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 $92.8B against $46.7B — 2.0× the size. Vistra Corp. trades at the lower P/E: 23.1× against 25.6×. 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; Vistra Corp. yields more (1.95% vs 0.88%). Across the 23 metrics below, Vistra Corp. leads on 14 and Constellation Energy Corporation on 9.

Valuation

Metric CEG VST Utilities Independent Power Producers median
P/E 25.63 23.08 25.63
P/S 3.03 2.43 2.78
P/B 2.93 15.45 3.29
Price to free cash flow 306.72 19.24 —
EV/EBITDA 13.69 10.37 13.69
EV/Sales 3.62 3.42 3.62
Earnings yield 3.90% 4.33% 2.03%
Free cash flow yield 0.33% 5.20% (1.89%)

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%) —
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 0.88% 1.95% —
Payout ratio 0.36 0.22 0.17

Size

Metric CEG VST Utilities Independent Power Producers median
Market cap 92.84b 46.65b 11.01b

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