Clearway Energy, Inc. (CWEN) Financials

CWEN

Trailing 12 months to June 30, 2026

Revenue $1.6B +9.9% YoY

Net Income $101.0M +53.0% YoY

Free Cash Flow $671.0M +19.4% YoY

Operating Cash Flow $1.0B +30.6% YoY

Market Cap $3.7B as of Oct 10, 2026

Price / Sales 2.3x on $1.6B revenue, trailing 12 months to June 30, 2026

Price / Earnings 36.2x on $101.0M net income, trailing 12 months to June 30, 2026

Price / Book 0.7x on $5.5B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 5, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 5, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CWEN SEC filings page.

Clearway Energy, Inc. (CWEN) reported $1.6B in revenue over the twelve months to Jun 30, 2026, up 9.9% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI CWEN FY2025 2026-10-03

Clearway converts operating cash into ongoing investment, but rising debt and heavier capital needs are squeezing operating efficiency.

Clearway's FY2025 cash profile is increasingly capital-intensive: operating cash flow fell while capital expenditures rose, leaving free cash flow at $369M despite higher revenue. Because depreciation reached $682M, operating cash flow still greatly exceeded net income of $169M; accounting profit therefore understates cash generated before reinvestment, but not the cash absorbed by that reinvestment.

The financing posture tightened after FY2024: debt-to-equity moved from 1.2x to 1.4x while the current ratio fell from 1.5x to 1.1x. Together, higher leverage and a thinner short-term cushion mean more of the asset base is funded by obligations and less flexibility sits in near-term assets.

Revenue growth has not translated into operating leverage. Gross margin held near 63.0%, but operating margin fell to 11.2% as depreciation and interest expense rose; net income nonetheless increased, so FY2025's bottom-line improvement did not originate in the core operating line.

Financial Health Signals

Financial Health Score 46/100

Scored as: Utilities peer group

Scored against utilities for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Clearway Energy, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Clearway Energy, Inc. has an operating margin of 11.2%, meaning the company retains $11 of operating profit per $100 of revenue. This below-average margin results in a low score of 29/100, suggesting thin profitability after operating expenses. This is down from 14.3% the prior year.

Growth

Clearway Energy, Inc.'s revenue grew a modest 4.2% year-over-year to $1.4B. This slow but positive growth earns a score of 47/100.

Leverage

Clearway Energy, Inc. has elevated debt relative to equity (D/E of 1.36), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 6/100, reflecting increased financial risk.

Liquidity

With a current ratio of 1.13, Clearway Energy, Inc. holds $1.13 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 78/100.

Cash Flow

100

Clearway Energy, Inc. converts 25.8% of revenue into free cash flow ($369.0M). This strong cash generation earns a score of 100/100.

Returns

Clearway Energy, Inc. generates a 2.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 13/100. This is up from 1.6% the prior year.

Altman Z-Score Distress

0.35

Clearway Energy, Inc. scores 0.35, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($3.7B) relative to total liabilities ($10.7B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Neutral

4/9

Clearway Energy, Inc. passes 4 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Cash-Backed

4.07x

For every $1 of reported earnings, Clearway Energy, Inc. generates $4.07 in operating cash flow ($688.0M OCF vs $169.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage At Risk

0.41x

Clearway Energy, Inc. earns $0.41 in operating income for every $1 of interest expense ($160.0M vs $387.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$481.0M

YoY+22.7%

QoQ+35.9%

5Y CAGR+4.8%

10Y CAGR+5.3%

Clearway Energy, Inc. generated $481.0M in revenue in Q2 2026. This represents an increase of 22.7% from the same quarter a year earlier. Against the prior quarter it is up 35.9%.

EBITDA

$312.0M

YoY+25.8%

QoQ+54.5%

5Y CAGR+3.6%

10Y CAGR+4.3%

Clearway Energy, Inc.'s EBITDA was $312.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 25.8% from the same quarter a year earlier. Against the prior quarter it is up 54.5%.

Net Income

$122.0M

YoY+306.7%

QoQ+174.8%

5Y CAGR+28.4%

10Y CAGR+6.5%

Clearway Energy, Inc. reported $122.0M in net income in Q2 2026. This represents an increase of 306.7% from the same quarter a year earlier. Against the prior quarter it is up 174.8%.

EPS (Diluted)

Not reported for Q2 2026.

Cash & Balance Sheet

Free Cash Flow

$130.0M

YoY+13.0%

QoQ-60.1%

5Y CAGR-3.9%

10Y CAGR+0.4%

Clearway Energy, Inc. generated $130.0M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 13.0% from the same quarter a year earlier. Against the prior quarter it is down 60.1%.

Cash & Debt

$251.0M

YoY-3.5%

QoQ-22.8%

5Y CAGR+12.7%

10Y CAGR+10.9%

Clearway Energy, Inc. held $251.0M in cash against $8.5B in long-term debt as of Q2 2026.

Shares Outstanding

205M

YoY+1.5%

QoQ0.0%

5Y CAGR+0.3%

Clearway Energy, Inc. had 205M shares outstanding in Q2 2026. This represents an increase of 1.5% from the same quarter a year earlier. It is unchanged from the prior quarter.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

69.0%

YoY+2.4pp

QoQ+6.9pp

5Y change-2.8pp

Clearway Energy, Inc.'s gross margin was 69.0% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 2.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 6.9 percentage points.

Operating Margin

24.1%

YoY+2.4pp

QoQ+18.5pp

5Y change-10.9pp

10Y change-21.2pp

Clearway Energy, Inc.'s operating margin was 24.1% in Q2 2026, reflecting core business profitability. This is up 2.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 18.5 percentage points.

Net Margin

25.4%

YoY+17.7pp

QoQ+71.4pp

5Y change+16.1pp

10Y change+2.7pp

Clearway Energy, Inc.'s net profit margin was 25.4% in Q2 2026, showing the share of revenue converted to profit. This is up 17.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 71.4 percentage points.

Return on Equity

2.2%

YoY+1.7pp

QoQ+5.2pp

5Y change+1.1pp

10Y change-0.2pp

Clearway Energy, Inc.'s ROE was 2.2% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 1.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 5.2 percentage points.

Capital Allocation

Capital Expenditures

$84.0M

YoY+10.5%

QoQ+12.0%

5Y CAGR+19.1%

10Y CAGR+35.6%

Clearway Energy, Inc. invested $84.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 10.5% from the same quarter a year earlier. Against the prior quarter it is up 12.0%.

R&D Spending

Not reported for Q2 2026.

Share Buybacks

Not reported for Q2 2026.

CWEN Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

CWEN quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$1.6B	$1.4B+4.2%	$1.4B+4.3%	$1.3B+10.4%	$1.2B-7.5%	$1.3B+7.3%	$1.2B+16.2%	$1.0B-2.0%	$1.1B+4.4%	$1.0B-2.5%	$1.0B+6.9%	$968.0M+16.9%	$828.0M+90.8%	$434.0M+148.0%	$175.0M+6.7%	$164.0M
Cost of Revenue	$560.0M	$530.0M+5.8%	$501.0M+5.9%	$473.0M+8.7%	$435.0M-3.5%	$451.0M+23.2%	$366.0M+8.6%	$337.0M+3.1%	$327.0M+0.3%	$326.0M+5.8%	$308.0M-4.6%	$323.0M+16.6%	$277.0M+79.9%	$154.0M+35.1%	$114.0M+5.6%	$108.0M
Gross Profit	$1.0B	$899.0M+3.3%	$870.0M+3.4%	$841.0M+11.4%	$755.0M-9.6%	$835.0M+0.2%	$833.0M+19.9%	$695.0M-4.3%	$726.0M+6.3%	$683.0M-6.1%	$727.0M+12.7%	$645.0M+17.1%	$551.0M+96.8%	$280.0M+359.0%	$61.0M+8.9%	$56.0M
SG&A Expenses	$46.0M	$41.0M+5.1%	$39.0M+8.3%	$36.0M-10.0%	$40.0M0.0%	$40.0M+17.6%	$34.0M+17.2%	$29.0M+45.0%	$20.0M+5.3%	$19.0M+18.8%	$16.0M+33.3%	$12.0M+50.0%	$8.0M+14.3%	$7.0M	N/A	N/A
Operating Income	$211.0M	$160.0M-18.4%	$196.0M-25.5%	$263.0M-82.1%	$1.5B+450.6%	$267.0M-19.8%	$333.0M+48.7%	$224.0M-35.4%	$347.0M+22.6%	$283.0M+27.5%	$222.0M-31.9%	$326.0M+6.5%	$306.0M+69.1%	$181.0M+524.1%	$29.0M+3.6%	$28.0M
EBITDA	N/A	$842.0M+2.3%	$823.0M+4.3%	$789.0M-60.2%	$2.0B+155.4%	$776.0M+2.0%	$761.0M+21.8%	$625.0M-8.5%	$683.0M+10.7%	$617.0M+17.5%	$525.0M-16.5%	$629.0M+16.7%	$539.0M+97.4%	$273.0M+405.6%	$54.0M+8.0%	$50.0M
Interest Expense	$394.0M	$387.0M+26.1%	$307.0M-8.9%	$337.0M+45.3%	$232.0M-25.6%	$312.0M-24.8%	$415.0M+2.7%	$404.0M+32.0%	$306.0M-0.3%	$307.0M+8.1%	$284.0M+6.4%	$267.0M+23.6%	$216.0M+200.0%	$72.0M+157.1%	$28.0M+47.4%	$19.0M
Income Tax	$46.0M	$56.0M+86.7%	$30.0M+1600.0%	-$2.0M-100.9%	$222.0M+1750.0%	$12.0M+50.0%	$8.0M+200.0%	-$8.0M-112.9%	$62.0M-13.9%	$72.0M+7300.0%	-$1.0M-108.3%	$12.0M+200.0%	$4.0M-50.0%	$8.0M-20.0%	$10.0M+11.1%	$9.0M
Net Income	$101.0M	$169.0M+92.0%	$88.0M+11.4%	$79.0M-86.4%	$582.0M+1041.2%	$51.0M+104.0%	$25.0M+327.3%	-$11.0M-122.9%	$48.0M+400.0%	-$16.0M-900.0%	$2.0M-97.2%	$72.0M-36.3%	$113.0M-9.6%	$125.0M+941.7%	$12.0M-20.0%	$15.0M
EPS (Basic)	N/A	N/A	$0.75+11.9%	$0.67-86.6%	$4.99+1034.1%	$0.44+100.0%	$0.22	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	—	N/A	$0.75+11.9%	$0.67-86.6%	$4.99+1034.1%	$0.44+100.0%	$0.22	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Diluted Shares (Avg)	N/A	35M0.0%	35M0.0%	35M0.0%	35M0.0%	35M0.0%	35M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$481.0M+22.7%	$354.0M+18.8%	$310.0M+21.1%	$429.0M-11.7%	$392.0M+7.1%	$298.0M+13.3%	$256.0M+2.8%	$486.0M+31.0%
Cost of Revenue	$149.0M+13.7%	$134.0M+9.8%	$149.0M+21.1%	$128.0M-5.2%	$131.0M+12.0%	$122.0M-3.2%	$123.0M+8.8%	$135.0M+0.7%
Gross Profit	$332.0M+27.2%	$220.0M+25.0%	$161.0M+21.1%	$301.0M-14.2%	$261.0M+4.8%	$176.0M+28.5%	$133.0M-2.2%	$351.0M+48.1%
SG&A Expenses	$15.0M+36.4%	$11.0M+10.0%	$10.0M0.0%	$10.0M+11.1%	$11.0M+22.2%	$10.0M-9.1%	$10.0M+25.0%	$9.0M0.0%
Operating Income	$116.0M+36.5%	$20.0M	-$37.0M0.0%	$112.0M-37.1%	$85.0M+1.2%	$0+100.0%	-$37.0M-68.2%	$178.0M+89.4%
EBITDA	$312.0M+25.8%	$202.0M+23.9%	$143.0M+20.2%	$288.0M-15.8%	$248.0M+4.6%	$163.0M+30.4%	$119.0M+3.5%	$342.0M+50.7%
Interest Expense	$105.0M+26.5%	$101.0M-12.9%	$90.0M+291.3%	$98.0M-29.5%	$83.0M-5.7%	$116.0M+103.5%	$23.0M-83.0%	$139.0M+189.6%
Income Tax	-$3.0M-160.0%	-$2.0M	$82.0M	-$31.0M-193.9%	$5.0M-50.0%	$0+100.0%	$0+100.0%	$33.0M-42.1%
Net Income	$122.0M+306.7%	-$163.0M-5333.3%	-$90.0M-3100.0%	$232.0M+544.4%	$30.0M-41.2%	-$3.0M-50.0%	$3.0M-91.9%	$36.0M+800.0%

Not reported in any period shown, so not listed: R&D Expenses, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).

CWEN Balance Sheet

CWEN quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$16.7B+16.2%	$14.3B-2.5%	$14.7B+19.4%	$12.3B-3.9%	$12.8B+21.0%	$10.6B+9.2%	$9.7B+14.1%	$8.5B+0.1%	$8.5B-5.3%	$9.0B+2.0%	$8.8B-0.1%	$8.8B+171.6%	$3.2B+64.9%	$2.0B	N/A
Current Assets	$1.2B+8.0%	$1.1B-31.6%	$1.6B+22.3%	$1.3B-16.7%	$1.5B+116.2%	$708.0M+16.4%	$608.0M-19.6%	$756.0M+56.8%	$482.0M-28.1%	$670.0M+61.1%	$416.0M-49.8%	$828.0M+119.0%	$378.0M+366.7%	$81.0M	N/A
Cash & Equivalents	$231.0M-30.4%	$332.0M-37.9%	$535.0M-18.6%	$657.0M+267.0%	$179.0M-33.2%	$268.0M+72.9%	$155.0M-61.9%	$407.0M+175.0%	$148.0M-54.0%	$322.0M+190.1%	$111.0M-74.1%	$429.0M+627.1%	$59.0M+168.2%	$22.0M-8.3%	$24.0M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$75.0M+17.2%	$64.0M+16.4%	$55.0M+17.0%	$47.0M+27.0%	$37.0M-11.9%	$42.0M+5.0%	$40.0M0.0%	$40.0M+2.6%	$39.0M0.0%	$39.0M+8.3%	$36.0M+12.5%	$32.0M+113.3%	$15.0M+200.0%	$5.0M	N/A
Accounts Receivable	$162.0M-1.2%	$164.0M-4.1%	$171.0M+11.8%	$153.0M+6.3%	$144.0M+0.7%	$143.0M+23.3%	$116.0M+11.5%	$104.0M+9.5%	$95.0M0.0%	$95.0M-5.9%	$101.0M+8.6%	$93.0M+82.4%	$51.0M+131.8%	$22.0M	N/A
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$10.7B+22.5%	$8.8B-9.7%	$9.7B+17.2%	$8.3B-13.0%	$9.5B+20.8%	$7.9B+5.9%	$7.4B+18.5%	$6.3B-0.9%	$6.3B-0.5%	$6.4B+6.9%	$6.0B-1.8%	$6.1B+205.2%	$2.0B+218.8%	$623.0M	N/A
Current Liabilities	$1.0B+41.8%	$718.0M-20.8%	$906.0M+46.8%	$617.0M-62.2%	$1.6B+157.3%	$634.0M-69.2%	$2.1B+192.2%	$704.0M+30.4%	$540.0M+6.9%	$505.0M+3.3%	$489.0M+10.6%	$442.0M+19.8%	$369.0M+29.5%	$285.0M	N/A
Non-Current Liabilities	$9.7B+20.8%	$8.0B-8.6%	$8.8B+14.9%	$7.7B-2.8%	$7.9B+8.8%	$7.2B+34.6%	$5.4B-3.4%	$5.6B-3.8%	$5.8B-1.2%	$5.9B+7.3%	$5.5B-2.8%	$5.6B+247.6%	$1.6B	N/A	N/A
Long-Term Debt	$7.9B+17.0%	$6.8B-9.7%	$7.5B+15.2%	$6.5B-6.5%	$6.9B+5.4%	$6.6B+32.9%	$5.0B-9.0%	$5.4B-3.7%	$5.7B-1.2%	$5.7B+7.4%	$5.3B-2.9%	$5.5B+249.6%	$1.6B	N/A	N/A
Total Equity	$5.8B+4.4%	$5.6B+11.4%	$5.0B+24.0%	$4.0B+22.0%	$3.3B+21.5%	$2.7B+20.0%	$2.3B+1.8%	$2.2B+3.0%	$2.2B-17.7%	$2.6B-9.6%	$2.9B-0.1%	$2.9B+71.6%	$1.7B+26.2%	$1.3B+139.0%	$561.0M
Retained Earnings	$213.0M-16.1%	$254.0M-29.6%	$361.0M-22.0%	$463.0M+1503.0%	-$33.0M+60.7%	-$84.0M-16.7%	-$72.0M-24.1%	-$58.0M+15.9%	-$69.0M-3350.0%	-$2.0M-116.7%	$12.0M+300.0%	$3.0M-62.5%	$8.0M	$0	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$16.8B+4.6%	$16.9B+15.6%	$16.7B+16.2%	$16.1B+12.8%	$16.0B+10.4%	$14.6B-1.4%	$14.3B-2.5%	$14.2B+6.6%
Current Assets	$1.1B-10.5%	$1.1B+1.7%	$1.2B+8.0%	$1.1B+0.8%	$1.2B+16.3%	$1.0B-30.6%	$1.1B-31.6%	$1.1B-39.4%
Cash & Equivalents	$251.0M-3.5%	$325.0M+9.4%	$231.0M-30.4%	$251.0M-14.0%	$260.0M+15.0%	$297.0M-37.9%	$332.0M-37.9%	$292.0M-48.4%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$88.0M+25.7%	$87.0M+29.9%	$75.0M+17.2%	$71.0M+12.7%	$70.0M+16.7%	$67.0M+15.5%	$64.0M+16.4%	$63.0M+14.5%
Accounts Receivable	$296.0M+27.6%	$198.0M+8.2%	$162.0M-1.2%	$238.0M+19.6%	$232.0M-9.0%	$183.0M-0.5%	$164.0M-4.1%	$199.0M+1.5%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$11.2B+6.9%	$11.4B+23.1%	$10.7B+22.5%	$10.3B+19.3%	$10.5B+18.8%	$9.2B-6.0%	$8.8B-9.7%	$8.6B-5.3%
Current Liabilities	$880.0M+5.5%	$955.0M+39.6%	$1.0B+41.8%	$687.0M+3.9%	$834.0M+19.0%	$684.0M-21.7%	$718.0M-20.8%	$661.0M-21.7%
Non-Current Liabilities	$10.3B+7.0%	$10.4B+21.8%	$9.7B+20.8%	$9.6B+20.6%	$9.6B+18.8%	$8.5B-4.5%	$8.0B-8.6%	$8.0B-3.7%
Long-Term Debt	$8.5B+2.9%	$8.5B+17.6%	$7.9B+17.0%	$8.1B+20.1%	$8.3B+21.4%	$7.2B-4.6%	$6.8B-9.7%	$6.7B-3.8%
Total Equity	$5.5B-1.1%	$5.5B+1.5%	$5.8B+4.4%	$5.7B+1.1%	$5.5B-3.1%	$5.4B+7.4%	$5.6B+11.4%	$5.6B+32.3%
Retained Earnings	$111.0M-37.6%	-$6.0M-103.0%	$213.0M-16.1%	$358.0M+18.9%	$178.0M-43.3%	$200.0M-35.7%	$254.0M-29.6%	$301.0M-18.6%

Not reported in any period shown, so not listed: Goodwill.

CWEN Cash Flow Statement

CWEN quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$1.0B	$688.0M-10.6%	$770.0M+9.7%	$702.0M-10.8%	$787.0M+12.3%	$701.0M+28.6%	$545.0M+14.3%	$477.0M-4.2%	$498.0M-3.7%	$517.0M-10.4%	$577.0M+35.8%	$425.0M+17.4%	$362.0M+115.5%	$168.0M+200.0%	$56.0M+69.7%	$33.0M
Depreciation & Amortization	N/A	$682.0M+8.8%	$627.0M+19.2%	$526.0M+2.7%	$512.0M+0.6%	$509.0M+18.9%	$428.0M+6.7%	$401.0M+19.3%	$336.0M+0.6%	$334.0M+10.2%	$303.0M0.0%	$303.0M+30.0%	$233.0M+153.3%	$92.0M+268.0%	$25.0M+13.6%	$22.0M
Stock-Based Compensation	N/A	N/A	N/A	N/A	N/A	$4.0M+33.3%	$3.0M-25.0%	$4.0M+33.3%	$3.0M+50.0%	$2.0M+100.0%	$1.0M0.0%	$1.0M	N/A	N/A	N/A	N/A
Capital Expenditures	$346.0M	$319.0M+11.1%	$287.0M+35.4%	$212.0M+89.3%	$112.0M-25.8%	$151.0M+21.8%	$124.0M-45.6%	$228.0M+174.7%	$83.0M-56.3%	$190.0M+850.0%	$20.0M-31.0%	$29.0M-51.7%	$60.0M-92.3%	$782.0M+38.7%	$564.0M+327.3%	$132.0M
Free Cash Flow	$671.0M	$369.0M-23.6%	$483.0M-1.4%	$490.0M-27.4%	$675.0M+22.7%	$550.0M+30.6%	$421.0M+69.1%	$249.0M-40.0%	$415.0M+26.9%	$327.0M-41.3%	$557.0M+40.7%	$396.0M+31.1%	$302.0M+149.2%	-$614.0M-20.9%	-$508.0M-413.1%	-$99.0M
Investing Cash Flow	-$1.1B	-$803.0M-10.8%	-$725.0M-38.6%	-$523.0M-149.1%	$1.1B+223.1%	-$865.0M-1295.2%	-$62.0M+86.8%	-$468.0M-153.0%	-$185.0M+58.1%	-$442.0M-237.4%	-$131.0M+88.1%	-$1.1B-48.2%	-$741.0M+23.2%	-$965.0M-62.5%	-$594.0M-171.2%	-$219.0M
Financing Cash Flow	-$198.0M	$200.0M+155.1%	-$363.0M-192.7%	-$124.0M+91.8%	-$1.5B-511.4%	$367.0M+184.4%	-$435.0M-148.6%	-$175.0M-280.4%	-$46.0M+82.1%	-$257.0M-27.2%	-$202.0M-157.1%	$354.0M-52.7%	$749.0M-10.2%	$834.0M+55.6%	$536.0M+197.8%	$180.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$238.0M+17.8%	$202.0M+16.8%	$173.0M+24.5%	$139.0M+37.6%	$101.0M+573.3%	$15.0M	$0	$0

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$214.0M+12.0%	$401.0M+322.1%	$177.0M-7.8%	$225.0M-25.2%	$191.0M-2.6%	$95.0M+17.3%	$192.0M-6.8%	$301.0M+4.9%
Depreciation & Amortization	$196.0M+20.2%	$182.0M+11.7%	$180.0M+15.4%	$176.0M+7.3%	$163.0M+6.5%	$163.0M+5.8%	$156.0M+13.9%	$164.0M+23.3%
Capital Expenditures	$84.0M+10.5%	$75.0M+33.9%	$106.0M+112.0%	$81.0M+131.4%	$76.0M-26.9%	$56.0M-42.9%	$50.0M-27.5%	$35.0M+2.9%
Free Cash Flow	$130.0M+13.0%	$326.0M+735.9%	$71.0M-50.0%	$144.0M-45.9%	$115.0M+25.0%	$39.0M+329.4%	$142.0M+3.6%	$266.0M+5.1%
Investing Cash Flow	-$216.0M+38.6%	-$441.0M-858.7%	-$64.0M-25.5%	-$341.0M-1163.0%	-$352.0M+20.7%	-$46.0M+77.3%	-$51.0M+79.8%	-$27.0M+82.6%
Financing Cash Flow	-$135.0M-157.2%	-$98.0M-38.0%	$64.0M+178.0%	-$29.0M+82.9%	$236.0M+262.8%	-$71.0M-308.8%	-$82.0M-39.0%	-$170.0M-260.4%

Not reported in any period shown, so not listed: Stock-Based Compensation, Dividends Paid, Share Buybacks.

CWEN Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

CWEN quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	62.9%-0.6pp	63.5%-0.5pp	64.0%+0.6pp	63.4%-1.5pp	64.9%-4.5pp	69.5%+2.1pp	67.3%-1.6pp	69.0%+1.3pp	67.7%-2.6pp	70.2%+3.6pp	66.6%+0.1pp	66.5%+2.0pp	64.5%+29.7pp	34.9%+0.7pp	34.2%
Operating Margin	11.2%-3.1pp	14.3%-5.7pp	20.0%	123.5%	20.8%-7.0pp	27.8%+6.1pp	21.7%-11.2pp	33.0%+4.9pp	28.1%+6.6pp	21.4%-12.2pp	33.7%-3.3pp	37.0%-4.8pp	41.7%+25.1pp	16.6%-0.5pp	17.1%
Net Margin	11.8%+5.4pp	6.4%+0.4pp	6.0%-42.9pp	48.9%+44.9pp	4.0%+1.9pp	2.1%+3.2pp	-1.1%-5.6pp	4.6%+6.2pp	-1.6%-1.8pp	0.2%-7.2pp	7.4%-6.2pp	13.7%-15.1pp	28.8%+21.9pp	6.9%-2.3pp	9.2%
Return on Equity	2.9%+1.3pp	1.6%0.0pp	1.6%-12.9pp	14.5%+12.9pp	1.6%+0.6pp	0.9%+1.4pp	-0.5%-2.7pp	2.2%+2.9pp	-0.7%-0.8pp	0.1%-2.4pp	2.5%-1.4pp	3.9%-3.5pp	7.4%+6.5pp	0.9%-1.8pp	2.7%
Return on Assets	1.0%+0.4pp	0.6%+0.1pp	0.5%-4.2pp	4.7%+4.3pp	0.4%+0.2pp	0.2%+0.3pp	-0.1%-0.7pp	0.6%+0.8pp	-0.2%-0.2pp	0.0%-0.8pp	0.8%-0.5pp	1.3%-2.6pp	3.9%+3.3pp	0.6%	N/A
Current Ratio	1.13-0.4x	1.49-0.2x	1.72-0.3x	2.07+1.1x	0.94-0.2x	1.12+0.8x	0.30-0.8x	1.07+0.2x	0.89-0.4x	1.33+0.5x	0.85-1.0x	1.87+0.8x	1.02+0.7x	0.28	N/A
Debt-to-Equity	1.36+0.1x	1.21-0.3x	1.50-0.1x	1.61-0.5x	2.10-0.3x	2.43+0.2x	2.19-0.3x	2.45-0.2x	2.62+0.4x	2.18+0.3x	1.84-0.1x	1.89+1.0x	0.93+0.5x	0.46	N/A
Asset Turnover	0.090.0x	0.100.0x	0.090.0x	0.100.0x	0.100.0x	0.110.0x	0.110.0x	0.120.0x	0.120.0x	0.120.0x	0.110.0x	0.090.0x	0.130.0x	0.09	N/A
FCF Margin	25.8%-9.4pp	35.2%-2.1pp	37.3%-19.4pp	56.7%+14.0pp	42.8%+7.7pp	35.1%+11.0pp	24.1%-15.3pp	39.4%+7.0pp	32.4%-21.4pp	53.8%+12.9pp	40.9%+4.4pp	36.5%	-141.5%	-290.3%	-60.4%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	69.0%+2.4pp	62.2%+3.1pp	51.9%0.0pp	70.2%-2.1pp	66.6%-1.5pp	59.1%+7.0pp	51.9%-2.7pp	72.2%+8.3pp
Operating Margin	24.1%+2.4pp	5.7%+5.7pp	-11.9%+2.5pp	26.1%-10.5pp	21.7%-1.3pp	0.0%+11.0pp	-14.4%-5.6pp	36.6%+11.3pp
Net Margin	25.4%+17.7pp	-46.1%-45.0pp	-29.0%-30.2pp	54.1%+46.7pp	7.6%-6.3pp	-1.0%-0.2pp	1.2%-13.7pp	7.4%+6.3pp
Return on Equity	2.2%+1.7pp	-3.0%-2.9pp	-1.5%-1.6pp	4.1%+3.4pp	0.5%-0.3pp	-0.1%0.0pp	0.1%-0.7pp	0.6%+0.6pp
Return on Assets	0.7%+0.5pp	-1.0%-0.9pp	-0.5%-0.6pp	1.4%+1.2pp	0.2%-0.2pp	0.0%0.0pp	0.0%-0.2pp	0.3%+0.2pp
Current Ratio	1.21-0.2x	1.11-0.4x	1.13-0.4x	1.540.0x	1.420.0x	1.52-0.2x	1.49-0.2x	1.59-0.5x
Debt-to-Equity	1.55+0.1x	1.55+0.2x	1.36+0.1x	1.42+0.2x	1.49+0.3x	1.33-0.2x	1.21-0.3x	1.20-0.4x
Asset Turnover	0.030.0x	0.020.0x	0.020.0x	0.030.0x	0.020.0x	0.020.0x	0.020.0x	0.030.0x
FCF Margin	27.0%-2.3pp	92.1%+79.0pp	22.9%-32.6pp	33.6%-21.2pp	29.3%+4.2pp	13.1%+19.6pp	55.5%+0.4pp	54.7%-13.5pp

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Clearway Energy, Inc. CWEN	FY2025	$1.4B	$169.0M	11.8%	$3.7B	46/100
Brookfield Renewable Corporation BEPC	FY2025	$3.7B	-$2.3B	-62.8%	$5.5B	22/100
Ormat Technologies, Inc. ORA	FY2025	$989.5M	$127.0M	12.8%	$5.5B	42/100
Enlight Renewable Energy Ltd. ENLT	FY2025	$488.6M	$160.7M	32.9%	$9.4B	37/100
ReNew Energy Global plc RNW	FY2025	$1.1B	$54.0M	4.8%	$2.5B	25/100
Constellation Energy CEG	FY2025	$25.5B	$2.3B	9.1%	$105.6B	55/100

Where Clearway Energy, Inc. Ranks

Frequently Asked Questions

What is Clearway Energy, Inc.'s annual revenue?

Clearway Energy, Inc. (CWEN) reported $1.4B in total revenue for fiscal year 2025. This represents a 4.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Clearway Energy, Inc.'s revenue growing?

Clearway Energy, Inc. (CWEN) revenue grew by 4.2% year-over-year, from $1.4B to $1.4B in fiscal year 2025.

Is Clearway Energy, Inc. profitable?

Yes, Clearway Energy, Inc. (CWEN) reported a net income of $169.0M in fiscal year 2025, with a net profit margin of 11.8%.

What is Clearway Energy, Inc.'s EBITDA?

Clearway Energy, Inc. (CWEN) had EBITDA of $842.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Clearway Energy, Inc. have?

As of fiscal year 2025, Clearway Energy, Inc. (CWEN) had $231.0M in cash and equivalents against $7.9B in long-term debt.

What is Clearway Energy, Inc.'s gross margin?

Clearway Energy, Inc. (CWEN) had a gross margin of 62.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Clearway Energy, Inc.'s operating margin?

Clearway Energy, Inc. (CWEN) had an operating margin of 11.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Clearway Energy, Inc.'s net profit margin?

Clearway Energy, Inc. (CWEN) had a net profit margin of 11.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Clearway Energy, Inc.'s return on equity (ROE)?

Clearway Energy, Inc. (CWEN) has a return on equity of 2.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Clearway Energy, Inc.'s free cash flow?

Clearway Energy, Inc. (CWEN) generated $369.0M in free cash flow during fiscal year 2025. This represents a -23.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Clearway Energy, Inc.'s operating cash flow?

Clearway Energy, Inc. (CWEN) generated $688.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Clearway Energy, Inc.'s total assets?

Clearway Energy, Inc. (CWEN) had $16.7B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Clearway Energy, Inc.'s capital expenditures?

Clearway Energy, Inc. (CWEN) invested $319.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Clearway Energy, Inc. have outstanding?

Clearway Energy, Inc. (CWEN) had 204M shares outstanding as of fiscal year 2025.

What is Clearway Energy, Inc.'s current ratio?

Clearway Energy, Inc. (CWEN) had a current ratio of 1.13 as of fiscal year 2025, which is considered adequate.

What is Clearway Energy, Inc.'s debt-to-equity ratio?

Clearway Energy, Inc. (CWEN) had a debt-to-equity ratio of 1.36 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Clearway Energy, Inc.'s return on assets (ROA)?

Clearway Energy, Inc. (CWEN) had a return on assets of 1.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Clearway Energy, Inc.'s P/E ratio?

Clearway Energy, Inc. (CWEN) trades at 36.2x earnings, its market capitalization divided by net income of $101.0M net income, trailing 12 months to June 30, 2026. The market capitalization is $3.7B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Clearway Energy, Inc.'s price-to-sales ratio?

Clearway Energy, Inc. (CWEN) trades at 2.3x sales, its market capitalization divided by revenue of $1.6B revenue, trailing 12 months to June 30, 2026. The market capitalization is $3.7B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Clearway Energy, Inc.'s Altman Z-Score?

Clearway Energy, Inc. (CWEN) has an Altman Z-Score of 0.35, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Clearway Energy, Inc.'s Piotroski F-Score?

Clearway Energy, Inc. (CWEN) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Clearway Energy, Inc.'s earnings high quality?

Clearway Energy, Inc. (CWEN) has an earnings quality ratio of 4.07x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Clearway Energy, Inc. cover its interest payments?

Clearway Energy, Inc. (CWEN) has an interest coverage ratio of 0.41x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Clearway Energy, Inc.?

Clearway Energy, Inc. (CWEN) scores 46 out of 100 on our Financial Health Score, indicating moderate standing within its utilities peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.