CEG vs ETR: Deregulated Nuclear Pure-Play vs Regulated Nuclear Utility: AI Score, Valuation, Performance and Upside
Constellation Energy is the deregulated nuclear pure-play benefiting from hyperscaler PPA demand and wholesale power price appreciation. Entergy is a regulated Gulf Coast utility with nuclear assets, growing data center and industrial load, and a higher dividend yield. CEG offers more upside leverage to AI power demand and clean energy premiums; ETR offers more earnings stability and income from its regulated model.
This CEG vs ETR comparison frames two different ways to invest in nuclear-powered electricity generation. CEG operates in deregulated markets where power prices are set by supply and demand, offering more upside but more volatility. ETR earns regulated returns with more predictable earnings, a higher yield, and a growing demand base along the Gulf Coast.
ETR holds the edge across 4 of 5 key metrics in this comparison. ETR leads on both 1-year return (+16.46%) and forward P/E quality (21.16x vs 21.17x for CEG), a relatively favorable combination of momentum and valuation. On fundamentals, CEG is growing revenue faster (23.00%), while ETR maintains the higher operating margin (24.46%) — a classic growth-versus-profitability split. Analyst consensus implies meaningfully more upside for CEG (+23.35%) than for ETR (+14.31%).
- Want maximum leverage to the AI data center power demand theme through deregulated nuclear generation
- Believe clean energy premiums and hyperscaler PPAs will drive long-term earnings growth above utility peers
- Are comfortable with wholesale power price exposure in exchange for higher earnings upside potential
- See the Calpine acquisition as a value-creating portfolio diversification catalyst
- Prefer regulated earnings stability with a 3.1% dividend yield and mid-single-digit growth guidance
- Want exposure to Gulf Coast industrial and data center demand growth within a regulated utility model
- Value the predictability of regulated rate base investment over deregulated wholesale market exposure
- Are looking for a utility with nuclear generation assets at a lower valuation than pure-play nuclear stocks
| Metric | CEG | ETR |
|---|---|---|
| AI score | 50.5 | 50.8 |
| AI rank | #429 | #412 |
| Latest close | $272.88 | $104.62 |
| 1M return | -0.73% | -8.93% |
| 6M return | -6.44% | +1.25% |
| 1Y return | -13.15% | +16.46% |
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | CEG | ETR |
|---|---|---|
| 1Y ago | $8.73K (-12.7%) started 2025-08-21 | $11.73K (+17.3%) started 2025-08-21 |
| 5Y ago | $69.2K (+592.0%) started 2022-01-19 | $20.62K (+106.2%) started 2021-08-23 |
| 10Y ago | $69.2K (+592.0%) started 2022-01-19 | $35.21K (+252.1%) started 2016-08-22 |
Hypothetical — past performance does not guarantee future results.
| Metric | CEG | ETR |
|---|---|---|
| Market cap | $100.09B | $50.32B |
| Trailing P/E | 27.61 | 27.58 |
| Forward P/E | 21.17 | 21.16 |
| Price/Sales | 3.87 | N/A |
| EV/Revenue | 3.98 | 6.04 |
| Analyst target | $348.45 | $123.28 |
| Target upside | +23.35% | +14.31% |
| Metric | CEG | ETR |
|---|---|---|
| Revenue growth | 23.00% | 5.90% |
| Earnings growth | -46.80% | -1.90% |
| EPS growth | -46.80% | -1.90% |
| FCF margin | -21.19% | -32.64% |
| Operating margin | 8.66% | 24.46% |
| Profit margin | 11.08% | 13.33% |
| ROIC proxy | 15.06% | 10.25% |
| Return on equity | 15.06% | 10.25% |
| Dividend yield | 0.60% | 2.37% |
| Beta | 1.12 | 0.49 |
| Debt/equity | 76.42 | 186.77 |
| Current ratio | 1.46 | 0.91 |
| Quick ratio | 0.47 | 0.62 |
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | CEG | ETR |
|---|---|---|---|
| 1Y | Growth | -12.68% | +17.26% |
| CAGR | -12.70% | +17.29% | |
| Sharpe ratio | -0.15 | 0.66 | |
| Max drawdown | 41.45% | 11.27% | |
| Max daily drop | 10.90% | 4.03% | |
| Max wkly drop | 15.28% | 7.18% | |
| 5Y | Growth | +570.38% | +94.43% |
| CAGR | +51.41% | +14.24% | |
| Sharpe ratio | 1.00 | 0.50 | |
| Max drawdown | 50.70% | 28.59% | |
| Max daily drop | 20.85% | 7.09% | |
| Max wkly drop | 19.29% | 11.62% | |
| 10Y | Growth | +570.38% | +204.21% |
| CAGR | +51.41% | +11.77% | |
| Sharpe ratio | 1.00 | 0.40 | |
| Max drawdown | 50.70% | 41.99% | |
| Max daily drop | 20.85% | 15.73% | |
| Max wkly drop | 19.29% | 24.84% |
| Category | CEG | ETR |
|---|---|---|
| Company | Constellation Energy Corporation | Entergy Corporation |
| Sector | Utilities | Utilities |
| Industry | Utilities - Renewable | N/A |
| Core business | Operator of the largest US nuclear fleet with 21 reactors across deregulated markets. Pursues long-term power purchase agreements with hyperscalers and data center operators for carbon-free baseload electricity. Completed the Calpine acquisition to add natural gas and geothermal generation. | Regulated electric utility serving approximately 3 million customers across the Gulf Coast states of Louisiana, Mississippi, Arkansas, and Texas. Operates a fleet that includes nuclear, natural gas, and renewable generation with a growing focus on industrial and data center load growth in its service territory. |
| Investor focus | Nuclear fleet utilization and relicensing, hyperscaler PPA pricing and pipeline, Calpine integration synergies, clean energy premium monetization, and capital allocation strategy. | Industrial and data center load growth in the Gulf Coast corridor, nuclear fleet performance, rate base growth from grid investment, regulatory outcomes across four states, and dividend yield sustainability. |
- Largest US nuclear fleet operating in deregulated markets where power prices reflect true supply-demand dynamics
- High-value long-term PPAs with hyperscalers like Microsoft for carbon-free baseload electricity
- Calpine acquisition adds natural gas and geothermal assets, diversifying the generation portfolio
- Strong industrial and data center electricity demand growth along the Gulf Coast LNG and petrochemical corridor
- Regulated business model provides earnings predictability with constructive regulatory environments
- Attractive 3.1% dividend yield with a clear path to mid-single-digit earnings growth from rate base expansion
- Deregulated market exposure means earnings are more sensitive to wholesale power price fluctuations
- Nuclear plant maintenance, safety, and regulatory risk across a large fleet of aging reactors
- Calpine integration execution risk and increased leverage from the acquisition
- Gulf Coast hurricane exposure creates storm cost recovery risk and operational disruption
- Multi-state regulatory complexity across Louisiana, Mississippi, Arkansas, and Texas
- Nuclear fleet operating risk concentrated in a smaller number of reactors versus CEG's diversified fleet
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