Consolidated Edison
ED on NYSE. Consolidated Edison sells electricity, gas, and steam to customers in New York. Market value $38.1bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
This is not advice. Check the numbers below.
We could not compute this from the filings.
You pay 19.8 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 5 cents a year. Above 10 is good.
Quality score: 75 of 100. Price score: 67 of 100. Our list needs 70 on quality and 60 on price.
$105.12 a share, 11% above its 1-year low
Over the past year the price has ranged from $94.96 to $116.23.
Dividend: 3.0% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $13.7bn | $15.7bn | $14.7bn | $15.3bn | $16.9bn |
| Operating margin | |||||
| Operating margin | 20.7% | 16.7% | 21.8% | 17.5% | 17.3% |
| Debt to equity | |||||
| Debt to equity | 1.15 | 1.15 | 1.16 | 1.22 | 1.07 |
| Shares outstanding | |||||
| Shares outstanding | 0.35bn | 0.35bn | 0.35bn | 0.36bn | 0.37bn |
Health checks
- Free cash flow positive0 of 2 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt1.07× equity
- Revenue growth, five yearsSlow, 6.7% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $4.1 billion last quarter, up 13% on a year ago.
- Profit: $308 million, up 25% on a year ago.
- It keeps 18 cents of each $1 of sales as operating profit, up from 17 cents a year earlier.
- 2% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $4.1bn |
| December 2024 | $3.7bn |
| March 2025 | $4.8bn |
| June 2025 | $3.6bn |
| September 2025 | $4.5bn |
| December 2025 | $4.0bn |
| March 2026 | $5.1bn |
| June 2026 | $4.1bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $588m |
| December 2024 | $310m |
| March 2025 | $791m |
| June 2025 | $246m |
| September 2025 | $688m |
| December 2025 | $297m |
| March 2026 | $924m |
| June 2026 | $308m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 5 November 2026
- Last annual report (10-K)
- 19 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
4 long-term investors we follow own it, up from 3 last quarter. 1,428 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Gotham Asset ManagementJoel Greenblatt | $9m | <0.1% | Cut |
| GMOJeremy Grantham | $7m | <0.1% | Added |
| Nuance InvestmentsScott Moore | $2m | 0.3% | New |
| First Manhattan Co.First Manhattan partners | $1m | <0.1% | Added |
Largest holders overall
- BlackRock$4.6bnAdded
- State Street$2.8bn
- Vanguard Capital Management$2.7bnAdded
- Vanguard Portfolio Management$2.1bnAdded
- Banque Cantonale Vaudoise$1.8bnAdded
- Geode Capital Management$1.2bnAdded
- Lazard Asset Management$931mAdded
- Deutsche Bank AG$749mAdded
- Price T Rowe Associates$624mAdded
- Morgan Stanley$610mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- BlackRock, Inc.Passive investor10.1%+0.2 ptsSince 30 September 2025
- Vanguard Capital ManagementPassive investor7.4%Since 31 March 2026
- Vanguard Portfolio ManagementPassive investor5.1%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 10.1%+0.2 pts | 30 September 2025 | |
Vanguard Capital Management Passive investor | 7.4% | 31 March 2026 | |
Vanguard Portfolio Management Passive investor | 5.1% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $434 of shares on the open market. 3 sold $1m.
- Miller JosephVP & ControllerBought
- Date
- 15 September 2026
- Shares
- 1
- Price
- $105.81
- Value
- $111
- Miller JosephVP & ControllerBought
- Date
- 15 June 2026
- Shares
- 1
- Price
- $106.87
- Value
- $110
- Miller JosephVP & ControllerBought
- Date
- 16 March 2026
- Shares
- 1
- Price
- $115.55
- Value
- $110
- Donnley Deneen LSVP and General CounselSold
- Date
- 12 March 2026
- Shares
- 1,922
- Price
- $113.94
- Value
- $218,993
- MULROW WILLIAM JDirectorSold
- Date
- 27 February 2026
- Shares
- 7,912
- Price
- $112.81
- Value
- $892,553
- Miller JosephVP & ControllerBought
- Date
- 15 December 2025
- Shares
- 1
- Price
- $97.68
- Value
- $104
- KILLIAN JOHN FDirectorSold
- Date
- 11 December 2025
- Shares
- 2,276
- Price
- $96.89
- Value
- $220,522
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 15 September 2026 | Miller Joseph VP & Controller | Bought | 1 | $105.81 | $111 |
| 15 June 2026 | Miller Joseph VP & Controller | Bought | 1 | $106.87 | $110 |
| 16 March 2026 | Miller Joseph VP & Controller | Bought | 1 | $115.55 | $110 |
| 12 March 2026 | Donnley Deneen L SVP and General Counsel | Sold | 1,922 | $113.94 | $218,993 |
| 27 February 2026 | MULROW WILLIAM J Director | Sold | 7,912 | $112.81 | $892,553 |
| 15 December 2025 | Miller Joseph VP & Controller | Bought | 1 | $97.68 | $104 |
| 11 December 2025 | KILLIAN JOHN F Director | Sold | 2,276 | $96.89 | $220,522 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 19 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 9 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
What changed in the risks this year
Companies must list what could hurt them each year. These are the parts that changed since last year’s report.
CON EDISON ANNUAL REPORT 2025 AI is an emerging area of technology that has the potential to impact various aspects of the Companies’…
Could happenCON EDISON ANNUAL REPORT 2025 AI is an emerging area of technology that has the potential to impact various aspects of the Companies’ business operations and customer interactions. Generative AI technologies are still in their early stages of development and deployment. Ineffective or inadequate AI development or deployment practices by the Companies or third-party vendors could result in unintended consequences. While the Companies seek contractual protections with third-party vendors regarding the use of AI technology, the Companies may not have full awareness of, or control or visibility over, the quality, performance, security or compliance of the products and services that incorporate AI-related technology used by such vendors. AI algorithms that the Companies or their third-party vendors use may be flawed or may be based on datasets that are biased or insufficient. These limitations or failures, or inaccurate results generated as a result of the Companies’ employees’, contractors’ or vendors’ use or misuse of AI technologies could lead to operational interruptions or otherwise adversely affect the Companies’ businesses, reputation or financial results. Developing, testing, and deploying resource-intensive AI systems may require additional investment and increase the Companies’ costs. In addition, the rapidly evolving nature of AI technologies may cause new laws and regulations to be enacted which could dramatically affect business practices, including the costs to comply with such new laws and regulations. The future development of AI technologies and the nature of any related new laws and regulations, and their costs and consequences, cannot be reasonably predicted at this time.
Read more
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.