Constellation Energy (CEG) stock
Utilities · Electric Utilities
Constellation Energy (CEG) is an Electric Utilities company in the Utilities sector, headquartered in Baltimore, Maryland. As of October 23, 2026, CEG closed at $253.45, a market capitalization of $89.80 billion, the 136th largest company in the S&P 500. Over the last twelve months it generated $31.27 billion in revenue (+23% year over year) and $309.00 million in free cash flow. The stock trades at 24.8x trailing earnings and 19.0x forward earnings.
- 1-year total return: -30.3% (dividends reinvested)
- 52-week range: $228.63 – $406.04
- Gross margin 22.1%, operating margin 8.7%
- Dividend yield: 0.67%, 3 straight years of increases
- FI Handbook report card: C- across 10 metrics
- 4th largest of 31 Utilities stocks in the S&P 500
CEG price chart
1Y price change: -30.7% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| CEG | -4.0% | -27.9% | -30.3% | +32.1% | — | — | +47.1% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 2022.
CEG key statistics
- Market cap
- $89.8B
- #136 in S&P 500
- P/E (TTM)
- 24.8x
- Forward P/E
- 19.0x
- EPS (TTM)
- $10.23
- Revenue (TTM)
- $31.3B
- +23%
- Free cash flow
- $309.0M
- Gross margin
- 22.1%
- Operating margin
- 8.7%
- Return on equity
- 15.1%
- Dividend yield
- 0.67%
- 52-week range
- $228.63 – $406.04
- Beta
- 1.13
- Price / sales
- 2.9x
- EV / EBITDA
- 14.4x
- Debt / equity
- 0.76x
- Employees
- 15,291
CEG report card
C-Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth23.0%A
- Gross margin22.1%D
- Operating margin8.7%D
- FCF margin1.0%D
- Return on equity15.1%B
- Net debt / EBITDA3.0xD
- Forward P/E19.0xB
- PEG ratio3.7xF
- Shareholder yield1.1%D
- Share count change / yr-1.5%B
Constellation Energy Corporatio financials
Revenue went from $17.6B in fiscal 2020 to $22.7B in fiscal 2025, growing 5.2% a year.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $17.6B | $17.3B | $21.6B | $20.8B | $19.0B | $22.7B |
| Operating income | $256.0M | -$346.0M | $495.0M | $1.6B | $4.4B | $3.1B |
| Net income | $589.0M | -$205.0M | -$160.0M | $1.6B | $3.7B | $2.3B |
| EPS (diluted) | $0.00 | $0.00 | $-0.49 | $5.01 | $11.89 | $7.40 |
| Free cash flow | -$1.2B | -$2.7B | -$4.0B | -$7.7B | -$5.0B | $1.3B |
| Buybacks | — | $0 | $0 | $992.0M | $999.0M | $400.0M |
| Dividends paid | $0 | $0 | $185.0M | $366.0M | $444.0M | $486.0M |
| Diluted shares | 0 | 0 | 329.0M | 324.0M | 315.0M | 314.0M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into CEG?
A reverse DCF asks what growth the current price requires. With an enterprise value of $113.8B and $309.0M of trailing free cash flow, Constellation Energy Corporatio needs to grow free cash flow about 96.0% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return.
P/E ratio history
Current 34.2x vs. median 35.5x (10th–90th percentile 25.8x–51.0x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
CEG dividend
- Dividend yield
- 0.67%
- Annual dividend
- $1.71
- Years of increases
- 3
- 5-yr dividend growth
- —
- per year
- Payout ratio
- 16%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
CEG analyst price targets
23 analysts' average 12-month target is $338.07 (+33% vs. $253.45). Targets range from $238.00 to $395.00. 84% rate it a buy.
CEG earnings
Next report: November 9, 2026. Constellation Energy Corporatio has beaten EPS estimates 3 quarters in a row. Last quarter's revenue was $7.5B (+23% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Aug 6, 2026 | $2.28 | $2.55 | +11.7% |
| May 11, 2026 | $2.60 | $2.74 | +5.3% |
| Feb 24, 2026 | $2.25 | $2.30 | +2.4% |
| Nov 7, 2025 | $3.12 | $3.04 | -2.6% |
| Aug 7, 2025 | $1.83 | $1.91 | +4.2% |
| May 6, 2025 | $2.21 | $2.14 | -3.1% |
| Feb 18, 2025 | $2.14 | $2.44 | +14.1% |
| Nov 4, 2024 | $2.68 | $2.74 | +2.3% |
Stocks like CEG
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 SO Southern | -0.99% | -0% | $106.9B | 22.4x | Compare |
 DUK Duke Energy Corporation (Holdin | -0.33% | +2% | $97.4B | 18.8x | Compare |
 AEP American Electric Power | -0.73% | +15% | $70.6B | 22.5x | Compare |
 ETR Entergy | -0.79% | +15% | $51.3B | 27.5x | Compare |
 VST Vistra | -0.48% | -26% | $47.0B | 23.6x | Compare |
 EXC Exelon | -0.94% | -3% | $45.8B | 16.3x | Compare |
 WEC WEC Energy | -0.95% | -1% | $36.2B | 21.6x | Compare |
 PEG Public Service Enterprise | -0.96% | -10% | $35.9B | 17.9x | Compare |
CEG news
- Constellation Energy Pledges 890 MW of Uprates for Google: “Growing Energy Needs” · Oct 25, 2026
- Constellation, Vistra, and GE Vernova Ranked From Worst to First for the AI Power Boom · Oct 25, 2026
- Constellation Energy vs. GE Vernova: Which Utilities Stock Is a Better Buy in 2026? · Oct 23, 2026
- Constellation Energy Corporation (CEG) is Attracting Investor Attention: Here is What You Should Know · Oct 23, 2026
- Constellation Energy And 2 Other Top Nuclear Power Stocks · Oct 23, 2026
CEG stock FAQ
What is CEG's market cap?
Constellation Energy's market capitalization is $89.80 billion as of October 23, 2026, ranking 136th in the S&P 500.
What is CEG's P/E ratio?
CEG trades at a trailing price-to-earnings ratio of 24.8x and a forward P/E of 19.0x. Its median P/E over the period we track is 35.5x.
Does CEG pay a dividend?
Yes. Constellation Energy pays $1.71 per share a year, a 0.67% yield. It has raised its dividend 3 years in a row.
How much has CEG stock returned?
Including reinvested dividends, CEG returned -30.3% over one year through October 23, 2026.
Is CEG stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Constellation Energy must grow free cash flow about 96% a year for the next decade. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the CEG price target?
23 analysts cover CEG with an average 12-month price target of $338.07, +33% from the current price. 84% of them rate it a buy.
When does CEG report earnings?
Constellation Energy is expected to report earnings on November 9, 2026. It has beaten EPS estimates 3 quarters in a row.
How many employees does Constellation Energy have?
Constellation Energy has about 15,291 full-time employees, or $2.0 million of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology