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Held by 374 of 2,417 reporting institutions (98th percentile) — extremely crowded.
Data as of Q3 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
What the company returns to shareholders — and whether it's covered by cash.
Free-cash-flow coverage unavailable. Last year: $1.62B dividends + $0 buybacks = $1.62B returned on -$2.27B FCF.
3 consecutive years of dividend increases · 3%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Modest payoff on reinvested capital. Current ROIC on all capital: 4%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $626.0M is below the $1.67B due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~4.3% on $37.12B of debt. Interest last disclosed in FY2020 (no longer broken out).
Cash of $626.0M fully covers short-term debt of $612.0M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Ranked against 14 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| DUK | $99.3B | 20.2× | 11.1× | 3.1× | 5.6% | — | 15.7% | 9.6% | 3.7% | 5.0× | 841 |
| EXC | $47.6B | — | 11.6× | 2.0× | 5.3% | — | 11.4% | 9.6% | 3.6% | 5.8× | 374 |
| ED | $43.1B | 20.7× | — | 2.5× | 10.9% | — | 12.0% | 8.4% | 4.0% | — | 428 |
| PCG | $39.6B | 11.2× | — | 1.6× | 2.1% | — | 10.8% | 8.3% | 2.9% | — | 198 |
| WEC | $38.2B | 24.1× | 15.7× | 3.9× | 14.0% | 66.7% | 15.9% | 11.1% | 4.5% | 5.5× | 402 |
| PEG | $37.0B | 17.6× | — | 3.0× | 18.3% | — | 17.3% | 12.4% | 5.3% | — | 367 |
| AEE | $30.6B | 20.7× | — | 3.5× | 15.4% | — | 16.6% | 10.9% | 4.5% | — | 234 |
| CMS | $22.0B | 19.9× | 13.3× | 2.6× | 13.6% | — | 12.5% | 11.7% | 3.8% | 6.0× | 215 |
| NI | $21.4B | 22.9× | 12.5× | 3.3× | 23.5% | — | 14.3% | 9.8% | 3.6% | 5.4× | 208 |
| EVRG | $19.8B | 23.5× | 13.4× | 3.3× | 2.0% | — | 14.4% | 8.4% | 3.6% | 5.4× | 258 |
| LNT | $18.6B | 22.8× | 16.1× | 4.3× | 9.6% | 85.7% | 18.6% | 11.0% | 4.2% | 6.1× | 225 |
| NWE | $4.9B | 27.1× | 14.3× | 3.0× | 6.4% | — | 11.2% | 6.3% | 2.9% | 5.8× | 73 |
| AVA | $3.1B | 15.8× | 5.5× | 1.6× | 1.3% | — | 9.8% | 7.1% | 6.2% | 0.6× | 80 |
| UTL | $1.0B | 18.7× | — | 1.9× | 8.3% | — | 9.4% | 8.2% | 3.4% | — | 48 |
| GNE | $433M | 18.3× | 8.3× | 0.9× | 18.1% | 24.8% | 4.8% | 9.6% | 9.2% | -6.8× | 15 |
Peers = companies sharing EXC's sector (Electric & Other Services Combined) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Solve the discounted cash flow backwards, then stress-test the assumptions.
This company doesn't have positive free cash flow on any basis, so a reverse DCF can't be run.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $24.26B 100.0% | $23.03B 100.0% | $21.73B 100.0% | $19.08B 100.0% | $17.94B 100.0% | $16.66B 100.0% | $16.73B 100.0% | $35.98B 100.0% | $33.56B 100.0% | $31.37B 100.0% |
| Total Operating Expenses | $19.11B 78.8% | $18.72B 81.3% | $17.71B 81.5% | $15.76B 82.6% | $15.26B 85.0% | $14.48B 86.9% | $14.07B 84.1% | $32.14B 89.3% | $29.62B 88.3% | $28.11B 89.6% |
| Operating Income | $5.15B 21.2% | $4.32B 18.8% | $4.02B 18.5% | $3.31B 17.4% | $2.68B 15.0% | $2.19B 13.1% | $2.66B 15.9% | $3.89B 10.8% | $4.39B 13.1% | $3.21B 10.2% |
| Interest Expense | — | — | — | — | — | $1.61B 9.7% | $1.59B 9.5% | $1.53B 4.2% | $1.52B 4.5% | $1.50B 4.8% |
| Interest & Investment Income | — | — | — | — | — | — | — | $43.0M 0.1% | $8.0M 0.0% | $17.0M 0.1% |
| Other Income (Expense), net | -$1.86B -7.7% | -$1.65B -7.2% | -$1.32B -6.1% | -$912.0M -4.8% | -$1.03B -5.7% | -$1.10B -6.6% | -$1.02B -6.1% | -$1.67B -4.6% | -$613.0M -1.8% | -$1.24B -4.0% |
| Pretax Income | $3.29B 13.6% | $2.67B 11.6% | $2.70B 12.4% | $2.40B 12.6% | $1.65B 9.2% | $1.09B 6.6% | $1.64B 9.8% | $2.23B 6.2% | $3.77B 11.2% | $1.97B 6.3% |
| Income Tax Expense | $523.0M 2.2% | $207.0M 0.9% | $374.0M 1.7% | $349.0M 1.8% | $38.0M 0.2% | -$7.0M -0.0% | $153.0M 0.9% | $118.0M 0.3% | -$126.0M -0.4% | $753.0M 2.4% |
| Net Income | $2.77B 11.4% | $2.46B 10.7% | $2.33B 10.7% | $2.17B 11.4% | $1.83B 10.2% | $1.95B 11.7% | $3.03B 18.1% | $2.08B 5.8% | $3.87B 11.5% | $1.20B 3.8% |
| Per Share | ||||||||||
| EPS (Basic) | — | — | — | — | $1.74 | $2.01 | $3.02 | $2.07 | $3.99 | $1.21 |
| EPS (Diluted) | — | — | — | — | $1.74 | $2.01 | $3.01 | $2.07 | $3.98 | $1.21 |
| Weighted Avg Shares (Basic) | 1.01B | 1.00B | 996.0M | 986.0M | 979.0M | 976.0M | 973.0M | 967.0M | 947.0M | 924.0M |
| Weighted Avg Shares (Diluted) | 1.01B | 1.00B | 997.0M | 987.0M | 980.0M | 977.0M | 974.0M | 969.0M | 949.0M | 927.0M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-30 | Rogers Matthew C Director | Grant | 897 | $40.40 | — |
| 2026-09-30 | Cheshire Marjorie Rodgers Director | Grant | 511 | $40.40 | — |
| 2026-09-30 | Bowers William P Director | Grant | 1,067 | $40.40 | — |
| 2026-09-30 | Lillie Charisse R Director | Grant | 6 | $40.40 | — |
| 2026-06-30 | Bowers William P Director | Grant | 925 | $46.62 | — |
| 2026-06-30 | Rogers Matthew C Director | Grant | 778 | $46.62 | — |
| 2026-06-30 | Lillie Charisse R Director | Grant | 5 | $46.62 | — |
| 2026-06-30 | Cheshire Marjorie Rodgers Director | Grant | 442 | $46.62 | — |
| 2026-04-28 | Bowers William P Director | Grant | 3,720 | $0.00 | — |
| 2026-04-28 | Rogers Matthew C Director | Grant | 3,720 | $0.00 | — |
| 2026-04-28 | Lillie Charisse R Director | Grant | 3,720 | $0.00 | — |
| 2026-04-28 | Segedi Bryan K Director | Grant | 3,720 | $0.00 | — |
| 2026-04-28 | Cheshire Marjorie Rodgers Director | Grant | 3,720 | $0.00 | — |
| 2026-04-28 | Jojo Linda P Director | Grant | 3,720 | $0.00 | — |
| 2026-04-28 | Dewalt David G Director | Grant | 3,720 | $0.00 | — |
| 2026-04-28 | Richo Anna Director | Grant | 3,720 | $0.00 | — |
| 2026-03-31 | 2 co-filers Group filing | Grantindirect | 878 | $49.82 | $44k |
| 2026-03-31 | Jojo Linda P Director | Grantindirect | 878 | $49.82 | $44k |
| 2026-03-31 | Dewalt David G Director | Grantindirect | 878 | $49.82 | $44k |
| 2026-03-31 | 2 co-filers Group filing | Grantindirect | 878 | $49.82 | $44k |
| 2026-03-31 | Richo Anna Director | Grantindirect | 878 | $49.82 | $44k |
| 2026-03-31 | 2 co-filers Group filing | Grantindirect | 878 | $49.82 | $44k |
| 2026-03-31 | Segedi Bryan K Director | Grantindirect | 878 | $49.82 | $44k |
| 2026-03-31 | 2 co-filers Group filing | Grantindirect | 878 | $49.82 | $44k |
| 2026-03-31 | 2 co-filers Group filing | Grant | 739 | $49.02 | — |
| 2026-03-31 | 2 co-filers Group filing | Grant | 880 | $49.02 | — |
| 2026-03-31 | 2 co-filers Group filing | Grant | 5 | $49.02 | — |
| 2026-03-31 | 2 co-filers Group filing | Grant | 421 | $49.02 | — |
| 2026-02-02 | 12 co-filers SVP, Controller & Tax | Option exercise | 1,474 | — | — |
| 2026-02-02 | Peterson Timothy George EVP Chf Cust & Tech Officer | Grant | 11,274 | — | — |
| 2026-02-02 | 12 co-filers EVP & Chief Operating Officer | Option exercise | 2,432 | — | — |
| 2026-02-02 | 12 co-filers EVP, CFO, Audit & Risk | Option exercise | 5,197 | — | — |
| 2026-02-02 | 12 co-filers President & CEO | Option exercise | 23,558 | — | — |
| 2026-02-02 | 6 co-filers EVP CLO Compliance & Corp Sec | Option exercise | 3,872 | — | — |
| 2026-02-02 | 12 co-filers SVP, Controller & Tax | Option exercise | 1,684 | — | — |
| 2026-02-02 | 12 co-filers President & CEO | Option exercise | 31,986 | — | — |
| 2026-02-02 | 12 co-filers EVP & Chief Operating Officer | Option exercise | 5,748 | — | — |
| 2026-02-02 | 12 co-filers EVP, CFO, Audit & Risk | Option exercise | 6,485 | — | — |
| 2026-02-02 | 6 co-filers EVP CLO Compliance & Corp Sec | Option exercise | 4,781 | — | — |
| 2026-02-02 | 12 co-filers EVP, CFO, Audit & Risk | Option exercise | 7,031 | — | — |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
EOD close · as of 2026-10-30
Earns 2.26pts above its cost of capital, without much margin of safety.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 10.2% | 3.8% |
| FY2017 | not reported | 13.1% | 11.5% |
| FY2018 | not reported | 10.8% | 5.8% |
| FY2019 | not reported | 12.7% | 8.8% |
| FY2020 | not reported | 13.1% | 11.7% |
| FY2021 | not reported | 15.0% | 10.2% |
| FY2022 | not reported | 17.4% | 11.4% |
| FY2023 | not reported | 18.5% | 10.7% |
| FY2024 | not reported | 18.8% | 10.7% |
| FY2025 | not reported | 21.2% | 11.4% |
The spread was positive in only 4 of the last 5 years.
Where each multiple sits in its own 14-yr range · 93th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 10% against ROIC 4% — 6% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 3.6× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Operating Income | 10.8 | 15.9 | 13.1 | 15.0 | 17.4 | 18.5 | 18.8 | 21.2 |
| Income Tax | 0.3 | 0.9 | -0.0 | 0.2 | 1.8 | 1.7 | 0.9 | 2.2 |
| Net Income | 5.8 | 18.1 | 11.7 | 10.2 | 11.4 | 10.7 | 10.7 | 11.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on EXC: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Leverage and buybacks account for 6 points of the 10% return on equity in FY2025. The business earns 4% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$6.6B of goodwill — 9% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 5.9% | 3.7% (today's — no rate published for this year) | 2.2pts |
| FY2020 | 2.8% | 3.7% (today's — no rate published for this year) | -1.0pts |
| FY2021 | 3.5% | 3.7% (today's — no rate published for this year) | -0.2pts |
| FY2022 | 4.6% | 3.7% (today's — no rate published for this year) | 0.9pts |
| FY2023 | 5.2% | 3.7% (today's — no rate published for this year) | 1.5pts |
| FY2024 | 5.3% | 3.7% (today's — no rate published for this year) | 1.5pts |
| FY2025 | 5.9% | 3.7% (today's — no rate published for this year) | 2.1pts |
| Now | 3.6% | 3.7% | -0.1pts |
Free cash flow has fallen short of reported profit in 3 of the last three years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $2.77B | $2.77B |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | $3.49B | $6.25B |
| Operating cash flow | $6.25B | $6.25B |
| Capex | −$8.53B | −$2.27B |
| Free cash flow | −$2.27B | −$2.27B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -51.6% | -29.6% | 22.0 points |
| FY2021 | 7.7% | -42.1% | -49.8 points |
| FY2022 | 6.4% | 18.6% | 12.3 points |
| FY2023 | 13.9% | 5.6% | -8.3 points |
| FY2024 | 6.0% | 16.9% | 10.9 points |
| FY2025 | 5.3% | 20.4% | 15.1 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 48.7 days | not reported | not reported | not reported |
| FY2020 | 70.8 days | not reported | not reported | not reported |
| FY2021 | 38 days | not reported | not reported | not reported |
| FY2022 | 42.4 days | not reported | not reported | not reported |
| FY2023 | 39.3 days | not reported | not reported | not reported |
| FY2024 | 43.4 days | not reported | not reported | not reported |
| FY2025 | 49.6 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -2.9 percent |
| FY2020 | -1.8 percent |
| FY2021 | -0.9 percent |
| FY2022 | -2.8 percent |
| FY2023 | -2.3 percent |
| FY2024 | -2.9 percent |
| FY2025 | -3.0 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.
Shares outstanding are up 5% since FY2019 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.
Missing from our data, so excluded from this answer: share_based_compensation.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025. Free cash flow is negative, so projected resources fall rather than accumulate.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: interest_expense.
No positive free cash flow to discount, so the price cannot be expressed as a growth requirement.
No material counter-signal in the checked set: reverse-DCF implied growth, historical FCF CAGR, per-year FCF growth distribution, reporting-basis breaks, discount rate used, free-cash-flow basis (stock comp charged?).
Missing from our data, so excluded from this answer: free_cash_flow.