A Business at a Glance
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On February 21, 2021, the Board of Directors of Exelon authorized management to pursue a plan to separate its competitive generation and customer-facing energy businesses, conducted through Constellation and its subsidiaries, into an independent, publicly traded company. CEG Parent, a Pennsylvania corporation and a direct, wholly owned subsidiary of Exelon, was newly formed for the purpose of separation and had not engaged in any activities except in preparation for the distribution. On February 1, 2022, Exelon completed the separation by distributing all the outstanding shares of the Company’s common stock, on a pro rata basis to the holders of Exelon’s common stock, with the Company holding all the interests in Constellation previously held by Exelon (the “Separation”). As of 2002, Constellation has been an individual registrant concurrent with the registration of its public debt under the Securities Act.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 25.5B | 25.5B | 23.6B | 24.9B | 24.4B | 19.6B |
| Net Income | 2.3B | 2.3B | 3.7B | 1.6B | -160M | -205M |
| EPS | $7.40 | $7.40 | $11.89 | $5.01 | $-0.49 | $-0.63 |
| Free Cash Flow | 1.3B | 1.3B | -5.0B | -7.7B | -4.0B | -2.7B |
| ROIC | 18.1% | 29.1% | 56.0% | 5.4% | 3.1% | -3.0% |
| Gross Margin | 24.3% | 24.3% | 26.0% | 18.2% | 13.0% | 21.8% |
| Debt/Equity | 1.52 | 1.52 | 2.07 | 0.85 | 0.52 | - |
| Dividends/Share | $1.55 | $1.55 | $1.41 | $1.13 | $0.57 | - |
| Operating Income | 3.1B | 3.1B | 4.4B | 1.6B | 495M | -346M |
| Operating Margin | 12.1% | 12.1% | 18.5% | 6.5% | 2.0% | -1.8% |
| ROE | 39.3% | 46.5% | 92.2% | 14.9% | -1.5% | - |
| Shares Outstanding | 313M | 313M | 315M | 324M | 327M | 327M |
| Metric | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | 17.6B | 19.6B | 24.4B | 24.9B | 23.6B | 25.5B | 25.5B |
| Gross Margin | 23.9% | 21.8% | 13.0% | 18.2% | 26.0% | 24.3% | 24.3% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | 18.1B | N/A | N/A |
| EBIT | 256M | -346M | 495M | 1.6B | 4.4B | 3.1B | 3.1B |
| Op. Margin | 1.5% | -1.8% | 2.0% | 6.5% | 18.5% | 12.1% | 12.1% |
| Net Income | 589M | -205M | -160M | 1.6B | 3.7B | 2.3B | 2.3B |
| Net Margin | 3.3% | -1.0% | -0.7% | 6.5% | 15.9% | 9.1% | 9.1% |
| Non-Recurring | 0 | 0 | 1.0M | 73M | 0 | 0 | 0 |
| Returns on Capital | |||||||
| ROIC | 1.0% | -3.0% | 3.1% | 5.4% | 56.0% | 29.1% | 18.1% |
| ROE | 4.8% | N/A | -1.5% | 14.9% | 92.2% | 46.5% | 39.3% |
| ROA | 1.2% | -0.4% | -0.3% | 3.2% | 7.1% | 4.2% | 4.1% |
| Cash Flow | |||||||
| Op. Cash Flow | 584M | -1.3B | -2.4B | -5.3B | -2.5B | 4.2B | 4.2B |
| Free Cash Flow | -1.2B | -2.7B | -4.0B | -7.7B | -5.0B | 1.3B | 1.3B |
| Owner Earnings | -3.1B | -5.9B | -4.9B | -8.0B | -5.5B | 1.3B | 1.3B |
| CapEx | 1.7B | 1.3B | 1.7B | 2.4B | 2.6B | 2.9B | 2.9B |
| Maint. CapEx | 3.6B | 4.5B | 2.4B | 2.5B | 2.7B | 2.6B | 2.6B |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 348M | 348M |
| D&A | 3.6B | 4.5B | 2.4B | 2.5B | 2.7B | 2.6B | 2.6B |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | 69.6% | 69.6% |
| Capital Allocation | |||||||
| Dividends Paid | 0 | 0 | 185M | 366M | 444M | 486M | 486M |
| Dividend Yield | N/A | N/A | 0.8% | 1.2% | 0.7% | 0.5% | 0.5% |
| Share Buybacks | 0 | 0 | 0 | 992M | 999M | 400M | 400M |
| Buyback Yield | N/A | N/A | N/A | 2.7% | 1.4% | 0.4% | 0.4% |
| Stock-Based Comp | N/A | N/A | 116M | 178M | 332M | 385M | 385M |
| Debt Repayment | 4.3B | 105M | 1.2B | 168M | 121M | 1.1B | 1.1B |
| Balance Sheet | |||||||
| Net Debt | 6.4B | 6.9B | 4.9B | 8.5B | 2.4B | 1.7B | 5.4B |
| Cash & Equiv. | 226M | 504M | 422M | 368M | 3.0B | 3.6B | 3.6B |
| Long-Term Debt | 5.6B | 4.6B | 4.5B | 7.5B | 7.4B | 7.3B | 7.3B |
| Debt/Equity | 0.53 | N/A | 0.52 | 0.85 | 2.07 | 1.52 | 1.52 |
| Interest Coverage | 0.8 | -1.2 | 2.0 | 3.7 | 8.6 | 6.0 | 6.0 |
| Equity | 12.4B | 0 | 11.0B | 10.9B | 4.1B | 5.9B | 5.9B |
| Total Assets | 48.1B | 48.1B | 46.9B | 50.8B | 52.9B | 57.2B | 57.2B |
| Total Liabilities | 33.4B | 36.5B | 35.5B | 39.5B | 39.4B | 42.4B | 42.4B |
| Intangibles | N/A | N/A | 343M | 336M | 236M | 201M | 201M |
| Retained Earnings | 2.8B | 0 | -496M | 761M | 4.1B | 5.9B | 5.9B |
| Working Capital | 1.7B | -15M | 1.5B | 2.0B | 3.9B | 4.2B | 4.2B |
| Current Assets | 6.9B | 8.0B | 9.4B | 8.3B | 10.8B | 12.1B | 12.1B |
| Current Liabilities | 5.2B | 8.0B | 7.8B | 6.3B | 6.8B | 7.9B | 7.9B |
| Per Share Data | |||||||
| EPS | 1.80 | -0.63 | -0.49 | 5.01 | 11.89 | 7.40 | 7.40 |
| Owner EPS | -9.34 | -17.97 | -14.99 | -24.67 | -17.43 | 3.99 | 3.99 |
| Book Value | 37.96 | 0.00 | 33.74 | 33.72 | 12.90 | 18.82 | 18.82 |
| Cash Flow/Share | 1.79 | -4.09 | -7.21 | -16.36 | -7.81 | 13.52 | 15.70 |
| Dividends/Share | N/A | N/A | 0.57 | 1.13 | 1.41 | 1.55 | 1.55 |
| Shares Out. | 326.7M | 327.1M | 326.5M | 324.0M | 315.3M | 313.4M | 313.4M |
| Valuation | |||||||
| P/E Ratio | N/A | N/A | N/A | 23.1 | 18.9 | 48.6 | 39.4 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | 87.6 | 71.0 |
| EV/EBIT | N/A | N/A | 65.6 | 28.5 | 16.8 | 37.1 | 31.4 |
| Price/Book | N/A | N/A | 2.5 | 3.4 | 17.4 | 19.1 | 15.5 |
| Price/Sales | N/A | N/A | 0.9 | 1.2 | 2.6 | 3.7 | 3.6 |
| FCF Yield | N/A | N/A | -14.7% | -20.6% | -7.1% | 1.1% | 1.4% |
| Market Cap | N/A | N/A | 27.6B | 37.4B | 70.9B | 112.8B | 91.4B |
| Avg. Price | N/A | N/A | 67.06 | 94.02 | 196.64 | 303.21 | 291.72 |
| Year-End Price | N/A | N/A | 84.39 | 115.50 | 224.98 | 359.98 | 291.72 |
Constellation Energy Corp passes 5 of 9 quality checks, suggesting mixed fundamentals.
Constellation Energy Corp trades at 39.4x trailing earnings, compared to its 15-year median P/E of 23.1x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 82.0x vs a median of 87.6x. The company's 5-year average ROIC is 18.1% with a gross margin of 20.6%. Total shareholder yield (dividends + buybacks) is 1.0%. At current prices, the estimated annualized return to fair value is +43.3%.
Constellation Energy Corp (CEG) has a current P/E ratio of 39.4, compared to its historical median P/E of 23.1. The stock is currently considered Expensive based on its historical valuation range.
Constellation Energy Corp (CEG) has a 5-year average return on invested capital (ROIC) of 18.1%. This indicates strong capital allocation and a potential competitive advantage.
Constellation Energy Corp (CEG) has a market capitalization of $91.4B. It is classified as a large-cap stock.
Yes, Constellation Energy Corp (CEG) pays a dividend with a trailing twelve-month yield of 0.53%. The company also returns capital through share buybacks, with a buyback yield of 0.44%.
Based on historical P/E analysis, Constellation Energy Corp (CEG) appears expensive. The current P/E of 39.4 is 71% above its historical median of 23.1. The estimated fair value CAGR (P/E method) is 43.3%.
Constellation Energy Corp (CEG) operates in the Electric Services industry, within the Utilities sector.
Constellation Energy Corp (CEG) reported annual revenue of $25.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
Constellation Energy Corp (CEG) has a net profit margin of 9.1%. This is a modest margin.
Constellation Energy Corp (CEG) generated $1.3 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Constellation Energy Corp (CEG) has a debt-to-equity ratio of 1.52. This indicates higher leverage, which may increase financial risk.
Constellation Energy Corp (CEG) reported earnings per share (EPS) of $7.40 in its most recent fiscal year.
Constellation Energy Corp (CEG) has a return on equity (ROE) of 46.5%. This indicates the company generates strong returns for shareholders.
Constellation Energy Corp (CEG) has a 5-year average gross margin of 20.6%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 6 years of financial data for Constellation Energy Corp (CEG), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Constellation Energy Corp (CEG) has a book value per share of $18.82, based on its most recent annual SEC filing.