← All companies ← EIG Manual EL → ← EDN Electric Utilities ELLO →

EIX, Edison International

Electric Utilities capital-intensive Regulated utility

Edison International is the ultimate parent holding company of SCE and Edison Energy, LLC, doing business as Trio.

Trio is a global energy advisory firm providing integrated sustainability and energy solutions to commercial, industrial and institutional customers.

Trio's business activities are currently not material to report as a separate business segment.

Latest annual: FY2025 10-K

EIX · Edison International

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$19.3B

+9.8% YoY · 7% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $19.4B 5-yr avg $17.1B

Operating margin 32.7% 5-yr avg 17.6%

ROIC 8% 5-yr avg 6%

Owner-earnings margin 16% 5-yr avg 4%

Free cash flow margin −2% 5-yr avg −14%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Regulated utility. Returns are set by regulation on an approved rate base; the capital spending regulators approve becomes the growth, recovered through allowed rates.
What moves the needle: Operating margin has run about 13% through the cycle, a solid margin the cost base and competition set as much as the price does. The operating margin has swung widely — from −4.4% to 37% over the years — so the through-cycle figure carries more than any single year, and the worst year more than the best. Capital spending runs about 34% of sales, well above depreciation, so the return earned on what it sinks into that plant weighs as much as the margin. Read this kind of business on rate base and the allowed return. On its own account, the filing leans hardest on supplier & input dependence, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median 4%, above 15% in 0 of 10 years). By owner earnings: roughly 7% of revenue reaches owners as cash, though it swings. Modest returns here are the design, not a verdict: a regulated utility's prices are set by commission, so the questions are the return the regulator allows, how fast the invested base it earns that return on is growing, and the health of the relationship with the commissions that decide both — all of which live in the 10-K, not the multiple.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

Most recent quarterly filing 10-Q filed Jul 30, 2026 Source at SEC EDGAR →

Revenue down 4.1% year over year; operating income up 40.9%

figures computed from the filing's XBRL

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMJun 2026
											Income statement
$11.9B	$12.3B	$12.7B	$12.3B	$13.6B	$14.9B	$17.2B	$16.3B	$17.6B	$19.3B	$19.4B	RevenueRevenue
$2.1B	$1.5B	($552M)	$1.8B	$1.2B	$1.5B	$1.5B	$2.6B	$2.9B	$7.1B	$6.3B	Operating incomeOp. inc.
17.4%	11.8%	−4.4%	14.4%	9.0%	9.9%	8.6%	16.1%	16.6%	36.7%	32.7%	Operating marginOp. mgn
—	$949M	($1.1B)	$1.1B	$566M	$789M	$662M	$1.5B	$1.6B	$6.0B	—	Pretax incomePretax
$1.3B	$565M	($423M)	$1.3B	$739M	$759M	$612M	$1.2B	$1.3B	$4.5B	$3.7B	Net incomeNet inc.
12%	30%	—	—	—	—	—	7%	1%	22%	22%	Effective tax rateTax rate
											Cash flow & returns
$3.3B	$3.6B	$3.2B	($307M)	$1.3B	$11M	$3.2B	$3.4B	$5.0B	$5.8B	$6.4B	Operating cash flowOp. cash
$2.1B	$2.1B	$1.9B	$1.8B	$2.0B	$2.3B	$2.6B	$2.6B	$2.9B	$3.2B	$3.3B	DepreciationDeprec.
($155M)	$917M	$1.7B	($3.4B)	($1.5B)	($3.0B)	($29M)	($431M)	$864M	($1.9B)	($718M)	Working capital & otherWC & other
$3.7B	$3.8B	$4.5B	$4.9B	$5.5B	$5.5B	$5.8B	$5.4B	$5.7B	$6.5B	$6.8B	CapexCapex
31.6%	31.2%	35.6%	39.5%	40.4%	36.9%	33.6%	33.3%	32.4%	33.7%	34.9%	Capex / revenueCapex/rev
$1.2B	$1.5B	$1.2B	($2.1B)	($766M)	($2.3B)	$583M	$766M	$2.1B	$2.6B	$3.1B	Owner earningsOwner earn.
9.7%	12.0%	9.8%	−17.1%	−5.6%	−15.3%	3.4%	4.7%	12.2%	13.3%	15.7%	Owner earnings marginOE mgn
($495M)	($247M)	($1.3B)	($5.2B)	($4.2B)	($5.5B)	($2.6B)	($2.0B)	($693M)	($715M)	($389M)	Free cash flowFCF
−4.2%	−2.0%	−10.5%	−42.0%	−31.1%	−36.9%	−14.9%	−12.5%	−3.9%	−3.7%	−2.0%	Free cash flow marginFCF mgn
$626M	$707M	$788M	$810M	$928M	$988M	$1.1B	$1.1B	$1.2B	$1.3B	$1.3B	Dividends paidDiv. paid
—	—	—	—	—	—	$0	$0	$200M	$32M	—	BuybacksBuybacks
($3.4B)	($3.6B)	($4.2B)	($4.7B)	($5.0B)	($5.2B)	($5.6B)	($5.2B)	($5.5B)	($6.3B)	—	Investing cash flowInv. cash
$95M	$1.0B	$82M	$4.9B	$3.7B	$5.4B	$2.9B	$1.4B	$674M	$571M	—	Financing cash flowFin. cash
($65M)	$1.0B	($980M)	($82M)	$19M	$305M	$523M	($385M)	$152M	$36M	—	Change in cashΔ cash
7%	4%	-2%	5%	4%	4%	3%	5%	6%	10%	8%	ROICROIC
9%	4%	-3%	8%	5%	5%	4%	8%	8%	25%	21%	Return on equityROE
5%	−1%	−10%	3%	−1%	−1%	−3%	1%	1%	18%	14%	Retained to equityRetained/eq
											Balance sheet
$96M	$1.1B	$144M	$68M	$87M	$402M	$919M	$345M	$193M	$158M	$248M	Cash & investmentsCash+inv
$714M	$717M	$730M	$788M	$1.1B	$1.4B	$1.7B	$2.0B	$2.2B	$1.5B	$1.8B	ReceivablesReceiv.
$239M	$242M	$282M	$364M	$405M	$420M	$474M	$527M	$538M	$535M	$567M	InventoryInvent.
$1.3B	$1.5B	$1.5B	$1.8B	$2.0B	$2.0B	$2.4B	$2.0B	$2.0B	$2.3B	$2.2B	Accounts payablePayables
($389M)	($544M)	($499M)	($600M)	($445M)	($184M)	($190M)	$560M	$707M	($346M)	$227M	Operating working capitalOper. WC
$2.1B	$3.7B	$3.4B	$3.6B	$5.1B	$5.5B	$7.1B	$6.8B	$7.2B	$7.7B	$7.3B	Current assetsCur. assets
$5.9B	$7.1B	$5.4B	$5.5B	$10.3B	$8.6B	$10.3B	$8.6B	$8.4B	$10.5B	$11.1B	Current liabilitiesCur. liab.
0.4×	0.5×	0.6×	0.6×	0.5×	0.6×	0.7×	0.8×	0.8×	0.7×	0.7×	Current ratioCurr. ratio
$37.0B	$39.0B	$41.3B	$44.3B	$47.8B	$50.7B	$53.5B	$56.1B	$59.3B	$63.3B	—	Net PP&ENet PP&E
$7.8B	$5.6B	$6.5B	$7.1B	$8.4B	$9.4B	$10.7B	$11.4B	$11.6B	$16.3B	—	Regulatory assetsReg. assets
$6.5B	$9.7B	$9.9B	$9.4B	$9.2B	$9.6B	$9.2B	$10.2B	$11.5B	$11.8B	—	Regulatory liabilitiesReg. liab.
$51.3B	$52.6B	$56.7B	$64.4B	$69.4B	$74.7B	$78.0B	$81.8B	$85.6B	$94.0B	$96.2B	Total assetsAssets
$11.2B	$12.1B	$14.7B	$18.3B	$20.7B	$25.2B	$29.6B	$33.0B	$35.6B	$38.0B	$40.9B	Total debtDebt
$11.1B	$11.0B	$14.6B	$18.3B	$20.6B	$24.8B	$28.7B	$32.7B	$35.4B	$37.8B	$40.6B	Net debt / (cash)Net debt
$581M	$639M	$734M	$841M	$902M	$925M	$1.2B	$1.6B	$1.9B	$1.5B	$1.8B	Interest expenseInt. exp.
3.5×	2.3×	-0.8×	2.1×	1.3×	1.6×	1.3×	1.6×	1.6×	4.6×	3.6×	Interest coverageInt. cov.
$37.1B	$38.7B	$44.1B	$48.9B	$53.4B	$57.0B	$60.5B	$63.8B	$67.8B	$74.8B	—	Total liabilitiesTotal liab.
$14.2B	$13.9B	$12.7B	$15.5B	$14.0B	$15.9B	$15.6B	$15.5B	$15.6B	$17.6B	$17.5B	Shareholders’ equityEquity
											Per share
330M	328M	326M	341M	374M	380M	383M	385M	388M	386M	387M	Shares out (diluted)Shares
$35.97	$37.56	$38.83	$36.21	$36.30	$39.22	$44.96	$42.44	$45.36	$50.04	$50.19	Revenue / shareRev/sh
$3.97	$1.72	$-1.30	$3.77	$1.98	$2.00	$1.60	$3.11	$3.31	$11.55	$9.68	EPS (diluted)EPS
$3.50	$4.52	$3.79	$-6.19	$-2.05	$-5.99	$1.52	$1.99	$5.54	$6.64	$7.89	Owner earnings / shareOE/sh
$-1.50	$-0.75	$-4.09	$-15.20	$-11.29	$-14.46	$-6.69	$-5.32	$-1.79	$-1.85	$-1.01	Free cash flow / shareFCF/sh
$1.90	$2.16	$2.42	$2.38	$2.48	$2.60	$2.74	$2.89	$3.09	$3.30	$3.39	Dividends / shareDiv/sh
$11.36	$11.72	$13.83	$14.30	$14.66	$14.49	$15.09	$14.15	$14.71	$16.88	$17.52	Cap. spending / shareCapex/sh
$42.99	$42.27	$38.81	$45.44	$37.56	$41.81	$40.79	$40.26	$40.12	$45.54	$45.29	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+3.7%/yr	+6.6%/yr
Owner earnings / share	+7.4%/yr	—
EPS	+12.6%/yr	+42.4%/yr
Dividends / share	+6.3%/yr	+5.9%/yr
Capital spending / share	+4.5%/yr	+2.9%/yr
Book value / share	+0.6%/yr	+3.9%/yr

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business earned $2.6B of owner earnings, the operating cash left after the $3.2B it takes just to hold its position. It put $3.3B more into growth; free cash flow, after that spending, was ($715M).

Reported net income$4.5B

Owner earnings$2.6B · 13% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$4.5B	$1.3B	$1.2B	$612M	$759M
Depreciation & amortizationnon-cash charge added back	+$3.2B	+$2.9B	+$2.6B	+$2.6B	+$2.3B
Working capital & othertiming of cash in and out, other non-cash items	−$1.9B	+$864M	−$431M	−$29M	−$3.0B
Cash from operations	$5.8B	$5.0B	$3.4B	$3.2B	$11M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$3.2B	−$2.9B	−$2.6B	−$2.6B	−$2.3B
Owner earnings	$2.6B	$2.1B	$766M	$583M	($2.3B)
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	−$3.3B	−$2.8B	−$2.8B	−$3.1B	−$3.2B
Free cash flow	($715M)	($693M)	($2.0B)	($2.6B)	($5.5B)
Owner-earnings marginowner earnings ÷ revenue	13%	12%	5%	3%	-15%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $3.2B, roughly its depreciation, the rate its assets wear out). The other $3.3B of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows.

A regulated utility reads differently here. What it spends above depreciation goes into rate base, where the commission lets it earn the allowed return and recover the capital, with interest, over decades — growth that is financed, not taken out of owners' pockets this year. So the truth sits between the bridge's two ends: owner earnings excuses the build-out entirely, free cash flow charges it entirely, and the scorecard's utility-plant figure shows how fast the base earning that return is compounding.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

The allowed return, earned and credited

Earned return on equity 6.5%

Below the typical allowed band

Median over 10 readable years · latest FY2025: 25.4% (net income $4.5B ÷ equity $17.6B)

What this means
A commission caps what a regulated utility may earn on shareholders' capital, so the question is not whether the return is high but whether the company actually earns what it is allowed — persistent under-earning means costs the regulator will not put in rates, and a return above the band usually means unregulated businesses in the mix. Read through the record, because a single year carries rate-case timing noise.
AFUDC in earnings —

Not enough data

What this means
The equity allowance for funds used during construction is not tagged in this filer's structured data — the construction credit, if any, lives in the 10-K's rate-matters note.

The invested base and the regulatory ledger

Net utility plant $63.1B

Growing ≈ 6.2%/yr

Utility plant net of depreciation, as filed · FY2016→FY2025: $36.8B → $63.1B, ≈ 6.2%/yr

What this means
The closest filed figure to the rate base — the invested capital the commission sets the allowed return on. Its growth rate is the utility's reinvestment runway: under regulation, earnings power compounds roughly as fast as the base the return is earned on, funded by capital the regulator lets the company recover with interest. Rate base itself is not tagged in any structured filing, so this is the proxy, labeled as what it is.
Regulatory assets & liabilities $16.3B / $11.8B

Owed recovery from ratepayers

Regulatory assets $16.3B · regulatory liabilities $11.8B · net $4.5B asset position, as filed

What this means
The ledger of the regulatory relationship: assets are costs the commission has agreed the utility may collect from ratepayers in future rates, liabilities are amounts it must give back. Both are promises whose worth depends entirely on the commissions that made them — which is why they are shown as filed and never netted into earnings adjustments here.

Graham’s defensive tests · 3 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $19.3B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity —

Current ratio ≥ 2× (waived for utilities) · exempt

What this means
Graham exempted public utilities from this test: their working capital “takes care of itself” through the continuous bond-and-share financing of growth, so a thin current ratio is the industry's structure, not a warning. His substitute test — debt no more than twice book equity — is the next line.
Conservative debt Near

Debt ≤ 2× equity (Graham's utility test) · $38.0B vs $17.6B equity

What this means
Graham's own substitution for public utilities: debt not exceeding twice the stock equity at book value, in place of the working-capital tests an industrial faces. A utility finances its plant with bonds by design; the question is whether the borrowing stays inside the equity behind it.
Earnings stability Near

A profit every year (10-yr record) · 1 loss year

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Pass

Uninterrupted dividends · paid every year (10)

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +378%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $6.01/share (latest year $11.59), the averaged base the calculator's gate runs on, and book value is $45.68/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 9 of 10

What this means
Lost money in 1 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 8% → 23% (3-yr avg ends)

In the filing’s words The record and the words agree: the margin widened and the filing attributes the gain to its own pricing, not volume alone.

What this means
Through the cycle the operating margin widened — about 8% early to 23% lately, median 12% — pricing power intact or improving.
Reinvestment, incremental ROIC 11%

What this means
Reinvested capital came back at only a modest incremental return — near the cost of capital, where extra growth adds little per dollar. The record shows whether it is a soft stretch or a thinning moat.
Owner earnings growth +7%/yr

What this means
Owner earnings grew about 7% a year over the record.
Worst year 2018 · −4.4% op. margin

What this means
Operations went underwater in 2018, understand why before trusting the good years.
Share count +1.8%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

All figures as filed; the source filing is linked above.

Rate cases, in the filing’s words

FY2025 10-Kthe filing, SEC EDGAR →

A regulated utility does not set its own price. It asks a commission for one, case by case, and the commission grants some part of it. Below are the proceedings this filing puts on the record, quoted verbatim, largest dollars first. Nothing here is computed; every figure is the filer’s own sentence.

2025 General Rate Casegranted by the commission
revenue requirement$ 9.7 billion$ 1.1 billion
“In September 2025, the CPUC approved a final decision in SCE's 2025 GRC, authorized a base rate revenue requirement of $ 9.7 billion for 2025, an increase of $ 1.1 billion over the revenue requirement authorized for 2024.”

Sentences from the Regulatory Matters and Pending Proceedings disclosures and the MD&A of the latest 10-K, largest dollars first, at most six. “Granted” marks a sentence in which the commission itself is the subject of the approving verb; everything else renders as a request, never as a decided outcome. A return on equity is shown only where the filer states one between 8 and 13 percent — the same figure in these filings also carries equity ratios and fair-value returns, and a number that must be interpreted before it can be believed is not shown at all. Nothing here says whether a case is still pending: filings state timings that are already past by the time they are read.

Current Position

as of the latest quarter, Jun 30, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$7.3B

Cash & short-term investments$246M
Receivables$1.8B
Inventory$567M
Other current assets$4.7B

Current liabilities$11.1B

Debt due within a year$3.8B
Accounts payable$2.2B
Other current liabilities$5.1B

Current ratio0.66×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.61×stricter: inventory excluded

Cash ratio0.02×strictest: cash alone against what's due

Working capital($3.7B)the cushion left after near-term bills

Debt due this year vs. cash$3.8B due · $246M cash cash alone won't cover the maturities; it leans on refinancing or operating cash · both figures from the Jun 30, 2026 balance sheet

Revenue, latest quarter vs. a year ago−4.1%the freshest read on whether the business is still growing

Current ratio, recent quarters0.9× → 0.7×

Deeper floors

Tangible book value$17.5Bequity stripped of goodwill & intangibles

Net current asset value($69.7B)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$42.0B$1.1B of it operating leases

From the company's latest filing.

Debt maturity

the debt note, SEC EDGAR →

Not how much it owes, but when it falls due, and against what. The ladder the company files, beside cash on hand and a year's owner earnings.

'26$1.9B

'27$2.5B

'28$3.0B

'29$3.4B

'30$2.0B

Bars scaled to the largest single year.

Due in the next 12 months$1.9Bthe first rung: what must be repaid or rolled over within the year

Within two years$4.5Bthe near wall, the part most exposed to today’s credit conditions

Biggest single year$3.4Bin 2029the lumpiest maturity, where a refinancing, if needed, is largest

Due over the next five years$12.9Bthe near slice; the balance sheet carries $38.0B of debt in all

Against what the business has and earns

Cash & short-term investments, Jun 30, 2026$246M

One year of owner earnings (FY2025)$2.6B

Together, against $1.9B due next year1.5×

Cash on hand as of Jun 30, 2026 plus a year’s owner earnings comes to $2.8B against the $1.9B due in the twelve months after the Dec 31, 2025 schedule: 1.5 times it.

Maturity schedule extracted from the company’s Dec 31, 2025 annual report and reconciled to the balance-sheet debt.

Regulatory matters, in the filing’s words

FY2025 10-Kthe filing, SEC EDGAR →

For a rate-regulated utility the commission’s pen writes the economics. Two things it wrote here, quoted verbatim from the 10-K, gravest dollars first: costs the commission disallowed, and catastrophe or retirement costs moved off the meter through securitization bonds. Nothing below is computed; every figure is the filer’s own sentence.

Disallowances the filing records

$ 88 millioncommission action
“In September 2025, the CPUC issued a final decision in SCE's 2025 GRC proceeding. As a result of the decision, SCE recorded an $ 88 million impairment of utility property, plant and equipment that was disallowed by the CPUC, primarily related to the rooftop solar photovoltaic program.”
$76 million$39 millionas recorded in the filing
“Net charges of $76 million ($39 million after-tax) recorded in 2025, primarily related to the impairment of utility property, plant and equipment associated with historical capital expenditures disallowed in SCE's 2025 GRC final decision.”
$62 millionas recorded in the filing
“A charge of $62 million recorded in 2025 primarily associated with disallowed historical expenses related to 2021 GRC wildfire mitigation memorandum account balances.”

Costs financed through securitization bonds

$1.6 billionbonds issued
“In August 2025, the CPUC authorized SCE to finance these amounts through the issuance of securitized bonds and, in December 2025, SCE issued securitized bonds in the amount of $1.6 billion to finance cost recoveries authorized under the TKM Settlement Agreement.”

Sentences from the Regulatory Matters disclosures and MD&A of the latest 10-K, largest dollars first, at most three to a lane. “Commission action” and “bonds issued” mark sentences that carry the completed act in the filer’s own verb; everything else renders as a recording, request, or proceeding — never as a decided outcome. A filer with no qualifying sentence shows nothing here.

How the cash was used, 2016–2025

Over the record, the business generated $28.4B of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$51.4B · 181%
Dividends$9.5B · 33%
Buybacks$232M · 1%

Returned to owners$9.7B
203% of the owner earnings the business produced over the span, $9.5B as dividends and $232M as buybacks.
Source of funding−$32.7B
Reinvestment and shareholder returns ran $32.7B beyond the operating cash the business generated, so the gap was financed off the balance sheet: debt rose from $11.2B to $40.9B.
Average price paid for buybacks$78.29
Across the years where the filing reports a share count, 3M shares were bought for $232M, about $78.29 each.
Net change in share count17.3%
The diluted count rose from 330M to 387M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record$3.30/sh
Paid in 10 of the years on record, the per-share dividend growing about 6% a year. It was never cut over the span.
Return on what it retained26%
Of the earnings it kept rather than paid out ($2.1B over the span), annual owner earnings (first three years vs last three) grew $534M, so each retained $1 added about 0.26 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Mr. Pizarro	$14.4M	$20.0M	($2.3B)
2022	Mr. Pizarro	$12.2M	$11.7M	$583M
2023	Mr. Pizarro	$14.9M	$22.8M	$766M
2024	Mr. Pizarro	$13.8M	$21.0M	$2.1B
2025	Mr. Pizarro	$16.5M	$6.8M	$2.6B

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership1.2%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.

Peers, Electric Utilities

The same industry, side by side on owner economics. Each column names the period it is read over; the group median at the foot is the line to read each figure against.

Company	Revenuelatest FY, USD	ROEmedian over the record	Plant growthannualized over the record	Dividend / cashmedian over the record
SOSouthern Company (The)	$29.6B	11%	4.5%	40%
NEENextEra Energy Inc.	$27.4B	12%	—	33%
AEPAmerican Electric Power Company Inc.	$21.9B	10%	9.7%	30%
EIXEdison International	$19.3B	6%	6.2%	25%
DTBDTE Energy Co	$15.8B	11%	5.8%	26%
FEFirstEnergy Corp.	$15.1B	9%	7.5%	33%
ESEversource Energy (D/B/A)	$13.5B	9%	8.9%	35%
ETREntergy Corporation	$12.9B	10%	7.3%	25%
Group median	—	10%	7.3%	31%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Edison International has delivered.

Edison International’s latest year shows negative owner earnings, the mark of a build-out: total capital spending outruns the cash the business throws off today. So the tool opens on the steady-state base (maintenance capex in place of the build-out spend), the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Edison International earns about $1.4B on its 7.2% median owner-earnings margin. This year’s 13.3% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($1.4B) Net of stock comp (−$27M TTM) Steady-state · maintenance capex ($3.2B)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.68% 10-year Treasury (Jul 30, 2026) + 4.32 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’16→’25+7%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.68%, as of Jul 30, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow ($389M) on 385M shares outstanding, per the 10-Q cover, as of 2026-07-23; net debt $40.6B. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($6.8B) runs well above depreciation ($3.3B), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $3.2B, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh EIX against another business →

Cite: Owner Scorecard, "Edison International (EIX), the owner's record," https://ownerscorecard.com/c/EIX, data as of 2026-07-18.

Manual order: ← EIG its page in the Manual EL →

Industry order: ← EDN the Electric Utilities chapter ELLO →