Constellation Energy

CEG · Electric Utilities

$253.45

0.7%

Southern

SO · Electric Utilities

$92.89

1.0%

The short version

Southern is the larger business, with $29.6B of revenue in fiscal 2025 against $25.5B for Constellation Energy.
Southern grew revenue faster (10.6%, against 8.3%).
Southern kept more of each dollar of sales as operating profit (24.7% operating margin, against 12.1% operating margin).
Constellation Energy turned more of its sales into free cash flow (5.0% FCF margin, against −9.9% FCF margin).
Constellation Energy earned a higher return on the capital invested in it (10.4%, against 5.8%).
Investors pay more for each dollar of Constellation Energy’s earnings: a P/E of 24.7x against 23.8x for Southern.

Latest fiscal year	CEG · FY25	SO · FY25
Size
Market cap	$91.2B	$104.8B
Revenue	$25.5B	$29.6B
Free cash flow	$1.3B	−$2.9B
Net income	$2.3B	$4.3B
Growth
Revenue growth	8.3%	10.6%
5-year growth	7.7%	7.7%
Share count change	−0.3%	0.6%
Profitability
Gross margin	—	—
Operating margin	12.1%	24.7%
Net margin	9.1%	14.7%
FCF margin	5.0%	−9.9%
Return on capital	10.4%	5.8%
Return on equity	16.8%	12.5%
Balance sheet
Net debt	$5.4B	$71.0B
Net debt / EBITDA	1.0x	5.3x
Dividends and buybacks	$886M	$3.0B
Valuation & quality
P/E	24.7x	23.8x
Piotroski F-score	5	4

Revenue

FY16

CEG —

SO $19.9B

FY17

CEG —

SO $23.0B

FY18

CEG —

SO $23.5B

FY19

CEG —

SO $21.4B

FY20

CEG $17.6B

SO $20.4B

FY21

CEG $19.6B

SO $23.1B

FY22

CEG $24.4B

SO $29.3B

FY23

CEG $24.9B

SO $25.3B

FY24

CEG $23.6B

SO $26.7B

FY25

CEG $25.5B

SO $29.6B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

CEG SO

Operating margin

FY16

CEG —

SO 22.6%

FY17

CEG —

SO 10.1%

FY18

CEG —

SO 17.8%

FY19

CEG —

SO 36.1%

FY20

CEG 1.5%

SO 24.0%

FY21

CEG −1.8%

SO 16.0%

FY22

CEG 2.0%

SO 18.3%

FY23

CEG 6.5%

SO 23.1%

FY24

CEG 18.5%

SO 26.5%

FY25

CEG 12.1%

SO 24.7%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

CEG SO

Free cash flow

FY16

CEG —

SO −$2.4B

FY17

CEG —

SO −$1.0B

FY18

CEG —

SO −$1.1B

FY19

CEG —

SO −$1.8B

FY20

CEG −$1.2B

SO −$826M

FY21

CEG −$2.7B

SO −$1.4B

FY22

CEG −$4.0B

SO −$1.6B

FY23

CEG −$7.7B

SO −$1.5B

FY24

CEG −$5.0B

SO $833M

FY25

CEG $1.3B

SO −$2.9B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

CEG SO

Return on capital

FY16

CEG —

SO 5.4%

FY17

CEG —

SO 2.8%

FY18

CEG —

SO 4.7%

FY19

CEG —

SO 7.4%

FY20

CEG —

SO 5.5%

FY21

CEG —

SO 4.0%

FY22

CEG 2.2%

SO 5.0%

FY23

CEG 5.7%

SO 5.5%

FY24

CEG 18.4%

SO 5.9%

FY25

CEG 10.4%

SO 5.8%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

CEG SO

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