Constellation Energy Corp CEG

UtilitiesElectric Utilities & IPPsUnited States of America

Last close 262.38 USD on Nov 1, 2026, −25.4% year to date

Quant rating

Quant rating B Rank 24 of 90 in Utilities

Growth B 21 of 90
Valuation C 54 of 90
Quality A 4 of 90
Revisions C 44 of 90
Momentum D 65 of 90

Wall Street consensus Buy (1.92)Average target 343.01 USD +30.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 93.0B
Enterprise value: 117.3B
52-week range: 228.65 – 388.08
3-year range: 110.53 – 403.95
Dividend yield: 0.65%
Beta (5 years): 1.13
Shares outstanding: 354M
Next earnings: Nov 4, 2026

About the company

Constellation Energy Corporation is a producer of emissions-free energy and an energy supplier to businesses, homes and public sector customers nationwide. The Company’s nuclear, hydro, wind, and solar generation facilities have the generating capacity to power the equivalent of 27 million homes, providing about 10% of the nation’s clean energy. Its segments include Mid-Atlantic, Midwest, New York, ERCOT, and Other Power Regions. Through its integrated business operations, it sells electricity, natural gas, and other energy-related products and sustainable solutions to various types of customers, including distribution utilities, municipalities, cooperatives, commercial, industrial, public sector, and residential customers in markets across multiple geographic regions. It operates approximately 55 gigawatts of capacity from nuclear, natural gas, geothermal, hydro, wind and solar facilities.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	25,533	23,568	24,918	24,440	19,649	–
Revenue growth	8.3%	−5.4%	2.0%	24.4%	11.6%	7.7%
EPS (basic, normalized)	9.39	11.89	5.01	−0.49	−0.63	–
EPS growth	−21.0%	137.3%	–	–	–	–
Gross margin	42.5%	51.5%	35.8%	28.6%	38.1%	39.3%
Net margin	9.1%	15.9%	6.5%	−0.7%	−1.0%	6.0%
ROE	16.8%	31.1%	14.8%	−1.4%	−1.7%	11.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	697
Current ratio	1.46x
Long-term debt (mil)	19,111
Net debt (mil)	24,348
Total equity (mil)	31,977
Net debt / equity	0.76x
Net debt / EBITDA	4.28x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	25,533	+8.3%	4.6x	5,687	+5.9%	20.6x	9.39	−21.0%	27.9x
2026	35,111	+37.5%	3.3x	8,625	+51.7%	13.6x	12.15	+29.4%	21.6x
2027	37,078	+5.6%	3.2x	9,312	+8.0%	12.6x	13.36	+9.9%	19.6x
2028	39,202	+5.7%	3.0x	10,931	+17.4%	10.7x	16.78	+25.6%	15.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	35,111	+1.9%	+6.6%	+15.4%	12.15	+0.4%	+4.1%	+5.7%
2027	37,078	+0.8%	+6.7%	+13.4%	13.36	−0.5%	+0.4%	−0.1%
2028	39,202	+0.5%	+7.0%	+10.5%	16.78	+0.5%	−0.5%	−1.2%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	6,161	5,475	6,550	5,382	6,788	6,101	6,570	6,074	11,122	7,504
Sales mean (mil)	6,781	5,550	5,714	6,504	5,440	4,828	6,569	5,300	8,721	7,829
Surprise	−9.1%	−1.4%	+14.6%	−17.2%	+24.8%	+26.4%	0.0%	+14.6%	+27.5%	−4.2%
EPS reported	2.78	2.58	3.82	2.71	0.38	1.91	3.04	2.30	2.74	2.55
EPS mean	1.38	1.72	2.64	2.15	2.22	1.84	3.12	2.23	2.57	2.28
Surprise	+101.4%	+50.4%	+44.8%	+26.3%	−82.9%	+3.8%	−2.5%	+3.4%	+6.7%	+11.8%

Peer comparison Electric Utilities & IPPs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CEG Constellation Energy Corp	93.0B	4.28x	9.1%	2.91x	21.6x	19.6x	13.6x	12.6x
GEV GE Vernova Inc.	227.1B	−3.88x	12.8%	19.95x	29.2x	33.9x	32.6x	21.6x
NEE NextEra Energy, Inc.	175.6B	8.16x	24.9%	2.85x	20.8x	19.1x	17.2x	14.4x
SO Southern Co	107.8B	5.56x	14.7%	2.72x	20.4x	19.0x	13.0x	12.0x
DUK Duke Energy Corp	99.3B	6.28x	15.2%	1.81x	18.9x	17.8x	11.8x	10.7x
AEP American Electric Power Company Inc	70.9B	6.40x	16.4%	2.16x	20.4x	18.9x	13.1x	11.7x
Mean		4.47x	15.5%	5.40x	21.9x	21.4x	16.9x	13.8x
Median		5.92x	15.0%	2.79x	20.6x	19.1x	13.3x	12.3x

Technical analysis

1M+0.7%
3M+1.1%
1Y−31.5%
3Y+141.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Constellation Energy Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	25,533	23,568	24,918	24,440	19,649	17,603
Cost of revenue	14,681	11,419	16,001	17,462	12,163	9,585
Gross profit	10,852	12,149	8,917	6,978	7,486	8,018
Selling, general & administrative expenses	6,781	6,745	6,238	5,393	5,566	5,644
Research & development	–	–	–	–	–	–
Depreciation/amortization	985	1,123	1,096	1,091	3,003	2,123
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	0	−71.0	−27.0	−1.0	−737	−5.0
Other operating expenses	0	0	0	0	0	0
Operating income	3,086	4,352	1,610	495	−346	256
Net interest income (expense)	−815	−495	−124	−251	−297	−357
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	1,240	659	961	−786	795	937
Net income before taxes	3,511	4,516	2,447	−542	152	836
Provision for taxes	1,187	774	859	−388	225	249
Minority interest	−4.0	11.0	46.0	7.0	−122	10.0
Equity in affiliates	−1.0	−4.0	−11.0	−13.0	−10.0	−8.0
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	2,319	3,749	1,623	−160	−205	589
Extraordinary items	–	–	–	–	–	–
Net income	2,319	3,749	1,623	−160	−205	589
EBIT, normalized	3,207	4,349	1,583	494	−1,083	251
EBITDA, normalized	4,192	5,472	2,679	2,921	3,457	3,887
Basic EPS, normalized	9.39	11.89	5.01	−0.49	−0.63	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Constellation Energy Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	3,641	3,022	368	422	504	226
Receivables	4,266	3,718	2,851	3,316	2,421	1,841
Total inventory	1,736	1,600	1,500	1,505	1,288	1,211
Prepaid expenses	–	–	–	–	–	–
Other current assets	2,476	2,436	3,580	4,117	3,768	3,669
Total current assets	12,119	10,776	8,299	9,360	7,981	6,947
Property, plant & equipment	22,845	21,671	22,610	20,367	20,216	22,940
Goodwill	420	420	425	–	–	47.0
Intangibles	201	–	–	–	–	–
Long-term investments	307	640	563	202	174	184
Note receivable	–	–	–	–	–	293
Other long-term assets	21,357	19,419	18,861	16,980	19,715	17,683
Total assets	57,249	52,926	50,758	46,909	48,086	48,094
Liabilities
Accounts payable	–	–	–	2,828	1,757	1,253
Payable/accrued	4,294	3,943	2,612	–	–	–
Accrued expenses	72.0	72.0	67.0	973	809	920
Short-term debt	1,650	0	1,644	1,159	2,082	1,125
Current portion of long-term debt	92.0	1,028	121	143	1,220	197
Other current liabilities	1,836	1,803	1,875	2,736	2,128	1,724
Total current liabilities	7,944	6,846	6,319	7,839	7,996	5,219
Long-term debt	7,250	7,384	7,496	4,466	4,894	5,890
Minority interest	336	373	361	354	395	2,277
Other liabilities	27,202	25,157	25,657	23,232	23,582	22,309
Total liabilities	42,732	39,760	39,833	35,891	36,867	35,695
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	11,043	11,402	12,355	13,274	–	–
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	5,899	4,066	761	−496	11,250	12,429
Treasury stock	–	–	–	–	–	–
Other equity	−2,425	−2,302	−2,191	−1,760	−31.0	−30.0
Total equity	14,517	13,166	10,925	11,018	11,219	12,399
Total liabilities & shareholders' equity	57,249	52,926	50,758	46,909	48,086	48,094

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Constellation Energy Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	2,323	3,738	1,577	−167	−83.0	579
Depreciation, depletion & amortization	2,601	2,700	2,514	2,427	4,540	3,636
Deferred taxes	273	222	251	−643	−205	78.0
Non-cash items	−7.0	−1,791	231	2,041	−1,255	−347
Changes in working capital	−953	−7,333	−9,874	−6,011	−4,335	−3,362
Cash from operations	4,237	−2,464	−5,301	−2,353	−1,338	584
Investing activities
Capital expenditures	−2,949	−2,565	−2,422	−1,689	−1,329	−1,747
Other investing cash flows	−249	9,993	5,453	4,793	4,611	3,705
Cash from investing	−3,198	7,428	3,031	3,104	3,282	1,958
Financing activities
Financing cash flow items	−108	−1.0	42.0	1,715	−2,699	−1,740
Cash dividends paid	−486	−444	−366	−185	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	174	−1,844	2,520	−2,329	1,004	−924
Cash from financing	−420	−2,289	2,196	−799	−1,695	−2,664
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	619	2,675	−74.0	−48.0	249	−122
Free cash flow	1,288	−5,029	−7,723	−4,042	−2,667	−1,163

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.