Constellation Energy Corporation (CEG)财务
NASDAQ · Utilities · Independent Power Producers · 员工15,315人 · CEO Joseph Dominguez
- 股价
- $262.38 -0.83%
- 市值
- $930亿
- 企业价值
- $1170亿
- 最近财报
- Q2 '26 2026-08-06提交
- 下次财报
- 2026-11-09 EPS预期 $3.88
营收(TTM)$313亿+26.0% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)14.7%-0.8 百分点 对比去年同期营业利润 $46亿
净利润(TTM)$34.7亿+15.2% 对比去年同期税后,含营业外收益
自由现金流(TTM)$3.09亿+112.9% 对比去年同期资本支出 $39亿
稀释EPS(TTM)$10.29+7.4% 对比去年同期最近4个季度之和
净现金-$236亿-278.0% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $930亿 EV $1170亿
- 营收
- $313亿 过去12个月
- 营收增速
- +32% FY2026年一致预期
- 净利润率
- 11.1% 净利润 / 营收,TTM
- P/E
- 25.5× 预期 21.6×(FY2026)
- P/S
- 3.0× 股价 / 营收,TTM
- EV / EBITDA
- 14.6× TTM
- 自由现金流
- $3.09亿 过去12个月
- 净利润
- $34.7亿 过去12个月
- 营收预期
- $337亿 FY2026年一致预期
- 盈利
- 2026-11-09 营收预期 $92.3亿
- 股息
- $1.67 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-08-06):营收低于预期2.9%,EPS 超预期11.4%营收$75亿,预期$77.3亿(-2.9%);EPS $2.55,预期$2.29(+11.4%)。
- 营收增长平稳:同比23.0%Q2 '26营收$75亿,此前四个季度的平均值为22.1%。
- 营业利润率14.7%(TTM),较去年同期-0.8 百分点营收增长26.0%,营业利润增长19.7%。
- 税前利润的10.3%来自营业外收益税前利润$51.3亿,营业利润$46亿(TTM)。股权投资收益等一次性项目推高了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的12.5%(去年为11.5%)最近4个季度投入$39亿(同比+36.5%)。自由现金流$3.09亿,相当于净利润的8.9%。
- 股东回报$25.2亿 = 自由现金流的816.2%回购$19.7亿(去年为$4亿),股息$5.51亿,股权激励$0(TTM)。 超过自由现金流:由现金储备或举债支付。
- 稀释股数一年内增加12.7%Q2 '26稀释股数3.54亿,一年前为3.14亿。
- 净债务 $236亿现金 + 短期投资 $10.8亿,含租赁债务 $247亿;一年前净债务 $62.5亿。
上一季度:Q2 '26
截至2026-06-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q2 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $75亿 | $61亿 | +23.0% |
| 毛利率 | 17.7% | 22.4% | -4.6 百分点 |
| 营业利润 | $5.8亿 | $9.51亿 | -39.0% |
| 营业利润率 | 7.7% | 15.6% | -7.9 百分点 |
| 净利润 | $5.13亿 | $8.39亿 | -38.9% |
| 稀释EPS | $1.45 | $2.67 | -45.7% |
| 经营现金流 | $11.3亿 | $14.8亿 | -23.6% |
| 资本支出 | $12.5亿 | $7.67亿 | +62.5% |
| 自由现金流 | -$1.18亿 | $7.1亿 | -116.6% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $0 | $0 | – |
实际 vs 一致预期
2026-08-06| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $75亿 | $77.3亿 | -2.9% |
| EPS(一致预期口径) | $2.55 | $2.29 | +11.4% |
来自2026-08-06发布的Q2 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q2 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Power and Power-related Revenues | $49.6亿 | – | 66.1% | – | – | |
| Other Revenues | $21.5亿 | – | 28.6% | – | – | |
| Constellation Mid Atlantic | – | – | – | – | – | |
| Constellation Other Regions | – | – | – | – | – | |
| Constellation Midwest | – | – | – | – | – | |
| Constellation New York | – | – | – | – | – | |
| Constellation ERCOT | – | – | – | – | – | |
| Capacity Revenues | $3.96亿 | – | 5.3% | – | – |
按地区划分的营收
占总额比例| 分部 | Q2 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Constellation Mid Atlantic | $15.6亿 | +7.4% | 30.5% | $67.8亿 | +13.4% | |
| Constellation Midwest | $15.7亿 | +2.9% | 30.8% | $61.8亿 | +12.9% | |
| Constellation Other Regions | $9.64亿 | -18.2% | 18.9% | $53亿 | -2.2% | |
| Constellation New York | $5.64亿 | +5.4% | 11.1% | $23.1亿 | +3.8% | |
| Constellation ERCOT | $4.46亿 | -3.9% | 8.8% | $18.6亿 | +7.2% |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $42.1亿
- 资本支出
- -$39亿
- 股票回购
- -$19.7亿
- 股息
- -$5.51亿
- 收购
- -$25.4亿
- 债务净发行
- $39.2亿
- 股权激励费用
- $0
- 自由现金流
- $3.09亿
- 股东回报 / FCF
- 816.2%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 25.5× | 29.9× 5年中的3年 | 18.8× – 47.7× |
| EV / EBITDA | 14.6× | 12.0× | 5.6× – 20.6× |
| EV / 营收 | 3.7× | 2.4× | 1.1× – 4.5× |
| 股价 / FCF | 300.9× | 85.8× 5年中的1年 | 85.8× – 85.8× |
| 股价 / 净资产 | 2.9× | 4.0× | 1.2× – 7.6× |
| FCF收益率 | 0.3% | -12.0% | -20.5% – 1.2% |
| 投入资本回报率 | 3.4% | 2.9% | 0.4% – 7.7% |
| 净资产收益率 | 14.7% | 11.2% | -1.8% – 28.5% |
分析师
一致目标价 $341.85 (+30.3%)
区间 $296.00 – $380.00 · 评级 Buy
强烈买入0
买入17
持有6
卖出0
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $337亿 | +32.1% | $12.17 | +64.4% | 21.6× | 13 |
| FY2027 | $347亿 | +2.8% | $13.30 | +9.3% | 19.7× | 12 |
| FY2028 | $368亿 | +6.1% | $16.99 | +27.7% | 15.4× | 11 |
| FY2029 | $398亿 | +8.3% | $19.87 | +17.0% | 13.2× | 4 |
| FY2030 | $412亿 | +3.4% | $21.75 | +9.5% | 12.1× | 4 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Constellation Energy Corporation在近期10-Q / 10-K文件中标记的全部303项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable and Accrued Liabilities, Current | $44.3亿 | $36.6亿 | +21.1% | $42.9亿 | $39.4亿 | +8.9% |
| Accounts Payable and Accrued Liabilities, Noncurrent | $59.1亿 | $49.4亿 | +19.7% | – | – | – |
| Accounts Payable, Current | $24.6亿 | $24.5亿 | +0.5% | $28.1亿 | $23.7亿 | +18.7% |
| Accounts Payable, Other, Current | $2000万2025-12-31 | $4000万 | -50.0% | $2000万 | $4000万 | -50.0% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $46.6亿 | $29.5亿 | +58.2% | $42.7亿 | $37.2亿 | +14.7% |
| Accounts Receivable, Allowance for Credit Loss, Current | $1.65亿 | $2.03亿 | -18.7% | $1.58亿 | $1.9亿 | -16.8% |
| Accounts Receivable, Allowance for Credit Loss, Writeoff | $1200万 | $400万 | +200.0% | $7900万 | $2100万 | +276.2% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $2000万 | $1300万 | +53.8% | $4700万 | $1700万 | +176.5% |
| Accounts Receivable, Sale | $5.89亿 | $8.98亿 | -34.4% | $42亿 | $2.8亿 | +1,401.4% |
| Accrued Income Taxes, Current | $3.95亿 | $2.05亿 | +92.7% | $2.46亿 | $2.32亿 | +6.0% |
| Accumulated Deferred Investment Tax Credit | $3.09亿2025-12-31 | $3.25亿 | -4.9% | $3.09亿 | $3.25亿 | -4.9% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $196亿 | $185亿 | +5.9% | $191亿 | $181亿 | +5.4% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$24亿 | -$22.7亿 | -5.5% | -$24.3亿 | -$23亿 | -5.3% |
| Allowance for Doubtful Other Receivables, Current | $800万2025-09-30 | $600万 | +33.3% | $600万2024-12-31 | $500万 | +20.0% |
| Amortization of Intangible Assets | $900万 | $500万 | +80.0% | $1800万 | $2200万 | -18.2% |
| Amortization of Nuclear Fuel Lease | $2.52亿 | $2.36亿 | +6.8% | $9.52亿 | $8.84亿 | +7.7% |
| Amortization of Other Deferred Charges | $0 | $0 | – | – | – | – |
| Amortization of Power Contracts Emission Credits | – | – | – | $1700万 | $3800万 | -55.3% |
| Asset Retirement Obligation, Accretion Expense | $1.64亿 | $1.6亿 | +2.5% | $6.47亿 | $6.55亿 | -1.2% |
| Asset Retirement Obligation, Period Increase (Decrease) | -$5.7亿 | – | – | – | – | – |
| Assets | $983亿 | $530亿 | +85.3% | $572亿 | $529亿 | +8.2% |
| Assets, Current | $190亿 | $92.3亿 | +105.4% | $121亿 | $108亿 | +12.5% |
| Cash and Cash Equivalents, at Carrying Value | $6.97亿 | $19.7亿 | -64.7% | $36.4亿 | $30.2亿 | +20.5% |
| Cash and Cash Equivalents, Fair Value Disclosure | $3.68亿 | – | – | $4200万 | $1.2亿 | -65.0% |
| Cash Collateral for Borrowed Securities | $2900万 | $100万 | +2,800.0% | $300万2024-12-31 | $4400万 | -93.2% |
| Cash Flows Between Transferor and Transferee, Beneficial Interest | – | – | – | $105亿2024-12-31 | $81.4亿 | +29.2% |
| Cash Flows Between Transferor and Transferee, Proceeds from Collections Reinvested in Revolving Period Transfers | – | – | – | $122亿2024-12-31 | $118亿 | +3.5% |
| Cash Flows Between Transferor and Transferee, Proceeds from New Transfers | – | – | – | $16.9亿2024-12-31 | $36.5亿 | -53.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $10.8亿 | $20.6亿 | -47.8% | $37.5亿 | $31.3亿 | +19.8% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | -$9400万 | $1.2亿 | -178.3% | $6.19亿 | $26.8亿 | -76.9% |
| Common Stock, Dividends, Per Share, Declared | $0.43 | $0.39 | +10.0% | $0.39 | $0.35 | +10.0% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | – | $0.00 | $0.00 | – |
| Common Stock, Shares Authorized | 10亿 | 10亿 | 0.0% | 10亿 | 10亿 | 0.0% |
| Common Stock, Shares, Outstanding | 3.55亿 | 3.12亿 | +13.8% | 3.12亿 | 3.13亿 | -0.3% |
| Common Stock, Value, Issued | $267亿 | $109亿 | +143.9% | $110亿 | $114亿 | -3.1% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | -$500万 | -$600万 | +16.7% | $400万 | -$1100万 | +136.4% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $5.4亿 | $8.76亿 | -38.4% | $22亿 | $36.4亿 | -39.6% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $5.35亿 | $8.7亿 | -38.5% | $22亿 | $36.3亿 | -39.3% |
| Cost, Depreciation and Amortization | $4.43亿 | $2.54亿 | +74.4% | $9.85亿 | $11.2亿 | -12.3% |
| Cost, Direct Labor | $6000万 | $3900万 | +53.8% | $1.61亿 | $1.52亿 | +5.9% |
| Cost, Direct Material | $40.2亿 | $31.3亿 | +28.4% | $147亿 | $114亿 | +28.6% |
| Costs and Expenses | $69.3亿 | $51.5亿 | +34.5% | $224亿 | $193亿 | +16.4% |
| Current Federal Tax Expense (Benefit) | – | – | – | $7.64亿 | $4.51亿 | +69.4% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $1400万 | -$2500万 | +156.0% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $1.36亿 | $1.27亿 | +7.1% |
| Debt and Lease Obligation | $191亿 | – | – | $72.5亿 | $73.8亿 | -1.8% |
| Debt Instrument, Unamortized Discount (Premium), Net | $2000万 | – | – | $100万 | $400万 | -75.0% |
| Decommissioning Fund Investments | $205亿 | $183亿 | +12.0% | $193亿 | $173亿 | +11.7% |
| Decommissioning Fund Investments, Fair Value | $206亿 | – | – | $194亿 | $173亿 | +12.0% |
| Deferred Compensation Liability, Current and Noncurrent | $1.07亿 | – | – | $1.24亿 | $9300万 | +33.3% |
| Deferred Compensation Plan Assets | $1.23亿 | – | – | $1.12亿 | $1亿 | +12.0% |
| Deferred Costs and Other Assets | $381亿 | $220亿 | +73.1% | $227亿 | $209亿 | +8.3% |
| Deferred Credits and Other Liabilities | $338亿 | $257亿 | +31.5% | $272亿 | $252亿 | +8.1% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $2.38亿 | $2.29亿 | +3.9% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $0 | $4500万 | -100.0% |
| Deferred Income Taxes and Other Tax Liabilities, Noncurrent | $85.1亿 | $33.5亿 | +154.3% | $35.4亿 | $33.3亿 | +6.4% |
| Deferred Income Taxes and Tax Credits | $3亿 | $1.12亿 | +167.9% | $2.73亿 | $2.22亿 | +23.0% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $5000万 | -$3900万 | +228.2% |
| Deferred Tax Assets, Derivative Instruments | $10.9亿2025-12-31 | $7亿 | +55.7% | $10.9亿 | $7亿 | +55.7% |
| Deferred Tax Assets, Tax Credit Carryforwards, General Business | $2300万2025-12-31 | $1900万 | +21.1% | $2300万 | $1900万 | +21.1% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
数据截至 2026-11-01