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Forensic Analysis · Electric Utilities · as of Nov 8, 2026

Constellation Energy Corp (CEG)

A forensic read on Constellation Energy Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective
Forensic grade
Clean
Earnings quality
2
Forensic signals
16.8%
ROE
8.3%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Constellation Energy Corp earns a C (Mixed — selective) forensic quality grade. 2 forensic signals were flagged in its latest SEC filings, led by cash conversion.

What the filings flag

-0.46×
FY2023–FY2025
Cash conversion. Over FY2023–FY2025, cumulative operating cash flow was -0.46× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.Cash conversion: operating cash flow divided by net income, the share of profit that arrived as cash.
4.5%
FY2025
Return on invested capital. Return on invested capital is 4.5% in the latest fiscal year, against 2.4% in FY2023, having run between 2.4% and 8.2% across FY2023–FY2025 with no direction held. After-tax operating profit was $1.0B in FY2023 and $2.0B in FY2025, with operating income at 6.5% of revenue in FY2023, 18.5% in FY2024 and 12.1% in FY2025. The capital base behind it went from $44.2B in FY2023 to $44.9B in FY2025 (+2%), while the revenue it carried went from $24.9B to $25.5B.

Key fundamentals

Latest Revenue$25.53B
Revenue Growth YoY+8.3%
Revenue CAGR (2yr)+1.2%
Net Margin9.1%
Free Cash Flow$1.29B
Return on Equity16.8%
Debt / Equity0.51x

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.