A Business at a Glance
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Constellation Energy Corp
CEG
$86.0B
Mkt Cap
$274.35
-0.45%
Constellation Energy Corp (CEG) has a current P/E ratio of 37.1, 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 7.2%. This is below average and may indicate limited pricing power.
Constellation Energy Corp (CEG) has a market capitalization of $99.3B. It is classified as a large-cap stock.
Yes, Constellation Energy Corp (CEG) pays a dividend with a trailing twelve-month yield of 0.52%. The company also returns capital through share buybacks, with a buyback yield of 0.40%.
Based on historical P/E analysis, Constellation Energy Corp (CEG) appears expensive. The current P/E of 37.1 is 61% above its historical median of 23.1. The estimated fair value CAGR (P/E method) is 38.0%.
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 Group (CEG) is the largest private-sector power producer in the world and the nation's largest producer of clean and reliable energy, with 55 GWs of capacity following its January 2026 acquisition of Calpine. The company operates the nation's largest nuclear fleet of approximately 22 GWs across 14 nuclear generating stations with 25 units, complemented by natural gas, geothermal, hydro, wind, and solar facilities distributed across five reportable segments (Mid-Atlantic, Midwest, New York, ERCOT, and Other Power Regions). CEG generates electricity through a diversified portfolio—nuclear facilities produced 68% of total electric supply in 2025 and achieve capacity factors approximately four percentage points above industry average—while also operating as a leading competitive retail supplier serving approximately 2.5 million customer accounts nationwide, including three-fourths of the Fortune 100. The company's business model combines wholesale power generation with retail energy marketing, leveraging long-term power purchase agreements with high-quality counterparties and a commercial and industrial customer base to create durable margins; the Calpine acquisition added approximately 62 TWhs of annual retail load and approximately 2,500 employees. CEG's competitive advantages include best-in-class nuclear operating performance, a geographically diversified fleet with strong positions in high-demand regions like Texas and California, and the ability to deliver balanced baseload, intermediate, and peak generation necessary for grid reliability while supporting the nation's energy transition with emissions-free and low-emissions resources.
【Nuclear-anchored growth trajectory】 Management expects long-term base earnings growth exceeding 20% through 2029, anchored by the nuclear production tax credit which grows with inflation, long-term contracts with high-quality counterparties, and durable customer margins supported by the nation's largest commercial and industrial retail platform. The company is pursuing significant generation development activities including 160 MW of nuclear uprates at Byron and Braidwood beginning in 2026, with an additional 900 MW of uprates identified across the fleet, and is targeting 500 MW under contract in 2025 and another 500 MW in 2026. Management is advancing strategic transactions with hyperscalers for data center power solutions across multiple regions, with particular focus on PJM regulatory clarity expected by mid-2026 and demonstrated success in ERCOT, and expects these deals to be additive to both growth and base earnings. The company anticipates significant free cash flow generation with $8.4 billion expected across 2026–2027 and $11.5–13 billion in 2028–2029, supporting capital allocation priorities including maintaining investment-grade credit metrics, pursuing growth opportunities meeting double-digit unlevered return thresholds, and maintaining 10% annual dividend growth.
| Metric | Target | Period |
|---|---|---|
| Adjusted Operating Earnings Per Share | $11–$12 | FY2026 |
| Free Cash Flow Before Growth | $8.4 billion | 2026–2027 combined |
| Free Cash Flow Before Growth | $11.5 billion–$13 billion | 2028–2029 combined |
Adjusted Operating Earnings Per Share (FY2026): “Based on our performance year-to-date and our outlook for the remainder of the year, we are affirming our full-year adjusted operating earnings guidance range of $11-$12 per share.”
Free Cash Flow Before Growth (2026–2027 combined): “the 2026, 2027 period producing a forecasted $8.4 billion”
Free Cash Flow Before Growth (2028–2029 combined): “the 2028, 2029 period rising to $11.5 billion-$13 billion before the levers I just mentioned”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call, Q4 FY2024 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 29.9B | 25.5B | 23.6B | 24.9B | 24.4B | 19.6B |
| Net Income | 3.8B | 2.3B | 3.7B | 1.6B | -160M | -205M |
| EPS | $11.45 | $7.40 | $11.89 | $5.01 | $-0.49 | $0.00 |
| Free Cash Flow | 1.1B | 1.3B | -5.0B | -7.7B | -4.0B | -2.7B |
| ROIC | 6.2% | 10.5% | 18.5% | 5.7% | 2.8% | -1.2% |
| Gross Margin | - | 17.9% | 26.0% | 12.5% | 7.7% | 14.1% |
| Debt/Equity | 0.67 | 0.65 | 0.68 | 0.91 | 0.59 | 0.77 |
| Dividends/Share | $1.43 | $1.55 | $1.41 | $1.13 | $0.57 | - |
| Operating Income | 5.0B | 3.1B | 4.4B | 1.6B | 495M | -346M |
| Operating Margin | 16.6% | 12.1% | 18.5% | 6.5% | 2.0% | -1.8% |
| ROE | 11.3% | 16.8% | 31.1% | 14.8% | -1.4% | -1.6% |
| Shares Outstanding | 362M | 313M | 315M | 324M | 327M | - |
| Metric | |||||||
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | 17.6B | 19.6B | 24.4B | 24.9B | 23.6B | 25.5B | 29.9B |
| Gross Margin | 15.3% | 14.1% | 7.7% | 12.5% | 26.0% | 17.9% | N/A |
| 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 | 5.0B |
| Op. Margin | 1.5% | -1.8% | 2.0% | 6.5% | 18.5% | 12.1% | 16.6% |
| Net Income | 589M | -205M | -160M | 1.6B | 3.7B | 2.3B | 3.8B |
| Net Margin | 3.3% | -1.0% | -0.7% | 6.5% | 15.9% | 9.1% | 12.7% |
| Non-Recurring | 664M | 417M | 0 | 46M | 0 | 0 | 0 |
| Returns on Capital | |||||||
| ROIC | N/A | -1.2% | 2.8% | 5.7% | 18.5% | 10.5% | 6.2% |
| ROE | N/A | -1.6% | -1.4% | 14.8% | 31.1% | 16.8% | 11.3% |
| ROA | N/A | -0.9% | -0.3% | 3.3% | 7.2% | 4.2% | 3.9% |
| Cash Flow | |||||||
| Op. Cash Flow | 584M | -1.3B | -2.4B | -5.3B | -2.5B | 4.2B | 4.6B |
| Free Cash Flow | -1.2B | -2.7B | -4.0B | -7.7B | -5.0B | 1.3B | 1.1B |
| Owner Earnings | -1.6B | -4.4B | -3.6B | -6.5B | -3.9B | 2.9B | -15.7B |
| CapEx | 1.7B | 1.3B | 1.7B | 2.4B | 2.6B | 2.9B | 3.4B |
| Maint. CapEx | 2.1B | 3.0B | 1.1B | 1.1B | 1.1B | 985M | 20.2B |
| Growth CapEx | 0 | 0 | 563M | 1.3B | 1.4B | 2.0B | 0 |
| D&A | 2.1B | 3.0B | 1.1B | 1.1B | 1.1B | 985M | 20.2B |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | 69.6% | 75.0% |
| Capital Allocation | |||||||
| Dividends Paid | 0 | 0 | 185M | 366M | 444M | 486M | 519M |
| 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 | 27M | 47M | 71M | 81M | 332M | 385M | 15M |
| Debt Repayment | 4.3B | 105M | 1.2B | 168M | 121M | 1.1B | 1.1B |
| Balance Sheet | |||||||
| Net Debt | 2.9B | 8.2B | 6.1B | 9.5B | 6.0B | 5.9B | 21.7B |
| Cash & Equiv. | 226M | 504M | 422M | 368M | 3.0B | 3.6B | 800M |
| Long-Term Debt | 3.2B | 4.6B | 4.5B | 7.5B | 7.4B | 7.3B | 17.0B |
| Debt/Equity | N/A | 0.77 | 0.59 | 0.91 | 0.68 | 0.65 | 0.67 |
| Interest Coverage | 0.8 | -1.2 | 2.0 | 3.7 | 8.6 | 6.0 | 8.0 |
| Equity | N/A | 11.2B | 11.0B | 10.9B | 13.2B | 14.5B | 33.5B |
| Total Assets | N/A | 48.1B | 46.9B | 50.8B | 52.9B | 57.2B | 96.9B |
| Total Liabilities | N/A | 36.5B | 35.5B | 39.5B | 39.4B | 42.4B | 63.1B |
| Intangibles | N/A | 381M | 343M | 336M | 236M | 201M | 201M |
| Retained Earnings | N/A | 0 | -496M | 761M | 4.1B | 5.9B | 7.3B |
| Working Capital | N/A | -15M | 1.5B | 2.0B | 3.9B | 4.2B | 4.8B |
| Current Assets | N/A | 8.0B | 9.4B | 8.3B | 10.8B | 12.1B | 18.0B |
| Current Liabilities | N/A | 8.0B | 7.8B | 6.3B | 6.8B | 7.9B | 13.2B |
| Per Share Data | |||||||
| EPS | 0.00 | 0.00 | -0.49 | 5.01 | 11.89 | 7.40 | 11.45 |
| Owner EPS | N/A | N/A | -10.87 | -20.00 | -12.43 | 9.15 | -43.31 |
| Book Value | N/A | N/A | 33.74 | 33.72 | 41.76 | 46.32 | 92.49 |
| Cash Flow/Share | N/A | N/A | -7.21 | -16.36 | -7.81 | 13.52 | 66.33 |
| Dividends/Share | N/A | N/A | 0.57 | 1.13 | 1.41 | 1.55 | 1.43 |
| Shares Out. | N/A | N/A | 326.5M | 324.0M | 315.3M | 313.4M | 362.0M |
| Valuation | |||||||
| P/E Ratio | N/A | N/A | N/A | 23.1 | 18.9 | 48.6 | 24.0 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | 87.6 | 87.3 |
| EV/EBIT | N/A | N/A | 65.6 | 28.5 | 16.8 | 37.1 | 24.4 |
| Price/Book | N/A | N/A | 2.5 | 3.4 | 17.4 | 19.1 | 3.0 |
| Price/Sales | N/A | N/A | 0.9 | 1.2 | 2.6 | 3.7 | 3.3 |
| FCF Yield | N/A | N/A | -14.7% | -20.6% | -7.1% | 1.1% | 1.1% |
| Market Cap | N/A | N/A | 27.6B | 37.4B | 70.9B | 112.8B | 99.3B |
| Avg. Price | N/A | N/A | 67.06 | 94.02 | 196.64 | 303.21 | 274.35 |
| Year-End Price | N/A | N/A | 84.39 | 115.50 | 224.98 | 359.98 | 274.35 |
Constellation Energy Corp passes 5 of 9 quality checks, suggesting mixed fundamentals.
Constellation Energy Corp trades at 37.1x 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 77.1x vs a median of 87.6x. The company's 5-year average ROIC is 7.2% with a gross margin of 15.6%. Total shareholder yield (dividends + buybacks) is 0.9%. At current prices, the estimated annualized return to fair value is +38.0%.
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 0.65. This indicates moderate leverage.
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 16.8%. This indicates the company generates strong returns for shareholders.
Constellation Energy Corp (CEG) has a 5-year average gross margin of 15.6%. 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 $46.32, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects long-term base earnings growth exceeding 20% through 2029, anchored by the nuclear production tax credit which grows with inflation, long-term contracts with high-quality counterparties, and durable customer margins supported by the nation's largest commercial and industrial retail platform. The company is pursuing significant generation development activities including 160 MW of nuclear uprates at Byron and Braidwood beginning in 2026, with an additional 900 MW of uprates identified across the fleet, and is targeting 500 MW under contract in 2025 and another 500 MW in 2026. Management is advancing strategic transactions with hyperscalers for data center power solutions across multiple regions, with particular focus on PJM regulatory clarity expected by mid-2026 and demonstrated success in ERCOT, and expects these deals to be additive to both growth and base earnings. The company anticipates significant free cash flow generation with $8.4 billion expected across 2026–2027 and $11.5–13 billion in 2028–2029, supporting capital allocation priorities including maintaining investment-grade credit metrics, pursuing growth opportunities meeting double-digit unlevered return thresholds, and maintaining 10% annual dividend growth.
Based on recent SEC filings and earnings calls, Constellation Energy Corp (CEG) has provided the following forward guidance: Adjusted Operating Earnings Per Share: $11–$12 (FY2026); Free Cash Flow Before Growth: $8.4 billion (2026–2027 combined); Free Cash Flow Before Growth: $11.5 billion–$13 billion (2028–2029 combined).