Clearway Energy vs Ormat Technologies
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The short version
- Clearway Energy is the larger business, with $1.4B of revenue in fiscal 2025 against $990M for Ormat Technologies.
- Ormat Technologies grew revenue faster (12.5%, against 4.2%).
- Ormat Technologies kept more of each dollar of sales as operating profit (17.1% operating margin, against 11.2%).
- Clearway Energy turned more of its sales into free cash flow (25.8% FCF margin, against −28.8%).
- Ormat Technologies earned a higher return on the capital invested in it (3.3%, against 1.0%).
| Latest fiscal year | CWEN · FY25 | ORA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.1B | $5.4B |
| Revenue | $1.4B | $990M |
| Free cash flow | $369M | −$285M |
| Net income | $169M | $124M |
| Growth | ||
| Revenue growth | 4.2% | 12.5% |
| 5-year growth | 3.6% | 7.0% |
| Share count change | 0.0% | 0.9% |
| Profitability | ||
| Gross margin | 62.9% | 27.6% |
| Operating margin | 11.2% | 17.1% |
| Net margin | 11.8% | 12.5% |
| FCF margin | 25.8% | −28.8% |
| Return on capital | 1.0% | 3.3% |
| Return on equity | 3.0% | 5.0% |
| Balance sheet | ||
| Net debt | $8.4B | $2.6B |
| Net debt / EBITDA | 10.0x | 5.7x |
| Dividends and buybacks | $358M | $29.1M |
| Valuation & quality | ||
| P/E | — | 42.7x |
| Piotroski F-score | 6 | 4 |
Revenue
FY16
CWEN $1.0B
ORA $663M
FY17
CWEN $1.0B
ORA $693M
FY18
CWEN $1.1B
ORA $719M
FY19
CWEN $1.0B
ORA $746M
FY20
CWEN $1.2B
ORA $705M
FY21
CWEN $1.3B
ORA $663M
FY22
CWEN $1.2B
ORA $734M
FY23
CWEN $1.3B
ORA $829M
FY24
CWEN $1.4B
ORA $880M
FY25
CWEN $1.4B
ORA $990M
CWEN
ORA
Operating margin
FY16
CWEN 21.5%
ORA 30.5%
FY17
CWEN 28.1%
ORA 29.6%
FY18
CWEN 33.0%
ORA 25.7%
FY19
CWEN 21.7%
ORA 26.0%
FY20
CWEN 27.8%
ORA 30.3%
FY21
CWEN 20.8%
ORA 25.5%
FY22
CWEN 123.5%
ORA 20.8%
FY23
CWEN 20.0%
ORA 20.1%
FY24
CWEN 14.3%
ORA 19.6%
FY25
CWEN 11.2%
ORA 17.1%
CWEN
ORA
Free cash flow
FY16
CWEN $557M
ORA $7.4M
FY17
CWEN $327M
ORA −$13.7M
FY18
CWEN $415M
ORA −$113M
FY19
CWEN $249M
ORA −$43.5M
FY20
CWEN $421M
ORA −$55.7M
FY21
CWEN $550M
ORA −$160M
FY22
CWEN $675M
ORA −$283M
FY23
CWEN $490M
ORA −$309M
FY24
CWEN $483M
ORA −$76.8M
FY25
CWEN $369M
ORA −$285M
CWEN
ORA
Return on capital
FY16
CWEN 2.6%
ORA 8.0%
FY17
CWEN 1.7%
ORA 8.7%
FY18
CWEN 2.2%
ORA 5.7%
FY19
CWEN 2.1%
ORA 4.9%
FY20
CWEN 2.9%
ORA 4.6%
FY21
CWEN 2.0%
ORA 3.9%
FY22
CWEN 11.3%
ORA 3.4%
FY23
CWEN 1.8%
ORA 3.8%
FY24
CWEN 1.2%
ORA 3.7%
FY25
CWEN 1.0%
ORA 3.3%
CWEN
ORA
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.