At a glance
Clearway Energy Inc is worth $3.60B, about 21 times its fiscal 2025 earnings. Revenue grew 4.2% to $1.43B in fiscal 2025, with 11.8% kept as profit; over 5 years it has grown 3.6% a year. It pays a 5.67% dividend yield, raised every year for at least 7 years, and returned $1.56B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +7.6% over the past year with dividends reinvested and +4.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 27.4% in the 2020 crash (S&P 500: 33.7%) and 24.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 37 months after the lows.
The business in plain English
Clearway Energy, formerly NRG Yield, owns power plants and earns most of its revenue from long-term contracts for their output. As of December 31, 2025, it held about 12.9 gigawatts of gross capacity in 27 US states. About 10.1 gigawatts was wind, solar and battery storage. The other 2.8 gigawatts was fuel-burning plants, including efficient California gas plants, that run when the grid needs them. In 2025, 98% of its generation came from renewables and storage.
Customers are mostly creditworthy organizations that agree to pay fixed or regulated prices for years. They pay either for power delivered or for capacity, meaning plants kept ready to run. As of December 31, 2025, the renewables contracts had about 12 years left on average. Renewables & Storage brought in $1.14 billion, about 80% of fiscal 2025 revenue of $1.43 billion. Flexible Generation, the fuel-burning fleet, brought in $291 million, about 20%, down from $420 million in 2023.
The company is built to pass cash to shareholders. It pays out a large share of its cash available for distribution (CAFD), which is roughly the cash left after operating costs, debt payments and upkeep. It grows by acquiring projects, including ones developed by its sponsor, Clearway Energy Group (CEG), which controls the company.
Price history
The interactive chart needs JavaScript.
CWEN +7.6% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Renewables & Storage | $1.14B | 79.6% |
| Flexible Generation | $291.0M | 20.4% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $481.0M, up 22.7% from a year earlier, and net income was $122.0M (+306.7%).
- For fiscal 2025, revenue was $1.43B (+4.2% year over year; +3.6% a year from FY2020 to FY2025) with a 11.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +3.6% watch |
|---|---|
| Operating margin | 11.2% watch |
| Free cash flow margin | 25.8% good |
| Return on equity (FY2025) | 2.9% weak |
| Return on assets (FY2025) | 1% weak |
| Net cash (cash minus debt) | $-8.81B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.20B | $25.0M | $421.0M |
| FY2021 | $1.29B | $51.0M | $550.0M |
| FY2022 | $1.19B | $582.0M | $675.0M |
| FY2023 | $1.31B | $79.0M | $490.0M |
| FY2024 | $1.37B | $88.0M | $483.0M |
| FY2025 | $1.43B | $169.0M | $369.0M |
Valuation snapshot
| Market value | $3.60B |
|---|---|
| P/E ratio | 21.3 |
| Dividend yield | 5.67% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CWEN price data to Oct 28, 2026 | +2.4% | +7.6% | +21.9% | +4.1% | +14.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +2.4% |
| 2025 | +35.6% |
| 2024 | +0.9% |
| 2023 | -8.9% |
| 2022 | -7.9% |
| 2021 | +17.8% |
| 2020 | +67.0% |
| 2019 | +21.3% |
| 2018 | -2.1% |
| 2017 | +27.0% |
| 2016 | +14.0% |
| 2015 | -67.3% |
| 2014 | +21.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 19.5% over that stretch · deepest drop along the way 27.4%, back to its old high 2.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 11.2% over that stretch · deepest drop along the way 24.8%, back to its old high 36.8 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 11.9% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.68% | Mar 31, 2026 |
| Vanguard Capital Management | 5.27% | Jun 30, 2026 |
| First Trust Portfolios L.P. | 5.12% | Dec 31, 2025 |
| Clearbridge Investments, LLC | 4.4% | Sep 30, 2026 |
| Neuberger Berman Group LLC | 3.8% | May 31, 2026 |
ETFs with the most weight in CWEN
| ACES ALPS Clean Energy ETF | 4.38% |
| NBET Neuberger Berman Energy Transition & Infrastructure ETF | 4.27% |
| TAN Invesco Solar ETF | 3.91% |
| VCLN Virtus Duff & Phelps Clean Energy ETF | 3.52% |
| PSCU Invesco S&P SmallCap Utilities & Communication Services ETF | 3.51% |
| TPZ Tortoise Essential Energy Fund | 3.36% |
| FXU First Trust Utilities AlphaDEX Fund | 3.21% |
| BKGI BNY Mellon Global Infrastructure Income ETF | 3.07% |
What could go wrong
- A sponsor controls the company. Clearway Energy Group (CEG) controls the company, can name a majority of the board and provides key services. As a “controlled company,” Clearway is exempt from some governance rules that protect ordinary shareholders.
- Little spare cash to fund growth. The company pays out a large share of its cash available for distribution, so it has little left for new projects. Growth depends on borrowing or issuing new shares, which can dilute existing holders.
- Heavy debt and interest-rate exposure. Total debt was about $9.1 billion against $251 million of cash as of June 30, 2026. Higher interest rates could raise borrowing costs, squeeze cash for dividends and weigh on the share price.
- Contracts may expire or customers default. Most revenue comes from long-term contracts, with about 12 years left on average in the renewables segment as of December 31, 2025. Customers could default, and expiring contracts may be replaced on worse terms.
- Output depends on wind and sunshine. In 2025, 98% of the company's generation came from renewable and storage assets, so output depends on the weather. Calm or cloudy stretches mean less power to deliver and less cash.
- Tax credits and trade policy could change. Federal tax credits for wind, solar and battery storage help new projects pay off. Changes to those incentives, or new tariffs and trade barriers, could slow the company's growth plans.
Recent events
- Quarterly results released
- Major agreement signed
- Executive or board change; Investor presentation or announcement
- Major agreement signed; Other company announcement
- Quarterly results released
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Major agreement signed; Change to shareholder rights; Bylaws or fiscal year changed; Shareholder vote results; Investor presentation or announcement
- Major agreement signed
For income and retirement investors
Clearway is built to pay dividends, and dividends per share rose every year from fiscal 2020 through 2025. The yield was 5.67% as of October 28, 2026. Coverage was thin in fiscal 2025. Dividends of $358 million used about 97% of free cash flow (cash from operations after capital spending), which fell from $675 million in fiscal 2022 to $369 million. Reported earnings did not cover the payout either, though depreciation, a noncash charge, weighs heavily on profit at power-plant owners. There were no share repurchases from fiscal 2021 to 2025, while dividends totaled $1.56 billion.
The shares have fallen sharply in market slumps. In the 2020 COVID crash they dropped 27.4% but regained their peak by June 4, 2020. In the 2022 bear market they fell 24.8% between August 18 and October 12, 2022, and did not get back to that level until November 5, 2025. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Clearway Energy make money?
Clearway earns most of its money from long-term contracts to supply electricity and capacity from its power plants to creditworthy customers. Fiscal 2025 revenue was $1.43 billion. The Renewables & Storage segment, made up of wind, solar and battery projects, brought in about 80%. Flexible Generation, its fuel-burning plants that run when the grid needs extra power, brought in about 20%. As of December 31, 2025, its portfolio held about 12.9 gigawatts of gross capacity, all in the US.
Does Clearway Energy raise its dividend every year?
It has in recent years. Dividends per share rose in every fiscal year from 2020 through 2025, and the company says it aims to increase its quarterly dividend over time. The yield was 5.67% as of October 28, 2026. Increases are not guaranteed. The 10-K warns that the company may not be able to keep paying comparable or growing dividends, since it depends on cash from its operating subsidiary, Clearway Energy LLC.
Can Clearway Energy afford its dividend?
Barely, judged by fiscal 2025 cash flow. Dividends of $358 million used about 97% of the $369 million in free cash flow, which had been $675 million in fiscal 2022. Reported earnings did not cover the payout. Debt is also heavy: about $9.06 billion as of June 30, 2026, against $251 million of cash. Because so much cash is paid out, growing the dividend depends partly on raising new money for acquisitions.
Who controls Clearway Energy?
Its sponsor, Clearway Energy Group (CEG), controls the company through its Class B and Class D shares and can name a majority of the board. As of December 31, 2025, CEG held 41.38% of the economic interest in Clearway Energy LLC, the holding company for its power assets. Clearway Energy, Inc. held the other 58.62%. As a “controlled company,” Clearway is exempt from some governance rules. Among large outside holders, BlackRock reported 11.9% as of March 31, 2026.
How has Clearway Energy stock performed?
Unevenly. As of October 28, 2026, the stock returned 7.6% over one year, about 4.1% a year over five years and about 14% a year over ten years. Returns have varied widely from year to year. The stock gained about 67% in 2020, lost about 8% in 2022 and 9% in 2023, then gained about 36% in 2025. Its largest drop from a peak in the year to October 28, 2026, was 28.3%.