American Electric Power vs Exelon
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The short version
- 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%).
| Latest fiscal year | AEP · FY25 | EXC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $71.0B | $45.6B |
| 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 | 19.2x | — |
| Piotroski F-score | 7 | 5 |
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
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%
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
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%
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.