Consolidated Edison vs Xcel Energy
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The short version
- Consolidated Edison is the larger business, with $16.9B of revenue in fiscal 2025 against $14.7B for Xcel Energy.
- Consolidated Edison grew revenue faster (10.9%, against 9.1%).
- Consolidated Edison turned more of its sales into free cash flow (0.2% FCF margin, against −46.5%).
- Investors pay more for each dollar of Xcel Energy’s earnings: a P/E of 21.4x against 19.5x for Consolidated Edison.
| Latest fiscal year | ED · FY25 | XEL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $42.2B | $48.9B |
| Revenue | $16.9B | $14.7B |
| Free cash flow | $36.0M | −$6.8B |
| Net income | $2.0B | $2.0B |
| Growth | ||
| Revenue growth | 10.9% | 9.1% |
| 5-year growth | 6.7% | 4.9% |
| Share count change | 3.3% | 4.6% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 17.4% | 17.6% |
| Net margin | 12.0% | 13.8% |
| FCF margin | 0.2% | −46.5% |
| Return on capital | 4.7% | 4.9% |
| Return on equity | 8.8% | 9.4% |
| Balance sheet | ||
| Net debt | $25.8B | $34.4B |
| Net debt / EBITDA | 4.9x | 6.2x |
| Dividends and buybacks | $1.2B | $1.3B |
| Valuation & quality | ||
| P/E | 19.5x | 21.4x |
| Piotroski F-score | 6 | 4 |
Revenue
FY16
ED $12.1B
XEL $11.1B
FY17
ED $12.0B
XEL $11.4B
FY18
ED $12.3B
XEL $11.5B
FY19
ED $12.6B
XEL $11.5B
FY20
ED $12.2B
XEL $11.5B
FY21
ED $13.7B
XEL $13.4B
FY22
ED $15.7B
XEL $15.3B
FY23
ED $14.7B
XEL $14.2B
FY24
ED $15.3B
XEL $13.4B
FY25
ED $16.9B
XEL $14.7B
ED
XEL
Operating margin
FY16
ED 23.0%
XEL 20.2%
FY17
ED 23.1%
XEL 19.5%
FY18
ED 21.6%
XEL 17.0%
FY19
ED 21.3%
XEL 18.3%
FY20
ED 21.7%
XEL 18.4%
FY21
ED 20.7%
XEL 16.4%
FY22
ED 16.8%
XEL 15.9%
FY23
ED 21.8%
XEL 17.5%
FY24
ED 17.5%
XEL 17.8%
FY25
ED 17.4%
XEL 17.6%
ED
XEL
Free cash flow
FY16
ED $624M
XEL −$143M
FY17
ED $339M
XEL −$118M
FY18
ED −$556M
XEL −$835M
FY19
ED −$104M
XEL −$962M
FY20
ED −$1.1B
XEL −$2.5B
FY21
ED −$897M
XEL −$2.1B
FY22
ED $111M
XEL −$706M
FY23
ED −$2.2B
XEL −$527M
FY24
ED −$1.2B
XEL −$2.7B
FY25
ED $36.0M
XEL −$6.8B
ED
XEL
Return on capital
FY16
ED 6.4%
XEL 5.9%
FY17
ED 7.0%
XEL 5.7%
FY18
ED 6.2%
XEL 6.1%
FY19
ED 5.9%
XEL 6.3%
FY20
ED 6.1%
XEL 6.3%
FY21
ED 5.7%
XEL 6.0%
FY22
ED 4.5%
XEL 6.1%
FY23
ED 5.9%
XEL 5.8%
FY24
ED 4.9%
XEL 5.2%
FY25
ED 4.7%
XEL 4.9%
ED
XEL
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.