Constellation Energy vs Duke Energy
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KIRAβs take AI analyst
I put Constellation Energy and Duke Energy side by side, using each oneβs latest annual report. Here is what stands out:
- 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 β5.3%).
- 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 Energyβs earnings: a P/E of 24.6x against 19.1x for Duke Energy.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Constellation Energy
CEG
7/10
Revenue growth5-year growthFCF marginReturn on capitalReturn on equityNet debt / EBITDAShare count change
Duke Energy
DUK
2/10
Operating marginNet margin
Side by side
Best in the row
| Latest fiscal year | CEG FY25 | DUK FY25 |
|---|---|---|
| Size | ||
| Market cap | $90.9B | $96.9B |
| Revenue | $25.5B | $31.7B |
| Free cash flow | $1.3B | β$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 | β0.3% | 0.7% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | 12.1% | 27.2% |
| Net margin | 9.1% | 15.7% |
| FCF margin | 5.0% | β5.3% |
| 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 | 24.6x | 19.1x |
| Piotroski F-score | 5 | 5 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.