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Largest US operator of nuclear power plants, also selling electricity and clean-energy products to homes and businesses.
Largest US operator of nuclear power plants, also selling electricity and clean-energy products to homes and businesses.
Spun off from Exelon in 2022. Sells the output of its nuclear plants both on the open power market and through long-term contracts to big customers, including a deal to restart the Three Mile Island Unit 1 reactor for Microsoft. Federal tax credits support nuclear revenue, so the fleet's value rests on power prices.
Moat: wide (regulatory licence, scale, installed base). Largest US nuclear fleet, a licensed, carbon-free baseload asset base that is extremely costly and slow to replicate.
Headquarters: Baltimore, Maryland, US · Founded: 2022 · Employees: 15,339
Size Constellation Energy (CEG) is a United States Utilities company (Electric Utilities) with a market value of $88.6B, the 147th largest of 3,117 United States companies the cockpit tracks. Shares closed at $249.95 on 6 Nov 2026.
Performance Over six months the shares fell 17.6%, against +1.7% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 20.7% over the last twelve months (peer median +6.3%); the operating margin is 14.9% (peer median 21.6%).
Valuation It trades at 20.5× forward earnings against a peer median of 18.4× (6th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 20% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is +11 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.9 points below its cost of capital (9.4% WACC).
Backlog Backlog (remaining performance obligations) was $11.9B at 30 Jun 2026, up 1,287% on a year earlier — 0.4 years of trailing revenue. Backlog detail →
Credit Constellation Energy has 18 bonds outstanding ($12.9B), rated BBB+ by the agencies and trading like BBB+ at a weighted spread of 86 bp.
Short interest Short interest is 3.4% of the free float (15 Oct 2026).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $30.8B | $26.8B | $23.6B | $21.1B | $24.4B |
| Revenue growth | — | +14% | +12% | -14% | — |
| Gross profit | $5.35B | $4.66B | $4.55B | $1.71B | $1.28B |
| EBITDA | $8.27B | $6.64B | $6.66B | $3.67B | $3.16B |
| Net income | $3.46B | $2.32B | $3.75B | $1.62B | -$160M |
| Free cash flow | $309M | $1.29B | -$5.03B | -$7.72B | -$4.04B |
| Capital expenditure | $3.90B | $2.95B | $2.56B | $2.42B | $1.69B |
| Total debt | $24.7B | $9.50B | $8.99B | $9.26B | $5.77B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Constellation Energy CEG | $88.6B | -18% | +21% | 15% | 20.5× | 20.3% |
| Vistra VST | $41.9B | -15% | +9% | 19% | 12.8× | 12.5% |
| NextEra Energy NEE | $182B | -6% | +13% | 30% | 21.0× | 18.8% |
| Public Service Enterprise PEG | $36.2B | -5% | +13% | 27% | 16.0× | n/a |
| Talen Energy TLN | $14.7B | -12% | +20% | 20% | 13.0× | 21.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CEG | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -12.3% | +8.1% | 2nd lowest of 21 |
| 6-month return | -17.6% | +1.7% | lowest of 21 |
| Distance from 52-week high | -34.2% | -6.8% | 2nd lowest of 21 |
| Revenue growth (TTM) | +20.7% | +6.3% | 2nd highest of 21 |
| Operating margin | 14.9% | 21.6% | 4th lowest of 21 |
| Forward P/E | 20.5× | 18.4× | 6th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 20.3% | 6.2% | most demanding of 8 |
| Growth delivered (Del g) | +8.8% | +8.5% | 4th highest of 8 |
| Hurdle (Req g minus delivered) | +11.5 pp | +2.3 pp | most demanding of 8 |
| ROIC minus cost of capital | -2.9 pp | -1.2 pp | 5th lowest of 21 |
| EV / EBITDA | 13.6× | 13.5× | 10th most expensive of 20 |
| Net debt / EBITDA | 2.9× | 4.9× | 3rd least indebted of 20 |
| Bond spread | 86 bp | 84 bp | 8th widest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Constellation Energy CEG | United States | $88.6B | -18% | +21% | 15% | 20.5× | 20.3% | +8.8% |
| National Grid NG..L | United Kingdom | $84.5B | -2% | -4% | 29% | 13.8× | n/a | n/a |
| Duke Energy DUK | United States | $99.6B | +4% | +6% | 27% | 18.2× | n/a | n/a |
| Southern SO | United States | $106B | +1% | +6% | 24% | 20.0× | n/a | n/a |
| Enel ENEL.MI | Italy | $108B | 0% | 0% | 16% | 13.4× | 6.2% | +3.8% |
| China Yangtze Power 600900.SS | China | $110B | +9% | 0% | 51% | 21.2× | 1.5% | +8.5% |
| Engie ENGI.PA | France | $69.0B | -11% | -5% | 13% | 11.7× | 5.8% | +10.2% |
| American Electric Power AEP | United States | $68.9B | -3% | +10% | 24% | 18.5× | n/a | n/a |
| Dominion Energy D | United States | $60.3B | +12% | +23% | 29% | 18.7× | n/a | n/a |
| E.on EOAN.DE | Germany | $55.9B | +4% | -8% | 7% | 17.5× | n/a | n/a |
| Entergy ETR | United States | $52.8B | -1% | +11% | 24% | 22.8× | n/a | n/a |
| Xcel Energy XEL | United States | $51.1B | +1% | +4% | 22% | 18.1× | n/a | n/a |
| Endesa ELE.MC | Spain | $51.0B | +21% | +6% | 17% | 18.4× | 0.5% | +4.7% |
| Rwe RWE.DE | Germany | $50.4B | +2% | -34% | 0% | 18.6× | n/a | n/a |
| Exelon EXC | United States | $47.2B | +5% | +7% | 20% | 15.2× | n/a | n/a |
| Iberdrola IBE.MC | Spain | $168B | +16% | +1% | 21% | 21.9× | 11.4% | +5.8% |
| Consolidated Edison ED | United States | $43.7B | +12% | +10% | 18% | 18.5× | n/a | n/a |
| Sse SSE.L | United Kingdom | $43.2B | +7% | +1% | 19% | 14.2× | n/a | n/a |
| NextEra Energy NEE | United States | $182B | -6% | +13% | 30% | 21.0× | 18.8% | +9.2% |
| Vistra VST | United States | $41.9B | -15% | +9% | 19% | 12.8× | 12.5% | +10.1% |
| Adani Power ADANIPOWER.NS | India | $41.6B | -11% | +8% | 23% | 29.4× | n/a | n/a |
Constellation Energy has 18 bonds outstanding with $12.9B face value. The agencies rate it BBB+; its bonds trade like BBB+. Weighted yield 5.62%, a spread of 86 bp over government bonds.
Constellation Energy reported $11.9B of remaining performance obligations at 30 Jun 2026, up 1,287% from a year earlier and down 1% from the previous quarter. That is 0.4 years of trailing revenue already under contract. Book-to-bill last quarter: 0.98.