# Constellation Energy Corporation Common Stock (CEG) — Stock CV

Constellation Energy Corporation is a $106B utility company. Revenue grew 26.0% over the last year, it keeps 11¢ of every dollar of sales as profit, and its net debt equals ~17.0 years of free cash flow. It trades at 30.5× earnings — near the highest of its own history.

> Constellation Energy Corp producer of carbon-free energy and a supplier of energy products and services. The company offers generating capacity that includes nuclear, wind, solar, natural gas, and hydroelectric assets.

## Identity

- **Ticker**: CEG
- **Sector**: Utilities
- **Industry**: Electric Services
- **Headquarters**: BALTIMORE, MD
- **Employees**: 15 339
- **Website**: https://www.constellation.com
- **Market cap**: $106B
- **Last price**: $298.74
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $31.3B
- **Net income**: $3.46B
- **Free cash flow**: $309M
- **Net debt**: $5.26B
- **P/E**: 30.5
- **Revenue growth (YoY)**: 26.0%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 37 |
| Growth | 37 |
| Profitability | 56 |
| Health | 50 |
| Quality | 50 |
| Moat | 18 |

## Qualifications (beginner checklist) — 8 of 11 passed

- [x] Revenue growing — +26.0% YoY
- [x] Profitable — $3.46B TTM
- [x] Profit growing — +32.5% YoY
- [x] Generates cash — $309M TTM
- [ ] Debt under control — ~17.0y of cash flow to repay
- [x] Established company — $106B market cap
- [x] Not printing shares — -4.5% shares over ~5y
- [ ] Proven track record — 3/5 profitable years
- [ ] Financially stable — health score 30/100
- [x] Pays a dividend — yield 2.39%
- [x] Valuation not extreme — P/E 30.5

## Experience (career milestones)

- **2025** — Constellation agreed to acquire the natural gas and geothermal power provider Calpine for $16.4…
- **FY2024** — Best year on record: $3.75B net income
- **FY2023** — Turned profitable: $1.62B net income after a loss year
- **2022** — The current iteration of the company was founded in 2022 after splitting off from Exelon
- **FY2021** — Revenue already above $10B: $19.6B in first reported year
- **2014** — It agreed to acquire ETC ProLiance Energy, a supplier of natural gas to customers in several states
- **2012** — As part of the 2012 merger, Baltimore Gas and Electric, the regulated utility operated by Constellation Energy,…
- **2011** — It announced the acquisition of ONEOK Energy Marketing Co., a natural gas company with customers…
- **2010** — Constellation Energy closed its agreement with Clipper Windpower to acquire the Criterion Wind…
- **2008** — Constellation Energy bought uranium trading firm Nufcor International from AngloGold Ashanti and…
- **Oct 25, 2006** — The merger was canceled on October 25, 2006
- **Dec 19, 2005** — FPL Group, Inc. announced the acquisition of Constellation Energy in a merger transaction…
- **1999** — Baltimore Gas and Electric created Constellation as a holding company in 1999

## Strengths

- High gross margin (43.9%)
- Revenue growing 26.0% year over year
- Interest covered 5.3× by operating earnings

## Watch-outs

- Loss-making in 2 of the recent years
- Net debt equals ~17.0 years of free cash flow

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $19.6B | -$205M | -$2.70B |
| FY2022 | $24.4B | -$160M | -$4.04B |
| FY2023 | $24.9B | $1.62B | -$7.72B |
| FY2024 | $23.6B | $3.75B | -$5.03B |
| FY2025 | $25.5B | $2.32B | $1.29B |

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Source: https://stockcv.com/CEG — derived from company filings; may be delayed or incomplete. Information, not investment advice.