American Electric Power vs Exelon

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KIRA’s take AI analyst

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

Exelon is the larger business, with $24.3B of revenue in fiscal 2025 against $21.9B for American Electric Power.
American Electric Power grew revenue faster (10.9%, against 5.3%).
American Electric Power kept more of each dollar of sales as operating profit (24.3% operating margin, against 21.2%).
American Electric Power turned more of its sales into free cash flow (−6.9% FCF margin, against −9.4%).
American Electric Power earned a higher return on the capital invested in it (6.7%, against 5.7%).

Who comes out ahead

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

American Electric Power

AEP

8/10

Revenue growth5-year growthOperating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-score

Exelon

EXC

1/10

Share count change

Side by side

Best in the row

Latest fiscal year	AEP FY25	EXC FY25
Size
Market cap	$70.7B	$45.7B
Revenue	$21.9B	$24.3B
Free cash flow	−$1.5B	−$2.3B
Net income	$3.7B	$2.8B
Growth
Revenue growth	10.9%	5.3%
5-year growth	8.0%	7.8%
Share count change	1.2%	0.9%
Profitability
Gross margin	—	—
Operating margin	24.3%	21.2%
Net margin	16.9%	11.4%
FCF margin	−6.9%	−9.4%
Return on capital	6.7%	5.7%
Return on equity	12.7%	9.9%
Balance sheet
Net debt	$48.6B	$49.4B
Net debt / EBITDA	5.6x	5.6x
Dividends and buybacks	$2.0B	$1.6B
Valuation & quality
P/E	19.1x	—
Piotroski F-score	7	5

Ten years

Revenue

FY16

AEP $16.4B

EXC $31.4B

FY17

AEP $15.4B

EXC $33.6B

FY18

AEP $16.2B

EXC $36.0B

FY19

AEP $15.6B

EXC $34.4B

FY20

AEP $14.9B

EXC $16.7B

FY21

AEP $16.8B

EXC $17.9B

FY22

AEP $19.6B

EXC $19.1B

FY23

AEP $19.0B

EXC $21.7B

FY24

AEP $19.7B

EXC $23.0B

FY25

AEP $21.9B

EXC $24.3B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

AEP EXC

Operating margin

FY16

AEP 7.1%

EXC 10.2%

FY17

AEP 22.9%

EXC 13.1%

FY18

AEP 16.6%

EXC 10.8%

FY19

AEP 16.7%

EXC 12.7%

FY20

AEP 20.0%

EXC 13.2%

FY21

AEP 20.3%

EXC 15.0%

FY22

AEP 17.7%

EXC 17.4%

FY23

AEP 18.7%

EXC 18.5%

FY24

AEP 21.8%

EXC 18.8%

FY25

AEP 24.3%

EXC 21.2%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

AEP EXC

Free cash flow

FY16

AEP −$259M

EXC −$92.0M

FY17

AEP −$1.4B

EXC −$104M

FY18

AEP −$1.1B

EXC $1.1B

FY19

AEP −$1.8B

EXC −$589M

FY20

AEP −$2.4B

EXC −$3.8B

FY21

AEP −$1.8B

EXC −$5.0B

FY22

AEP −$1.4B

EXC −$2.3B

FY23

AEP −$2.4B

EXC −$2.7B

FY24

AEP −$827M

EXC −$1.5B

FY25

AEP −$1.5B

EXC −$2.3B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

AEP EXC

Return on capital

FY16

AEP 3.0%

EXC 3.6%

FY17

AEP 5.9%

EXC 6.8%

FY18

AEP 6.0%

EXC 5.5%

FY19

AEP 5.5%

EXC 5.1%

FY20

AEP 5.7%

EXC 3.0%

FY21

AEP 5.8%

EXC 3.6%

FY22

AEP 5.6%

EXC 4.1%

FY23

AEP 5.2%

EXC 5.2%

FY24

AEP 6.2%

EXC 5.6%

FY25

AEP 6.7%

EXC 5.7%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

AEP 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.