Clearway Energy
CWEN on NYSE. Clearway Energy sells electricity from wind and solar farms to utilities. Market value $2.8bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Look carefully before going further
Why it could be worth it
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $10.72 of spare cash in the past 12 months. A savings account pays about $4.
You pay 71.4 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 2 cents a year. Above 10 is good.
Quality score: 71 of 100. Price score: 42 of 100. Our list needs 70 on quality and 60 on price.
$30.73 a share, 8% above its 1-year low
Over the past year the price has ranged from $28.57 to $41.74.
Dividend: 5.7% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $671 million in the past 12 months, $369 million in the year to December 2025.
| Revenue | |||||
| Revenue | $1.3bn | $1.2bn | $1.3bn | $1.4bn | $1.4bn |
| Operating margin | |||||
| Operating margin | 20.8% | 123.5% | 20.0% | 14.3% | 11.2% |
| Debt to equity | |||||
| Debt to equity | 2.49 | 1.71 | 1.72 | 1.30 | 1.49 |
| Shares outstanding | |||||
| Shares outstanding | 0.20bn | 0.20bn | 0.20bn | 0.20bn | 0.20bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)4 of 9
- Profit backed by cash (accruals)Yes
- Debt1.49× equity
- Revenue growth, five yearsSlow, 3.6% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $481 million last quarter, up 23% on a year ago.
- Profit: $122 million, up 307% on a year ago.
- It keeps 13 cents of each $1 of sales as operating profit, down from 16 cents a year earlier.
- Spare cash over the past 12 months: $671 million, up from $562 million.
- Debt is $8.8 billion more than cash, up from $8.5 billion a year ago.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $486m |
| December 2024 | $256m |
| March 2025 | $298m |
| June 2025 | $392m |
| September 2025 | $429m |
| December 2025 | $310m |
| March 2026 | $354m |
| June 2026 | $481m |
| Quarter to | Amount |
|---|---|
| September 2024 | $36m |
| December 2024 | $3m |
| March 2025 | -$3m |
| June 2025 | $30m |
| September 2025 | $232m |
| December 2025 | -$90m |
| March 2026 | -$163m |
| June 2026 | $122m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 24 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 483 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Gotham Asset ManagementJoel Greenblatt | $26m | <0.1% | Added |
Largest holders overall
- BlackRock$629mAdded
- Vanguard Portfolio Management$249mAdded
- Clearbridge Investments$192mAdded
- Vanguard Capital Management$187mAdded
- Neuberger Berman Group$158mAdded
- Charles Schwab Investment Management$149mAdded
- State Street$141mAdded
- Morgan Stanley$123mAdded
- Bank of New York Mellon$109mAdded
- Invesco$106mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
7 investors own more than 5%.
- BlackRock Portfolio Management LLCPassive investor41.5%+41.3 ptsSince 29 April 2026
What they said
Item 4 of the Schedule 13D is hereby amended and supplemented as follows: Class A Conversion As previously disclosed in Amendment No. 2 to this Schedule 13D, On April 29, 2026, the Issuer filed the Charter Amendment, pursuant to which each share of Class A Common Stock issued…
Read the filing - TotalEnergies SEat least 41.0%+40.9 pts(filed with 4 related holders)Since 29 April 2026
What they said
Item 4 of the Schedule 13D is hereby amended and supplemented as follows: Class A Conversion With reference to the disclosure in Amendment No. 2 to this Schedule 13D, on April 29, 2026, the Issuer filed an amendment and restatement of the Issuer's Certificate of Incorporation…
Read the filing - BlackRock, Inc.Passive investor11.9%−3.1 ptsSince 31 March 2026
- Vanguard Portfolio ManagementPassive investor5.7%−0.4 ptsSince 31 March 2026
- Vanguard Capital ManagementPassive investor5.3%−0.7 ptsSince 30 June 2026
- First Trust Portfolios L.P.Passive investorat least 5.1%(filed with 2 related holders)Since 31 December 2025
- Neuberger Berman Group LLCPassive investorat least 3.8%−1.4 pts(filed with 1 related holder)Since 31 May 2026
- ClearBridge Investments LtdPassive investorSold down below 5%Since 30 June 2026
- TotalEnergies Gestion USA SARLSold down below 5%Since 1 April 2026
What they said
Item 4 of the Schedule 13D is hereby amended and supplemented as follows: Third Amended Exchange Agreement On April 1, 2026, the Issuer, Clearway Energy LLC and Clearway Energy Group entered into a Third Amended and Restated Exchange Agreement (the "Third Amended Exchange…
Read the filing - Energy Income Partners, LLCPassive investorSold down below 5%Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock Portfolio Management LLC Passive investor | 41.5%+41.3 pts | 29 April 2026 | What they saidItem 4 of the Schedule 13D is hereby amended and supplemented as follows: Class A Conversion As previously disclosed in Amendment No. 2 to this Schedule 13D, On April 29, 2026, the Issuer filed the Charter Amendment, pursuant to which each share of Class A Common Stock issued… Read the filing |
TotalEnergies SE | at least 41.0%+40.9 pts (filed with 4 related holders) | 29 April 2026 | What they saidItem 4 of the Schedule 13D is hereby amended and supplemented as follows: Class A Conversion With reference to the disclosure in Amendment No. 2 to this Schedule 13D, on April 29, 2026, the Issuer filed an amendment and restatement of the Issuer's Certificate of Incorporation… Read the filing |
BlackRock, Inc. Passive investor | 11.9%−3.1 pts | 31 March 2026 | |
Vanguard Portfolio Management Passive investor | 5.7%−0.4 pts | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.3%−0.7 pts | 30 June 2026 | |
First Trust Portfolios L.P. Passive investor | at least 5.1% (filed with 2 related holders) | 31 December 2025 | |
Neuberger Berman Group LLC Passive investor | at least 3.8%−1.4 pts (filed with 1 related holder) | 31 May 2026 | |
ClearBridge Investments Ltd Passive investor | Sold down below 5% | 30 June 2026 | |
TotalEnergies Gestion USA SARL | Sold down below 5% | 1 April 2026 | What they saidItem 4 of the Schedule 13D is hereby amended and supplemented as follows: Third Amended Exchange Agreement On April 1, 2026, the Issuer, Clearway Energy LLC and Clearway Energy Group entered into a Third Amended and Restated Exchange Agreement (the "Third Amended Exchange… Read the filing |
Energy Income Partners, LLC Passive investor | Sold down below 5% | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in Clearway Energy’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 24 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 10 later 8-Ks.
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at year end. Mistakes could slip into the numbers.
“Based on this evaluation, the Company’s principal executive officer, principal financial officer and principal accounting officer concluded that the Company’s disclosure controls and procedures were not effective as of December 31, 2025, the end of the period covered by this Annual Report on Form 10-K, as a result of the material weakness in internal control over financial reporting identified during the fourth quarter of 2025, as described below.”
Show the full paragraph
Under the supervision and with the participation of the Company’s management, including its principal executive officer, its principal financial officer and its principal accounting officer, the Company conducted an evaluation of the effectiveness of the design and operation of its disclosure controls and procedures, as such term is defined in Rules 13a-15(e) or 15d-15(e) of the Exchange Act. Based on this evaluation, the Company’s principal executive officer, principal financial officer and principal accounting officer concluded that the Company’s disclosure controls and procedures were not effective as of December 31, 2025, the end of the period covered by this Annual Report on Form 10-K, as a result of the material weakness in internal control over financial reporting identified during the fourth quarter of 2025, as described below.
From the 10-K filed 24 February 2026, Item 9A. Controls and Procedures. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It isn't cheap on profits: 71.4× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.