Latest Ratios: P/E Ratio 32.4x · EV/EBITDA 22.6x · ROE 16.3%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $86.6B | $110.9B | $70.5B | $37.9B | $28.3B | — | — | — | — | — | — |
| Enterprise Value | $91.8B | $116.2B | $75.9B | $46.8B | $33.6B | — | — | — | — | — | — |
| P/E Ratio → | 32.39 | 47.74 | 18.80 | 23.33 | — | — | — | — | — | — | — |
| P/S Ratio | 3.39 | 4.34 | 2.99 | 1.52 | 1.16 | — | — | — | — | — | — |
| P/B Ratio | 5.07 | 7.47 | 5.20 | 3.36 | 2.49 | — | — | — | — | — | — |
| P/FCF | 67.22 | 86.12 | 14.20 | — | 37.65 | — | — | — | — | — | — |
| P/OCF | 20.43 | 26.18 | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.55 | 3.22 | 1.88 | 1.38 | — | — | — | — | — | — |
| EV / EBITDA | 22.56 | 28.54 | 10.76 | 11.34 | 11.51 | — | — | — | — | — | — |
| EV / EBIT | 29.76 | 28.88 | 17.75 | 27.38 | 68.06 | — | — | — | — | — | — |
| EV / FCF | — | 90.19 | 15.28 | — | 44.77 | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 75.8% | 75.8% | 25.4% | 13.3% | 8.7% | 14.0% | 18.6% | 17.4% | 16.2% | 16.8% | 19.1% |
| Operating Margin | 12.1% | 12.1% | 18.5% | 6.5% | 2.0% | -1.8% | 1.5% | 7.0% | 4.8% | 5.1% | 4.6% |
| Net Profit Margin | 9.1% | 9.1% | 15.9% | 6.5% | -0.7% | -1.0% | 3.3% | 5.9% | 1.8% | 14.6% | 2.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.3% | 16.3% | 30.2% | 14.3% | -1.4% | -1.6% | 3.9% | 7.2% | 2.4% | 18.6% | 3.7% |
| ROA | 4.2% | 4.2% | 7.2% | 3.3% | -0.3% | -0.4% | 1.2% | 2.3% | 0.8% | 5.7% | 1.0% |
| ROIC | 11.9% | 11.9% | 16.7% | 6.5% | 2.1% | -1.3% | 0.8% | 4.2% | 3.0% | 3.0% | 2.7% |
| ROCE | 6.5% | 6.5% | 9.6% | 3.9% | 1.3% | -0.8% | 0.6% | 3.2% | 2.3% | 2.2% | 2.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.61 | 0.61 | 0.62 | 0.82 | 0.51 | 0.71 | 0.49 | 0.52 | 0.57 | 0.57 | 0.75 |
| Debt / EBITDA | 2.21 | 2.21 | 1.19 | 2.25 | 1.97 | 3.66 | 2.46 | 1.99 | 2.34 | 2.42 | 2.80 |
| Net Debt / Equity | — | 0.35 | 0.40 | 0.79 | 0.47 | 0.66 | 0.48 | 0.50 | 0.53 | 0.54 | 0.73 |
| Net Debt / EBITDA | 1.29 | 1.29 | 0.76 | 2.16 | 1.83 | 3.43 | 2.38 | 1.92 | 2.15 | 2.31 | 2.72 |
| Debt / FCF | — | 4.07 | 1.09 | — | 7.12 | 3.96 | — | 7.77 | 5.03 | 8.30 | 7.12 |
| Interest Coverage | 7.87 | 7.87 | 8.44 | 3.96 | 1.97 | 4.11 | 4.55 | 3.43 | 3.60 | 3.08 | 4.87 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.53 | 1.53 | 1.57 | 1.31 | 1.19 | 1.00 | 1.33 | 0.97 | 1.46 | 1.64 | 1.15 |
| Quick Ratio | 1.31 | 1.31 | 1.34 | 1.08 | 1.00 | 0.84 | 1.10 | 0.80 | 1.25 | 1.36 | 0.93 |
| Cash Ratio | 0.47 | 0.47 | 0.44 | 0.06 | 0.05 | 0.06 | 0.04 | 0.04 | 0.13 | 0.10 | 0.05 |
| Asset Turnover | — | 0.45 | 0.45 | 0.49 | 0.52 | 0.41 | 0.37 | 0.39 | 0.43 | 0.38 | 0.38 |
| Inventory Turnover | 3.55 | 3.55 | 10.99 | 14.41 | 14.82 | 13.12 | 11.83 | 12.38 | 14.11 | 12.82 | 11.71 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.6% | 0.4% | 0.6% | 1.0% | 0.7% | — | — | — | — | — | — |
| Payout Ratio | 21.0% | 21.0% | 11.8% | 22.6% | — | — | 294.4% | 79.9% | 270.5% | 24.3% | 190.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.1% | 2.1% | 5.3% | 4.3% | — | — | — | — | — | — | — |
| FCF Yield | 1.5% | 1.2% | 7.0% | — | 2.7% | — | — | — | — | — | — |
| Buyback Yield | 0.5% | 0.4% | 1.4% | 2.6% | 6.2% | — | — | — | — | — | — |
| Total Shareholder Yield | 1.1% | 0.8% | 2.0% | 3.6% | 6.8% | — | — | — | — | — | — |
| Shares Outstanding | — | $314M | $315M | $324M | $328M | $327M | $327M | $327M | $326M | $326M | $326M |
Regulatory and operational concentration
According to current market data, CEG trades at a forward P/E of 22.57, which appears to command a significant premium over traditional regulated utilities, reflecting investor confidence in the company's unique ability to provide firm, carbon-free baseload power to hyperscale data centers in a constrained market.
The valuation multiple suggests that the market is increasingly pricing CEG as a technology-enabling infrastructure asset rather than a standard merchant generator. Investors should monitor whether this premium remains sustainable if regulatory challenges to behind-the-meter co-location agreements intensify or if power price volatility compresses margins.
Based on the provided financial data, the company maintains a debt-to-capital ratio of 0.40 as of 2026Q1, a level that appears remarkably disciplined for a capital-intensive utility and provides management with the necessary balance sheet flexibility to fund ongoing nuclear fleet life extensions and asset reactivations.
This conservative capital structure serves as a critical buffer against the inherent volatility of merchant power markets. The healthy interest coverage ratio of 9.22x suggests that the company is well-positioned to manage its debt obligations even as it navigates the high capital expenditure requirements of its nuclear portfolio.
As reported in recent financial statements, the dividend yield remains modest at 0.6%, with a payout ratio of 9.7% in 2026Q1, indicating that management is prioritizing the retention of cash to fund aggressive capital reinvestment programs over immediate, high-yield distributions to shareholders.
The low payout ratio suggests that the dividend is well-covered, though the volatility in cash flow generation warrants caution regarding future growth. Investors should interpret this policy as a strategic choice to preserve liquidity for long-term asset longevity rather than a signal of financial distress.
Market participants frequently misapply traditional utility P/E multiples to CEG, which obscures the company's unique merchant risk profile and the scarcity value of its carbon-free nuclear fleet, potentially leading to an inaccurate assessment of its true earnings power and long-term growth trajectory in the current energy landscape.
Comparing CEG to rate-regulated utilities ignores the significant impact of market-based pricing and hedging activities on its net income. A more appropriate analytical framework would involve adjusting for non-cash mark-to-market distortions and evaluating the company through the lens of infrastructure scarcity rather than standard regulatory return-on-equity metrics.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying CEG stock.
Constellation Energy Corporation's current P/E ratio is 32.4x. The historical average is 30.0x. This places it at the 67th percentile of its historical range.
Constellation Energy Corporation's current EV/EBITDA is 22.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.5x.
Constellation Energy Corporation's return on equity (ROE) is 16.3%. The historical average is 8.8%.
Based on historical data, Constellation Energy Corporation is trading at a P/E of 32.4x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Constellation Energy Corporation's current dividend yield is 0.65% with a payout ratio of 21.0%.
Constellation Energy Corporation has 75.8% gross margin and 12.1% operating margin. Operating margin between 10-20% is typical for established companies.
Constellation Energy Corporation's Debt/EBITDA ratio is 2.2x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.