Competitive Comparison

Talen Energy vs. Vistra vs. Constellation Energy

Three ways to own the physical power constraint underneath the AI buildout — two direct holdings and the largest nuclear operator in the country, which I watch but don't own.

Metric	Talen Energy (TLN)	Vistra (VST)	Constellation Energy (CEG)
PEG ratio	N/A (not meaningfully calculable)	0.61	1.19
EBITDA	$1.75–2.05B (FY26 guidance)	$6.8–7.6B (FY26 guidance)	$2.78B
EV/EBITDA	n/a	10.80x	13.86x

PEG ratio, compared

VST

0.61

CEG

1.19

Same PEG ratio figures as the table above, plotted for a direct read. Bold = held in this book.

Market cap, P/E, PEG, EV/EBITDA, and capex sourced via public filings and financial-data aggregators (GuruFocus, StockAnalysis, company earnings releases), as of July 2026. PEG ratio sourced primarily from GuruFocus where available; different providers use different growth-rate assumptions, so figures elsewhere for the same stock can vary by several multiples. Gold-highlighted column(s) indicate the name(s) actually held in this book.

Why Talen and Vistra, not Constellation

Constellation is the largest nuclear power producer in the country and a real, well-run business — its PEG of 1.19 is entirely reasonable. I hold Talen and Vistra instead partly because they're smaller and more directly levered to the specific data-center power-purchase-agreement story I'm betting on, and partly because I already own both and treat them as a single correlated thematic bet for risk purposes. Vistra's 0.61 PEG against Constellation's 1.19 is a real, checkable reason the smaller name still screens cheaper even after its own run — though I hold both Talen and Vistra as a pair specifically because either one benefiting from data-center demand tightness would likely lift both together.