CEG
Constellation Energy Corporation
CEG's fundamentals are strong and it looks cheap: trading at 23x earnings, below its usual 32x. Analysts expect earnings growth, though they disagree widely on how much.
CEG Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Healthy | |
| Stable |
CEG's revenue, profitability and cash flow are currently healthy, and its balance sheet is stable.
CEG PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 23x | $282 | — |
| Forward | 23x | $282 | — |
| Cheap | 24x | $294 | +4% |
| Fair | 32x | $395 | +40% |
| Expensive | 41x | $513 | +82% |
Historical ranges are pointers, not guarantees.
CEG's PE is in its cheap range at 22.6x. On analysts' estimates for next year's earnings, today's price would be 22.9x.
CEG Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Strong growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for CEG, but weaker profitability. However, they disagree widely on these estimates.
CEG Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $12.36 | -1% |
| Q3 2026 | $12.48 | +43% |
| Q2 2026 | $10.26 | +7.1% |
| Q1 2026 | $11.51 | +21% |
| Q4 2025 | $7.40 | -38% |
| Q3 2025 | $8.73 | -3.9% |
| Q2 2025 | $9.58 | +27% |
| Q1 2025 | $9.49 | +27% |
| Q4 2024 | $11.89 | +137% |
CEG earned $12.48 per share over the past year, up 43% from the year before.
CEG Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $9.6B | +45% |
| Q2 2026 | $7.5B | +23% |
| Q1 2026 | $11.1B | +64% |
| Q4 2025 | $6.1B | +13% |
| Q3 2025 | $6.6B | +0.3% |
| Q2 2025 | $6.1B | +11% |
| Q1 2025 | $6.8B | +10% |
| Q4 2024 | $5.4B | -7.1% |
CEG's revenue has grown year over year for seven quarters in a row: $9.6B last quarter, up 45% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 26% | +9.6 points |
| Q2 2026 | 7.7% | -7.9 points |
| Q1 2026 | 21% | +14 points |
| Q4 2025 | 9.8% | -8.2 points |
| Q3 2025 | 17% | -5.9 points |
| Q2 2025 | 16% | -4.5 points |
| Q1 2025 | 6.6% | -6.6 points |
| Q4 2024 | 18% | +19 points |
CEG's operating margin was 26% last quarter, up 9.6 points from the same quarter a year ago, near the top of its range since 2019.
CEG Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $2.5B | +71% |
| Q2 2026 | -$118M | -117% |
| Q1 2026 | -$850M | -$151M |
| Q4 2025 | -$181M | +$1.6B |
| Q3 2025 | $1.5B | +$2.1B |
| Q2 2025 | $710M | +$1.9B |
| Q1 2025 | -$699M | +$762M |
| Q4 2024 | -$1.7B | +$2.1B |
CEG's free cash flow has turned positive after six years mostly in the red: $1.3B over the past year.
CEG Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.7% | -6M shares |
| 1 year | +13% | +41M shares |
| 3 years | +9.6% | +31M shares |
| 5 years | +8.5% | +27.7M shares |
| Available history | +8.4% | +27.3M shares |
CEG has 354M diluted shares, up 13% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $1B |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | $400M |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | $500M |
CEG Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.4x | Moderate |
| Q2 2026 | 2.9x | Moderate |
| Q1 2026 | 2.7x | Moderate |
| Q4 2025 | 0.9x | Very low |
| Q3 2025 | 0.8x | Very low |
| Q2 2025 | 1.0x | Very low |
| Q1 2025 | 1.0x | Very low |
| Q4 2024 | 0.8x | Very low |
CEG's net debt is about 2.4 years of its operating earnings (EBITDA), up from less than a year a year ago.
CEG Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 51.8 | Neutral |
| Stochastic | 37.7 | Neutral |
CEG's weekly RSI is 52 (neutral) and its Stochastic is 38 (neutral).
CEG PE vs Utilities Sector
| Metric | CEG | Sector median | Relative |
|---|---|---|---|
| PE | 23x | 20x | 11% above |
| PE % | 11 | 57 | 46 pts below |
CEG is trading at 23x earnings, a 11% premium to the Utilities sector's median of 20x.
CEG Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $267.3 | 5.6% above |
| 20 week MA | $268.0 | 5.4% above |
| 50 week MA | $288.6 | 2.1% below |
| 100 week MA | $293.3 | 3.7% below |
| 200 week MA | $220.5 | 28% above |
CEG's trend is mixed: it's above three of its five weekly moving averages, and 28% above its 200-week average.
CEG Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2022 | $46.8 | $88.0 | +88% |
| 2023 | $88.0 | $116.9 | +33% |
| 2024 | $116.9 | $226.5 | +94% |
| 2025 | $226.5 | $360.5 | +59% |
| 2026 YTD | $360.5 | $282.4 | -22% |
CEG has finished every year since 2022 higher, and it's down 22% so far in 2026.