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Constellation Energy Corporation — Intrinsic Value & Fair Price

CEG
NASDAQUtilitiesIndependent Power ProducersCIK 0001868275constellationenergy.comAbout CEG
Last close · Oct 16, 2026271.37−3.63 (−1.32%)
Market cap$96.1B
Model value · P/E · peers
177.14
Constellation Energy closed at $271.37 — overvalued by 53% vs model.
127.12the model's range315.97

P/E · peers leads because DCF · Perpetuity growth · 5y could not lead: the cash-flow gate is shut (an operating loss, or three years of free cash flow summing below zero). From its peers' median P/E.

Other models
14.96 – 344.64
Wall St. target
362.00 25% below
Above model, 1y
20 of 20 days

Price and model value

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What the marks mean
Daily close

Dividends

Quarterly · as of Oct 16, 2026
Yield, trailing 12 months
0.61%
Past 2 years
low 0.38%high 0.85%
Dividends per share, a year at a time
$0.99Aug ’23$1.34Aug ’24$1.52Aug ’25$1.67TTM
Dividends / free cash flow, FY2025
37.7%
Raised
3+ years in a row
Growth, 3 yrs
19.1% a year
Last change
+10.0% · Mar 2026
Every payment, with ex-dates · latest $0.4265, paid Sep 4, 2026

Research on CEG

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How it is valued

Valued asCyclical
Low/slowing growth (~4% recent)Moderate margins (10% net margin)Highly cyclical earnings
What growth the price implies: the reverse DCF

Key figures

FY2025 · chosen for cyclical companies
P/E
36.7×
EV / EBITDA
22.8×
FCF yield
1.5%
Dividend yield, TTM
0.61%
Beta
1.13
Cost of capital (WACC)
9.09%
On the lists: #30 Insider buying
Full financials

Analyst actions

third-party, quoted
10-02BMO Capital · target350.00
09-18Morgan Stanley · target369.00
08-19BNP Paribas · target374.00
06-18Goldman Sachs · “Neutral” from “Buy”downgrade
Ratings, targets and estimates

Comparable companies

by business, not by industry label
1 more company lists CEG as a comparable

The weekly

One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just CEG. No account.

About Constellation Energy

Constellation Energy Corporation operates as a U.S.-based firm dedicated to producing and distributing electricity. Its activities are organized across five primary geographical segments: the Mid-Atlantic, Midwest, New York, ERCOT, and various other power markets. In addition to electrical power, the company supplies natural gas, sustainable energy solutions, and an array of associated energy products and services. Possessing a significant generation capability of 32,400 megawatts, its power portfolio incorporates diverse sources such as nuclear, wind, solar, natural gas, and hydroelectric facilities. The company serves a wide spectrum of clients, including utility distributors, local government bodies, cooperatives, along with commercial, industrial, public sector, and household consumers. Founded in 2021, its corporate headquarters are situated in Baltimore, Maryland. Constellation Energy Corporation previously operated as a subsidiary of Exelon Corporation.

CEO
Joseph Dominguez
Headquarters
Baltimore, MD
Employees
15,315
IPO
2022-01-19
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.