CEGConstellation Energy Corp

Electric Services

Revenue: $22.7B; 20% YoY
Operating margin: 13.6%; 41% YoY
EBITDA: $4.1B; 26% YoY
Market cap: $93.1B
Employees: 2,500; $9M revenue each
Net debt / EBITDA: 1.7×; $6.7B net debt
AI in 10-K: 1.6; mentions per 10K words

Takeover score 0 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
183% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
21% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
12% of assets
Over 40% of assets
Shareholder dissentNo
88% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$9M · 89th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.6 per 10K words · 47th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$93.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$418K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$17.3B	$21.6B	$20.8B	$19.0B	$22.7B	20%
Operating income	−$346M	$495M	$1.6B	$4.4B	$3.1B	29%
Net income	−$205M	−$160M	$1.6B	$3.7B	$2.3B	38%
Operating cash flow	−$1.3B	−$2.4B	−$5.3B	−$2.5B	$4.2B	272%
Capex	$1.3B	$1.7B	$2.4B	$2.6B	$2.9B	15%
Stock-based comp	$47M	$116M	$178M	$332M	$385M	16%
Buybacks	$0	$0	$992M	$999M	$400M	60%
Dividends	$0	$185M	$366M	$444M	$486M	9.5%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $418K · 1
Open-market sells, 12 mo: $0 · 0
Net: $418K

Pay vs performance

No pay-versus-performance disclosure yet.