NASDAQ: CEG
Constellation Energy
Utilities · Electric Services
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$88.0B
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| Period | Market cap |
|---|---|
| FY2020, ended Dec 31, 2020 | — |
| FY2021, ended Dec 31, 2021 | — |
| FY2022, ended Dec 31, 2022 | $28.2B |
| FY2023, ended Dec 31, 2023 | $37.0B |
| FY2024, ended Dec 31, 2024 | $70.0B |
| FY2025, ended Dec 31, 2025 | $128B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $88.0B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$31.3B
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| Period | Revenue |
|---|---|
| FY2020, ended Dec 31, 2020 | $17.6B |
| FY2021, ended Dec 31, 2021 | $19.6B |
| FY2022, ended Dec 31, 2022 | $24.4B |
| FY2023, ended Dec 31, 2023 | $24.9B |
| FY2024, ended Dec 31, 2024 | $23.6B |
| FY2025, ended Dec 31, 2025 | $25.5B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $31.3B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2020, ended Dec 31, 2020 | $589M | −$1.16B |
| FY2021, ended Dec 31, 2021 | −$205M | −$2.67B |
| FY2022, ended Dec 31, 2022 | −$160M | −$4.04B |
| FY2023, ended Dec 31, 2023 | $1.62B | −$7.72B |
| FY2024, ended Dec 31, 2024 | $3.75B | −$5.03B |
| FY2025, ended Dec 31, 2025 | $2.32B | $1.29B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $3.46B | $309M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$697M
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| Period | Cash and cash equivalents |
|---|---|
| FY2020, ended Dec 31, 2020 | $226M |
| FY2021, ended Dec 31, 2021 | $504M |
| FY2022, ended Dec 31, 2022 | $422M |
| FY2023, ended Dec 31, 2023 | $368M |
| FY2024, ended Dec 31, 2024 | $3.02B |
| FY2025, ended Dec 31, 2025 | $3.64B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $697M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$24.7B
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| Period | Total debt |
|---|---|
| FY2020, ended Dec 31, 2020 | — |
| FY2021, ended Dec 31, 2021 | $7.88B |
| FY2022, ended Dec 31, 2022 | $5.81B |
| FY2023, ended Dec 31, 2023 | $9.32B |
| FY2024, ended Dec 31, 2024 | $8.47B |
| FY2025, ended Dec 31, 2025 | $9.05B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $24.7B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up — since 2020.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.354M
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| Period | Shares outstanding |
|---|---|
| FY2020, ended Dec 31, 2020 | 0 |
| FY2021, ended Dec 31, 2021 | 327M |
| FY2022, ended Dec 31, 2022 | 327M |
| FY2023, ended Dec 31, 2023 | 317M |
| FY2024, ended Dec 31, 2024 | 313M |
| FY2025, ended Dec 31, 2025 | 362M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 354M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $1.97B more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2020, ended Dec 31, 2020 | — | $27.0M |
| FY2021, ended Dec 31, 2021 | $0 | $47.0M |
| FY2022, ended Dec 31, 2022 | $0 | $116M |
| FY2023, ended Dec 31, 2023 | $992M | $178M |
| FY2024, ended Dec 31, 2024 | $999M | $332M |
| FY2025, ended Dec 31, 2025 | $400M | $385M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.97B | — |
Revenue (TTM)
$31.3B
+26.0% YoY
Net income (TTM)
$3.46B
+15.2% YoY
Cash
$697M
−64.7% YoY
Total debt
$24.7B
+197% YoY
Valuation
At current price- Market Cap
- $93.0B
- P/E
- 26.8×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 3.0×
- Price / Book
- 2.9×
- EV / EBITDA
- 14.2×
Growth
Trailing 12 months- Revenue (TTM)
- $31.3B
- Revenue Growth YoY
- 26.0%
- Revenue CAGR 3Y
- 1.5%
- Revenue CAGR 5Y
- 7.7%
- EPS Growth YoY
- 6.7%
- Net Income Growth YoY
- 15.2%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 14.7%
- Net Margin
- 11.1%
- FCF Margin
- 1.0%
- Return on Equity
- 15.3%
Earnings
Trailing 12 months- Net Income
- $3.46B
- EPS (diluted)
- $10.23
- EBITDA
- $8.27B
- Operating Income
- $4.60B
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $697M
- Total Debt
- $24.7B
- Net Debt
- $24.0B
- Total Assets
- $98.3B
- Total Liabilities
- $65.9B
- Shareholders' Equity
- $32.0B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $4.21B
- Capital Expenditure
- $3.90B
- Free Cash Flow
- $309M
Dividends and risk
Last 12 months- Dividend Yield
- 0.6%
- Dividend / Share
- $1.67
- Beta (5Y)
- 1.12
Every ratio is calculated from the company’s reported figures.
Strength
Revenue grew 26.0% over the last year, to $31.3B.
Note
Net margin of 11.1% over the last 12 months.
Note
Net debt of $24.0B is 2.9× EBITDA.
Note
Free cash flow of $309M, 1.0% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 24, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K60Nothing notable
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 18, 2025 · Read the filing on EDGAR
- Net income to shareholders more than doubled to $3.75 billion and operating income rose to $4.35 billion, though revenue fell 5.4% to $23.6 billion.
- A new federal nuclear production tax credit added about $2.08 billion to 2024 revenue and lowered the effective tax rate to 17.1%.
- Agreed in January 2025 to buy Calpine for $4.5 billion in cash plus 50 million shares, adding over 27 GW of gas and geothermal plants.
- Signed a 20-year deal with Microsoft to restart Three Mile Island Unit 1 (Crane) by 2028, at an estimated cost of $1.6 billion.
Business momentum
Mixed
“Total Operating revenues $ 23,568 $ 24,918 $ (1,350) (5.4) %”
Outlook
Positive
“We currently anticipate that the merger will be accretive to earnings per share in 2026, which is expected to be the first full year following completion of the merger.”
Financial stress
Low
“As of December 31, 2024, we had $6.7 billion of available capacity under our credit facilities and $3 billion of cash on hand.”
Tone against the previous report
More positive
Red flags
None found in this report.
Positives
Profit more than doubled
“GAAP Net Income (Loss) Attributable to Common Shareholders $ 3,749 $ 11.89 $ 1,623 $ 5.01”
Nuclear tax credit adds large, stabilising revenue
“our Consolidated Statements of Operations and Comprehensive Income include a nuclear PTC benefit of approximately $2,080 million in Operating revenues.”
Long-term Microsoft contract for restarted plant
“we executed a 20-year PPA with Microsoft that will support the restart of Three Mile Island Unit 1, renamed as the Crane Clean Energy Center”
Concerns
Reported operating cash flow still negative
“Net cash flows provided by (used in) operating activities $ (2,464) $ (5,301) $ 2,837”
Capacity prices fell sharply in key regions
“ComEd (Midwest) 31.09 48.64 (17.55) (36.1) %”
Labor and operating costs rising
“Higher labor (inclusive of incentives), contracting, and materials;”
New risks since the previous report
Calpine deal may stall or carry costly conditions
“we would be required to pay Calpine a termination fee of $500 million as liquidated damages.”
Must close Calpine deal even if cash falls short
“While we expect to have cash on hand needed for closing, we would be required to complete the transaction even if we experience a cash shortfall.”
Existing shareholders diluted and forced gas-plant sales
“we are expecting to sell certain of the combined company’s PJM natural-gas-fired generating assets following the closing of the merger.”
Crane restart approvals, cost overruns and penalties
“Failure to obtain the necessary approvals could result in the impairment of amounts capitalized.”
Pending Treasury guidance on nuclear tax credit
Biggest risks named
- Calpine merger approval, integration and funding
- Changes to the nuclear production tax credit
- Swings in power, gas and capacity prices
- Crane restart execution and approvals
- Russian nuclear fuel supply restrictions
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −3 | |
| Outlook | +3 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 60 | |
Written by AI (Claude Opus 5.5) from the report’s text. 13 of 14 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 24, 2026 | Pro | |||
| 10-K | Feb 18, 2025 | 60 | Mixed | None | |
| 10-K | Feb 27, 2024 | 75 | Strong improvement | None | |
| 10-K | Feb 16, 2023 | 75 | Strong improvement | None | |
| 10-K | Feb 25, 2022 | 39 | Sharp deterioration | 2 medium1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 6, 2026. View filings on SEC EDGAR