Latest Ratios: P/E Ratio 23.6x · EV/EBITDA 15.3x · ROE 2.9%. (2011–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.9B | $4.0B | $3.1B | $3.2B | $3.7B | $4.2B | $3.7B | $2.2B | $1.8B | $1.9B | $1.5B |
| Enterprise Value | $16.3B | $13.3B | $10.5B | $11.3B | $10.4B | $12.3B | $10.7B | $8.8B | $7.4B | $7.6B | $6.9B |
| P/E Ratio → | 23.58 | 23.42 | 34.67 | 40.94 | 6.39 | 81.89 | 145.14 | — | 37.50 | — | 27.24 |
| P/S Ratio | 4.81 | 2.77 | 2.24 | 2.44 | 3.13 | 3.28 | 3.09 | 2.11 | 1.70 | 1.85 | 1.52 |
| P/B Ratio | 0.67 | 0.67 | 0.55 | 0.64 | 0.92 | 1.28 | 1.36 | 0.96 | 0.81 | 0.88 | 0.65 |
| P/FCF | 18.64 | 10.73 | 68.18 | 17.93 | 1.95 | 7.66 | 8.80 | 241.62 | 5.73 | 8.03 | 3.88 |
| P/OCF | 10.00 | 5.75 | 3.98 | 4.57 | 4.74 | 6.01 | 6.80 | 4.56 | 3.60 | 3.63 | 2.77 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 9.33 | 7.65 | 8.63 | 8.77 | 9.57 | 8.97 | 8.50 | 7.00 | 7.49 | 6.80 |
| EV / EBITDA | 15.32 | 12.57 | 10.43 | 11.64 | 4.84 | 13.35 | 12.63 | 12.60 | 9.85 | 11.00 | 11.62 |
| EV / EBIT | 92.38 | 62.91 | 38.27 | 35.32 | 6.89 | 49.43 | 29.78 | 29.24 | 17.42 | 21.30 | 24.35 |
| EV / FCF | — | 36.15 | 233.00 | 63.34 | 5.46 | 22.38 | 25.53 | 974.62 | 23.54 | 32.45 | 17.39 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 15.2% | 15.2% | 63.5% | 64.0% | 63.4% | 64.9% | 69.5% | 67.3% | 68.5% | 67.7% | 70.0% |
| Operating Margin | 12.3% | 12.3% | 14.3% | 20.0% | 123.5% | 20.8% | 27.8% | 21.7% | 33.0% | 28.0% | 21.4% |
| Net Profit Margin | 11.8% | 11.8% | 6.4% | 6.0% | 48.9% | 4.0% | 2.1% | -1.1% | 4.6% | -1.6% | 5.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.9% | 2.9% | 1.7% | 1.8% | 15.9% | 1.7% | 1.0% | -0.5% | 2.2% | -0.7% | 2.2% |
| ROA | 1.1% | 1.1% | 0.6% | 0.6% | 4.6% | 0.4% | 0.2% | -0.1% | 0.6% | -0.2% | 0.7% |
| ROIC | 0.9% | 0.9% | 1.1% | 1.7% | 10.0% | 1.9% | 2.7% | 2.0% | 3.3% | 2.7% | 2.0% |
| ROCE | 1.2% | 1.2% | 1.4% | 2.1% | 12.9% | 2.5% | 3.7% | 2.9% | 4.5% | 3.6% | 2.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.72 | 1.72 | 1.39 | 1.73 | 1.83 | 2.51 | 2.69 | 3.10 | 2.69 | 2.73 | 2.41 |
| Debt / EBITDA | 9.61 | 9.61 | 7.71 | 8.90 | 3.42 | 8.97 | 8.59 | 10.08 | 8.00 | 8.50 | 9.56 |
| Net Debt / Equity | — | 1.59 | 1.33 | 1.63 | 1.66 | 2.45 | 2.60 | 2.92 | 2.51 | 2.66 | 2.27 |
| Net Debt / EBITDA | 8.84 | 8.84 | 7.38 | 8.35 | 3.11 | 8.78 | 8.28 | 9.48 | 7.45 | 8.28 | 9.03 |
| Debt / FCF | — | 25.42 | 164.82 | 45.41 | 3.51 | 14.71 | 16.74 | 733.00 | 17.81 | 24.42 | 13.51 |
| Interest Coverage | 0.55 | 0.55 | 0.89 | 0.95 | 6.53 | 0.80 | 0.87 | 0.74 | 1.38 | 1.16 | 1.00 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.13 | 1.13 | 1.49 | 1.72 | 2.07 | 0.94 | 1.12 | 0.30 | 1.07 | 0.99 | 1.41 |
| Quick Ratio | 1.06 | 1.06 | 1.40 | 1.66 | 1.99 | 0.92 | 1.05 | 0.28 | 1.02 | 0.91 | 1.32 |
| Cash Ratio | 0.80 | 0.80 | 0.46 | 0.59 | 1.06 | 0.11 | 0.42 | 0.20 | 0.58 | 0.30 | 0.69 |
| Asset Turnover | — | 0.09 | 0.10 | 0.09 | 0.10 | 0.10 | 0.11 | 0.10 | 0.12 | 0.12 | 0.12 |
| Inventory Turnover | 16.16 | 16.16 | 7.83 | 8.60 | 9.26 | 12.19 | 8.71 | 8.43 | 8.30 | 8.36 | 7.85 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 9.0% | 9.0% | 10.9% | 9.7% | 9.5% | 6.4% | 5.7% | 7.1% | 13.3% | 10.8% | 11.2% |
| Payout Ratio | 211.8% | 211.8% | 379.5% | 393.7% | 60.7% | 525.5% | 844.0% | — | 495.8% | — | 303.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.2% | 4.3% | 2.9% | 2.4% | 15.7% | 1.2% | 0.7% | — | 2.7% | — | 3.7% |
| FCF Yield | 5.4% | 9.3% | 1.5% | 5.6% | 51.3% | 13.0% | 11.4% | 0.4% | 17.4% | 12.5% | 25.8% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 9.0% | 9.0% | 10.9% | 9.7% | 9.5% | 6.4% | 5.7% | 7.1% | 13.3% | 10.8% | 11.2% |
| Shares Outstanding | — | $119M | $118M | $117M | $117M | $117M | $116M | $109M | $104M | $99M | $98M |
High leverage and refinancing
With a dividend yield of 8.2% and a P/B ratio of 0.74, Clearway Energy appears to be priced by the market as a distressed yield vehicle, suggesting that investors are demanding a significant risk premium to compensate for the volatility in cash available for distribution.
The current valuation suggests that the market is skeptical of the company's ability to sustain its dividend payout given the recent negative ROE trends. Investors should monitor whether the 8.2% yield is a reflection of a genuine value opportunity or a market signal that the current payout level is unsustainable without further external capital support.
According to reported quarterly data, the debt-to-capital ratio has remained elevated, hovering near 0.64 as of 2026Q1, which indicates that the company's reliance on debt financing to fund its capital-intensive renewable and conventional generation portfolio remains a significant structural vulnerability for the balance sheet.
The interest coverage ratio, which dipped to 0.31 in 2026Q1, highlights the precarious nature of the company's debt service capacity in a higher-rate environment. This suggests that any further deterioration in operating margins could severely limit the company's financial flexibility and its ability to execute on the ROFO pipeline.
Based on the company's reported figures, the dividend payout ratio has exhibited extreme volatility, including periods where it exceeded 160% of available cash, which suggests that the current dividend policy is highly sensitive to the seasonal and operational variances inherent in the renewable and conventional generation segments.
The inconsistency in dividend coverage implies that the company may be relying on external financing or asset recycling to maintain its distribution, rather than organic cash flow generation. Investors should monitor the stability of CAFD, as the current payout trajectory appears to be at odds with the company's strained profitability metrics.
The most commonly misapplied metric for Clearway Energy is the standard P/E ratio, which fails to account for the significant non-cash distortions caused by HLBV accounting and the amortization of intangible assets, thereby obscuring the true cash-generating capacity of the underlying generation assets.
Analysts should instead focus on Cash Available for Distribution (CAFD) per share, as this metric provides a more accurate representation of the company's ability to fund dividends and growth. Relying on GAAP P/E ratios in this context may lead to erroneous conclusions regarding the company's valuation and its long-term earnings power.
Includes 30+ ratios · 15 years · Updated daily
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Quick answers to the most common questions about buying CWEN stock.
Clearway Energy, Inc.'s current P/E ratio is 23.6x. The historical average is 53.4x. This places it at the 18th percentile of its historical range.
Clearway Energy, Inc.'s current EV/EBITDA is 15.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.1x.
Clearway Energy, Inc.'s return on equity (ROE) is 2.9%. The historical average is 2.6%.
Based on historical data, Clearway Energy, Inc. is trading at a P/E of 23.6x. This is at the 18th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Clearway Energy, Inc.'s current dividend yield is 8.99% with a payout ratio of 211.8%.
Clearway Energy, Inc. has 15.2% gross margin and 12.3% operating margin. Operating margin between 10-20% is typical for established companies.
Clearway Energy, Inc.'s Debt/EBITDA ratio is 9.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.