Constellation Energy Corporation (CEG) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-44.2%

$145.61

vs $260.85 price

Levered DCF

$318.89

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.51

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	47.74×	18.78×	23.28×	-176.73×	-66.92×	23.29×	12.2×	37.17×
P/B	7.62×	5.35×	3.46×	2.57×	1.22×	1.11×	1.02×	1.04×
P/S	4.33×	2.99×	1.52×	1.16×	0.7×	0.78×	0.72×	0.67×
EV / EBITDA	20.56×	10.88×	11.23×	11.51×	5.62×	4.81×	5.04×	4.99×
Gross margin	18.4%	25.4%	13.0%	8.7%	14.0%	18.6%	17.4%	16.2%
Operating margin	12.1%	18.5%	6.5%	2.0%	-1.8%	1.5%	7.0%	4.8%
Net margin	9.1%	15.9%	6.5%	-0.7%	-1.0%	3.3%	5.9%	1.8%
Current ratio	1.53×	1.57×	1.31×	1.19×	1×	1.33×	0.97×	1.46×
Debt / equity	0.62×	0.64×	0.85×	0.52×	0.73×	0.58×	0.62×	0.67×
Interest coverage	6.04×	8.6×	3.74×	1.97×	-1.16×	0.72×	3.08×	2.26×
Dividend yield	0.4%	0.6%	1.0%	0.7%	13.4%	12.6%	6.6%	7.3%
Payout ratio	21.0%	11.8%	22.6%	-115.6%	-893.7%	294.4%	79.9%	270.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.0%	28.5%	14.9%	-1.5%	-1.8%	4.8%	8.3%	2.8%
Return on invested capital	4.0%	7.7%	2.3%	0.4%	0.5%	0.4%	2.1%	2.3%
Return on assets	4.1%	7.1%	3.2%	-0.3%	-0.4%	1.2%	2.3%	0.8%
Free cash flow yield	1.2%	-7.1%	-20.5%	-14.3%	-19.4%	-8.5%	7.5%	11.8%
Earnings yield	2.1%	5.3%	4.3%	-0.6%	-1.5%	4.3%	8.2%	2.7%
Enterprise value	$115.8B	$75.9B	$46.6B	$33.6B	$21.4B	$20.7B	$21.7B	$21.8B
Net debt / EBITDA	0.93×	0.77×	2.14×	1.83×	2.02×	1.62×	1.85×	1.86×
Cash conversion cycle (days)	91	91	67	28	35	37	62	42