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CWEN, Clearway Energy Inc.

Electric Utilities capital-intensive Regulated utilityDistress / turnaroundCapital build-out

Clearway Energy, Inc. is a publicly-traded energy infrastructure investor with a focus on investments in clean energy and owner of modern, sustainable and long-term contracted assets across North America.

The weighted average remaining contract duration of the Company's Renewables & Storage segment offtake agreements was approximately 12 years as of December 31, 2025 based on CAFD.

Clearway Energy Inc. owns and operates utility scale and distributed renewable energy assets, as well as BESS facilities, and dispatchable combustion-based power generation assets included in the Flexible Generation segment that provide critical grid reliability services.

Latest annual: FY2025 10-K

CWEN · Clearway Energy Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$1.4B

+4.2% YoY · 4% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $1.5B 5-yr avg $1.3B

Gross margin 64% 5-yr avg 64%

Operating margin 12.1% 5-yr avg 38.0%

ROIC 1% 5-yr avg 2%

Owner-earnings margin 44% 5-yr avg 40%

Free cash flow margin 44% 5-yr avg 40%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Regulated utility. Returns are set by regulation on an approved rate base; the capital spending regulators approve becomes the growth, recovered through allowed rates. Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock. Capital build-out. Capital spending has surged to 22% of sales, today's earnings are charged less depreciation than tomorrow's will be.
What moves the needle: Gross margin has run about 67% and operating margin about 21% through the cycle, a wide spread between price and the cost of what it sells — whether that advantage is durable pricing power or a margin that can erode is the question the record is for. The operating margin has swung widely — from 11% to 124% over the years — so the through-cycle figure carries more than any single year, and the worst year more than the best. Capital spending runs about 12% of sales, below what it charges for depreciation, so the return earned on what it sinks into that plant weighs as much as the margin. Read this kind of business on rate base and the allowed return. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median 2%, above 15% in 0 of 9 years). By owner earnings: roughly 36% of revenue reaches owners as cash, consistently. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$1.0B	$1.0B	$1.1B	$1.0B	$1.2B	$1.3B	$1.2B	$1.3B	$1.4B	$1.4B	$1.5B	RevenueRevenue
70%	68%	69%	67%	69%	65%	—	64%	63%	63%	64%	Gross marginGross mgn
2%	2%	2%	3%	3%	3%	3%	3%	3%	3%	3%	SG&A / revenueSG&A/rev
$222M	$283M	$347M	$224M	$333M	$267M	$1.5B	$263M	$196M	$160M	$180M	Operating incomeOp. inc.
21.4%	28.0%	33.0%	21.7%	27.8%	20.8%	123.5%	20.0%	14.3%	11.2%	12.1%	Operating marginOp. mgn
$57M	($16M)	$48M	($11M)	$25M	$51M	$582M	$79M	$88M	$169M	$9M	Net incomeNet inc.
-2%	—	56%	—	24%	19%	28%	-3%	25%	25%	—	Effective tax rateTax rate
											Cash flow & returns
$577M	$517M	$498M	$477M	$545M	$701M	$787M	$702M	$770M	$688M	$994M	Operating cash flowOp. cash
$303M	$334M	$336M	$401M	$428M	$509M	$512M	$526M	$627M	$682M	$701M	DepreciationDeprec.
$216M	$197M	$114M	$87M	$92M	$141M	($307M)	$97M	$55M	($163M)	$282M	Working capital & otherWC & other
$20M	$190M	$83M	$228M	$124M	$151M	$112M	$212M	$287M	$319M	$338M	CapexCapex
1.9%	18.8%	7.9%	22.1%	10.3%	11.7%	9.4%	16.1%	20.9%	22.3%	22.8%	Capex / revenueCapex/rev
$557M	$327M	$415M	$249M	$421M	$550M	$675M	$490M	$483M	$369M	$656M	Owner earningsOwner earn.
53.8%	32.4%	39.4%	24.1%	35.1%	42.8%	56.7%	37.3%	35.2%	25.8%	44.2%	Owner earnings marginOE mgn
$557M	$327M	$415M	$249M	$421M	$550M	$675M	$490M	$483M	$369M	$656M	Free cash flowFCF
53.8%	32.4%	39.4%	24.1%	35.1%	42.8%	56.7%	37.3%	35.2%	25.8%	44.2%	Free cash flow marginFCF mgn
$0	$0	$11M	$100M	$0	$533M	$0	$0	$0	$324M	$552M	AcquisitionsAcquis.
$173M	$202M	$238M	—	—	—	—	—	—	—	$180M	Dividends paidDiv. paid
3%	2%	2%	2%	3%	2%	—	2%	1%	1%	1%	ROICROIC
2%	-1%	2%	-0%	1%	2%	14%	2%	2%	3%	0%	Return on equityROE
−4%	−10%	−9%	—	—	—	—	—	—	—	−3%	Retained to equityRetained/eq
											Balance sheet
$322M	$148M	$407M	$155M	$268M	$179M	$657M	$535M	$332M	$231M	$325M	Cash & investmentsCash+inv
$95M	$95M	$104M	$116M	$143M	$144M	$153M	$171M	$164M	$162M	$198M	ReceivablesReceiv.
$39M	$39M	$40M	$40M	$42M	$37M	$47M	$55M	$64M	$75M	$87M	InventoryInvent.
$23M	$46M	$45M	$74M	$72M	$74M	$55M	$130M	—	—	$123M	Accounts payablePayables
$111M	$88M	$99M	$82M	$113M	$107M	$145M	$96M	$228M	$237M	$162M	Operating working capitalOper. WC
$670M	$482M	$756M	$608M	$708M	$1.5B	$1.3B	$1.6B	$1.1B	$1.2B	$1.1B	Current assetsCur. assets
$505M	$540M	$704M	$2.1B	$634M	$1.6B	$617M	$906M	$718M	$1.0B	$955M	Current liabilitiesCur. liab.
1.3×	0.9×	1.1×	0.3×	1.1×	0.9×	2.1×	1.7×	1.5×	1.1×	1.1×	Current ratioCurr. ratio
$9.0B	$8.5B	$8.5B	$9.7B	$10.6B	$12.8B	$12.3B	$14.7B	$14.3B	$16.7B	$16.9B	Total assetsAssets
$6.0B	$5.7B	$6.0B	$6.8B	$7.0B	$7.7B	$6.8B	$8.0B	$7.2B	$8.6B	$9.1B	Total debtDebt
$5.7B	$5.5B	$5.6B	$6.6B	$6.7B	$7.5B	$6.2B	$7.5B	$6.8B	$8.4B	$8.8B	Net debt / (cash)Net debt
0.8×	0.9×	1.1×	0.6×	0.8×	0.9×	6.3×	0.8×	0.6×	0.4×	0.5×	Interest coverageInt. cov.
$2.6B	$2.2B	$2.2B	$2.3B	$2.7B	$3.3B	$4.0B	$5.0B	$5.6B	$5.4B	$5.5B	Shareholders’ equityEquity
0.1%	0.2%	—	—	—	—	—	—	—	—	0.1%	Stock comp / revenueSBC/rev
											Per share
—	—	193M	199M	35.0M	35.0M	35.0M	35.0M	35.0M	35.0M	35.0M	Shares out (diluted)Shares
—	—	$5.45	$5.19	$34.26	$36.74	$34.00	$37.54	$39.17	$40.83	$42.43	Revenue / shareRev/sh
—	—	$0.25	$-0.06	$0.71	$1.46	$16.63	$2.26	$2.51	$4.83	$0.26	EPS (diluted)EPS
—	—	$2.15	$1.25	$12.03	$15.71	$19.29	$14.00	$13.80	$10.54	$18.74	Owner earnings / shareOE/sh
—	—	$2.15	$1.25	$12.03	$15.71	$19.29	$14.00	$13.80	$10.54	$18.74	Free cash flow / shareFCF/sh
—	—	$0.43	$1.15	$3.54	$4.31	$3.20	$6.06	$8.20	$9.11	$9.66	Cap. spending / shareCapex/sh
—	—	$11.51	$11.38	$77.57	$94.29	$115.03	$142.69	$158.97	$154.86	$157.23	Book value / shareBVPS

The diluted share count moved ×1/5.68 into 2020 — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+33.3%/yr (7-yr)	+3.6%/yr
Owner earnings / share	+25.5%/yr (7-yr)	−2.6%/yr
EPS	+52.8%/yr (7-yr)	+46.6%/yr
Capital spending / share	+54.7%/yr (7-yr)	+20.8%/yr
Book value / share	+45.0%/yr (7-yr)	+14.8%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

35Mpeak FY2019

ROIC

1%low FY2025

Gross margin

63%low FY2025

Net debt ÷ owner earnings

22.7×peak FY2019

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$369Mowner earningsvs.$169Mnet incomelow FY2019

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $169M of profit into $369M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$169M

Owner earnings$369M · 26% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$169M	$88M	$79M	$582M	$51M
Depreciation & amortizationnon-cash charge added back	+$682M	+$627M	+$526M	+$512M	+$509M
Working capital & othertiming of cash in and out, other non-cash items	−$163M	+$55M	+$97M	−$307M	+$141M
Cash from operations	$688M	$770M	$702M	$787M	$701M
Capital expenditurecash put back in to keep running and to grow	−$319M	−$287M	−$212M	−$112M	−$151M
Owner earnings	$369M	$483M	$490M	$675M	$550M
Owner-earnings marginowner earnings ÷ revenue	26%	35%	37%	57%	43%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .

Much of fiscal 2025's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 0.4×

Does not cover its interest

Operating income $160M ÷ interest expense $387M

What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
How heavy is the debt, net of cash? $8.4B · 52.3× operating profit

Heavy net debt

Cash $231M − debt $8.6B

What this means
Netting $231M of cash and short-term investments against $8.6B of debt leaves $8.4B owed, about 52.3× a year's operating profit (53.8× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 4d

Tight

DSO 41 + DIO 52 − DPO 90 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 2%

Below average through the cycle

9-yr median, range 1%–3%; 1% latest = NOPAT $120M ÷ invested capital $13.8B

Industry peers: median 6%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 9 years (it ran 1% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 35%

High through the cycle

10-yr median margin, range 24%–57%; latest $369M = operating cash $688M − maintenance capex $319M

Industry peers: median 13%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 26% of revenue this year, a 35% median across 10 years. Treating stock comp as the real expense it is (less $2M of SBC) leaves $367M.
Are earnings backed by cash? 4.07×

Cash-backed

Cash from ops $688M ÷ net income $169M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 64%

Returns about half

Dividends + buybacks $238M ÷ Owner Earnings $369M

What this means
Of $369M Owner Earnings, $238M (64%) went back to shareholders, $238M dividends, $0 buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.47×

Harvesting

Capex $319M ÷ depreciation $682M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 1 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Near

Revenue ≥ $2B · $1.4B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 1.13×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $8.6B vs $134M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 2 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · 3 of 10 yrs

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +278%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $3.20/share (latest year $4.83), the averaged base the calculator's gate runs on, and book value is $154.86/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 8 of 10

What this means
Lost money in 2 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 27% → 15% (3-yr avg ends)

What this means
Through the cycle the operating margin slipped — about 27% early to 15% lately, median 21% — competition or costs are biting in.
Reinvestment, incremental ROIC −0%

What this means
Reinvested capital came back at a negative incremental return over this window — the invested base grew while operating profit did not. The filings show where it went.
Owner earnings growth −0%/yr

What this means
Owner earnings shrank about 0% a year over the record.
Worst year 2025 · 11.2% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.
How management talks about it Owner’s terms

What this means
Returns have thinned, but the filing discusses it in an owner’s vocabulary rather than selling past it — candor about a hard stretch counts for more than an adjective.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$1.1B

Cash & short-term investments$325M
Receivables$198M
Inventory$87M
Other current assets$447M

Current liabilities$955M

Debt due within a year$612M
Accounts payable$123M
Other current liabilities$220M

Current ratio1.11×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.02×stricter: inventory excluded

Cash ratio0.34×strictest: cash alone against what's due

Working capital$102Mthe cushion left after near-term bills

Debt due this year vs. cash$612M due · $325M cash cash alone won't cover the maturities; it leans on refinancing or operating cash · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago+18.8%the freshest read on whether the business is still growing

Current ratio, recent quarters1.5× → 1.1×

Deeper floors

Tangible book value$3.1Bequity stripped of goodwill & intangibles

Net current asset value($10.3B)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$10.0B$846M of it operating leases

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $6.3B of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$1.7B · 28%
Dividends$613M · 10%
Retained (debt / cash)$3.9B · 63%

Returned to owners$613M
14% of the owner earnings the business produced over the span, $613M as dividends and $0 as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span debt rose $3.1B and cash and short-term investments rose $3M.
Net change in share count−81.9%
The diluted count fell from 193M to 35M, so the buybacks outran the stock issued to staff.
Dividend record$1.23/sh
Paid in 3 of the years on record. It was never cut over the span.
Return on what it retained3%
Of the earnings it kept rather than paid out ($459M over the span), annual owner earnings (first three years vs last three) grew $14M, so each retained $1 added about 0.03 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Craig R. Cornelius	$3.1M	$5.2M	$550M
2022	Craig R. Cornelius	$3.3M	$2.6M	$675M
2023	Craig R. Cornelius	$3.5M	$2.4M	$490M
2024	Craig R. Cornelius	$3.2M	−$2.1M	$483M
2024	Craig R. Cornelius	$2.9M	$3.1M	$483M
2025	Craig R. Cornelius	$2.9M	$5.7M	$369M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership<1%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$2M
The slice of the business handed to employees in shares this year, 0% of revenue, equal to 1% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Clearway Energy Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

4 of the 6 tests turned up something to look into; the other 2 came back clean.

Look hereIs it less profitable than it was?32.8% vs 41.9%
The owner-earnings margin averaged 41.9% early in the record and 32.8% across the last three years, and the latest year has not recovered. Ask the filing whether that is a structural drift or a cyclical trough — price, mix, cost, or a competitor — and whether it is permanent.
Look hereDid debt outgrow the business?$6.0B → $9.1B
Debt rose from $6.0B to $9.1B while owner earnings went from about $433M to $447M — about 14 years of owner earnings in debt then, about 20 now: measured against what the business earns, the balance sheet carries more debt than it did. Debt raised for buybacks or deals rather than growth is the kind that bites in a downturn.
Look hereDid receivables and inventory outpace sales?13% → 19% of sales
Receivables and inventory grew from $134M to $285M while revenue grew 43%: working capital is climbing faster than sales (13% of revenue then, 19% now). That can mean customers paying slower, stock building up, or revenue pulled forward. The filing's cash-flow and receivables notes say which.
Look hereAre "one-time" charges a yearly habit?7 of 10 years
Management took an impairment or write-down in 7 of the last 10 years, $328M in all. Taken across the majority of the record, the "one-time" label is wearing thin — ask whether these are past deals coming due rather than genuinely isolated events. Read it beside the goodwill the company still carries.

And these came back clean

Did the share count rise anyway?
Did reported profit become cash?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

How much of the revenue rides on one buyer?
≈$386M · 26% of revenue on the largest customers (TTM)
“During the year ended December 31, 2025, the Company's largest customers as a percentage of consolidated revenue were SCE and PG&E, which represented approximately 22% and 16%, respectively, with the next five largest customers representing a total of approximately 26% of consolidated revenue.”verify →
Which reported numbers are a judgment call?
Management names Income taxes as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Electric Utilities

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
OGEOGE Energy	$3.2B	61%	23.5%	6%	15%
HEHawaiian Electric Industries Inc.	$3.1B	—	11.9%	6%	7%
TLNTalen Energy Corporation	$2.6B	—	3.5%	2%	4%
BKHBlack Hills	$2.3B	—	23.0%	6%	17%
PNMPNM Resources	$2.1B	—	18.3%	5%	11%
IDAIDACORP	$1.8B	—	21.9%	6%	16%
CWENClearway Energy Inc.	$1.4B	67%	21.6%	2%	36%
OTTROtter Tail	$1.3B	—	18.8%	10%	13%
Group median	—	—	20.2%	6%	14%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Clearway Energy Inc. has delivered.

Today’s price $

Through the cycle, Clearway Energy Inc. earns about $518M on its 36.3% median owner-earnings margin. This year’s 25.8% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($518M) Net of stock comp (−$2M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25−9%/yr

Owner-earnings growth · ’16→’25−0%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $656M on 35M shares outstanding (a weighted basic average, the only count this filer tags); net debt $8.8B. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh CWEN against another business →

The owners of CWEN: the meeting and the votes →

Cite: Owner Scorecard, "Clearway Energy Inc. (CWEN), the owner's record," https://ownerscorecard.com/c/CWEN, data as of 2026-07-09.

Manual order: ← CWCO its page in the Manual CWH →

Industry order: ← CNP the Electric Utilities chapter D →