Clearway Energy vs NW Natural
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KIRA’s take AI analyst
I put Clearway Energy and NW Natural side by side, using each one’s latest annual report. Here is what stands out:
- Clearway Energy is the larger business, with $1.4B of revenue in fiscal 2025 against $1.3B for NW Natural.
- NW Natural grew revenue faster (11.8%, against 4.2%).
- NW Natural kept more of each dollar of sales as operating profit (21.8% operating margin, against 11.2%).
- Clearway Energy turned more of its sales into free cash flow (25.8% FCF margin, against −15.3%).
- NW Natural earned a higher return on the capital invested in it (5.7%, against 1.0%).
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Clearway Energy
CWEN
4/10
Net marginFCF marginPiotroski F-scoreShare count change
NW Natural
NWN
6/10
Revenue growth5-year growthOperating marginReturn on capitalReturn on equityNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | CWEN FY25 | NWN FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.1B | $2.1B |
| Revenue | $1.4B | $1.3B |
| Free cash flow | $369M | −$198M |
| Net income | $169M | $113M |
| Growth | ||
| Revenue growth | 4.2% | 11.8% |
| 5-year growth | 3.6% | 10.8% |
| Share count change | 0.0% | 5.4% |
| Profitability | ||
| Gross margin | 62.9% | — |
| Operating margin | 11.2% | 21.8% |
| Net margin | 11.8% | 8.8% |
| FCF margin | 25.8% | −15.3% |
| Return on capital | 1.0% | 5.7% |
| Return on equity | 3.0% | 7.9% |
| Balance sheet | ||
| Net debt | $8.4B | $2.6B |
| Net debt / EBITDA | 10.0x | 5.8x |
| Dividends and buybacks | $358M | $77.3M |
| Valuation & quality | ||
| P/E | — | 16.5x |
| Piotroski F-score | 6 | 5 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.

