Constellation Energy Corp (CEG)

Utilities · Electric Utilities · US stock · S&P 500 component

$255.21 ▼ -15.53 (5.74%)

At close 22 Oct 2026 · USD · Volume 3,964,628

Compare with DUK

Interactive chart Research report Forecast ranges Pro workspace SEC filings Historical data

Fair valueFair

$252 −1.4% to fair value

$126fair band $214–$305$378

Day's range

$253.37 – $269.02

52-week range

$228.63 – $406.04

Red flags⚠ Dividend may be at risk⚠ Dividend may be at risk⚠ Dividend may be at risk⚠ Dividend may be at risk⚠ Dividend may be at risk

About Constellation Energy Corp

Constellation Energy generates and supplies electricity from a fleet built around nuclear power that also includes natural gas, hydro, wind and solar plants. It supplies energy to businesses, utilities, government bodies and homes across the United States, and offers clean energy products and services to large customers. It was formed when Exelon separated its generation and retail business from its utility companies.

Revenue comes from power supplied under contracts and on wholesale markets, plus retail electricity and natural gas supply and related energy services. In the last twelve months it was $31.3 billion, growing at 1.5% a year across the last three years. The operating margin is 14.7%, and the business earns a profit of 6% on the capital invested in it. It has net debt of 2.9 times EBITDA. A dividend is paid, with a yield of 0.7%. On the site's X-Ray Score it receives 49 out of 100.

Price chart

Interactive chart Historical data & CSV

52-wk range $228.63 – $406.04Volume 3,964,628Daily, split-adjusted

Vitals

Market cap$91.9B

52-week range$228.63 – $406.04

Volume (last day)3,964,628

P/E (TTM)24.7

EBIT / EV yield4.0%

Free-cash-flow yield0.3%

Dividend yield0.7%

Revenue (TTM)$31.3B

Net income (TTM)$3.5B

Operating margin14.7%

Return on capital5.7%

Debt incl. leases$24.7B

Cash & securities$697M

Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.

Fair value estimate

$252middle half of models $212 – $302

Fair −1.4% to fair value

Average of the 14 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is High, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.

Peak-cycle earnings: the current operating margin is more than 1.5x its 7-year average, so multiples applied to today's profit may overstate value; model uncertainty is set to High

Price $255

Undervalued < $214Fair $214 – $305Overvalued > $305

P/E multiple

$255

P/B multiple

$272

P/S multiple

$246

EV/EBITDA multiple

$245

EV/EBIT multiple

$265

EV/revenue multiple

$261

10-year DCF, EBITDA exit

$315

5-year DCF, EBITDA exit

$312

10-year DCF, revenue exit

$322

5-year DCF, revenue exit

$314

10-year DCF, growth exit

$201

5-year DCF, growth exit

$187

Dividend discount, multi-stage

$197

Earnings power value

$132

Growth the price implies

11.6%/yr

A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.

What this means

Average business, fairly priced

The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.

Before you invest · decision checklist

I understand how this company makes money Business quality is average or better ✓ 55 The price is not above fair value $252 fair value Debt looks manageable 2.9× EBITDA Revenue has been growing 1.5% a year Profits are backed by cash There are no red flags 5 raised I know what share of my savings this would be

Ticked boxes are filled in from our data; the rest are yours to answer.

The five-lens scan

Every score explained in one sentence, ranked against Utilities peers. Open a lens to see the numbers behind it.

Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data

Valuation Weak

49/100

Expensive against its sector on earnings and cash flow.

See the numbers →

EBIT / EV yield4.0%

Free-cash-flow yield0.3%

Fair value vs price1.0×

Growth Weak

44/100

Growing slower than most of its sector.

See the numbers →

Revenue growth (3y)1.5%

Growth consistency80%

Profitability Weak

31/100

Earns lower returns on its capital than most peers.

See the numbers →

Return on invested capital5.7%

Operating margin14.7%

Financial health Strong

80/100

Balance sheet looks strong: debt is well covered.

See the numbers →

Piotroski F-Score6 / 9

Net debt / EBITDA2.9×

Interest cover5.9×

Dividends Weak

43/100

Dividend is modest or less certain than peers.

See the numbers →

Dividend yield0.7%

Dividends vs free cash flow194%

Dividend growth38.0%

Quarterly results: last 6 quarters

+10.2%

Mar '25

+11.4%

Jun '25

+0.3%

Sep '25

+12.9%

Dec '25

+63.8%

Mar '26

+23.0%

Jun '26

Revenue against the same quarter a year earlier. Latest quarter revenue $7.5B, diluted EPS $1.42.

Compare with peers

EIX Edison International71 ES Eversource Energy65 EXC Exelon Corp62 DUK Duke Energy CORP58

Other Electric Utilities companies by X-Ray Score.

SWOT analysis: Constellation Energy Corp

Strengthsinside the company

No standout strength in the figures we track.

Weaknessesinside the company

Return on invested capital is only 5.7% (median 5.5% for industry peers), so the business earns little above its cost of capital.
Altman Z-score of 1.5 is in the zone linked with financial distress in past studies.

Opportunitiesvaluation and setting

Revenue growth picked up to 8.3% last year from 1.5% a year over three years.

Threatsvaluation and setting

Valuation uncertainty is high: the models give widely different values, so the fair value range is wide.
Our Market Compass rates the backdrop for Utilities as unfavourable.
The price trend is down on the daily and weekly signals.
Our checks raised: Dividend may be at risk; Dividend may be at risk.

Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.

Compare CEG with peers and sector

Medians of 14 Electric Utilities peers and of 30 Utilities stocks in our universe. Largest peers (X-Ray Score): SO 45, DUK 58, AEP 58, ETR 43, VST 53, EXC 62.

Metric	CEG	Peers	Sector
X-Ray Score (out of 100)	49	52	51
Valuation	49	49	49
Growth	44	58	53
Profitability	30	56	50
Financial health	80	52	51
Dividends	43	53	55

Sector leaders: highest X-Ray Score in Utilities

CEG ranks #17 of 31 in Utilities and #10 of 15 in Electric Utilities by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.

Company	X-Ray Score
#1 EIX Edison International	71
#2 ED Consolidated Edison Inc	70
#3 ES Eversource Energy	65
#4 AWK American Water Works Compa...	62
#5 EXC Exelon Corp	62
…
#17 CEG Constellation Energy Corp (this stock)	49

Metric	CEG	Peers	Sector
P/E ratio	26.5x	21.7x	21.7x
PEG ratio	–	1.72	2.88
Price / book	2.9x	2.1x	2.1x
Price / sales	2.9x	2.9x	2.9x
EV / EBITDA	14.1x	14.1x	13.8x
Price / free cash flow	297.3x	56.7x	57.5x
Dividend yield	0.7%	3.3%	3.1%
Gap to our fair value	−1.4%	−5.7%	+0.1%

Metric	CEG	Peers	Sector
Price change, 1 month	−3.1%	+7.2%	+7.2%
Price change, 3 months	−7.0%	−3.7%	−4.3%
Price change, 6 months	−10.9%	+0.1%	−0.6%
Price change, 1 year	−26.7%	+0.0%	+1.2%

Metric	CEG	Peers	Sector
Market value	$91.9B	$36.6B	$29.6B
Revenue (last 12 months)	$31.3B	$14.8B	$13.3B
EBITDA (last 12 months)	$8.3B	$5.3B	$3.9B
Net income (last 12 months)	$3.5B	$1.9B	$1.5B
Free cash flow (last 12 months)	$309M	−$1.4B	−$1.6B

Metric	CEG	Peers	Sector
Revenue growth, last year	+8.3%	+9.6%	+9.6%
Revenue growth, 3 years a year	+1.5%	+3.4%	+3.4%
EPS growth, 3 years a year	–	+13.7%	+8.1%
Dividend growth	+38.0%	+5.9%	+6.7%

Metric	CEG	Peers	Sector
Gross margin	–	–	75.8%
EBITDA margin	26.4%	37.6%	38.4%
Operating margin	14.7%	23.1%	23.0%
Net margin	11.1%	14.5%	14.5%
Return on invested capital	5.7%	5.5%	5.5%
Return on equity	10.8%	10.7%	9.9%

Metric	CEG	Peers	Sector
Net debt / EBITDA	2.9x	5.6x	5.9x
Interest cover	5.9x	2.6x	2.4x
Current ratio	1.5x	0.7x	0.8x
Piotroski F-score (0 to 9)	6	6	6

Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.

Factor ratings for CEG

Each factor is rated by where CEG stands among the 31 Utilities stocks in our universe.

Rating against the sector

Goodthe top third of these stocks

Averagethe middle third of these stocks

Badthe bottom third of these stocks

"Beats" is the share of those stocks it is ahead of.

Against its own history

The last columns set today's figure against the company's own median of its last five financial years:

▲ Betterbetter than its usual level

▼ Worseworse than its usual level

≈ In linewithin its usual range

For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.

In total: 5 Good · 7 Average · 7 Bad of 19 Growth: 0 · 2 · 0 Profitability: 1 · 1 · 2 Financial strength: 3 · 1 · 0 Valuation: 1 · 2 · 2 Cash flow: 0 · 1 · 2 Efficiency: 0 · 0 · 1

Factor	CEG	Rating	Sector median	Own 5-year median	Against own history
Growth
Revenue growth, 3 years a year	+1.5%	Average beats 38%	+3.4%	–	–
Revenue growth, last year	+8.3%	Average beats 35%	+9.6%	+8.3%	≈ In line
Profitability
Operating margin	14.7%	Bad beats 8%	22.9%	6.5%	▲ Better
Net margin	11.1%	Bad beats 22%	14.4%	6.5%	▲ Better
Return on invested capital	5.7%	Good beats 73%	5.5%	–	–
Return on equity	10.8%	Average beats 63%	10.1%	14.9%	▼ Worse
Financial strength
Net debt / EBITDA	2.9x	Good beats 95%	5.8x	1.8x	▼ Worse
Interest cover	5.9x	Good beats 82%	2.5x	3.7x	▲ Better
Current ratio	1.46	Good beats 95%	0.78	1.31	▲ Better
Piotroski F-score	6 / 9	Average beats 58%	6 / 9	–	–
Valuation
P/E ratio	26.5x	Bad beats 15%	21.8x	23.3x	▼ Worse
Price / book	2.9x	Bad beats 15%	2.1x	4.4x	▲ Better
Price / sales	2.9x	Average beats 48%	2.9x	2.3x	▼ Worse
EV / EBITDA	14.1x	Average beats 47%	14.0x	11.4x	▼ Worse
Free cash flow yield	0.3%	Good beats 77%	-4.9%	-10.7%	▲ Better
Cash flow
Free cash flow margin	1.0%	Average beats 58%	-9.1%	-16.5%	▲ Better
Cash from operations / net income	1.21	Bad beats 2%	2.20	-0.66	▲ Better
Accruals (lower is better)	−0.8%	Bad beats 2%	−3.3%	–	–
Efficiency
Days sales outstanding	54 days	Bad beats 18%	44 days	39 days	▼ Worse

These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.

Fundamentals checklist

● 6 Good · ● 4 Average · ● 3 Bad

Cash quality

Earnings backed by cashBad

Free-cash-flow yieldGood

Risk models

Altman Z''Good

Piotroski F-ScoreAverage

Growth

Revenue growth (3y)Average

Growth consistencyAverage

Balance sheet

Current ratioGood

Net debt / EBITDAGood

Interest coverGood

Valuation

Fair value vs priceAverage

EBIT / EV yieldBad

Profitability

Return on invested capitalGood

Operating marginBad

Each check is graded against the company's sector, not a fixed number. Checklist score 51/100.

Financials

	FY21	FY22	FY23	FY24	FY25
Revenue	$19.6B	$24.4B	$24.9B	$23.6B	$25.5B
Operating income	−$346M	$495M	$1.6B	$4.4B	$3.1B
Net income	−$205M	−$160M	$1.6B	$3.7B	$2.3B
Operating cash flow	−$1.3B	−$2.4B	−$5.3B	−$2.5B	$4.2B
Operating margin	-1.8%	2.0%	6.5%	18.5%	12.1%
Free cash flow	−$2.7B	−$4.0B	−$7.7B	−$5.0B	$1.3B
Diluted EPS	$0.00	$-0.49	$5.01	$11.89	$7.40

Fiscal years, from SEC filings.

Technical summary

Daily

Strongly bearish

2 bullish · 2 neutral · 12 bearish

Weekly

Strongly bearish

1 bullish · 1 neutral · 10 bearish

Monthly

Bearish

2 bullish · 1 neutral · 5 bearish

Moving averages (daily)

SMA 10	276.2	Bearish
EMA 10	270.1	Bearish
SMA 20	273.7	Bearish
EMA 20	272.6	Bearish
SMA 50	274.7	Bearish
EMA 50	272.7	Bearish
SMA 100	267.5	Bearish
EMA 100	274.7	Bearish
SMA 200	281.7	Bearish
EMA 200	282.2	Bearish

Oscillators (daily)

RSI (14)	41.38	Neutral
MACD (12, 26)	-1.82	Bearish
Momentum (12)	-15.04	Bearish
Stochastic %K (14)	3.26	Bullish
Williams %R (14)	-96.74	Bullish
CCI (20)	-74.22	Neutral

Pivot points (classic, last session)

233.7

243.6

249.4

Pivot

259.2

265.0

274.8

280.7

Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.

Dividends

Paid, last 12 months

1.67 USD

Yield on today's price

0.65%

Frequency

Quarterly

Next ex-dividend date

Not announced

Ex-dividend date	Amount per share
18 Aug 2026	0.4270
15 May 2026	0.4270
9 Mar 2026	0.4270
17 Nov 2025	0.3880
18 Aug 2025	0.3880
16 May 2025	0.3880
7 Mar 2025	0.3880
15 Nov 2024	0.3530
12 Aug 2024	0.3530
29 May 2024	0.3530
7 Mar 2024	0.3530
16 Nov 2023	0.2820

Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.

ETFs that hold CEG

ETF	Share of the fund
NLR VanEck Uranium+Nuclear Energy	8.04%
VPU Vanguard Utilities	5.83%
XLU Utilities Select Sector SPDR	5.59%
FUTY Fidelity MSCI Utilities Index	5.27%
IDU iShares U.S. Utilities	5.20%
AIPO Defiance AI & Power Infrastructure	3.07%
IFRA iShares U.S. Infrastructure	2.27%
IGF iShares Global Infrastructure	2.08%

The eight funds with the largest weight in CEG among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.