Clearway Energy

CWEN · NYSE · Utilities · Financials, fiscal 2016 to 2025

CWEN · Last close · October 26, 2026

$31.41

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.

Clearway Energy, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 24, 2026 · 0001628280-26-010952 Updated October 22, 2026

Revenue

$1.4B

4.2%

Operating margin

11.2%

3.1 pts

Net income

$169M

92.0%

Free cash flow

$369M

23.6%

Return on capital

0.9%

0.3 pts

Market cap

$1.1B

Oct 26 close

P/E

—

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2018 to 2024, earnings per share grew 8.5% a year and net income 10.6% a year.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red. Where the filings' structured data doesn't give a year's earnings per share, the column is blank.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Clearway Energy yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Clearway Energy's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Clearway Energy's fiscal 2025 free cash flow of $369M, net cash of −$8.4B at December 31, 2025 and 35 million diluted shares, from its filings. The scenarios are fitted to Clearway Energy: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 6.3% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 8%: 7% for a stable business (Renewable Electricity), plus 1 point as a smaller company, worth $1.1B; the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target. A negative value means Clearway Energy's net debt is larger than what that scenario's cash flows are worth today.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Clearway Energy's own revenue growth, as above. Cautious: growth of 3% then 2.5% a year, 2% after year 10, a 9% discount rate. Base: growth of 6.5% then 4.5% a year, 2.5% after year 10, a 8% discount rate. Optimistic: growth of 9.5% then 6% a year, 3% after year 10, a 7% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $31.41
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Clearway Energy's latest diluted earnings per share were not available.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	179	657	535	332	231
Debt incl. finance leases	8,201	6,870	8,099	7,235	8,674
Net debt (negative means net cash)	8,022	6,213	7,564	6,903	8,443
Net debt to EBITDA	10.3x	3.1x	9.6x	8.4x	10.0x
Debt to equity	2.5x	1.7x	1.6x	1.3x	1.5x
Interest coverage	0.9x	6.3x	0.8x	0.6x	0.4x
Current ratio	0.9x	2.1x	1.7x	1.5x	1.1x
Quick ratio	0.9x	2.0x	1.7x	1.4x	1.1x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

No officer, director or 10% owner of Clearway Energy reported buying or selling its shares on the open market between October 27, 2025 and October 26, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Fail
Current ratio rose	Fail	Fail	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Fail	Fail
Revenue rose relative to assets	Pass	Fail	Pass
F-score	6 of 9	5 of 9	6 of 9
Accruals ratio	−4.6%	−4.7%	−3.4%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Clearway Energy side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Clearway Energy	FY25	4.2%	11.2%	25.8%	0.9%	10.0x	6
Ormat Technologies	FY25	12.5%	17.1%	−28.8%	3.3%	5.7x	4	Compare
Brookfield Renewable Corporation	FY25	−10.0%	—	−17.1%	—	—	—	Compare
Brookfield Renewable Partners	FY25	9.0%	—	−84.9%	−1.1%	0.8x	—	Compare
Otter Tail	FY25	−2.3%	26.6%	7.5%	12.2%	1.3x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	1,035	1,009	1,053	1,032	1,199	1,286	1,190	1,314	1,371	1,429
Revenue growth	6.9%	−2.5%	4.4%	−2.0%	16.2%	7.3%	−7.5%	10.4%	4.3%	4.2%
Gross profit	727	683	726	695	833	835	755	841	870	899
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	222	283	347	224	333	267	1,470	263	196	160
Net income	2	−16	48	−11	25	51	582	79	88	169
Diluted EPS (US$)	—	—	0.46	−0.10	0.22	0.44	4.99	0.67	0.75	—
Diluted shares (millions)	—	—	—	—	35	35	35	35	35	35
Cash flow
Cash from operations	577	517	498	477	545	701	787	702	770	688
Capital expenditure	20	190	83	228	124	151	112	212	287	319
Free cash flow	557	327	415	249	421	550	675	490	483	369
Dividends paid	173	202	238	155	211	268	289	311	334	358
Share buybacks	0	0	0	0	0	0	0	0	0	0
Acquisitions	0	0	11	100	0	533	0	0	0	324
Stock-based compensation	1	2	3	4	3	4	—	—	—	—
Balance sheet at fiscal year end
Cash and short-term investments	322	148	407	155	268	179	657	535	332	231
Debt incl. finance leases	6,149	6,083	6,044	6,858	7,043	8,201	6,870	8,099	7,235	8,674
Total assets	8,962	8,489	8,500	9,700	10,592	12,813	12,312	14,701	14,329	16,655
Total liabilities	6,363	6,330	6,276	7,437	7,877	9,513	8,279	9,706	8,765	10,741
Shareholders' equity	2,624	2,159	2,224	2,263	2,715	3,300	4,026	4,994	5,564	5,811
Margins and ratios
Gross margin	70.2%	67.7%	69.0%	67.3%	69.5%	64.9%	63.5%	64.0%	63.5%	62.9%
Operating margin	21.4%	28.1%	33.0%	21.7%	27.8%	20.8%	123.5%	20.0%	14.3%	11.2%
Net margin	0.2%	−1.6%	4.6%	−1.1%	2.1%	4.0%	48.9%	6.0%	6.4%	11.8%
Free cash flow margin	53.8%	32.4%	39.4%	24.1%	35.1%	42.8%	56.7%	37.3%	35.2%	25.8%
Return on capital	2.6%	1.7%	2.2%	2.1%	2.9%	2.0%	11.3%	1.8%	1.2%	0.9%
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%	0.2%	0.4%	4.6%	0.6%	0.6%	1.1%
Net debt to EBITDA	11.1x	9.6x	8.2x	10.7x	8.9x	10.3x	3.1x	9.6x	8.4x	10.0x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Clearway Energy's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Clearway Energy.