Consolidated Edison
Consolidated Edison, Inc., through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.7 million customers in New York City and Westchester County; gas to approximately 1.1 million cust…
Consolidated Edison, Inc., through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.7 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,490 customers in parts of Manhattan. It also supplies electricity to approximately 0.3 million customers in southeastern New York and northern New Jersey; and gas to approximately 0.1 million customers in southeastern New York. In addition, the company operates 552 circuit miles of transmission lines; 16 transmission substations; 63 distribution substations; 89,675 in-service line transformers; 3,764 pole miles of overhead distribution lines; and 2,417 miles of underground distribution lines, as well as 4,374 miles of mains and 379, 939 service lines for natural gas distribution. Further, it invests in electric and gas transmission projects. The company primarily sells electricity to industrial, commercial, residential, and government customers. Consolidated Edison, Inc. was founded in 1823 and is based in New York, New York.Priced within the modelled range
5-year outlook: Not shown because confidence is low: Earnings-based DCF disagrees strongly.
Other models: USD 95.68–166.36 (median 146.33). The recommended value is in line with them.
Why: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Details and the full model are below.
Market price within modeled range
Free-cash-flow DCF using TTM through 30 Jun 2026 reported free cash flow, with cash, debt, and shares from the latest report. Base assumptions are 4.87% growth, 2.2% terminal growth, and 8.6% discount. Low/high cases vary growth by 2 and terminal growth/discount by 1 percentage point; this illustrative range is not a statistical confidence interval or investment advice.
Assumptions: growth 4.87%, discount rate 8.60%, terminal growth 2.20% (sector defaults). See a worked example.
Blended growth assumption: 4.9% (sector default 4.0%, own revenue history 5.5%, analyst revenue consensus 5.0%).
Analyst consensus expects revenue growth of 5.0% a year; the growth assumption used is 4.9%.
Adjust assumptions
Why this model: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Compare models- Recommended: Free-cash-flow DCF — USD 173.03 (+42.4%)
-
EPS-based Gordon proxy
— USD 95.68 (-21.2%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
-
DCF (trailing free cash flow)
— USD 173.03 (+42.4%)
Not used: Free cash flow is 2.3x net income, which usually means costs such as lease payments sit outside operating cash flow, so it may be overstated.
-
FCFF (steady state)
— USD 146.33 (+20.4%)
Not used: Free cash flow is 2.3x net income, which usually means costs such as lease payments sit outside operating cash flow, so it may be overstated.
-
EV/EBITDA (12x)
— USD 166.36 (+36.9%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
-
Fade DCF (10-year growth fade)
— USD 172.15 (+41.7%)
Not used: Free cash flow is 2.3x net income, which usually means costs such as lease payments sit outside operating cash flow, so it may be overstated.
-
EV/Sales (Rule of 40)
— USD 372.21 (+206.3%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear USD 104.64 | -16.1% |
| Base USD 173.03 | 29.8% |
| Bull USD 305.35 | 60.2% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
At USD 121.50 the market implies about this annual free-cash-flow growth for 5 years (terminal 2.2%, discount 8.6%).
Compare: the market implies -0.5% a year, this model assumes 4.9%. The model is more optimistic than the price, which is why it reads as undervalued.
How the Free-cash-flow DCF value changes with growth (rows) and discount rate (columns). Green cells are above the current price.
| Growth \ Discount | 6.6% | 7.6% | 8.6% | 9.6% | 10.6% |
|---|---|---|---|---|---|
| 0.9% | 227.23 | 171.97 | 133.98 | 106.25 | 85.11 |
| 2.9% | 255.57 | 194.66 | 152.79 | 122.24 | 98.97 |
| 4.9% | 286.10 | 219.08 | 173.03 | 139.44 | 113.86 |
| 6.9% | 318.95 | 245.35 | 194.78 | 157.91 | 129.83 |
| 8.9% | 354.26 | 273.55 | 218.12 | 177.71 | 146.96 |
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 78 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 4 of 5 years | 16 / 20 |
| Growth | revenue +3.1% a year | 12 / 20 |
| Balance sheet | net debt 3.6x EBITDA | 10 / 20 |
| Margins | EBITDA margin 42% | 20 / 20 |
Peers in Utilities
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| ED (this company) | USD 121.44 | 29.8% | 20.3 | 1.7 | 2.7% | 78 |
| ENGI.PA Engie SA | EUR 24.12 | 15.5% | 16.0 | 1.9 | 7.4% | 76 |
| FORTUM.HE Fortum Oyj | EUR 23.15 | -3.6% | 25.8 | 2.6 | 6.0% | 72 |
| D Dominion Energy | USD 69.64 | -5.5% | 22.7 | 2.1 | 3.8% | 76 |
| CMS CMS Energy | USD 70.68 | -6.5% | 25.4 | 2.3 | 3.2% | 64 |
| CNA.L Centrica plc | GBP 1.51 | -6.6% | – | 2.3 | 3.3% | 92 |
| NTGY.MC Naturgy Energy Group, S.A. | EUR 29.32 | -9.8% | 14.1 | 3.0 | 5.9% | 70 |
| EIX Edison International | USD 60.88 | -11.3% | 6.4 | 1.3 | 5.6% | 52 |
| NEE NextEra Energy | USD 88.25 | -16.2% | 15.9 | 3.0 | 2.7% | 72 |
| Peer median | 16.0 | 2.3 | ||||
Dividends
Paid in the last 12 months: USD 3.51 per share · yield 2.89% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 2.664 |
| 2025 | 3.400 |
| 2024 | 3.320 |
| 2023 | 3.240 |
| 2022 | 3.160 |
| 2021 | 3.100 |
Trailing 12-month financials
TTM through 30 Jun 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 12:55
| Revenue | USD 17,689,000,000 |
|---|---|
| EBITDA | USD 7,367,000,000 |
| EBIT | USD 5,036,000,000 |
| Net income | USD 2,217,000,000 |
| Free cash flow | USD 5,072,000,000 |
| Capital expenditures | USD 6,071,000,000 |
| Debt | USD 28,320,000,000 |
| Cash | USD 1,470,000,000 |
| Working capital | USD 1,436,000,000 |
| Shares outstanding | 370,000,000 |
| Reported dividends per share | USD 3.2811 |