CONSTELLATION ENERGY CORPORATION vs EXELON CORPORATION, two Utilities stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Constellation runs the generation side of the old parent, owning the nuclear and other plants that sell power into wholesale markets, while Exelon is now the wires-and-poles delivery utility whose returns regulators set, and that split shows in their balance sheets before any ratio: Constellation carries 0.65 debt-to-equity against Exelon's far heavier 1.66. Their returns sit close, near 11% on equity for Constellation and 9.5% for Exelon, but they are earned in different worlds, one merchant and one regulated. The cash diverges sharply, with Constellation turning a positive 1.3% of price into free cash while Exelon runs at -4.6% through its spending cycle. Exelon pays the much larger dividend, 3.5% to Constellation's 0.15%, the trade a regulated utility makes for steadier earnings. The market pays more for the generator, near 24 times earnings to Exelon's 17, betting on merchant power over guaranteed wires returns.
Comparison updated 2026-06-15.
| Metric | CEG | EXC |
|---|---|---|
| Price | $251.34 | $46.79 |
| Market cap | $89.0B | $48.0B |
| Sector | Utilities | Utilities |
| Stage | Growth | Mature |
| Implied growth (priced in) | +22.9% | — |
| P/E | 21.8 | — |
| P/B | 2.63 | 1.64 |
| P/S | 2.98 | 1.94 |
| EV/EBITDA | 20.4 | 15.9 |
| Revenue growth | +22.1% | +4.3% |
| Operating margin | 21.0% | 22.2% |
| Net margin | 12.7% | 11.2% |
| Return on equity | 11.2% | 9.5% |
| Return on assets | 3.9% | 2.4% |
| Return on invested capital | 7.0% | 5.5% |
| FCF yield | 1.3% | -4.5% |
| Dividend yield | 0.1% | 3.4% |
| Debt / equity | 0.65 | 1.66 |
| Current ratio | 1.36 | 0.94 |
| Altman Z (solvency) | 1.40 | 0.67 |
| Piotroski F (quality) | 5 / 9 | 6 / 9 |
Each week boothcheck ranks the stocks whose prices are betting on the most. Read the most stretched bets archive →
boothcheck is also on Android. Get the app on Google Play →
The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.