Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Charlie and I have spent considerable time studying Consolidated Edison, the venerable utility holding company that keeps the lights on, the gas flowing, and the steam pipes humming beneath Manhattan. It is a 200-year-old institution with a regulated monopoly franchise over one of the densest, wealthiest, and most economically irreplaceable service territories in the world. The Q1 2026 10-Q shows a business in steady-state competence: revenue of $5.10 billion (up 6.2% year-over-year), net income of $924 million (up 17%, though boosted by a one-time $189 million gain on the sale of the Mountain Valley Pipeline stake), and a balance sheet with $74.7 billion in assets supporting roughly $25.6 billion of shareholders' equity. And yet, after careful study, we cannot recommend deploying fresh capital here. ED is a competent operator of a fundamentally average business.
Recent filings analysed: 8-K (2026-08-06), 10-Q (2026-08-06), 8-K (2026-06-03), 8-K (2026-05-20).
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