American Electric Power vs Constellation Energy
Add, change or remove companies; up to four.
The short version
- Constellation Energy is the larger business, with $25.5B of revenue in fiscal 2025 against $21.9B for American Electric Power.
- American Electric Power grew revenue faster (10.9%, against 8.3%).
- American Electric Power kept more of each dollar of sales as operating profit (24.3% operating margin, against 12.1%).
- Constellation Energy turned more of its sales into free cash flow (5.0% FCF margin, against −6.9%).
- Constellation Energy earned a higher return on the capital invested in it (10.4%, against 6.7%).
- Investors pay more for each dollar of Constellation Energy’s earnings: a P/E of 24.7x against 19.2x for American Electric Power.
| Latest fiscal year | AEP · FY25 | CEG · FY25 |
|---|---|---|
| Size | ||
| Market cap | $71.0B | $91.2B |
| Revenue | $21.9B | $25.5B |
| Free cash flow | −$1.5B | $1.3B |
| Net income | $3.7B | $2.3B |
| Growth | ||
| Revenue growth | 10.9% | 8.3% |
| 5-year growth | 8.0% | 7.7% |
| Share count change | 1.2% | −0.3% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 24.3% | 12.1% |
| Net margin | 16.9% | 9.1% |
| FCF margin | −6.9% | 5.0% |
| Return on capital | 6.7% | 10.4% |
| Return on equity | 12.7% | 16.8% |
| Balance sheet | ||
| Net debt | $48.6B | $5.4B |
| Net debt / EBITDA | 5.6x | 1.0x |
| Dividends and buybacks | $2.0B | $886M |
| Valuation & quality | ||
| P/E | 19.2x | 24.7x |
| Piotroski F-score | 7 | 5 |
Revenue
FY16
AEP $16.4B
CEG —
FY17
AEP $15.4B
CEG —
FY18
AEP $16.2B
CEG —
FY19
AEP $15.6B
CEG —
FY20
AEP $14.9B
CEG $17.6B
FY21
AEP $16.8B
CEG $19.6B
FY22
AEP $19.6B
CEG $24.4B
FY23
AEP $19.0B
CEG $24.9B
FY24
AEP $19.7B
CEG $23.6B
FY25
AEP $21.9B
CEG $25.5B
AEP
CEG
Operating margin
FY16
AEP 7.1%
CEG —
FY17
AEP 22.9%
CEG —
FY18
AEP 16.6%
CEG —
FY19
AEP 16.7%
CEG —
FY20
AEP 20.0%
CEG 1.5%
FY21
AEP 20.3%
CEG −1.8%
FY22
AEP 17.7%
CEG 2.0%
FY23
AEP 18.7%
CEG 6.5%
FY24
AEP 21.8%
CEG 18.5%
FY25
AEP 24.3%
CEG 12.1%
AEP
CEG
Free cash flow
FY16
AEP −$259M
CEG —
FY17
AEP −$1.4B
CEG —
FY18
AEP −$1.1B
CEG —
FY19
AEP −$1.8B
CEG —
FY20
AEP −$2.4B
CEG −$1.2B
FY21
AEP −$1.8B
CEG −$2.7B
FY22
AEP −$1.4B
CEG −$4.0B
FY23
AEP −$2.4B
CEG −$7.7B
FY24
AEP −$827M
CEG −$5.0B
FY25
AEP −$1.5B
CEG $1.3B
AEP
CEG
Return on capital
FY16
AEP 3.0%
CEG —
FY17
AEP 5.9%
CEG —
FY18
AEP 6.0%
CEG —
FY19
AEP 5.5%
CEG —
FY20
AEP 5.7%
CEG —
FY21
AEP 5.8%
CEG —
FY22
AEP 5.6%
CEG 2.2%
FY23
AEP 5.2%
CEG 5.7%
FY24
AEP 6.2%
CEG 18.4%
FY25
AEP 6.7%
CEG 10.4%
AEP
CEG
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.