Constellation Energy (CEG)
Utilities · $93.3B market cap · SEC CIK 0001868275
fundamentals score out of 100
Next reports on Nov 4, 2026, with analysts expecting $3.82 in earnings per share.
The case for CEG
- Revenue up 26.0% on the year.
- Return on equity of 15% is higher than 89% of Utilities companies.
The case against
- Down 20.8% over the past year.
- A PEG of 3.7: a P/E of 26.9× is a lot to pay for EPS growing 7%.
- Near the bottom of its 52-week range, 36% below the high. Falling prices usually have a reason; find it first.
- Free cash flow is only 1.4% of its market value, a thin cash return for the price.
- Stability is weak (36/100): beta 1.13, 1.7 years of cash flow to clear its debt, a 45% swing over the year.
- P/E of 26.9× is higher than 100% of Utilities companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Utilities companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 40 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 73 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 63 |
| Momentumhow the price has behaved lately | 27 |
| Stabilityhow violently it moves, what it owes and what it pays you | 36 |
- Each factor except momentum is half fixed thresholds, half rank among the 31 Utilities companies.
Key numbers
| Price / earnings | 26.9× |
|---|---|
| Price / book | 2.79× |
| Price / sales | 3.0× |
| Revenue growth (YoY) | +26.0% |
| EPS growth (YoY) | +7.2% |
| Gross margin | 44% |
| Operating margin | 15% |
| Net margin | 11% |
| Return on equity | 15% |
| Debt / equity | 0.77× |
| Current ratio | 1.46 |
| Dividend yield | 0.91% |
| Beta | 1.13 |
| 52-week range | $228.63 – $412.70 |
| Position in that range | 19% of the way up |
| 3-month return | -4.4% |
| 1-year return | -20.8% |
Five years of financials, as filed
Pulled from Constellation Energy's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $22.7B | $19.0B | $20.8B | $21.6B | $17.3B |
| Operating income | $3.1B | $4.4B | $1.6B | $495M | -$346M |
| Net income | $2.3B | $3.7B | $1.6B | -$160M | -$205M |
| Operating cash flow | $4.2B | -$2.5B | -$5.3B | -$2.4B | -$1.3B |
| Capital expenditure | $2.9B | $2.6B | $2.4B | $1.7B | $1.3B |
| Total assets | $57.2B | $52.9B | $50.8B | $46.9B | $48.1B |
| Total liabilities | $42.4B | $39.4B | $39.5B | $35.5B | $36.5B |
| Shareholder equity | $14.5B | $13.2B | $10.9B | $11.0B | $11.2B |
| Cash | $3.6B | $3.0B | $368M | $422M | $504M |
| Long-term debt | $7.3B | $7.4B | $7.5B | $4.5B | $4.6B |
| Free cash flow | $1.3B | -$5.0B | -$7.7B | -$4.0B | -$2.7B |
| Operating margin | 13.6% | 22.9% | 7.7% | 2.3% | -2.0% |
| Net margin | 10.2% | 19.8% | 7.8% | -0.7% | -1.2% |
| Diluted shares | 314M | 315M | 324M | 329M | — |
Share count is down 4.6% over 3 years. Buybacks have been shrinking the pie.
What Constellation Energy says it does
– Price and Supply Risk Management for additional information on how we mitigate market price risk. See Note 6 — Government Assistance of the Combined Notes to the Consolidated Financial Statements for additional information. Derivative Revenues. We record revenues and expenses using the fair value method of accounting for transactions that are accounted for as derivatives. These derivative transactions primarily relate to commodity price risk management activities. Derivative revenues and expenses include inception gains or losses on new transactions where the fair value is observable, unrealized gains and losses from changes in the fair value of open contracts, and realized gains and losses. Financial Results of Operations GAAP Results of Operations. The following table sets forth our consolidated GAAP Net Income (Loss) Attributable to Common Shareholders for the year ended December 31, 2025 compared to 2024. For additional…
Risk factors CEG lists in its 10-K
- Pension and Other Postretirement Benefits
- Cash Requirements for Other Financial Commitments
- Location within Combined Notes to Consolidated Financial Statements
- Credit-Risk-Related Contingent Features
- Interest Rate and Foreign Exchange Risk
- Management’s Report on Internal Control Over Financial Reporting
- Report of Independent Registered Public Accounting Firm
- Opinions on the Financial Statements and Internal Control over Financial Reporting
- Definition and Limitations of Internal Control over Financial Reporting
- Nuclear Decommissioning Asset Retirement Obligations (ARO) Assessment
- Opinion on the Financial Statements
- Constellation Energy Corporation and Subsidiary Companies
- Consolidated Statements of Operations and Comprehensive Income
- (In millions, except per share data)