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Clearway Energy

CWEN NYSE Renewable Electricity Financials FY2016–FY2025

Clearway Energy's revenue rose 4.2% to $1.4 billion in fiscal 2025. Its operating margin was 11.2%, down from 14.3% a year earlier. Free cash flow was $369 million, down 23.6%. It paid out $358 million in dividends and buybacks, 97% of free cash flow.

Last close · Oct 23, 2026

$31.11

1.0%
Value it Compare
Revenue Total sales reported in the income statement.
$1.4B
4.2% vs prior year
Operating margin Operating income as a share of revenue.
11.2%
3.1 pts
Net income Profit after all expenses, interest and tax.
$169M
92.0%
Free cash flow Cash from operations minus capital spending.
$369M
23.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
1.0%
0.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$1.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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What Clearway Energy does

No business description yet.

Legal name
Clearway Energy, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001628280-26-010952
0001567683

Revenue and margins

Clearway Energy had $1.4B of revenue in fiscal 2025, up 4.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $369M in fiscal 2025, 25.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Clearway Energy returned $358M to shareholders in fiscal 2025, 97% of free cash flow. The diluted share count rose 0.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Clearway Energy yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of −$8.4B and divides by 35.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Clearway Energy can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $179M$657M$535M$332M$231M
Debt incl. finance leases $8.2B$6.9B$8.1B$7.2B$8.7B
Net debt / EBITDA 10.3x3.1x9.6x8.4x10.0x
Debt / equity 2.5x1.7x1.6x1.3x1.5x
Interest coverage 0.9x6.3x0.8x0.6x0.4x
Current ratio 0.9x2.1x1.7x1.5x1.1x
Quick ratio 0.9x2.0x1.7x1.4x1.1x
Total assets $12.8B$12.3B$14.7B$14.3B$16.7B
Total liabilities $9.5B$8.3B$9.7B$8.8B$10.7B
Shareholders' equity $3.3B$4.0B$5.0B$5.6B$5.8B
Net debt (− = net cash) $8.0B$6.2B$7.6B$6.9B$8.4B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

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$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✕
Current ratio rose ✕ ✕ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✕ ✕
Revenue rose relative to assets ✓ ✕ ✓
F-score 6 / 95 / 96 / 9
Accruals ratio −4.6%−4.7%−3.4%
Altman Z'' 1.030.980.73

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Clearway Energy CWEN $1.1B 4.2% 11.2% 25.8% 1.0% — 6
Ormat Technologies ORA $5.4B 12.5% 17.1% −28.8% 3.3% 42.7x 4 Compare →
Otter Tail OTTR $3.8B −2.3% 26.6% 7.5% 12.3% 19.5x 5 Compare →
NW Natural NWN $2.1B 11.8% 21.8% −15.3% 5.7% 16.5x 5 Compare →
NorthWestern Energy NWE $4.8B 6.4% 20.2% −8.1% 5.1% 28.0x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.0B $1.0B $1.1B $1.0B $1.2B $1.3B $1.2B $1.3B $1.4B $1.4B
Gross profit $727M $683M $726M $695M $833M $835M $755M $841M $870M $899M
Operating income $222M $283M $347M $224M $333M $267M $1.5B $263M $196M $160M
Interest expense $284M $307M $306M $404M $415M $312M $232M $337M $307M $387M
Pretax income $1.0M $48.0M $116M −$104M −$54.0M −$63.0M $1.3B −$16.0M −$33.0M −$175M
Income tax −$1.0M $72.0M $62.0M −$8.0M $8.0M $12.0M $222M −$2.0M $30.0M $56.0M
Net income $2.0M −$16.0M $48.0M −$11.0M $25.0M $51.0M $582M $79.0M $88.0M $169M
Diluted EPS — — $0.46 −$0.10 $0.22 $0.44 $4.99 $0.67 $0.75 —
Diluted shares — — — — 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B
Cash flow
Cash from operations $577M $517M $498M $477M $545M $701M $787M $702M $770M $688M
Capital expenditure $20.0M $190M $83.0M $228M $124M $151M $112M $212M $287M $319M
Free cash flow $557M $327M $415M $249M $421M $550M $675M $490M $483M $369M
Depreciation and amortization $303M $334M $336M $401M $428M $509M $512M $526M $627M $682M
Stock-based compensation $1.0M $2.0M $3.0M $4.0M $3.0M $4.0M — — — —
Acquisitions $0.0M $0.0M $11.0M $100M $0.0M $533M $0.0M $0.0M $0.0M $324M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $173M $202M $238M $155M $211M $268M $289M $311M $334M $358M
Dividends and buybacks $173M $202M $238M $155M $211M $268M $289M $311M $334M $358M
Balance sheet
Cash and short-term investments $322M $148M $407M $155M $268M $179M $657M $535M $332M $231M
Total debt $6.1B $6.1B $6.0B $6.9B $7.0B $8.2B $6.9B $8.1B $7.2B $8.7B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $670M $482M $756M $608M $708M $1.5B $1.3B $1.6B $1.1B $1.2B
Current liabilities $505M $540M $704M $2.1B $634M $1.6B $617M $906M $718M $1.0B
Inventory $39.0M $39.0M $40.0M $40.0M $42.0M $37.0M $47.0M $55.0M $64.0M $75.0M
Property and equipment, net $5.6B $5.4B $5.2B $6.1B $7.2B $7.7B $7.4B $9.5B $9.9B $11.6B
Total assets $9.0B $8.5B $8.5B $9.7B $10.6B $12.8B $12.3B $14.7B $14.3B $16.7B
Total liabilities $6.4B $6.3B $6.3B $7.4B $7.9B $9.5B $8.3B $9.7B $8.8B $10.7B
Shareholders' equity $2.6B $2.2B $2.2B $2.3B $2.7B $3.3B $4.0B $5.0B $5.6B $5.8B
Margins
Gross margin 70.2% 67.7% 69.0% 67.3% 69.5% 64.9% 63.5% 64.0% 63.5% 62.9%
Operating margin 21.5% 28.1% 33.0% 21.7% 27.8% 20.8% 123.5% 20.0% 14.3% 11.2%
EBITDA margin 50.7% 61.2% 64.9% 60.6% 63.5% 60.3% 166.6% 60.1% 60.0% 58.9%
Net margin 0.2% −1.6% 4.6% −1.1% 2.1% 4.0% 48.9% 6.0% 6.4% 11.8%
FCF margin 53.8% 32.4% 39.4% 24.1% 35.1% 42.8% 56.7% 37.3% 35.2% 25.8%
Returns
Return on capital 2.6% 1.7% 2.2% 2.1% 2.9% 2.0% 11.3% 1.8% 1.2% 1.0%
Return on capital employed 2.7% 3.5% 4.4% 2.9% 3.8% 2.5% 12.9% 2.1% 1.4% 1.1%
Return on equity 0.1% −0.7% 2.2% −0.5% 1.0% 1.7% 15.9% 1.8% 1.7% 3.0%
Return on assets 0.0% −0.2% 0.6% −0.1% 0.3% 0.4% 4.6% 0.6% 0.6% 1.1%
Growth
Revenue growth 6.9% −2.5% 4.4% −2.0% 16.2% 7.3% −7.5% 10.4% 4.3% 4.2%
Net income growth −97.2% −900.0% — −122.9% — 104.0% 1,041.2% −86.4% 11.4% 92.1%
EPS growth — — — −121.7% — 100.0% 1,034.1% −86.6% 11.9% —
FCF growth 40.7% −41.3% 26.9% −40.0% 69.1% 30.6% 22.7% −27.4% −1.4% −23.6%
Share count change — — — — — 0.0% 0.0% 0.0% 0.0% 0.0%
Financial health
Net debt / EBITDA 11.1x 9.6x 8.3x 10.7x 8.9x 10.3x 3.1x 9.6x 8.4x 10.0x
Debt / equity 2.3x 2.8x 2.7x 3.0x 2.6x 2.5x 1.7x 1.6x 1.3x 1.5x
Interest coverage 0.8x 0.9x 1.1x 0.6x 0.8x 0.9x 6.3x 0.8x 0.6x 0.4x
Current ratio 1.3x 0.9x 1.1x 0.3x 1.1x 0.9x 2.1x 1.7x 1.5x 1.1x
Quick ratio 1.3x 0.8x 1.0x 0.3x 1.1x 0.9x 2.0x 1.7x 1.4x 1.1x
Capital allocation
Capex / revenue 1.9% 18.8% 7.9% 22.1% 10.3% 11.7% 9.4% 16.1% 20.9% 22.3%
Stock comp / revenue 0.1% 0.2% 0.3% 0.4% 0.3% 0.3% — — — —
Payouts / FCF 31.1% 61.8% 57.4% 62.3% 50.1% 48.7% 42.8% 63.5% 69.2% 97.0%
Quality scores
Piotroski F-score — — — — — 5.0 7.0 6.0 5.0 6.0
Altman Z'' 0.7 0.5 0.7 −0.5 0.6 0.4 1.8 1.0 1.0 0.7
Accruals ratio −6.5% −6.1% −5.3% −5.4% −5.1% −5.6% −1.6% −4.6% −4.7% −3.4%

Source: SEC EDGAR XBRL filings (CIK 0001567683). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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