Constellation Energy
CEG · Electric Utilities
$253.45
0.7%Exelon
EXC · Electric Utilities
$44.43
0.9%The short version
- Constellation Energy is the larger business, with $25.5B of revenue in fiscal 2025 against $24.3B for Exelon.
- Constellation Energy grew revenue faster (8.3%, against 5.3%).
- Exelon kept more of each dollar of sales as operating profit (21.2% operating margin, against 12.1% operating margin).
- Constellation Energy turned more of its sales into free cash flow (5.0% FCF margin, against −9.4% FCF margin).
- Constellation Energy earned a higher return on the capital invested in it (10.4%, against 5.7%).
- Investors pay more for each dollar of Constellation Energy’s earnings: a P/E of 24.7x against 16.3x for Exelon.
| Latest fiscal year | CEG · FY25 | EXC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $91.2B | $45.6B |
| Revenue | $25.5B | $24.3B |
| Free cash flow | $1.3B | −$2.3B |
| Net income | $2.3B | $2.8B |
| Growth | ||
| Revenue growth | 8.3% | 5.3% |
| 5-year growth | 7.7% | 7.8% |
| Share count change | −0.3% | 0.9% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 12.1% | 21.2% |
| Net margin | 9.1% | 11.4% |
| FCF margin | 5.0% | −9.4% |
| Return on capital | 10.4% | 5.7% |
| Return on equity | 16.8% | 9.9% |
| Balance sheet | ||
| Net debt | $5.4B | $49.4B |
| Net debt / EBITDA | 1.0x | 5.6x |
| Dividends and buybacks | $886M | $1.6B |
| Valuation & quality | ||
| P/E | 24.7x | 16.3x |
| Piotroski F-score | 5 | 5 |
FY16
CEG —
EXC $31.4B
FY17
CEG —
EXC $33.6B
FY18
CEG —
EXC $36.0B
FY19
CEG —
EXC $34.4B
FY20
CEG $17.6B
EXC $16.7B
FY21
CEG $19.6B
EXC $17.9B
FY22
CEG $24.4B
EXC $19.1B
FY23
CEG $24.9B
EXC $21.7B
FY24
CEG $23.6B
EXC $23.0B
FY25
CEG $25.5B
EXC $24.3B
CEG
EXC
FY16
CEG —
EXC 10.2%
FY17
CEG —
EXC 13.1%
FY18
CEG —
EXC 10.8%
FY19
CEG —
EXC 12.7%
FY20
CEG 1.5%
EXC 13.2%
FY21
CEG −1.8%
EXC 15.0%
FY22
CEG 2.0%
EXC 17.4%
FY23
CEG 6.5%
EXC 18.5%
FY24
CEG 18.5%
EXC 18.8%
FY25
CEG 12.1%
EXC 21.2%
CEG
EXC
FY16
CEG —
EXC −$92.0M
FY17
CEG —
EXC −$104M
FY18
CEG —
EXC $1.1B
FY19
CEG —
EXC −$589M
FY20
CEG −$1.2B
EXC −$3.8B
FY21
CEG −$2.7B
EXC −$5.0B
FY22
CEG −$4.0B
EXC −$2.3B
FY23
CEG −$7.7B
EXC −$2.7B
FY24
CEG −$5.0B
EXC −$1.5B
FY25
CEG $1.3B
EXC −$2.3B
CEG
EXC
FY16
CEG —
EXC 3.6%
FY17
CEG —
EXC 6.8%
FY18
CEG —
EXC 5.5%
FY19
CEG —
EXC 5.1%
FY20
CEG —
EXC 3.0%
FY21
CEG —
EXC 3.6%
FY22
CEG 2.2%
EXC 4.1%
FY23
CEG 5.7%
EXC 5.2%
FY24
CEG 18.4%
EXC 5.6%
FY25
CEG 10.4%
EXC 5.7%
CEG
EXC
Add another company
Compare up to four at once.
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.