CEG vs. FE: Constellation Energy vs. FirstEnergy Stock Comparison

November 11, 2026

How do Constellation Energy (CEG) and FirstEnergy (FE) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Constellation Energy (CEG) and FirstEnergy (FE) are both classified in the Electric Utilities sub-industry within the broader Electric Utilities industry, placing them in the closest GICS peer bucket.

FirstEnergy (FE) has more than two decades of public-market history since November 10, 1997, whereas Constellation Energy (CEG) listed on January 19, 2022 and has a much shorter record to draw on.

Company profile comparison for Constellation Energy (CEG) and FirstEnergy (FE)
Profile Item	CEG	FE
Name	Constellation Energy Corporation	FirstEnergy Corp.
Country/Region	United States	United States
GICS Sector	Utilities	Utilities
GICS Industry Group	Utilities	Utilities
GICS Industry	Electric Utilities	Electric Utilities
GICS Sub-Industry	Electric Utilities	Electric Utilities
Market Capitalization	88.56 billion USD	26.88 billion USD
Currency	USD	USD
Exchange	Nasdaq	NYSE
Listing Date	January 19, 2022	November 10, 1997
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

CEG

GSPC

Constellation Energy (CEG) vs. FirstEnergy (FE), with S&P 500 (GSPC) for reference: Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

Loading price history…

Trailing total returns for Constellation Energy (CEG) and FirstEnergy (FE). Returns over one year are annualized.

Calendar-Year Returns

Loading price history…

Calendar-year total returns for Constellation Energy (CEG) and FirstEnergy (FE). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Constellation Energy (CEG) and FirstEnergy (FE)
Metric	CEG	FE
Total Return (1Y)	-23.27%	5.62%
Total Return (3Y, Annualized)	32.21%	14.20%
Total Return (5Y, Annualized)	--	8.32%

Risk Profile

Drawdown History

CEG

GSPC

Constellation Energy (CEG) vs. FirstEnergy (FE), with S&P 500 (GSPC) for reference: Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

Loading price history…

Distribution of monthly total returns for Constellation Energy (CEG) and FirstEnergy (FE). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Constellation Energy (CEG) and FirstEnergy (FE)
Metric	CEG	FE
Volatility (1Y, Annualized)	49.44%	16.31%
Beta (5Y)	1.11	0.39
Max Drawdown (5Y)	-50.70%	-28.59%
Avg. Volume (3M)	3.37M	4.29M

Risk-Adjusted Performance

Risk-Return Positioning

CEG and FE are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Constellation Energy (CEG) and FirstEnergy (FE)
Metric	CEG	FE
Sharpe Ratio (1Y)	-0.56	0.08
Sortino Ratio (1Y)	-0.78	0.11

Profitability

ROE (TTM)

Constellation Energy (CEG) at 15.06% sits in the top ROE quartile, while FirstEnergy (FE) at 10.04% is closer to the peer norm — stronger capital efficiency for CEG.

CEG

Utilities industry group

15.06%

Max: 17.99%
CEG: 15.06%
Q3: 12.01%
Median: 9.44%
Q1: 7.56%
Min: 2.17%

FE

Utilities industry group

10.04%

Max: 17.99%
Q3: 12.01%
FE: 10.04%
Median: 9.44%
Q1: 7.56%
Min: 2.17%

Constellation Energy (CEG) vs. FirstEnergy (FE): A comparison of their ROE against the Utilities industry group benchmark.

Net Margin (TTM)

Constellation Energy (CEG) at 11.08% keeps about the industry-typical share of revenue as profit, while FirstEnergy (FE) at 7.49% retains only a bottom-quartile share.

CEG

Utilities industry group

11.08%

Max: 28.78%
Q3: 17.30%
Median: 12.73%
CEG: 11.08%
Q1: 9.18%
Min: -0.20%

FE

Utilities industry group

7.49%

Max: 28.78%
Q3: 17.30%
Median: 12.73%
Q1: 9.18%
FE: 7.49%
Min: -0.20%

Constellation Energy (CEG) vs. FirstEnergy (FE): A comparison of their net margin against the Utilities industry group benchmark.

Operating Margin (TTM)

FirstEnergy (FE) at 21.24% runs core operations around its industry’s norm, while Constellation Energy (CEG) at 8.66% operates in the bottom quartile.

CEG

Utilities industry group

8.66%

Max: 53.83%
Q3: 31.12%
Median: 23.62%
Q1: 15.45%
CEG: 8.66%
Min: -4.90%

FE

Utilities industry group

21.24%

Max: 53.83%
Q3: 31.12%
Median: 23.62%
FE: 21.24%
Q1: 15.45%
Min: -4.90%

Constellation Energy (CEG) vs. FirstEnergy (FE): A comparison of their operating margin against the Utilities industry group benchmark.

Profitability Metrics

Profitability metrics for Constellation Energy (CEG) and FirstEnergy (FE)
Metric	CEG	FE
ROE (TTM)	15.06%	10.04%
ROA (TTM)	3.89%	3.66%
Net Margin (TTM)	11.08%	7.49%
Operating Margin (TTM)	8.66%	21.24%
Gross Margin (TTM)	22.11%	69.63%

Growth

Revenue Growth

Both Constellation Energy (CEG) at 8.34% and FirstEnergy (FE) at 12.01% land near their industries' usual revenue growth ranges, so top-line momentum looks broadly in line with peers on both sides.

Constellation Energy (CEG) vs. FirstEnergy (FE): A comparison of their Revenue Growth across different time periods.

EPS Growth

FirstEnergy (FE) at 3.53% is around its peer norm for EPS growth, while Constellation Energy (CEG) at -37.76% drops into the bottom quartile, signaling weaker earnings momentum.

Constellation Energy (CEG) vs. FirstEnergy (FE): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Constellation Energy (CEG) and FirstEnergy (FE)
Metric	CEG	FE
Revenue Growth (YoY)	8.34%	12.01%
Revenue Growth (3Y CAGR)	1.47%	6.59%
EPS Growth (YoY)	-37.76%	3.53%
EPS Growth (3Y CAGR)	--	35.34%

Financial Strength

Current Ratio (MRQ)

Constellation Energy (CEG) at 1.46 carries current ratio above its industry’s typical mid-range, while FirstEnergy (FE) at 0.38 runs in the tighter-liquidity quartile — different working-capital profiles, both worth examining.

CEG

Utilities industry group

1.46

Max: 1.90
CEG: 1.46
Q3: 1.17
Median: 0.88
Q1: 0.66
Min: 0.29

FE

Utilities industry group

0.38

Max: 1.90
Q3: 1.17
Median: 0.88
Q1: 0.66
FE: 0.38
Min: 0.29

Constellation Energy (CEG) vs. FirstEnergy (FE): A comparison of their current ratio against the Utilities industry group benchmark.

Debt / Equity (MRQ)

Constellation Energy (CEG) at 0.76 keeps leverage in the lower quartile, while FirstEnergy (FE) at 2.07 sits in the higher-leverage quartile.

CEG

Utilities industry group

0.76

Max: 2.63
Q3: 1.77
Median: 1.35
Q1: 0.84
CEG: 0.76
Min: 0.00

FE

Utilities industry group

2.07

Max: 2.63
FE: 2.07
Q3: 1.77
Median: 1.35
Q1: 0.84
Min: 0.00

Constellation Energy (CEG) vs. FirstEnergy (FE): A comparison of their debt-to-equity ratio against the Utilities industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Constellation Energy (CEG) and FirstEnergy (FE)
Metric	CEG	FE
Current Ratio (MRQ)	1.46	0.38
Debt / Equity (MRQ)	0.76	2.07
Net Debt / EBITDA	3.02	5.85

Dividends

Dividend Yield (TTM)

FirstEnergy (FE) at 3.90% delivers top-quartile income for its industry, while Constellation Energy (CEG) at 0.68% pays a more typical yield — both are credible income propositions, FE the richer one.

CEG

Utilities industry group

0.68%

Max: 6.66%
Q3: 3.58%
Median: 2.85%
CEG: 0.68%
Q1: 0.66%
Min: 0.00%

FE

Utilities industry group

3.90%

Max: 6.66%
FE: 3.90%
Q3: 3.58%
Median: 2.85%
Q1: 0.66%
Min: 0.00%

Constellation Energy (CEG) vs. FirstEnergy (FE): A comparison of their dividend yield against the Utilities industry group benchmark.

Dividend Payout Ratio (TTM)

Constellation Energy (CEG) at 15.92% retains more earnings than its industry usually does; FirstEnergy (FE) at 87.92% distributes an above-typical share — opposite departures from the band, with the risk sitting on FE’s side.

CEG

Utilities industry group

15.92%

Max: 113.04%
Q3: 68.72%
Median: 56.38%
Q1: 32.38%
CEG: 15.92%
Min: 0.00%

FE

Utilities industry group

87.92%

Max: 113.04%
FE: 87.92%
Q3: 68.72%
Median: 56.38%
Q1: 32.38%
Min: 0.00%

Constellation Energy (CEG) vs. FirstEnergy (FE): A comparison of their payout ratio against the Utilities industry group benchmark.

Dividend Metrics

Dividend metrics for Constellation Energy (CEG) and FirstEnergy (FE)
Metric	CEG	FE
Dividend Yield (TTM)	0.68%	3.90%
Dividend Payout Ratio (TTM)	15.92%	87.92%

Valuation

P/E Ratio (TTM)

FirstEnergy (FE) at 22.43 is near its industry’s usual P/E ratio, while Constellation Energy (CEG) at 24.43 sits in the richer quartile — CEG needs stronger growth or earnings quality to justify the premium.

CEG

Utilities industry group

24.43

Max: 31.22
CEG: 24.43
Q3: 23.30
Median: 19.64
Q1: 15.17
Min: 3.34

FE

Utilities industry group

22.43

Max: 31.22
Q3: 23.30
FE: 22.43
Median: 19.64
Q1: 15.17
Min: 3.34

Constellation Energy (CEG) vs. FirstEnergy (FE): A comparison of their P/E ratio against the Utilities industry group benchmark.

P/S Ratio (TTM)

On P/S ratio, both Constellation Energy (CEG) at 2.83 and FirstEnergy (FE) at 1.68 are priced roughly in line with their industries — neither looks cheap nor rich on a sales basis.

CEG

Utilities industry group

2.83

Max: 6.35
Q3: 3.63
CEG: 2.83
Median: 2.63
Q1: 1.52
Min: 0.00

FE

Utilities industry group

1.68

Max: 6.35
Q3: 3.63
Median: 2.63
FE: 1.68
Q1: 1.52
Min: 0.00

Constellation Energy (CEG) vs. FirstEnergy (FE): A comparison of their P/S ratio against the Utilities industry group benchmark.

P/B Ratio (MRQ)

FirstEnergy (FE) at 2.07 is valued about in line with its industry on P/B ratio, while Constellation Energy (CEG) at 2.78 carries an above-peer premium to book — CEG is pricier on assets.

CEG

Utilities industry group

2.78

Max: 3.12
CEG: 2.78
Q3: 2.21
Median: 1.83
Q1: 1.46
Min: 0.34

FE

Utilities industry group

2.07

Max: 3.12
Q3: 2.21
FE: 2.07
Median: 1.83
Q1: 1.46
Min: 0.34

Constellation Energy (CEG) vs. FirstEnergy (FE): A comparison of their P/B ratio against the Utilities industry group benchmark.

Valuation Metrics

Valuation metrics for Constellation Energy (CEG) and FirstEnergy (FE)
Metric	CEG	FE
P/E Ratio (TTM)	24.43	22.43
P/S Ratio (TTM)	2.83	1.68
P/B Ratio (MRQ)	2.78	2.07
Free Cash Flow Yield (TTM)	-7.48%	-9.48%