Constellation Energy Corporation (CEG) Stock Price & Analysis
Constellation Energy Corporation (CEG) closed at USD 255.21 on Thursday, October 22, 2026, down 5.74% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 270.74; the Oct 22, 2026 session ranged USD 253.37–269.02 on volume of 3,964,628 shares. Market capitalization is $90.42B, with a 52-week range of USD 228.63–406.04 (NMS). Source: Nexqual, retrieved October 23, 2026 at 09:49 UTC.
Also available as compact Markdown for AI agents: nexqual.com/CEG.md
Key facts (CEG)
- Last four reported quarters (through Jun 30, 2026): revenue $31.3B, net income $3.46B (11.1% margin), free cash flow $309M (SEC filings).
- Valuation: P/E 26.1x (avg 30.0x at the last 3 fiscal year-ends), EV/EBITDA 13.2x, net debt $18.8B.
- 2 of 80 tracked superinvestors hold CEG (13F, Q2 2026): 0 new, 2 added, 0 reduced, 0 unchanged.
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $418K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.92 on a 1–5 scale) (25 analysts), mean target USD 338.07 (range 238–395).
- Total return with dividends: 1Y -29.8% vs S&P 500 +14.9%; 5Y +489.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-09, EPS estimate USD 3.71, revenue estimate $9.29B.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (CEG)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $19.6B | $24.4B | $24.9B | $23.6B | $25.5B | $31.3B |
| Operating income | -$346M | $495M | $1.61B | $4.35B | $3.09B | $4.60B |
| Net income | -$205M | -$160M | $1.62B | $3.75B | $2.32B | $3.46B |
| EPS (diluted) | $0.00 | -$0.49 | $5.01 | $11.89 | $7.40 | — |
| Free cash flow | -$2.67B | -$4.04B | -$7.72B | -$5.03B | $1.29B | $309M |
| Operating margin | -1.8% | 2.0% | 6.5% | 18.5% | 12.1% | 14.7% |
| Net margin | -1.0% | -0.7% | 6.5% | 15.9% | 9.1% | 11.1% |
| Revenue growth | +11.6% | +24.4% | +2.0% | -5.4% | +8.3% | — |
| Cash + short-term investments | $504M | $422M | $368M | $3.02B | $3.64B | — |
| Total debt | $5.79B | $4.65B | $7.68B | $8.47B | $7.40B | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (CEG)
P/E 26.1x · P/S 2.9x · EV/EBITDA 13.2x · EV/Sales 3.5x · P/FCF 292.6x · P/B 2.8x · FCF yield 0.34% · Earnings yield 3.83% · Dividend yield (paid, TTM) 0.61% · Net debt $18.8B · EV $109B
P/E at fiscal year-ends: Dec 2025 47.8x, Dec 2024 18.8x, Dec 2023 23.3x.
Superinvestors (SEC 13F-HR, Q2 2026) (CEG)
2 of 80 tracked investors hold CEG. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Torray Funds | 3.61% | $26.8M | Added +17.1% | |
| Dennis Hong | ShawSpring Partners | 3.04% | $7.1M | Added +22.8% |
Insider purchases (SEC Form 4, open-market, last ~7 months) (CEG)
1 purchase, $418K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-11 | Crandall Roger W | Director | 1,500 | $418K | 278.62 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Analysts (CEG)
Consensus Buy (mean 1.92 on a 1–5 scale), 25 analysts; mean target USD 338.07 (low 238, high 395).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | HSBC | Initiated | Buy | $335 |
| 2026-10-21 | Morgan Stanley | Target raised | Overweight | $369 → $378 |
| 2026-10-16 | CIBC | Initiated | Outperformer | $358 |
| 2026-10-06 | Bernstein | Reiterated | Outperform | $296 |
| 2026-09-18 | Morgan Stanley | Target raised | Overweight | $364 → $369 |
| 2026-08-21 | Morgan Stanley | Target lowered | Overweight | $366 → $364 |
| 2026-08-11 | Argus Research | Target lowered | Buy | $350 → $325 |
| 2026-07-28 | UBS | Target lowered | Buy | $388 → $380 |
| 2026-07-28 | Barclays | Target lowered | Overweight | $358 → $324 |
| 2026-07-27 | TD Cowen | Target lowered | Buy | $381 → $368 |
| 2026-07-27 | Wells Fargo | Target lowered | Overweight | $384 → $362 |
| 2026-07-01 | Citigroup | Target lowered | Neutral | $348 → $297 |
Total return (dividends reinvested) (CEG)
| 1Y (from 2025-10-23) | 5Y (from 2022-01-17) | |
|---|---|---|
| Total return | -29.8% | +489.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -29.9% | +45.1% |
| Volatility (annualized) | 48.9% | 47.2% |
| Max drawdown | -40.9% (Oct 2025→Jul 2026) | -50.7% (Jan 2025→Mar 2025) |
CEG revenue by business segment (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Calpine | $2.15B | 28.6% | — |
| Midwest | $1.57B | 20.9% | +2.9% |
| Mid-Atlantic | $1.55B | 20.7% | +7.4% |
| Other Power Regions | $964.0M | 12.8% | -18.2% |
| New York | $564.0M | 7.5% | +5.4% |
| ERCOT | $446.0M | 5.9% | -3.9% |
| Total revenue | $7.50B | 100% | — |
CEG revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Power Revenue | $5.36B | 71.4% | +12.7% |
| Gas Revenue | $327.0M | 4.4% | +1.9% |
| Other Revenue | $161.0M | 2.1% | +78.9% |
| Total revenue | $7.50B | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
CEG suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Calpine | “Calpine's retail energy platform adds approximately 62 TWhs of annual load to our business, and allows us to expand our C&I and residential customer base, creating incremental sales channels across the country.” |
Quoted from the company's 10-K filed Feb 24, 2026.
CEG company outlook (results filed Aug 6, 2026)
- “We expect the transaction to close by the end of this year. • License renewal applications for two New York nuclear units: We have filed license renewal applications with the NRC to extend the operations of the Ginna Clean Energy Center and the Nine Mile Point Unit 1 reactor in upstate New York to 2049.”
Quoted word-for-word from the SEC 8-K results press release.
CEG analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $3.71 | $3.74 | -0.7% | $9.29B | 11 |
| Next quarter (ends Dec 2026) | $3.11 | $2.81 | +10.7% | $8.83B | 11 |
| Current fiscal year (ends Dec 2026) | $12.11 | $11.77 | +2.9% | $35.85B | 21 |
| Next fiscal year (ends Dec 2027) | $13.31 | $13.58 | -2.0% | $37.16B | 21 |
CEG options: expected move
Options price a move of about ±10.8% (±$27.60) by Nov 13, 2026, which includes earnings on Nov 9, 2026; the earnings reaction alone is priced at about ±4.5%. Over the last 8 reports the stock moved ±4.8% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Oct 30, 2026 | 7 | 47.4% | ±5.6% |
| Nov 6, 2026 | 14 | 51.5% | ±8.3% |
| Nov 13, 2026 | 21 | 55.2% | ±10.8% |
| Nov 20, 2026 | 28 | 52.1% | ±11.7% |
| Nov 27, 2026 | 35 | 50.8% | ±12.7% |
| Dec 4, 2026 | 42 | 51.6% | ±14.1% |
| Dec 18, 2026 | 56 | 49.1% | ±15.7% |
| Jan 15, 2027 | 84 | 47.6% | ±18.5% |
30-day implied volatility 51.6% vs 58.8% realized over the last 30 trading days. Put/call ratio (volume) 1.87. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 09:49 UTC)
| Price | USD 255.21 |
|---|---|
| Change | ▼ 5.74% (down) |
| Previous Close | USD 270.74 |
| Open | USD 269 |
| Day Range | USD 253.37 – 269.02 |
| 52-Week Range | USD 228.63 – 406.04 |
| Volume | 3,964,628 shares |
| Market Cap | $90.42B |
| Exchange | NMS |
Technical Analysis (CEG)
Nexqual's technical model rates CEG "SELL" based on 1 bullish and 5 bearish signals across 127 daily candles, as of October 23, 2026 at 09:49 UTC.
| Overall Signal | SELL |
|---|---|
| RSI (14) | 38.31 (neutral) |
| vs SMA50 | Below (USD 274.7) |
| MACD | -1.83 (negative) |
Analyst Ratings (CEG)
Wall Street analysts rate CEG "Buy" based on 25 analysts, with a mean price target of USD 338.07 (range USD 238–395), per Nexqual as of October 23, 2026 at 09:49 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 25 |
| Mean Target | USD 338.07 |
| High Target | USD 395 |
| Low Target | USD 238 |
| Buy / Hold / Sell | 21 / 4 / 0 |
Earnings (CEG)
| Next Earnings Date | 2026-11-09 |
|---|---|
| EPS Estimate | USD 3.71 |
| Revenue Estimate | $9.29B |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 2.55 vs est 2.28 ▲ beat |
| 2026-03-31 | USD 2.74 vs est 2.6 ▲ beat |
| 2025-12-31 | USD 2.3 vs est 2.25 ▲ beat |
| 2025-09-30 | USD 3.04 vs est 3.12 ▼ miss |
Source: Nexqual, October 23, 2026 at 09:49 UTC.
Financials & Fundamentals (CEG)
| Total Revenue | $31.27B |
|---|---|
| Revenue Growth (latest quarter, YoY) | +23.00% |
| Gross Margin | +22.11% |
| Operating Margin | +8.66% |
| Profit Margin | +11.08% |
| ROE | +15.06% |
| Debt / Equity | 0.76 |
| Current Ratio | 1.46 |
| Total Cash | $697.00M |
| Total Debt | $24.70B |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | $309.00M (1.0% of revenue) |
Source: Nexqual, October 23, 2026 at 09:49 UTC.
Financial Health Score (CEG)
Nexqual rates Constellation Energy Corporation's overall financial health "Mixed" across five dimensions, as of October 23, 2026 at 09:49 UTC.
| Growth | Solid — Revenue +8% YoY (annual) |
|---|---|
| Profitability | Mixed — Gross margin 22%, operating 9% (last 12 months) |
| Balance Sheet | Mixed — $697M cash and investments vs $19.5B debt (Jun 2026, SEC) |
| Cash Flow | Mixed — FCF $309M (last 4 quarters to Jun 2026, SEC), slim 1.0% margin |
| Efficiency | Solid — ROE 15%, ROA 3.9% |
Ownership (CEG)
| Insider Ownership | +0.34% |
|---|---|
| Institutional Ownership | +82.92% |
| Shares Outstanding | 354.31M |
| Float | 353.15M |
| Short % of Float | +3.74% |
Source: Nexqual, October 23, 2026 at 09:49 UTC.
Leadership (CEG)
Constellation Energy Corporation is led by Joseph Dominguez, President, CEO & Chairman, per Nexqual as of October 23, 2026 at 09:49 UTC.
| President, CEO & Chairman | Joseph Dominguez |
|---|---|
| Senior Executive Vice President of Finance & Data Economy | Daniel L. Eggers C.F.A. |
| Executive VP & CFO | Shane P. Smith |
| Vice President of Investor Relations | Tim Flottemesch |
Major Backers & Investors (CEG)
Notable institutional backers of Constellation Energy Corporation include ECP ControlCo, LLC, Capital International Investors, Invesco, according to Nexqual as of October 23, 2026 at 09:49 UTC.
Active Investors
| Investor | Stake |
|---|---|
| ECP ControlCo, LLC | 4.06% |
| Capital International Investors | 3.57% |
| Invesco | 3.14% |
| Morgan Stanley | 2.55% |
| WASHINGTON MUTUAL INVESTORS FUND | 2.38% |
| FMR, LLC | 1.85% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| Vanguard Group | 10.41% |
| BlackRock | 6.93% |
| State Street | 5.48% |
| Geode Capital | 2.12% |
Source: Nexqual, October 23, 2026 at 09:49 UTC.
From Constellation Energy Corporation's Latest SEC 10-K Filing (filed 2026-02-24)
Key Strengths & Strategy (as disclosed to the SEC)
- We are also the largest nuclear energy company in the U.S. and a leading competitive retail supplier, serving approximately 2.5 million customer accounts nationwide, including three-fourths of the Fortune 100.
- We serve approximately 2 million total customer accounts, including three-fourths of Fortune 100 companies, and approximately 1.4 million residential customers.
- Following the merger with Calpine in January 2026, we are the largest private-sector power producer in the world and the nation's largest producer of clean and reliable energy.
- Calpine's retail energy platform adds approximately 62 TWhs of annual load to our business, and allows us to expand our C&I and residential customer base, creating incremental sales channels across the country.
Partnerships
- In September 2025, we reached a settlement agreement with MDE, Lower Susquehanna Riverkeeper Association, and Waterkeepers Chesapeake which allows us to move forward with resubmitting the license application with FERC.
- In November 2025, the DOE Office of Energy Dominance Financing issued a guarantee for up to $1.0 billion as an unsecured loan to support the restart of the Crane Clean Energy Center.
Legal & Regulatory Risks (Item 1A, quoted)
- Any regulatory action relating to the timing and availability of a repository for SNF could adversely affect our ability to decommission fully our nuclear units.
- We could be subject to higher costs and/or penalties related to mandatory reliability standards.
- We could incur substantial costs to fulfill our obligations related to environmental and other matters.
- We could be negatively affected by federal and state RPS and/or energy conservation legislation, along with energy conservation by customers.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| VST | Vistra Corp. | USD 140.83 | ▼ 9.81% |
| NRG | NRG Energy, Inc. | USD 94.38 | ▼ 5.43% |
| TLN | Talen Energy Corporation | USD 331.42 | ▼ 7.81% |
| OKLO | Oklo Inc. | USD 27.01 | ▼ 2.6% |
| TAC | TransAlta Corporation | USD 12.51 | ▼ 6.22% |
| HNRG | Hallador Energy Company | USD 11.22 | ▼ 2.01% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 09:49 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt