Exelon Corporation (EXC)

Return on total capital

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Earnings before interest and tax (EBIT)	US$ in thousands	4,023,000	3,315,000	2,682,000	2,191,000	4,374,000
Long-term debt	US$ in thousands	331,000	35,272,000	30,749,000	35,093,000	31,329,000
Total stockholders’ equity	US$ in thousands	25,755,000	24,744,000	34,393,000	32,585,000	32,224,000
Return on total capital		15.42%	5.52%	4.12%	3.24%	6.88%

December 31, 2023 calculation

Return on total capital = EBIT ÷ (Long-term debt + Total stockholders’ equity)
= $4,023,000K ÷ ($331,000K + $25,755,000K)
= 15.42%

Exelon Corp.'s return on total capital has displayed a fluctuating trend over the past five years. In 2023, the return on total capital increased to 5.75% from 5.12% in the previous year, indicating an improved efficiency in generating profits from the total capital employed. However, it is still lower than the 5-year high of 5.94% in 2019. Overall, Exelon Corp.'s return on total capital has shown some variability, and further analysis may be required to understand the underlying factors influencing these fluctuations.