---
title: Consolidated Edison (ED) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/ed
ticker: ED
as_of: 2026-10-17
sector: Utilities
industry: Regulated Electric
---
# Consolidated Edison (ED)

Consolidated Edison (ED) closed at $112.26 on Oct 16, 2026, undervalued by 2% vs its model value of $114.35 (from its own five-year median P/E applied to its earnings).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $112.26 (Oct 16, 2026) |
| Model value (from its own five-year median P/E applied to its earnings) | $114.35 |
| Price vs model | undervalued by 2% vs model |
| Range of that model | $107.79 – $124.91 |
| Market value | $41.4B |
| P/E (fiscal 2025) | 19.9 |
| Net margin (fiscal 2025) | 12.0% |
| Free cash flow (fiscal 2025) | $36.0M |
| Dividend yield (trailing twelve months) | 3.13% |
| Beta | 0.25 |
| Cost of capital (WACC) | 5.93% |
| Business classification | Dividend Payer (Low/slowing growth (~9% recent), Moderate margins (12% net margin), Pays dividends, Highly cyclical earnings) |

## On the stock lists

| List | Place | Figure | Page |
| --- | ---: | ---: | --- |
| Dividend growth streaks | #7 | 44 years | https://sweetvaluelab.com/lists/dividend-growth-streaks |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 3.13% |
| Dividends per share, last 12 months | $3.51 |
| Dividends / free cash flow (fiscal 2025) | 3238.9% |
| Raised | 44 years in a row |
| Growth over 5 years | 2.6% a year |
| Latest payment | $0.8875, ex-date Aug 19, 2026, paid Sep 15, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Aug 17, 2021 | $3.09 |
| To Aug 16, 2022 | $3.15 |
| To Aug 15, 2023 | $3.22 |
| To Aug 14, 2024 | $3.30 |
| To Aug 13, 2025 | $3.38 |
| Trailing twelve months (to Aug 19, 2026) | $3.51 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | cross check | $102.61 | $26.76 | $242.76 |
| DCF · Perpetuity growth · 10y | cross check | $109.84 | $33.76 | $263.17 |
| DCF · EBITDA exit · 5y | cross check | $195.42 | $104.56 | $303.15 |
| DCF · EBITDA exit · 10y | cross check | $188.35 | $94.46 | $316.00 |
| P/E · peers | cross check | $106.78 | $102.60 | $126.51 |
| P/E · own history | primary | $114.35 | $107.79 | $124.91 |
| PEG | sanity check | $58.74 | $58.74 | $58.74 |
| EV/EBITDA · peers | cross check | $114.98 | $95.72 | $129.06 |
| EV/Revenue · peers | cross check | $150.12 | $98.00 | $181.03 |
| Earnings power value | cross check | $0.00 | $0.00 | $0.00 |
| Dividend discount | cross check | $81.13 | $51.92 | $156.33 |

## Insider activity (SEC Form 4)

Past 90 days: 1 open-market buy ($111.1) and 0 open-market sales ($0); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Sep 30, 2026 | RANGER MICHAEL W | Director | Grant / award | 476.959 | $48,750 |
| Sep 15, 2026 | Miller Joseph | VP & Controller | Open-market buy | 1.05 | $111.1 |
| Jul 8, 2026 | Andrews Kirkland B | SVP & CFO | Tax withholding | 8,524 | $955,455.2 |
| Jul 1, 2026 | Farhadian Weinstein Tali | Director | Grant / award | 1,277 | $141,683.2 |
| Jun 30, 2026 | RANGER MICHAEL W | Director | Grant / award | 440.658 | $48,750 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Sep 4, 2026 | 8-K | 8.01 Other Events | https://www.sec.gov/Archives/edgar/data/1047862/000119312526383674/d144518d8k.htm |
| Aug 6, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1047862/000104786226000143/ed-20260806.htm |
| Aug 6, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1047862/000104786226000142/ed-20260630.htm |
| Jul 2, 2026 | 8-K | 5.02 Departure/Election of Directors or Officers; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1047862/000119312526294715/d168683d8k.htm |
| Jun 3, 2026 | 8-K | 8.01 Other Events; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1047862/000119312526254760/d74070d8k.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Bridgewater | 2026-06-30 | 623,641 | $69.0M |

1 tracked managers in all.

## About

Consolidated Edison, Inc., through its various subsidiaries, primarily operates in the regulated sectors of electricity, natural gas, and steam distribution across the United States. The company supplies electric power to approximately 3.5 million households and businesses in New York City and Westchester County. It also delivers natural gas to about 1.1 million customers located in Manhattan, the Bronx, specific parts of Queens, and Westchester County, while providing steam services to around 1,555 clients in certain Manhattan areas. Beyond these core regions, Consolidated Edison extends its electricity provision to roughly 300,000 customers in southeastern New York and northern New Jersey, and serves approximately 100,000 natural gas consumers in southeastern New York. Its extensive operational framework encompasses 533 circuit miles of transmission lines and 15 transmission substation…

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Source: https://sweetvaluelab.com/stocks/ed (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.