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Consolidated Edison Inc (ED) vs Fortis (FTS)

Consolidated Edison Inc and Fortis are both Utilities Regulated Electric companies. Consolidated Edison Inc is the larger, with a market value of $44.8B against $31.3B — 1.4× the size. Consolidated Edison Inc trades at the lower P/E: 19.4× against 23.2×. Consolidated Edison Inc grew revenue faster over the last twelve months: 8.95% against 5.16%. Fortis has the higher net margin (14.3% vs 12.7%) and the lower return on invested capital (3.51% vs 3.99%). Both pay a dividend; Fortis yields more (3.02% vs 2.89%). Across the 22 metrics below, Consolidated Edison Inc leads on 17 and Fortis on 5.

Valuation

Metric ED FTS Utilities Regulated Electric median
P/E 19.36 23.19 19.45
P/S 2.49 3.47 2.78
P/B 1.71 1.66 1.82
Price to free cash flow n/m n/m 45.34
EV/EBITDA 12.57 13.99 12.40
EV/Sales 3.98 6.32 4.95
Earnings yield 5.16% 4.31% 5.12%
Free cash flow yield (2.11%) (4.84%) (5.93%)

Profitability

Metric ED FTS Utilities Regulated Electric median
Gross margin 0.00% 45.49% 62.00%
Operating margin 18.74% 28.44% 21.72%
Net margin 12.70% 14.32% 13.45%
Free cash flow margin 23.82% (16.82%) (11.71%)
Return on equity 9.10% 7.04% 9.94%
Return on assets 3.08% 2.30% 2.85%
Return on invested capital 3.99% 3.51% 3.95%

Growth

Metric ED FTS Utilities Regulated Electric median
Revenue growth (TTM) 8.95% 5.16% 7.78%
EPS growth (last fiscal year) 7.63% 3.09% 6.01%
Revenue growth, 5-year CAGR 6.68% 5.48% 6.72%
Net income growth, 5-year CAGR 12.94% 6.33% 6.50%

Health

Metric ED FTS Utilities Regulated Electric median
Debt to equity 1.02 1.35 1.54
Current ratio 1.18 0.69 0.88
Net debt to EBITDA 4.69 6.17 5.27

Dividend

Metric ED FTS Utilities Regulated Electric median
Dividend yield 2.89% 3.02% 3.16%
Payout ratio 0.56 0.70 0.63

Size

Metric ED FTS Utilities Regulated Electric median
Market cap 44.75b 31.26b 26.54b

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