Constellation Energy Corporation (CEG) vs Vistra Corp. (VST)

Constellation Energy Corporation and Vistra Corp. are both Utilities Independent Power Producers companies. Constellation Energy Corporation is the larger, with a market value of $97.4B against $51.7B — 1.9× the size. Vistra Corp. trades at the lower P/E: 25.3× against 26.4×. Constellation Energy Corporation grew revenue faster over the last twelve months: 26.0% against 3.80%. Constellation Energy Corporation has the higher net margin (11.1% vs 10.6%) and the lower return on invested capital (5.66% vs 9.05%). Both pay a dividend; Constellation Energy Corporation yields more (0.61% vs 0.60%). Across the 23 metrics below, Vistra Corp. leads on 13 and Constellation Energy Corporation on 10.

Valuation

Metric CEG VST Utilities Independent Power Producers median
P/E 26.42 25.34 26.42
P/S 3.12 2.67 2.76
P/B 3.02 16.97 2.96
Price to free cash flow 316.16 21.13 —
EV/EBITDA 14.05 11.09 14.05
EV/Sales 3.71 3.66 3.66
Earnings yield 3.78% 3.95% 2.00%
Free cash flow yield 0.32% 4.73% (2.65%)

Profitability

Metric CEG VST Utilities Independent Power Producers median
Gross margin 43.91% 37.99% 37.99%
Operating margin 14.70% 18.55% 4.83%
Net margin 11.08% 10.55% 1.18%
Free cash flow margin 0.99% 12.62% 0.50%
Return on equity 15.02% 75.38% 1.70%
Return on assets 4.58% 5.02% 0.93%
Return on invested capital 5.66% 9.05% 2.93%

Growth

Metric CEG VST Utilities Independent Power Producers median
Revenue growth (TTM) 25.98% 3.80% 12.80%
EPS growth (last fiscal year) (37.76%) (68.86%) (48.17%)
Revenue growth, 5-year CAGR 7.72% 9.16% 15.82%
Net income growth, 5-year CAGR 31.53% 3.41% 1.71%

Health

Metric CEG VST Utilities Independent Power Producers median
Debt to equity 0.60 3.57 0.74
Current ratio 1.46 0.97 1.21
Net debt to EBITDA 0.63 3.71 3.88

Dividend

Metric CEG VST Utilities Independent Power Producers median
Dividend yield 0.61% 0.60% —
Payout ratio 0.16 0.15 —

Size

Metric CEG VST Utilities Independent Power Producers median
Market cap 97.43b 51.74b 11.16b

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