Constellation Energy Corp
CEG · Electric Services · 361.2M shares · EDGAR filings ↗
Net buyback after stock comp: $814M (gross $992M, SBC $178M)
Grade
A85Largest U.S. clean/nuclear generation franchise with top-decile capital returns, surging revenue, and an irreplaceable asset base.
Strengths
- Top-decile returns — ROIC 97th pct, ROA 87th, ROE 16% (87th); FCF 95th pct and low net-debt/EBITDA (6.9th pct)
- Revenue +83% (98th pct) with a wide-moat, hard-to-replicate nuclear fleet supported by PTC
Risks
- Net income fell 38% (19.5th pct) and EBITDA/operating margins sit mid-pack (22nd–35th pct)
- Commodity-price, PJM market-design, and Calpine integration risks
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Strong balance sheetStrong balance sheet — $3.9B cash & investments
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
12.1%
Net margin
9.1%
Return on equity
16.0%
Return on assets
4.1%
ROIC
11.2%
Revenue growth (QoQ)
83.1%
Net-income growth
-38.1%
Debt / equity
0.5×
Net debt / EBITDA
0.6×
Current ratio
1.5×
Free cash flow
$1.3B
EBITDA
$5.7B
Tangible book value
$13.9B
Cash & investments
$3.9B
Stock comp / revenue
1.5%
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-02 | 2026-06-01 | 0001104659-26-069482 ↗ |
| 8-K | 2026-05-11 | 2026-05-11 | 0001868275-26-000063 ↗ |
| 10-Q | 2026-05-11 | 2026-03-31 | 0001868275-26-000067 ↗ |
| 8-K | 2026-05-01 | 2026-04-28 | 0001868275-26-000050 ↗ |
| 8-K/A | 2026-04-20 | 2026-04-17 | 0001104659-26-045036 ↗ |
| 8-K | 2026-03-31 | 2026-03-31 | 0001868275-26-000045 ↗ |
| 8-K | 2026-03-26 | 2026-03-23 | 0001868275-26-000041 ↗ |
| 8-K | 2026-03-20 | 2026-03-20 | 0001868275-26-000037 ↗ |
| 8-K | 2026-02-24 | 2026-02-24 | 0001868275-26-000029 ↗ |
| 10-K | 2026-02-24 | 2025-12-31 | 0001868275-26-000032 ↗ |
| 8-K/A | 2026-02-10 | 2025-09-23 | 0001868275-26-000016 ↗ |
| 8-K | 2026-01-15 | 2026-01-15 | 0001868275-26-000009 ↗ |