NYSE: EIX · Electric Utilities
Edison International
Edison International's main subsidiary, Southern California Edison (SCE), supplies and delivers electricity to about 5 million customers across about 50,000 square miles of southern California. 2025 revenue was $19.3 billion. Net income available to common shareholders jumped to $4.46 billion, largely from $1.94 billion of non-core items, chiefly cost recoveries after the CPUC approved the TKM and Woolsey wildfire settlement agreements. The January 2025 Eaton Fire is a major open issue: SCE faces multiple lawsuits, a bellwether trial is set for January 2027, and it had recorded $1.1 billion of losses from settlements by the end of 2025. Edison reaffirmed 2026 core EPS guidance of $5.90–6.20.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 18, 2026 04:55 (SEC EDGAR) · Source 10-K filed: February 18, 2026
Built on10-K FY2025 · filed 2026-02-1810-Q (quarter ended 2026-09-30) · filed 2026-10-29
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 7.3%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 36.7%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +5.8 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 3.9x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.30x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 5.9x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.44
Higher than 42% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 90% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 58% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 80% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 34% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$60.01close on 2026-11-04
Market cap$23.09B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 5.9x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 1.3x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 6.1x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- -3.1%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 5.6%
At FY2025 year-end: 5.2x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 1.3x
Book value at FY2025 year-end
At FY2025 year-end: 6.1x
EBITDA for FY2025
At FY2025 year-end: -3.1%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$5.75B → $4.89B (vs. a year earlier)↓ −15.0%$5.75B → $4.89B (vs. a year earlier)
- Operating margin24.9% → 20.1% (vs. a year earlier)↓ −4.8 pts24.9% → 20.1% (vs. a year earlier)
- Net income$832M → $724M (vs. a year earlier)↓ −13.0%$832M → $724M (vs. a year earlier)
- Diluted EPS$2.16 → $1.87 (vs. a year earlier)↓ −13.4%$2.16 → $1.87 (vs. a year earlier)
- Cash$168M → $171M (vs. previous quarter-end)↑ +1.8%$168M → $171M (vs. previous quarter-end)
- Long-term debt$40.31B → $40.81B (vs. previous quarter-end)↑ +1.2%$40.31B → $40.81B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 29, 2026.
Management outlook → Reaffirmed
Reaffirmed 2026 earnings guidance. Source sentence
The company reaffirmed its earnings guidance range for 2026, as summarized in the following table .
Key changes
SCE core EPS decreased from a year earlier. Source sentence
Southern California Edison’s third-quarter 2026 core earnings per share (EPS) decreased year over year, primarily due to earnings recognized in the third quarter of 2025 upon implementation of the 2025 GRC final decision, which was retroactive to Jan. 1, 2025, partially offset by higher revenue resulting from the escalation mechanism authorized in the 2025 GRC final decision.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- EDISON INTERNATIONAL
- Headquarters
- ROSEMEAD, CA
- Incorporated in
- California
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: EIX
- Industry
- Electric Utilities
- CIK
- 827052
- Website
- https://www.edison.com/ ↗
Workforce (as of FY2025 year-end)
Employees
13,725
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 49–58 days after quarter end (Feb 18, 2026; Feb 27, 2025; Feb 22, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 25–58 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 29, 2026 (+29 days) | Oct 29, 2026 10-Q (+29 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 30, 2026 (+30 days) | Jul 30, 2026 10-Q (+30 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 28, 2026 (+28 days) | Apr 28, 2026 10-Q (+28 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 18, 2026 (+49 days) | Feb 18, 2026 10-K (+49 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 28, 2025 (+28 days) | Oct 28, 2025 10-Q (+28 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 31, 2025 (+31 days) | Jul 31, 2025 10-Q (+31 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 29, 2025 (+29 days) | Apr 29, 2025 10-Q (+29 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 27, 2025 (+58 days) | Feb 27, 2025 10-K (+58 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 29, 2024 (+29 days) | Oct 29, 2024 10-Q (+29 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 25, 2024 (+25 days) | Jul 25, 2024 10-Q (+25 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 30, 2024 (+30 days) | Apr 30, 2024 10-Q (+30 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 22, 2024 (+53 days) | Feb 22, 2024 10-K (+53 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
SCE
Electricity delivery
Examples: Southern California
Other
Trio (Edison Energy)
Non-utility energy advisory business; not material.
From the FY2025 Form 10-K.
U.S. and worldwide share of flagship products/services
The filings reviewed give no market share figure for the company's products or services.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-09-30)
07
Recent strategic focusSite analysis
Recent developments.
Q3 2026
GAAP EPS $1.88 (vs $2.16) and core EPS $1.92 (vs $2.34), lower because Q3 2025 included retroactive 2025 GRC earnings. Edison reaffirmed 2026 core EPS guidance of $5.90–6.20; SCE has hardened about 90% of its distribution system in high fire risk areas.
Source: Q3 2026 earnings release
Preferred stock tender
Tender offers for its Series A and Series B perpetual preferred stock completed in December 2025.
Source: 8-K filed 2025-12-22
Financing
$900M term loan (December 2025); $550M of 4.80% notes due 2031 (February 2026); $500M of 5.00% notes due 2028 (April 2026).
Source: 8-Ks filed 2025-12-23, 2026-02-26, 2026-05-05
Leadership
CFO Maria Rigatti stepped down as CFO on July 3, 2026 (retiring September 1); Aaron D. Moss, previously SCE CFO, was elected EIX CFO.
Source: 8-K filed 2026-04-23
Capex ÷ D&A (FY2025)
2.01x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$6,515M ÷ $3,237M = 2.01x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Where the money goes, over time
Unit: $M. Capex went from $5.48B in FY2020 to $6.52B in FY2025
- Capex
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$19.32B
As reported in the 10-K
Revenue CAGR (5 years)
+7.3%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($19,317M ÷ $13,578M) ^ (1÷5) − 1 = 7.3%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
36.7%▲favorable
+27.8pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$7,093M ÷ $19,317M × 100 = 36.7%
ROE (FY2025)
26.9%▲favorable
6-year average: 9.9%
As reported in the 10-K
P/B (FY2025 end)
1.31x
formulafiscal year-end closing price ÷ book value per share
e.g.$60.02 ÷ $45.69 = 1.31x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
6.1x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($23,095M + $40,388M − $158M) ÷ ($7,093M + $3,237M) = 6.1x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +7.3% a year over 5 years (strong growth)
From $13.58B in FY2020 to $19.32B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 9.0% → 36.7%
How much operating profit is left per $100 of revenue. It moved +27.8 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▼
Equity ratio is 18.7% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▼
Free cash flow was positive in 0 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 9.9% over 6 years (latest: 26.9%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- Transmission, distribution, wildfire mitigation
06 · what it draws on
Key resources
- Purchased power (about 85% of 2025 deliveries)
- Capital investment in grid and wildfire mitigation
02 · why customers buy
Value propositions
- Electricity delivery to southern California, with authorized revenue decoupled from sales volume.
04 · how it keeps them
Customer relationships
- Regulated service to residential, commercial, industrial, public and agricultural customers under CPUC and FERC rates.
03 · how it reaches them
Channels
- Southern California Edison's own transmission and distribution network.
01 · who it serves
Customer segments
- 5.39 million customer accounts (4.67M residential)
09 · where money goes
Cost structure
FY2025, share of revenue ($19.32B)
- Other operating costs (incl. cost of goods sold)63.3%
Operating profit left: 36.7% of revenue. Depreciation & amortization (inside the costs above): $3.24B. Capital spending: $6.52B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Operating revenue $19.32B (2025)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Delivers electricity under CPUC and FERC rates; authorized revenue is decoupled from sales volume and energy prices.
01 what it draws on
Inputs & resources
- Purchased power (about 85% of 2025 deliveries)
- Capital investment in grid and wildfire mitigation
02 what it does
Activities
- Transmission, distribution, wildfire mitigation
03 who it serves
Customers
- 5.39 million customer accounts (4.67M residential)
04 how money comes in
How it earns
- Operating revenue $19.32B (2025)
How the business makes money
- About 15% of power delivered in 2025 came from SCE's own generation.
- The 2026 cost of capital decision keeps the current mechanism.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Southern California Edison is regulated by the CPUC and FERC.
Regulated prices & reimbursement
Regulated rates
Rates and returns are set through rate cases before the CPUC and FERC (FERC rate base based on actual capital spending); revenue depends on what regulators allow.
Supports and constrainsTouches: How it earnsSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
Southern California Edison
19,317 (100%)profit 4,889 · margin 25.3%
Edison International Parent and Other
0 (0%)profit -430
Source: Form 10-K (FY2025) — MD&A Profit is net income (loss) available to Edison International. Revenue is consolidated (essentially all SCE). SCE's 2025 profit includes $1.98B of non-core items.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Residential, commercial, industrial, public authority and agricultural customers in southern California.
Named by the company
No customer is named.
Suppliers
Purchased power and natural gas suppliers.
Named by the company
The 10-K doesn't name suppliers.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K has a competition discussion but names no competitors.
Competitors named in the 10-K
No competitor is named in the 10-K.
Peer group the company chose
2025 peer group — PHLX Utility Sector Index, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
The Compensation Committee has used this index since 2005 for pay benchmarking and performance comparison.
- AES Corporationsite ↗
- Amerensite ↗
- American Electric Powersite ↗
- American Watersite ↗
- CenterPoint Energysite ↗
- Consolidated Edisonsite ↗
- Constellation Energysite ↗
- Dominion Energysite ↗
- DTE Energysite ↗
- Duke Energysite ↗
- Entergysite ↗
- Eversource Energysite ↗
- Exelonsite ↗
- FirstEnergysite ↗
- NextEra Energysite ↗
- Pinnacle West Capitalsite ↗
- PSEGsite ↗
- Southern Companysite ↗
- WEC Energy Groupsite ↗
- Xcel Energysite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 13,578 | 14,905 | 17,220 | 16,338 | 17,599 | 19,317 |
| Operating income | 1,217 | 1,477 | 1,483 | 2,627 | 2,930 | 7,093 |
| Pretax income | 566 | 789 | 662 | 1,515 | 1,563 | 5,992 |
| Net income (attributable) | 739 | 925 | 824 | 1,197 | 1,284 | 4,459 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 9.8% | 15.5% | -5.1% | 7.7% | 9.8% |
| Operating margincalcoperating income ÷ revenue × 100 | 9.0% | 9.9% | 8.6% | 16.1% | 16.6% | 36.7% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 5.4% | 6.2% | 4.8% | 7.3% | 7.3% | 23.1% |
| Balance sheet ($M) | ||||||
| Total assets | 69,372 | 74,745 | 78,041 | 81,758 | 85,579 | 94,026 |
| Total equity | 15,949 | 17,789 | 17,522 | 17,944 | 17,740 | 19,259 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 22,735 | 27,601 | 31,654 | 34,090 | 36,581 | 40,388 |
| Equity ratio | 20.3% | 21.3% | 20.0% | 19.0% | 18.2% | 18.7% |
| ROE | 5.3% | 6.2% | 5.2% | 7.7% | 8.3% | 26.9% |
| Cash flow ($M) | ||||||
| Operating CF | 1,263 | 11 | 3,216 | 3,401 | 5,014 | 5,800 |
| Investing CF | -4,971 | -5,151 | -5,574 | -5,233 | -5,536 | -6,335 |
| Financing CF | 3,727 | 5,445 | 2,881 | 1,447 | 674 | 571 |
| Free cash flowcalccash flow from operations − capital expenditures | -4,221 | -5,494 | -2,562 | -2,047 | -693 | -715 |
| Cash and equivalents | 87 | 390 | 914 | 345 | 193 | 158 |
| Per share & other | ||||||
| EPS ($) | 1.98 | 2.00 | 1.60 | 3.11 | 3.31 | 11.55 |
| BVPS ($) | 37.08 | 41.77 | 40.87 | 40.38 | 40.45 | 45.69 |
| Dividend per share ($) | 2.58 | 2.69 | 2.84 | 2.99 | 3.17 | 3.36 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 130.1% | 134.4% | 177.3% | 96.2% | 95.7% | 29.1% |
| P/E (x) | 31.7 | 34.1 | 39.8 | 23.0 | 24.1 | 5.2 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 14.3 | 14.1 | 13.4 | 11.6 | 11.6 | 6.1 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.69 | 1.63 | 1.56 | 1.77 | 1.97 | 1.31 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $4.89B-15.0% | $980M-31.6% | $724M-13.0% | $1.87 |
| 2026-03-31 | $4.1B+7.7% | $1.07B-49.7% | $531M-63.0% | $1.37 |
| 2025-12-31 † | $5.21B+30.8% | $2.75B+248.4% | $1.85B+443.5% | — |
| 2025-09-30 | $5.75B+10.6% | $1.43B+43.9% | $832M+61.2% | $2.16 |
| 2025-06-30 | $4.54B | $775M | $343M | $0.89 |
| 2025-03-31 | $3.81B | $2.13B | $1.44B | $3.72 |
| 2024-12-31 † | $3.98B | $790M | $340M | — |
| 2024-09-30 | $5.2B | $995M | $516M | $1.32 |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
14
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
10.5%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$7,093M × (1 − 15.5%) ÷ $56,984M × 100 = 10.5%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
4.73%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $23.09B ÷ ($23.09B + $40.39B) = 36.4%
e.g.Debt weight: $40.39B ÷ ($23.09B + $40.39B) = 63.6%
e.g.WACC: 7.4% × 36.4% + 3.8% × (1 − 15.5%) × 63.6% = 4.73%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 4.2%–5.4% and ROIC − WACC runs +5.2 to +6.3 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 4.73% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.44 (price-derived adjusted beta, but correlation with the market is low (R² 0.01), so reliability is limited)
- Equity risk premium
- 5.5%
- Cost of equity
- 7.37%
- Cost of debt
- 3.81%
- Tax rate
- 15.5% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 36% : 64%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 4.73%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.44 (price-derived adjusted beta. Raw β 0.16, R² 0.01, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.161 + 0.33 = 0.438
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.44 × 5.5% = 7.4%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
15
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Not enough data for this calculation (FY2025): it needs positive free cash flow, a fiscal year-end P/E, and a positive enterprise value.
16
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 2.28x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -1.5%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 118%
Most profit comes from core operations.
- ✓
Days sales outstanding: 30 → 34 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$5,800M ÷ $4,459M = 1.30x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$7,093M ÷ $5,992M × 100 = 118%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($2,169M + $1,463M) ÷ 2 ÷ $19,317M × 365 = 34 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
17
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 93.5%
- Directors & officers (shares)
- 1.2%
- Everyone else (est.)
- 5.3%
- Directors & officers (voting power)
- 1.2%
- Institutional-ownership rank
- 142 of 416
- Beta (adjusted)
- 0.44
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 34% of covered companies have more
above 1 = swings more than the market
- 359.8M shares reported by 1,076 13F filers ÷ 384.8M shares outstanding on 2026-04-21. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-13 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-04-21)
18
Strengths & weaknessesSite analysis
Strengths
1. Large regulated customer base
About 5 million customers; revenue decoupled from sales volume.
Evidence: Form 10-K (FY2025)
2. Earnings growth plan
Targets 5–7% core EPS growth from 2025 to 2030.
Evidence: Q2 and Q3 2026 earnings releases
3. Legacy wildfire costs being recovered
CPUC approved the TKM and Woolsey settlement agreements in 2025, allowing cost recovery through rates.
Evidence: Form 10-K (FY2025)
Weaknesses
1. Wildfire liability
Eaton Fire lawsuits are pending; fines and penalties would not be recoverable from insurance, the Wildfire Fund or rates.
Evidence: Form 10-K (FY2025)
2. Rising debt
Interest-bearing debt grew from $22.7B (2020) to $40.4B (2025).
Evidence: SEC EDGAR XBRL
19
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
5.2x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
5.60%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
29%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
-3.1%
(Operating CF − capex) ÷ market cap
1. Dividend growth
Dividend per share rose from $2.575 (2020) to $3.36 (2025).
- What has to hold
- Core earnings keep growing.
- The other side
- Wildfire liabilities could strain finances.
Evidence: SEC EDGAR XBRL
2. Low headline P/E
P/E of about 5 in 2025.
- What has to hold
- Investors look through one-time items.
- The other side
- 2025 earnings were inflated by non-core recoveries; core earnings were about $2.5B.
Evidence: Form 10-K (FY2025)
2025 net income includes $1.94B of non-core items (mainly wildfire cost recoveries), so the 2025 P/E and ROE are not comparable with other years.
20
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
0.0x
$158M vs. $4.32B
Interest coverage (operating income ÷ interest expense)
4.6x
$7.09B vs. $1.54B
Free cash flow ÷ dividends paid
-0.6x
−$715M vs. $1.27B (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -5.1% in FY2023 ($17.22B → $16.34B) | Yes, by FY2024 |
| Operating income | No decline in the record | — |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Decoupled revenue
Sales volume does not directly affect SCE's financial results.
Source: Form 10-K (FY2025)
Operating cash flow
$5.8B in 2025.
Source: SEC EDGAR XBRL
21
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Edison International's subsidiary SCE faces major wildfire liability. SCE believes its equipment was likely associated with the January 2025 Eaton Fire, which killed 19 people, and it is probable it will incur further material losses that it cannot yet estimate. Older 2017/2018 fire claims and the Fairview and Coastal fires are also outstanding.
2 open matters (1 flagged as major)
January 2025 Eaton Fire litigation and investigations
PendingLawsuitMajorIndividual, subrogation and public-entity plaintiffs; Los Angeles County Fire Department and CAL FIRE; CPUC SED; Los Angeles District Attorney
SCE says a de-energized idle transmission facility in the preliminary area of origin was likely associated with the ignition. It is settling claims through its Wildfire Recovery Compensation Program and filed a cross-complaint against other entities in January 2026. The California Wildfire Fund has confirmed the Eaton Fire as a covered wildfire. In August 2026 the Los Angeles County Fire Department and CAL FIRE released reports concluding the fire was ignited by an electrical arcing event on a de-energized idle SCE transmission facility. Bellwether jury trials are set for January, May and September 2027, and the CPUC's SED is also investigating.
- Amounts
- SCE says it will incur material Eaton Fire losses but cannot estimate a range. At September 30, 2026 it had received $207 million from the Wildfire Fund and recorded $652 million of expected Wildfire Fund recoveries. SCE must reimburse the fund for CPUC disallowances up to a liability cap of about $4.3 billion.
- Next step
- A bellwether jury trial is set for January 2027, followed by a later CPUC prudency review. Any fines are not recoverable.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
2017/2018 wildfire and mudslide claims; Fairview and Coastal fires
PendingLawsuitIndividual, subrogation and public-entity plaintiffs; CPUC SED
Claims cover the Thomas, Koenigstein and Woolsey fires and the Montecito mudslides, alleged in part to follow from the Thomas fire. CAL FIRE found the 2022 Fairview Fire was caused by a sagging SCE conductor, and the SED issued a $2 million citation in March 2025. SCE has accrued for potential Fairview and Coastal losses.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
22
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Disaster
Wildfires
- Company disclosure (summarized from the 10-K)
- Southern California wildfires such as the 2025 Eaton Fire can bring large claims.
- Company’s stated mitigation
- Wildfire mitigation plan, customer-funded self-insurance and the California Wildfire Fund.
- This site’s assessment
- Impact High / Likelihood High
- 2Regulation & legal
Litigation and cost recovery
- Company disclosure (summarized from the 10-K)
- An Eaton Fire bellwether jury trial is set for January 2027; recovery of costs depends on regulators.
- Company’s stated mitigation
- Wildfire Recovery Compensation Program settlements.
- This site’s assessment
- Impact High / Likelihood Med
- 3Information security
Cyber and physical attacks
- Company disclosure (summarized from the 10-K)
- The 10-K says its systems, assets and personnel are targets for physical and cyber attacks.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Funding & liquidity
Financing needs
- Company disclosure (summarized from the 10-K)
- Large capital programs and wildfire costs require debt and equity funding.
- Company’s stated mitigation
- $900M term loan (December 2025) and senior notes issued in 2026.
- This site’s assessment
- Impact Med / Likelihood Med
23
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
a new account within the Wildfire Fund established under SB 254 that may be available for fires ignited on or after the SB 254 Effective Date
an account within the Wildfire Fund established under AB 1054 available for fires ignited before the SB 254 Effective Date
a program designed to enable eligible individuals and businesses impacted by the Eaton Fire to seek expedited resolution of their claims, launched by SCE in the fall of 2025
Net charges related to disallowed historical capital expenditures in SCE's 2025 GRC decision (76) — (76)
In January and December 2025, the CPUC approved the TKM Settlement Agreement and the Woolsey Settlement Agreement, respectively. Read more
As a result, in the year ended 2025, SCE recorded cost recoveries through CPUC electric rates authorized under both the TKM Settlement Agreement and the Woolsey Settlement Agreement. These cost recoveries are reflected either as core earnings or non-core items, as discussed below. This classification is consistent with the original classification when the respective costs were incurred.
The increase in SCE's core earnings in 2025 was primarily due to higher revenue from the 2025 GRC final decision and a benefit to interest expense related to cost recoveries authorized under the TKM and Woolsey Settlement Agreements. Read more
The increase in Edison International Parent and Other's core loss in 2025, was primarily due to higher interest expense and preferred stock redemption loss.
Consolidated non-core items for 2025 and 2024 for Edison International included:
• Net earnings recorded in 2025 related to the TKM Settlement Agreement, including ongoing legal expenses: Read more
$1,341 million ($966 million after-tax) of claim costs and $55 million ($40 million after-tax) of legal expenses authorized for recovery, partially offset by shareholder-funded wildfire mitigation expenses of $50 million ($36 million after-tax) and impairment of incremental restoration-related assets of $8 million ($6 million after-tax).
No longer in the text (4)
CSRP Customer Service Re-platform, a customer service system implemented in April 2021
ECS SCE commercial telecommunications services operated under the name of Edison Carrier Solutions
Track 4 Track 4 of the 2021 GRC, which addressed SCE's revenue requirement for 2024
The increase in SCE's core earnings was primarily due to higher revenue authorized in Track 4 and an increase in the authorized rate of return resulting from the cost of capital adjustment mechanism, partially offset by higher interest expense.
244 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 18, 2026 ↗ with the 10-K filed Feb 27, 2025 ↗.
24
What to watch going forwardSite analysis
- Eaton Fire litigation (bellwether trial January 2027) and Wildfire Fund recoveries.
- 2026 core EPS guidance of $5.90–6.20.
- Effect of SB 254 on rate base treatment of wildfire capital spending.
25
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 18, 2026 04:55 (SEC EDGAR) · Source 10-K filed: February 18, 2026
Built on10-K FY2025 · filed 2026-02-18
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Edison International’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.