Constellation Energy vs Exelon

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KIRA’s take AI analyst

I put Constellation Energy and Exelon side by side, using each one’s latest annual report. Here is what stands out:

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%).
Constellation Energy turned more of its sales into free cash flow (5.0% FCF margin, against −9.4%).
Constellation Energy earned a higher return on the capital invested in it (10.4%, against 5.7%).

Who comes out ahead

Of the 10 measures where higher (or lower) is clearly better, how many each company leads.

Constellation Energy

CEG

6/10

Revenue growthFCF marginReturn on capitalReturn on equityNet debt / EBITDAShare count change

Exelon

EXC

3/10

5-year growthOperating marginNet margin

Side by side

Best in the row

Latest fiscal year	CEG FY25	EXC FY25
Size
Market cap	$90.9B	$45.7B
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	24.6x	—
Piotroski F-score	5	5

Ten years

Revenue

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

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

CEG EXC

Operating margin

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%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

CEG EXC

Free cash flow

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

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

CEG EXC

Return on capital

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%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

CEG EXC

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.