Utilities · Electric Utilities · US stock · price as of 16 Oct 2026
Key indicators
Price
$271.37
52-week range
$228.28 – $409.40
Market cap
$97.7B
P/E (trailing)
26.3×
EV / EBITDA
14.7×
Free-cash-flow yield
0.3%
Dividend yield
0.6%
Revenue (last 12 months)
$31.3B
Revenue growth (3y a year)
1.5%
Operating margin
14.7%
Return on invested capital
5.7%
Net debt / EBITDA
2.9×
Fair value
Blended fair value$136.56 range $80 – $123
Versus priceOvervalued−50% to fair value
Peer multiples
$58.66
Fundamentals-adjusted multiple
$100.69
10-year DCF (market-scaled)
$250.32
Earnings power value (floor, not blended)
$14.72
Model uncertainty
High
X-Ray Score
44/ 100 · Medium confidence · ahead of 29% of sector peers
Valuation27
Growth44
Profitability30
Financial health80
Dividends43
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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 0.6%.
StocksXray gives Constellation Energy Corp an X-Ray Score of 44 out of 100 (medium confidence), ahead of 29% of the S&P 500 stocks in its sector. Its strongest lens is financial health (80) and its weakest is valuation (27).
Our fair value blend is $136.56 (range $79.68 to $122.82). At $271.37 the stock trades 99% above that blend, so the label is "Overvalued" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
Constellation Energy Corp (CEG)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
–
$83.74
$114.93
$221.48
$351.71
$271.37
Market cap
–
$27.6B
$37.2B
$69.8B
$110.4B
$97.7B
P/E
–
–
22.9×
18.6×
47.5×
26.3×
EV / revenue
–
1.4×
1.9×
3.2×
4.5×
3.9×
EV / EBITDA
–
11.4×
11.3×
10.7×
20.4×
14.8×
Price / free cash flow
–
–
–
–
85.7×
316.2×
Free-cash-flow yield
–
−14.7%
−20.7%
−7.2%
1.2%
0.3%
Price / book
–
2.5×
3.4×
5.3×
7.6×
3.1×
Dividend yield
–
0.17%
0.25%
0.16%
0.11%
0.62%
Fundamentals checklist ● 6 Good · ● 3 Average · ● 4 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−0.8%Bad
Free-cash-flow yield0.3%Good
Risk models
Altman Z score1.5×Good
Piotroski F-Score6 of 9Average
Growth
Revenue growth (3y)1.5%Average
Growth consistency80%Average
Balance sheet
Current ratio1.5×Good
Net debt / EBITDA2.9×Good
Interest cover5.9×Good
Valuation
Fair value vs price0.5×Bad
EBIT / EV yield3.8%Bad
Profitability
Return on invested capital5.7%Good
Operating margin14.7%Bad
Red flags
Dividend may be at risk — Dividends exceed free cash flow
XStocksXray
Constellation Energy Corp (CEG)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
19,649
24,440
24,918
23,568
25,533
31,270
Gross profit
–
–
–
–
–
–
Operating income
-346
495
1,610
4,352
3,086
4,596
Net income
-205
-160
1,623
3,749
2,319
3,465
Diluted EPS ($)
0.00
-0.49
5.01
11.89
7.40
10.34
Free cash flow
-2,667
-4,042
-7,723
-5,029
1,288
309
Gross margin
–
–
–
–
–
–
Operating margin
−1.8%
2.0%
6.5%
18.5%
12.1%
14.7%
Net margin
−1.0%
−0.7%
6.5%
15.9%
9.1%
11.1%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
48,086
46,909
50,758
52,926
57,249
98,253
Cash
504
422
368
3,022
3,641
697
Total debt
8,579
5,768
9,261
8,412
8,992
24,700
Equity
11,219
11,018
10,925
13,166
14,517
31,977
Dividend per share ($)
–
0.14
0.28
0.35
0.39
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.