NYSE · ED

Consolidated Edison, Inc.

Utilities · Regulated Electric

$107.08▲ 1.57% ($1.66)at close

Pre-market$106.40▼ 0.64%7:30 AM ET

52-week

$94.96$116.23

What the market price implies · Reverse DCF

To support a price of $107.08, this model requires revenue to grow by 9.51%/yr over the next 10 years, compounded annually.

Historical revenue grew by 5.47%/yr over the past 4 years. The required annual growth rate is 4.04 percentage points higher.

Selected forecast · Base scenario

4.86%/yr · actual 10-year annualized revenue growth

Year 1 growth: 7.61%

Market-implied · Base operating assumptions + edited margins

9.51%/yr · flat 10-year annualized revenue growth

Reverse DCF solves revenue growth itself using Base operating assumptions and your edited margins. Changing forecast growth alone does not change the implied rate. This is a model-implied requirement, not an analyst forecast.

Valuation

Recommended · Revenue & margin DCF

Price used

$107.08

Estimated value / share

$53.90

Base scenario

This estimate is 49.67% below the price used.

USD · TTM ending 2026-06-30

Year 1 growth 7.61% · Ending margin 18.61% · Discount rate 7.04%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 17, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 18, 2026, 8:05 AM UTC · cache

Why this method?

There is not a stable run of positive FCFF to anchor a direct cash-flow CAGR, so the model should start from revenue and margin assumptions instead.

Is FCFF positive and has it been for 3+ consecutive years? Latest FCFF is not positive.

Price vs Fundamentals

Why The Stock Is Moving

Mixed / unclearLow confidence

1Y Price: 11.08%Revenue (TTM): 9.5%P/E: 33rd pct

What changed

The stock rose 11.08% over the last year. Revenue grew 9.5% over the trailing twelve months. Operating margin moved from 17.65% to 17.98%.

What the market seems to be pricing

The stock has moved higher against modestly improving underlying metrics. The operating data does not yet tell a clear story — the move may reflect sentiment, sector rotation, or macro factors rather than company-specific earnings power.

What would invalidate this read

Operating margin currently stands at 17.98%. A decisive move in revenue — currently up 9.5% — would be the clearest signal to resolve the ambiguity.

Performance

Return analysis

Company profile

Consolidated Edison, Inc., through its various subsidiaries, primarily operates in the regulated sectors of electricity, natural gas, and steam distribution across the United States.

CEOTimothy Cawley

SectorUtilities

IndustryRegulated Electric

Employees15,407

IPO dateFeb 15, 2001

https://www.conedison.com

Market multiples

Forward P/E—

EV/EBITDA10.18

Enterprise value$62.62B

Stock splits

Jul 3, 1989↑ Forward

Every 1 shares became 2

+100%

Jul 1, 1982↑ Forward

Every 1 shares became 2

+100%

Mar 2, 1965↑ Forward

Every 1 shares became 2

+100%

Profitability & growth

Revenue growth13.18%

Gross margin (FY2025)62.02%▼2.0ppvs FY2024

Operating margin (FY2025)17.32%▼0.6ppvs FY2024

ROE8.96%▲0.2ppvs FY2025

Analyst consensus

RatingHold

Target price$105.25▼1.71%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Nov 5, 2026

Q4 FY26 · EPS est $2.04 · Revenue est $4.76B

View

Dividends

$3.51/shareQuarterlyDividend Aristocrat · 45yrAt Risk

ED pays a dividend with a 3.28% dividend yield, 45 consecutive years of growth, growing at 2.6% annually, covered 0.0× by free cash flow.

Dividend Yield

3.28%

Annual Div / Share

$3.51

5yr CAGR

+2.6%

Doubles every ~27.0yr

Payout Ratio

54.76%

At Risk

Dividend Growth Rate

3yr CAGR

+2.94%

5yr CAGR

+2.6%

10yr CAGR

+2.82%

Dividend Safety

4/10At Risk

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$3.51+3.9%

2025$3.38+2.4%

2024$3.30+2.5%

2023$3.22+2.4%

2022$3.15+1.8%

2021$3.09+1.8%

2020$3.04+3.4%

Income Projection

Invest

USD

Growth rate:

Reinvest dividends

Today

$33/yr

$3/mo

In 5 yrs

$37/yr+14%

$3/mo

In 10 yrs

$42/yr+29%

$4/mo

Today	In 5 yrs	In 10 yrs
$33/yr $3/mo	$37/yr+14% $3/mo	$42/yr+29% $4/mo

Yield-on-cost grows from 3.28% → 4.24% over 10yr

Analysis

Dividend Strengths

Dividend Aristocrat

ED has raised its dividend for 45 consecutive years — qualifying as a Dividend Aristocrat, demonstrating long-term commitment to shareholder income.

Risks to Watch

Dividend exceeds free cash flow

Free cash flow covers only 0.03× the dividend. The company is paying out more than it generates in cash, which is unsustainable without borrowing or asset sales.

NYSE · ED

Consolidated Edison, Inc.

Utilities · Regulated Electric

$107.08▲ 1.57% ($1.66)at close

Pre-market$106.40▼ 0.64%7:30 AM ET

52-week

$94.96$116.23

What the market price implies · Reverse DCF

To support a price of $107.08, this model requires revenue to grow by 9.51%/yr over the next 10 years, compounded annually.

Historical revenue grew by 5.47%/yr over the past 4 years. The required annual growth rate is 4.04 percentage points higher.

Selected forecast · Base scenario

4.86%/yr · actual 10-year annualized revenue growth

Year 1 growth: 7.61%

Market-implied · Base operating assumptions + edited margins

9.51%/yr · flat 10-year annualized revenue growth

Valuation

Recommended · Revenue & margin DCF

Price used

$107.08

Estimated value / share

$53.90

Base scenario

This estimate is 49.67% below the price used.

USD · TTM ending 2026-06-30

Year 1 growth 7.61% · Ending margin 18.61% · Discount rate 7.04%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 17, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 18, 2026, 8:05 AM UTC · cache

Why this method?

There is not a stable run of positive FCFF to anchor a direct cash-flow CAGR, so the model should start from revenue and margin assumptions instead.

Is FCFF positive and has it been for 3+ consecutive years? Latest FCFF is not positive.

Price vs Fundamentals

Why The Stock Is Moving

Mixed / unclearLow confidence

1Y Price: 11.08%Revenue (TTM): 9.5%P/E: 33rd pct

What changed

The stock rose 11.08% over the last year. Revenue grew 9.5% over the trailing twelve months. Operating margin moved from 17.65% to 17.98%.

What the market seems to be pricing

What would invalidate this read

Operating margin currently stands at 17.98%. A decisive move in revenue — currently up 9.5% — would be the clearest signal to resolve the ambiguity.

Performance

Return analysis

Company profile

Consolidated Edison, Inc., through its various subsidiaries, primarily operates in the regulated sectors of electricity, natural gas, and steam distribution across the United States.

CEOTimothy Cawley

SectorUtilities

IndustryRegulated Electric

Employees15,407

IPO dateFeb 15, 2001

https://www.conedison.com

Market multiples

Forward P/E—

EV/EBITDA10.18

Enterprise value$62.62B

Stock splits

Jul 3, 1989↑ Forward

Every 1 shares became 2

+100%

Jul 1, 1982↑ Forward

Every 1 shares became 2

+100%

Mar 2, 1965↑ Forward

Every 1 shares became 2

+100%

Profitability & growth

Revenue growth13.18%

Gross margin (FY2025)62.02%▼2.0ppvs FY2024

Operating margin (FY2025)17.32%▼0.6ppvs FY2024

ROE8.96%▲0.2ppvs FY2025

Analyst consensus

RatingHold

Target price$105.25▼1.71%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Nov 5, 2026

Q4 FY26 · EPS est $2.04 · Revenue est $4.76B

View

Dividends

$3.51/shareQuarterlyDividend Aristocrat · 45yrAt Risk

ED pays a dividend with a 3.28% dividend yield, 45 consecutive years of growth, growing at 2.6% annually, covered 0.0× by free cash flow.

Dividend Yield

3.28%

Annual Div / Share

$3.51

5yr CAGR

+2.6%

Doubles every ~27.0yr

Payout Ratio

54.76%

At Risk

Dividend Growth Rate

3yr CAGR

+2.94%

5yr CAGR

+2.6%

10yr CAGR

+2.82%

Dividend Safety

4/10At Risk

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$3.51+3.9%

2025$3.38+2.4%

2024$3.30+2.5%

2023$3.22+2.4%

2022$3.15+1.8%

2021$3.09+1.8%

2020$3.04+3.4%

Income Projection

Invest

USD

Growth rate:

Reinvest dividends

Today

$33/yr

$3/mo

In 5 yrs

$37/yr+14%

$3/mo

In 10 yrs

$42/yr+29%

$4/mo

Today	In 5 yrs	In 10 yrs
$33/yr $3/mo	$37/yr+14% $3/mo	$42/yr+29% $4/mo

Yield-on-cost grows from 3.28% → 4.24% over 10yr

Analysis

Dividend Strengths

Dividend Aristocrat

ED has raised its dividend for 45 consecutive years — qualifying as a Dividend Aristocrat, demonstrating long-term commitment to shareholder income.

Risks to Watch

Dividend exceeds free cash flow

Free cash flow covers only 0.03× the dividend. The company is paying out more than it generates in cash, which is unsustainable without borrowing or asset sales.