| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 33 | 27.7x | 17.8x | Bottom tier | |
Growth | 67 | 26.0% | 7.1% | Top tier | |
Quality | 69 | 7.4% | 4.5% | Top tier | |
Safety | 45 | 3.8x | 2.6x | Around median | |
Capital Return | 11 | 0.14% | 2.12% | Bottom tier | |
Momentum | 41 | -7.5% | 2.9% | Around median | |
Sentiment | 91 | 13 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Constellation Energy operates in electricity generation and marketing, with a large base of nuclear power plants and a gas fleet that expanded following the acquisition of Calpine. The company generates income from energy and capacity sales, long-term power contracts, margins from its commercial and retail businesses, portfolio optimization during periods of price volatility, and programs such as zero-emission credits in Illinois. In Q2 FY2026, the nuclear fleet generated 40 terawatt-hours at a 93% capacity factor despite completing six planned refueling outages.
In Q2 FY2026, GAAP earnings per share were $1.42, while adjusted operating earnings per share were $2.55, an increase of $0.64 from Q2 FY2025 and above estimates of $2.29. The company attributed the improvement to the contribution from Calpine, higher capacity prices in the PJM market, improved customer margins, and portfolio optimization, while it was partially offset by an increase in planned nuclear outage days and lower timing-related Illinois program revenue of $85 million, down from $200 million a year earlier. EDGAR data for Q1 FY2026 show revenue of $11.1 billion, net income of $1.6 billion, and earnings per share of $4.49, while trailing twelve-month revenue in 2026 was approximately $29.9 billion and net income was $3.8 billion.
The analyst consensus is “Buy,” with an average price target of $354.50 and a wide range between $296 and $441. The average is below the top of the 52-week range of $412.70, while the highest target exceeds that peak and the lowest target remains above the range low of $228.63; this dispersion highlights the valuation’s sensitivity to the pace of contract signings, clarity around PJM rules, and realization of Calpine benefits. The provided data did not include a usable earnings multiple, so a reliable comparison based on that multiple cannot be made.
Figures in the text are as of 2026-08-27; the live price is shown at the top of the page.
Adjusted operating earnings per share were $2.55 versus expectations of $2.29 and increased by $0.64 from Q2 FY2025. The improvement came from the contribution from Calpine, higher PJM capacity prices, improved customer margins, and portfolio optimization during periods of volatility. This was partially offset by an increase in planned nuclear outage days and a decline in recognized Illinois credit revenue to $85 million from $200 million a year earlier.
The company signed approximately 920 megawatts of long-term nuclear contracts during Q2 FY2026, with an average term of 18.5 years and with investment-grade customers. These deals increased the proportion of clean baseload generation covered by long-term contracts to approximately 30%. The announced deals include an agreement with Walmart, while management declined to disclose the prices or customer names for the remaining contracts in accordance with their preferences.
The company is targeting a return to service for Crane in the second half of 2027. During Q2 FY2026, the NRC approved an amendment to the new fuel license, enabling a pathway for fuel receipt. FERC also granted a waiver to transfer capacity injection rights from the Eddystone facility, which is scheduled to close, to Crane, and management expects this to help address several transmission constraints identified by the initial PJM review.
Automated analysis for informational purposes only — not investment advice.
The contribution from Calpine was one of the main reasons for higher Q2 FY2026 earnings, alongside PJM capacity prices and commercial performance. The acquisition added a gas fleet and expertise in four-hour batteries, but it required divestitures under a Department of Justice settlement. The company expects the assets required to be sold to generate approximately $5.9 billion in gross proceeds, including the sale of Brazos Valley Energy Center for $860 million following approvals and closing.
Customers need clearer rules from PJM and FERC regarding large-load connections, interconnection, and curtailment and backup power responsibilities. Management expects a response from PJM in November 2026 and a decision from FERC in Q1 or Q2 FY2027 regarding interconnection. According to management, the 920 megawatts of contracts already signed do not depend on the outcomes of the ongoing PJM or FERC decisions.
The company raised its adjusted operating earnings per share guidance for FY2026 to a range of $11.50–$12.50 from $11–$12. The midpoint of the new range, $12, is now equal to the previous upper end. Management attributed the increase to strong commercial execution, operational performance, and capital allocation benefits, while noting on the August 6, 2026 call that it would reassess the outlook after the summer season ends.
