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Constellation Energy key statistics and ratios

In fiscal 2025, Constellation Energy had return on equity of 16.8%, an operating margin of 12.1%, debt equal to 62.4% of equity and a current ratio of 1.53. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Operating margin1.5%−1.8%2.0%6.5%18.5%12.1%14.7%
Net margin3.3%−1.0%−0.7%6.5%15.9%9.1%11.1%
Free-cash-flow margin−6.6%−13.6%−16.5%−31.0%−21.3%5.0%1.0%
Return on equity4.0%−1.6%−1.4%14.8%31.1%16.8%14.9%
Return on assets—−0.4%−0.3%3.3%7.2%4.2%4.5%
Asset turnover—0.410.510.510.450.460.40
Current ratio—1.001.191.311.571.531.46
Debt to equity0.0%70.2%52.7%85.3%64.4%62.4%77.2%
Interest cover (operating income ÷ interest)0.8xn/m2.0x3.7x8.6x6.0x5.9x
Effective tax rate29.8%——35.1%17.1%33.8%32.3%
Capital spending as % of revenue9.9%6.8%6.9%9.7%10.9%11.5%12.5%
Free cash flow ÷ net income−197.5%——−475.8%−134.1%55.5%8.9%
Dividends ÷ net income0.0%——22.6%11.8%21.0%15.9%
Dividends and buybacks ÷ free cash flow—————68.8%178.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 7 checks passed · June 30, 2026
What it owns · $98.3bn
Short-term assets $19.0bnLonger-term assets $79.3bn
What it owes, and who funded it · $97.9bn
Short-term liabilities $13.0bnLonger-term liabilities $52.9bnShareholders' equity $32.0bn
  • Short-term assets cover short-term liabilities $19.0bn of assets due within a year against $13.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $19.0bn short-term assets against $52.9bn of longer-dated liabilities.
  • More cash than debt $697m of cash against $19.5bn of debt.
  • Debt below 40% of shareholders' equity Debt is 61% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 41% to 61% over five years.
  • A year's operating cash flow covers at least 20% of debt $4.2bn of operating cash flow against $19.5bn of debt.
  • Operating profit covers interest at least five times over Operating income of $4.6bn against $783m of interest.

From Constellation Energy's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

17 /100

Weak moat

How hard Constellation Energy's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 3 / 20

    Net income has been a median 3.5% of total assets over 5 years.

  • Durability 5 / 20

    Operating margin has been a median 12.0%; its worst year was 1.8%.

  • Cash conversion 2 / 20

    Free cash flow was positive in 1 of 5 years, at a median -9.7% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: CEG vs SOCEG vs DUKCEG vs EXC

More: Electric Utilities stocks compared, Utilities sector, rankings of US companies

Figures from Constellation Energy's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Constellation Energy.