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

Exelon (EXC) closed at $43.50 on Oct 16, 2026, undervalued by 13% vs its model value of $50.19 (from its own five-year median P/E applied to its earnings).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $43.50 (Oct 16, 2026) |
| Model value (from its own five-year median P/E applied to its earnings) | $50.19 |
| Price vs model | undervalued by 13% vs model |
| Range of that model | $46.20 – $53.99 |
| Market value | $44.8B |
| P/E (fiscal 2025) | — |
| Net margin (fiscal 2025) | 11.4% |
| Free cash flow (fiscal 2025) | -$2.3B |
| Dividend yield (trailing twelve months) | 3.82% |
| Beta | 0.39 |
| Cost of capital (WACC) | 5.82% |
| Business classification | Dividend Payer (Low/slowing growth (~6% recent), Moderate margins (11% net margin), Strong dividend yield, Highly cyclical earnings, Negative free cash flow) |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 3.82% |
| Dividends per share, last 12 months | $1.66 |
| Coverage | — |
| Raised | 4 years in a row |
| Growth over 5 years | 8.7% a year |
| Latest payment | $0.42, ex-date Sep 4, 2026, paid Sep 15, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Aug 12, 2021 | $1.09 |
| To Aug 12, 2022 | $1.29 |
| To Aug 14, 2023 | $1.42 |
| To Aug 12, 2024 | $1.50 |
| To Aug 11, 2025 | $1.58 |
| Trailing twelve months (to Sep 4, 2026) | $1.66 |

## 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 | $78.16 | $21.10 | $187.62 |
| DCF · Perpetuity growth · 10y | cross check | $75.10 | $22.02 | $185.89 |
| DCF · EBITDA exit · 5y | cross check | $116.86 | $63.29 | $180.32 |
| DCF · EBITDA exit · 10y | cross check | $111.18 | $56.14 | $185.74 |
| P/E · peers | cross check | $54.75 | $51.83 | $57.64 |
| P/E · own history | primary | $50.19 | $46.20 | $53.99 |
| PEG | sanity check | $28.29 | $28.29 | $28.29 |
| EV/EBITDA · peers | cross check | $67.46 | $60.83 | $70.67 |
| EV/Revenue · peers | cross check | $87.29 | $78.52 | $90.66 |
| Earnings power value | cross check | $0.00 | $0.00 | $0.00 |
| Dividend discount | cross check | $40.24 | $26.31 | $73.42 |

## Insider activity (SEC Form 4)

No open-market insider buys or sales filed in the past 90 days.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Sep 30, 2026 | Rogers Matthew C | Director | Grant / award | 897 | $36,238.8 |
| Sep 30, 2026 | Lillie Charisse R | Director | Grant / award | 6 | $242.4 |
| Sep 30, 2026 | Cheshire Marjorie Rodgers | Director | Grant / award | 511 | $20,644.4 |
| Sep 30, 2026 | BOWERS WILLIAM P | Director | Grant / award | 1,067 | $43,106.8 |
| Jun 30, 2026 | Rogers Matthew C | Director | Grant / award | 778 | $36,270.4 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Aug 25, 2026 | 8-K | 5.02 Departure/Election of Directors or Officers; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1109357/000110935726000084/exc-20260825.htm |
| Jul 30, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1109357/000110935726000080/exc-20260630.htm |
| Jul 30, 2026 | 8-K | 2.02 Results of Operations (Earnings); 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1109357/000110935726000077/exc-20260730.htm |
| May 6, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1109357/000110935726000063/exc-20260331.htm |
| May 6, 2026 | 8-K | 2.02 Results of Operations (Earnings); 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1109357/000110935726000061/exc-20260506.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Bridgewater | 2026-06-30 | 366,296 | $17.1M |

1 tracked managers in all.

## About

Exelon Corporation, a utility holding company established in 1999 and headquartered in Chicago, Illinois, operates across the United States and Canada. The company primarily focuses on the generation, delivery, and marketing of energy. It maintains a diverse portfolio of power production facilities, utilizing nuclear, fossil fuel, wind, hydroelectric, biomass, and solar technologies. Exelon engages in the sale of electricity to both wholesale and retail clients, while also providing natural gas, renewable energy solutions, and various other energy-related products and services. Beyond generation, the corporation manages the regulated procurement and direct sale of electricity and natural gas to consumers, alongside overseeing the essential transmission and distribution infrastructure for both power and natural gas. To support its extensive operations, Exelon provides a wide array of inte…

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Source: https://sweetvaluelab.com/stocks/exc (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.