ED vs IBDRY: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of October 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. ED and IBDRY share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined ED and IBDRY exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Consolidated Edison, Inc. is a holding company whose main subsidiary, Consolidated Edison Company of New York, delivers regulated electricity, natural gas, and steam to New York City and Westchester County. A second utility, Orange and Rockland, serves nearby areas, and the company also holds FERC-regulated electric transmission investments. Because it operates as a regulated monopoly in its service territory, Con Edison does not compete for customers: instead, state and federal regulators set the rates it can charge and the return it can earn on the capital it invests, which makes its revenue and earnings unusually predictable compared with most companies.

Full ED guide

Iberdrola, S.A. is a Bilbao-based electricity group with two main businesses. Networks owns and runs regulated transmission and distribution grids in Spain (i-DE), the UK (SP Energy Networks, part of ScottishPower), the US (through Avangrid, whose utilities include New York State Electric & Gas, Rochester Gas and Electric, Central Maine Power and United Illuminating) and Brazil (Neoenergia). Power and Customers combines renewable generation (onshore and offshore wind, solar, hydro and storage), some conventional plants and a retail supply business. In 2025 revenue was ~€45.5 billion, reported net profit a record ~€6.29 billion and adjusted net profit ~€6.23 billion. The company ended 2025 with 58,343 MW of installed capacity, ~29.8 million supply contracts and ~45,400 employees, and says 83% of EBITDA comes from countries with A credit ratings.

Full IBDRY guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• ED drivers: Large approved rate-base investment plan; Electrification and clean-energy transition in New York.
• IBDRY drivers: Grid investment and the regulated asset base; Electricity demand from data centers and electrification.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The biggest risks are regulatory and interest-rate driven. For IBDRY, iberdrola's growth depends on regulators.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick ED if you believe its drivers more; IBDRY if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the ED and IBDRY guides.

ED. Figures are approximate and tied to the asOf date; verify live numbers before acting. Utilities like Con Edison are usually valued on dividend yield and price-to-earnings relative to peers rather than on rapid growth, so the key questions are whether regulators keep approving investment, where interest rates head, and how the yield compares with bonds. A below-consensus adjusted EPS quarter and a large equity raise are worth watching against the reaffirmed full-year guidance.

IBDRY. At roughly €140 billion, Iberdrola trades at about 21 times its 2026 adjusted profit guidance of more than €6.7 billion, a premium to most European utilities that reflects how much of its earnings now comes from regulated networks with visible growth. Adding ~€54 billion of net debt gives an enterprise value near €195 billion against 2025 EBITDA of ~€16.6 billion reported. Trailing reported profit of ~€7.1 billion is higher than adjusted because of the Mexico gain. The ~3.2% dividend yield is modest for a utility, which is consistent with a market that values Iberdrola for growth rather than income. Market cap is estimated from the ~€4.5 billion total 2025 payout at €0.685 per share, implying ~6.6 billion shares.

Headline figures (approximate, Jul 2026): ED shows revenue trend Q1 2026 revenue ~$5.1 billion, up ~6% year over year; steady, regulator-driven growth rather than fast expansion, profitability Q1 2026 net income for common stock ~$924 million (~$2.55 per share); adjusted EPS ~$2.17 came in below consensus, full-year guidance Reaffirmed 2026 adjusted EPS guidance of ~$6.00 to $6.20, balance sheet / financing Capital-intensive with significant debt; funding growth partly via a ~$2 billion at-the-market equity program, which can dilute holders; IBDRY shows revenue (ttm to june 2026) ~€45.9B, adjusted net profit (ttm) ~€6.5B, 2026 adjusted net profit guidance >€6.7B (growth above 8%), market cap ~€140B at ~€21.26 (IBDRY ~$95).

ED and IBDRY are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined ED and IBDRY exposure against your real portfolio. It is not an investment adviser.