YouTube · Q3 2026 · 2026-11-09
CEG · NasdaqGS
Constellation Energy Corporation
Utilities - Independent Power Producers · United States
USD 274.732.6% daily changeQuote 2026-11-11 · USD
- Market cap (USD)
- US$96.60B
- Trailing P/E
- 22.08x
- Forward P/E
- 20.49x
- Quarterly revenue growth
- 45.4%
- Trailing net margin
- 12.8%
- Indicated dividend yield
- 0.6%
Snapshot 2026-11-11 · Latest financial period 2026-09-30 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.
Company background
Constellation Energy Corporation produces and sells energy products and services in the United States. The company operates through five segments: Mid-Atlantic, Midwest, New York, ERCOT, and Other Power Regions. It offers electricity, natural gas, energy-related products, and sustainable solutions. The company has approximately 31,676 megawatts of generating capacity consisting of nuclear, wind, solar, natural gas, and hydroelectric assets. It serves distribution utilities, municipalities, cooperatives, and commercial, industrial, public sector, and residential customers. The company was incorporated in 2021 and is headquartered in Baltimore, Maryland.
Company websiteQ3 2026
Go beyond the headline.
CEG Stock: A $5 Quarter and a $3B Cash Test — Q3 2026
Published 2026-11-09
Short takes Q3 2026
CEG Stock: Constellation Q3 2026 — The Cash Test #Shorts
Watch Short on YouTube
Q3 2026 REPORT HIGHLIGHTS
What’s changed for CEG
Constellation raises its earnings outlook and expands long-term contracts, but buybacks, nuclear uprates and financing make cash allocation the next test. HOLD, $285 base value.
The strong quarter raised the annual bar.
Adjusted EPS reached $5.06 and the full-year midpoint rose to $12.65; a quarterly earnings burst is not a $20.24 annual run rate.
The contract book has become more substantial.
The November deck shows 91 million annual MWh of long-term agreements in 2032, supporting about 45% of expected nuclear and geothermal generation.
Cash improved sharply, but allocation remains demanding.
Computed Q3 OCF less total capex was $2.486B. Nine-month free cash flow was $1.518B against $3.001B of repurchases and $459M of dividends.
The uprate funding plan is conditional.
The up-to-$5B DOE loan commitment is not cash received. The deck identifies roughly $3B of incremental growth investment during 2028–2032.
Our prior HOLD and $285 value remain.
New contracting supports the old operating thesis, while unresolved project timing, merchant earnings and the cash cost keep a large premium out of our base case.
Comparable businesses
CEG peer comparison
Same business group first, then company size. Preferred market cap: 0.5–2x; extended range: one-third–3x. Outside that range, industry benchmarks are labeled separately and excluded from peer medians.
| Metric | CEGConstellation Energy CorporationSnapshot 2026-11-11Financial period: 2026-09-30 | VSTVistra Corp.Snapshot 2026-11-11Financial period: 2026-09-30 | NRGNRG Energy, Inc.Snapshot 2026-11-11Financial period: 2026-09-30 |
|---|---|---|---|
| Market capMarket value, converted to USD | US$96.60B | US$45.29B | US$20.48B |
| Forward P/EProvider forward earnings estimate | 20.49x | 13.93x | 9.70x |
| EV / EBITDAEnterprise value / trailing EBITDA | 12.37x | 8.42x | 10.72x |
| Revenue growthLatest quarter vs prior-year quarter | 45.4% | 27.7% | 24.0% |
| Operating marginLatest reported quarter | 17.9% | 23.0% | 7.9% |
| Free cash flow yieldTrailing cash flow / market cap | -5.6% | 2.0% | 6.8% |
| Net debt / EBITDANet debt / trailing EBITDA | 2.40x | 2.42x | 5.60x |
| Debt / equityTotal debt / positive book equity | 0.71x | 3.37x | 4.39x |
| Trailing P/ETrailing twelve-month earnings | 22.08x | 18.03x | 17.05x |
| Price / bookPrice / positive book equity per share | 2.95x | 11.66x | 4.43x |
| EV / salesEnterprise value / trailing revenue | 3.42x | 3.21x | 1.26x |
| Earnings growthLatest quarter vs prior-year quarter | 74.5% | 84.6% | 275.4% |
| Gross marginTrailing twelve months | 25.2% | 41.5% | 20.2% |
| Net marginTrailing twelve months | 12.8% | 13.1% | 3.6% |
| Return on equityProvider trailing return; positive equity only | 18.3% | 46.3% | 34.7% |
| Free cash flow marginTrailing free cash flow / revenue | -15.7% | 4.4% | 4.0% |
| Dividend yieldIndicated annual dividend / price | 0.6% | 0.7% | 1.9% |
| Earnings payoutProvider trailing dividend payout | 13.4% | 12.4% | 32.6% |
| Current ratioCurrent assets / current liabilities | 1.49x | 1.16x | 0.99x |
| BetaProvider historical market sensitivity | 1.13 | 1.38 | 1.20 |
YouTube · Q3 2026 · 2026-11-09
YouTube · Q3 2026 · 2026-11-09
Comparison methodology & limitations
Reviewed operating groups override broad sector classifications. Other companies are matched only within a sufficiently specific provider industry. Business mix, geography and accounting standards can still differ. Market caps are converted to USD using exchange rates captured during the snapshot refresh. Financial ratios that would mix currencies are omitted. Snapshots must be at most 14 days old and no more than seven days apart for automatic selection.
Peer medians require at least two valid similar-size peers for each metric. Negative earnings, nonpositive equity, missing data and irrelevant bank ratios are not presented as attractive valuations. A higher or lower number is not automatically a better investment. Financial statement periods are not calendar-aligned across companies.
Reported performance
Financial trends
Periods are grouped by their ending calendar year or quarter, not identical fiscal calendars. Exact period-end dates appear in tooltips and reported figures. When reporting currencies differ and a recent captured FX rate is available, money and EPS are normalized to USD for comparison. This is not a historical FX restatement. Gaps are not estimated.
Financial statements load separately from the research page.
Source: . Window ends at the latest available reporting period.
Revenue
Reported figures
Financial data & calculation notes
Standalone charts use the stated reporting currency. When a chart comparison spans currencies, money and EPS can be normalized to USD using a recent captured FX snapshot; this is for comparison only, not a historical FX restatement. Stock-based compensation is noncash. Free cash flow is operating cash flow less capital spending, which may include capitalized software. Missing metrics are not estimated or assumed to be zero. Banking and insurance ratios require industry-specific interpretation. Latest restatements may differ from figures in older episodes.
Market context
Valuation & price history
Adjusted closing price
Price history loads separately.
Price figures
Earnings-multiple scenario
Illustrative price = your earnings-per-share assumption × your P/E assumption. This is not a price target or a complete valuation model.
Starting assumptions, when available, use provider forward estimates as of 2026-11-11. Negative earnings require a different valuation method. This calculation omits balance-sheet, dilution and execution risks.
THE RESEARCH RECORD
Research history for CEG
Q3 20262026-11-09
FREE RESEARCH PACKET · Q3 2026
CEG: A $5 Quarter and a $3 Billion Cash Test
Constellation raises its earnings outlook and expands long-term contracts, but buybacks, nuclear uprates and financing make cash allocation the next test. HOLD, $285 base value.
Research published November 9, 2026 · Download original report
Read Research PacketCEG Stock: A $5 Quarter and a $3B Cash Test — Q3 2026
Presentation · 2026-11-09 · YouTube
Short takes Q3 2026
CEG Stock: Constellation Q3 2026 — The Cash Test #Shorts
Watch Short on YouTube
Q2 20262026-08-06
Constellation (CEG): GAAP Earnings Fell 47%. The Business Earned 34% More.
Presentation · 2026-08-06 · YouTube
Short takes Q2 2026
CEG: GAAP Fell 47%, The Business Earned 34% More #shorts
Watch Short on YouTube
Q1 20262026-05-11
CEG Stock: Record $11.1B Revenue — Q1 2026 Earnings Analysis
Presentation · 2026-05-11 · YouTube