olivLaw · US equity research
Constellation Energy Corporation CEG
Electric Services · SIC 4911 · Vertical: Electric Services (SIC 4911)
Constellation Energy Corporation (CEG) presents itself as the largest private-sector power producer in the world, with 55 GW of capacity after its January 2026 merger with Calpine. The company operates the largest nuclear fleet in the US, at about 22 GW, and is a major competitive retail supplier to commercial, industrial and residential customers. For the second quarter of 2026 adjusted operating earnings were 2.55 USD per share, and full-year 2026 guidance was raised to 11.50-12.50 USD per share.
At the close of 03 Nov 2026, Constellation Energy Corporation (CEG) stock was 263.40 USD (+2.39% on the day), with market capitalisation 93.3 bn USD, P/E 25.7 on diluted EPS of 10.26 USD over the last 12 months, dividend yield 0.18%, beta 1.61, 52-week range 236.50–378.60 USD. Latest reported quarter (Q2 2026): revenue of 7.5 bn USD (+23.0% YoY), net income of 513.0 m USD (−38.9% YoY), diluted EPS 1.42 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 47.8
- neutral
- Bollinger (20, 2)
- 240.00 – 301.69
- in the lower half of the band · %B 0.38 · band width 22.8%
- SMA 50 / 200
- 272.12 / 279.40
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -3.86 / -3.24
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +2.3% | −2.0% | +4.3 pp | — |
| 3 months | −1.4% | −2.2% | +0.7 pp | — |
| 6 months | −17.8% | +4.3% | −22.1 pp | — |
| Year to date | −25.4% | +10.6% | −36.0 pp | — |
| 1 year | −30.3% | +10.5% | −40.7 pp | +1.2% |
| 3 years | +125.0% | +73.7% | +51.3 pp | +47.3% |
| 5 years | unavailable | +61.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6.6 bn | 5.4 bn | 6.8 bn | 6.1 bn | 6.6 bn | 6.1 bn | 11.1 bn | 7.5 bn |
| Operating income | 1.5 bn | 972.0 m | 451.0 m | 951.0 m | 1.1 bn | 598.0 m | 2.3 bn | 580.0 m |
| Depreciation & amortisation | 661.0 m ≈ | 651.0 m | 640.0 m | 660.0 m ≈ | 645.0 m ≈ | 656.0 m | 1.2 bn | 1.2 bn ≈ |
| Interest expense | 147.0 m | 90.0 m | 146.0 m | 118.0 m | 134.0 m | 113.0 m | 253.0 m | 283.0 m |
| Pre-tax income | 1.6 bn | 859.0 m | 151.0 m | 1.3 bn | 1.4 bn | 692.0 m | 2.1 bn | 900.0 m |
| Income tax | 449.0 m | 6.0 m | 22.0 m | 440.0 m | 466.0 m | 259.0 m | 530.0 m | 398.0 m |
| Net income | 1.2 bn | 852.0 m | 118.0 m | 839.0 m | 930.0 m | 432.0 m | 1.6 bn | 513.0 m |
| Diluted EPS | 3.82 | 2.73 ≈ | 0.38 | 2.67 | 2.97 | 1.38 ≈ | 4.49 | 1.42 |
| Operating cash flow | -112.0 m ≈ | -1.0 bn | 107.0 m | 1.5 bn ≈ | 1.8 bn ≈ | 805.0 m | 425.0 m | 1.1 bn ≈ |
| Capex | 552.0 m ≈ | 729.0 m | 806.0 m | 767.0 m ≈ | 390.0 m ≈ | 986.0 m | 1.3 bn | 1.2 bn ≈ |
| Dividends paid | 111.0 m ≈ | 111.0 m | 122.0 m | 122.0 m ≈ | 121.0 m ≈ | 121.0 m | 155.0 m | 154.0 m ≈ |
| Share repurchases | 0 ≈ | 0 | 0 | 400.0 m ≈ | 0 ≈ | 0 | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 54 percentile of its own 13-quarter history (min 18.8, median 24.7, max 47.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 17.6 bn | 19.6 bn | 24.4 bn | 24.9 bn | 23.6 bn | 25.5 bn |
| Revenue YoY | unavailable | +11.6% | +24.4% | +2.0% | −5.4% | +8.3% |
| Net income | 589.0 m | -205.0 m | -160.0 m | 1.6 bn | 3.7 bn | 2.3 bn |
| Net income YoY | unavailable | −134.8% | unavailable | unavailable | +131.0% | −38.1% |
| Diluted EPS | 0.00 | 0.00 | -0.49 | 5.01 | 11.89 | 7.40 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | +137.3% | −37.8% |
| net % | 3.3% | -1.0% | -0.7% | 6.5% | 15.9% | 9.1% |
| Free cash flow | -1.2 bn | -2.7 bn | -4.0 bn | -7.7 bn | -5.0 bn | 1.3 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.6 bn USD
- Financial debt
- 8.9 bn USD
- Net debt
- 5.3 bn USD
- Equity
- 14.9 bn USD
- Total assets
- 57.2 bn USD
- Debt / equity
- 0.60x
- Current ratio
- 1.53x
- ROE
- 16.3%
- ROA
- 4.2%
- FCF margin
- 5.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 17.6 bn | 19.6 bn | 24.4 bn | 24.9 bn | 23.6 bn | 25.5 bn | SEC (XBRL)· 24 Feb 2026verified |
| Operating income | 256.0 m | -346.0 m | 495.0 m | 1.6 bn | 4.4 bn | 3.1 bn | SEC (XBRL)· 24 Feb 2026verified |
| Depreciation & amortisation | 3.6 bn | 4.5 bn | 2.4 bn | 2.5 bn | 2.7 bn | 2.6 bn | SEC (XBRL)· 24 Feb 2026verified |
| EBITDA | 3.9 bn ≈ | 4.2 bn ≈ | 2.9 bn ≈ | 4.1 bn ≈ | 7.1 bn ≈ | 5.7 bn ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Interest expense | 328.0 m | 282.0 m | 250.0 m | 431.0 m | 506.0 m | 511.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Pre-tax income | 836.0 m | 152.0 m | -542.0 m | 2.4 bn | 4.5 bn | 3.5 bn | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | 249.0 m | 225.0 m | -388.0 m | 859.0 m | 774.0 m | 1.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Net income | 589.0 m | -205.0 m | -160.0 m | 1.6 bn | 3.7 bn | 2.3 bn | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | 0.00 | 0.00 | -0.49 | 5.01 | 11.89 | 7.40 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | 0 | 0 | 329.0 m | 324.0 m | 315.0 m | 314.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividend per share | — | — | 0.14 | 0.28 | 0.35 | 0.39 | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 226.0 m | 504.0 m | 422.0 m | 368.0 m | 3.0 bn | 3.6 bn | SEC (XBRL)· 24 Feb 2026verified |
| Receivables | — | 1.7 bn | 2.6 bn | 1.9 bn | 3.7 bn | 4.3 bn | SEC (XBRL)· 24 Feb 2026verified |
| Inventories | — | — | — | — | 1.6 bn | 1.7 bn | SEC (XBRL)· 24 Feb 2026verified |
| Current assets | — | 8.0 bn | 9.4 bn | 8.3 bn | 10.8 bn | 12.1 bn | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | — | 19.6 bn | 19.8 bn | 22.1 bn | 21.2 bn | 22.5 bn | SEC (XBRL)· 24 Feb 2026verified |
| Goodwill | — | — | 47.0 m | 425.0 m | 420.0 m | 420.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Intangibles (excl. goodwill) | — | 381.0 m | 343.0 m | 336.0 m | 236.0 m | 201.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | — | 48.1 bn | 46.9 bn | 50.8 bn | 52.9 bn | 57.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Accounts payable | — | 1.8 bn | 2.8 bn | 1.3 bn | 2.4 bn | 2.8 bn | SEC (XBRL)· 24 Feb 2026verified |
| Short-term debt | — | 2.1 bn | 1.2 bn | 1.6 bn | 0 | 1.7 bn | SEC (XBRL)· 24 Feb 2026verified |
| Long-term debt | — | 4.6 bn | 4.5 bn | 7.5 bn | 7.4 bn | 7.3 bn | SEC (XBRL)· 24 Feb 2026verified |
| Current liabilities | — | 8.0 bn | 7.8 bn | 6.3 bn | 6.8 bn | 7.9 bn | SEC (XBRL)· 24 Feb 2026verified |
| Total liabilities | — | 36.5 bn | 35.5 bn | 39.5 bn | 39.4 bn | 42.4 bn | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 14.7 bn | 11.6 bn | 11.4 bn | 11.3 bn | 13.5 bn | 14.9 bn | SEC (XBRL)· 24 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 584.0 m | -1.3 bn | -2.4 bn | -5.3 bn | -2.5 bn | 4.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Capex | 1.7 bn | 1.3 bn | 1.7 bn | 2.4 bn | 2.6 bn | 2.9 bn | SEC (XBRL)· 24 Feb 2026verified |
| Free cash flow | -1.2 bn ≈ | -2.7 bn ≈ | -4.0 bn ≈ | -7.7 bn ≈ | -5.0 bn ≈ | 1.3 bn ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Investing cash flow | 2.0 bn | 3.3 bn | 3.1 bn | 3.0 bn | 7.4 bn | -3.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | -2.7 bn | -1.7 bn | -799.0 m | 2.2 bn | -2.3 bn | -420.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividends paid | 0 | 0 | 185.0 m | 366.0 m | 444.0 m | 486.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Share repurchases | — | 0 | 0 | 992.0 m | 999.0 m | 400.0 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
3 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 50 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 93.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation26
- Returns30
- Quality46
- Balance sheet91
- Growth35
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 145.23 – 259.67 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
- Dividend discount (DDM)outside the aggregate5.10 – 6.85 (Mid 5.85)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
- Peers: EV/EBITDA145.23 – 249.63 (Mid 218.13)10 companies used · median multiple 12.2x · quartiles 9.1x – 13.6xAEP, CNP, D, EIX, ES, ETR, NEE, NRG, SO, VST
- Peers: P/E211.22 – 259.67 (Mid 236.32)11 companies used · median multiple 23.0x · quartiles 20.6x – 25.3xAEP, CNP, D, ES, ETR, FE, NEE, NRG, PPL, SO, VST
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 50/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.2% | 62 (vs peers) | 7% |
| Net margin · Quality | 11.1% | 31 (vs peers) | 7% |
| Revenue CAGR 3Y · Growth | 1.5% | 35 (on a fixed band) | 7% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 2.9x | 82 (vs peers) | 14% |
| Interest coverage · Balance sheet | 5.9x | 100 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.5x | 94 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 25.7x | 25 (vs peers) | 14% |
| EV/EBITDA · Valuation | 14.2x | 27 (vs peers) | 12% |
| Dividend yield · Returns | 0.2% | 0 (vs peers) | 16% |
| Payout ratio (EPS) · Returns | 4.5% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet91/100 · 3/3 factors with a value
- Growth· partial35/100 · 1/2 factors with a value
- Quality46/100 · 2/2 factors with a value
- Returns30/100 · 2/2 factors with a value
- Valuation26/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CONSTELLATION ENERGY CORPORATION (CEG). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 25.5 bn USD in 2025; YoY growth 8.3%; net margin 11.1%; ROE 15.3%; net debt/EBITDA 2.9x.
The estimated value range is 178.22–254.65 USD per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 227.23 USD, the price of 263.40 USD leaves a potential of -13.7% (value / price − 1) and a margin of safety of -15.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 50/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net debt / EBITDA: 2.9x
- Interest coverage: 5.9x
- Current ratio: 1.5x
- Payout ratio (EPS): 4.5%
What contradicts it
- P/E (TTM): 25.7x
- EV/EBITDA: 14.2x
- Dividend yield: 0.2%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y.
Versus the vertical median
Electric Services (SIC 4911) · same industry (4-digit SIC) · compared with 13 companies
Only companies with a capitalisation between 11.3 bn and 723.4 bn (within 8× of the company's); 39 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NEENextera Energy Inc | 175.9 bn | 21.4 | 15.6% | 31.5% | +9.8% | −2% / +44% |
| SOSouthern Co | 105.7 bn | 24.0 | 11.3% | 14.5% | +10.6% | +3% / +32% |
| CEGConstellation Energy Corporation | 93.3 bn | 25.7 | 15.3% | 11.1% | +8.3% | −30% / +125% |
| AEPAmerican Electric Power Company, Inc. | 70.7 bn | 19.0 | 12.8% | 16.9% | +10.9% | +5% / +63% |
| DDominion Energy, Inc | 58.7 bn | 19.8 | 10.5% | 16.9% | +14.2% | +6% / +47% |
| ETREntergy Corp | 49.9 bn | 27.7 | 11.1% | 13.6% | +9.0% | +12% / +115% |
| VSTVistra Operations Company LLC | 46.9 bn | 23.0 | 43.1% | 11.6% | +3.0% | −22% / +294% |
| CNPCenterpoint Energy Inc | 27.8 bn | 26.1 | 9.6% | 11.4% | +8.3% | +6% / +50% |
| FEFirstenergy Corp | 27.3 bn | 25.7 | 8.4% | 6.9% | +12.0% | −1% / +28% |
| PPLPPL Corp | 26.9 bn | 21.8 | 8.3% | 13.1% | +6.9% | −3% / +37% |
| ESEversource Energy | 26.0 bn | 17.9 | 9.1% | 10.4% | +13.8% | +3% / +16% |
| EIXEdison International | 22.9 bn | 6.3 | 20.8% | 19.6% | +9.8% | +1% / −11% |
| NRGNRG Energy, Inc | 20.2 bn | 24.9 | 23.8% | 2.6% | +9.2% | −43% / +101% |
| TLNTalen Energy Corporation | 15.5 bn | — | -16.7% | -6.4% | +22.0% | −9% / +523% |
1- and 3-year price returns: for CEG from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 143.94 Total return -45% · Per year -45% | 254.86 Total return -3% · Per year -3% | 384.42 Total return 46% · Per year 46% |
| 3 years | 131.32 Total return -50% · Per year -21% | 262.40 Total return 0% · Per year 0% | 435.76 Total return 66% · Per year 18% |
| 5 years | 119.80 Total return -54% · Per year -14% | 270.17 Total return 3% · Per year 1% | 493.96 Total return 89% · Per year 14% |
- Exit P/E± 65.60
- Net margin± 45.92
- Annual revenue growth± 38.82
- Annual dilution± 3.86
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Constellation Energy Corporation (CEG) presents itself as the largest private-sector power producer in the world, with 55 GW of capacity after its January 2026 merger with Calpine 2. The company operates the largest nuclear fleet in the US, at about 22 GW, and is a major competitive retail supplier to commercial, industrial and residential customers 1. For the second quarter of 2026 adjusted operating earnings were 2.55 USD per share, and full-year 2026 guidance was raised to 11.50-12.50 USD per share 3.
SWOT
Strengths
Weaknesses
- Revenues are exposed to price volatility in wholesale and retail markets, especially when gas prices or demand shift sharply 1.
- Integrating Calpine involves costs, possible unknown liabilities and the risk of losing key employees or customers 13.
- Unplanned nuclear outages and repair work reduced the capacity factor later in 2026 3.
Opportunities
- Demand from data centres and industry could support new long-term contracts, such as those in Texas and Pennsylvania 23.
- The Crane restart and extended licences for the New York units could add emissions-free capacity in the coming years 23.
- Tax provisions in the OBBBA may support investment in advanced nuclear, geothermal and carbon capture for gas generation 1.
Threats
- PJM market reforms and rules for large loads connected to plants could change fleet revenues in that region 12.
- Dependence on nuclear fuel and uranium supply chains is exposed to sanctions and the Russia-Ukraine conflict 1.
- A downgrade of the credit rating below investment grade would require more collateral and could raise borrowing costs 1.
Risks
- Power and fuel price volatilityhigh
Revenues can be affected by changes in fuel and power prices in wholesale and retail markets, especially for unhedged units 1.
- Regulation and PJM market reformhigh
Changes to market rules and to connection rules for large loads, and possible lack of clarity on outcomes, could affect capacity revenues 12.
- Calpine integrationmedium
The integration process is complex and costly and can expose the company to unknown liabilities, litigation and the loss of key personnel 13.
- Nuclear and operational risksmedium
Unplanned outages, security incidents or delays in NRC approvals could reduce output and raise decommissioning costs 13.
- Access to capital and credit ratinglow
If access to capital markets narrows or the rating falls below investment grade, the company could need more collateral and face higher financing costs 1.
Investment thesis
What would need to be true (bull case)
- If demand from data centres and long-term contracts with creditworthy customers strengthens, revenues could become more predictable and higher than in the past 23.
- The raised 2026 guidance and strong second-quarter results suggest the Calpine integration could add value if the synergies materialise 3.
- Legislative support for nuclear and the Crane restart could expand the emissions-free asset base if approvals are completed on time 13.
What would break the thesis
- If PJM reform or rules for large loads change capacity revenues, regional results could come in weaker than expected 12.
- If the Calpine integration faces unplanned costs or customer losses, revenue growth could be delayed 13.
- If nuclear outages extend or the capacity factor falls, output and profit could be hit 3.
What to watch
- Quarterly results and any update to 2026 guidanceQ3 2026
- Closing of the Brazos Valley sale to LS Power, subject to DOJ approval2026
- Restart approvals for Crane Clean Energy Center and the CIR transfer2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Constellation produces power from nuclear, natural gas, geothermal, hydro, wind and solar sources and sells electricity, natural gas and related energy products. Before the Calpine acquisition the company had 31,676 MW of owned capacity at 31 December 2025 1. The Calpine acquisition, for about 22 billion USD (later reported as 21.8 billion USD) 12, added about 23 GW of capacity and a retail platform with about 62 TWh of annual load 1.
The company was separated from Exelon on 1 February 2022 1. Revenues and profits are influenced by power prices in volatile markets, especially PJM, ERCOT and MISO, and by federal and state policies on nuclear energy and climate 12.
Market context
The US power market is shaped by natural gas prices, which usually set the marginal cost of electricity 1. Rising data-centre demand and PJM market reforms, including the extension of the capacity price collar, shape producer revenues in that region 12.
Retail competition and state regulation can change margins and volumes served 1. Federal policy favourable to nuclear, through the OBBBA and tax credits, supports the economic viability of the nuclear fleet 1.
Trends
- Rising demand from data centrestailwind
Electricity demand from data centres and industrial growth could lift revenues from long-term contracts, such as the agreements with Microsoft, Meta and CyrusOne 12.
- PJM market reformmixed
Proposed PJM capacity reforms and changes to rules for large loads could alter fleet revenues if customer-protection mechanisms or new connection rules change 12.
- Advances in storage and renewablesheadwind
Progress in batteries, solar and advanced nuclear could lower the cost of alternative supply and make some assets less competitive before the end of their useful lives 1.
- Policy support for nucleartailwind
Legislative support for nuclear, including the OBBBA and licence renewals, strengthens the economic outlook for the stations, although NRC rules and procedures can slow some projects 123.
Competitive position
Constellation competes with other independent power producers and retail suppliers in markets such as PJM, ERCOT and New York. The consulted sources do not name specific competitors or tickers, so the list below reflects only the categories mentioned in the filings.
In retail, barriers to entry can be low and competitors may push for market share when prices are low 1. In generation, the nuclear fleet and Calpine's gas assets give a cost and reliability profile that some rivals may not match 1.
- Independent power producers in PJM and ERCOT
Category named in the context of competition in energy markets with multiple participants; the sources do not identify specific companies.
- Competitive retail electricity suppliers
Competitors in the commercial and industrial and residential segments, most active when prices are low.
- Renewable generation operators
Indirect competition through solar, storage and wind, which can reduce demand for baseload power.
- Buyers of divested Calpine assets
Counterparties to asset-sale transactions, such as LS Power, which may acquire capacity from the Calpine portfolio.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Hanwha Systems wins SAR microsatellite constellation projectKorea Times — Business · 30 Oct 2026 · EN
- Hanwha Systems wins SAR microsatellite constellation projectYonhap News (KR, EN) · 30 Oct 2026 · EN
- Rassvet satellite constellation to comprise hundreds of spacecraft — Bureau 1440TASS (RU, EN) · 23 Oct 2026 · EN
- Chinese Satellite Constellation Extends Coverage to ArcticSixth Tone · 21 Oct 2026 · EN
- Korean microsatellite constellation captures first images within a day of launchKorea Times — Business · 15 Oct 2026 · EN
- S. Korean microsatellite constellation captures first images within a day of launchYonhap News (KR, EN) · 15 Oct 2026 · EN
- Google Secures 890 MW Of Nuclear Power from Constellation EnergyOil Price · 07 Oct 2026 · EN
- Modelo owner Constellation is getting creative to bring back beer drinkers as overall demand weakensCNBC — Top News · 07 Oct 2026 · EN
- Constellation Brands Down on Earnings; Intel Up on Terafab | Stock MoversBloomberg Markets · 07 Oct 2026 · EN
- Stocks making the biggest moves premarket: Constellation Brands, Flutter Entertainment, Neogen & moreCNBC — Top News · 07 Oct 2026 · EN
- (7th LD) Nuri rocket deploys 5 satellites for S. Korea's first microsatellite constellationYonhap News (KR, EN) · 07 Oct 2026 · EN
- (6th LD) Nuri rocket deploys 5 satellites for S. Korea's first microsatellite constellationYonhap News (KR, EN) · 07 Oct 2026 · EN
- Constellation Energy Surges 12% on Google Nuclear Power Deal | Closing BellBloomberg Markets · 06 Oct 2026 · EN
- Stocks making the biggest moves midday: Marvell, Moderna, Lamb Weston, Constellation Energy & moreCNBC — Top News · 06 Oct 2026 · EN
- Amazon Secures 20 Years of Nuclear Power From ConstellationOil Price · 01 Oct 2026 · EN
- Constellation, Amazon sign 20-year power deal to support Maryland nuclear plantCNA (Channel NewsAsia) · 30 Sept 2026 · EN
- Constellation (STZ) Brands Hit a 52-Week Low. Is the Corona-and-Modelo Machine Broken, or On Sale?Yahoo Finance — News · 22 Sept 2026 · EN
- Boeing (BA) Completes 13-Satellite O3b mPOWER Constellation — Here’s What It Means for Defense GrowthYahoo Finance — News · 20 Sept 2026 · EN
- I Own Constellation for the Nuclear Fleet, Not the AI Headlines. Here's Why That Matters Now.Yahoo Finance — News · 20 Sept 2026 · EN
- Constellation Energy Is Down 29% From Its Peak. Is the Nuclear Bull Case Still Intact?Yahoo Finance — News · 17 Sept 2026 · EN
SEC filings
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report05 Aug 2026Departure or appointment of officers · Financial statements and exhibits
- Current report14 Jul 2026Other events
- Current report02 Jun 2026Other events · Financial statements and exhibits
- Quarterly report11 May 2026
- Current report11 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report01 May 2026Shareholder vote
- Current report (amendment)20 Apr 2026Other events · Financial statements and exhibits
- Current report31 Mar 2026Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Constellation Energy Corporation · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Constellation Energy Corporation · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Constellation Energy Corporation · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.