The business behind the dividend
| Measure | CWEN | Median | Formula |
|---|---|---|---|
| Return on equity | 2.9% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 1.1% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $532.00m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $369.00m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 11.2% | 14.3% | Operating income ÷ revenue |
| Net margin | 11.8% | 10.1% | Net income ÷ revenue |
| Debt to equity | 1.48x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 0.41x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.13x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 58.94x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 4.07x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -3.1% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 2.9% | 1.6% | 1.6% | 14.5% | 1.5% | 0.9% | -0.5% | 2.2% | -0.7% | 0.1% | 1.5% |
| Return on capital employed | 1.1% | 1.5% | 2.0% | 13.6% | 2.4% | 3.4% | 2.5% | 4.2% | 3.6% | 2.7% | 2.5% |
| Operating margin | 11.2% | 14.3% | 20.0% | — | 20.8% | 27.8% | 93.7% | — | 28.0% | 21.4% | 21.4% |
| Net margin | 11.8% | 6.4% | 6.0% | 48.9% | 4.0% | 2.1% | -4.6% | 19.6% | -1.6% | 0.2% | 4.0% |
| Debt to equity | 1.48x | 1.29x | 1.61x | 1.69x | 2.34x | 2.57x | 3.00x | 2.69x | 2.62x | 2.18x | 2.18x |
| Current ratio | 1.13x | 1.49x | 1.72x | 2.07x | 0.94x | 1.12x | 0.30x | 1.07x | 0.89x | 1.33x | 1.12x |
| Cash conversion | 4.07x | 8.75x | 8.89x | 1.35x | 13.75x | 21.80x | — | 10.38x | — | — | 8.89x |
How it compares in utilities
Among the 76 utilities companies here measured on GAAP earnings, Clearway Energy pays out less than 1 of them. The median for that group is 60.7%, against this company’s 211.8%.
Closest on GAAP earnings
- Kinetik Holdings (KNTK) 117.5%
- Algonquin Power & Utilities (AQN) 118.2%
- Kodiak Gas Services (KGS) 202.2%
- Global Water Resources (GWRS) 272.7%
Same sector and same denominator, so the figures are comparable. All 80 in utilities →