# Clearway Energy, Inc. (CWEN)

> Source: Nexqual · https://nexqual.com/CWEN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Clearway Energy, Inc. (CWEN), nexqual.com/CWEN" · informational, not investment advice.

**Price:** USD 31.43 (-0.57% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 31.61 · day 30.58–31.52 · 52w 28.57–41.74 · market cap $7.75B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.57B, net income $101M (6.4% margin), free cash flow $671M (SEC filings).
- Valuation: P/E 76.8x (avg 9.8x at the last 3 fiscal year-ends), EV/EBITDA 17.5x, net debt $8.81B.
- Total return with dividends: 1Y +4.9% vs S&P 500 +14.9%; 5Y +27.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-09, EPS estimate USD 2.14, revenue estimate $516M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.29B | $1.19B | $1.31B | $1.37B | $1.43B | $1.57B |
| Gross profit | $835M | $755M | $841M | $870M | $899M | — |
| Operating income | $267M | $1.47B | $263M | $196M | $160M | $211M |
| Net income | $51.0M | $582M | $79.0M | $88.0M | $169M | $101M |
| EPS (diluted) | $0.44 | $4.99 | $0.67 | $0.75 | — | — |
| Free cash flow | $550M | $675M | $490M | $483M | $369M | $671M |
| Gross margin | 64.9% | 63.4% | 64.0% | 63.5% | 62.9% | — |
| Operating margin | 20.8% | 123.5% | 20.0% | 14.3% | 11.2% | 13.4% |
| Net margin | 4.0% | 48.9% | 6.0% | 6.4% | 11.8% | 6.4% |
| Revenue growth | +7.3% | -7.5% | +10.4% | +4.3% | +4.2% | — |
| Cash + short-term investments | $179M | $657M | $535M | $332M | $231M | — |
| Total debt | $8.20B | $6.87B | $8.10B | $7.24B | $8.67B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 76.8x · P/S 4.9x · EV/EBITDA 17.5x · EV/Sales 10.5x · P/FCF 11.6x · P/B 1.4x · FCF yield 8.66% · Earnings yield 1.30% · Net debt $8.81B · EV $16.6B
P/E at fiscal year-ends: Dec 2025 6.9x, Dec 2024 10.3x, Dec 2023 12.2x.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | UBS | Target lowered | Buy | $45 → $38 |
| 2026-10-21 | Morgan Stanley | Target lowered | Overweight | $58 → $52 |
| 2026-10-02 | Seaport Global | Target lowered | Buy | $41 → $40 |
| 2026-09-28 | Truist Securities | Target lowered | Buy | $43 → $40 |
| 2026-08-18 | Morgan Stanley | Target lowered | Overweight | $60 → $58 |
| 2026-08-17 | Evercore ISI Group | Target raised | In-Line | $39 → $40 |
| 2026-07-14 | Truist Securities | Initiated | Buy | $43 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +4.9% | +27.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +5.0% | +4.9% |
| Volatility (annualized) | 30.2% | 29.2% |
| Max drawdown | -28.3% (Jun 2026→Oct 2026) | -44.3% (Aug 2022→Oct 2023) |

## Peers (Utilities - Renewable)
ENLT (Enlight Renewable Energy Ltd.) USD 69.32 -3.49% · ENIC (Enel Chile S.A.) USD 4.34 -1.81% · ORA (Ormat Technologies, Inc.) USD 88.1 -1.51% · MWH (SOLV Energy, Inc.) USD 21.53 -7.40% · BEP (Brookfield Renewable Partners L) USD 28.91 -0.89% · FRVO (Fervo Energy Company) USD 8.25 -8.54%

## More
Full page: https://nexqual.com/CWEN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Renewables & Storage | $163.0M | 33.9% | +23.5% | $107.0M | 65.6% |
| Flexible Generation | $49.0M | 10.2% | +8.9% | $29.0M | 59.2% |
| Corporate costs (not allocated) | — | — | — | -$20.0M | — |
| Total revenue | $481.0M | 100% | — | $116.0M | 24.1% |
The lines above cover 44.1% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Capacity Revenue | $66.0M | 13.7% | -2.9% |
| Energy Revenue | $8.0M | 1.7% | +60.0% |
| Total revenue | $481.0M | 100% | — |
The lines above cover 15.4% of total revenue.

## Company outlook (8-K filed 2026-10-20)

- "Plant Availability for 3Q 2026 in the Wind segment reflected improvement campaigns focused on highest-value assets in CAISO and Texas, while Midwest Wind and East Wind availability were driven by small projects using discontinued wind OEM technology, which are being addressed through an active improvement campaign."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.14 | $0.58 | +270.7% | $516.1M | 1 |
| Next quarter (ends 2026-12-31) | $-0.14 | $-0.61 | -76.9% | $349.9M | 1 |
| Current fiscal year (ends 2026-12-31) | $1.22 | $-0.71 | -271.4% | $1.69B | 2 |
| Next fiscal year (ends 2027-12-31) | $1.57 | $2.74 | -42.4% | $1.90B | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-09): ±8.5%; last 8 reports averaged ±4.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 37.8% | ±8.5% |
| 2026-12-18 | 56 | 35.1% | ±11.5% |
| 2027-02-19 | 119 | 33.1% | ±15.0% |
| 2027-05-21 | 210 | 33.6% | ±19.7% |