CONSTELLATION ENERGY CORPORATION vs TC ENERGY CORPORATION, two Utilities stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
One company makes electricity, the other moves gas. Constellation Energy runs merchant and nuclear generation, its profits tracking wholesale power prices; TC Energy tolls natural gas through Canadian pipelines for volume-based fees. TC Energy keeps a much wider slice of revenue, 23.09 percent net margin against Constellation's 12.69, and turns far more into cash, 7.45 percent free cash yield versus 1.22. The pipeline also pays a real dividend, 3.59 percent, while Constellation's 0.15 is nominal. Constellation earns the higher return on equity, 11.21 percent to 9.54, and trades cheaper on earnings, 22.95 times against 28.98. Constellation is the bigger business at 93.5 billion versus 72.5.
Comparison updated 2026-07-11.
| Metric | CEG | TRP |
|---|---|---|
| Price | $251.34 | $67.32 |
| Market cap | $89.0B | $70.0B |
| Sector | Utilities | Utilities |
| Stage | Growth | Mature |
| Implied growth (priced in) | +20.3% | -2.2% |
| P/E | 21.8 | 28.0 |
| P/B | 2.63 | 2.58 |
| P/S | 2.98 | 6.25 |
| EV/EBITDA | 20.4 | 8.9 |
| Revenue growth | +22.1% | +3.5% |
| Operating margin | 21.0% | 52.7% |
| Net margin | 12.7% | 23.1% |
| Return on equity | 11.2% | 9.5% |
| Return on assets | 3.9% | 3.0% |
| Return on invested capital | 7.0% | 16.5% |
| FCF yield | 1.3% | 7.7% |
| Dividend yield | 0.1% | 3.7% |
| Debt / equity | 0.65 | 0.04 |
| Current ratio | 1.36 | 0.63 |
| Altman Z (solvency) | 1.40 | 0.94 |
| Piotroski F (quality) | 5 / 9 | 6 / 9 |
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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.