Exelon

EXC · Electric Utilities

$44.43

0.9%

Southern

SO · Electric Utilities

$92.89

1.0%

The short version

Southern is the larger business, with $29.6B of revenue in fiscal 2025 against $24.3B for Exelon.
Southern grew revenue faster (10.6%, against 5.3%).
Southern kept more of each dollar of sales as operating profit (24.7% operating margin, against 21.2% operating margin).
Exelon turned more of its sales into free cash flow (−9.4% FCF margin, against −9.9% FCF margin).

Latest fiscal year	EXC · FY25	SO · FY25
Size
Market cap	$45.6B	$104.8B
Revenue	$24.3B	$29.6B
Free cash flow	−$2.3B	−$2.9B
Net income	$2.8B	$4.3B
Growth
Revenue growth	5.3%	10.6%
5-year growth	7.8%	7.7%
Share count change	0.9%	0.6%
Profitability
Gross margin	—	—
Operating margin	21.2%	24.7%
Net margin	11.4%	14.7%
FCF margin	−9.4%	−9.9%
Return on capital	5.7%	5.8%
Return on equity	9.9%	12.5%
Balance sheet
Net debt	$49.4B	$71.0B
Net debt / EBITDA	5.6x	5.3x
Dividends and buybacks	$1.6B	$3.0B
Valuation & quality
P/E	—	23.8x
Piotroski F-score	5	4

Revenue

FY16

EXC $31.4B

SO $19.9B

FY17

EXC $33.6B

SO $23.0B

FY18

EXC $36.0B

SO $23.5B

FY19

EXC $34.4B

SO $21.4B

FY20

EXC $16.7B

SO $20.4B

FY21

EXC $17.9B

SO $23.1B

FY22

EXC $19.1B

SO $29.3B

FY23

EXC $21.7B

SO $25.3B

FY24

EXC $23.0B

SO $26.7B

FY25

EXC $24.3B

SO $29.6B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

EXC SO

Operating margin

FY16

EXC 10.2%

SO 22.6%

FY17

EXC 13.1%

SO 10.1%

FY18

EXC 10.8%

SO 17.8%

FY19

EXC 12.7%

SO 36.1%

FY20

EXC 13.2%

SO 24.0%

FY21

EXC 15.0%

SO 16.0%

FY22

EXC 17.4%

SO 18.3%

FY23

EXC 18.5%

SO 23.1%

FY24

EXC 18.8%

SO 26.5%

FY25

EXC 21.2%

SO 24.7%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

EXC SO

Free cash flow

FY16

EXC −$92.0M

SO −$2.4B

FY17

EXC −$104M

SO −$1.0B

FY18

EXC $1.1B

SO −$1.1B

FY19

EXC −$589M

SO −$1.8B

FY20

EXC −$3.8B

SO −$826M

FY21

EXC −$5.0B

SO −$1.4B

FY22

EXC −$2.3B

SO −$1.6B

FY23

EXC −$2.7B

SO −$1.5B

FY24

EXC −$1.5B

SO $833M

FY25

EXC −$2.3B

SO −$2.9B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

EXC SO

Return on capital

FY16

EXC 3.6%

SO 5.4%

FY17

EXC 6.8%

SO 2.8%

FY18

EXC 5.5%

SO 4.7%

FY19

EXC 5.1%

SO 7.4%

FY20

EXC 3.0%

SO 5.5%

FY21

EXC 3.6%

SO 4.0%

FY22

EXC 4.1%

SO 5.0%

FY23

EXC 5.2%

SO 5.5%

FY24

EXC 5.6%

SO 5.9%

FY25

EXC 5.7%

SO 5.8%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

EXC SO

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