Constellation Energy CorporationCEG
NasdaqGS•Utilities•Utilities - Independent Power Producers
Constellation Energy Corporation produces and sells energy products and services in the United States. The company operates through five segments: Mid-Atlantic, Midwest, New York, ERCOT, and Other Power Regions. It offers electricity, natural gas, energy-related products, and sustainable solutions. The company has approximately 31,676 megawatts of generating capacity consisting of nuclear, wind, solar, natural gas, and hydroelectric assets. It serves distribution utilities, municipalities, cooperatives, and commercial, industrial, public sector, and residential customers. The company was incorporated in 2021 and is headquartered in Baltimore, Maryland.
Constellation Energy Corporatio (CEG) reported trailing twelve months revenue of $29.87B as of March 2026, a 23.4% increase year-over-year. Quarterly revenue reached $11.12B, reflecting continued top-line momentum.
Constellation Energy Corporatio generated $3.79B in TTM net income, with quarterly EBITDA of $2.77B. The operating margin expanded from 6.6% to 21.0%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (21.0%) and net margin (14.3%) indicates moderate non-operating costs. Net margin has improved from 1.7% a year ago, signaling stronger bottom-line efficiency.
CEG trades at a P/E of 27.9x (in line with broad market averages) and a P/S of 3.5x. The price-to-book ratio of 3.2x reflects a moderate premium to book value.
The company reported negative free cash flow of $-850.00M, indicating cash consumption over the period. The balance sheet shows $96.91B in total assets with $16.99B in long-term debt against $33.48B in stockholders equity for a debt-to-equity ratio of 0.5. Data based on the most recent quarterly reports.
Competitive analysis based on 18 quarters of fundamental data
Operating margins are positive at ~16.3% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE averages 20.5% but has fluctuated — the competitive advantage may be cyclical or emerging.
Only 2 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (6 of 7 quarters up), with ~26.9% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 18 quarters
Operating margins declined 6.3% — watch for continued compression, which may signal competitive or cost pressure.
Free cash flow has been negative in 6 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 0.5 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
The last 4 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Shares outstanding increased 12.4% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation