Where Does Constellation Energy Stock Rank Among Competitors?
Constellation Energy’s (CEG) stock has underperformed over the past year, but how does it truly measure up against utility peers scaling their operations as of January 23, 2026? A closer look reveals CEG has a lower operating margin and negative free cash flow compared to many peers, alongside moderate revenue growth. Its valuation appears somewhat stretched, with a higher PE ratio than most competitors. The broader energy sector faces complexities with rising electricity demand, increased capital expenditure, and regulatory challenges, potentially limiting near-term upside despite CEG’s strong earnings growth potential.
- Op. Margin: CEG’s 12.1% (lowest) vs. NEE’s 28.2% shows NEE’s stable regulated utility/renewables vs. CEG’s competitive power market exposure.
- Rev. Growth: CEG’s 3.6% (low) trails DUK/SO/VST/EXC (rate base growth, M&A), but surpasses NEE’s -6.9% dip from project cycles.
- Stock: CEG’s -16.0% (PE 33.0) reflects market caution on merchant power volatility, despite nuclear assets gaining AI-driven demand.
Here’s how Constellation Energy stacks up across size, valuation, and profitability versus key peers.
| CEG | NEE | DUK | SO | VST | EXC | |
|---|---|---|---|---|---|---|
| Market Cap ($ Bil) | 90.5 | 175.1 | 91.4 | 96.5 | 54.2 | 44.5 |
| Revenue ($ Bil) | 24.8 | 26.3 | 31.7 | 28.9 | 17.2 | 24.3 |
| PE Ratio | 33.0 | 26.9 | 18.3 | 21.6 | 47.1 | 15.8 |
| LTM Revenue Growth | 3.6% | 0.2% | 4.8% | 9.4% | 5.7% | 6.1% |
| LTM Operating Margin | 12.1% | 28.2% | 27.1% | 25.7% | 12.2% | 20.8% |
| LTM FCF Margin | -1.1% | 11.7% | -2.9% | -6.3% | 9.6% | -6.6% |
| 12M Market Return | -16.0% | 26.3% | 11.3% | 10.0% | -16.1% | 16.4% |
For more details on Constellation Energy, read Buy or Sell CEG Stock. Below we compare CEG’s growth, margin, and valuation with peers across years
Revenue Growth Comparison
| LTM | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| CEG | 3.6% | -5.4% | 2.0% | 24.4% |
| NEE | 0.2% | -12.0% | 34.2% | 22.8% |
| DUK | 4.8% | 4.5% | 1.0% | 16.8% |
| SO | 9.4% | 5.8% | -13.8% | 26.7% |
| VST | 5.7% | 16.5% | 7.7% | 13.7% |
| EXC | 6.1% | 6.0% | 13.9% | 6.4% |
Operating Margin Comparison
| LTM | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| CEG | 12.1% | 20.6% | 9.6% | -1.7% |
| NEE | 28.2% | 28.8% | 35.0% | 17.0% |
| DUK | 27.1% | 26.1% | 24.4% | 22.3% |
| SO | 25.7% | 26.4% | 23.1% | 18.3% |
| VST | 12.2% | 23.7% | 18.3% | -8.0% |
| EXC | 20.8% | 18.7% | 18.5% | 17.4% |
PE Ratio Comparison
| LTM | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| CEG | 33.0 | 29.7 | 44.5 | -239.6 |
| NEE | 26.9 | 23.7 | 19.9 | 28.9 |
| DUK | 18.3 | 20.0 | 29.2 | 29.3 |
| SO | 21.6 | 21.7 | 22.6 | 21.3 |
| VST | 47.1 | 20.9 | 34.1 | -13.3 |
| EXC | 15.8 | 17.8 | 16.1 | 16.3 |
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