Constellation Energy Corporation
- Open
- 250.32
- Day high
- 252.72
- Day low
- 249.05
- Prev close
- 250.74
- Volume
- 2.0M
- Mkt cap
- $90.8B
- P/E (TTM)
- 21.8
- EPS (TTM)
- $11.51
- P/B
- 2.7
- P/S
- 3.0
- Yield
- 0.65%
- Per share
- $1.63
Constellation Energy Corporation (CEG) is a Utilities company listed on NASDAQ. The stock is down 20% over the past year. Drillr has 3 published research articles covering CEG.
Constellation Energy Corporation (CEG) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 8 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CEG earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 11, 2026 | $2.54 | $2.74 | +7.9% | $11.1B | +31.5% |
| Mar 31, 2026 | $2.28 | $2.30 | +0.9% | $5.5B | -2.5% |
| Nov 7, 2025 | $3.11 | $3.04 | -2.3% | $6.6B | +5.9% |
| Aug 7, 2025 | $1.84 | $1.91 | +3.8% | $6.1B | +24.4% |
| Feb 18, 2025 | $2.16 | $2.44 | +13.0% | $5.4B | -18.0% |
| May 9, 2024 | $1.30 | $1.82 | +40.0% | $6.2B | -6.9% |
| Feb 27, 2024 | $1.80 | $-0.11 | -106.1% | $5.8B | -25.1% |
| Aug 3, 2023 | $0.73 | $2.56 | +250.7% | $5.4B | -18.6% |
| May 4, 2023 | $0.88 | $0.29 | -67.0% | $7.6B | +66.8% |
| Feb 16, 2023 | $1.24 | $0.10 | -91.9% | $7.3B | +24.7% |
| Aug 4, 2022 | $0.64 | $-0.34 | -153.1% | $5.5B | +50.0% |
| May 12, 2022 | $0.70 | $0.32 | -54.3% | $5.6B | +14.3% |
CEG insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 1, 2026 | Harrington Charles L.director | Grant | 146 | — |
| Apr 30, 2026 | Holzrichter Juliedirector | Grant | 556 | $305.71 |
| Apr 30, 2026 | Rimmer Nneka Louisedirector | Grant | 556 | $305.71 |
| Apr 30, 2026 | LAWLESS ROBERT Jdirector | Grant | 556 | $305.71 |
| Apr 30, 2026 | Halverson Bradley Mdirector | Grant | 556 | $305.71 |
| Apr 30, 2026 | Paterson Eileen P.director | Grant | 556 | $305.71 |
| Apr 30, 2026 | Richardson John Mdirector | Grant | 556 | $305.71 |
| Apr 30, 2026 | Ashish Khandpur Kdirector | Grant | 556 | $305.71 |
| Apr 30, 2026 | Harrington Charles L.director | Grant | 556 | $305.71 |
| Apr 30, 2026 | DE BALMANN YVES Cdirector | Grant | 556 | $305.71 |
| Apr 30, 2026 | Jamil Dhiaa M.director | Grant | 556 | $305.71 |
| Apr 2, 2026 | Harrington Charles L.director | Grant | 130 | — |
| Mar 2, 2026 | Koehler Michaelofficer: EVP & Chief Admin Officer | Option | 24,650 | — |
| Mar 2, 2026 | Koehler Michaelofficer: EVP & Chief Admin Officer | Grant | 21,274 | — |
| Mar 2, 2026 | Koehler Michaelofficer: EVP & Chief Admin Officer | Option | 3,376 | — |
Source: CEG SEC Form 4 filings, latest Jul 1, 2026. For informational purposes only — not investment advice.
See the full CEG insider & 13F page →CEG research & analysis
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NEECWEN.AMSFT
Constellation Energy Corporation company profile
Overview
Constellation Energy Corporation (NASDAQ:CEG) is a major American electricity generation and energy marketing company that was spun off from Exelon Corporation in February 2022. Founded as an independent entity in 2021 and headquartered in Baltimore, Maryland, Constellation operates the largest fleet of carbon-free nuclear power plants in the United States. The company emerged from the corporate restructuring of Exelon, inheriting a substantial portfolio of nuclear, renewable, and natural gas generation assets totaling 32,400 megawatts of capacity. Since its public debut, Constellation has positioned itself as a leader in clean energy generation while also operating one of the nation's largest competitive retail electricity businesses.
Business
Constellation Energy operates in the electric power generation and retail energy markets, functioning as both a wholesale electricity producer and a retail energy supplier. The company's business spans five main geographic regions: Mid-Atlantic, Midwest, New York, ERCOT (Texas), and Other Power Regions. The company's core operations center around **nuclear power generation**, which forms the backbone of its business model. Nuclear power plants use uranium fuel to create controlled nuclear reactions that generate heat, which then produces steam to drive turbines that generate electricity. This process produces virtually no carbon emissions during operation, making nuclear power a critical component of clean energy infrastructure. Constellation operates the largest nuclear fleet in the United States, generating approximately 180 million megawatt-hours annually, which represents about 11% of all carbon-free electricity produced in the country. Beyond nuclear generation, Constellation operates **renewable energy assets** including wind and solar facilities, as well as **natural gas power plants** that provide flexible generation capacity to balance grid supply and demand. The company also maintains **hydroelectric facilities** as part of its diverse generation portfolio. Constellation's **retail energy business** serves as a major revenue driver, providing electricity and natural gas supply services to approximately 2 million customers across competitive energy markets. This business segment serves distribution utilities, municipalities, cooperatives, and a broad range of commercial, industrial, governmental, and residential customers. The retail operation leverages the company's generation assets to offer competitive energy products and services, including renewable energy certificates and carbon-free energy matching solutions for large corporate customers seeking to meet sustainability goals.
Revenue model
Constellation generates revenue through multiple complementary business models that leverage its generation assets and market position. The primary revenue streams include **wholesale electricity sales** from its power plants into regional electricity markets, **retail energy supply contracts** with end-use customers, and **capacity payments** from grid operators for maintaining generation resources available for reliability. The wholesale electricity business involves selling power generated from nuclear, renewable, and natural gas facilities into competitive electricity markets such as PJM, ERCOT, and NYISO. Nuclear plants provide steady baseload generation with predictable output, while natural gas facilities offer flexible generation that can respond to peak demand periods when electricity prices are highest. The retail energy business generates revenue through **supply contracts** and **energy marketing services**, where Constellation purchases wholesale power and sells it to end customers at negotiated rates, capturing the spread between wholesale and retail prices. Several factors significantly influence Constellation's profit margins. **Electricity market prices** represent the most critical variable, as higher wholesale power prices directly increase revenue from generation assets. The company benefits from **capacity market auctions** in regions like PJM, where grid operators pay generators to maintain available capacity for system reliability. **Natural gas prices** impact both the company's generation costs for gas-fired plants and the competitive dynamics in electricity markets, as gas plants often set marginal pricing. The **Nuclear Production Tax Credit (PTC)** provides substantial margin protection, offering federal tax credits for nuclear generation that help offset operational costs and provide inflation adjustments. **Uranium fuel costs** affect nuclear plant economics, though these represent a relatively small portion of total operating expenses compared to other generation types. **Environmental regulations** and **carbon pricing policies** create competitive advantages for Constellation's carbon-free nuclear and renewable assets relative to fossil fuel competitors. **Data center demand growth** and **industrial electrification trends** support long-term power demand, while **renewable energy certificate markets** provide additional revenue streams from the company's clean energy attributes.
Competitive moat
Constellation possesses several significant competitive advantages that create a substantial economic moat, though the strength varies across different aspects of its business. The company's **nuclear generation assets** represent the strongest component of its moat, as these facilities are extremely difficult and expensive to replicate. Nuclear plants require decades-long licensing processes, massive capital investments exceeding $10 billion for new construction, and specialized technical expertise that few organizations possess. The existing nuclear fleet benefits from **decades of remaining licensed operating life** and potential extensions to 80 years, creating a durable competitive position in carbon-free baseload generation. The company's **scale advantages** in nuclear operations provide significant cost efficiencies through shared expertise, standardized maintenance procedures, and bulk purchasing power for fuel and components. Constellation's **regulatory expertise** and established relationships with the Nuclear Regulatory Commission create barriers for potential competitors seeking to enter nuclear generation. The **strategic geographic positioning** of assets in high-demand electricity markets like PJM provides access to premium pricing and capacity payments. However, the moat faces several challenges and limitations. **Renewable energy competition** continues to intensify as wind and solar costs decline and battery storage technology improves, potentially reducing the premium value of nuclear baseload generation. **Regulatory risks** remain significant, as unfavorable policy changes or safety concerns could impact nuclear plant economics or operating licenses. The **retail energy business** operates in highly competitive markets with limited differentiation opportunities and faces pressure from utility re-regulation efforts in some states. **Natural gas price volatility** can erode margins when gas becomes extremely cheap, reducing electricity market prices and making nuclear generation less economically attractive. **Grid modernization** and **distributed energy resources** may reduce demand for centralized generation over time. Despite these challenges, the combination of nuclear asset irreplaceability, clean energy policy tailwinds, and growing electricity demand from data centers and electrification trends suggests Constellation maintains a reasonably strong competitive position, particularly in its core nuclear generation business.
Risks & safety
Constellation presents a mixed margin of safety profile with both strengths and concerns across different financial metrics. **Liquidity and Solvency:** • Cash and short-term investments of $1.8 billion provide reasonable liquidity buffer • Current ratio of 1.47 indicates adequate short-term liquidity coverage • Debt-to-equity ratio of 0.65 represents moderate leverage levels • Negative free cash flow of -$699 million in Q1 2025 raises cash generation concerns • Annual free cash flow has been consistently negative over recent periods **Valuation Metrics:** • EV/EBITDA ratio of 22.4 appears elevated relative to utility sector norms • Price-to-book ratio of 4.87 suggests premium valuation • Graham number of $18.74 indicates significant overvaluation relative to conservative metrics • Return on equity of 0.9% appears low for the current valuation level **Other Considerations:** • Strong EBITDA generation of $777 million quarterly provides earnings stability • Nuclear assets provide inflation-protected cash flows through PTC benefits • Pending Calpine acquisition expected to improve free cash flow by $2 billion annually • Regulated utility-like cash flows offer some predictability despite competitive market exposure
Recent development
Over the past few years, Constellation has undergone significant strategic transformation and expansion initiatives. The company's most substantial recent development is the **pending acquisition of Calpine Corporation**, expected to close by the end of 2025. This $16.4 billion transaction will add approximately 26,000 megawatts of primarily natural gas generation capacity and is projected to contribute $2 billion in annual free cash flow while adding $2 per share to earnings. The company has aggressively pursued **data center partnerships** as a key growth strategy, recognizing the massive electricity demand from artificial intelligence and cloud computing infrastructure. Constellation has been exploring both **behind-the-meter colocation** arrangements where data centers are directly connected to power plants, and **front-of-meter** grid-connected solutions. These initiatives gained momentum following discussions about restarting the Three Mile Island nuclear facility specifically to serve data center demand. **Nuclear fleet optimization** has been a major focus, with the company completing the acquisition of a 44% stake in the South Texas Project nuclear facility, expanding annual nuclear generation to approximately 180 million megawatt-hours. Constellation has also been pursuing **nuclear plant uprates** at facilities like Byron and Braidwood to increase generation capacity from existing assets, and exploring **license extensions** to operate plants for up to 80 years. The company has made substantial investments in **clean energy technologies**, including a $900 million commitment to develop the first commercial-scale nuclear-powered hydrogen production facility. This initiative positions Constellation to serve emerging hydrogen markets while leveraging its carbon-free nuclear generation. Additionally, the company has been expanding **24/7 carbon-free energy matching** services for large corporate customers seeking to align their electricity consumption with clean energy generation on an hourly basis. **Financial strategy** has emphasized returning capital to shareholders while maintaining investment-grade credit ratings. The company doubled its dividend in 2023, authorized multiple $1 billion share buyback programs, and has been actively repurchasing shares. The **Nuclear Production Tax Credit** implementation has provided additional financial stability and inflation protection for nuclear operations.
CEG company profile · for informational purposes only — not investment advice.
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