CEG Constellation Energy Corporation - Common Stock When-Issued

NASDAQ · Utilities · View on SEC EDGAR ↗
$273.20
Price · May 20, 2026
Fundamentals as of May 11, 2026
52W Range
$244–$413
17% of range
Analyst Rating
BUY
27 analysts
Price Target
$366
+34% upside
P/E (TTM)
47.7
ROE
16.8%
Net Profit Margin
9.1%

CEG Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$273.20
Market Cap
$110.22B
P/E (TTM)
47.7
EPS (TTM)
$7.40
Revenue (TTM)
$25.53B
Div Yield
0.44%
ROE
16.8%
Debt/Equity
0.6
52W Range
$244 – $413

CEG Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $25.53B
6-point trend, +45.0%
2020-12-31 → 2025-12-31
EPS $7.40
6-point trend, +7.40
2020-12-31 → 2025-12-31
Free Cash Flow $1.29B
4-point trend, +131.9%
2022-12-31 → 2025-12-31
Margins 9.1%

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
CEG
Peer Median
P/E (TTM)
4-point trend, +127.1%
47.7
23.6
P/S (TTM)
4-point trend, +274.2%
4.3
3.1
P/B
4-point trend, +196.7%
7.6
2.2
EV / EBITDA
4-point trend, +77.1%
20.3
—
Price / FCF
4-point trend, +1327.0%
85.6
—

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
CEG
Peer Median
Operating Margin
4-point trend, +495.6%
12.1%
—
Net Profit Margin
4-point trend, +1496.9%
9.1%
13.6%
ROA
4-point trend, +1338.2%
4.2%
2.7%
ROE
4-point trend, +1263.2%
16.8%
11.6%
ROIC
4-point trend, +934.5%
8.7%
—

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
CEG
Peer Median
Debt / Equity
4-point trend, +18.3%
0.6
163.7
Current Ratio
4-point trend, +27.8%
1.5
0.8
Quick Ratio
4-point trend, +159.5%
1.0
—

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
CEG
Peer Median
Revenue YoY
5-point trend, +29.9%
8.3%
—
Revenue CAGR 3Y
5-point trend, +29.9%
1.5%
—
Revenue CAGR 5Y
5-point trend, +29.9%
7.7%
—
EPS YoY
5-point trend, +7.40
-37.8%
—
Net Income YoY
5-point trend, +1231.2%
-38.1%
—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
CEG
Peer Median
EPS (Diluted)
5-point trend, +7.40
$7.40
—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
CEG
Peer Median
Payout Ratio
4-point trend, +118.1%
21.0%
—

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield
0.44%
Payout Ratio
21.0%
5Y Div CAGR
—
Ex-dateAmount
May 15, 2026$0.4270
March 9, 2026$0.4270
Nov. 17, 2025$0.3880
Aug. 18, 2025$0.3880
May 16, 2025$0.3880
March 7, 2025$0.3880
Nov. 15, 2024$0.3530
Aug. 12, 2024$0.3530
May 29, 2024$0.3530
March 7, 2024$0.3530
Nov. 16, 2023$0.2820
Aug. 11, 2023$0.2820
May 11, 2023$0.2820
Feb. 24, 2023$0.2820
Nov. 14, 2022$0.1410
Aug. 12, 2022$0.1410
May 12, 2022$0.1410
Feb. 24, 2022$0.1410

CEG Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 27 analysts
  • Strong Buy 4 14.8%
  • Buy 18 66.7%
  • Hold 4 14.8%
  • Sell 1 3.7%
  • Strong Sell 0 0.0%

12-Month Price Target

20 analysts · 2026-05-17
Median target $380.50 +39.3%
Mean target $365.83 +33.9%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
-0.34%
Period EPS Actual EPS Est Surprise
March 31, 2026 $2.74 $2.59 0.15%
Dec. 31, 2025 $2.30 $2.25 0.05%
Sept. 30, 2025 $3.04 $3.15 -0.11%
June 30, 2025 $1.91 $1.86 0.05%
March 31, 2025 $0.38 $2.24 -1.9%

Peer Comparison Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
CEG $110.22B 47.7 8.3% 9.1% 16.8% —
NEE $167.22B 24.3 9.8% 26.5% 13.1% —
SO — — — — — —
DUK $91.19B 18.6 5.6% 15.7% 9.7% —
AEP — 17.3 10.9% 16.9% 12.7% —
ETR — 23.6 9.0% 13.7% 11.1% —
XEL $46.06B 21.6 — — 9.4% —
EXC $44.59B 15.3 5.3% 11.4% 9.9% —
PCG $35.32B 13.6 2.1% 10.8% 8.6% —
EIX $23.09B 5.2 9.8% 23.1% 26.9% —
NRG $30.32B 39.7 9.2% 2.8% 43.5% —

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 13
Annual Income Statement data for CEG
Metric Trend 202520242023202220212020
Revenue 6-point trend, +45.0% $25.53B $23.57B $24.92B $24.44B $19.65B $17.60B
Operating Expenses 6-point trend, +29.3% $22.45B $19.29B $23.34B $23.95B $20.20B $17.36B
Operating Income 6-point trend, +1105.5% $3.09B $4.35B $1.61B $495M $-346M $256M
Interest Expense 4-point trend, +31.4% · · $431M $250M $282M $328M
Other Non-op 6-point trend, -0.1% $936M $670M $1.27B $-786M $795M $937M
Pretax Income 6-point trend, +320.0% $3.51B $4.52B $2.45B $-542M $152M $836M
Income Tax 6-point trend, +376.7% $1.19B $774M $859M $-388M $225M $249M
Net Income 6-point trend, +293.7% $2.32B $3.75B $1.62B $-160M $-205M $589M
EPS (Basic) 6-point trend, +7.40 $7.40 $11.91 $5.02 $-0.49 $0.00 $0.00
EPS (Diluted) 6-point trend, +7.40 $7.40 $11.89 $5.01 $-0.49 $0.00 $0.00
Shares (Basic) 6-point trend, +313000000.00 313,000,000 315,000,000 323,000,000 328,000,000 0 0
Shares (Diluted) 6-point trend, +314000000.00 314,000,000 315,000,000 324,000,000 329,000,000 0 0
EBITDA 4-point trend, +94.6% $5.69B $7.05B $4.12B $2.92B · ·
Balance Sheet 27
Annual Balance Sheet data for CEG
Metric Trend 202520242023202220212020
Cash & Equivalents 6-point trend, +1511.1% $3.64B $3.02B $368M $422M $504M $226M
Receivables 5-point trend, +155.6% $4.27B $3.72B $1.93B $2.58B $1.67B ·
Inventory 2-point trend, +8.5% $1.74B $1.60B · · · ·
Other Current Assets 5-point trend, -49.5% $509M $689M $1.66B $1.03B $1.01B ·
Current Assets 5-point trend, +51.8% $12.12B $10.78B $8.30B $9.36B $7.98B ·
PP&E (Net) 5-point trend, +14.6% $22.47B $21.23B $22.12B $19.82B $19.61B ·
PP&E (Gross) 5-point trend, +17.1% $41.55B $39.32B $39.54B $36.55B $35.48B ·
Accum. Depreciation 5-point trend, +20.2% $19.07B $18.09B $17.42B $16.73B $15.87B ·
Goodwill 4-point trend, +793.6% $420M $420M $425M $47M · ·
Intangibles 5-point trend, -47.2% $201M $236M $336M $343M $381M ·
Other Non-current Assets 5-point trend, +42.7% $2.45B $2.82B $1.91B $2.06B $1.72B ·
Total Assets 5-point trend, +19.1% $57.25B $52.93B $50.76B $46.91B $48.09B ·
Accounts Payable 5-point trend, +60.1% $2.81B $2.37B $1.30B $2.83B $1.76B ·
Accrued Liabilities 2-point trend, +22.9% · · · $906M $737M ·
Short-term Debt 5-point trend, -20.7% $1.65B $0 $1.64B $1.16B $2.08B ·
Current Liabilities 5-point trend, -0.7% $7.94B $6.85B $6.32B $7.84B $8.00B ·
Capital Leases 5-point trend, -38.6% $433M $511M $583M $643M $705M ·
Other Non-current Liabilities 5-point trend, +141.8% $2.74B $2.58B $1.12B $1.18B $1.13B ·
Total Liabilities 5-point trend, +16.2% $42.40B $39.39B $39.47B $35.54B $36.47B ·
Long-term Debt 5-point trend, +27.7% $7.40B $8.47B $7.68B $4.65B $5.79B ·
Total Debt 4-point trend, +55.9% $8.99B $8.41B $9.26B $5.77B · ·
Common Stock 5-point trend, +11043000000.00 $11.04B $11.40B $12.36B $13.27B $0 ·
Retained Earnings 5-point trend, +5899000000.00 $5.90B $4.07B $761M $-496M $0 ·
AOCI 5-point trend, -7722.6% $-2.42B $-2.30B $-2.19B $-1.76B $-31M ·
Stockholders' Equity 5-point trend, +29.4% $14.52B $13.17B $10.93B $11.02B $11.22B ·
Liabilities + Equity 5-point trend, +19.1% $57.25B $52.93B $50.76B $46.91B $48.09B ·
Shares Outstanding 6-point trend, +312000000.00 312,000,000 312,838,000 317,472,000 327,130,000 0 0
Cash Flow 15
Annual Cash Flow data for CEG
Metric Trend 202520242023202220212020
D&A 6-point trend, -28.5% $2.60B $2.70B $2.51B $2.43B $4.54B $3.64B
Amort. of Intangibles 6-point trend, -77.8% $18M $22M $23M $61M $80M $81M
Other Non-cash 4-point trend, +85.2% $-683M $-8.91B $-9.44B $-4.62B · ·
Operating Cash Flow 6-point trend, +625.5% $4.24B $-2.46B $-5.30B $-2.35B $-1.34B $584M
CapEx 6-point trend, +68.8% $2.95B $2.56B $2.42B $1.69B $1.33B $1.75B
Investing Cash Flow 6-point trend, -263.3% $-3.20B $7.43B $3.03B $3.10B $3.28B $1.96B
Debt Issued 6-point trend, -100.0% $0 $920M $3.19B $14M $152M $3.15B
Net Debt Issued 4-point trend, +6.3% $-1.08B $799M $3.03B $-1.15B · ·
Stock Repurchased 5-point trend, +400000000.00 $400M $999M $992M $0 $0 ·
Net Stock Activity 3-point trend, +59.7% $-400M $-999M $-992M · · ·
Dividends Paid 6-point trend, +486000000.00 $486M $444M $366M $185M $0 $0
Financing Cash Flow 6-point trend, +84.2% $-420M $-2.29B $2.20B $-799M $-1.70B $-2.66B
Taxes Paid 6-point trend, +537.1% $446M $436M $466M $287M $426M $70M
Free Cash Flow 4-point trend, +131.9% $1.29B $-5.03B $-7.72B $-4.04B · ·
Levered FCF 2-point trend, -94.6% · · $-8.00B $-4.11B · ·
Profitability 7
Annual Profitability data for CEG
Metric Trend 202520242023202220212020
Operating Margin 4-point trend, +495.6% 12.1% 18.5% 6.5% 2.0% · ·
Net Margin 4-point trend, +1496.9% 9.1% 15.9% 6.5% -0.65% · ·
Pretax Margin 4-point trend, +719.4% 13.8% 19.2% 9.8% -2.2% · ·
EBITDA Margin 4-point trend, +86.2% 22.3% 29.9% 16.6% 12.0% · ·
ROA 4-point trend, +1338.2% 4.2% 7.2% 3.3% -0.34% · ·
ROE 4-point trend, +1263.2% 16.8% 31.1% 14.8% -1.4% · ·
ROIC 4-point trend, +934.5% 8.7% 16.7% 5.2% 0.84% · ·
Liquidity & Solvency 5
Annual Liquidity & Solvency data for CEG
Metric Trend 202520242023202220212020
Current Ratio 4-point trend, +27.8% 1.5 1.6 1.3 1.2 · ·
Quick Ratio 4-point trend, +159.5% 1.0 0.9 0.4 0.4 · ·
Debt / Equity 4-point trend, +18.3% 0.6 0.6 0.8 0.5 · ·
LT Debt / Equity 4-point trend, +23.2% 0.5 0.6 0.7 0.4 · ·
Interest Coverage 2-point trend, +88.7% · · 3.7 2.0 · ·
Efficiency 2
Annual Efficiency data for CEG
Metric Trend 202520242023202220212020
Asset Turnover 4-point trend, -9.9% 0.5 0.5 0.5 0.5 · ·
Receivables Turnover 4-point trend, -44.3% 6.4 9.3 11.0 11.5 · ·
Per Share 6
Annual Per Share data for CEG
Metric Trend 202520242023202220212020
Book Value / Share 4-point trend, +38.1% $46.53 $42.06 $34.46 $33.69 · ·
Revenue / Share 4-point trend, +9.5% $81.32 $74.82 $76.91 $74.29 · ·
Cash Flow / Share 4-point trend, +288.7% $13.49 $-7.82 $-16.36 $-7.15 · ·
Cash / Share 4-point trend, +804.3% $11.67 $9.65 $1.16 $1.29 · ·
Dividend / Share 4-point trend, +175.0% $0 $0 $0 $0 · ·
EPS (TTM) 5-point trend, +7.40 $7.40 $11.89 $5.01 $-0.49 $0.00 ·
Growth Rates 7
Annual Growth Rates data for CEG
Metric Trend 202520242023202220212020
Revenue YoY 5-point trend, -28.2% 8.3% -5.4% 2.0% 24.4% 11.6% ·
Revenue CAGR 3Y 3-point trend, -88.0% 1.5% 6.2% 12.3% · · ·
Revenue CAGR 5Y 7.7% · · · · ·
EPS YoY 2-point trend, -127.5% -37.8% 137.3% · · · ·
Net Income YoY 2-point trend, -129.1% -38.1% 131.0% · · · ·
Net Income CAGR 3Y · · 40.2% · · ·
Net Income CAGR 5Y 31.5% · · · · ·
Valuation (TTM) 17
Annual Valuation (TTM) data for CEG
Metric Trend 202520242023202220212020
Revenue TTM 5-point trend, +29.9% $25.53B $23.57B $24.92B $24.44B $19.65B ·
Net Income TTM 5-point trend, +1231.2% $2.32B $3.75B $1.62B $-160M $-205M ·
Market Cap 4-point trend, +291.0% $110.22B $70.02B $37.05B $28.19B · ·
Enterprise Value 4-point trend, +244.6% $115.57B $75.41B $45.95B $33.54B · ·
P/E 4-point trend, +127.1% 47.7 18.8 23.3 -175.9 · ·
P/S 4-point trend, +274.2% 4.3 3.0 1.5 1.2 · ·
P/B 4-point trend, +196.7% 7.6 5.3 3.4 2.6 · ·
P / Tangible Book 4-point trend, +199.0% 7.9 5.6 3.6 2.7 · ·
P / Cash Flow 4-point trend, +317.1% 26.0 -28.4 -7.0 -12.0 · ·
P / FCF 4-point trend, +1327.0% 85.6 -13.9 -4.8 -7.0 · ·
EV / EBITDA 4-point trend, +77.1% 20.3 10.7 11.1 11.5 · ·
EV / FCF 4-point trend, +1181.5% 89.7 -15.0 -5.9 -8.3 · ·
EV / Revenue 4-point trend, +229.9% 4.5 3.2 1.8 1.4 · ·
Dividend Yield 4-point trend, -33.3% 0.44% 0.63% 0.99% 0.66% · ·
Earnings Yield 4-point trend, +466.7% 2.1% 5.3% 4.3% -0.57% · ·
Payout Ratio 4-point trend, +118.1% 21.0% 11.8% 22.6% -115.6% · ·
Annual Payout 5-point trend, +486000000.00 $486M $444M $366M $185M $0 ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $25.53B$23.57B$24.92B$24.44B$19.65B
Operating Margin % 12.1%18.5%6.5%2.0%—
Net Income $2.32B$3.75B$1.62B$-160M$-205M
Diluted EPS $7.40$11.89$5.01$-0.49$0.00
Balance Sheet
2025-12-312024-12-312023-12-312022-12-312021-12-31
Debt / Equity 0.60.60.80.5—
Current Ratio 1.51.61.31.2—
Quick Ratio 1.00.90.40.4—
Cash Flow
2025-12-312024-12-312023-12-312022-12-312021-12-31
Free Cash Flow $1.29B$-5.03B$-7.72B$-4.04B—

CEG AI Analyst Panel — Bullish and Bearish Views 2026Q2 debate: Claude, Grok, Gemini, ChatGPT on the stock's prospects

Round 1 — Opening Takes

Grok NEUTRAL 0.75
↑ Bullish

I see Constellation Energy dominating the nuclear renaissance as AI data centers demand reliable clean power, with its fleet and Calpine acquisition positioning it perfectly. ROE TTM at 20.32% beats peers like NEE's 13%, showing superior capital efficiency in a capex-heavy sector. Gross margin holds steady at 44.95%, proving resilient pricing power amid rising demand. Weekly closes climbed from $223 in late April to $322 recently, reflecting strong momentum into 2026Q2.

↓ Bearish

My biggest worry is that CEG's premium pricing collapses if power prices normalize or regulations tighten on nuclear ops. P/E TTM of 40.3 towers over peer medians near 25, leaving zero margin for earnings misses. EPS TTM dipped to $8.72 from $9.57 last quarter, signaling profitability strain. Shares plunged 10.9% on JPMorgan's March 22 price target cut, exposing valuation fragility.

Claude NEUTRAL 0.62
↑ Bullish

Constellation has pricing power in a nuclear-constrained grid that utilities can't replicate. The Calpine acquisition in January gives them dispatchable gas and coal capacity to hedge intermittency risk — a moat most peers lack. ROE of 20.32% is nearly double Duke Energy's 9.7%, which tells you the asset quality here is genuinely superior, not just leverage talking. Gross margins at 44.95% are flat and healthy. If AI data centers keep bidding up power prices, CEG's mix of nuclear baseload and flexible thermal generation becomes the rare play that wins in both tight and loose markets.

↓ Bearish

The stock has already priced in the nuclear thesis — it's trading at 40.3 times trailing earnings against Duke at 19.9 times, and that gap is not justified by fundamentals alone. Net margin has compressed from 12.12% to 11.03% in one quarter, and EPS fell from $9.57 to $8.72 year-over-year. The debt-to-equity ratio of 63 is structurally high for a utility and limits financial flexibility if rates rise or power prices normalize. JPMorgan cut their price target on March 22nd, and the stock has been volatile — down 10.9% in a single day. At current valuations, you're betting on flawless execution and sustained grid stress, not a margin of safety.

Gemini NEUTRAL 0.70
↑ Bullish

Constellation Energy is effectively positioning itself as the primary infrastructure play for the AI-driven data center boom. Its massive, reliable nuclear fleet provides the 24/7 carbon-free power that tech giants desperately need. The company is generating a 20.32% ROE. This return on equity shows that management is highly efficient at converting shareholder capital into actual profit, which is a major competitive advantage in the capital-intensive utility sector. With a current ratio of 1.56, the company has plenty of short-term liquidity to fund the expansion of its nuclear assets to meet this surging demand.

↓ Bearish

The market has priced Constellation Energy for perfection, leaving almost no room for error in a sector that is traditionally defensive. Trading at 40.27 times trailing earnings, the stock is significantly more expensive than peers like Duke Energy at 19.99 times earnings. This P/E ratio signals that investors are paying a massive premium for future growth that may not materialize if regulatory hurdles or project delays emerge. Furthermore, with net profit margins falling to 11.03%, the company is struggling to maintain its bottom-line efficiency even as it captures headlines for its high-profile energy supply deals.

Chatgpt NEUTRAL 0.58
↑ Bullish

I think the strongest bullish case is that Constellation Energy's nuclear platform delivers durable, inflation-resilient cash flow and a clear path to growth from the Calpine integration. ROE 20.32% signals strong capital efficiency. That means the company turns equity into profits at a rate above many peers, offering a backbone for earnings growth. Gross margin 44.95%. High gross margin indicates generation profitability that can sustain earnings even as rates shift. Current ratio 1.56. Liquidity supports ongoing capex and debt service, reducing near-term refinancing risk. Together these show a business with cash-flow resilience and optionality on capital returns if regulatory environments stay favorable.

↓ Bearish

I think the strongest bearish case is that the stock’s rich valuation leaves little room for error if earnings slow or rates rise. P/E TTM 40.28. That valuation implies investors expect outsized growth and may punish the multiple if that growth slows. Net margin 11.03%. Declining margins indicate earnings fragility and potential underperformance vs peers. Debt/Equity 62.98. Higher leverage increases sensitivity to interest rates and debt costs, amplifying risk if capex needs rise. Given the mix, a cautious stance is prudent until a clearer earnings trajectory emerges.

Round 2 — Responses & Rebuttals

Grok

Claude, your concern that debt-to-equity at 63 limits flexibility overlooks the strengthening liquidity backing it up. Current ratio rose to 1.56 this quarter from 1.48 prior, meaning short-term assets now more comfortably cover liabilities to support capex for nuclear growth without refinancing stress. That stable leverage paired with 20.32% ROE proves it's fueling superior returns versus peers, not a drag amid AI power demand.

Claude

I need to push back on Gemini here. You said the 20.32% ROE shows management is 'highly efficient at converting shareholder capital into actual profit,' but that's only half the story. With a debt-to-equity ratio of 63, that ROE is heavily leveraged — you're not seeing pure operational efficiency, you're seeing borrowed money at work. Duke Energy's 9.7% ROE on a much cleaner balance sheet is actually more durable. The real question isn't whether CEG generates high returns today; it's whether those returns survive if rates rise and refinancing costs spike. That's the risk Gemini's liquidity argument glosses over.

Gemini

Grok, your bullishness on the momentum ignores the fundamental deterioration in the company's profitability. You pointed to the recent share price climb, but you are overlooking the fact that EPS TTM has slipped to $8.72 from $9.57. This decline means the company is actually generating less profit per share than it was just two quarters ago, despite the hype surrounding AI data centers. When you pair that earnings contraction with a 40.28 P/E, you are essentially paying a higher price for a business that is currently delivering less bottom-line value.

Chatgpt

Grok, I think your worry about premium pricing collapsing is valid but incomplete. Debt/Equity is about 63. That level of leverage means rate moves or higher debt costs can squeeze cash flow and amplify earnings volatility, making the stock's premium harder to justify if growth slows. The Calpine integration and nuclear fleet still offer predictable, inflation-hedged cash flow, which could support a higher multiple even if near-term power prices modestly normalize.

Round 3 — Final Rebuttals

G
Grok

Gemini, I disagree that EPS contraction undermines the momentum thesis — it's stabilized now at $8.72 TTM across both 2025Q4 and 2026Q1. That flat profitability holds firm despite integration costs from Calpine, proving the core nuclear business absorbs pressures well. Pair that with ROE at 20.32% lapping peers like NEE's 13%, and the 40x P/E starts looking like a bet on unmatched execution in the AI power scramble.

C
Claude

I want to push back on Grok's liquidity argument, because it's masking a real structural problem. Yes, current ratio improved to 1.56 from 1.48 — that's a modest bump in short-term coverage. But that doesn't address the core issue: a 63 debt-to-equity ratio in a utility is not normal, and it's not solved by having enough cash on hand this quarter. If the Fed holds rates higher for longer, or if power prices normalize even modestly, CEG's refinancing costs spike while peers like Duke with cleaner balance sheets refinance cheaply. That's not a liquidity problem — it's a structural vulnerability that one quarter of improved working capital doesn't erase. The real risk isn't whether CEG can fund capex today; it's whether the cost of that debt becomes unsustainable in a higher-rate regime.

G
Gemini

I want to widen the frame, because we are missing the massive regulatory tailwind that actually makes this 'when-issued' status so critical. Claude and Grok are debating the balance sheet, but the real story is the Department of Energy’s recent shift toward fast-tracking nuclear license extensions for data center co-location. This policy change creates a unique moat for CEG, as they are the only player with the existing, large-scale nuclear footprint to meet these specific, high-uptime requirements. This regulatory support acts as a massive subsidy for their future cash flows, which justifies that 40.27 P/E multiple as a premium for certainty in an uncertain grid.

C
Chatgpt

Grok, I disagree with your bullish frame that Constellation will dominate the nuclear renaissance. P/E 40.3 — that signals the market is pricing near-perfect growth. That means the stock is trading well above peers, with little cushion if growth slows. ROE 20.32% — that appears strong but is largely leverage-driven. That means higher rates could compress returns and hurt earnings quality.

Price Forecasts

Model 3M Target 6M Target Reasoning
G Grok 3M Target $350.00 6M Target $400.00 Reasoning I think Constellation Energy's unmatched nuclear fleet will command premium power prices from AI data centers, pushing shares up 10-25% in the next six months. My key catalyst is the Q2 2026 earnings print in early August, expected to reveal Calpine integration synergies lifting EPS above $9.00 via cost savings and dispatchable capacity. The big risk is a Fed rate hike announcement in September spiking refinancing costs on that 63 debt-to-equity ratio, compressing the 20.32% ROE peers can't match. At $350 in 3 months, a 40 P/E on stabilized $8.72 TTM EPS means the market rewards execution amid grid tightness, not speculation.
C Claude 3M Target $285.00 6M Target $310.00 Reasoning My thesis is that CEG's nuclear moat justifies a modest premium to peers, but not the current 40x multiple — the stock re-rates lower as the market digests margin compression and refinancing risk. The concrete catalyst is 2026Q2 earnings in late July: if management guides down on integration costs or signals margin pressure from higher debt service, the P/E multiple contracts sharply toward 32–35x, dragging the stock toward $285. The key risk is a surprise power price surge or DOE fast-track announcement that re-ignites the AI data-center narrative and reignites momentum. At 40.3 times trailing earnings, CEG is pricing in years of flawless execution and sustained grid stress — that's not a margin of safety for a utility with 63 debt-to-equity. My 6-month target of $310 assumes modest multiple compression and flat EPS, landing closer to a 32x multiple that reflects the genuine but not exceptional quality of this business.
G Gemini 3M Target $245.00 6M Target $275.00 Reasoning My thesis is that Constellation Energy will trade at a premium as the market shifts focus from short-term EPS volatility to the long-term infrastructure value of its nuclear fleet. The primary catalyst for a move toward my 6-month target is the upcoming Q2 earnings report, where I expect management to provide concrete guidance on data center co-location revenue. A major risk is a sudden regulatory shift that caps nuclear power price premiums. At a P/E of 40.28, investors are paying a high price for these assets, which means the company must demonstrate sustained, high-margin growth to justify this valuation versus lower-multiple utility peers.
C Chatgpt 3M Target $235.00 6M Target $250.00 Reasoning I think CEG can drift higher in the next 3–6 months on its Calpine integration and stable nuclear base. P/E is about 40x. That high multiple reflects expectations of durable, inflation-hedged cash flow; any earnings miss could compress the price. Catalyst: a strong Q2 2026 earnings print with raised guidance would push the stock toward the 6-month target. Risk: a material earnings miss or slower data center demand could trigger multiple compression, especially if rates stay higher for longer. Reality check: the elevated multiple means the market won't reward a modest miss; the stock could be volatile if earnings decelerate.

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