Duke Energy
DUK · Electric Utilities
$124.98
0.3%Exelon
EXC · Electric Utilities
$44.43
0.9%The short version
- 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% operating margin).
- Duke Energy turned more of its sales into free cash flow (−5.3% FCF margin, against −9.4% FCF margin).
- Investors pay more for each dollar of Duke Energy’s earnings: a P/E of 19.1x against 16.3x for Exelon.
| Latest fiscal year | DUK · FY25 | EXC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $97.4B | $45.6B |
| 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 | 16.3x |
| Piotroski F-score | 5 | 5 |
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
DUK
EXC
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%
DUK
EXC
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
DUK
EXC
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%
DUK
EXC
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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.