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Research · S&P 500 · Utilities
EIX · Edison International
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, plus moat evidence
37/60
moderate value scoreEarnings & returns
EPS Trend
5/5Diluted EPS: $1.60 (2022), $3.11 (2023), $3.31 (2024), $11.55 (2025). It rose every year; the framework scores that as 5.
ROE Trend
2/5ROE (net income / common equity): 4.5% (2022), 8.7% (2023), 9.2% (2024), 26.1% (2025). Median 8.9%, lowest 4.5%; the framework scores a median 5-10% as 2.
ROIC
2/5ROIC of 8.5%: operating income of $7.09B divided by $83.49B of capital (total assets $94.03B minus current liabilities $10.54B), fiscal year to Dec 31, 2025, as filed in the 10-K (SEC EDGAR). The framework scores 5-10% as 2.
Profit Margins
4/5Net margin of 19.3%; the framework scores 10-20% as 4; gross margin 61.0%, operating margin 26.9%.
Balance sheet & cash
Debt-to-Equity
2/5Debt-to-equity of 2.28; the framework scores 1.5-2.5 as 2 (total debt $43.54B, total cash $242.00M).
Free Cash Flow
1/5Free cash flow (operating cash flow minus capital expenditure): -$2.56B (2022), -$2.05B (2023), -$693.00M (2024), -$715.00M (2025). The latest figure is at or below zero; the framework scores that as 1.
Retained Earnings
5/5Retained earnings, as filed in the 10-Ks (SEC EDGAR): $7.45B (2022), $7.50B (2023), $7.57B (2024), $10.71B (2025). It rose every year; the framework scores that as 5.
Valuation models
Graham IV
5/5IV = EPS x (8.5 + 2g) x (4.4 / Y) = $9.70 x (8.5 + 2 x 20.0) x (4.4 / 4.5) = $460.00 (EPS CAGR 92.7% capped at 20%). Current price $55.93; price is 87.8% below the model value.
DCF Value
1/5FCF/share = $0.214, stage 1 growth = 8.7% for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $1.03, PV of terminal value = $2.97, DCF value = $4.00. Current price $55.93; price is 1297.9% above the model value.
Margin of Safety
3/5Graham value $460.00 (price is 87.8% below the model value); DCF value $4.00 (price is 1297.9% above the model value).
Price-to-Book
4/5P/B of 1.23; the framework scores 1.0-1.5 as 4.
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 -1.1%, highest 8.5%.
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 18, 2026
SCE faces retail competition in the sale of electricity to the extent that federal and California laws permit other sources to provide electricity and related services to retail customers within SCE's service area. While retail competition impacts customer rates it does not impact SCE's earnings activities because the volume of electricity sales is decoupled from authorized revenue. The increased retail competition is from governmental entities formed by cities, counties, and certain other public agencies to generate and/or purchase electricity for their local residents and businesses, known as CCAs. While California law provides only limited opportunities for customers in SCE's service area to choose to purchase power directly from an Electric Service Provider, a limited, phased-in expansion of customer choice ("Direct Access") for nonresidential customers was authorized beginning in 2009, and an additional limited expansion of Direct Access was authorized in 2018. When a customer who had previously taken bundled service from SCE converts to taking retail electricity service from an Electric Service Provider or a CCA, SCE remains that customer's transmission and distribution provider. Other forms of departing load include customer generation, and load that departs SCE service entirely to take electricity service from a publicly owned utility or a tribal utility.
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); $7.87B paid out against -$6.02B of free cash flow (fail: free cash flow was negative); total debt $33.10B to $41.55B, up 25.5%, 3.9x EBITDA (fail: up more than 10% and above 2x EBITDA); shares outstanding 0.38B to 0.38B, up 0.7% (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 = $9.70, g = 20.0%, Y = 4.5
g capped at 20.0% (3-year EPS CAGR was 92.7%)
IV = $460.00
Current price $55.93 vs Graham value $460.00 — price is 87.8% below the model value.
DCF:
FCF/share = $0.214
Stage 1 growth = 8.7% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
Y1: $0.233 → PV $0.212
Y2: $0.253 → PV $0.209
Y3: $0.275 → PV $0.207
Y4: $0.299 → PV $0.204
Y5: $0.325 → PV $0.202
Stage 1 PV sum = $1.03
Terminal value at end of Y5 = $4.78
PV of terminal value = $2.97
DCF value = $4.00
Current price $55.93 vs DCF value $4.00 — price is 1297.9% above the model value.Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $55.93. 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. 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.