EXC vs PEG: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 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. EXC and PEG 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 EXC and PEG 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.

Exelon is one of the largest US utility companies by customer count, serving roughly 11 million customers through six fully regulated transmission and distribution utilities: Commonwealth Edison (ComEd) in Illinois, PECO in Pennsylvania, Baltimore Gas and Electric (BGE) and Potomac Electric Power (Pepco) in the Mid-Atlantic, plus Delmarva Power and Atlantic City Electric. After spinning off its competitive generation business (now Constellation Energy) in 2022, Exelon is a pure wires-and-poles operator, meaning it delivers power and gas rather than generating it, and earns regulated returns on the infrastructure it builds.

Full EXC guide

Public Service Enterprise Group (PEG) is a New Jersey based utility holding company whose main business is Public Service Electric and Gas (PSE&G), the state's largest regulated electric and gas utility. PSE&G delivers electricity and natural gas to millions of homes and businesses across New Jersey under rates set by state regulators, which gives the company steady, largely predictable earnings and a growing base of infrastructure investment in transmission, distribution, and grid modernization. PSEG also owns a large carbon-free nuclear generation fleet, including the Salem and Hope Creek stations in southern New Jersey and a stake in Peach Bottom, that produces the bulk of the state's clean power. That nuclear fleet has drawn fresh attention as data centers and artificial-intelligence computing drive up demand for round-the-clock, zero-emission electricity, positioning PSEG to potentially supply large power buyers. Headquartered in Newark, New Jersey, PEG is widely viewed as a defensive, dividend-paying regulated utility whose value rests on rate-base growth, its nuclear fleet, and interest-rate sensitivity rather than on rapid earnings swings.

Full PEG guide

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

• EXC drivers: Rate-base growth and the capital plan; Data-center and high-density load growth.
• PEG drivers: Regulated rate-base growth; Carbon-free nuclear and data-center demand.

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: As a capital-intensive regulated utility, Exelon is sensitive to interest rates, since higher rates raise financing costs and can make the dividend yield less competitive versus bonds. For PEG, as a regulated utility, PEG's returns depend on state regulators approving rates and capital spending, so unfavorable regulatory decisions can cap earnings.

Pick EXC if you believe its drivers more; PEG 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 EXC and PEG guides.

EXC. Exelon trades at a mid-teens to high-teens earnings multiple, roughly in line with regulated-utility peers, reflecting steady but modest growth. Q1 2026 revenue was about $7.24 billion with adjusted operating earnings of $0.91 per share, ahead of consensus, and management reaffirmed full-year adjusted EPS guidance of $2.81 to $2.91. Valuation largely turns on rate-base growth expectations and the interest-rate backdrop.

PEG. PSEG's earnings are anchored by its regulated utility, so results are steadier and more predictable than most stocks, and the company guides to mid-single-digit annual growth driven by approved infrastructure investment. Utilities like PEG are often valued on earnings and dividend yield rather than rapid growth, and the share price is sensitive to interest rates. The nuclear fleet and potential data-center power demand add an upside angle beyond the regulated base. Figures are approximate and can move with regulatory decisions, energy prices, and weather; verify current numbers before relying on them.

Headline figures (approximate, JULY 2026): EXC shows revenue (ttm) ~$24B, market cap ~$47B, share price ~$46-47, 2026 adjusted eps guidance ~$2.81-$2.91; PEG shows market cap roughly $40 billion, a large-cap regulated utility, core business PSE&G, New Jersey's largest regulated electric and gas utility, generation large carbon-free nuclear fleet (Salem, Hope Creek, Peach Bottom stake), 2026 eps guidance about $4.28 to $4.40 (non-GAAP operating), midpoint near $4.34.

EXC and PEG 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 EXC and PEG exposure against your real portfolio. It is not an investment adviser.