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Held by 374 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 | $98.2B | 19.9× | 11.1× | 3.1× | 5.6% | — | 15.7% | 9.6% | 3.7% | 5.0× | 841 |
| EXC | $47.3B | — | 11.6× | 1.9× | 5.3% | — | 11.4% | 9.6% | 3.6% | 5.8× | 374 |
| ED | $42.7B | 20.5× | — | 2.5× | 10.9% | — | 12.0% | 8.4% | 4.0% | — | 428 |
| PCG | $39.7B | 11.2× | — | 1.6× | 2.1% | — | 10.8% | 8.3% | 2.9% | — | 198 |
| WEC | $37.4B | 23.8× | 15.5× | 3.8× | 14.0% | 66.7% | 15.9% | 11.1% | 4.5% | 5.5× | 402 |
| PEG | $36.7B | 17.4× | — | 3.0× | 18.3% | — | 17.3% | 12.4% | 5.3% | — | 367 |
| AEE | $30.5B | 20.6× | — | 3.5× | 15.4% | — | 16.6% | 10.9% | 4.5% | — | 234 |
| CMS | $21.8B | 19.7× | 13.2× | 2.5× | 13.6% | — | 12.5% | 11.7% | 3.8% | 6.0× | 215 |
| NI | $21.5B | 22.9× | 7.4× | 3.3× | 23.5% | — | 14.3% | 9.8% | 9.1% | 0.2× | 208 |
| EVRG | $19.7B | 23.3× | 13.3× | 3.3× | 2.0% | — | 14.4% | 8.4% | 3.6% | 5.4× | 258 |
| LNT | $18.3B | 22.5× | 15.9× | 4.2× | 9.6% | 85.7% | 18.6% | 11.0% | 4.2% | 6.1× | 225 |
| NWE | $4.9B | 26.9× | 14.2× | 3.0× | 6.4% | — | 11.2% | 6.3% | 2.9% | 5.8× | 73 |
| AVA | $3.1B | 15.7× | 5.5× | 1.6× | 1.3% | — | 9.8% | 7.1% | 6.2% | 0.6× | 80 |
| UTL | $1.0B | 18.5× | — | 1.9× | 8.3% | — | 9.4% | 8.2% | 3.4% | — | 48 |
| GNE | $431M | 18.2× | 8.2× | 0.9× | 18.1% | 24.8% | 4.8% | 9.6% | 9.2% | -6.8× | 15 |
Peers = companies sharing EXC'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.
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
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 $626.0M is below the $1.67B due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~4.3% on $37.12B of debt. Interest last disclosed in FY2020 (no longer broken out).
Cash of $626.0M fully covers short-term debt of $612.0M.
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.
What the company returns to shareholders — and whether it's covered by cash.
Free-cash-flow coverage unavailable. Last year: $1.62B dividends + $0 buybacks = $1.62B returned on -$2.27B FCF.
3 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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
This company doesn't have positive free cash flow on any basis, so a reverse DCF can't be run.
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 | $24.26B 100.0% | $23.03B 100.0% | $21.73B 100.0% | $19.08B 100.0% | $17.94B 100.0% | $16.66B 100.0% | $16.73B 100.0% | $35.98B 100.0% | $33.56B 100.0% | $31.37B 100.0% |
| Total Operating Expenses | $19.11B 78.8% | $18.72B 81.3% | $17.71B 81.5% | $15.76B 82.6% | $15.26B 85.0% | $14.48B 86.9% | $14.07B 84.1% | $32.14B 89.3% | $29.62B 88.3% | $28.11B 89.6% |
| Operating Income | $5.15B 21.2% | $4.32B 18.8% | $4.02B 18.5% | $3.31B 17.4% | $2.68B 15.0% | $2.19B 13.1% | $2.66B 15.9% | $3.89B 10.8% | $4.39B 13.1% | $3.21B 10.2% |
| Interest Expense | — | — | — | — | — | $1.61B 9.7% | $1.59B 9.5% | $1.53B 4.2% | $1.52B 4.5% | $1.50B 4.8% |
| Interest & Investment Income | — | — | — | — | — | — | — | $43.0M 0.1% | $8.0M 0.0% | $17.0M 0.1% |
| Other Income (Expense), net | -$1.86B -7.7% | -$1.65B -7.2% | -$1.32B -6.1% | -$912.0M -4.8% | -$1.03B -5.7% | -$1.10B -6.6% | -$1.02B -6.1% | -$1.67B -4.6% | -$613.0M -1.8% | -$1.24B -4.0% |
| Pretax Income | $3.29B 13.6% | $2.67B 11.6% | $2.70B 12.4% | $2.40B 12.6% | $1.65B 9.2% | $1.09B 6.6% | $1.64B 9.8% | $2.23B 6.2% | $3.77B 11.2% | $1.97B 6.3% |
| Income Tax Expense | $523.0M 2.2% | $207.0M 0.9% | $374.0M 1.7% | $349.0M 1.8% | $38.0M 0.2% | -$7.0M -0.0% | $153.0M 0.9% | $118.0M 0.3% | -$126.0M -0.4% | $753.0M 2.4% |
| Net Income | $2.77B 11.4% | $2.46B 10.7% | $2.33B 10.7% | $2.17B 11.4% | $1.83B 10.2% | $1.95B 11.7% | $3.03B 18.1% | $2.08B 5.8% | $3.87B 11.5% | $1.20B 3.8% |
| Per Share | ||||||||||
| EPS (Basic) | — | — | — | — | $1.74 | $2.01 | $3.02 | $2.07 | $3.99 | $1.21 |
| EPS (Diluted) | — | — | — | — | $1.74 | $2.01 | $3.01 | $2.07 | $3.98 | $1.21 |
| Weighted Avg Shares (Basic) | 1.01B | 1.00B | 996.0M | 986.0M | 979.0M | 976.0M | 973.0M | 967.0M | 947.0M | 924.0M |
| Weighted Avg Shares (Diluted) | 1.01B | 1.00B | 997.0M | 987.0M | 980.0M | 977.0M | 974.0M | 969.0M | 949.0M | 927.0M |
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.
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 | Rogers Matthew C Director | Grant | 897 | $40.40 | — |
| 2026-09-30 | Cheshire Marjorie Rodgers Director | Grant | 511 | $40.40 | — |
| 2026-09-30 | Bowers William P Director | Grant | 1,067 | $40.40 | — |
| 2026-09-30 | Lillie Charisse R Director | Grant | 6 | $40.40 | — |
| 2026-06-30 | Bowers William P Director | Grant | 925 | $46.62 | — |
| 2026-06-30 | Rogers Matthew C Director | Grant | 778 | $46.62 | — |
| 2026-06-30 | Lillie Charisse R Director | Grant | 5 | $46.62 | — |
| 2026-06-30 | Cheshire Marjorie Rodgers Director | Grant | 442 | $46.62 | — |
| 2026-04-28 | Bowers William P Director | Grant | 3,720 | $0.00 | — |
| 2026-04-28 | Rogers Matthew C Director | Grant | 3,720 | $0.00 | — |
| 2026-04-28 | Lillie Charisse R Director | Grant | 3,720 | $0.00 | — |
| 2026-04-28 | Segedi Bryan K Director | Grant | 3,720 | $0.00 | — |
| 2026-04-28 | Cheshire Marjorie Rodgers Director | Grant | 3,720 | $0.00 | — |
| 2026-04-28 | Jojo Linda P Director | Grant | 3,720 | $0.00 | — |
| 2026-04-28 | Dewalt David G Director | Grant | 3,720 | $0.00 | — |
| 2026-04-28 | Richo Anna Director | Grant | 3,720 | $0.00 | — |
| 2026-03-31 | 2 co-filers Group filing | Grantindirect | 878 | $49.82 | $44k |
| 2026-03-31 | Jojo Linda P Director | Grantindirect | 878 | $49.82 | $44k |
| 2026-03-31 | Dewalt David G Director | Grantindirect | 878 | $49.82 | $44k |
| 2026-03-31 | 2 co-filers Group filing | Grantindirect | 878 | $49.82 | $44k |
| 2026-03-31 | Richo Anna Director | Grantindirect | 878 | $49.82 | $44k |
| 2026-03-31 | 2 co-filers Group filing | Grantindirect | 878 | $49.82 | $44k |
| 2026-03-31 | Segedi Bryan K Director | Grantindirect | 878 | $49.82 | $44k |
| 2026-03-31 | 2 co-filers Group filing | Grantindirect | 878 | $49.82 | $44k |
| 2026-03-31 | 2 co-filers Group filing | Grant | 739 | $49.02 | — |
| 2026-03-31 | 2 co-filers Group filing | Grant | 880 | $49.02 | — |
| 2026-03-31 | 2 co-filers Group filing | Grant | 5 | $49.02 | — |
| 2026-03-31 | 2 co-filers Group filing | Grant | 421 | $49.02 | — |
| 2026-02-02 | 12 co-filers SVP, Controller & Tax | Option exercise | 1,474 | — | — |
| 2026-02-02 | Peterson Timothy George EVP Chf Cust & Tech Officer | Grant | 11,274 | — | — |
| 2026-02-02 | 12 co-filers EVP & Chief Operating Officer | Option exercise | 2,432 | — | — |
| 2026-02-02 | 12 co-filers EVP, CFO, Audit & Risk | Option exercise | 5,197 | — | — |
| 2026-02-02 | 12 co-filers President & CEO | Option exercise | 23,558 | — | — |
| 2026-02-02 | 6 co-filers EVP CLO Compliance & Corp Sec | Option exercise | 3,872 | — | — |
| 2026-02-02 | 12 co-filers SVP, Controller & Tax | Option exercise | 1,684 | — | — |
| 2026-02-02 | 12 co-filers President & CEO | Option exercise | 31,986 | — | — |
| 2026-02-02 | 12 co-filers EVP & Chief Operating Officer | Option exercise | 5,748 | — | — |
| 2026-02-02 | 12 co-filers EVP, CFO, Audit & Risk | Option exercise | 6,485 | — | — |
| 2026-02-02 | 6 co-filers EVP CLO Compliance & Corp Sec | Option exercise | 4,781 | — | — |
| 2026-02-02 | 12 co-filers EVP, CFO, Audit & Risk | Option exercise | 7,031 | — | — |
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.
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.
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 93th 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 10% against ROIC 4% — 6% 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
High operating leverage: profit moved 3.6× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Operating Income | 10.8 | 15.9 | 13.1 | 15.0 | 17.4 | 18.5 | 18.8 | 21.2 |
| Income Tax | 0.3 | 0.9 | -0.0 | 0.2 | 1.8 | 1.7 | 0.9 | 2.2 |
| Net Income | 5.8 | 18.1 | 11.7 | 10.2 | 11.4 | 10.7 | 10.7 | 11.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on EXC: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 2.24pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 5.9% | 3.8% (today's — no rate published for this year) | 2.2pts |
| FY2020 | 2.8% | 3.8% (today's — no rate published for this year) | -1.0pts |
| FY2021 | 3.5% | 3.8% (today's — no rate published for this year) | -0.2pts |
| FY2022 | 4.6% | 3.8% (today's — no rate published for this year) | 0.9pts |
| FY2023 | 5.2% | 3.8% (today's — no rate published for this year) | 1.4pts |
| FY2024 | 5.3% | 3.8% (today's — no rate published for this year) | 1.5pts |
| FY2025 | 5.9% | 3.8% (today's — no rate published for this year) | 2.1pts |
| Now | 3.6% | 3.8% | -0.1pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 10.2% | 3.8% |
| FY2017 | not reported | 13.1% | 11.5% |
| FY2018 | not reported | 10.8% | 5.8% |
| FY2019 | not reported | 12.7% | 8.8% |
| FY2020 | not reported | 13.1% | 11.7% |
| FY2021 | not reported | 15.0% | 10.2% |
| FY2022 | not reported | 17.4% | 11.4% |
| FY2023 | not reported | 18.5% | 10.7% |
| FY2024 | not reported | 18.8% | 10.7% |
| FY2025 | not reported | 21.2% | 11.4% |
Leverage and buybacks account for 6 points of the 10% 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.
$6.6B of goodwill — 9% 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 was positive in only 4 of the last 5 years.
Free cash flow has fallen short of reported profit in 3 of the last three years.
Shares outstanding are up 5% since FY2019 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.
Missing from our data, so excluded from this answer: share_based_compensation.
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. Free cash flow is negative, so projected resources fall rather than accumulate.
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: interest_expense.
No positive free cash flow to discount, so the price cannot be expressed as a growth requirement.
No material counter-signal in the checked set: reverse-DCF implied growth, historical FCF CAGR, per-year FCF growth distribution, reporting-basis breaks, discount rate used, free-cash-flow basis (stock comp charged?).
Missing from our data, so excluded from this answer: free_cash_flow.
| Step | Amount | Running total |
|---|---|---|
| Net income | $2.77B | $2.77B |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | $3.49B | $6.25B |
| Operating cash flow | $6.25B | $6.25B |
| Capex | −$8.53B | −$2.27B |
| Free cash flow | −$2.27B | −$2.27B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -51.6% | -29.6% | 22.0 points |
| FY2021 | 7.7% | -42.1% | -49.8 points |
| FY2022 | 6.4% | 18.6% | 12.3 points |
| FY2023 | 13.9% | 5.6% | -8.3 points |
| FY2024 | 6.0% | 16.9% | 10.9 points |
| FY2025 | 5.3% | 20.4% | 15.1 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 48.7 days | not reported | not reported | not reported |
| FY2020 | 70.8 days | not reported | not reported | not reported |
| FY2021 | 38 days | not reported | not reported | not reported |
| FY2022 | 42.4 days | not reported | not reported | not reported |
| FY2023 | 39.3 days | not reported | not reported | not reported |
| FY2024 | 43.4 days | not reported | not reported | not reported |
| FY2025 | 49.6 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -2.9 percent |
| FY2020 | -1.8 percent |
| FY2021 | -0.9 percent |
| FY2022 | -2.8 percent |
| FY2023 | -2.3 percent |
| FY2024 | -2.9 percent |
| FY2025 | -3.0 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.