Clearway Energy, Inc. (CWEN) 10-Year Financial Performance & Capital Metrics

CWEN • • Utilities

UtilitiesRenewable EnergyRenewable Power GenerationSolar & Wind Power Developers

AboutClearway Energy, Inc. operates in the renewable energy business in the United States. It has approximately 5,000 net megawatts (MW) of installed wind and solar generation projects; and approximately 2,500 net MW of natural gas generation facilities. The company was formerly known as NRG Yield, Inc. and changed its name to Clearway Energy, Inc. in August 2018. Clearway Energy, Inc. was incorporated in 2012 and is based in Princeton, New Jersey. Clearway Energy, Inc. is a subsidiary of Clearway Energy Group LLC.Show more

Revenue $1.37B +4.3%
EBITDA $1B +3.2%
Net Income $88M +11.4%
Free Cash Flow $45M -74.9%
EBITDA Margin 73.3% -1.1%
Net Margin 6.42% +6.8%
ROE 1.67% -4.8%
Interest Coverage 0.64 -18.2%
Debt/Equity 1.39 -19.7%
Net Debt/EBITDA 7.38 -11.6%
CapEx / Revenue 52.88% +32.9%
CapEx Coverage 1.06 -20.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading near 52-week high
✓Trading at only 0.8x book value

✗Weaknesses

✗High leverage: 7.7x Debt/EBITDA
✗Weak interest coverage of 0.6x
✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.12%

5Y5.85%

3Y2.16%

TTM1.1%

Profit (Net Income) CAGR

10Y18.59%

5Y-

3Y19.94%

TTM126.23%

EPS CAGR

10Y9.97%

5Y-

3Y19.45%

TTM123.93%

ROCE

10Y Avg4.06%

5Y Avg4.52%

3Y Avg5.45%

Latest1.43%

Peer Comparison

Solar & Wind Power Developers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CWENClearway Energy, Inc.	3B	35.38	47.17	4.34%	20.01%	4.77%	1.5%	1.39
ENLTEnlight Renewable Energy Ltd	6.63B	50.22	38.63	52.71%	25.72%	1.9%		2.16
RNWReNew Energy Global Plc	1.33B	5.40	0.49	19.36%	6.75%	5.89%		5.59
SUUNPowerBank Corporation	59.72M	1.63	-1.68	-28.86%	-7.46%	-14.99%		3.81
RNWWWReNew Energy Global plc		0.01		19.36%	6.75%	5.89%		5.59

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	953M	1.02B	1.01B	1.05B	1.03B	1.2B	1.29B	1.19B	1.31B	1.37B
Revenue Growth %	0.38%	0.07%	-0.01%	0.04%	-0.02%	0.16%	0.07%	-0.07%	0.1%	0.04%
Cost of Revenue	321M	306M	326M	332M	337M	366M	451M	435M	473M	501M
Gross Profit+	632M	715M	683M	721M	695M	833M	835M	755M	841M	870M
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.4%	0.13%	-0.04%	0.06%	-0.04%	0.2%	0%	-0.1%	0.11%	0.03%
Operating Expenses+	309M	313M	353M	354M	471M	500M	568M	-715M	578M	674M
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	673M	597M	687M	748M	696M	851M	922M	2.15B	974M	1B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	0.45%	-0.11%	0.15%	0.09%	-0.07%	0.22%	0.08%	1.34%	-0.55%	0.03%
Depreciation & Amortization+	353M	379M	404M	401M	472M	518M	655M	684M	711M	809M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	320M	218M	283M	347M	224M	333M	267M	1.47B	263M	196M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.18%	-0.32%	0.3%	0.23%	-0.35%	0.49%	-0.2%	4.51%	-0.82%	-0.25%
Interest Expense+	267M	284M	306M	306M	404M	415M	312M	232M	337M	307M
Interest Coverage	1.20x	0.77x	0.92x	1.13x	0.55x	0.80x	0.86x	6.34x	0.78x	0.64x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income+	77M	-16M	49M	116M	-104M	-54M	-63M	1.28B	-16M	-33M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	12M	-1M	72M	62M	-8M	8M	12M	222M	-2M	30M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	33M	57M	-16M	48M	-11M	25M	51M	582M	79M	88M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	1.06%	0.73%	-1.28%	4%	-1.23%	3.27%	1.04%	10.41%	-0.86%	0.11%
EPS (Diluted)+	0.40	0.58	-0.16	0.46	-0.10	0.22	0.44	4.99	0.67	0.75
EPS Growth %	0.38%	0.45%	-1.28%	3.88%	-1.22%	3.2%	1%	10.34%	-0.87%	0.12%
EPS (Basic)	0.40	0.58	-0.16	0.46	-0.10	0.22	0.44	4.99	0.67	0.75
Diluted Shares Outstanding	84M	98M	99M	104M	109M	116M	117M	117M	117M	118M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	8.69B	8.38B	8.28B	8.5B	9.93B	10.59B	12.81B	12.31B	14.7B	14.33B
Asset Growth %	0.25%	-0.04%	-0.01%	0.03%	0.17%	0.07%	0.21%	-0.04%	0.19%	-0.03%
PP&E (Net)+	5.88B	5.46B	5.2B	5.25B	6.29B	7.55B	8.2B	7.95B	10.12B	10.49B
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	416M	645M	482M	756M	608M	708M	1.53B	1.28B	1.56B	1.07B
Cash & Equivalents	111M	317M	148M	407M	417M	268M	179M	657M	535M	332M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	36M	39M	39M	40M	40M	42M	37M	47M	55M	64M
Other Current Assets	131M	176M	168M	205M	33M	197M	1.11B	365M	625M	507M
Long-Term Investments	697M	710M	1.18B	1.17B	1.18B	741M	381M	364M	360M	309M
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	1.36B	1.29B	1.23B	1.16B	1.43B	1.37B	2.5B	2.56B	2.37B	2.19B
Other Assets	166M	66M	63M	114M	103M	115M	107M	159M	284M	269M
Total Liabilities	5.95B	6.01B	6.14B	6.28B	7.66B	7.88B	9.51B	8.28B	9.71B	8.77B
Total Debt+	5.59B	5.71B	5.84B	5.98B	7.01B	7.31B	8.27B	7.36B	8.66B	7.75B
Net Debt	5.48B	5.39B	5.69B	5.58B	6.6B	7.05B	8.09B	6.7B	8.13B	7.42B
Long-Term Debt	5.33B	5.43B	5.53B	5.45B	4.16B	6.58B	6.94B	6.49B	7.48B	6.75B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	7M	0	926M	845M	1.03B	345M	561M	548M	627M	569M
Total Current Liabilities+	489M	459M	486M	704M	2.06B	634M	1.63B	617M	906M	718M
Accounts Payable	109M	63M	95M	64M	74M	89M	181M	77M	161M	113M
Accrued Expenses	77M	86M	88M	101M	0	123M	138M	168M	136M	119M
Deferred Revenue	77M	85M	88M	101M	0	0	0	0	0	0
Other Current Liabilities	39M	74M	51M	4M	152M	38M	540M	50M	51M	56M
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	0	1000K	1000K	1000K	1000K
Other Liabilities	133M	128M	128M	-720M	197M	313M	369M	505M	568M	640M
Total Equity+	2.74B	2.37B	2.14B	2.22B	2.26B	2.71B	3.3B	4.03B	4.99B	5.56B
Equity Growth %	0.45%	-0.13%	-0.1%	0.04%	0.02%	0.2%	0.22%	0.22%	0.24%	0.11%
Shareholders Equity	1.84B	1.85B	1.75B	1.82B	1.85B	1.82B	1.83B	2.23B	2.1B	2.06B
Minority Interest	897M	520M	391M	402M	413M	890M	1.47B	1.8B	2.89B	3.5B
Common Stock	1M	1M	1M	1M	1M	1M	1M	0	0	0
Additional Paid-in Capital	1.85B	1.88B	1.84B	1.9B	1.94B	1.92B	1.87B	1.76B	1.73B	1.8B
Retained Earnings	12M	-2M	-69M	-58M	-72M	-84M	-33M	463M	361M	254M
Accumulated OCI	-27M	-28M	-28M	-18M	-15M	-14M	-6M	9M	7M	3M
Return on Assets (ROA)	0%	0.01%	-0%	0.01%	-0%	0%	0%	0.05%	0.01%	0.01%
Return on Equity (ROE)	0.01%	0.02%	-0.01%	0.02%	-0%	0.01%	0.02%	0.16%	0.02%	0.02%
Debt / Equity	2.04x	2.41x	2.73x	2.69x	3.10x	2.69x	2.51x	1.83x	1.73x	1.39x
Debt / Assets	0.64%	0.68%	0.7%	0.7%	0.71%	0.69%	0.65%	0.6%	0.59%	0.54%
Net Debt / EBITDA	8.15x	9.03x	8.28x	7.45x	9.48x	8.28x	8.78x	3.11x	8.35x	7.38x
Book Value per Share	32.6	24.18	21.6	21.38	20.76	23.41	28.21	34.46	42.68	47.14

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	405M	560M	516M	498M	477M	545M	701M	787M	702M	770M
Operating CF Growth %	0.38%	0.38%	-0.08%	-0.03%	-0.04%	0.14%	0.29%	0.12%	-0.11%	0.1%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	65M	-15M	-23M	54M	-96M	-62M	51M	582M	-14M	-63M
Depreciation & Amortization	353M	375M	404M	401M	472M	518M	664M	701M	711M	809M
Deferred Taxes	12M	-1M	72M	62M	-8M	8M	12M	194M	13M	25M
Other Non-Cash Items	18M	20M	25M	24M	126M	75M	-17M	-708M	62M	46M
Working Capital Changes	-15M	-1M	-10M	-30M	-17M	6M	-9M	18M	-70M	-47M
Capital Expenditures+	-1.11B	-161M	-283M	-185M	-468M	-124M	-151M	1.13B	-523M	-725M
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-1.11B	-161M	-283M	-185M	-468M	-62M	88M	1.13B	-523M	-725M
Acquisitions	-1.09B	-129M	-276M	-126M	-266M	-37M	434M	1.29B	-14M	-678M
Purchase of Investments	-402M	-83M	-73M	-34M	0	0	0	0	0	0
Sale of Investments	1000K	1000K	1000K	1000K	0	0	1000K	1000K	0	0
Other Investing	16M	-12M	24M	24M	26M	99M	-242M	-70M	-215M	240M
Cash from Financing+	385M	-193M	-257M	-46M	-175M	-435M	-600M	-1.57B	-124M	-363M
Dividends Paid	-139M	-183M	-108M	-130M	-155M	-211M	-268M	-353M	-311M	-334M
Dividend Payout Ratio %	4.21%	3.04%	-	4.96%	-	8.44%	5.25%	0.61%	3.94%	3.8%
Debt Issuance (Net)	-1000K	1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Stock Issued	599M	0	34M	153M	100M	62M	0	0	0	0
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	63M	-179M	-22M	77M	149M	157M	7M	-14M	973M	1.47B
Net Change in Cash+	-318M	206M	-182M	267M	-166M	48M	189M	342M	55M	-318M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	429M	111M	498M	316M	583M	417M	465M	654M	996M	1.05B
Cash at End	111M	317M	316M	583M	417M	465M	654M	996M	1.05B	733M
Free Cash Flow+	-703M	399M	233M	313M	9M	421M	550M	1.91B	179M	45M
FCF Growth %	0.08%	1.57%	-0.42%	0.34%	-0.97%	45.78%	0.31%	2.48%	-0.91%	-0.75%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	1.43%	2.23%	-0.71%	2.2%	-0.49%	1%	1.7%	15.88%	1.75%	1.67%
EBITDA Margin	70.62%	58.47%	68.09%	71.04%	67.44%	70.98%	71.7%	181.01%	74.12%	73.3%
Net Debt / EBITDA	8.15x	9.03x	8.28x	7.45x	9.48x	8.28x	8.78x	3.11x	8.35x	7.38x
Interest Coverage	1.20x	0.77x	0.92x	1.13x	0.55x	0.80x	0.86x	6.34x	0.78x	0.64x
CapEx / Revenue	116.26%	15.77%	28.05%	17.57%	45.35%	10.34%	11.74%	94.54%	39.8%	52.88%
Dividend Payout Ratio	421.21%	303.51%	-	495.83%	-	844%	525.49%	60.65%	393.67%	379.55%
Debt / Equity	2.04x	2.41x	2.73x	2.69x	3.10x	2.69x	2.51x	1.83x	1.73x	1.39x
EPS Growth	37.93%	45%	-127.59%	387.5%	-121.74%	320%	100%	1034.09%	-86.57%	11.94%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Energy Revenue	-	-	-	-	-	720M	915M	1.01B	1.02B	1.17B
Energy Revenue Growth	-	-	-	-	-	-	27.08%	10.38%	1.29%	14.66%
Capacity Revenue	-	-	-	-	-	514M	510M	455M	359M	327M
Capacity Revenue Growth	-	-	-	-	-	-	-0.78%	-10.78%	-21.10%	-8.91%
Products And Services, Other	-	-	-	39M	-	53M	92M	82M	99M	90M
Products And Services, Other Growth	-	-	-	-	-	-	73.58%	-10.87%	20.73%	-9.09%
Operating Revenues	-	-	-	-	864M	-	-	-	-	-
Operating Revenues Growth	-	-	-	-	-	-	-	-	-	-
Renewables	359M	518M	501M	-	-	-	-	-	-	-
Renewables Growth	-	44.29%	-3.28%	-	-	-	-	-	-	-
Conventional Generation	336M	333M	336M	-	-	-	-	-	-	-
Conventional Generation Growth	-	-0.89%	0.90%	-	-	-	-	-	-	-
Thermal	174M	170M	172M	-	-	-	-	-	-	-
Thermal Growth	-	-2.30%	1.18%	-	-	-	-	-	-	-
Corporate	-	-	-	-	-	-	-	-	-	-
Corporate Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Clearway Energy, Inc. (CWEN) has a price-to-earnings (P/E) ratio of 47.2x. This suggests investors expect higher future growth.

Growth & Financials

Clearway Energy, Inc. (CWEN) reported $1.38B in revenue for fiscal year 2024. This represents a 741% increase from $164.0M in 2011.

Clearway Energy, Inc. (CWEN) grew revenue by 4.3% over the past year. Growth has been modest.

Yes, Clearway Energy, Inc. (CWEN) is profitable, generating $276.0M in net income for fiscal year 2024 (6.4% net margin).

Dividend & Returns

Yes, Clearway Energy, Inc. (CWEN) pays a dividend with a yield of 8.00%. This makes it attractive for income-focused investors.

Clearway Energy, Inc. (CWEN) has a return on equity (ROE) of 1.7%. This is below average, suggesting room for improvement.

Clearway Energy, Inc. (CWEN) had negative free cash flow of $96.0M in fiscal year 2024, likely due to heavy capital investments.

Industry Metrics

Clearway Energy, Inc. (CWEN) has a dividend payout ratio of 380%. The high payout ratio may limit dividend growth.

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