CEG Constellation Energy Corporation - Common Stock When-Issued

NASDAQ · Utilities · View on SEC EDGAR ↗
$278.77
Price · Aug 18, 2026
Fundamentals as of Aug 6, 2026
52W Range
$229–$413
27% of range
Analyst Rating
BUY
29 analysts
Price Target
$348
+25% upside
P/E (TTM)
43.8
ROE
16.8%
Net Profit Margin
9.1%

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

Price
$278.77
Market Cap
$101.01B
P/E (TTM)
43.8
EPS (TTM)
$7.40
Revenue (TTM)
$25.53B
Div Yield
0.48%
ROE
16.8%
Debt/Equity
0.6
52W Range
$229 – $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%
43.8
23.3
P/S (TTM)
4-point trend, +274.2%
4.0
3.3
P/B
4-point trend, +196.7%
7.0
1.9
EV / EBITDA
4-point trend, +77.1%
18.7
—
Price / FCF
4-point trend, +1327.0%
78.4
—

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%
14.6%
ROA
4-point trend, +1338.2%
4.2%
2.7%
ROE
4-point trend, +1263.2%
16.8%
10.2%
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
—
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
0.48%
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 29 analysts
  • Strong Buy 5 17.2%
  • Buy 19 65.5%
  • Hold 5 17.2%
  • Sell 0 0.0%
  • Strong Sell 0 0.0%

12-Month Price Target

20 analysts · 2026-08-16
Median target $341.50 +22.5%
Mean target $348.45 +25.0%

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

Avg Surprise
-0.25%
Period EPS Actual EPS Est Surprise
June 30, 2026 $2.55 $2.30 0.25%
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 (GICS sub-industry) 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% —
FE $25.87B 25.4 12.0% 6.8% 8.2% —

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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Institutional owners (13F) 2,066 filers · $52.6B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
185 (-44 vs prior Q) 193 (-53 vs prior Q) 807 (-18 vs prior Q) 596 (-38 vs prior Q) +36.8M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
VANGUARD CAPITAL MANAGEMENT LLC $5,225,095,548 21,037,547 9.93% Shares
STATE STREET CORP $4,821,268,033 19,411,636 9.16% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $3,932,166,767 15,831,891 7.47% Shares
ECP ControlCo, LLC $3,569,133,280 14,370,227 6.78% Shares
Capital International Investors $3,146,117,602 12,657,149 5.98% Shares
GEODE CAPITAL MANAGEMENT, LLC $1,598,605,412 6,469,689 3.04% Shares
Capital Research Global Investors $1,429,529,897 5,750,152 2.72% Shares
JENNISON ASSOCIATES LLC $1,348,032,428 5,427,517 2.56% Shares
CANADA PENSION PLAN INVESTMENT BOARD $1,244,872,415 5,012,169 2.36% Shares
PeakShares LLC $1,166,594,000 4,697 2.22% Shares
Capital World Investors $1,102,568,239 4,438,215 2.09% Shares
FMR LLC $1,079,244,884 4,345,311 2.05% Shares
NORGES BANK $1,058,501,279 4,261,792 2.01% Shares
VICTORY CAPITAL MANAGEMENT INC $803,156,420 3,233,698 1.53% Shares
JANE STREET GROUP, LLC $750,226,422 3,020,600 1.43% Put option
COATUE MANAGEMENT LLC $652,150,822 2,625,723 1.24% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $625,957,970 2,520,264 1.19% Shares
VANGUARD FIDUCIARY TRUST CO $447,455,941 1,801,570 0.85% Shares
GOLDMAN SACHS GROUP INC $442,980,304 1,783,550 0.84% Shares
MORGAN STANLEY $435,526,017 1,753,537 0.83% Shares
CITADEL ADVISORS LLC $434,846,196 1,750,800 0.83% Put option
NEUBERGER BERMAN GROUP LLC $378,594,702 1,524,317 0.72% Shares
TEACHER RETIREMENT SYSTEM OF TEXAS $352,562,953 1,419,507 0.67% Shares
VAN ECK ASSOCIATES CORP $339,518,064 1,366,985 0.64% Shares
ALKEON CAPITAL MANAGEMENT LLC $266,783,655 1,074,138 0.51% Shares
BANK OF AMERICA CORP /DE/ $265,165,837 1,067,624 0.50% Shares
Rare Infrastructure Ltd $260,311,104 806,516 0.49% Shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ $240,332,250 967,638 0.46% Shares
CITADEL ADVISORS LLC $233,343,615 939,500 0.44% Call option
GCM Grosvenor Holdings, LLC $218,072,586 878,015 0.41% Shares
Swiss National Bank $215,717,044 868,531 0.41% Shares
California Public Employees Retirement System $214,614,530 864,092 0.41% Shares
Mitsubishi UFJ Asset Management Co., Ltd. $211,920,709 853,246 0.40% Shares
UBS Group AG $208,031,483 837,587 0.40% Shares
National Pension Service $205,990,130 829,368 0.39% Shares
JANE STREET GROUP, LLC $201,229,374 810,200 0.38% Call option
Pictet Asset Management Holding SA $197,512,269 795,234 0.38% Shares
UBS Group AG $197,151,139 793,780 0.37% Call option
ALLIANCEBERNSTEIN L.P. $195,175,923 698,929 0.37% Shares
REAVES W H & CO INC $187,149,281 753,510 0.36% Shares
Sumitomo Mitsui Trust Group, Inc. $185,576,848 747,179 0.35% Shares
DIMENSIONAL FUND ADVISORS LP $173,363,864 698,006 0.33% Shares
BlackRock, Inc. $172,850,369 695,939 0.33% Shares
Bank of New York Mellon Corp $171,017,896 688,561 0.32% Shares
Vanguard Global Advisers, LLC $170,862,168 687,934 0.32% Shares
Public Sector Pension Investment Board $166,557,419 670,602 0.32% Shares
NORDEA INVESTMENT MANAGEMENT AB $163,696,493 644,779 0.31% Shares
Railway Pension Investments Ltd $154,227,835 620,960 0.29% Shares
Legal & General Group Plc $151,597,595 610,370 0.29% Shares
Assenagon Asset Management S.A. $148,930,103 599,630 0.28% Shares
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND $142,584,001 574,079 0.27% Shares
VANGUARD ASSET MANAGEMENT, Ltd $142,396,482 573,324 0.27% Shares
Foxhaven Asset Management, LP $138,272,298 556,719 0.26% Shares
RAYMOND JAMES FINANCIAL INC $135,846,495 546,952 0.26% Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $131,693,183 471,596 0.25% Shares
RHUMBLINE ADVISERS $129,283,491 520,528 0.25% Shares
BARCLAYS PLC $125,573,886 505,592 0.24% Shares
Southpoint Capital Advisors LP $124,185,000 500,000 0.24% Shares
NEW YORK STATE COMMON RETIREMENT FUND $119,315,706 480,395 0.23% Shares
DAVENPORT & Co LLC $118,104,948 471,346 0.22% Shares
Empower Advisory Group, LLC $113,311,275 456,220 0.22% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $112,479,819 452,872 0.21% Shares
LPL Financial LLC $101,728,619 409,585 0.19% Shares
ENVESTNET ASSET MANAGEMENT INC $101,594,151 409,044 0.19% Shares
ProShare Advisors LLC $97,214,254 391,409 0.18% Shares
Aberdeen Group plc $95,275,725 383,604 0.18% Shares
River Road Asset Management, LLC $93,397,800 376,043 0.18% Shares
Jasper Ridge Partners, L.P. $93,214,503 375,305 0.18% Shares
M&G PLC $93,132,432 375,534 0.18% Shares
Capital International, Inc./CA/ $88,505,159 356,344 0.17% Shares
TORTOISE CAPITAL ADVISORS, L.L.C. $84,539,187 340,376 0.16% Shares
CIBC WORLD MARKETS CORP $83,775,508 237,143 0.16% Shares
PANAGORA ASSET MANAGEMENT INC $82,671,693 332,857 0.16% Shares
Walleye Trading LLC $82,260,144 331,200 0.16% Put option
AVIVA PLC $82,126,769 330,663 0.16% Shares
Migdal Insurance & Financial Holdings Ltd. $80,740,120 325,080 0.15% Shares
WOLVERINE TRADING, LLC $80,457,586 240,700 0.15% Put option
Caisse de depot et placement du Quebec $78,749,682 317,066 0.15% Shares
CBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC $74,154,837 298,566 0.14% Shares
KING LUTHER CAPITAL MANAGEMENT CORP $72,840,712 293,275 0.14% Shares
Electron Capital Partners, LLC $71,067,847 286,137 0.14% Shares
STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM $68,689,704 276,562 0.13% Shares
MILLENNIUM MANAGEMENT LLC $68,301,750 275,000 0.13% Put option
PEAK6 LLC $68,103,054 274,200 0.13% Put option
WELLINGTON MANAGEMENT GROUP LLP $66,593,958 268,124 0.13% Shares
NEOS Investment Management LLC $66,457,107 267,573 0.13% Shares
Korea Investment CORP $65,598,243 264,115 0.12% Shares
WOLVERINE TRADING, LLC $64,279,160 192,300 0.12% Call option
ADAGE CAPITAL PARTNERS GP, L.L.C. $62,682,875 252,377 0.12% Shares
Davidson Kempner Capital Management LP $62,315,040 250,896 0.12% Shares
Freestone Grove Partners LP $62,092,500 250,000 0.12% Shares
&PARTNERS $61,625,917 248,107 0.12% Shares
APG Asset Management N.V. $58,526,730 269,411 0.11% Shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE $57,131,061 230,024 0.11% Shares
Walleye Trading LLC $57,075,426 229,800 0.11% Call option
Cubist Systematic Strategies, LLC $56,501,319 171,700 0.11% Call option
Universal- Beteiligungs- und Servicegesellschaft mbH $56,461,026 228,148 0.11% Shares
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. $55,708,894 224,298 0.11% Shares
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC $54,168,077 193,977 0.10% Shares
Clark Capital Management Group, Inc. $53,472,145 215,292 0.10% Shares

Company insiders 24 insiders · 10 officers · 14 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Andrew R. Novotny Senior Executive Vice President, Constellation Power Operations, and President and CEO of Calpine Feb. 9, 2026 A 298,853 0 0 $0
Joseph Dominguez President & CEO Feb. 9, 2026 M 121,360 0 0 $0
Shane Patrick Smith EVP & Chief Financial Officer Feb. 9, 2026 M 3,685 0 0 $0
Daniel L. Eggers EVP & CFO Feb. 9, 2026 M 32,967 0 0 $0
Michael Koehler EVP & Chief Admin Officer March 1, 2026 M 53,289 0 0 $0
Matthew N Bauer SVP & Controller Feb. 9, 2026 M 5,725 0 0 $0
David O. Dardis EVP & General Counsel Feb. 9, 2026 M 27,803 0 0 $0
James Mchugh EVP & Chief Commercial Officer Feb. 9, 2026 M 57,585 0 0 $0
Bryan Craig Hanson EVP & Chief Generation Officer Feb. 9, 2026 M 65,609 0 0 $0
Kathleen Barron EVP & Chief Strategy Officer Oct. 29, 2025 M 39,749 0 0 $0
Charles L. Harrington Director June 30, 2026 A 1,555 0 0 $0
John M Richardson Director April 28, 2026 A 16,399 0 0 $0
Nneka Louise Rimmer Director April 28, 2026 A 4,475 0 0 $0
Drake Eileen P. Director April 28, 2026 A 1,555 0 0 $0
Khandpur K Ashish Director April 28, 2026 A 6,257 0 0 $0
Dhiaa M. Jamil Director April 28, 2026 A 1,705 0 0 $0
Julie Holzrichter Director April 28, 2026 A 6,257 0 0 $0
Bradley M Halverson Director April 28, 2026 A 6,257 0 0 $0
Yves C De Balmann Director April 28, 2026 A 51,340 0 0 $0
Robert J Lawless Director April 28, 2026 A 51,340 0 0 $0
Peter Oppenheimer Director Dec. 31, 2025 A 1,023 0 0 $0
Laurie Brlas Director Dec. 31, 2024 A 18,367 0 0 $0
Rhonda S Ferguson Director March 31, 2022 A 495 0 0 $0
Roger W Crandall — Aug. 11, 2026 P 1,693 1 0 $417,930

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 233 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
UTES · ETFis Series Trust I 10.86% 551,484 NS April 30, 2026 N-PORT
TNGY · Tortoise Capital Series Trust 6.38% 117,998 NS May 31, 2026 N-PORT
FUTY · FIDELITY COVINGTON TRUST 6.01% 471,901 NS April 30, 2026 N-PORT
IDU · iShares Trust 5.26% 273,583 SH Aug. 8, 2026 Daily
VPU · VANGUARD WORLD FUND 4.87% 2,108,211 SH Aug. 8, 2026 Daily
UPW · ProShares Trust 4.84% 3,240 NS May 31, 2026 N-PORT
TPZ · Tortoise Capital Series Trust 4.53% 20,246 NS May 31, 2026 N-PORT
UTSL · Direxion Shares ETF Trust 4.16% 5,783 NS April 30, 2026 N-PORT
PUI · Invesco Exchange-Traded Fund Trust 3.80% 7,692 SH Aug. 8, 2026 Daily
JXI · iShares Trust 3.76% 44,017 SH Aug. 8, 2026 Daily
RSPU · Invesco Exchange-Traded Fund Trust 3.61% 71,377 SH Aug. 8, 2026 Daily
POWR · iShares, Inc. 3.23% 56,379 SH Aug. 8, 2026 Daily
AIPO · Tidal Trust II 3.07% 80,116 NS May 31, 2026 N-PORT
ZAP · Global X Funds 2.89% 42,086 NS April 30, 2026 N-PORT
CBLS · Elevation Series Trust 2.72% 4,625 NS April 30, 2026 N-PORT
TCAI · Tortoise Capital Series Trust 2.69% 20,297 NS May 31, 2026 N-PORT
NUKZ · EXCHANGE TRADED CONCEPTS TRUST 2.60% 80,522 NS May 31, 2026 N-PORT
NBDS · Neuberger Berman ETF Trust 2.55% 3,201 NS May 31, 2026 N-PORT
IFRA · iShares Trust 2.47% 434,664 SH Aug. 8, 2026 Daily
CBSE · Elevation Series Trust 2.46% 3,765 NS April 30, 2026 N-PORT
IGF · iShares Trust 2.21% 906,085 SH Aug. 8, 2026 Daily
BDIV · ETF Series Solutions 2.07% 416 NS April 30, 2026 N-PORT
BKGI · BNY Mellon ETF Trust 2.01% 63,164 NS April 30, 2026 N-PORT
PJBF · PGIM ETF Trust 1.90% 774 NS May 29, 2026 N-PORT
ARTY · iShares Trust 1.78% 255,975 SH Aug. 8, 2026 Daily
VOT · VANGUARD INDEX FUNDS 1.77% 2,484,258 SH Aug. 8, 2026 Daily
QNXT · iShares Trust 1.75% 1,889 SH Aug. 8, 2026 Daily
VCLN · Virtus ETF Trust II 1.68% 343 NS April 30, 2026 N-PORT
AMOM · Exchange Listed Funds Trust 1.66% 1,621 NS April 30, 2026 N-PORT
TEC · Harbor ETF Trust 1.46% 316 NS April 30, 2026 N-PORT
PJFG · PGIM ETF Trust 1.45% 7,814 NS May 29, 2026 N-PORT
POW · Tidal Trust III 1.44% 3,394 NS May 31, 2026 N-PORT
WINN · Harbor ETF Trust 1.41% 49,117 NS April 30, 2026 N-PORT
NFRA · FlexShares Trust 1.40% 137,344 NS April 30, 2026 N-PORT
GURU · Global X Funds 1.16% 2,164 NS April 30, 2026 N-PORT
ELCV · Strategy Shares 1.07% 7,578 NS April 30, 2026 N-PORT
JHAI · Janus Detroit Street Trust 1.04% 680 NS April 30, 2026 N-PORT
FPWR · First Trust Exchange-Traded Fund IV 1.03% 883 NS April 30, 2026 N-PORT
EIPI · First Trust Exchange-Traded Fund VI… 1.01% 37,118 NS May 31, 2026 N-PORT
VUSE · ETF Series Solutions 1.01% 24,157 NS May 31, 2026 N-PORT
QQQE · Direxion Shares ETF Trust 1.00% 38,825 NS April 30, 2026 N-PORT
GEW · EA Series Trust 0.96% 4,724 NS May 29, 2026 N-PORT
TAX · EA Series Trust 0.95% 844 NS May 29, 2026 N-PORT
VO · VANGUARD INDEX FUNDS 0.78% 7,027,247 SH Aug. 8, 2026 Daily
BKDV · BNY Mellon ETF Trust II 0.77% 33,956 NS April 30, 2026 N-PORT
HAPI · Harbor ETF Trust 0.76% 11,374 NS April 30, 2026 N-PORT
CGCV · Capital Group Conservative Equity E… 0.75% 45,391 NS May 31, 2026 N-PORT
HIBL · Direxion Shares ETF Trust 0.74% 1,855 NS April 30, 2026 N-PORT
SPHB · Invesco Exchange-Traded Fund Trust … 0.65% 22,635 SH Aug. 8, 2026 Daily
QCLR · Global X Funds 0.59% 75 NS April 30, 2026 N-PORT