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Research · S&P 500 · Utilities
ED · Consolidated Edison
The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.
Value Scorecard · run 2026-10-18
13 value checks: 12 scored 1 to 5 where the data allows, plus moat evidence
26/50
low-moderate value score10 of 12 checks scored10 of the 12 checks that carry a score were scored from the data available. 2 could not be scored (Retained Earnings, Margin of Safety) and were left out, so the score is out of 50 instead of 60. The label uses the same share of the available points as for a full scorecard. The moat is shown as evidence from the filings, without a score.
Earnings & returns
EPS Trend
4/5Diluted EPS: $4.66 (2022), $7.21 (2023), $5.24 (2024), $5.64 (2025). It rose every year but one and ended above 2022; the framework scores that as 4.
ROE Trend
2/5ROE (net income / common equity): 8.0% (2022), 11.9% (2023), 8.3% (2024), 8.4% (2025). Median 8.3%, lowest 8.0%; the framework scores a median 5-10% as 2.
ROIC
1/5ROIC of 4.3%: operating income of $2.94B divided by $67.99B of capital (total assets $74.60B minus current liabilities $6.61B), fiscal year to Dec 31, 2025, as filed in the 10-K (SEC EDGAR). The framework scores below 5% as 1.
Profit Margins
4/5Net margin of 12.5%; the framework scores 10-20% as 4; gross margin 53.4%, operating margin 16.5%.
Balance sheet & cash
Debt-to-Equity
3/5Debt-to-equity of 1.10; the framework scores 0.8-1.5 as 3 (total debt $28.32B, total cash $1.47B).
Free Cash Flow
4/5Free cash flow (operating cash flow minus capital expenditure): -$233.00M (2022), -$2.34B (2023), -$1.16B (2024), $36.00M (2025). It rose every year but one and ended above 2022; the framework scores that as 4.
Retained Earnings
Not scoredFewer than 3 years of retained earnings figures are available, so it is not scored.
Valuation models
Graham IV
1/5IV = EPS x (8.5 + 2g) x (4.4 / Y) = $6.07 x (8.5 + 2 x 0.0) x (4.4 / 4.5) = $50.45 (EPS CAGR -11.6% floored at 0%; the formula returns a negative value below -4.25% growth). Current price $112.26; price is 122.5% above the model value.
DCF Value
1/5Free cash flow per share is -$2.28; a two-stage DCF cannot be computed from negative free cash flow.
Margin of Safety
Not scoredNeeds both a Graham value and a DCF value. Graham value $50.45 (price is 122.5% above the model value); DCF value N/A (not comparable).
Price-to-Book
3/5P/B of 1.61; the framework scores 1.5-3.0 as 3.
Business quality
Moat Evidence
Not scoredA moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.
Return on capital, each year
Above 15% in 0 of 10 years (2016-2025); lowest 4.2%, highest 6.4%.
Gross margin, each year
Not reported: the filings don’t state a gross profit or cost of revenue figure, as is common for oil and gas companies, banks and insurers.
Competition, in the company’s own words · 10-K filed Feb 19, 2026
The subset of distributed energy resources (DER) that produce electricity is collectively called distributed generation (DG). DG includes solar energy production facilities, fuel cells, and micro-turbines, and provides an alternative source of electricity for the Utilities’ electric delivery customers. Energy storage, though not a form of DG, is also a source of electricity for the Utilities’ electric delivery customers. Typically, customers with DG remain connected to the utility’s delivery system and do not pay a different rate. Gas delivery customers have electricity, oil and propane as alternatives, and steam customers have electricity, oil and natural gas as alternative sources for heating and cooling their buildings. Micro-grids and community-based micro-grids enable DG to serve multiple locations and multiple customers. The Companies expect DERs and electric alternatives to gas and steam, to increase, and for gas and steam usage to decrease, as the Climate Leadership and Community Protection Act (CLCPA) enacted by New York State and the Climate Mobilization Act enacted by New York City continue to be implemented. See “Environmental Matters – Clean Energy Future,” below. See “CECONY- Gas Operations - Gas Peak Demand,” below. The following table shows the aggregate capacities of the DG projects connected to the Utilities’ distribution systems at the end of the last five years:
The opening of the company’s “Competition” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.
Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.
Capital Allocation
3/5Capital allocation, 2022-2025: dividends or buybacks paid in every year (pass); $5.45B paid out against -$3.69B of free cash flow (fail: free cash flow was negative); total debt $24.41B to $28.38B, up 16.2%, 4.6x EBITDA (fail: up more than 10% and above 2x EBITDA); shares outstanding 0.35B to 0.36B, up 1.7% (pass). 2 of 4 tests passed; the framework scores that as 3.
Filings
Company notices to the SEC
Not scoredThree kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.
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These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.
How the Graham and DCF values were calculated
Graham Formula:
IV = EPS x (8.5 + 2g) x (4.4 / Y)
EPS = $6.07, g = 0.0%, Y = 4.5
g floored at 0.0% (3-year EPS CAGR was -11.6%; below -4.25% the formula returns a negative value)
IV = $50.45
Current price $112.26 vs Graham value $50.45 — price is 122.5% above the model value.
DCF:
FCF/share -$2.285 — a two-stage DCF cannot be computed from negative free cash flow.Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $112.26. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. A check that cannot be scored from the available data is shown as not scored and left out of the composite score. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.
Recent headlines · third-party publishers · not investment advice
In the news
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The 8 newest headlines whose title names the company, shown automatically and never chosen by Valerius. From third-party publishers via Yahoo Finance, linked to the source. Valerius doesn't write or endorse them. Not investment advice.