MeritValue

Clearway Energy, Inc.

CWENdata completeness 100%15 fiscal years on file
The thesis, from the filings

Clearway Energy, Inc. earns about 2% on invested capital, with a roughly flat share count. The applicable estimate puts fair value near $26.05 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.29B1$1.19B2$1.31B3$1.37B3$1.43B3
Net income$51M4$582M5$79M6$88M6$169M6
Operating cash flow$701M7$787M8$702M9$770M9$688M9
Capital expenditure$151M10$112M11$212M12$287M12$319M12
Free cash flow (derived)$550M7$675M8$490M9$483M9$369M9
Total debt$15.9B13$13.8B14$17.2B15$14.5B16$17.7B16
Cash & equivalents$179M17$657M18$535M19$332M20$231M20
Diluted shares35.0M35.0M35.0M35.0M35.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$1,660.29
your share of equity
Profit it earned you last year
$48.29
Free cash flow it threw off
$105.43
Debt you’d be carrying
$5,060.29

10 shares is a claim on $1,660.29 of net worth that earned you $48.29 and generated $105.43 of cash last year, against $5,060.29 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
2% avg · 5y
FY21 1%FY22 7%FY23 1%FY24 1%FY25 1%

It earned an average 2% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 11% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$483M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$483M
Earnings Power Value
$26.05
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$88M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001567683-24-000007 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001567683-25-000007 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-26-010952 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001567683-24-000007 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001567683-25-000007 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001628280-26-010952 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001567683-24-000007 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001567683-25-000007 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001628280-26-010952 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001567683-24-000007 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001567683-25-000007 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001628280-26-010952 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001567683-23-000011 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001567683-24-000007 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001567683-25-000007 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-010952 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001567683-23-000011 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001567683-24-000007 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001567683-25-000007 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001628280-26-010952 (CashAndCashEquivalentsAtCarryingValue)