Start here if you're new
what it is
Constellation sells electricity and clean-energy contracts, powered by a 55-gigawatt fleet that reaches homes, businesses, and governments.
how it gets paid
Last year Ceg made $22.7B in revenue. Midwest was the main engine at $8.4B, or 37% of sales.
why it's growing
Revenue grew 19.5% last year. The key number was the $0.06 EPS miss versus the $2.36 estimate.
what just happened
CEG's last reported quarter delivered $2.30 in EPS, below the $2.36 consensus, even as full-year operating earnings rose to $9.39 from $8.67.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
32.1x trailing p/e — you're paying up for this one
0.6% dividend yield — cash in your pocket every quarter
11.0% return on capital — nothing to write home about
xvary composite: 47/100 — below average
What they do
Constellation sells electricity and clean-energy contracts, powered by a 55-gigawatt fleet that reaches homes, businesses, and governments.
CEG owns 55 gigawatts of generation capacity, and 68% is nuclear from its 2025 10-K. That matters because nuclear runs around the clock when wind and solar do not. Your utility bill does not care about narratives, and CEG says its fleet powers more than 27 million homes and businesses.
How they make money
$22.7B
annual revenue · their business grew +19.5% last year
Midwest
$8.4B
Mid-Atlantic
$7.5B
ERCOT
$3.4B
New York
$2.3B
Other Regions
$1.1B
The products that matter
operates nuclear power plants
nuclear generation
90% of carbon-free electricity
it is the core asset base, and it produces 90% of the company's carbon-free electricity. that's why you own a strategic power supplier, not a generic utility.
core moat
develops wind and solar projects
renewable energy
380 MW recent addition
the recent data-center deal added 380 MW of capacity. in plain English: management is trying to connect new electricity demand to places where demand is showing up fast.
growth lever
markets and sells power
energy marketing & services
$4.5B · +8%
this segment did $4.5B in revenue and grew 8%. it matters because it gives you contract and customer exposure instead of leaving the whole thesis at the mercy of wholesale pricing.
revenue bridge
Key numbers
32.1x
trailing p/e
P/E ratio → price compared with earnings → so what: you are paying a premium multiple for a power company.
$22.7B
annual revenue
That is the current sales base. It is large enough that future growth has to come in billions, not headlines.
13.6%
operating margin
Operating margin → profit after core costs → so what: CEG keeps about 14 cents from each sales dollar before interest and tax.
11.0%
return on capital
Return on capital → profit from the money tied up in the business → so what: decent, but not rich enough to justify any price.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 25 / 100
- long-term debt $7.2B (6% of capital)
- net profit margin 14.7% — keeps 15 cents of every dollar in revenue
- return on equity 14% — $0.14 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for CEG right now.
source: institutional data · return history unavailable
What just happened
missed estimates
CEG's last reported quarter delivered $2.30 in EPS, below the $2.36 consensus, even as full-year operating earnings rose to $9.39 from $8.67.
The quarter missed by 2.54%, based on Yahoo Finance consensus. The bigger contrast is annual: operating earnings rose 8.3% vs. prior year, from $8.67 in 2024 to $9.39 in 2025, according to the February 24, 2026 8-K.
$17.0B
revenue
$2.30
reported eps
2.54%
eps surprise
the number that mattered
The key number was the $0.06 EPS miss versus the $2.36 estimate, because this stock trades at 32.1x earnings and premium multiples punish small misses.
source: company earnings report, 2026
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
the #1 risk is power-price and nuclear credit rulings.
med
regulatory pricing shock
a january 2026 ruling triggered a 9.8% single-day drop. when policy support is part of the earnings engine, regulation is not background noise. it is part of what you own.
at a $118B market cap, a repeat move would erase roughly $11.6B of equity value in one day.
med
premium valuation compression
the stock trades at 40x earnings, and EV/EBITDA expanded from 10.23x to 17.50x in a year. that is what nuclear scarcity looks like when investors crowd in. it also means the multiple has more distance to fall than the business does.
if earnings do not climb beyond the current $9.39 operating EPS base fast enough, the rerating works in reverse.
med
thin-margin power economics
CEG did $45B in revenue and posted a 12.1% operating margin. that is profitable, but it leaves less room for bad pricing, cost pressure, or integration mistakes than a premium multiple suggests.
a business keeping about 12 cents on the operating dollar does not get many free mistakes.
the combined risk picture is simple: a 40x earnings stock with 25 / 100 price stability and a recent 9.8% one-day policy shock can reprice fast when regulation, margins, or realized power prices move against it.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
2026 guidance update
management gives its annual outlook on march 31, 2026. that matters more than the last penny beat because the stock is priced for the next step, not the last one.
metric
fy2026 eps versus $11.50
$11.50 is carrying a lot of the valuation weight. if management talks around that number instead of toward it, you should notice.
risk
nuclear pricing and policy headlines
one ruling already drove a 9.8% one-day drop. this stock now reacts hard when policy starts touching realized power economics.
trend
calpine integration and data-center demand
the recent deal added 380 MW of capacity. the question is whether that becomes repeatable demand or stays a good headline.
Analyst rankings
short-term outlook
below average
momentum score 4 — in human-speak, analysts think the stock likely lags if the nuclear trade cools even a little.
risk profile
average
stability score 3 — you are not hiding in a bunker here, but you are not sitting in a meme stock either.
chart momentum
average
technical score 3 — no special chart signal right now. valuation and earnings expectations are doing the talking.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 932 buyers vs. 543 sellers in 4q2025. total institutional holdings: 0.3B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$186
$547
$302
current price
$367
target midpoint · +22% from current · 3-5yr high: $510 (+55% · 12% ann'l return)
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive