Constellation Energy vs Duke Energy
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The short version
- Duke Energy is the larger business, with $31.7B of revenue in fiscal 2025 against $25.5B for Constellation Energy.
- Constellation Energy grew revenue faster (8.3%, against 5.6%).
- Duke Energy kept more of each dollar of sales as operating profit (27.2% operating margin, against 12.1%).
- Constellation Energy turned more of its sales into free cash flow (5.0% FCF margin, against −5.3%).
- Constellation Energy earned a higher return on the capital invested in it (10.4%, against 5.5%).
- Investors pay more for each dollar of Constellation Energy’s earnings: a P/E of 24.7x against 19.1x for Duke Energy.
| Latest fiscal year | CEG · FY25 | DUK · FY25 |
|---|---|---|
| Size | ||
| Market cap | $91.2B | $97.4B |
| Revenue | $25.5B | $31.7B |
| Free cash flow | $1.3B | −$1.7B |
| Net income | $2.3B | $5.0B |
| Growth | ||
| Revenue growth | 8.3% | 5.6% |
| 5-year growth | 7.7% | 6.4% |
| Share count change | −0.3% | 0.7% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 12.1% | 27.2% |
| Net margin | 9.1% | 15.7% |
| FCF margin | 5.0% | −5.3% |
| Return on capital | 10.4% | 5.5% |
| Return on equity | 16.8% | 9.7% |
| Balance sheet | ||
| Net debt | $5.4B | $90.2B |
| Net debt / EBITDA | 1.0x | 5.5x |
| Dividends and buybacks | $886M | $3.3B |
| Valuation & quality | ||
| P/E | 24.7x | 19.1x |
| Piotroski F-score | 5 | 5 |
Revenue
FY16
CEG —
DUK $22.7B
FY17
CEG —
DUK $23.6B
FY18
CEG —
DUK $23.8B
FY19
CEG —
DUK $24.3B
FY20
CEG $17.6B
DUK $23.3B
FY21
CEG $19.6B
DUK $24.5B
FY22
CEG $24.4B
DUK $28.7B
FY23
CEG $24.9B
DUK $28.7B
FY24
CEG $23.6B
DUK $30.1B
FY25
CEG $25.5B
DUK $31.7B
CEG
DUK
Operating margin
FY16
CEG —
DUK 22.9%
FY17
CEG —
DUK 23.9%
FY18
CEG —
DUK 19.7%
FY19
CEG —
DUK 23.5%
FY20
CEG 1.5%
DUK 19.7%
FY21
CEG −1.8%
DUK 22.5%
FY22
CEG 2.0%
DUK 21.0%
FY23
CEG 6.5%
DUK 24.7%
FY24
CEG 18.5%
DUK 26.4%
FY25
CEG 12.1%
DUK 27.2%
CEG
DUK
Free cash flow
FY16
CEG —
DUK −$1.0B
FY17
CEG —
DUK −$1.4B
FY18
CEG —
DUK −$2.2B
FY19
CEG —
DUK −$2.9B
FY20
CEG −$1.2B
DUK −$1.1B
FY21
CEG −$2.7B
DUK −$1.4B
FY22
CEG −$4.0B
DUK −$5.4B
FY23
CEG −$7.7B
DUK −$2.7B
FY24
CEG −$5.0B
DUK $48.0M
FY25
CEG $1.3B
DUK −$1.7B
CEG
DUK
Return on capital
FY16
CEG —
DUK 4.2%
FY17
CEG —
DUK 4.3%
FY18
CEG —
DUK 4.1%
FY19
CEG —
DUK 4.7%
FY20
CEG —
DUK 4.1%
FY21
CEG —
DUK 4.4%
FY22
CEG 2.2%
DUK 4.6%
FY23
CEG 5.7%
DUK 5.0%
FY24
CEG 18.4%
DUK 5.3%
FY25
CEG 10.4%
DUK 5.5%
CEG
DUK
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.