Duke Energy vs Exelon

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KIRA’s take AI analyst

I put Duke Energy and Exelon side by side, using each one’s latest annual report. Here is what stands out:

Duke Energy is the larger business, with $31.7B of revenue in fiscal 2025 against $24.3B for Exelon.
Duke Energy kept more of each dollar of sales as operating profit (27.2% operating margin, against 21.2%).
Duke Energy turned more of its sales into free cash flow (−5.3% FCF margin, against −9.4%).

Who comes out ahead

Of the 10 measures where higher (or lower) is clearly better, how many each company leads.

Duke Energy

DUK

6/10

Revenue growthOperating marginNet marginFCF marginNet debt / EBITDAShare count change

Exelon

EXC

3/10

5-year growthReturn on capitalReturn on equity

Side by side

Best in the row

Latest fiscal year	DUK FY25	EXC FY25
Size
Market cap	$96.9B	$45.7B
Revenue	$31.7B	$24.3B
Free cash flow	−$1.7B	−$2.3B
Net income	$5.0B	$2.8B
Growth
Revenue growth	5.6%	5.3%
5-year growth	6.4%	7.8%
Share count change	0.7%	0.9%
Profitability
Gross margin	—	—
Operating margin	27.2%	21.2%
Net margin	15.7%	11.4%
FCF margin	−5.3%	−9.4%
Return on capital	5.5%	5.7%
Return on equity	9.7%	9.9%
Balance sheet
Net debt	$90.2B	$49.4B
Net debt / EBITDA	5.5x	5.6x
Dividends and buybacks	$3.3B	$1.6B
Valuation & quality
P/E	19.1x	—
Piotroski F-score	5	5

Ten years

Revenue

FY16

DUK $22.7B

EXC $31.4B

FY17

DUK $23.6B

EXC $33.6B

FY18

DUK $23.8B

EXC $36.0B

FY19

DUK $24.3B

EXC $34.4B

FY20

DUK $23.3B

EXC $16.7B

FY21

DUK $24.5B

EXC $17.9B

FY22

DUK $28.7B

EXC $19.1B

FY23

DUK $28.7B

EXC $21.7B

FY24

DUK $30.1B

EXC $23.0B

FY25

DUK $31.7B

EXC $24.3B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

DUK EXC

Operating margin

FY16

DUK 22.9%

EXC 10.2%

FY17

DUK 23.9%

EXC 13.1%

FY18

DUK 19.7%

EXC 10.8%

FY19

DUK 23.5%

EXC 12.7%

FY20

DUK 19.7%

EXC 13.2%

FY21

DUK 22.5%

EXC 15.0%

FY22

DUK 21.0%

EXC 17.4%

FY23

DUK 24.7%

EXC 18.5%

FY24

DUK 26.4%

EXC 18.8%

FY25

DUK 27.2%

EXC 21.2%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

DUK EXC

Free cash flow

FY16

DUK −$1.0B

EXC −$92.0M

FY17

DUK −$1.4B

EXC −$104M

FY18

DUK −$2.2B

EXC $1.1B

FY19

DUK −$2.9B

EXC −$589M

FY20

DUK −$1.1B

EXC −$3.8B

FY21

DUK −$1.4B

EXC −$5.0B

FY22

DUK −$5.4B

EXC −$2.3B

FY23

DUK −$2.7B

EXC −$2.7B

FY24

DUK $48.0M

EXC −$1.5B

FY25

DUK −$1.7B

EXC −$2.3B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

DUK EXC

Return on capital

FY16

DUK 4.2%

EXC 3.6%

FY17

DUK 4.3%

EXC 6.8%

FY18

DUK 4.1%

EXC 5.5%

FY19

DUK 4.7%

EXC 5.1%

FY20

DUK 4.1%

EXC 3.0%

FY21

DUK 4.4%

EXC 3.6%

FY22

DUK 4.6%

EXC 4.1%

FY23

DUK 5.0%

EXC 5.2%

FY24

DUK 5.3%

EXC 5.6%

FY25

DUK 5.5%

EXC 5.7%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

DUK EXC

Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.