Clearway Energy, Inc. key statistics and ratios

In fiscal 2025, Clearway Energy, Inc. had return on equity of 3.0%, an operating margin of 11.2%, debt equal to 149.3% of equity and a current ratio of 1.13. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Clearway Energy, Inc.: financial ratios, annual
Fiscal year	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	34.1%	34.9%	61.8%	66.5%	66.6%	70.2%	67.7%	68.9%	67.3%	69.5%	64.9%	63.4%	64.0%	63.5%	62.9%	64.4%
Operating margin	17.1%	16.6%	40.8%	37.0%	33.7%	21.4%	28.0%	33.0%	21.7%	27.8%	20.8%	123.5%	20.0%	14.3%	11.2%	13.4%
Net margin	9.1%	6.9%	3.4%	1.9%	3.4%	5.5%	−1.6%	4.6%	−1.1%	2.1%	4.0%	48.9%	6.0%	6.4%	11.8%	6.4%
Free-cash-flow margin	−60.4%	−290.3%	−60.2%	36.5%	40.9%	53.8%	32.4%	39.4%	24.1%	35.1%	42.8%	56.7%	37.3%	35.2%	25.8%	42.6%
Return on equity	2.7%	1.3%	0.9%	0.7%	1.1%	2.1%	−0.7%	2.2%	−0.5%	1.0%	1.7%	15.9%	1.8%	1.7%	3.0%	1.8%
Return on assets	—	0.6%	0.5%	0.3%	0.4%	0.6%	−0.2%	0.6%	−0.1%	0.2%	0.4%	4.6%	0.6%	0.6%	1.1%	0.6%
Asset turnover	—	0.09	0.15	0.15	0.12	0.12	0.12	0.12	0.11	0.12	0.11	0.09	0.10	0.09	0.09	0.09
Current ratio	—	0.28	1.02	1.60	0.85	1.33	0.89	1.07	0.30	1.12	0.94	2.07	1.72	1.49	1.13	1.21
Debt to equity	0.0%	65.0%	112.3%	171.5%	194.8%	234.3%	281.8%	271.8%	303.0%	259.4%	248.5%	170.6%	172.0%	130.0%	149.3%	166.9%
Interest cover (operating income ÷ interest)	1.5x	1.0x	3.0x	1.4x	1.2x	0.8x	0.9x	1.1x	0.6x	0.8x	0.9x	6.3x	0.8x	0.6x	0.4x	0.5x
Effective tax rate	37.5%	45.5%	6.1%	3.6%	14.3%	—	—	53.4%	—	—	—	17.3%	—	—	—	—
Capital spending as % of revenue	80.5%	322.3%	91.2%	7.2%	3.0%	1.9%	18.8%	7.9%	22.1%	10.3%	11.7%	9.4%	16.1%	20.9%	22.3%	22.0%
Free cash flow ÷ net income	−660.0%	<−999%	<−999%	>999%	>999%	977.2%	—	864.6%	—	>999%	>999%	116.0%	620.3%	548.9%	218.3%	664.4%
Dividends ÷ net income	0.0%	0.0%	115.4%	631.3%	421.2%	303.5%	—	495.8%	—	844.0%	525.5%	49.7%	393.7%	379.5%	211.8%	368.3%
Dividends and buybacks ÷ free cash flow	—	—	—	33.4%	35.1%	31.1%	61.8%	57.3%	62.2%	50.1%	48.7%	42.8%	63.5%	69.2%	97.0%	55.4%

US$ thousands unless shown otherwise. Fiscal quarters.

Clearway Energy, Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	72.2%	52.0%	59.1%	66.6%	70.2%	51.9%	62.1%	69.0%
Operating margin	36.6%	−14.5%	0.0%	21.7%	26.1%	−11.9%	5.6%	24.1%
Net margin	7.4%	1.2%	−1.0%	7.7%	54.1%	−29.0%	−46.0%	25.4%
Free-cash-flow margin	54.7%	55.5%	13.1%	29.3%	33.6%	22.9%	92.1%	27.0%
Current ratio	1.59	1.49	1.52	1.42	1.54	1.13	1.11	1.21
Debt to equity	127.0%	123.6%	140.6%	157.4%	148.2%	143.3%	165.7%	165.6%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 7 checks passed · June 30, 2026

What it owns · $16.8bn

Short-term assets $1.1bnLonger-term assets $15.7bn

What it owes, and who funded it · $16.6bn

Short-term liabilities $880mLonger-term liabilities $10.3bnShareholders' equity $5.5bn

Short-term assets cover short-term liabilities $1.1bn of assets due within a year against $880m of liabilities due within a year.
Short-term assets cover long-term liabilities $1.1bn short-term assets against $10.3bn of longer-dated liabilities.
More cash than debt $251m of cash against $9.1bn of debt.
Debt below 40% of shareholders' equity Debt is 166% of equity.
Debt burden no higher than five years ago Debt to equity moved from 210% to 166% over five years.
A year's operating cash flow covers at least 20% of debt $1.0bn of operating cash flow against $9.1bn of debt.
Operating profit covers interest at least five times over Operating income of $211m against $394m of interest.

From Clearway Energy, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

61 /100

Moderate moat

How hard Clearway Energy's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 0 / 20

Net income has been a median 0.5% of total assets over 10 years.
Pricing power 19 / 20

Gross margin has been a median 67.4%, moving by 2.9 percentage points (standard deviation) across 10 years.
Durability 14 / 20

Operating margin has been a median 22.8%; its worst year was 10.2%.
Cash conversion 20 / 20

Free cash flow was positive in 10 of 10 years, at a median 38.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (66 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: CWEN vs RNW CWEN vs ORA CWEN vs ENLT

More: Renewable Electricity stocks compared, Utilities sector, rankings of US companies

Figures from Clearway Energy, Inc.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Clearway Energy, Inc.