NASDAQ Shariah screener · October 2026

Is Constellation Energy Corporation (CEG) Halal?

PASS

Constellation Energy Corporation · NASDAQ: CEG · Utilities

The short answer

Yes - Constellation Energy Corporation (CEG) passes this Shariah stock screen at all three gates, with one prominent diverging view. Constellation Energy, the Baltimore-based power company, earns its revenue from electricity generation (21 nuclear reactors plus natural gas, wind, solar, hydro, and geothermal - ~55 GW fleet) and retail energy supply (FY2025 operating revenues $25,533M) - none of which involve alcohol, tobacco, gambling, weapons, adult entertainment, pork, or conventional finance as a core activity. The financial ratios pass: total debt of $24,700M is about 26.35% of its ~$93.74B market cap ($258.92/share, October 2026), below the ~33% ceiling (note: debt is trending up post-Calpine), and interest income is effectively ~0% (not separately disclosed in the filings; Zoya independently records $0), below the 5% ceiling. DIVERGING VIEW DISCLOSED PROMINENTLY: Musaffa rates Constellation Energy 'NOT HALAL' (October 2026, AAOIFI methodology) - a genuine divergence from the gate math here; the cause is not verifiable from the sources available and is reported honestly, not resolved. This is a factual screen, not a religious ruling - consult a qualified scholar for personal rulings.

Gate 1 — Business activity: PASS

Constellation Energy Corporation (NASDAQ: CEG), headquartered in Baltimore, MD (CEO Joseph Dominguez; auditor PricewaterhouseCoopers LLP; CIK 0001868275), is the largest US producer of carbon-free energy and the nation's leading nuclear power operator. Per its Form 10-K for the fiscal year ended December 31, 2025 (filed February 24, 2026; figures cross-verified across financecharts, Barchart, Zacks, TwelveData, and stockanalysis.com reproductions): 21 nuclear reactors (~22 GW) plus natural gas, wind, solar, hydro, and (post-Calpine) geothermal assets - ~55 GW total fleet after the Calpine acquisition. Revenue segments: Generation/Wholesale Power (~65%) - sale of electricity into wholesale markets and long-term PPAs; Retail Energy/Customer Solutions (~35%) - supply of electricity, natural gas, and energy solutions to ~2.5M customer accounts. Customers include distribution utilities, municipalities, cooperatives, and hyperscalers (multi-GW nuclear PPAs with Microsoft, Google, Amazon). Business-screen implication (factual): electricity generation and retail energy supply - no alcohol, tobacco, gambling, weapons/defense manufacturing, pork, adult entertainment, or conventional finance as a core activity. Nuclear and natural gas generation are not haram activities under standard screens. Gate 1 passes. Facts only. (This is Constellation ENERGY - electric generation - NOT Constellation Software, TSX: CSU.)

Gate 2 — Debt and cash: PASS

Per Constellation Energy's Q2 2026 Form 10-Q (period ended June 30, 2026 - the most recent filing; figures cross-verified across Barchart, Zacks, stockanalysis.com, and TwelveData), total debt was: short-term debt $5,589M + long-term debt $19,111M = $24,700M (stockanalysis.com independently reports $24.70B total debt). Against a market cap of about $93.74B ($258.92 per share, Finnhub, October 2026; sanity check: ~357M basic shares x $258.92 = about $92.4B - within ~2%), debt / market cap is about 26.35% - below the ~33% ceiling, with ~6.6 points of margin. Footnote: debt jumped from ~$9B (YE2025) to ~$24.7B (Q2 2026) due to the Calpine acquisition ($16.4B: 50M newly issued shares + $4.5B cash + assumption of ~$12.7B Calpine debt) - debt is trending up; a different market-cap averaging period or quarter could narrow the margin. Cash and cash equivalents of $697M is about 0.74% of market cap (one source, Zacks, shows $1,171M - appears to be an error or different definition; the majority figure is $697M). Gate 2 passes. Facts only.

Gate 3 — Non-compliant income: PASS

Per Constellation Energy's Form 10-K for the fiscal year ended December 31, 2025 (filed February 24, 2026), NO separate interest-income line is disclosed - interest is netted into 'Interest expense, net' ($511M FY2025; $536M in the 6 months ended Jun 30, 2026). Zoya independently records Constellation's FY2025 interest income as $0 on revenue of $25,533,000,000 (from its company data) - about 0% of revenue, below the 5% non-compliant income ceiling. So interest income is effectively ~0% on the evidence available. Gate 3 passes. Facts only - no interest-income figure is asserted beyond what the filing discloses.

Key figures used

Business: largest US producer of carbon-free energy (HQ Baltimore, MD) - 21 nuclear reactors (~22 GW), natural gas, wind, solar, hydro, geothermal; ~55 GW total fleet post-Calpine; Generation/Wholesale Power ~65%, Retail Energy/Customer Solutions ~35% (~2.5M customer accounts); hyperscaler nuclear PPAs (Microsoft, Google, Amazon)
FY2025 (10-K, filed Feb 24, 2026; CIK 0001868275; cross-verified: financecharts, Barchart, Zacks, TwelveData, stockanalysis.com): operating revenues $25,533M; interest expense, net $511M (no separate interest-income line); GAAP net income $7.40/share; adjusted operating EPS $9.39
Debt: $24,700M total (short-term $5,589M + long-term $19,111M, Q2 2026 10-Q) - about 26.35% of ~$93.74B market cap ($258.92, Oct 2026), below the ~33% ceiling (~6.6 pts margin; debt trending up post-Calpine)
Cash: $697M (Q2 2026) - about 0.74% of market cap
Interest income: effectively ~0% - no separate interest-income line (netted into 'Interest expense, net'); Zoya independently records FY2025 interest income as $0 on $25,533M revenue - below the 5% ceiling
No haram segments: electricity generation and retail energy supply - no alcohol, tobacco, gambling, weapons, adult entertainment, pork, or conventional finance
DIVERGING VIEW DISCLOSED PROMINENTLY: Musaffa rates 'NOT HALAL' (Oct 2026, AAOIFI methodology) - a genuine divergence from the gate math here; the cause is not verifiable from the sources available (possibly a different debt definition, market-cap averaging period, or AAOIFI's illiquid-assets screen); reported honestly, not resolved
Third-party screeners: Zoya covers (garbled page - data fields only, no rating quoted); Musaffa rates NOT HALAL (diverging); ShariaPortfolio - no coverage found
Material: Calpine acquisition COMPLETED (early 2026; $16.4B - 50M new shares + $4.5B cash + ~$12.7B debt assumed; ~20% accretive to 2026 non-GAAP EPS); Q2 2026: revenue $7.50B (+23% YoY), raised FY2026 adjusted operating EPS guidance to $11.50-12.50; NRC extended licenses (Clinton, Dresden); $1B DOE loan guarantee (Crane Clean Energy Center / Three Mile Island restart); 920 MW long-term nuclear PPAs; agreed to sell Brazos Valley Energy Center to LS Power ($860M); CEO Joseph Dominguez elected Chair (Aug 4, 2026); dividend raised 10%
Listing: NASDAQ-listed common stock (ticker CEG); live quote ~$259 Oct 2, 2026 - no delisting (this is Constellation ENERGY, NOT Constellation Software TSX: CSU)

Frequently asked questions

What does Constellation Energy do?

Constellation Energy Corporation (NASDAQ: CEG), headquartered at 1310 Point Street, Baltimore, MD (CEO Joseph Dominguez; auditor PricewaterhouseCoopers LLP; CIK 0001868275), is the largest US producer of carbon-free energy and the nation's leading nuclear power operator. Per its Form 10-K for the fiscal year ended December 31, 2025 (filed February 24, 2026; figures cross-verified across financecharts, Barchart, Zacks, TwelveData, and stockanalysis.com reproductions): 21 nuclear reactors (~22 GW) plus natural gas, wind, solar, hydro, and (post-Calpine) geothermal assets - ~55 GW total fleet after the Calpine acquisition. Revenue segments: Generation/Wholesale Power (~65%) - sale of electricity from nuclear, natural gas, wind, and solar assets into wholesale markets and long-term PPAs; Retail Energy/Customer Solutions (~35%) - supply of electricity, natural gas, and energy solutions to ~2.5M commercial, industrial, residential, and public-sector customer accounts. Customers include distribution utilities, municipalities, cooperatives, and hyperscalers (multi-GW nuclear PPAs with Microsoft, Google, Amazon). Its common stock trades on the Nasdaq (ticker CEG). FY2025 operating revenues were $25,533M. (This is Constellation ENERGY - electric generation - not Constellation Software, TSX: CSU.)

Why does Constellation Energy pass this Shariah stock screen?

Constellation Energy passes all three gates of this Shariah stock screen, with one prominent divergence. Gate 1 (business activity): electricity generation (nuclear, natural gas, wind, solar, hydro, geothermal) and retail energy supply - no alcohol, tobacco, gambling, weapons/defense manufacturing, pork, adult entertainment, or conventional finance as a core activity - a clean business. Gate 2 (debt): total debt of $24,700M (Q2 2026 10-Q) is about 26.35% of its ~$93.74B market cap (October 2026), below the ~33% ceiling - ~6.6 points of margin. Gate 3 (non-compliant income): no separate interest-income line is disclosed (netted into 'Interest expense, net' of $511M); Zoya independently records FY2025 interest income as $0 on revenue of $25,533M - about 0%, below the 5% ceiling. Result: PASS. DIVERGING VIEW DISCLOSED PROMINENTLY: Musaffa covers CEG at musaffa.com/stock/CEG/ - 'As of October 2026, Constellation Energy Corp is classified as not halal. NOT HALAL' (AAOIFI methodology). This is a genuine divergence from the gate math here - the cause is not verifiable from the sources available (possibly a different debt definition, market-cap averaging period, or AAOIFI's illiquid-assets screen); it is reported honestly, not resolved. This is a factual screen, not a religious ruling - consult a qualified scholar for personal rulings.

What is Constellation Energy's interest-bearing debt ratio?

Per Constellation Energy's Q2 2026 Form 10-Q (period ended June 30, 2026 - the most recent filing; figures cross-verified across Barchart, Zacks, stockanalysis.com, and TwelveData), total debt was: short-term debt $5,589M + long-term debt $19,111M = $24,700M (stockanalysis.com independently reports $24.70B total debt). Against a market cap of about $93.74B ($258.92 per share, Finnhub, October 2026; sanity check: ~357M basic shares x $258.92 = about $92.4B - within ~2%), debt / market cap is about 26.35% - below the ~33% ceiling, with ~6.6 points of margin. Footnote: debt jumped from ~$9B (YE2025) to ~$24.7B (Q2 2026) due to the Calpine acquisition ($16.4B: 50M newly issued shares + $4.5B cash + assumption of ~$12.7B Calpine debt) - debt is trending up; a different market-cap averaging period or quarter could narrow the margin. Cash and cash equivalents of $697M is about 0.74% of market cap (one source, Zacks, shows $1,171M - appears to be an error or different definition; the majority figure is $697M). Gate 2 passes. Facts only.

How much interest income does Constellation Energy earn?

Per Constellation Energy's Form 10-K for the fiscal year ended December 31, 2025 (filed February 24, 2026), NO separate interest-income line is disclosed - interest is netted into 'Interest expense, net' ($511M FY2025; $536M in the 6 months ended Jun 30, 2026). Zoya independently records Constellation's FY2025 interest income as $0 on revenue of $25,533,000,000 (from its company data) - about 0% of revenue, below the 5% non-compliant income ceiling. So interest income is effectively ~0% on the evidence available. Gate 3 passes. Facts only - no interest-income figure is asserted beyond what the filing discloses.

Do Zoya, Musaffa, or ShariaPortfolio cover Constellation Energy?

Zoya covers Constellation at zoya.finance/stocks/ceg, but its auto-generated FAQ text is garbled/contradictory (renders 'Shariah-compliant and therefore considered halal' AND 'Shariah-compliant and therefore not considered halal' fragments simultaneously) - no clean Zoya rating can be quoted, and none is quoted here. Useful corroborating fact: Zoya's data fields report FY2025 revenue of $25,533,000,000 and interest income of $0 - matching the 10-K exactly. Musaffa covers CEG at musaffa.com/stock/CEG/: 'As of October 2026, Constellation Energy Corp is classified as not halal. NOT HALAL' (AAOIFI methodology) - disclosed prominently as the diverging third-party view; the cause is not verifiable from the sources available. ShariaPortfolio: no CEG stock page found in web searches - honestly reported as no coverage found, not invented.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).