Consolidated Edison Inc (ED) vs Pacific Gas & Electric Co. (PCG)

Consolidated Edison Inc and Pacific Gas & Electric Co. are both Utilities Regulated Electric companies. Consolidated Edison Inc is the larger, with a market value of $37.9B against $27.1B — 1.4× the size. Pacific Gas & Electric Co. trades at the lower P/E: 8.9× against 16.9×. Consolidated Edison Inc grew revenue faster over the last twelve months: 9.54% against 5.66%. Consolidated Edison Inc has the higher net margin (12.5% vs 11.8%) and the higher return on invested capital (3.88% vs 3.32%). Both pay a dividend; Consolidated Edison Inc yields more (3.68% vs 0.06%). Across the 22 metrics below, Consolidated Edison Inc leads on 13 and Pacific Gas & Electric Co. on 9.

Valuation

Metric ED PCG Utilities Regulated Electric median
P/E 16.87 8.94 18.84
P/S 2.15 1.05 2.52
P/B 1.48 0.83 1.63
Price to free cash flow n/m n/m 36.22
EV/EBITDA 11.54 9.15 11.82
EV/Sales 3.60 3.49 4.58
Earnings yield 5.93% 11.18% 5.30%
Free cash flow yield (3.42%) (15.69%) (5.06%)

Profitability

Metric ED PCG Utilities Regulated Electric median
Gross margin 74.74% 84.30% 66.28%
Operating margin 18.00% 19.99% 21.79%
Net margin 12.54% 11.83% 12.94%
Free cash flow margin (7.35%) (16.50%) (11.51%)
Return on equity 8.97% 9.79% 9.75%
Return on assets 3.00% 2.17% 2.75%
Return on invested capital 3.88% 3.32% 3.87%

Growth

Metric ED PCG Utilities Regulated Electric median
Revenue growth (TTM) 9.54% 5.66% 7.43%
EPS growth (last fiscal year) 7.63% 2.61% —
Revenue growth, 5-year CAGR 6.68% 6.19% 6.75%
Net income growth, 5-year CAGR 12.94% 0.00% 6.44%

Health

Metric ED PCG Utilities Regulated Electric median
Debt to equity 1.05 1.88 1.53
Current ratio 1.27 1.22 0.81
Net debt to EBITDA 4.69 6.39 5.25

Dividend

Metric ED PCG Utilities Regulated Electric median
Dividend yield 3.68% 0.06% 4.33%
Payout ratio 0.46 0.00 0.66

Size

Metric ED PCG Utilities Regulated Electric median
Market cap 37.85b 27.11b 22.90b

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