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Constellation Energy Corporation

CEG Utilities Utilities Independent Power Producers

Constellation Energy Corporation’s revenue for fiscal 2025 (year ended December 2025) was $25.5 billion, up 8.34% from fiscal 2024.

Revenue
+23.0%
EPS
−46.8%
Free cash flow
−116.6%
Total debt
+81.0%

Quarter to June 2026, against a year earlier

240.32 5.40 −2.20%
Market cap
$84.9B
P/E
23.4×
Fwd P/E
21.3×
Dividend yield
0.69%
F-score
6/9
Altman Z
2.42
Beneish M
−2.37
Dividend safety
78/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Valuation Filings

Insider Decisions last twelve months

Bought, $m 0.42
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — 1 — — —
Sell — — — — — — — — — — — —
Insider Ownership 5.95%

Capital & Financial Ratios $m

Size
Market Cap 84,910.00
Revenue ttm 31,270.00
Net income ttm 3,472.00
Free cash flow ttm 309.00
Net debt Q 18,397.00
Valuation
P/E 23.40
Forward P/E 21.30
Price / sales 2.77
Forward P/S Powerpack
Price / FCF 279.98
Price / book 2.68
Financial health
Current ratio Q 1.46
Debt / equity Q 0.60
Interest coverage Q 2.05
Growth
Revenue growth Q +23.00% (above 0%: growing)
Operating income growth Q −39.01% (below 0%: shrinking)
EPS, this year +29.64% (at or above 15%: strong)
EPS, next year A +9.44%
Revenue, next year A +40.39% (at or above 10%: strong)
EPS, past 5 yrs +32.68% (at or above 15%: strong)
EPS, next 5 yrs A +21.78% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.4×, against a ten-year median of 3.0×; over the ten years it ranged from 1.0× in 2022 to 4.9× in 2025.
P/E against its own 10 years 18.41%
10-year low 10-year high
P/S against its own 10 years 54.11%
10-year low 10-year high
P/B against its own 10 years 28.96%
10-year low 10-year high
EV/Sales against its own 10 years 57.51%
10-year low 10-year high

Dividends raised every year since 2022

Yield
0.69%
Annual rate
1.67
Payout ratio
16.3%
Growth, 2022–25
+40.1%/yr
  1. 0.56 ’22
  2. 1.13 ’23 +100
  3. 1.41 ’24 +25
  4. 1.55 ’25 +10
  5. 1.69 ’26e +9
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 454 3,129 3,748 1,077
Receivables 2,851 3,718 4,266 4,661
Inventory 1,500 1,600 1,736 3,368
Other 3,494 2,329 2,369 9,859
8,299 10,776 12,119 18,965
2023 2024 2025 Q'26
Payables 2,612 3,943 4,294 4,432
ST’ Debt 121 1,028 92 363
Other 1,942 1,875 1,908 3,011
6,319 6,846 7,944 13,032

Compound Annual Growth %

10y 5y 3y
Sales — 7.72% 1.47%
Cash Flow — 48.64% 0.00%
Earnings — 31.53% 0.00%
Book Value — 0.24% 9.31%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 2.36 Actual 2.55

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 3.13 3.04 Miss by 0.09
Q4 FY25 2.20 2.30 Beat by 0.10
Q1 FY26 2.56 2.74 Beat by 0.18
Q2 FY26 2.36 2.55 Beat by 0.19
Q3 FY26 3.90 — Reports 9 November 2026

EPS $

Mar Jun Sep Dec Year
’26 4.49 1.42 — — —
’25 0.38 2.67 2.97 1.38 7.40
’24 2.78 2.58 3.82 2.71 11.89
’23 0.29 2.56 2.26 (0.11) 5.01
’22 0.32 (0.34) (0.57) 0.10 (0.49)
’21 — — — 0.13 (0.63)
’20 — — — — 1.80
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 11,122 7,504 — — —
’25 6,788 6,101 6,570 6,074 25,533
’24 6,161 5,475 6,550 5,382 23,568
’23 7,565 5,446 6,111 5,796 24,918
’22 5,591 5,465 6,051 7,333 24,440
’21 5,559 4,153 4,406 5,531 19,649
’20 — — — 4,331 17,603
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 425 1,128 — — —
’25 107 1,477 1,848 805 4,237
’24 (723) (613) (112) (1,016) (2,464)
’23 (934) (192) (993) (3,182) (5,301)
’22 1,339 (76) (1,194) (2,422) (2,353)
’21 (1,612) 1,255 1,331 (2,312) (1,338)
’20 — — — 584 584
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (850) (118) — — —
’25 (699) 710 1,458 (181) 1,288
’24 (1,461) (1,159) (664) (1,745) (5,029)
’23 (1,570) (892) (1,392) (3,869) (7,723)
’22 957 (455) (1,482) (3,062) (4,042)
’21 (1,314) 962 1,042 (2,479) (1,789)
’20 — — — (1,117) (1,117)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 44.1% a year for ten years.

Implied
44.1%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — — 20,437 18,924 17,603 19,649 24,440 24,918 23,568 25,533 31,270 +3.2% 35,845 37,157 39,467 +15.6%
Gross margin, % — — 7.26 42.63 45.55 38.10 28.55 35.79 51.55 42.50 43.91 +35.2 pt
EBT — — 365 1,917 836 152 (542) 2,447 4,516 3,511 5,112 +38.2%
EBT margin, % — — 1.79 10.13 4.75 0.77 (2.22) 9.82 19.16 13.75 16.35 +12.0 pt
Net income — — 370 1,217 579 (83) (167) 1,577 3,738 2,323 3,472 +30.0%
Per share, $
Per share, $ Revenue — — 62.50 57.87 53.83 60.09 74.51 77.15 74.82 81.58 86.86 +3.9%
Earnings — — 1.13 3.44 1.80 (0.63) (0.49) 5.02 11.91 7.40 10.27 +30.8%
Cash flow — — 11.81 8.79 1.79 (4.09) (7.17) (16.41) (7.82) 13.54 11.68 +2.0%
Capex — — 0.00 (5.48) (5.20) (1.38) (5.15) (7.50) (8.14) (9.42) (10.82) n/m
Free cash flow — — 11.81 3.30 (3.42) (5.47) (12.32) (23.91) (15.97) 4.12 0.86 (14.0%)
Book value — — 0.00 0.00 44.88 35.52 34.67 34.94 42.98 47.45 89.78 n/m
Shares, m — — 327 327 327 327 328 323 315 313 335 (0.6%)
Valuation, ×
Valuation, × P/E — — 0.00 0.00 0.00 0.00 0.00 22.96 18.77 47.67 23.40 11.2
P/S — — 0.70 0.70 0.70 0.70 1.10 1.49 2.99 4.33 2.77 1.6
P/B — — 1.18 1.18 1.18 1.18 2.36 3.30 5.20 7.44 2.68 2.9
EV/Sales — — 0.98 0.98 0.98 0.98 1.39 1.91 3.21 4.47 3.36 1.9
EV/FCF — — (10.77) (10.77) (10.77) (10.77) (8.41) (6.16) (15.06) 88.64 339.52 2.0
Cash, $m
Cash, $m Operating cash flow — — 3,861 2,873 584 (1,338) (2,353) (5,301) (2,464) 4,237 4,206 +1.3%
Capex — — (2,242) (1,793) (1,701) (451) (1,689) (2,422) (2,565) (2,949) (3,897) +4.0%
Free cash flow — — 3,861 1,080 (1,117) (1,789) (4,042) (7,723) (5,029) 1,288 309 (14.5%)
Balance, $m
Balance, $m Working capital — — — (213) 1,728 (15) 1,521 1,980 3,930 4,175 5,933 n/m
Net debt — — — 7,845 6,057 5,538 7,112 10,372 5,283 3,594 18,397 (12.2%)
Shareholders’ equity — — — — 14,676 11,614 11,372 11,286 13,539 14,853 32,322 +0.2%
Returns, %
Returns, % ROA — — 0.00 4.68 2.45 (0.43) (0.34) 3.32 7.23 4.21 4.58 +4.2 pt
ROIC — — — 10.54 0.77 (1.26) 1.67 4.65 14.45 10.46 5.66 (0.1) pt
ROE — — 0.00 0.00 4.18 (1.56) (1.39) 14.33 30.20 16.34 15.02 +16.3 pt
People
People Employees — — — — — 11,696 13,370 13,871 14,264 15,339 — +7.0%
Revenue/emp, $m — — 0.00 0.00 0.00 1.68 1.83 1.80 1.65 1.66 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Business profile

Updated

Constellation Energy is a competitive power producer and energy supplier. It owns and operates generating plants that make electricity from nuclear, natural gas, oil, hydroelectric, wind, solar and geothermal resources. It also buys power under contracts and in wholesale markets to meet customer commitments.

The company sells electricity, natural gas and energy-related products to utilities, municipalities, cooperatives, commercial and industrial businesses, public-sector customers and households. Its customer-facing business combines physical energy supply with products intended to help customers manage energy use, emissions attributes and sustainability goals. These include renewable and carbon-free energy arrangements, energy-efficiency offerings, demand response, renewable energy certificates, carbon offsets and data-and-analytics services.

Constellation Energy Corporation vs peers in Utilities Independent Power Producers (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CEG Constellation Energy Corporation $84.9B 23.4× 21.3× +23.00% (above 0%: growing) −46.82% (below 0%: shrinking) −116.62% (below 0%: shrinking) 46.39% 7.73%
VST Vistra Corp. $37.9B 19.0× 14.9× −5.48% (below 0%: shrinking) −6.10% (below 0%: shrinking) +401.69% (above 0%: growing) 34.60% 13.77% Compare
NRG NRG Energy, Inc. $16.9B 21.4× 11.9× +10.99% (above 0%: growing) n/m +8,715.12% (above 0%: growing) 26.88% 13.05% Compare
TLN Talen Energy Corporation $13.8B — (loss-making) 21.5× +63.42% (above 0%: growing) −35.89% (below 0%: shrinking) −38.44% (below 0%: shrinking) 50.26% 19.22% Compare
OKLO Oklo Inc. $3.6B — (loss-making) — — n/m −632.29% (below 0%: shrinking) 40.41% (6,048.76%) Compare
KEN Kenon Holdings Ltd. $3.0B 25.7× 5.7× +93.37% (above 0%: growing) +750.00% (above 0%: growing) −3,783.33% (below 0%: shrinking) 22.16% 15.04% Compare
HNRG Hallador Energy Company $441.3M 234× — (loss-making) −1.28% (below 0%: shrinking) n/m −3,158.67% (below 0%: shrinking) 33.82% (12.05%) Compare
DGXX Digi Power X Inc. $193.9M — (loss-making) — (loss-making) −18.28% (below 0%: shrinking) n/m −850.98% (below 0%: shrinking) (83.34%) (153.44%) Compare
ONEN ONE Nuclear Energy Inc. $183.0M — — — — — — — Compare
Median of peers $3.3B 23.5× 13.4× +4.85% −6.10% −632.29% 33.82% 13.05%

All 9 Utilities Independent Power Producers stocks →

From the latest earnings call

Updated

  • Joe Dominguez said Constellation signed approximately 920 megawatts of long-term nuclear contracts averaging 18.5 years with investment-grade customers.
  • Shane Smith said the company raised FY2026 adjusted operating earnings guidance to $11.50–$12.50 per share from $11–$12 per share.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Morgan Stanley Oct 22, 2026 Target raised — 369.00 → 378.00
JPMorgan Oct 9, 2026 Target cut Buy 386.00 → 385.00
Scotiabank Oct 8, 2026 Target cut — 441.00 → 355.00
Bernstein Oct 7, 2026 Reiterated Buy 296.00
BMO Oct 1, 2026 Target cut Outperform —

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 80.87%
Held by the ten largest 45.50%
Holder Shares Stake Change
Vanguard 40.13m 11.30% +1.85m
BlackRock 24.56m 6.92% +1.05m
Capital Group 23.30m 6.56% +2.49m
State Street 19.41m 5.47% +615.25k
ECP ControlCo, LLC 14.37m 4.05% −7.67m
Invesco 11.11m 3.13% −107.19k
Morgan Stanley 9.05m 2.55% +147.37k
Geode Capital Management 7.52m 2.12% +223.85k
Fidelity (FMR) 6.54m 1.84% −3.64m
Jennison Associates 5.54m 1.56% −1.06m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 19 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 17.12m 78.75m 734.00
2024 16.22m 83.54m 462.00
2023 15.19m 30.95m 240.00
2022 10.44m 23.64m 175.00
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Constellation Energy Corporation (CEG) Latest News

4 Nov

Impact 4 · · Insider Monkey

2 Nov

Impact 4 · · Trefis

31 Oct

Impact 3 · · Trefis

30 Oct

Impact 3 · · Barchart

29 Oct

Impact 4 · · The Motley Fool
Impact 4 · · Simply Wall St.
Impact 3 · · Zacks
Impact 3 · · Trefis

28 Oct

Impact 4 · · TechCrunch
Impact 4 · · utilitydive.com
Impact 4 · · TIKR
Impact 4 · · Simply Wall St.
Impact 3 · · Trefis

27 Oct

Impact 4 · · Oilprice.com
Impact 4 · · Trefis
Impact 4 · · Stocktwits
Impact 4 · · Business Wire
Impact 4 · · Bloomberg
Impact 3 · · Zacks
Impact 3 · · Barchart

25 Oct

Impact 4 · · TIKR

24 Oct

Impact 4 · · The Motley Fool

23 Oct

Impact 3 · · Zacks

22 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Zacks
Impact 3 · · TIKR
Impact 3 · · TIKR
Impact 3 · · Trefis

21 Oct

Impact 3 · · Zacks

20 Oct

Impact 4 · · utilitydive.com

CEG metrics, ten years each

stockrow.com/CEG · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com