Recent News
On October 6, 2025 Clearway announced a binding agreement to acquire a 613 MW operational solar portfolio from Deriva Energy, spanning eight states and concentrating value in CAISO and PJM markets.
On August 11, 2025 several outlets reported a consensus brokerage view of “Moderate Buy,” with an average 1-year target near $36.40.
On August 4–5, 2025 Clearway announced a quarterly dividend increase and related corporate actions alongside other corporate disclosures; the board declared a quarterly dividend of $0.4456 per share payable in September 2025.
Technical Analysis
ADX registers 30.74, signaling a strong trend environment; directional indicators point toward downside bias because DI+ shows a peak-and-reversal while DI- trends higher, implying sellers currently exert greater directional pressure.
MACD reads 0.55 with a dip-and-reversal trend, which signals bullish momentum development even though MACD matches its signal line at present; momentum indicators thus show a nascent upward tilt without a confirmed crossover.
MRO stands at 20.04 with a peak-and-reversal; the positive MRO implies price sits above the model target and the recent peak-and-reversal suggests the oscillator may start easing, indicating potential downward pressure from momentum normalization.
RSI sits at 53.14 and shows a dip-and-reversal; the reading remains neutral but the reversal pattern favors a modest bullish drift rather than an extended overbought condition.
Price sits at $31.90 above the 200-day average of $28.79 and marginally above the 20-day average of $31.55; the 12-day EMA peaked and reversed, adding short-term caution. Bollinger bands compress around $31 with upper/lower 1x bands near $32.14 and $30.97, suggesting limited near-term directional room before a volatility expansion. SuperTrend upper resistance sits at $32.62, offering a clear short-term ceiling for momentum to clear.
Fundamental Analysis
Revenue reached $392 million while EBITDA hit $308 million; YoY revenue fell by 19.455% though quarter-over-quarter revenue growth accelerated by 92.271%, showing strong seasonality across the portfolio. Operating cash flow totaled $191 million with free cash flow of $115 million, producing a free cash flow yield of 3.20%.
EBIT of $100 million produces an EBIT margin of 25.51%, above the industry peer mean of 17.06% and the industry peer median of 15.32%, with a QoQ margin improvement of 5.33% but a YoY margin decline of 8.47%.
Earnings per share delivered $0.28 versus an estimate of $0.94, an EPS surprise of -70.21%, which reflects temporary earnings pressure relative to consensus and factors into near-term investor sentiment.
Leverage remains high: total debt stands at $9,346 million with net debt $8,451 million and debt-to-equity about 5.05x. Interest coverage near 1.20x limits flexibility and increases sensitivity to financing costs despite a reported cost of debt of 0.667%.
Liquidity presents mixed signals: cash and short-term investments total $260 million while the current ratio reads 1.42 and the quick ratio 1.34. Cash conversion cycle of -22.38 days reflects efficient working-capital dynamics supported by long payables days (121.92).
Return metrics remain low: return on assets near 0.22% and return on equity around 1.79%, reflecting capital intensity from large invested capital ($10.56 billion) and ongoing project investments. Revenue growth of 31.54% (aggregate figure) pairs with YoY declines in some margins, illustrating growth funded by balance-sheet activity.
WMDST values the stock as under-valued based on the combination of positive free cash flow, a 3.20% free cash flow yield, and portfolio-scale acquisitions that should extend contracted cash flows; valuation counters include high leverage and a trailing PE of 111.17 that reflects low reported EPS relative to enterprise-scale earnings and capital structure.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-05 |
| NEXT REPORT DATE: | 2025-10-29 |
| CASH FLOW | Begin Period Cash Flow | $ 711.0 M |
| Operating Cash Flow | $ 191.0 M | |
| Capital Expenditures | $ -76.00 M | |
| Change In Working Capital | $ -57.00 M | |
| Dividends Paid | $ -89.00 M | |
| Cash Flow Delta | $ 75.0 M | |
| End Period Cash Flow | $ 786.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 392.0 M | |
| Forward Revenue | — | |
| COSTS | ||
| Cost Of Revenue | $ 131.0 M | |
| Depreciation | $ 163.0 M | |
| Depreciation and Amortization | $ 208.0 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 305.0 M | |
| PROFITABILITY | ||
| Gross Profit | $ 261.0 M | |
| EBITDA | $ 308.0 M | |
| EBIT | $ 100.0 M | |
| Operating Income | $ 87.0 M | |
| Interest Income | — | |
| Interest Expense | $ 83.0 M | |
| Net Interest Income | $ -83.00 M | |
| Income Before Tax | $ 17.0 M | |
| Tax Provision | $ 5.0 M | |
| Tax Rate | 29.412 % | |
| Net Income | $ 33.0 M | |
| Net Income From Continuing Operations | $ 12.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.94 | |
| EPS Actual | $ 0.28 | |
| EPS Difference | $ -0.66 | |
| EPS Surprise | -70.213 % | |
| Forward EPS | — | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 16.0 B | |
| Intangible Assets | $ 2.3 B | |
| Net Tangible Assets | $ -431.00 M | |
| Total Current Assets | $ 1.2 B | |
| Cash and Short-Term Investments | $ 260.0 M | |
| Cash | $ 260.0 M | |
| Net Receivables | $ 232.0 M | |
| Inventory | $ 70.0 M | |
| Long-Term Investments | $ 169.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 200.0 M | |
| Short-Term Debt | $ 460.0 M | |
| Total Current Liabilities | $ 834.0 M | |
| Net Debt | $ 8.5 B | |
| Total Debt | $ 9.3 B | |
| Total Liabilities | $ 10.5 B | |
| EQUITY | ||
| Total Equity | $ 1.8 B | |
| Retained Earnings | $ 188.0 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 15.69 | |
| Shares Outstanding | 117.871 M | |
| Revenue Per-Share | $ 3.33 | |
| VALUATION | Market Capitalization | $ 3.6 B |
| Enterprise Value | $ 12.7 B | |
| Enterprise Multiple | 41.178 | |
| Enterprise Multiple QoQ | -19.8 % | |
| Enterprise Multiple YoY | 306.506 % | |
| Enterprise Multiple IPRWA | high: 195.763 mean: 57.584 median: 57.336 CWEN: 41.178 low: -124.626 |
|
| EV/R | 32.355 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 8.671 | |
| Asset To Liability | 1.534 | |
| Debt To Capital | 0.835 | |
| Debt To Assets | 0.583 | |
| Debt To Assets QoQ | 3.907 % | |
| Debt To Assets YoY | 1953.982 % | |
| Debt To Assets IPRWA | high: 0.812 CWEN: 0.583 median: 0.473 mean: 0.44 low: 0.023 |
|
| Debt To Equity | 5.055 | |
| Debt To Equity QoQ | 19.461 % | |
| Debt To Equity YoY | 2537.698 % | |
| Debt To Equity IPRWA | high: 9.543 median: 6.786 mean: 5.735 CWEN: 5.055 low: -4.218 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.945 | |
| Price To Book QoQ | 15.421 % | |
| Price To Book YoY | 46.603 % | |
| Price To Book IPRWA | high: 27.025 median: 17.657 mean: 15.447 CWEN: 1.945 low: -8.667 |
|
| Price To Earnings (P/E) | 111.172 | |
| Price To Earnings QoQ | -87.994 % | |
| Price To Earnings YoY | 99.487 % | |
| Price To Earnings IPRWA | high: 223.543 median: 195.49 mean: 130.902 CWEN: 111.172 low: -191.421 |
|
| PE/G Ratio | 0.133 | |
| Price To Sales (P/S) | 9.176 | |
| Price To Sales QoQ | -16.459 % | |
| Price To Sales YoY | 17.716 % | |
| Price To Sales IPRWA | high: 32.99 median: 14.924 mean: 11.601 CWEN: 9.176 low: 0.068 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | — | |
| Forward PE/G | — | |
| Forward P/S | — | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 23.248 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.026 | |
| Asset Turnover Ratio QoQ | 24.21 % | |
| Asset Turnover Ratio YoY | 2.528 % | |
| Asset Turnover Ratio IPRWA | high: 0.123 mean: 0.08 median: 0.078 CWEN: 0.026 low: 0.016 |
|
| Receivables Turnover | 1.889 | |
| Receivables Turnover Ratio QoQ | 9.99 % | |
| Receivables Turnover Ratio YoY | 13.298 % | |
| Receivables Turnover Ratio IPRWA | high: 5.965 mean: 2.06 median: 2.025 CWEN: 1.889 low: 0.691 |
|
| Inventory Turnover | 1.912 | |
| Inventory Turnover Ratio QoQ | 2.674 % | |
| Inventory Turnover Ratio YoY | -3.562 % | |
| Inventory Turnover Ratio IPRWA | high: 13.663 mean: 5.024 median: 2.812 CWEN: 1.912 low: 0.993 |
|
| Days Sales Outstanding (DSO) | 48.302 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -22.379 | |
| Cash Conversion Cycle Days QoQ | -271.278 % | |
| Cash Conversion Cycle Days YoY | -407.006 % | |
| Cash Conversion Cycle Days IPRWA | high: 70.23 median: 25.305 mean: 22.38 CWEN: -22.379 low: -64.971 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.11 | |
| CapEx To Revenue | -0.194 | |
| CapEx To Depreciation | -0.466 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 10.1 B | |
| Net Invested Capital | $ 10.6 B | |
| Invested Capital | $ 10.6 B | |
| Net Tangible Assets | $ -431.00 M | |
| Net Working Capital | $ 353.0 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.312 | |
| Current Ratio | 1.423 | |
| Current Ratio QoQ | -6.303 % | |
| Current Ratio YoY | -2.282 % | |
| Current Ratio IPRWA | high: 4.326 CWEN: 1.423 mean: 1.055 median: 0.899 low: 0.126 |
|
| Quick Ratio | 1.339 | |
| Quick Ratio QoQ | -5.751 % | |
| Quick Ratio YoY | -2.303 % | |
| Quick Ratio IPRWA | high: 1.341 CWEN: 1.339 mean: 0.867 median: 0.797 low: 0.266 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 30.344 | |
| Cost Of Debt | 0.667 % | |
| Interest Coverage Ratio | 1.205 | |
| Interest Coverage Ratio QoQ | 1064.64 % | |
| Interest Coverage Ratio YoY | 3.945 % | |
| Interest Coverage Ratio IPRWA | high: 2.625 median: 2.385 mean: 1.609 CWEN: 1.205 low: -4.291 |
|
| Operating Cash Flow Ratio | 0.315 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 121.916 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 0.371 | |
| Dividend Payout Ratio | 2.697 | |
| Dividend Rate | $ 0.76 | |
| Dividend Yield | 0.025 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 9.463 % | |
| Revenue Growth | 31.544 % | |
| Revenue Growth QoQ | 92.271 % | |
| Revenue Growth YoY | -19.455 % | |
| Revenue Growth IPRWA | high: 57.972 % CWEN: 31.544 % median: 5.794 % mean: -1.498 % low: -28.051 % |
|
| Earnings Growth | 833.333 % | |
| Earnings Growth QoQ | — | |
| Earnings Growth YoY | -131.457 % | |
| Earnings Growth IPRWA | CWEN: 833.333 % high: 435.0 % mean: -96.944 % median: -151.02 % low: -500.0 % |
|
| MARGINS | ||
| Gross Margin | 66.582 % | |
| Gross Margin QoQ | 12.736 % | |
| Gross Margin YoY | -2.133 % | |
| Gross Margin IPRWA | high: 83.002 % CWEN: 66.582 % median: 36.306 % mean: 31.863 % low: 11.097 % |
|
| EBIT Margin | 25.51 % | |
| EBIT Margin QoQ | 533.474 % | |
| EBIT Margin YoY | -8.465 % | |
| EBIT Margin IPRWA | high: 67.076 % CWEN: 25.51 % mean: 17.059 % median: 15.318 % low: -107.458 % |
|
| Return On Sales (ROS) | 22.194 % | |
| Return On Sales QoQ | 451.13 % | |
| Return On Sales YoY | -20.363 % | |
| Return On Sales IPRWA | high: 51.841 % CWEN: 22.194 % median: 13.718 % mean: 12.541 % low: -50.384 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 115.0 M | |
| Free Cash Flow Yield | 3.197 % | |
| Free Cash Flow Yield QoQ | 168.205 % | |
| Free Cash Flow Yield YoY | -0.868 % | |
| Free Cash Flow Yield IPRWA | CWEN: 3.197 % high: 0.239 % median: -0.186 % mean: -1.702 % low: -15.325 % |
|
| Free Cash Growth | 194.872 % | |
| Free Cash Growth QoQ | -368.659 % | |
| Free Cash Growth YoY | -130.393 % | |
| Free Cash Growth IPRWA | CWEN: 194.872 % high: 29.8 % median: -30.178 % mean: -43.29 % low: -165.602 % |
|
| Free Cash To Net Income | 3.485 | |
| Cash Flow Margin | 67.092 % | |
| Cash Flow To Earnings | 7.97 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.02 | |
| Return On Assets (ROA) | 0.215 % | |
| Return On Assets QoQ | 667.857 % | |
| Return On Assets YoY | -38.04 % | |
| Return On Assets IPRWA | high: 2.778 % median: 0.856 % mean: 0.389 % CWEN: 0.215 % low: -22.803 % |
|
| Return On Capital Employed (ROCE) | 0.658 % | |
| Return On Equity (ROE) | 0.018 | |
| Return On Equity QoQ | 766.505 % | |
| Return On Equity YoY | -24.747 % | |
| Return On Equity IPRWA | high: 0.139 median: 0.058 mean: 0.051 CWEN: 0.018 low: -0.194 |
|
| DuPont ROE | 1.741 % | |
| Return On Invested Capital (ROIC) | 0.668 % | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | -98.458 % | |
| Return On Invested Capital IPRWA | high: 3.499 % median: 2.628 % mean: 1.511 % CWEN: 0.668 % low: -12.057 % |
|