Exelon Corporation (EXC) vs Southern Company (The) (SO)

Exelon Corporation and Southern Company (The) are both Utilities Regulated Electric companies. Southern Company (The) is the larger, with a market value of $95.3B against $41.4B — 2.3× the size. Exelon Corporation trades at the lower P/E: 14.8× against 19.9×. Exelon Corporation grew revenue faster over the last twelve months: 6.57% against 6.40%. Southern Company (The) has the higher net margin (15.4% vs 11.0%) and the lower return on invested capital (4.05% vs 4.18%). Both pay a dividend; Exelon Corporation yields more (4.33% vs 4.15%). Across the 22 metrics below, Exelon Corporation leads on 15 and Southern Company (The) on 7.

Valuation

Metric EXC SO Utilities Regulated Electric median
P/E 14.78 19.88 18.84
P/S 1.63 3.12 2.52
P/B 1.39 2.23 1.63
Price to free cash flow n/m n/m 36.22
EV/EBITDA 10.01 12.07 11.82
EV/Sales 3.57 5.46 4.58
Earnings yield 6.77% 5.03% 5.30%
Free cash flow yield (4.63%) (3.47%) (5.06%)

Profitability

Metric EXC SO Utilities Regulated Electric median
Gross margin 63.53% 71.88% 66.28%
Operating margin 20.80% 24.21% 21.79%
Net margin 10.99% 15.43% 12.94%
Free cash flow margin (7.56%) (10.83%) (11.51%)
Return on equity 9.71% 11.69% 9.75%
Return on assets 2.40% 3.00% 2.75%
Return on invested capital 4.18% 4.05% 3.87%

Growth

Metric EXC SO Utilities Regulated Electric median
Revenue growth (TTM) 6.57% 6.40% 7.43%
EPS growth (last fiscal year) 11.43% (1.99%) —
Revenue growth, 5-year CAGR 7.80% 7.72% 6.75%
Net income growth, 5-year CAGR 7.11% 6.84% 6.44%

Health

Metric EXC SO Utilities Regulated Electric median
Debt to equity 1.73 1.73 1.53
Current ratio 1.09 0.79 0.81
Net debt to EBITDA 5.50 5.27 5.25

Dividend

Metric EXC SO Utilities Regulated Electric median
Dividend yield 4.33% 4.15% 4.33%
Payout ratio 0.65 0.98 0.66

Size

Metric EXC SO Utilities Regulated Electric median
Market cap 41.44b 95.28b 22.90b

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