Exelon Corporation (EXC) vs Pacific Gas & Electric Co. (PCG)

Exelon Corporation and Pacific Gas & Electric Co. are both Utilities Regulated Electric companies. Exelon Corporation is the larger, with a market value of $41.4B against $27.1B — 1.5× the size. Pacific Gas & Electric Co. trades at the lower P/E: 8.9× against 14.8×. Exelon Corporation grew revenue faster over the last twelve months: 6.57% against 5.66%. Pacific Gas & Electric Co. has the higher net margin (11.8% vs 11.0%) and the lower return on invested capital (3.32% vs 4.18%). Both pay a dividend; Exelon Corporation yields more (4.33% vs 0.06%). Across the 22 metrics below, Exelon Corporation leads on 12 and Pacific Gas & Electric Co. on 10.

Valuation

Metric EXC PCG Utilities Regulated Electric median
P/E 14.78 8.94 18.84
P/S 1.63 1.05 2.52
P/B 1.39 0.83 1.63
Price to free cash flow n/m n/m 36.22
EV/EBITDA 10.01 9.15 11.82
EV/Sales 3.57 3.49 4.58
Earnings yield 6.77% 11.18% 5.30%
Free cash flow yield (4.63%) (15.69%) (5.06%)

Profitability

Metric EXC PCG Utilities Regulated Electric median
Gross margin 63.53% 84.30% 66.28%
Operating margin 20.80% 19.99% 21.79%
Net margin 10.99% 11.83% 12.94%
Free cash flow margin (7.56%) (16.50%) (11.51%)
Return on equity 9.71% 9.79% 9.75%
Return on assets 2.40% 2.17% 2.75%
Return on invested capital 4.18% 3.32% 3.87%

Growth

Metric EXC PCG Utilities Regulated Electric median
Revenue growth (TTM) 6.57% 5.66% 7.43%
EPS growth (last fiscal year) 11.43% 2.61% —
Revenue growth, 5-year CAGR 7.80% 6.19% 6.75%
Net income growth, 5-year CAGR 7.11% 0.00% 6.44%

Health

Metric EXC PCG Utilities Regulated Electric median
Debt to equity 1.73 1.88 1.53
Current ratio 1.09 1.22 0.81
Net debt to EBITDA 5.50 6.39 5.25

Dividend

Metric EXC PCG Utilities Regulated Electric median
Dividend yield 4.33% 0.06% 4.33%
Payout ratio 0.65 0.00 0.66

Size

Metric EXC PCG Utilities Regulated Electric median
Market cap 41.44b 27.11b 22.90b

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