Exelon Corporation (EXC) vs National Grid Transco, PLC (NGG)

Exelon Corporation and National Grid Transco, PLC are both Utilities Regulated Electric companies. National Grid Transco, PLC is the larger, with a market value of $76.4B against $41.4B — 1.8× the size. Exelon Corporation trades at the lower P/E: 14.8× against 20.7×. National Grid Transco, PLC grew revenue faster over the last twelve months: 29.9% against 6.57%. National Grid Transco, PLC has the higher net margin (26.1% vs 11.0%) and the lower return on invested capital (0.00% vs 4.18%). Both pay a dividend; National Grid Transco, PLC yields more (5.63% vs 4.33%). Across the 20 metrics below, Exelon Corporation leads on 11 and National Grid Transco, PLC on 9.

Valuation

Metric EXC NGG Utilities Regulated Electric median
P/E 14.78 20.71 18.84
P/S 1.63 n/m 2.52
P/B 1.39 n/m 1.63
Price to free cash flow n/m n/m 36.22
EV/EBITDA 10.01 4.18 11.82
EV/Sales 3.57 1.15 4.58
Earnings yield 6.77% 4.83% 5.30%
Free cash flow yield (4.63%) 0.00% (5.06%)

Profitability

Metric EXC NGG Utilities Regulated Electric median
Gross margin 63.53% 18.68% 66.28%
Operating margin 20.80% 0.00% 21.79%
Net margin 10.99% 26.11% 12.94%
Free cash flow margin (7.56%) 0.00% (11.51%)
Return on equity 9.71% 0.00% 9.75%
Return on assets 2.40% 0.00% 2.75%
Return on invested capital 4.18% 0.00% 3.87%

Growth

Metric EXC NGG Utilities Regulated Electric median
Revenue growth (TTM) 6.57% 29.86% 7.43%
EPS growth (last fiscal year) 11.43% 10.91% —
Revenue growth, 5-year CAGR 7.80% 4.16% 6.75%
Net income growth, 5-year CAGR 7.11% 15.15% 6.44%

Health

Metric EXC NGG Utilities Regulated Electric median
Debt to equity 1.73 1.19 1.53
Current ratio 1.09 0.76 0.81
Net debt to EBITDA 5.50 5.69 5.25

Dividend

Metric EXC NGG Utilities Regulated Electric median
Dividend yield 4.33% 5.63% 4.33%
Payout ratio 0.65 0.68 0.66

Size

Metric EXC NGG Utilities Regulated Electric median
Market cap 41.44b 76.37b 22.90b

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