EDCONSOLIDATED EDISON INC

Electric & Other Services Combined

Revenue: $17.0B; 10% YoY
Operating margin: 17.2%; 0.3% YoY
EBITDA: $5.3B; 8.9% YoY
Market cap: $42.1B
Employees: 15,407; $1M revenue each
Net debt / EBITDA: 4.9×; $25.7B net debt
AI in 10-K: 0.9; mentions per 10K words

Takeover score 0 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
2373× net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
24% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$1M · 41st pct
Bottom quartile of its SIC industry
Quiet on AINo
0.9 per 10K words · 32nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$42.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$13.5B	$15.5B	$14.5B	$15.5B	$17.0B	10%
Operating income	$2.8B	$2.6B	$3.2B	$2.7B	$2.9B	9.9%
Net income	$1M	$2M	$3M	$2M	$2M	11%
Operating cash flow	$2.7B	$3.9B	$2.2B	$3.6B	$4.8B	33%
Capex	$4.0B	$4.5B	—	—	—
Stock-based comp	$35M	$64M	$53M	$35M	$55M	57%
Buybacks	$0	$0	$1.0B	$0	$0
Dividends	$1.0B	$1.1B	$1.1B	$1.1B	$1.2B	6.0%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $434 · 4
Open-market sells, 12 mo: $1M · 3
Net: −$1M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	164	159
FY2024	—	—	143	137
FY2023	—	—	141	111
FY2022	—	—	142	120
FY2021	—	—	123	118