ED
Consolidated Edison, Inc.Utilities·Regulated Electric
$105.62
$38.9B market cap
Revenue
$9.1B
Free Cash Flow
$-823.0M
Rev Growth
+0.0%
FCF Margin
-9.1%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Consolidated Edison, Inc., through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It offers electric services to approximately 3.5 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,555 customers in parts of Manhattan. The company also supplies electricity to approximately 0.3 million custo
2-Year Price History
$108.54+22.7%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 5,095 | 1,843 | 1,177 | 924.0 | 174.0 | -999.0 | -1,173 | 147.0 | 27,177 | 364.4 | 9.6% | 6.0x | -- |
| Act | 2025-Q4 | 3,995 | 1,285 | 483.0 | 297.0 | 1,480 | 176.0 | -1,304 | 1,629 | 28,753 | 362.2 | 4.4% | 4.1x | -- |
Valuation & Metrics
Market Stats
Price$105.62
Market Cap$38.9B
Enterprise Value$66.0B
P/S Ratio4.3x
P/FCF--
EV/FCF--
FCF Margin (TTM)-9.1%
FCF Yield-2.1%
Dividend Yield (TTM)4.1%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$9.1B
Net Income$1.2B
Free Cash Flow$-823.0M
Revenue Growth (YoY)+0.0%
EBITDA Margin34.4%
Net Margin13.4%
FCF Margin-9.1%
CapEx % of Revenue27.2%
SBC % of Revenue0.0%
ROIC7.0%
WC Change % Rev7.2%
Interest Coverage5.0x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares8.6M
Days to Cover5.1
Change (vs Prior)+0.7%
Need at least 2 settlement dates for chart
Employees
Headcount15,097
Revenue / Employee$602,106
Gross Profit / Employee$382,990
Cash Runway
2.1months
CRITICAL
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
38.9%(+1.4% YoY)
1,385 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
36.2%(+2.2% YoY)
12 filers
Vanguard, iShares, SPDR
Market makers
0.2%(-0.1% YoY)
10 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $4.47B | $98.15 | −$52.0M | +$74.1M | -0.2% | $5.69T |
| STATE STREET CORPPassive | $2.82B | $95.11 | −$2.9M | +$60.1M | -0.2% | $2.89T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $2.66B | $112.24 | +$2.64B | +$2.66B | — | $4.04T |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $2.11B | $112.24 | +$2.09B | +$2.11B | — | $1.91T |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $1.16B | $91.79 | +$37.5M | +$123M | +2.3% | $1.61T |
| LAZARD ASSET MANAGEMENT LLC | $801M | $98.67 | +$102M | +$800M | -0.3% | $60.69B |
| DEUTSCHE BANK AG\ | $656M | $96.60 | +$245M | +$212M | -0.3% | $302.17B |
| MORGAN STANLEY | $607M | $85.18 | −$3.9M | +$3.4M | -0.3% | $1.65T |
| PRICE T ROWE ASSOCIATES INC /MD/ | $588M | $98.94 | −$140K | +$397M | -0.2% | $864.93B |
| Legal & General Group Plc | $514M | $95.60 | +$15.8M | −$5.0M | -0.1% | $432.24B |
| UBS ASSET MANAGEMENT AMERICAS INC | $509M | $86.80 | +$15.5M | −$42.3M | -0.3% | $480.58B |
| NORTHERN TRUST CORPPassive | $445M | $82.59 | −$16.8M | −$31.7M | -0.2% | $755.34B |
| Amundi | $438M | $95.55 | +$173M | +$227M | -0.2% | $366.88B |
| Invesco Ltd. | $409M | $86.53 | −$10.7M | +$14.1M | -0.2% | $652.04B |
| ATLAS Infrastructure Partners (UK) Ltd. | $345M | $101.88 | +$23.1M | +$84.8M | -0.4% | $2.84B |
| GOLDMAN SACHS GROUP INC | $332M | $93.68 | +$13.5M | +$112M | -0.2% | $760.93B |
| JPMORGAN CHASE & CO | $297M | $97.39 | +$105M | −$19.1M | -0.2% | $1.47T |
| AQR CAPITAL MANAGEMENT LLC | $287M | $95.05 | −$4.0M | +$149M | -0.2% | $218.19B |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $280M | $91.74 | +$7.2M | +$23.3M | +0.7% | $645.81B |
| Bank of New York Mellon Corp | $242M | $81.16 | −$6.8M | −$18.8M | -0.2% | $543.21B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
-0.16%
avg per quarter
Holders (ex-self)
-0.16%
excl. this stock
Buyers (this Q)
-0.12%
691 buyers · $8.32B in
Sellers (this Q)
+0.33%
427 sellers · $-0.71B out
alpha coverage: 82% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+0.0%
how holders react when this stock falls
On quiet Qs
-8.4%
−10% to +10% baseline
On rallies (+10%+)
-23.1%
how they react when this stock rises
Holders' portfolio flow this Q
+3.8%
inflows — adds are organic
Sellers' portfolio flow this Q
+3.1%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-2.2%
Holder mid (any stock)
-1.6%
Holder rally (any stock)
-2.8%
Biggest decreases this quarter
BlackRock, Inc.−$52.0Mα-0.2CBRE CLARION SECURITIES LLCexited−$50.5MNORTHERN TRUST CORP−$16.8Mα-0.2DJE Kapital AGexited−$14.8MInvesco Ltd.−$10.7Mα-0.2BANK OF AMERICA CORP /DE/−$9.5Mα-0.1Greenland Capital Management LPexited−$8.8MSkandinaviska Enskilda Banken AB (publ)exited−$8.6MBank of New York Mellon Corp−$6.8Mα-0.2Cinctive Capital Management LPexited−$6.2M
New buyers this quarter
Top-5 holders · 44.5%
BlackRock, Inc.--
STATE STREET CORP--
VANGUARD CAPITAL MANAGEMENT LLC--
VANGUARD PORTFOLIO MANAGEMENT LLC--
GEODE CAPITAL MANAGEMENT, LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
BANK OF AMERICA CORP /DE/1.6MLAZARD ASSET MANAGEMENT LLC7.1MDEUTSCHE BANK AG\5.8MLegal & General Group Plc4.5MMORGAN STANLEY5.4MPRICE T ROWE ASSOCIATES INC /MD/5.2MUBS ASSET MANAGEMENT AMERICAS INC4.5MNORGES BANK—Invesco Ltd.3.6MAmundi3.9M
Related Stocks
Investors who own this also own
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| Ticker | Name | Co-holders | Score |
|---|---|---|---|
| AEE | Ameren Corporation | 4 | 122.54× |
| EXC | Exelon Corporation | 3 | 74.67× |
| PEG | Public Service Enterprise Group Incorporated | 3 | 66.38× |
| ATO | Atmos Energy Corporation | 3 | 54.31× |
| XEL | Xcel Energy Inc. | 3 | 49.78× |
| PCG | PG&E Corporation | 3 | 35.14× |
| SO | The Southern Company | 4 | 25.29× |
| DUK | Duke Energy Corporation | 5 | 22.37× |
| AEP | American Electric Power Company, Inc. | 3 | 22.13× |
| VZ | Verizon Communications Inc. | 3 | 6.79× |
| NEE | NextEra Energy, Inc. | 3 | 6.29× |
| KO | The Coca-Cola Company | 3 | 6.29× |
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (8 analysts)$106.63100.0%
Last Year (29 analysts)$104.76-80.0%
Current Price$105.62
Analyst Ratings
4
16
7
Buy: 4Hold: 16Sell: 7Consensus: Hold
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$418
4 txns · 1 insider · 4 sh
Sells ($, 12mo)
$1.33M
3 txns · 3 insiders · 12,110 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-03-16 | BUY | Miller Joseph | officer: VP & Controller | 1 | $115.55 | $109 | $598K |
| 2026-03-12 | SELL | Donnley Deneen L | officer: SVP and General Counsel | 1,922 | $113.94 | $219K | $3.70M |
| 2026-02-27 | SELL | MULROW WILLIAM J | director | 7,912 | $112.81 | $893K | $1.24M |
| 2025-12-15 | BUY | Miller Joseph | officer: VP & Controller | 1 | $97.68 | $104 | $358K |
| 2025-12-11 | SELL | KILLIAN JOHN F | director | 2,276 | $96.89 | $221K | $3.75M |
| 2025-09-15 | BUY | Miller Joseph | officer: VP & Controller | 1 | $97.46 | $103 | $355K |
| 2025-06-16 | BUY | Miller Joseph | officer: VP & Controller | 1 | $103.96 | $102 | $377K |
Order Flow (FINRA, ~3w lag)
16.2%retail+1.0pp
20.8%dark+0.9pp
week of 2026-04-27
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Consolidated Edison: Regulatory Asset Bloat and Contractor Fraud Masking Cash Flow Strain
Overall Risk
6/10
Fraud
4/10
Dilution
7/10
Insolvency
3/10
Earnings Overstated
5/10
Hidden Liabilities
8/10
Legal
7/10
Audit Warnings
4/10
Hidden Upside
2/10
Contextually Acceptable
6/10