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What this page is: Delvantic's full research page for Consolidated Edison, Inc. (ED) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.
Our current read (analysis of 2026-08-27): Designation Low · Gem Score -22 (−100…+100 Quality+Value blend) · Quality 34 · Value -60 · Sentiment -11 (timing only, not weighted) · Composite fair value $65.65 vs $113.01 at analysis
Page map (sections in order; each card carries a stable
reference-name attribute you can cite):
profile-header/price-overview— company profile, live quote, market capextended-analysis— the core: three AI lens reads with findings, scores, and the analyst memofuture-predictions— our forward price-band predictionsmarket-narrative/ai-findings/gpt-critique— narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)- Members-only sections (render as login gates for anonymous readers):
price-history,income-trend,key-metrics,financials(statement tables),insider-trading. The analysis above is public; the raw data tables require a free account.
More for machine readers: site briefing at
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any ticker resolves at delvantic.com/stock/TICKER ·
raw inputs are public-company filings and market data (via licensed data feeds);
every model, score, lens read, and prediction on this page is Delvantic's own analysis.
Consolidated Edison, Inc.
ED NYSEConsolidated Edison, Inc. is a U.S.-based holding company focused on regulated energy delivery services. Through its primary subsidiaries, Consolidated Edison Company of New York and Orange & Rockland Utilities, the company provides electric, natural gas, and steam distribution to customers in southeastern New York, including New York City, and parts of New Jersey. Its operations are organized around utility networks that manage transmission and distribution infrastructure, connecting power generation and gas supply to residential, commercial, and institutional users. Consolidated Edison, Inc. plays a central role in supporting dense urban and suburban regions with reliable energy delivery, operating under state-regulated frameworks that emphasize service reliability, safety, and environmental compliance. Headquartered in New York, New York, it is part of the U.S. utilities sector and is considered a major regulated electric and gas utility serving one of the country’s largest metropolitan areas.
Price Overview
Price History (1 Year)
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): 5.64
Total Equity: $24.19B
Shares: 358,687,943
Total Debt: $28.38B
Cash: $1.63B
EBITDA: $6.08B
Total Debt: $28.38B
Cash: $1.63B
Revenue: $16.92B
Revenue: $16.92B
Revenue: $16.92B
Total Equity: $24.19B
Tax Rate: 22.1%
Equity: $24.19B
Total Debt: $28.38B
Cash: $1.63B
Current Liabilities: $6.61B
Long-Term Debt: $25.93B
Total Debt: $28.38B
Total Equity: $24.19B
Shares: 358,687,943
Shares: 358,687,943
CapEx: $0.00
Shares: 358,687,943
Stock Price: $113.01
Net Income: $2.02B
Industry Benchmarks
Income Statement (Annual)
Last updated: Jul 27, 2026 12:42am (31d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $13.7B | $15.7B | $14.7B | $15.3B | $16.9B |
| Cost of Revenue | $6.0B | $8.0B | $7.3B | $7.1B | $7.9B |
| Gross Profit | $7.7B | $7.7B | $7.4B | $8.2B | $9.0B |
| Operating Expenses | $4.8B | $5.1B | $5.1B | $5.4B | $6.0B |
| Operating Income | $2.8B | $2.6B | $2.3B | $2.7B | $3.0B |
| Net Income | $1.3B | $1.7B | $2.5B | $1.8B | $2.0B |
| EBITDA | $4.7B | $5.1B | $5.1B | $5.4B | $6.1B |
| EPS | $3.86 | $4.68 | $7.25 | $5.26 | $5.66 |
| EPS (Diluted) | $3.85 | $4.66 | $7.21 | $5.24 | $5.64 |
Balance Sheet (Annual)
Last updated: Jul 27, 2026 12:07am (31d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $992.0M | $1.3B | $1.2B | $1.3B | $1.6B |
| Total Current Assets | $5.6B | $13.0B | $6.5B | $6.7B | $6.8B |
| Total Assets | $63.1B | $69.1B | $66.3B | $70.6B | $74.6B |
| Current Liabilities | $5.4B | $11.3B | $6.5B | $6.4B | $6.6B |
| Long-Term Debt | $23.3B | $20.6B | $22.4B | $25.0B | $25.9B |
| Total Liabilities | $42.8B | $48.2B | $45.2B | $48.6B | $50.4B |
| Total Equity | $20.0B | $20.7B | $21.2B | $22.0B | $24.2B |
| Retained Earnings | $11.4B | $12.0B | $13.4B | $14.0B | $14.9B |
Cash Flow (Annual)
Last updated: Jul 27, 2026 12:42am (31d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $2.7B | $3.9B | $2.2B | $3.6B | $4.8B |
| Capital Expenditure | -$4.0B | -$4.5B | — | — | — |
| Free Cash Flow | -$1.2B | -$530.0M | — | — | — |
| Acquisitions (net) | — | — | — | — | — |
| Net Debt Issued / (Repaid) | $462.0M | $2.1B | $588.0M | $2.4B | $1.5B |
| Dividends Paid | -$1.0B | -$1.1B | -$1.1B | -$1.1B | -$1.2B |
| Stock Buybacks | $0 | $0 | -$1.0B | $0 | $0 |
| Net Change in Cash | -$290.0M | $384.0M | -$335.0M | $138.0M | $297.0M |
Growth Trends (YoY %)
Last updated: Jul 27, 2026 12:42am (31d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +14.6% | -6.4% | +4.0% | +10.9% |
| Gross Profit Growth | +0.2% | -3.6% | +10.3% | +10.3% |
| Operating Income Growth | -7.1% | -11.2% | +17.2% | +9.8% |
| Net Income Growth | +23.3% | +51.7% | -27.7% | +11.2% |
| EBITDA Growth | +7.0% | +0.8% | +6.6% | +11.8% |
Dividend History (Last 20)
Last updated: Jul 25, 2026 3:28am (33d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-05-13 | $0.89 | — | — | — |
| 2026-02-18 | $0.89 | — | — | — |
| 2025-11-19 | $0.85 | — | — | — |
| 2025-08-13 | $0.85 | — | — | — |
| 2025-05-14 | $0.85 | — | — | — |
| 2025-02-19 | $0.85 | — | — | — |
| 2024-11-13 | $0.83 | — | — | — |
| 2024-08-14 | $0.83 | — | — | — |
| 2024-05-14 | $0.83 | — | — | — |
| 2024-02-13 | $0.83 | — | — | — |
| 2023-11-14 | $0.81 | — | — | — |
| 2023-08-15 | $0.81 | — | — | — |
| 2023-05-16 | $0.81 | — | — | — |
| 2023-02-14 | $0.81 | — | — | — |
| 2022-11-15 | $0.79 | — | — | — |
| 2022-08-16 | $0.79 | — | — | — |
| 2022-05-17 | $0.79 | — | — | — |
| 2022-02-15 | $0.79 | — | — | — |
| 2021-11-16 | $0.78 | — | — | — |
| 2021-08-17 | $0.78 | — | — | — |
Deep Analysis
Narrative Economics
market-narrative step).
Claude Reading
Looking at ED's raw numbers first: TTM revenue is running ~$16.9B with net margin around 12%, generating roughly $2B in earnings on a $41.7B market cap — that's a 20x P/E for a business growing revenue at a 7.4% CAGR but with earnings that have been lumpy ($1.35B → $1.66B → $2.52B → $1.82B → $2.02B, i.e., no clean compounding). The $28.4B debt against $24.2B equity and only $1.63B cash is standard utility leverage, but the 1.02 current ratio and 4.6% ROIC vs. what is almost certainly a 5%+ blended cost of debt in the current rate environment is the actual problem — ED is earning barely above its cost of capital, which is the classic regulated-utility trap when rates stay elevated. EV/EBITDA of 11x and P/B of 1.68 aren't screaming cheap for a business with 8.4% ROE.
Where I diverge from the prior models: the Valuation Synthesis flags "high debt risk — interest coverage dangerously low" and Market Forces calls it "avoid" — I think that's overstated theatrics for a regulated monopoly with rate-base recovery mechanisms. ConEd doesn't refinance-fail; NY PSC allows debt costs into rates with a lag. The real risk isn't solvency, it's ROE compression and regulatory lag eroding the equity return, which is a slower bleed, not a cliff. Conversely, the Narrative layer's claim that "fundamentals anchor 87-88% of price" with only 12% narrative premium feels too tidy — a DCF on a utility with 4.6% ROIC and 7% top-line growth funded largely by debt and equity issuance doesn't obviously support $99, either. I'd argue the composite $98.93 fair value is roughly right but for different reasons than the models state: it's not debt-crisis risk, it's that you're paying 20x earnings for a ~3% dividend + 3-4% rate-base growth = ~6-7% total return, which is inferior to holding investment-grade utility debt yielding 5.5%+ with less equity risk.
The contrarian case worth engaging: NYC/Westchester electrification is a genuine multi-decade capex tailwind. If ED's rate base compounds at 7-8% (management guides similar) and regulators grant constructive ROEs on climate-mandated investment, the equity is a long-duration inflation-linked bond with growth. The recent Q1 2025 print of $4.80B revenue and $791M NI (16.5% margin) vs. Q1 2024's $4.28B/$720M shows ~12% revenue and ~10% earnings growth — better than the 5-year trend suggests. If that persists, $113 is defensible. But I don't trust one quarter, and the 2023→2024 earnings drop from $2.52B to $1.82B (down 28%) tells me regulatory lag is already biting. Also, the insider data is essentially useless — all awards and one 1-share purchase (a rounding-error filing), with 2026 dates suggesting file corruption or forward-dated grants. Ignore the "neutral insider" signal entirely.
I agree with the synthesis verdict directionally — ED is fully priced to modestly overvalued — but I'd anchor fair value at $95-100, not $113, and I dissent from the Market Forces "avoid" framing as too aggressive for what is fundamentally a low-volatility income vehicle. The real question isn't whether ED is overvalued; it's whether a dividend-income investor has a better alternative. At a 3.08% yield with 57.6% payout ratio and mid-single-digit dividend growth, the forward total return is ~6-7%, which loses to 10-year Treasuries plus a modest credit spread on a risk-adjusted basis right now. That's the actual bear case — not regulatory Armageddon, but simple opportunity cost. I'd wait for either a pullback to the $95-100 zone (roughly 10x EV/EBITDA and 3.5%+ yield) or for the 10-year to move meaningfully lower before adding. Current holders should keep collecting the dividend; new money has better options.
GPT Reading
What jumps out to me in ED’s numbers is not distress and not growth scarcity, but a familiar regulated-utility pattern: revenues are advancing faster than equity holders’ economics. Annual revenue has risen from $13.68B in 2021 to $16.92B in 2025, about 24% cumulative growth, and operating income has also improved from $2.83B to $3.00B after a dip in between. That says the franchise is still expanding. But net income is the tell: $1.35B, $1.66B, then a spike to $2.52B in 2023, back down to $1.82B in 2024, and up to $2.02B in 2025. That is not a compounding earnings machine; it is a regulated asset base trying to outrun financing, timing, and allowed-return friction. The latest quarter was fine — Q1 revenue up from $4.28B to $4.80B and net income from $720M to $791M — but the quarterly pattern still looks seasonal and rate-case-driven more than structurally accelerating. At $113, the stock is being valued as if the quality and defensiveness of the franchise deserve a premium even though ROE is only 8.36% and ROIC 4.59%, both too ordinary to justify much enthusiasm.
The balance sheet and valuation reinforce that. Debt of $28.38B against $24.19B of equity is normal for the sector, and a 1.02 current ratio is not some flashing red emergency for a regulated utility. The issue is simpler: if you pay 20.0x earnings, 1.68x book, and 11.0x EV/EBITDA for a utility yielding just 3.08%, you are prepaying for stability. That can work when rates are falling or when allowed returns are resetting upward; it is less appealing when the earnings power is only $2.02B on a $41.65B market cap and cash generation of $4.80B operating cash flow still has to fund a capital-hungry network. The gross margin at 53.3% and operating margin at 17.7% are solid enough, but they do not indicate hidden operating leverage ready to unlock a rerating. I see a premium utility with a good franchise and mediocre prospective returns from this price.
I agree with Opus on the core verdict: ED is modestly overvalued at $113, and I also reject the earlier model’s melodramatic “high debt risk” framing. Opus argues, correctly, that “the real risk isn’t solvency, it’s ROE compression and regulatory lag eroding the equity return.” I agree. Nothing in these numbers says balance-sheet crisis; everything says slow equity dilution of attractiveness through capital intensity and regulated returns. I also agree with Opus that the insider data should be ignored; a string of awards, an in-kind filing, and a 1-share purchase tell you nothing. And I agree with the thrust of the opportunity-cost argument: a 3.08% dividend yield with a 57.6% payout ratio is safe enough, but not compelling enough to overcome a 20x multiple for a business whose earnings path over five years has been inconsistent.
Where I disagree with Opus is on emphasis and price target generosity. Opus says fair value is $95-100 and suggests $113 becomes “defensible” if the recent quarter persists. I think that is still a touch lenient. On these figures, ED deserves to trade more like a dependable bond proxy than a growth-regulated utility, and bond proxies should not command much more than market multiples when their internal return metrics are sub-9% on equity and sub-5% on invested capital. If I take the 2025 earnings base of $2.02B and apply even a generous utility multiple of 17-18x, I get an equity value of roughly $34B-$36B, not $41.7B. That points closer to a stock in the low $100s and arguably the high $90s. I also disagree with Opus’s relative comfort with the “rate base compounds at 7-8%” upside case as a meaningful support for today’s price. Revenue growth already exists in the data, yet operating income from 2021 to 2025 has barely moved from $2.83B to $3.00B. Until that top-line and asset growth translates into cleaner per-share economic gain, I am not paying up for the capex story.
A careful skeptic of both my view and Opus’s would say we are overfitting near-term capital-market logic onto a utility that often looks expensive right before becoming more expensive. They would note that 2025 net income recovered to $2.02B, Q1 2025 was stronger than Q1 2024, gross profit climbed from $7.41B in 2023 to $9.01B in 2025, and if New York remains constructive on electrification investment, today’s 20x P/E may simply be the market assigning scarcity value to a dense urban monopoly with durable rate-base growth. That is the strongest rebuttal. I still think it is wrong at $113 because the stock already reflects that scarcity premium while offering only a 3.08% yield and middling return metrics.
Grok Reading
grok-critique step) alongside the other Big-3 seats, when a
report is run on this ticker.
Advanced Analysis Forensic deep-dive · separate lenses
Consolidated Edison is behaving exactly like a well-run regulated utility. Revenue has grown from $13.68B (2021) to $16.92B (2025), operating margin has stabilized in the 17-18% band, and net income has climbed from $1.35B to $2.02B. The most important trend is FCF: deeply negative in 2021-2022 (-$1.23B, -$0.53B) as capex ran hot, then flipping to +$2.16B, +$3.61B, and +$4.80B in 2023-2025. OCF/NI at 1.92x and accruals at -2.2% of assets point to clean, cash-backed earnings (Beneish M -2.61 confirms low manipulation risk).
Verify before trusting this (5)
- Rate case outcomes at NY PSC for electric and gas subsidiaries - allowed ROE trajectory
- Capex plan for 2026-2028 to confirm whether FCF strength persists or reverses with grid investment cycle
- Debt maturity ladder and weighted-average coupon vs. current refinancing rates
- Dividend payout ratio and coverage from FCF post-capex
- Exposure to Clean Energy Transfer Act and NY climate mandate capex obligations
The e2e composite pegs deserved value at $98.93 and the signal-adjusted FV at $100.41, implying about -11% downside from $113.01. The anchored P/E method stretches to $120.53 but that reflects rich market multiples on a slow-growth utility; the EPV floor of $77.33 says the pure earnings-power case is well below today's tape. Splitting the difference, deserved value lands near $95-105, so the current price already bakes in successful rate-base execution and grid-modernization capex paying off cleanly.
Verify before trusting this (4)
- Next NY PSC rate case ROE authorization and rate base growth trajectory
- Capex guidance for grid modernization and electrification - is it earning the allowed return or dragging FCF
- Any one-time gains/regulatory deferrals inflating current EPS
- Interest expense trajectory as debt gets refinanced at higher rates
The macro tape is mildly risk-off (VIX 18.6, S&P off its high, 10y at 4.71%) and that would normally punish equities, but ED's 0.26 beta and regulated-monopoly profile mean the tape barely grazes this name. In fact, when the S&P wobbles, defensive utility bond-proxies like ED often catch a modest bid from rotators seeking shelter and yield. The offset is rates: at 4.71% on the 10y, the bond-proxy appeal is muted versus a lower-rate regime, capping any flight-to-safety tailwind. Net macro pressure on THIS name is close to neutral, tilting very slightly positive on relative-defensiveness. The narrative side is quiet: a durable but minimal-intensity steady-compounder story with low cult coefficient. There is no active bull thesis pulling money in (no AI-grid frenzy attached to ED specifically, no electrification hype cycle running hot on this ticker) and no active bear narrative de-rating it either. Momentum is neutral, growth has decelerated modestly, and analyst tone appears unremarkable. The stock is being held by its dividend and regulated-return anchor, not pushed by any story. Net: sentiment pressure is small in both directions and roughly balanced, with a faint defensive tilt offset by rate headwinds on yield-proxy demand.
Verify before trusting this (4)
- Direction of the 10y yield - a drop below 4.25% would materially strengthen the bond-proxy bid for ED
- Any NY state PSC rate case rulings that could shift regulatory sentiment on allowed ROE
- Whether grid-modernization or AI-datacenter-power narratives start attaching to ED specifically (would flip to tailwind)
- Sector rotation flows into XLU as a tell for defensive positioning
This lens hasn't been run for this ticker yet.
When we made this prediction on Jul 27, 2026, ED was $113.01. We expect it to be $109.00 by Jan 2027, and we consider it great value under $95.00. This is an early model (v0.6.0) — the direction is more reliable than the exact price. Made Jul 27, 2026.
Blue is our prediction, starting the day we made it. Grey is a slower route to the same place — the same destination, taking longer. Black is the actual price, so you can see how we are doing.
Post-Report Due Diligence UNSETTLED
Evidence for a closer look, not a verdict — no score or designation on this page has been changed by it. Items marked material are ones where a conclusion above moves to the other side of the price.
trailing_eps
flips down 5%
adjusted_pe
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