CEG vs VST: Constellation Energy and Vistra 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 1.9 times Vistra.
- Constellation Energy grew revenue faster over the last year (+23.0% vs -5.5%).
- Vistra keeps more of each dollar of revenue as operating profit (18.6% vs 14.9%).
- On earnings, Constellation Energy is the cheaper stock (25.2x vs 27.3x).
- Constellation Energy's price assumes faster free cash flow growth: about 24% a year, against 15% for Vistra (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 | VST |
|---|---|---|
| Market cap | $104.6B | $55.1B |
| Share price | $298.07 | $166.72 |
| Revenue (last fiscal year) | $25.5B | $17.7B |
| Free cash flow (last fiscal year) | $1.3B | $1.3B |
| Revenue growth, last year | +23.0% | -5.5% |
| Revenue growth per year, last 5 fiscal years | +8.4% | +10.1% |
| Operating margin | 14.9% | 18.6% |
| Net margin | 11.2% | 11.6% |
| Return on equity | 10.8% | 40.5% |
| P/E (trailing) | 25.2x | 27.3x |
| Price / free cash flow | 81.2x | 426.7x |
| EV / EBITDA | 12.9x | 11.2x |
| FCF growth the price implies | 23.5% | 14.6% |
| Dividend yield | 0.53% | 0.57% |
| Debt / equity | 2.06x | 6.77x |
| Fundamental grade | D | D |
| Superinvestors holding it | 6 | 6 |
| Insider purchases, last 12 months | 8 | 8 |
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% |
Vistra
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $12.1B | -$1.2B | -12.5% |
| 2022 | $13.7B | -$816M | -8.6% |
| 2023 | $14.8B | $3.8B | 18.0% |
| 2024 | $17.2B | $2.5B | 23.7% |
| 2025 | $17.7B | $1.3B | 10.7% |
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%
Vistra · by segments, 2025
Retail$13.0B74%
East$3.3B19%
Texas$918M5%
West$328M2%
Asset Closure$4M0%
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 Vistra?
Constellation Energy (CEG), at $104.6B against $55.1B.
Is CEG or VST cheaper?
By trailing P/E, Constellation Energy (25.2x) is cheaper than Vistra (27.3x). A lower multiple can also mean the market expects less growth.
Which grows faster, CEG or VST?
Constellation Energy: revenue grew +23.0% over the last year, against -5.5%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.