Consolidated Edison, Inc. (ED) Stock

Consolidated Edison, Inc. (ED) is a Utilities stock trading at $106.38 (as of 2026-08-21), with a market capitalization of $39.20B and a trailing P/E of 14.8. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Consolidated Edison, Inc., through subsidiaries, provides regulated electric, gas, and steam utility services in the United States, serving customers in New York City, Westchester County, Manhattan, the Bronx, parts of Queens, and additional areas of southeastern New York and northern New Jersey. It also operates associated transmission and distribution infrastructure and supplies energy-related services to wholesale and retail customers.

Understand Consolidated Edison, Inc.: how it makes money

Consolidated Edison delivers regulated electricity, natural gas, and steam to customers in its New York service territories, and makes money mainly from regulated utility operating revenues for those delivery services.

Because Con Edison operates regulated delivery businesses, its profit model is primarily about generating allowed operating revenues from providing electricity, gas, and steam service to its defined customer base in its service territories.

Revenue by segment (latest quarter)
Electric	$2.9B
Gas	$0.9B
Steam	$0.2B
Non-utility	$1.1B

Business quality (Solid): The business model is straightforward (regulated delivery of electricity, gas, and steam). The main investor focus is the operating revenue streams by utility and how stable they remain, but the provided facts do not include how regulation sets rates, cost recovery, or reliability performance.

Valuation: At 18× earnings, ED trades 18% below the Utilities average (22×). Note: one-time items can distort reported P/E.

Bull case

Regulated delivery model across multiple energy types: The company serves customers with electricity, gas, and steam services, which can diversify revenue sources within utility delivery.
Large, established customer base in specific service areas: It supplies electricity to approximately 3.5 million customers and gas to approximately 1.1 million customers within New York service territories, plus additional customers in adjacent areas.

Bear case

Dependence on regulation and rate recovery: As a regulated utility, outcomes can be sensitive to how permitted revenues and cost recovery are determined under regulation.
Revenue concentration in its service territories: Customer counts and service offerings are concentrated in specific parts of New York, so local economic and regulatory conditions can matter more than for broadly diversified businesses.

Valuation — source: SEC EDGAR (first-party)
Price	$106.38
Market Cap	$39.20B
P/E Ratio	14.8
EV / EBITDA	6.6
Price / Book	1.53
Price / Sales	2.18
DCF Value (model)	$6.14
DCF Upside vs Price	-94.2%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$16.92B
Net Margin	12.0%
Revenue Growth (YoY)	10.9%
EPS Growth (YoY)	7.6%

Financial Health — source: SEC EDGAR
Altman Z-Score	1.09 (distress)

Valuation vs Sector & Industry
Stock P/E	14.8
Sector P/E (Utilities)	20.8
Industry P/E (Utilities)	20.1
vs Sector	-29.0%
vs Industry	-26.3%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($4.53B)
Institutional Holders Tracked	10
Congressional Trades (recent)	5

Company
Sector	Utilities
Industry	Utilities
CEO	Timothy Cawley
Employees	15,097
Country	US
IPO Date	2001-02-15

Related Companies (Business model: Regulated Utility (Electric / Gas); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.