# Edison International (EIX.US)

Canonical: https://gigainvestors.com/s/EIX

Analysis as of: 2026-10-16T07:28:13.768Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $55.65 per share; close as of 2026-10-15.

Estimated value: low $37.81 per share, central $47.75 per share, high $55.76 per share. Buy at or below the central value $47.75 per share. Valuation as of 2026-10-16T07:28:13.768Z; scenarios are not confidence intervals.

Expected annual return: 9.0% at the stated quote. About 9.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 0.72×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.17×

- FY2017: 0.12×

- FY2018: -0.04×

- FY2019: 0.14×

- FY2020: 0.09×

- FY2021: 0.10×

- FY2022: 0.09×

- FY2023: 0.16×

- FY2024: 0.17×

- FY2025: 0.37×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 4.5%

- ROIC, second-lowest year: 3.1%

- Typical minus recent gross margin: -3.4 pp

- Typical gross margin (annual median): 37.7%

- Recent gross margin (lower of latest and 3-year median): 41.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 33.6%

- ROIC including acquisitions, ten-year median: 1.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.5%

- FY2017: 4.1%

- FY2018: -1.7%

- FY2019: 5.4%

- FY2020: 3.2%

- FY2021: 3.3%

- FY2022: 3.1%

- FY2023: 4.8%

- FY2024: 5.5%

- FY2025: 9.2%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.71×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $6.5B

- Net income, five-year total: $9.3B

- Return on incremental invested capital: 14.6%

- Working capital / revenue, annual change: 0.9 pp

- Working capital / revenue, change between three-year averages: 7.0 pp

- Working capital / revenue, final three-year average: 7.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: -0.94×

- FY2024: 1.00×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 4.1% vs 5.5%

- Per-share earnings: 3.44 to 3.98 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.6%

- Ordinary dilution, 5-year annual growth: 0.6%

- Market cap gain: -$360M

- Cumulative retained earnings: $1.2B

- Diluted shares, 10-year annual growth: 1.6%

- Diluted shares, 5-year annual growth: 0.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 1.8%

- Per-share value change: $0.54

- Per-share value, starting three-year median: $3.44

- Per-share value, ending three-year median: $3.98

- Buybacks concentrated in cheaper years (correlation): 0.03

- Average buyback yield: 2.6%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: $0

- Cumulative net income, 10 years: $13B

- ROIC, first three-year median: 4.1%

- ROIC, last three-year median: 5.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: $4.35

- FY2017: $2.10

- FY2018: -$0.93

- FY2019: $4.12

- FY2020: $2.33

- FY2021: $2.43

- FY2022: $2.15

- FY2023: $3.65

- FY2024: $3.98

- FY2025: $11.81

### accounting: pass

- Sloan accruals: -1.3%

- Receivables to sales index (DSRI): 0.82×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.27×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.6%

- FY2017: -5.5%

- FY2018: -6.1%

- FY2019: 2.7%

- FY2020: -0.6%

- FY2021: 1.2%

- FY2022: -3.1%

- FY2023: -2.4%

- FY2024: -4.1%

- FY2025: -1.3%

## Holders

## Price story

Down 37% since Nov 2024 · "Edison says probable Edison, SCE will incur losses in connection with Eaton fire" (finance.yahoo.com, May 2025) · sales +9.8%

Story as of 2026-10-16T09:58:41.105Z; price observation 2026-10-15.

Price needs cash profits to grow 5.4% a year for ten years

- 2025-04-30: Southern California Edison likely to incur 'material losses' related to Eaton fire, executive says ([finance.yahoo.com](https://finance.yahoo.com/news/southern-california-edison-likely-incur-140141488.html))

- 2025-05-02: Southern California Edison likely faces ‘material losses’ from Eaton Fire, CEO says ([finance.yahoo.com](https://finance.yahoo.com/news/southern-california-edison-likely-faces-090000240.html))

- 2025-06-09: Edison International slides to five-year low as Wolfe downgrades on fire litigation risk ([seekingalpha.com](https://seekingalpha.com/news/4456618-edison-international-slides-to-five-year-low-as-wolfe-downgrades-on-fire-litigation-risk?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-08-01: Edison International outlines 5%–7% EPS growth and $6.2B wildfire mitigation plan amid regulatory developments ([seekingalpha.com](https://seekingalpha.com/news/4476210-edison-international-outlines-5-percent-7-percent-eps-growth-and-6_2b-wildfire-mitigation?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-02-19: Edison International Posts Strong 2025 and Sets 2026–2027 EPS Targets ([finance.yahoo.com](https://finance.yahoo.com/news/edison-international-posts-strong-2025-023000565.html))

- 2026-08-02: Edison International (EIX) CEO Warns Wildfire Reform Delay Could Trigger Credit Downgrades ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/edison-international-eix-ceo-warns-210820371.html))

### Sales · FY2024–2025

sales +9.8%; source https://www.sec.gov/Archives/edgar/data/827052/000082705226000012/eix-20251231.htm; observed 2026-02-18.

- FY2016: $12B 

- FY2017: $12B 

- FY2018: $13B 

- FY2019: $12B 

- FY2020: $14B 

- FY2021: $15B 

- FY2022: $17B 

- FY2023: $16B 

- FY2024: $18B 

- FY2025: $19B 

### Gross margin · FY2025

gross margin 57.8%; source https://www.sec.gov/Archives/edgar/data/827052/000082705226000012/eix-20251231.htm; observed 2026-02-18.

- FY2016: 37.7% 

- FY2017: 37.7% 

- FY2018: 35.2% 

- FY2019: 36.4% 

- FY2020: 37.1% 

- FY2021: 38.4% 

- FY2022: 35.5% 

- FY2023: 41.1% 

- FY2024: 41.0% 

- FY2025: 57.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in utilities regulated electric; annual sales are USD 19.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/827052/000082705226000012/eix-20251231.htm (filed 2026-02-18); FY2025: revenue 19317000000; grossProfit 11171000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 41% to 57.8% during 2023–25; it earns 4.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2023: grossProfit / revenue = 41.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2024: grossProfit / revenue = 41%.

- Source: https://www.sec.gov/Archives/edgar/data/827052/000082705226000012/eix-20251231.htm (filed 2026-02-18); FY2025: grossProfit / revenue = 57.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); 10-year return on capital observations [[2016,0.07521473561439826],[2017,0.040838249614630506],[2018,-0.016937776742018178],[2019,0.05408122848176472],[2020,0.03193555159021728],[2021,0.0327996269236748],[2022,0.031023157542413655],[2023,0.0483430501688487],[2024,0.054544855322016375],[2025,0.09165765116974932]]; median 0.0445906498917396. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 71.9% of cash earnings on expansion; earns 14.6% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2016: growth capex 937956774.6475315; upkeep 2796043225.3524685; owner earnings 735956774.6475315. Growth capex / owner earnings = 1.2744726415443937.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2017: growth capex 1281843038.5401235; upkeep 2562156961.4598765; owner earnings 241843038.54012346. Growth capex / owner earnings = 5.300309846741595.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2020: growth capex 3463000000; upkeep 2021000000; owner earnings 871000000. Growth capex / owner earnings = 3.975889781859931.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2021: growth capex 3217000000; upkeep 2288000000; owner earnings 925000000. Growth capex / owner earnings = 3.477837837837838.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2022: growth capex 3145000000; upkeep 2633000000; owner earnings 824000000. Growth capex / owner earnings = 3.816747572815534.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2024: growth capex 2768000000; upkeep 2939000000; owner earnings 1546000000. Growth capex / owner earnings = 1.7904269081500648.

- Source: https://www.sec.gov/Archives/edgar/data/827052/000082705226000012/eix-20251231.htm (filed 2026-02-18); FY2025: growth capex 3278000000; upkeep 3237000000; owner earnings 4557000000. Growth capex / owner earnings = 0.7193328944481018.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Incremental return on capital 0.14586475914102212, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Dividend observations: [[2016,626000000],[2017,707000000],[2018,788000000],[2019,810000000],[2020,928000000],[2021,1023000000],[2022,1149000000],[2023,1220000000],[2024,1286000000],[2025,1378000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/827052/000082705226000012/eix-20251231.htm (filed 2026-02-18); FY2025: cash repurchases 1696000000 USD.

### Are managers owners

Insiders own 0.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EIX.US SharesStats.PercentInsiders = 0.262 percentage points; cache date 2026-10-16.

### What could break it

"SCE's insurance coverage for wildfires may not be sufficient." (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/827052/000082705226000012/eix-20251231.htm (filed 2026-02-18); SCE's insurance coverage for wildfires may not be sufficient.

### What the price says

The price assumes cash profits grow 5.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Ten-year compound average after fade. Initial solved rate 0.06388037773869926. Price 55.65; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -3.303951367781155 → FY2025 11.805699481865284. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $73.48 per share

- 2016-11: $68.77 per share

- 2016-12: $71.99 per share

- 2017-01: $72.88 per share

- 2017-02: $79.74 per share

- 2017-03: $79.61 per share

- 2017-04: $79.97 per share

- 2017-05: $81.57 per share

- 2017-06: $78.19 per share

- 2017-07: $78.68 per share

- 2017-08: $80.18 per share

- 2017-09: $77.17 per share

- 2017-10: $79.95 per share

- 2017-11: $81.27 per share

- 2017-12: $63.24 per share

- 2018-01: $62.53 per share

- 2018-02: $60.59 per share

- 2018-03: $63.66 per share

- 2018-04: $65.52 per share

- 2018-05: $62.16 per share

- 2018-06: $63.27 per share

- 2018-07: $66.63 per share

- 2018-08: $65.73 per share

- 2018-09: $67.68 per share

- 2018-10: $69.39 per share

- 2018-11: $55.32 per share

- 2018-12: $56.77 per share

- 2019-01: $56.97 per share

- 2019-02: $59.89 per share

- 2019-03: $61.92 per share

- 2019-04: $63.77 per share

- 2019-05: $59.37 per share

- 2019-06: $67.41 per share

- 2019-07: $74.54 per share

- 2019-08: $72.27 per share

- 2019-09: $75.42 per share

- 2019-10: $62.90 per share

- 2019-11: $69.10 per share

- 2019-12: $75.41 per share

- 2020-01: $76.55 per share

- 2020-02: $67.19 per share

- 2020-03: $54.79 per share

- 2020-04: $58.71 per share

- 2020-05: $58.11 per share

- 2020-06: $54.31 per share

- 2020-07: $55.67 per share

- 2020-08: $52.48 per share

- 2020-09: $50.84 per share

- 2020-10: $56.04 per share

- 2020-11: $61.36 per share

- 2020-12: $62.82 per share

- 2021-01: $58.16 per share

- 2021-02: $53.99 per share

- 2021-03: $58.60 per share

- 2021-04: $59.45 per share

- 2021-05: $55.87 per share

- 2021-06: $57.82 per share

- 2021-07: $54.50 per share

- 2021-08: $57.84 per share

- 2021-09: $55.47 per share

- 2021-10: $62.93 per share

- 2021-11: $65.28 per share

- 2021-12: $68.25 per share

- 2022-01: $62.79 per share

- 2022-02: $63.42 per share

- 2022-03: $70.10 per share

- 2022-04: $68.79 per share

- 2022-05: $69.91 per share

- 2022-06: $63.24 per share

- 2022-07: $67.77 per share

- 2022-08: $67.77 per share

- 2022-09: $56.58 per share

- 2022-10: $60.04 per share

- 2022-11: $66.66 per share

- 2022-12: $63.62 per share

- 2023-01: $68.90 per share

- 2023-02: $66.21 per share

- 2023-03: $70.59 per share

- 2023-04: $73.60 per share

- 2023-05: $67.52 per share

- 2023-06: $69.45 per share

- 2023-07: $71.96 per share

- 2023-08: $68.85 per share

- 2023-09: $63.29 per share

- 2023-10: $63.06 per share

- 2023-11: $66.99 per share

- 2023-12: $71.49 per share

- 2024-01: $67.48 per share

- 2024-02: $68.02 per share

- 2024-03: $70.73 per share

- 2024-04: $71.06 per share

- 2024-05: $76.85 per share

- 2024-06: $71.81 per share

- 2024-07: $80.01 per share

- 2024-08: $87.03 per share

- 2024-09: $87.09 per share

- 2024-10: $82.40 per share

- 2024-11: $87.75 per share

- 2024-12: $79.84 per share

- 2025-01: $54.00 per share

- 2025-02: $54.44 per share

- 2025-03: $58.92 per share

- 2025-04: $53.51 per share

- 2025-05: $55.65 per share

- 2025-06: $51.60 per share

- 2025-07: $52.12 per share

- 2025-08: $56.13 per share

- 2025-09: $55.28 per share

- 2025-10: $55.38 per share

- 2025-11: $58.89 per share

- 2025-12: $60.02 per share

- 2026-01: $62.28 per share

- 2026-02: $74.74 per share

- 2026-03: $73.18 per share

- 2026-04: $69.49 per share

- 2026-05: $69.94 per share

- 2026-06: $74.45 per share

- 2026-07: $73.37 per share

- 2026-08: $53.98 per share

- 2026-09: $53.73 per share

- 2026-10: $55.65 per share

## Annual estimated value (USD per share)

- FY2016: low $24.38 per share, central $27.74 per share, high $32.21 per share

- FY2017: low $27.62 per share, central $31.13 per share, high $35.81 per share

- FY2018: low $8.33 per share, central $9.48 per share, high $11.01 per share

- FY2020: low $7.79 per share, central $8.86 per share, high $10.29 per share

- FY2021: low $8.63 per share, central $9.79 per share, high $11.34 per share

- FY2022: low $24.84 per share, central $28.08 per share, high $32.40 per share

- FY2023: low $22.88 per share, central $26.83 per share, high $31.20 per share

- FY2024: low $30.77 per share, central $35.01 per share, high $40.66 per share

- FY2025: low $37.49 per share, central $47.34 per share, high $55.28 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/827052/000082705226000012/eix-20251231.htm); period 2025-12-31, filed 2026-02-18.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations



# EIX — Edison Int'l

Held by 1 investor · USD 429,085,868 total · 2024 Q4 · reported price USD 79.84 (split-adjusted).
Page: https://gigainvestors.com/s/EIX

## Holders (2024 Q4)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Richard Pzena (https://gigainvestors.com/PIM) | USD 429,085,868 | 1.5% | reduce -41.98% |

## Total held by quarter

- 2019 Q2: USD 47,187,000 · 1 holder · USD 67.41
- 2019 Q3: USD 0 · 0 holders
- 2019 Q4: USD 0 · 0 holders
- 2020 Q1: USD 0 · 0 holders
- 2020 Q2: USD 0 · 0 holders
- 2020 Q3: USD 0 · 0 holders
- 2020 Q4: USD 0 · 0 holders
- 2021 Q1: USD 0 · 0 holders
- 2021 Q2: USD 0 · 0 holders
- 2021 Q3: USD 0 · 0 holders
- 2021 Q4: USD 0 · 0 holders
- 2022 Q1: USD 0 · 0 holders
- 2022 Q2: USD 0 · 0 holders
- 2022 Q3: USD 0 · 0 holders
- 2022 Q4: USD 0 · 0 holders
- 2023 Q1: USD 0 · 0 holders
- 2023 Q2: USD 0 · 0 holders
- 2023 Q3: USD 0 · 0 holders
- 2023 Q4: USD 0 · 0 holders
- 2024 Q1: USD 962,287,308 · 1 holder · USD 70.73
- 2024 Q2: USD 924,574,288 · 1 holder · USD 71.81
- 2024 Q3: USD 806,684,014 · 1 holder · USD 87.09
- 2024 Q4: USD 429,085,868 · 1 holder · USD 79.84
- 2025 Q1: USD 0 · 0 holders