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Held by 428 of 2,417 reporting institutions (98th percentile) — extremely crowded.
Data as of Q3 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Ranked against 14 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| DUK | $99.3B | 20.2× | 11.1× | 3.1× | 5.6% | — | 15.7% | 9.6% | 3.7% | 5.0× | 841 |
| EXC | $47.6B | — | 11.6× | 2.0× | 5.3% | — | 11.4% | 9.6% | 3.6% | 5.8× | 374 |
| ED | $43.1B | 20.7× | — | 2.5× | 10.9% | — | 12.0% | 8.4% | 4.0% | — | 428 |
| PCG | $39.6B | 11.2× | — | 1.6× | 2.1% | — | 10.8% | 8.3% | 2.9% | — | 198 |
| WEC | $38.2B | 24.1× | 15.7× | 3.9× | 14.0% | 66.7% | 15.9% | 11.1% | 4.5% | 5.5× | 402 |
| PEG | $37.0B | 17.6× | — | 3.0× | 18.3% | — | 17.3% | 12.4% | 5.3% | — | 367 |
| AEE | $30.6B | 20.7× | — | 3.5× | 15.4% | — | 16.6% | 10.9% | 4.5% | — | 234 |
| CMS | $22.0B | 19.9× | 13.3× | 2.6× | 13.6% | — | 12.5% | 11.7% | 3.8% | 6.0× | 215 |
| NI | $21.4B | 22.9× | 7.3× | 3.3× | 23.5% | — | 14.3% | 9.8% | 9.1% | 0.2× | 208 |
| EVRG | $19.8B | 23.5× | 13.4× | 3.3× | 2.0% | — | 14.4% | 8.4% | 3.6% | 5.4× | 258 |
| LNT | $18.6B | 22.8× | 16.1× | 4.3× | 9.6% | 85.7% | 18.6% | 11.0% | 4.2% | 6.1× | 225 |
| NWE | $4.9B | 27.1× | 14.3× | 3.0× | 6.4% | — | 11.2% | 6.3% | 2.9% | 5.8× | 73 |
| AVA | $3.1B | 15.8× | 5.5× | 1.6× | 1.3% | — | 9.8% | 7.1% | 6.2% | 0.6× | 80 |
| UTL | $1.0B | 18.7× | — | 1.9× | 8.3% | — | 9.4% | 8.2% | 3.4% | — | 48 |
| GNE | $433M | 18.3× | 8.3× | 0.9× | 18.1% | 24.8% | 4.8% | 9.6% | 9.2% | -6.8× | 15 |
Peers = companies sharing ED's sector (Electric & Other Services Combined) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $116.64 today, the market must believe free cash flow compounds 2.6%/yr for a decade (off $3.52B on the 3-yr avg basis).
On the basis ($3.48B) the requirement is 2.8%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 2.6% is more conservative than its 2-yr track record.
Default is 7.9% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.37B shares (market data) · net debt $24.17B
mean 50.2% · volatility σ 25% · implied rate exceeded in 2/2 yrs
Central path = implied 2.6%/yr growth; shaded band = ±1σ (25%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 24% of free cash flow, leaving room to grow it and fund buybacks. Last year: $1.17B dividends + $0 buybacks = $1.17B returned on $4.80B FCF.
1 consecutive years of dividend increases · 3%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Modest payoff on reinvested capital. Current ROIC on all capital: 4%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $1.63B covers the $250.0M due within a year 6.5× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~4.8% on $25.80B of debt.
Cash of $1.63B fully covers short-term debt of $250.0M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.92B 100.0% | $15.26B 100.0% | $14.66B 100.0% | $15.67B 100.0% | $13.68B 100.0% | $12.25B 100.0% | $12.57B 100.0% | $12.34B 100.0% | $12.03B 100.0% | $12.07B 100.0% |
| Research & Development | — | — | — | $27.0M 0.2% | $25.0M 0.2% | $24.0M 0.2% | $24.0M 0.2% | $24.0M 0.2% | $24.0M 0.2% | $24.0M 0.2% |
| Total Operating Expenses | $13.99B 82.7% | $12.52B 82.1% | $12.33B 84.1% | $13.05B 83.3% | $10.85B 79.3% | $9.59B 78.3% | $9.90B 78.7% | $9.80B 79.5% | $9.26B 77.0% | $9.40B 77.8% |
| Operating Income | $2.94B 17.3% | $2.67B 17.5% | $3.20B 21.8% | $2.62B 16.7% | $2.83B 20.7% | $2.65B 21.7% | $2.68B 21.3% | $2.66B 21.6% | $2.77B 23.1% | $2.78B 23.0% |
| Interest Expense | $1.23B 7.3% | $1.19B 7.8% | $1.02B 7.0% | $852.0M 5.4% | $905.0M 6.6% | $1.02B 8.3% | $991.0M 7.9% | $819.0M 6.6% | $729.0M 6.1% | $678.0M 5.6% |
| Other Income (Expense), net | $895.0M 5.3% | $655.0M 4.3% | $830.0M 5.7% | $326.0M 2.1% | -$538.0M -3.9% | -$401.0M -3.3% | $51.0M 0.4% | -$62.0M -0.5% | -$48.0M -0.4% | -$141.0M -1.2% |
| Pretax Income | $2.60B 15.4% | $2.14B 14.0% | $3.00B 20.5% | $2.10B 13.4% | $1.38B 10.1% | $1.23B 10.1% | $1.74B 13.8% | $1.78B 14.5% | $2.00B 16.6% | $1.94B 16.1% |
| Income Tax Expense | $574.0M 3.4% | $318.0M 2.1% | $487.0M 3.3% | $498.0M 3.2% | $190.0M 1.4% | $90.0M 0.7% | $296.0M 2.4% | $401.0M 3.3% | $472.0M 3.9% | $698.0M 5.8% |
| Net Income | $2.0M 0.0% | $1.8M 0.0% | $2.5M 0.0% | $1.7M 0.0% | $1.3M 0.0% | $1.10B 9.0% | $1.34B 10.7% | $1.38B 11.2% | $1.52B 12.7% | $1.25B 10.3% |
| Per Share | ||||||||||
| EPS (Basic) | $5.66 | $5.26 | $7.25 | $4.68 | $3.86 | $3.29 | $4.09 | $4.43 | $4.97 | $4.15 |
| EPS (Diluted) | $5.64 | $5.24 | $7.21 | $4.66 | $3.85 | $3.28 | $4.08 | $4.42 | $4.94 | $4.12 |
| Weighted Avg Shares (Basic) | 357.4M | 346.0M | 347.7M | 354.5M | 348.4M | 334.8M | 328.5M | 311.7M | 307.1M | 300.4M |
| Weighted Avg Shares (Diluted) | 358.7M | 347.3M | 349.3M | 355.8M | 349.4M | 335.7M | 329.5M | 312.9M | 308.8M | 301.9M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 100th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 8% against ROIC 4% — 4% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| R&D | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | — | — | — |
| Operating Income | 21.6 | 21.3 | 21.7 | 20.7 | 16.7 | 21.8 | 17.5 | 17.3 |
| Income Tax | 3.3 | 2.4 | 0.7 | 1.4 | 3.2 | 3.3 | 2.1 | 3.4 |
| Net Income | 11.2 | 10.7 | 9.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on ED: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Earns 0.28pts above its cost of capital, but margins are compressing.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 5.8% | 7.9% (today's — no rate published for this year) | -2.1pts |
| FY2020 | 5.6% | 7.9% (today's — no rate published for this year) | -2.3pts |
| FY2021 | 5.4% | 4.8% | 0.5pts |
| FY2022 | 5.0% | 6.6% | -1.6pts |
| FY2023 | 6.1% | 6.6% | -0.5pts |
| FY2024 | 4.8% | 7.5% | -2.8pts |
| FY2025 | 4.9% | 7.2% | -2.3pts |
| Now | 4.0% | 7.9% | -3.9pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 23.0% | 10.3% |
| FY2017 | not reported | 23.1% | 12.7% |
| FY2018 | not reported | 21.6% | 11.2% |
| FY2019 | not reported | 21.3% | 10.7% |
| FY2020 | not reported | 21.7% | 9.0% |
| FY2021 | not reported | 20.7% | 9.8% |
| FY2022 | not reported | 16.7% | 10.6% |
| FY2023 | not reported | 21.8% | 17.2% |
| FY2024 | not reported | 17.5% | 11.9% |
| FY2025 | not reported | 17.3% | 12.0% |
Leverage and buybacks account for 4 points of the 8% return on equity in FY2025. The business earns 4% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$406M of goodwill — 1% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
The spread is 0.28pts and would invert under a ±2% move in WACC, so the verdict rests on the cost-of-capital assumption rather than on the business.
Converts 0.80x of reported profit into cash — adequate, without much margin.
Shares outstanding are up 9% since FY2019 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: ebitda.
At $116.64, free cash flow must compound 2.7%/yr for 10 years. It has no positive compounding record to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2024 | 67.6% | 2.7% |
| FY2025 | 32.8% | 2.7% |
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM (share count from the last fiscal year — the TTM window reports none).
The implied rate has been matched or beaten in 2 of the last 2 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $2.02B | $2.02B |
| Share-based comp | $55M | $2.08B |
| Other non-cash & working capital | $2.72B | $4.80B |
| Operating cash flow | $4.80B | $4.80B |
| Capex | $0 | $4.80B |
| Free cash flow | $4.80B | $4.80B |
| FCF after SBC | $4.75B | $4.75B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -2.6% | 37.6% | 40.2 points |
| FY2021 | 11.7% | 14.2% | 2.6 points |
| FY2022 | 14.6% | 12.8% | -1.8 points |
| FY2023 | -6.4% | 10.3% | 16.7 points |
| FY2024 | 4.0% | 0.9% | -3.1 points |
| FY2025 | 10.9% | 5.9% | -5.0 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 35.9 days | not reported | not reported | not reported |
| FY2020 | 50.7 days | not reported | not reported | not reported |
| FY2021 | 51.9 days | not reported | not reported | not reported |
| FY2022 | 51.1 days | not reported | not reported | not reported |
| FY2023 | 60.2 days | not reported | not reported | not reported |
| FY2024 | 58.4 days | not reported | not reported | not reported |
| FY2025 | 55.7 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -3.1 percent |
| FY2020 | -1.7 percent |
| FY2021 | -2.2 percent |
| FY2022 | -3.3 percent |
| FY2023 | 0.6 percent |
| FY2024 | -2.5 percent |
| FY2025 | -3.7 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-30 | Ranger Michael W Director | Grant | 477 | $102.21 | $49k |
| 2026-09-15 | Miller Joseph VP & Controller | Plan purchase | 1 | $105.81 | $111 |
| 2026-07-08 | Andrews Kirkland B SVP & CFO | Tax withholding | 8,524 | $112.09 | $955k |
| 2026-07-01 | Farhadian Weinstein Tali Director | Grant |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
| 1,277 |
| $110.95 |
| $142k |
| 2026-06-30 | Ranger Michael W Director | Grant | 441 | $110.63 | $49k |
| 2026-06-15 | Miller Joseph VP & Controller | Plan purchase | 1 | $106.87 | $110 |
| 2026-05-19 | Mulrow William J Director | Grant | 1,596 | $106.51 | $170k |
| 2026-05-19 | Mcbride Dwight A Director | Grant | 1,596 | $106.51 | $170k |
| 2026-05-19 | Mason Karol V Director | Grant | 1,596 | $106.51 | $170k |
| 2026-05-19 | Killian John F Director | Grant | 1,596 | $106.51 | $170k |
| 2026-05-19 | Sanford Linda S Director | Grant | 1,596 | $106.51 | $170k |
| 2026-05-19 | Sutherland L Frederick Director | Grant | 1,596 | $106.51 | $170k |
| 2026-05-19 | Cavanagh Brendan Thomas Director | Grant | 1,596 | $106.51 | $170k |
| 2026-05-19 | Zoi Catherine Director | Grant | 1,596 | $106.51 | $170k |
| 2026-05-19 | Stanley Deirdre Director | Grant | 1,596 | $106.51 | $170k |
| 2026-05-19 | Ranger Michael W Director | Grant | 1,596 | $106.51 | $170k |
| 2026-03-31 | Ranger Michael W Director | Grant | 431 | $113.18 | $49k |
| 2026-03-16 | Miller Joseph VP & Controller | Plan purchase | 1 | $115.55 | $109 |
| 2026-03-12 | Donnley Deneen L SVP and General Counsel | Open-market sale | 1,922 | $113.94 | $219k |
| 2026-02-27 | Mulrow William J Director | Open-market sale | 7,912 | $112.81 | $893k |
| 2026-02-18 | 5 co-filers President, CECONY | Option exercise | 8,217 | — | — |
| 2026-02-18 | 5 co-filers SVP and General Counsel | Option exercise | 6,405 | — | — |
| 2026-02-18 | 5 co-filers SVP, Corporate Affairs | Option exercise | 2,782 | — | — |
| 2026-02-18 | 5 co-filers President, Shared Services | Option exercise | 5,370 | — | — |
| 2026-02-18 | 2 co-filers SVP & Ch.Information Officer | Grant | 7,800 | — | — |
| 2026-02-18 | 5 co-filers President & CEO, O&R | Option exercise | 1,812 | — | — |
| 2026-02-18 | 2 co-filers SVP & CFO | Grant | 12,900 | — | — |
| 2026-02-18 | 5 co-filers President & CEO CET | Option exercise | 2,006 | — | — |
| 2026-02-18 | 4 co-filers VP & Controller | Option exercise | 841 | $113.92 | $96k |
| 2026-02-18 | 5 co-filers Chairman, President & CEO | Option exercise | 33,773 | — | — |
| 2026-02-18 | 5 co-filers SVP and General Counsel | Other | 6,405 | $113.92 | $730k |
| 2026-02-18 | 5 co-filers President & CEO CET | Other | 2,006 | $113.92 | $229k |
| 2026-02-18 | 5 co-filers President, Shared Services | Other | 5,370 | $113.92 | $612k |
| 2026-02-18 | 5 co-filers SVP, Corporate Affairs | Other | 2,087 | $113.92 | $238k |
| 2026-02-18 | 5 co-filers Chairman, President & CEO | Other | 33,773 | $113.92 | $3.8m |
| 2026-02-18 | 5 co-filers President, CECONY | Other | 8,217 | $113.92 | $936k |
| 2026-02-18 | 5 co-filers President & CEO, O&R | Other | 1,812 | $113.92 | $206k |
| 2026-02-18 | 2 co-filers SVP & Ch.Information Officer | Grant | 3,400 | — | — |
| 2026-02-18 | 2 co-filers SVP & CFO | Grant | 5,500 | — | — |
| 2026-02-18 | 4 co-filers VP & Controller | Option exercise | 841 | — | — |