Clearway Energy (CWEN)
Market Price (10/6/2026): $29.53 | Market Cap: $3.6 BilSector: Utilities | Industry: Renewable Electricity
Clearway Energy (CWEN)
Market Price (10/6/2026): $29.53Market Cap: $3.6 BilSector: UtilitiesIndustry: Renewable Electricity
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 10%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.7%, FCF Yield is 15% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 65%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 34% Low stock price volatilityVol 12M is 31% Megatrend and thematic driversMegatrends include Renewable Energy Transition. Themes include Solar Energy Generation, Wind Energy Development, and Battery Storage & Grid Modernization. | Weak multi-year price returns2Y Excs Rtn is -27%, 3Y Excs Rtn is -12% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 270% Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 39x Key risksCWEN key risks include [1] its substantial consolidated indebtedness, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 10%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.7%, FCF Yield is 15% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 65%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 34% |
| Low stock price volatilityVol 12M is 31% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition. Themes include Solar Energy Generation, Wind Energy Development, and Battery Storage & Grid Modernization. |
| Weak multi-year price returns2Y Excs Rtn is -27%, 3Y Excs Rtn is -12% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 270% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 39x |
| Key risksCWEN key risks include [1] its substantial consolidated indebtedness, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Clearway Energy (CWEN) stock has lost about 10% since 6/30/2026 because of the following key factors:
1. Downward Revision of 2026 CAFD Guidance. Despite Clearway Energy beating Q2 2026 earnings expectations with an EPS of $1.00 (surpassing estimates of $0.24) and revenue of $481 million (above estimates of $473.92 million), the company revised its full-year 2026 Cash Available for Distribution (CAFD) guidance downward. The guidance range was adjusted to $430-$470 million from the prior $470-$510 million, representing a $40 million reduction at the midpoint. This revision was attributed primarily to lower-than-typical renewable resource conditions, specifically El Niño-related weather patterns, impacting wind and solar production during the first half of fiscal 2026.
2. Higher Interest Rate Environment Impact on Utilities and Yield Stocks. During fiscal Q3 2026, a macroeconomic trend of rising interest rates and elevated Treasury yields led to a general cooling off in the broader utilities sector. This environment negatively impacted Clearway Energy, as renewable energy companies, often valued for their stable dividends, become less attractive when compared to increasingly higher-yielding fixed-income alternatives. For instance, Jefferies lowered its price target for Clearway Energy from $45 to $38, explicitly citing the prevailing higher interest rate environment.
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Clearway Energy (CWEN) stock has lost about 10% since 6/30/2026 because of the following key factors:
1. Downward Revision of 2026 CAFD Guidance. Despite Clearway Energy beating Q2 2026 earnings expectations with an EPS of $1.00 (surpassing estimates of $0.24) and revenue of $481 million (above estimates of $473.92 million), the company revised its full-year 2026 Cash Available for Distribution (CAFD) guidance downward. The guidance range was adjusted to $430-$470 million from the prior $470-$510 million, representing a $40 million reduction at the midpoint. This revision was attributed primarily to lower-than-typical renewable resource conditions, specifically El Niño-related weather patterns, impacting wind and solar production during the first half of fiscal 2026.
2. Higher Interest Rate Environment Impact on Utilities and Yield Stocks. During fiscal Q3 2026, a macroeconomic trend of rising interest rates and elevated Treasury yields led to a general cooling off in the broader utilities sector. This environment negatively impacted Clearway Energy, as renewable energy companies, often valued for their stable dividends, become less attractive when compared to increasingly higher-yielding fixed-income alternatives. For instance, Jefferies lowered its price target for Clearway Energy from $45 to $38, explicitly citing the prevailing higher interest rate environment.
3. Potential Share Dilution from Equity Offering. Clearway Energy announced an equity distribution agreement during fiscal Q3 2026, allowing the company to offer and sell up to $100 million of its Class C common stock. The prospect of this near-term equity issuance and potential share dilution can exert downward pressure on the stock price.
4. Senior Leadership Changes. In September 2026, Clearway Energy announced senior leadership appointments, including a change in the Chief Financial Officer (CFO) role. This company-specific finance leadership shakeup introduced an element of uncertainty, which contributed to a notable decline in the stock's performance during that month.
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Stock Movement Drivers
Fundamental Drivers
The -12.3% change in CWEN stock from 6/30/2026 to 10/5/2026 was primarily driven by a -17.3% change in the company's P/S Multiple.| (LTM values as of) | 6302026 | 10052026 | Change |
|---|---|---|---|
| Stock Price ($) | 33.67 | 29.52 | -12.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,485 | 1,574 | 6.0% |
| P/S Multiple | 2.7 | 2.3 | -17.3% |
| Shares Outstanding (Mil) | 121 | 121 | 0.0% |
| Cumulative Contribution | -12.3% |
Market Drivers
6/30/2026 to 10/5/2026| Return | Correlation | |
|---|---|---|
| CWEN | -12.3% | |
| Market (SPY) | 3.8% | 31.7% |
| Sector (XLU) | -11.8% | 26.7% |
Fundamental Drivers
The -22.8% change in CWEN stock from 3/31/2026 to 10/5/2026 was primarily driven by a -48.0% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 10052026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.26 | 29.52 | -22.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,429 | 1,574 | 10.1% |
| Net Income Margin (%) | 11.1% | 5.8% | -48.0% |
| P/E Multiple | 29.4 | 39.3 | 33.7% |
| Shares Outstanding (Mil) | 122 | 121 | 0.8% |
| Cumulative Contribution | -22.8% |
Market Drivers
3/31/2026 to 10/5/2026| Return | Correlation | |
|---|---|---|
| CWEN | -22.8% | |
| Market (SPY) | 19.4% | 34.1% |
| Sector (XLU) | -12.3% | 41.9% |
Fundamental Drivers
The 10.0% change in CWEN stock from 9/30/2025 to 10/5/2026 was primarily driven by a 25.4% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 10052026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.84 | 29.52 | 10.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,432 | 1,574 | 9.9% |
| Net Income Margin (%) | 4.6% | 5.8% | 25.4% |
| P/E Multiple | 48.0 | 39.3 | -18.2% |
| Shares Outstanding (Mil) | 118 | 121 | -2.5% |
| Cumulative Contribution | 10.0% |
Market Drivers
9/30/2025 to 10/5/2026| Return | Correlation | |
|---|---|---|
| CWEN | 10.0% | |
| Market (SPY) | 17.3% | 29.0% |
| Sector (XLU) | -6.4% | 46.7% |
Fundamental Drivers
The 66.0% change in CWEN stock from 9/30/2023 to 10/5/2026 was primarily driven by a 54.7% change in the company's P/E Multiple.| (LTM values as of) | 9302023 | 10052026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.78 | 29.52 | 66.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,302 | 1,574 | 20.9% |
| Net Income Margin (%) | 6.3% | 5.8% | -8.2% |
| P/E Multiple | 25.4 | 39.3 | 54.7% |
| Shares Outstanding (Mil) | 117 | 121 | -3.3% |
| Cumulative Contribution | 66.0% |
Market Drivers
9/30/2023 to 10/5/2026| Return | Correlation | |
|---|---|---|
| CWEN | 66.0% | |
| Market (SPY) | 87.5% | 29.3% |
| Sector (XLU) | 47.3% | 58.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CWEN Return | 18% | -8% | -9% | 1% | 35% | -8% | 24% |
| Peers Return | 21% | 9% | 38% | 91% | 43% | -21% | 292% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| CWEN Win Rate | 50% | 50% | 33% | 58% | 58% | 70% | |
| Peers Win Rate | 61% | 56% | 62% | 52% | 60% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CWEN Max Drawdown | -31% | -25% | -43% | -22% | -14% | -28% | |
| Peers Max Drawdown | -26% | -27% | -21% | -25% | -32% | -33% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NEE, BEPC, CEG, VST, NRG.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/5/2026 (YTD)
How Low Can It Go
| Event | CWEN | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -30.8% | -9.5% |
| % Gain to Breakeven | 44.5% | 10.5% |
| Time to Breakeven | 75 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -14.8% | -6.7% |
| % Gain to Breakeven | 17.4% | 7.1% |
| Time to Breakeven | 442 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -15.4% | -24.5% |
| % Gain to Breakeven | 18.2% | 32.4% |
| Time to Breakeven | 25 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -27.4% | -33.7% |
| % Gain to Breakeven | 37.8% | 50.9% |
| Time to Breakeven | 80 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -26.5% | -19.2% |
| % Gain to Breakeven | 36.1% | 23.8% |
| Time to Breakeven | 261 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -15.9% | -3.7% |
| % Gain to Breakeven | 18.9% | 3.9% |
| Time to Breakeven | 75 days | 6 days |
In The Past
Clearway Energy's stock fell -0.1% during the 2025 US Tariff Shock. Such a loss loss requires a 0.1% gain to breakeven.
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| Event | CWEN | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -30.8% | -9.5% |
| % Gain to Breakeven | 44.5% | 10.5% |
| Time to Breakeven | 75 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -27.4% | -33.7% |
| % Gain to Breakeven | 37.8% | 50.9% |
| Time to Breakeven | 80 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -26.5% | -19.2% |
| % Gain to Breakeven | 36.1% | 23.8% |
| Time to Breakeven | 261 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -35.3% | -12.2% |
| % Gain to Breakeven | 54.5% | 13.9% |
| Time to Breakeven | 118 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -79.3% | -6.8% |
| % Gain to Breakeven | 382.2% | 7.3% |
| Time to Breakeven | 2106 days | 15 days |
In The Past
Clearway Energy's stock fell -0.1% during the 2025 US Tariff Shock. Such a loss loss requires a 0.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Clearway Energy (CWEN)
Clearway Energy, Inc. (CWEN) is a major energy company operating in the United States with a focus on both renewable and conventional power generation. The company primarily generates electricity through a substantial portfolio of wind and solar projects, totaling approximately 5,000 net megawatts (MW). It also maintains about 2,500 net MW of natural gas generation facilities, providing a diversified energy supply.
In addition to electricity generation, Clearway Energy operates a significant portfolio of thermal infrastructure assets, commonly known as district energy systems. These systems provide essential utilities such as steam, hot water, chilled water, and electricity. The company serves a diverse customer base for these thermal services, including commercial businesses, universities, hospitals, and various governmental units across the United States.
AI Analysis | Feedback
Here are 1-2 brief analogies to describe Clearway Energy (CWEN):
- It's like NextEra Energy, but focused on selling wholesale power from both renewables and natural gas, plus providing district heating and cooling services to large commercial and institutional customers.
- Think of it as a power generation company similar to NRG Energy, but with a heavier emphasis on wind and solar, and also operating specialized heating and cooling systems for campuses and commercial districts.
AI Analysis | Feedback
- Electricity Generation (Renewable): Clearway Energy generates and sells electricity primarily from its extensive portfolio of wind and solar power generation projects.
- Electricity Generation (Natural Gas): Clearway Energy generates and sells electricity from its natural gas power generation facilities.
- District Energy Services: Clearway Energy provides steam, hot water, chilled water, and electricity to various commercial, institutional, and governmental clients through its thermal infrastructure assets.
AI Analysis | Feedback
Clearway Energy (CWEN) primarily sells to other companies and organizations. Based on the provided description, its major customers for its thermal infrastructure assets, which receive steam, hot water, chilled water, and electricity, include:
- Commercial businesses
- Universities
- Hospitals
- Governmental units
The provided description does not list the specific names or stock symbols of individual customer companies.
AI Analysis | Feedback
- Siemens Gamesa Renewable Energy
- Vestas Wind Systems A/S (VWS.CO)
- General Electric Company (GE)
- Mitsubishi Heavy Industries (7011.T)
- First Solar, Inc. (FSLR)
- JinkoSolar Holding Co., Ltd. (JKS)
- Trina Solar Co., Ltd. (688599.SS)
- Canadian Solar Inc. (CSIQ)
- Hanwha Solutions Corporation (009830.KS)
AI Analysis | Feedback
Craig Cornelius, President and Chief Executive Officer
Mr. Cornelius has served as President and Chief Executive Officer of Clearway Energy, Inc. since July 2024, and as a director since July 2024. He has been the CEO of Clearway Energy Group since its formation in 2018, which was a spin-out of NRG Energy Inc.'s clean energy businesses. Previously, Mr. Cornelius was President of NRG's renewables division, overseeing origination, development, engineering & construction, operations, and asset management for wind and solar power. He joined NRG in 2013 and initially led new business development for renewables. Before joining NRG, he spent five years as a Principal and then a Managing Director in the solar investing practice at Hudson Clean Energy Partners. He also served as the Program Manager of the U.S. Department of Energy's Solar Energy Technologies Program, where he led the creation of the $1.5 billion Solar America Initiative.
Sarah Rubenstein, Executive Vice President and Chief Financial Officer
Ms. Rubenstein has served as Executive Vice President and Chief Financial Officer for Clearway Energy, Inc. since April 12, 2023. Prior to this role, she served as Chief Accounting Officer, and before that as VP, Accounting and Controller since November 2020. She brings approximately 25 years of experience, primarily in technical accounting and financial reporting. Before her tenure at Clearway, Ms. Rubenstein spent eight years with NRG Energy, Inc., where she led the technical accounting and financial reporting groups. She also held financial leadership positions at EPV Solar, Inc., a solar panel manufacturer, and Warner Music Group, a global music entertainment company. She began her career as an auditor with PricewaterhouseCoopers.
Kevin P. Malcarney, Executive Vice President, General Counsel and Corporate Secretary
Mr. Malcarney has served as Clearway Energy, Inc.'s General Counsel, Corporate Secretary, and Chief Compliance Officer since May 2018, and was promoted to Executive Vice President in January 2022. He was previously Vice President and Deputy General Counsel at NRG Energy, Inc., where he was responsible for new businesses, mergers & acquisitions, divestitures, and project financings, and managed a large team of lawyers.
Natalie Jackson, SVP, Capital Markets & Portfolio Finance
Ms. Jackson serves as SVP, Capital Markets & Portfolio Finance for Clearway Energy Group. She joined Clearway with over 20 years of experience in both project finance and development. Most recently, she was the Senior Vice President of Global Financial Solutions for Vestas Wind Systems. Prior to Vestas, Ms. Jackson held senior finance positions at SunPower Corporation, AES, Invenergy, and BrightSource Energy, where she led the $2.2 billion project financing of the Ivanpah solar projects. She has served on the Board of Directors of 8Point3 Energy Partners, SunPower, and First Solar's joint venture yieldco. She also served as Chief Capital Markets at TES-H2 and was responsible for originating, structuring, and negotiating M&A and project level structured debt and tax equity transactions in the U.S. at Clearway Energy Group, raising over $8 billion in capital during her tenure.
AI Analysis | Feedback
The key risks to Clearway Energy's business include its significant indebtedness and sensitivity to interest rates, the variability of energy output due to weather patterns, and potential changes in government regulations and incentives.
- High Indebtedness and Interest Rate Sensitivity: Clearway Energy, as a capital-intensive company, utilizes a highly leveraged capital structure to finance its operations and growth through acquisitions. As of September 30, 2025, the company had approximately $8.08 billion in long-term debt. This substantial debt level exposes Clearway Energy to increased financial risk, as higher interest rates can escalate borrowing costs, thereby limiting its ability to raise additional capital, fund operations, or maintain dividend payments. The company's structural sensitivity to interest rates means that rising rates can also increase discount rates, potentially impacting the valuation of its contracted cash flows.
- Weather-Driven Output Variability and Physical Climate Risks: A significant portion of Clearway Energy's portfolio consists of wind and solar generation projects. The output and, consequently, the earnings from these renewable assets are directly influenced by weather conditions and natural resource availability. Fluctuations in wind patterns, solar irradiance, or increased frequency and severity of extreme weather events like storms and floods—potentially exacerbated by climate change—can disrupt operations, reduce energy production, and lead to significant costs for preparation or response. Historical dips in earnings in fiscal years 2019 and 2022 have been attributed to softer wind resources.
- Changes in Government Regulations and Incentives: Clearway Energy's growth strategy and the economic viability of its renewable power generation and energy storage assets are partly dependent on supportive government policies and incentives. Any changes, reductions, or reversals in these government regulations or subsidy programs could negatively impact the company's expansion plans, financial performance, and ability to make cash distributions to stockholders.
AI Analysis | Feedback
There are two clear emerging threats for Clearway Energy (CWEN):
- Rapid Electrification of Heating and Cooling & Decentralized Building Energy Systems: This threat primarily targets Clearway Energy's thermal infrastructure assets. As technologies such as advanced electric heat pumps, geothermal systems, and localized microgrids (combining on-site solar with battery storage) become increasingly efficient, cost-effective, and prevalent, individual buildings and institutions can meet their heating, cooling, and electricity needs more independently. This trend directly undermines the demand for centralized district energy services (steam, hot water, chilled water, and electricity) provided by CWEN, potentially leading to reduced utilization, lower profitability, and obsolescence for its thermal infrastructure assets.
- Accelerated Deployment and Cost Decline of Battery Energy Storage Systems (BESS): This threat primarily impacts Clearway Energy's natural gas generation facilities. Utility-scale battery energy storage systems are rapidly decreasing in cost and increasing in deployment. BESS can provide crucial grid services, including peaking capacity, frequency regulation, and energy shifting, often with faster response times and zero emissions compared to traditional natural gas "peaker" plants. As BESS become more competitive, they pose a direct challenge to the economic viability and long-term utilization of CWEN's natural gas assets, potentially leading to asset stranding or reduced profitability.
AI Analysis | Feedback
Clearway Energy, Inc. (symbol: CWEN) operates in the renewable energy, natural gas generation, and thermal infrastructure sectors within the United States. The addressable markets for its main products and services in the U.S. are sized as follows:
Renewable Energy (Wind and Solar Generation)
- The overall U.S. renewable energy market, in terms of installed capacity, was valued at 545.16 gigawatts (GW) in 2026 and is projected to reach 778.78 GW by 2031, growing at a Compound Annual Growth Rate (CAGR) of 7.38%. In terms of revenue, the U.S. renewable energy market was valued at USD 78.36 billion in 2025 and is projected to reach USD 169.49 billion by 2034, with a CAGR of 8.95% from 2026 to 2034. Another estimate for the U.S. renewable energy market size reached USD 260.4 billion in 2025 and is expected to reach USD 579.9 billion by 2034, exhibiting a CAGR of 9.30% during 2026-2034.
- For wind energy, the U.S. market size was 167.92 GW in 2026 and is estimated to grow to 205.93 GW by 2031, at a CAGR of 4.17%. The U.S. wind power market was valued at USD 18.2 billion in 2024 and is expected to increase to USD 27.1 billion by 2032, advancing at a CAGR of 5.3% during 2025–2032.
- For solar energy, the U.S. market size was USD 53.45 billion in 2024 and is projected to reach USD 123.86 billion by 2032, at a CAGR of 11.19% during 2025–2032. In terms of capacity, the U.S. solar power market was valued at 202.1 GW in 2025 and is estimated to reach 675.3 GW by 2034, exhibiting a CAGR of 13.62% from 2026-2034. The U.S. solar PV market size was estimated at USD 29.68 billion in 2022 and is projected to grow at a CAGR of 13.7% from 2023 to 2030.
Natural Gas Generation Facilities
- The natural gas-fired electricity generation market in the United States is expected to reach a projected revenue of US$ 12,459.0 million (approximately USD 12.46 billion) by 2030, with a compound annual growth rate of 6% from 2025 to 2030. The market generated a revenue of USD 6,712.5 million in 2019 and is expected to reach USD 10,551.9 million by 2027, growing at a CAGR of 5.8% from 2020 to 2027. The broader U.S. natural gas market is likely to value US$473.4 billion in 2025 and is projected to reach US$601.8 billion by 2032, growing at a CAGR of 3.5%.
Thermal Infrastructure Assets (District Energy Systems)
- The U.S. district heating market size was valued at USD 5.59 billion in 2024. It is projected to grow from USD 5.76 billion in 2025 and is expected to reach USD 7.47 billion by 2032, exhibiting a CAGR of 3.79% during the forecast period. Clearway Thermal is noted as a major player in this market.
AI Analysis | Feedback
Clearway Energy, Inc. (CWEN) anticipates several key drivers for its revenue growth over the next two to three years, primarily stemming from its robust project pipeline, strategic market positioning, and expansion into high-demand areas.
Here are 3-5 expected drivers of future revenue growth:
- Deployment of New Renewable and Storage Projects: Clearway Energy has a substantial pipeline of new wind, solar, and battery storage projects expected to come online, contributing significantly to future revenue. The company successfully commercialized 100% of its planned repowering and new construction projects for 2026 and 2027. This includes projects like the Swan Solar project in Missouri and the Catamount wind project in West Virginia, both targeting commercial operations in 2028 and backed by 20-year Power Purchase Agreements (PPAs) with companies like Google. Clearway also committed to approximately $1.3 billion in corporate capital investment opportunities tied to commercialized projects within the 2027 and 2028 timeframe.
- Increased Demand from Hyperscalers and Data Centers: A significant driver for Clearway's growth is the surging demand for power from hyperscalers and utilities serving data centers. In 2025 alone, Clearway signed approximately two gigawatts of new PPAs with these entities, with additional revenue contracting opportunities under discussion. Clearway is actively developing GW-scale complexes, including flexible gas generation capacity paired with renewables, to serve co-located data centers in multiple states, with target commercial operation dates (CODs) in 2030 and beyond.
- Repowering and Fleet Enhancement Programs: Clearway is undertaking a major repowering cycle across its wind fleet, with about 1.2 GW in its repowering pipeline for 2026 and 2027. These fleet enhancement programs, including repowerings and contract extensions, are on track and contribute to the company's long-term value creation and revenue stability.
- Strategic Positioning in Core Geographic Markets: Approximately 90% of Clearway's late-stage pipeline through 2030 is strategically located in core geographic markets where renewable energy is expected to be a least-cost, best-fit resource, often without relying solely on tax credits. This strategic focus helps ensure the viability and competitiveness of its projects, particularly for storage projects positioned for tax credit qualification well into the next decade.
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Share Repurchases
No specific information regarding share repurchase programs or actual repurchases over the last 3-5 years was found.
Share Issuance
- Clearway Energy opportunistically raised approximately $50 million through the sale of Class C common stock in the first quarter of 2026.
- Since late August (prior to the Q4 2025 earnings call), the company issued $100 million of equity.
- Shares outstanding increased by 0.85% in 2024 from 2023, while remaining stable in 2022 and 2023.
Inbound Investments
No specific information available regarding large investments made directly into Clearway Energy by third-party strategic partners or private equity firms.
Outbound Investments
- In November 2025, Clearway Energy agreed to acquire interests in the 199 MW Spindle and 92 MW Rosamond South II Battery Energy Storage System (BESS) facilities for approximately $90 million in cash.
- In the first quarter of 2026, Clearway Group offered Clearway Energy opportunities to invest approximately $200 million in the 520 MW Royal Slope solar plus storage project and an estimated $215 million in the 650 MW Swan Solar project.
- Clearway Energy invested approximately $820 million in growth investments during 2021, which included the acquisition of the remaining 50% equity interest in the 530 MW Utah Solar Portfolio for $330 million.
Capital Expenditures
- Approximately $1.3 billion in corporate capital investment opportunities have been identified for 2027-2028, primarily focused on projects targeting a 10.5% Cash Available for Distribution (CAFD) yield or better.
- In 2021, the company funded approximately $820 million in new growth investments.
- The primary focus of future capital expenditures includes new construction solar projects, wind repowerings, and battery energy storage systems (BESS).
Peer Outperformance in Renewable Electricity
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Independent Power Producers & Energy Traders | 5 | -24.3% | 108.7% | 169.6% | HNRG 307% · OKLO 267% · NRG 170% |
| Electric Utilities | 24 | -0.8% | 44.3% | 37.5% | VST 798% · GNE 176% · ETR 135% |
| Gas Utilities | 10 | 0.0% | 48.9% | 36.5% | ATO 98% · NJR 65% · NFG 59% |
| Multi-Utilities | 18 | -0.9% | 49.0% | 35.0% | MDU 89% · NI 89% · OGE 67% |
| Water Utilities | 11 | 1.8% | 2.4% | -15.2% | CWCO 188% · AWR 3% · ARTNA 1% |
| Renewable Electricity ← | 5 | -65.0% | -63.2% | -88.9% | ORA 35% · CWEN 21% · VGAS -89% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 86.78 |
| Mkt Cap | 35.0 |
| Rev LTM | 23,956 |
| Op Inc LTM | 2,902 |
| FCF LTM | 424 |
| FCF 3Y Avg | 807 |
| CFO LTM | 2,880 |
| CFO 3Y Avg | 1,423 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.4% |
| Rev Chg 3Y Avg | 4.9% |
| Rev Chg Q | 12.7% |
| QoQ Delta Rev Chg LTM | 3.2% |
| Op Inc Chg LTM | 4.2% |
| Op Inc Chg 3Y Avg | 12.8% |
| Op Mgn LTM | 17.1% |
| Op Mgn 3Y Avg | 15.8% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 20.6% |
| CFO/Rev 3Y Avg | 21.8% |
| FCF/Rev LTM | 5.8% |
| FCF/Rev 3Y Avg | 8.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 35.0 |
| P/S | 2.4 |
| P/Op Inc | 14.3 |
| P/EBIT | 13.3 |
| P/E | 23.2 |
| P/CFO | 10.6 |
| Total Yield | 5.7% |
| Dividend Yield | 1.4% |
| FCF Yield 3Y Avg | 4.7% |
| D/E | 0.9 |
| Net D/E | 0.9 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Renewables & Storage | 1,138 | 1,029 | 894 | 696 | 641 |
| Flexible Generation | 291 | 342 | 420 | 417 | 441 |
| Corporate | 0 | 0 | 0 | 0 | 0 |
| Thermal | 77 | 204 | |||
| Total | 1,429 | 1,371 | 1,314 | 1,190 | 1,286 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Renewables & Storage | 147 | 150 | 164 | 1 | 52 |
| Flexible Generation | 70 | 90 | 137 | 197 | 219 |
| Corporate | -57 | -44 | -38 | 1,249 | -43 |
| Thermal | 23 | 39 | |||
| Total | 160 | 196 | 263 | 1,470 | 267 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Renewables & Storage | 500 | 267 | 150 | 49 | 109 |
| Flexible Generation | 40 | 64 | 109 | 161 | 172 |
| Corporate | -371 | -243 | -180 | 355 | -252 |
| Thermal | 17 | 22 | |||
| Total | 169 | 88 | 79 | 582 | 51 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Renewables & Storage | 14,557 | 12,236 | 12,205 | 9,515 | 9,603 |
| Flexible Generation | 1,803 | 1,933 | 2,058 | 2,251 | 2,442 |
| Corporate | 295 | 160 | 438 | 546 | 137 |
| Thermal | 631 | ||||
| Total | 16,655 | 14,329 | 14,701 | 12,312 | 12,813 |
Price Behavior
| Market Price | $29.52 | |
| Market Cap ($ Bil) | 3.6 | |
| First Trading Date | 05/15/2015 | |
| Distance from 52W High | -27.4% | |
| 50 Days | 200 Days | |
| DMA Price | $31.35 | $34.99 |
| DMA Trend | down | down |
| Distance from DMA | -5.8% | -15.6% |
| 3M | 1YR | |
| Volatility | 29.5% | 30.5% |
| Downside Capture | 106.48 | 101.79 |
| Upside Capture | 37.15 | 86.29 |
| Correlation (SPY) | 30.8% | 29.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.80 | 0.59 | 0.84 | 0.87 | 0.70 | 0.61 |
| Up Beta | 0.40 | -0.02 | 0.88 | 0.32 | 0.18 | 0.47 |
| Down Beta | -0.36 | 2.44 | 1.26 | 1.08 | 0.50 | 0.41 |
| Up Capture | 68% | 34% | 37% | 49% | 90% | 56% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 9 | 16 | 25 | 57 | 125 | 386 |
| Down Capture | 160% | 109% | 128% | 155% | 100% | 93% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 13 | 26 | 37 | 67 | 124 | 358 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CWEN | |
|---|---|---|---|---|
| CWEN | 3.4% | 31.1% | 0.12 | - |
| Sector ETF (XLU) | -7.2% | 15.3% | -0.69 | 46.4% |
| Equity (SPY) | 16.8% | 13.0% | 0.92 | 29.1% |
| Gold (GLD) | 7.0% | 29.6% | 0.23 | 29.5% |
| Commodities (DBC) | 45.9% | 20.9% | 1.71 | -1.6% |
| Real Estate (VNQ) | 1.6% | 13.6% | -0.14 | 19.8% |
| Bitcoin (BTCUSD) | -30.1% | 44.3% | -0.68 | 12.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CWEN | |
|---|---|---|---|---|
| CWEN | 4.5% | 30.7% | 0.17 | - |
| Sector ETF (XLU) | 7.5% | 17.4% | 0.28 | 57.5% |
| Equity (SPY) | 13.3% | 17.2% | 0.59 | 39.0% |
| Gold (GLD) | 18.3% | 18.9% | 0.78 | 20.9% |
| Commodities (DBC) | 10.0% | 19.6% | 0.39 | 9.8% |
| Real Estate (VNQ) | 0.9% | 18.8% | -0.06 | 48.3% |
| Bitcoin (BTCUSD) | 14.9% | 52.2% | 0.45 | 13.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CWEN | |
|---|---|---|---|---|
| CWEN | 11.2% | 31.2% | 0.40 | - |
| Sector ETF (XLU) | 7.9% | 19.2% | 0.34 | 53.6% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 42.3% |
| Gold (GLD) | 11.5% | 16.4% | 0.57 | 16.3% |
| Commodities (DBC) | 8.4% | 18.1% | 0.38 | 15.0% |
| Real Estate (VNQ) | 4.1% | 20.7% | 0.16 | 47.9% |
| Bitcoin (BTCUSD) | 64.0% | 66.2% | 1.04 | 10.8% |
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Returns Analyses
Earnings Returns History
Updated 9/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 5.4% | 10.3% | 2.5% |
| 5/7/2026 | 0.1% | -2.0% | 3.2% |
| 2/23/2026 | -3.2% | -3.5% | -0.5% |
| 11/4/2025 | 6.7% | 9.3% | 6.0% |
| 8/5/2025 | -4.4% | -7.1% | -7.9% |
| 4/30/2025 | -1.3% | -2.5% | 4.9% |
| 2/24/2025 | 2.5% | 3.6% | 15.7% |
| 10/30/2024 | 8.0% | 11.9% | 14.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 14 | 18 |
| # Negative | 12 | 10 | 6 |
| Median Positive | 4.9% | 4.2% | 6.2% |
| Median Negative | -2.0% | -3.1% | -5.4% |
| Max Positive | 8.0% | 11.9% | 15.9% |
| Max Negative | -4.6% | -9.5% | -8.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 5.4% | 10.3% | 2.5% |
| 5/7/2026 | 0.1% | -2.0% | 3.2% |
| 2/23/2026 | -3.2% | -3.5% | -0.5% |
| 11/4/2025 | 6.7% | 9.3% | 6.0% |
| 8/5/2025 | -4.4% | -7.1% | -7.9% |
| 4/30/2025 | -1.3% | -2.5% | 4.9% |
| 2/24/2025 | 2.5% | 3.6% | 15.7% |
| 10/30/2024 | 8.0% | 11.9% | 14.7% |
| 8/1/2024 | 4.8% | 6.6% | 7.0% |
| 5/9/2024 | 6.4% | 10.4% | 9.8% |
| 2/22/2024 | -4.6% | -6.6% | -8.6% |
| 11/2/2023 | 2.9% | -0.1% | 15.9% |
| 8/8/2023 | -1.7% | 1.8% | -2.4% |
| 5/4/2023 | -1.6% | 2.8% | 1.5% |
| 2/23/2023 | -2.8% | -2.7% | -7.9% |
| 11/2/2022 | -0.4% | 0.6% | 0.9% |
| 8/2/2022 | -1.6% | 1.7% | 0.0% |
| 5/5/2022 | -2.3% | -5.3% | 7.6% |
| 2/28/2022 | -2.4% | 1.8% | 10.9% |
| 11/4/2021 | 3.6% | 4.1% | 4.8% |
| 8/3/2021 | 2.9% | 4.3% | 9.4% |
| 5/6/2021 | -1.2% | -9.5% | -3.0% |
| 3/1/2021 | 4.9% | -1.0% | 0.0% |
| 11/5/2020 | 5.1% | 7.6% | 6.3% |
| SUMMARY STATS | |||
| # Positive | 12 | 14 | 18 |
| # Negative | 12 | 10 | 6 |
| Median Positive | 4.9% | 4.2% | 6.2% |
| Median Negative | -2.0% | -3.1% | -5.4% |
| Max Positive | 8.0% | 11.9% | 15.9% |
| Max Negative | -4.6% | -9.5% | -8.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/03/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 03/02/2020 | 10-K |
| 09/30/2019 | 11/06/2019 | 10-Q |
Recent Forward Guidance
Updated 10/4/2026Latest: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Cash Available for Distribution | Reported | 430.00 Mil | 450.00 Mil | 470.00 Mil | -8.2% | Lowered | Guidance: 490.00 Mil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 1.39 Bil | 1.41 Bil | 1.43 Bil | ||||
Prior: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Cash Available for Distribution | Reported | 470.00 Mil | 490.00 Mil | 510.00 Mil | 0 | Affirmed | Guidance: 490.00 Mil for 2026 | |
| 2030 CAFD per share target | Reported | 2.9 | 3 | 3.1 | 0 | Affirmed | Guidance: 3 for 2030 | |
| 2031 CAFD per share growth | Reported | 5.0% | 8.0% | 0 | Affirmed | Guidance: 8.0% for 2031 | ||
Q4 2025 Earnings Reported 2/23/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 CAFD | Reported | 470.00 Mil | 490.00 Mil | 510.00 Mil | 0 | Affirmed | Guidance: 490.00 Mil for 2026 | |
| 2030 CAFD per share | Reported | 2.9 | 3 | 3.1 | ||||
| 2031 CAFD per share growth | Reported | 5.0% | 8.0% | |||||
Q3 2025 Earnings Reported 11/4/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Cash Available for Distribution | Reported | 420.00 Mil | 430.00 Mil | 440.00 Mil | 1.8% | Raised | Guidance: 422.50 Mil for 2025 | |
| 2026 Cash Available for Distribution | Reported | 470.00 Mil | 490.00 Mil | 510.00 Mil | ||||
Investor Activity (13F)
Updated Oct 6, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Utilities Resources |
| Data.gov Energy Infrastructure |
| Data.gov Energy Resources |
| Utility Dive |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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