CEG vs KEN: Constellation Energy and Kenon Holdings compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Constellation Energy is the larger company, worth $104.6B, about 36.3 times Kenon Holdings.
- Constellation Energy grew revenue faster over the last year (+23.0% vs +16.1%).
- Constellation Energy keeps more of each dollar of revenue as operating profit (14.9% vs 7.2%).
- On earnings, Constellation Energy is the cheaper stock (25.2x vs 47.1x).
- Constellation Energy's price assumes faster free cash flow growth: about 24% a year, against 3% for Kenon Holdings (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CEG | KEN |
|---|---|---|
| Market cap | $104.6B | $2.9B |
| Share price | $298.07 | $59.84 |
| Revenue (last fiscal year) | $25.5B | $872M |
| Free cash flow (last fiscal year) | $1.3B | $167M |
| Revenue growth, last year | +23.0% | +16.1% |
| Revenue growth per year, last 5 fiscal years | +8.4% | +15.6% |
| Operating margin | 14.9% | 7.2% |
| Net margin | 11.2% | 7.6% |
| Return on equity | 10.8% | 4.2% |
| P/E (trailing) | 25.2x | 47.1x |
| Price / free cash flow | 81.2x | 17.2x |
| EV / EBITDA | 12.9x | 9.31x |
| FCF growth the price implies | 23.5% | 3.0% |
| Dividend yield | 0.53% | 6.9% |
| Debt / equity | 2.06x | 1.38x |
| Fundamental grade | D | C |
| Superinvestors holding it | 6 | 0 |
| Insider purchases, last 12 months | 8 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Constellation Energy
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $18.5B | -$2.7B | -1.9% |
| 2022 | $24.3B | -$4.0B | 2.0% |
| 2023 | $24.9B | -$7.7B | 6.5% |
| 2024 | $23.6B | -$5.0B | 18.5% |
| 2025 | $25.5B | $1.3B | 12.1% |
Kenon Holdings
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $488M | -$586,000 | 4.6% |
| 2022 | $574M | $480M | 0.49% |
| 2023 | $692M | -$55M | 6.2% |
| 2024 | $751M | -$76M | 6.3% |
| 2025 | $872M | $167M | 7.2% |
Where the revenue comes from
Constellation Energy · by segments, 2025
Mid-Atlantic$6.5B32%
Midwest$5.3B26%
Other Power Regions$4.9B24%
New York$2.4B12%
ERCOT$1.3B6%
Kenon Holdings · by segments, 2025
OPC's associated companies$675M77%
CPV Group$197M23%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CEG in InvestinglyQuestions
Which is bigger, Constellation Energy or Kenon Holdings?
Constellation Energy (CEG), at $104.6B against $2.9B.
Is CEG or KEN cheaper?
By trailing P/E, Constellation Energy (25.2x) is cheaper than Kenon Holdings (47.1x). A lower multiple can also mean the market expects less growth.
Which grows faster, CEG or KEN?
Constellation Energy: revenue grew +23.0% over the last year, against +16.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.