Exelon Corp. (EXC) intrinsic value & 10-year financials
Exelon Corp. (EXC) has a Graham intrinsic value of $64.37 per share. At $42.41 on Oct 20, 2026, the stock trades 34% below that value. Over the last 10 fiscal years revenue grew 99.7% a year to $24.3B, with an average return on invested capital of 4.9%.
- Graham intrinsic value
- $64.37
- Share price (Oct 20, 2026)
- $42.41
- Price vs Graham value
- 34% below
- Market cap
- $42.9B
- Revenue (FY2025)
- $24.3B
- Revenue growth (10-yr CAGR)
- 99.7%
- ROIC (10-yr avg)
- 4.9%
- Free cash flow (FY2025)
- -$2.3B
EXC 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $24.3B | $2.8B | — | -$2.3B | 21.2% | 5.7% |
| FY2024 | $23.0B | $2.5B | — | -$1.5B | 18.8% | 5.7% |
| FY2023 | $21.7B | $2.3B | — | -$2.7B | 18.5% | 5.4% |
| FY2022 | $19.1B | $2.2B | — | -$2.3B | 17.4% | 4.3% |
| FY2021 | $36.3B | $1.8B | $1.74 | -$5.0B | 7.5% | 3.2% |
| FY2020 | $33.0B | $2.0B | $2.01 | -$3.8B | 8.5% | 3.5% |
| FY2019 | $34.4B | $3.0B | $3.01 | -$589.0M | 12.7% | 5.3% |
| FY2018 | -$62.0M | $2.1B | $2.07 | $1.1B | -6287.1% | 5.8% |
| FY2017 | $207.0M | $3.8B | $3.97 | -$104.0M | 2058.0% | 7.0% |
| FY2016 | $48.0M | $1.2B | $1.22 | -$108.0M | 6483.3% | 3.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Exelon is a consistent compounder, expanding top-line revenue at 99.7% annually over the past decade.
Exelon has historically struggled to out-earn its cost of capital, averaging just 4.9% ROIC.
Over the decade, Exelon shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Exelon is modeled at 9.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $64.37 per share.