Clearway Energy, Inc. (CWEN)
Sous-évaluéFondamental
62
Prix
$28.95
Capitalisation boursière
$7.20B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
Clearway Energy owns and operates power plants across the United States — about 12.9 gigawatts of capacity in 27 states, mostly wind, solar and battery storage, plus gas-fired plants that provide grid reliability. It does not develop these projects itself: it buys or is sponsored into operating assets by Clearway Energy Group, its controlling shareholder, and then collects the electricity revenue. In 2025, 98% of the electricity it generated came from renewable and storage assets.
Comment l'entreprise gagne de l'argent
Most revenue comes from long-term power sale agreements under which utilities and large corporate buyers commit to purchase a plant's output at a set price; the weighted average remaining contract length across the Renewables & Storage segment was about 12 years at the end of 2025. This locks in predictable cash flows rather than exposing the company to swings in wholesale electricity prices. Clearway distributes the bulk of this cash flow to shareholders as dividends instead of reinvesting all of it.
Chiffre d'affaires par segment
Wind, solar and battery storage plants selling electricity under long-term contracts to utilities and corporations, plus a smaller pool of grid-reliability services.
Natural-gas-fired power plants dispatched to provide grid reliability and capacity when wind and solar output falls short, rather than to sell continuous energy.
Ce qui stimule la demande
DéfensifClearway's revenue is largely locked in through multi-year offtake contracts with utilities and corporate buyers, so it is far less sensitive to the economic cycle than a merchant power generator would be. The main swing factor is weather: wind, sun and water availability vary year to year and directly affect how much electricity each plant produces and sells.
Principaux risques
- Offtake counterparties may not renew on similar terms — The company states that counterparties to its power sale agreements may not fulfill their obligations, and that as contracts expire it may not be able to replace them on similar terms, or at all.
- Generation output depends on the weather — Clearway warns that operating its wind, solar and gas plants involves risks tied to suitable meteorological conditions, and that some facilities may operate without long-term power sales agreements, exposing them to market prices.
- Controlled by its sponsor, Clearway Energy Group — CEG controls the company and can designate a majority of the board. The company states it is highly dependent on CEG and cannot easily terminate the master services agreement that governs their relationship.
- Leverage limits financial flexibility — The company states that its indebtedness could adversely affect its ability to raise additional capital to fund operations or pay dividends, a particular concern for a business built around distributing cash to shareholders.
- Material weakness in internal controls — Clearway disclosed a material weakness in its internal control over financial reporting related to HLBV accounting, which it states could adversely affect its business and results of operations if not properly remediated.
Concentration des clients
The company discloses that Southern California Edison and PG&E each exceeded 10% of revenue in both operating segments for 2025, 2024 and 2023, but it does not publish a single combined percentage of total company revenue.
Les arguments en faveur
Buyers argue that Clearway's roughly 12-year average contract life gives unusual visibility into future cash flows for a power generator, that renewable and storage assets now make up 98% of generation with structurally growing electricity demand behind them, and that the dividend-focused structure rewards shareholders directly as the portfolio grows.
Les arguments contre
Sellers fear that Clearway depends heavily on CEG for growth and governance, that offtake contracts eventually expire and may not be replaced on equally favorable terms, and that its leverage and controlled-company structure — plus a disclosed material weakness in internal controls — add risks that a fully independent generator would not carry.
Written by the editors, published on 18 août 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 septembre 2026 with claude-haiku-4-5 — shared with all users
Through its unregulated arm it is the largest US owner of contracted wind and solar generation, competing for the same utility and corporate offtakers Clearway signs its long-term contracts with.
The closest listed peer to Clearway: a sponsor-backed vehicle owning US wind, solar and battery projects sold under long-term power purchase agreements, bidding for the same contracted assets and the same yield-seeking investors.
Owns and operates a large contracted renewable fleet in North America and competes head-on with Clearway both for corporate and utility power contracts and for the operating wind and solar portfolios that come up for sale.
Builds and holds US utility-scale solar, wind and storage under long-term offtake agreements, chasing the same data-centre and corporate buyers of clean power that Clearway targets.
A privately held owner-operator of North American utility-scale wind and solar plants, bidding against Clearway for the same long-term power contracts and transmission-constrained project sites.
Bilan & Liquidités
Chiffre d'affaires
$1.57B
12 derniers mois (au 30/06/2026)
Résultat net
$101M
12 derniers mois (au 30/06/2026)
Flux de trésorerie libre
$369M
Capitaux propres totaux
$5.81B
Passif total
$10.74B
Ratio de liquidité général
1.21
Couverture des intérêts
0.54
Dette/EBITDA
11.75
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$47.14
Prix actuel
$28.95
Marge de sécurité
+38.6%
Fourchette de juste valeur
$30.64 - $63.65
Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
37.82
ROE
2.9%
Ratio P/B
1.10
P/FCF
8.95
Marge brute
64.4%
ROIC
1.1%
Radar de rentabilité
Création de valeur (avantage concurrentiel)
ROIC
1.1%
WACC
5.0%
ROIC − WACC
-4.0 pp
Le ROIC est inférieur au coût du capital — l'entreprise détruit de la valeur pour chaque dollar investi.
Critères d'analyse fondamentale
Réussi (15)
- EPS shows upward trend
- Price CAGR 6.67%
- Gross Margin 64.4%
- P/FCF 8.95
- P/B Ratio 1.10
- Debt/Equity ratio
- Operating Margin 13.4%
- Positive Free Cash Flow
- Current Ratio
- Low reliance on intangibles
- ROE 8.7%
- Analyst Consensus 88% Buy
- PEG Ratio 0.83
- Earnings Quality (OCF/NI) 10.07
- Net Margin Trend 6.4% vs 4.6%
Échoué (10)
- EPS CAGR 3.49%
- ROIC 1.0%
- CapEx intensity
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- DCF valuation (Fairly valued)
- Revenue Growth 5Y 3.6%
- Earnings Surprise avg -69.6%
- Piotroski F-Score 4/9
Indisponible (3)
- Dividend Payout NaN%
- Price below Graham Number
- Share Dilution (missing shares data)
Score F de Piotroski
Signaux mixtes : certains domaines nécessitent attention
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Participations institutionnelles
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| Mr. Craig Cornelius | CEO, President & Director | 45 |
| Ms. Sarah Rubenstein | Executive VP & CFO | 47 |
| Mr. Michael Jay Stanford | Vice President of Accounting | 61 |
| Mr. Michael A. Brown | Senior VP, General Counsel & Corporate Secretary | - |
| Julie Babcock | Senior Environmental Manager | - |
| Ms. Aarty Joshi | Director of Environmental Permitting | - |
Risque d'audit
9
Risque du conseil
10
Risque de rémunération
1
Risque droits des actionnaires
10
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Documents
- Voir le document
Rapport annuel (10-K)
Un aperçu annuel de l'activité, des résultats financiers et des risques de l'entreprise.
Déposé le 2026-02-24
- Voir le document
Rapport trimestriel (10-Q)
Une mise à jour de la performance financière des trois derniers mois.
Déposé le 2026-08-05
- Voir le document
Rapport d'événement important (8-K)
Un avis concernant un événement important, comme un changement de direction ou une annonce majeure.
Déposé le 2026-09-28
via SEC EDGAR
Historique des résultats
via SEC EDGAR
Latest News
Recent headlines for CWEN, sourced from Markets Gazette.
- 2/23/2026NEUTRALClearway Energy (CWEN) Q4 2025 Earnings Transcript
Clearway Energy has released the transcript of its fourth-quarter 2025 earnings conference call. While this news indicates the availability of crucial information for the market, the actual content of the document has not been disclosed. Investors and analysts are waiting to examine key metrics such as revenue, earnings per share (EPS), and future guidance to assess the energy company's health and prospects. The mere publication of a transcript is a standard informational event and does not imply a specific direction for the stock. The market's reaction will depend entirely on the financial details and management statements within the document, which are not currently available for in-depth analysis.
via Markets Gazette