The company maintains a disciplined capital structure with a debt-to-equity ratio of 0.66 as of 2026Q1, supporting its $40.8 billion net PPE base despite significant liquidity drawdowns.
Constellation Energy Corporation (CEG) balance sheet — 14-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Assets | 98.25B | 57.25B | 52.93B | 50.76B | 46.91B | 48.09B | 48.09B | 48.99B | 47.56B | 48.46B | 46.97B | 46.53B | 44.95B | 41.23B | 40.68B |
| Asset Growth % | 187.23% | 8.17% | 4.27% | 8.21% | -2.45% | -0.02% | -1.84% | 3.03% | -1.86% | 3.16% | 0.96% | 3.51% | 9.02% | 1.35% | - |
| PP&E (Net) | 41.23B | 22.47B | 21.23B | 22.12B | 19.82B | 19.61B | 22.21B | 24.19B | 20.99B | 21.64B | 22.23B | 22.32B | 19.75B | 17.29B | 16.79B |
| PP&E / Total Assets % | 41.96% | 39.26% | 40.12% | 43.57% | 42.26% | 40.79% | 46.19% | 49.38% | 44.14% | 44.67% | 47.31% | 47.97% | 43.95% | 41.92% | 41.28% |
| Total Current Assets | 18.96B | 12.12B | 10.78B | 8.3B | 9.36B | 7.98B | 6.95B | 7.08B | 8.43B | 6.88B | 6.53B | 6.34B | 7.31B | 6.44B | 6.21B |
| Cash & Equivalents | 1.08B | 3.75B | 3.02B | 368M | 422M | 504M | 226M | 303M | 750M | 416M | 290M | 431M | 780M | 1.26B | 671M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Inventory | 3.37B | 1.74B | 1.6B | 1.5B | 1.5B | 1.29B | 1.21B | 1.26B | 1.21B | 1.2B | 1.23B | 1.26B | 1.31B | 835M | 756M |
| Other Current Assets | 9.86B | 2.37B | 2.44B | 3.58B | 4.12B | 3.77B | 3.67B | 1.76B | 3.35B | 2.43B | 2.42B | 2.47B | 2.81B | 2.55B | 3.16B |
| Long-Term Investments | 1.51B | 307M | 640M | 563M | 202M | 174M | 184M | 235M | 414M | 433M | 418M | 210M | 104M | 2.33B | 2.27B |
| Goodwill | 11.53B | 420M | 420M | 425M | 47M | 0 | 47M | 47M | 47M | 47M | 47M | 47M | 47M | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 371M | 395M | 447M | 484M | 549M | 710M | 1.07B |
| Other Assets | 26.53B | 21.93B | 19.86B | 19.3B | 17.43B | 20.29B | 18.7B | 17.43B | 17.3B | 19.05B | 17.31B | 17.13B | 17.19B | 14.47B | -20.14B |
| Total Liabilities | 65.93B | 42.4B | 39.39B | 39.47B | 35.54B | 36.47B | 33.42B | 33.16B | 32.05B | 32.5B | 33.72B | 33.56B | 30.9B | 28.49B | 28.02B |
| Total Debt | 24.7B | 8.99B | 8.41B | 9.26B | 5.77B | 8.2B | 7.21B | 8.29B | 8.89B | 9.05B | 9.99B | 10.24B | 8.23B | 7.75B | 0 |
| Net Debt | 23.62B | 5.24B | 5.39B | 8.89B | 5.35B | 7.69B | 6.99B | 7.99B | 8.14B | 8.63B | 9.71B | 9.81B | 7.45B | 6.49B | 0 |
| Long-Term Debt | 19.11B | 7.25B | 7.38B | 7.5B | 4.47B | 4.89B | 5.89B | 4.79B | 7.89B | 8.64B | 8.12B | 8.87B | 7.58B | 7.17B | 7.46B |
| Short-Term Borrowings | 5.59B | 1.74B | 1.03B | 1.76B | 1.3B | 3.3B | 1.32B | 3.5B | 1.01B | 402M | 1.87B | 1.37B | 650M | 583M | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 13.03B | 7.94B | 6.85B | 6.32B | 7.84B | 8B | 5.22B | 7.29B | 5.77B | 4.19B | 5.68B | 4.93B | 4.46B | 3.87B | 4.1B |
| Accounts Payable | 0 | 0 | 0 | 0 | 2.83B | 1.76B | 1.25B | 1.69B | 1.85B | 1.8B | 1.61B | 1.58B | 1.77B | 1.43B | 1.53B |
| Accrued Expenses | 781M | 0 | 0 | 0 | 906M | 737M | 788M | 786M | 672M | 603M | 781M | 774M | 650M | 771M | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 7M | 17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 7.44B | 6.2B | 5.82B | 4.55B | 2.8B | 2.07B | 1.74B | 1.18B | 2.24B | 1.39B | 1.42B | 1.21B | 1.39B | 1.08B | 2.57B |
| Deferred Taxes | 23.83B | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 25.27B | 23.66B | 21.83B | 22.45B | 20.2B | 19.88B | 18.65B | 17.32B | 18.39B | 19.66B | 19.91B | 19.76B | 18.86B | 17.45B | -7.46B |
| Total Equity | 32.32B | 14.85B | 13.54B | 11.29B | 11.37B | 11.61B | 14.68B | 15.83B | 15.51B | 15.96B | 13.26B | 12.97B | 14.05B | 12.74B | 12.66B |
| Equity Growth % | 311.04% | 9.71% | 19.96% | -0.76% | -2.08% | -20.86% | -7.29% | 2.08% | -2.83% | 20.39% | 2.21% | -7.69% | 10.27% | 0.61% | - |
| Shareholders Equity | 31.98B | 14.52B | 13.17B | 10.93B | 11.02B | 11.22B | 12.4B | 13.48B | 13.2B | 13.67B | 11.48B | 11.63B | 12.72B | 12.72B | 12.56B |
| Minority Interest | 345M | 336M | 373M | 361M | 354M | 395M | 2.28B | 2.35B | 2.3B | 2.29B | 1.77B | 1.33B | 1.33B | 17M | 108M |
| Common Stock | 26.68B | 11.04B | 11.4B | 12.36B | 13.27B | 10.48B | 9.62B | 9.57B | 9.52B | 9.36B | 9.26B | 9B | 8.95B | 8.9B | 8.88B |
| Additional Paid-in Capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 7.69B | 5.9B | 4.07B | 761M | -496M | 768M | 2.81B | 3.95B | 3.72B | 4.35B | 2.27B | 2.7B | 3.8B | 3.61B | 3.17B |
| Accumulated OCI | -2.4B | -2.42B | -2.3B | -2.19B | -1.76B | -31M | -30M | -32M | -38M | -37M | -54M | -63M | -36M | 214M | 0 |
| Return on Assets (ROA) | 4.51% | 4.21% | 7.23% | 3.32% | -0.34% | -0.43% | 1.21% | 2.33% | 0.77% | 5.68% | 1.03% | 3% | 1.94% | 2.61% | 1.38% |
| Return on Equity (ROE) | 14.54% | 16.34% | 30.2% | 14.33% | -1.39% | -1.56% | 3.86% | 7.18% | 2.35% | 18.55% | 3.68% | 10.16% | 6.23% | 8.42% | 4.44% |
| Debt / Equity | 0.76x | 0.61x | 0.62x | 0.82x | 0.51x | 0.71x | 0.49x | 0.52x | 0.57x | 0.57x | 0.75x | 0.79x | 0.59x | 0.61x | - |
| Debt / Assets | 25.14% | 15.71% | 15.89% | 18.25% | 12.3% | 17.04% | 15% | 16.93% | 18.7% | 18.67% | 21.28% | 22.01% | 18.31% | 18.8% | - |
| Net Debt / EBITDA | 3.27x | 1.29x | 0.76x | 2.16x | 1.83x | 3.43x | 2.38x | 1.92x | 2.15x | 2.31x | 2.72x | 2.02x | 2.02x | 1.53x | - |
| Book Value per Share | 91.31 | 47.3 | 42.98 | 34.83 | 34.67 | 35.55 | 44.93 | 48.46 | 47.53 | 48.91 | 40.63 | 39.75 | 43.06 | 39.05 | 38.81 |
Quick answers to the most common questions about buying CEG stock.
As of 2025, Constellation Energy Corporation (CEG) had total assets of $57.25B including $12.12B in current assets.
Constellation Energy Corporation (CEG) carries total debt of $8.99B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Constellation Energy Corporation (CEG) has total shareholders' equity (book value) of $14.52B ($47.30 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Constellation Energy Corporation (CEG) reported a current ratio of 1.53x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Regulatory and operational concentration
Metrics are mathematically derived from official filings.
Asset Expansion Through Strategic Reinvestment
As reported in recent financial statements, CEG's net PPE grew to $40.8 billion in 2026Q1, reflecting a significant shift in asset intensity as the company prioritizes life extensions and the reactivation of nuclear capacity to meet the surging demand for firm, carbon-free baseload power.
The sharp increase in net PPE from $22.5 billion in 2025Q4 suggests a pivot toward aggressive capital deployment to secure long-term generation advantages. Investors should monitor whether this rapid asset expansion translates into sustained margin improvements or if it merely reflects the high cost of maintaining an aging nuclear fleet.
Leverage Discipline Amidst Capital Intensity
Based on the provided balance sheet data, CEG maintains a debt-to-equity ratio of 0.66 as of 2026Q1, which appears remarkably conservative for a capital-intensive utility, suggesting management is utilizing its balance sheet capacity to fund large-scale infrastructure projects without over-leveraging the core business.
The stability of the D/E ratio, despite the massive $3.7 billion CAPEX in 2026Q1, indicates a disciplined approach to financing growth. This leverage profile may provide the company with necessary flexibility to navigate potential regulatory hurdles or unexpected operational outages in its nuclear portfolio.
Equity Quality and Retained Earnings
According to quarterly filings, equity increased to $33.5 billion in 2026Q1, a substantial rise from $14.5 billion in 2025Q4, which suggests that the company is successfully retaining earnings to bolster its capital base even as it pursues aggressive share repurchases and dividend distributions.
The strengthening of the equity base provides a buffer against the inherent volatility of merchant power markets. However, analysts should investigate whether this equity growth is primarily driven by operational performance or if it reflects accounting adjustments related to the Nuclear Decommissioning Trust funds.
Liquidity Pressures from Capital Outlays
As indicated by the company's financial disclosures, cash reserves declined to $1.2 billion in 2026Q1 from $3.7 billion in 2025Q4, highlighting the liquidity strain caused by the company's heavy investment cycle and the timing of large-scale capital projects.
The reduction in cash, coupled with a current ratio of 1.36, warrants close monitoring as the company continues to fund its nuclear life-extension strategy. While the current liquidity position appears adequate, any delay in project milestones or regulatory approvals could necessitate increased reliance on external credit facilities.