efficiencyOperating Income ÷ Gross Profit33.3%above 25.0%passes3.00B USD ÷ 9.02B USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

103.60 USD

Enterprise value

65.19B USD

the provider's own figure

EV / EBITDA

10.57×

Price / book

1.49×

the provider's book

Price / earnings

17.00×

Return on equity

9.0%

the provider's figure, not this page's

Profit margin

12.5%

Revenue growth

13.2%

Analyst target, mean

110.33 USD

Analysts

16

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

Income statement (USD)2022202320242025

Revenue

15.69B14.68B15.27B16.93B

Gross profit

7.69B7.41B8.18B9.02B

Operating income

2.63B2.33B2.73B3.00B

EBITDA

operating income before depreciation and amortisation

5.11B6.06B5.49B6.16B

Pretax income

2.10B3.01B2.14B2.60B

Net income

1.66B2.52B1.82B2.03B

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

1.63B1.74B1.79B1.97B

R&D

————
Balance sheet, year end (USD)2022202320242025

Total assets

69.13B66.40B70.63B74.68B

Total liabilities

48.22B45.22B48.65B50.46B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

20.71B21.18B21.98B24.21B

Total debt

24.44B25.04B27.85B28.40B

Cash and equivalents

1.28B1.19B1.33B1.63B

Net PP&E

fixed assets after depreciation

47.38B50.19B52.71B55.95B

Working capital

current assets less current liabilities

1.64B75.07M231.23M136.14M
Cash flow (USD)2022202320242025

Operating cash flow

3.94B2.16B3.62B4.80B

Capital expenditure

paid out, so below zero

-4.17B-4.50B-4.78B-4.77B

Depreciation and amortisation

2.06B2.03B2.16B2.32B

Free cash flow

operating cash flow plus capital expenditure

-233.23M-2.34B-1.16B36.04M