CWENClearway Energy, Inc.
Electric Services
- Revenue
- $1.4B
- 4.2% YoY
- Operating margin
- 11.2%
- 22% YoY
- EBITDA
- $842M
- 2.3% YoY
- Market cap
- $6.6B
- Employees
- —
- Net debt / EBITDA
- 6.8×
- $5.7B net debt
- AI in 10-K
- 0.0
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo407% of net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowNo35% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo94% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AIYes0.0 per 10K words · 0th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo6.8× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$6.6B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DYes1 filingActive-intent 13D in 18 months
- Net insider sellingNo$0 netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.3B | $1.2B | $1.3B | $1.4B | $1.4B | 4.2% |
| Operating income | $267M | $1.5B | $263M | $196M | $160M | 18% |
| Net income | $51M | $582M | $79M | $88M | $169M | 92% |
| Operating cash flow | $701M | $787M | $702M | $770M | $688M | 11% |
| Capex | $151M | $112M | $212M | $287M | $319M | 11% |
| Stock-based comp | $4M | — | — | — | — |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| May 1, 2026 | BlackRock Portfolio Management LLC | SCHEDULE 13D/A | 41.5% | Passive |
| May 1, 2026 | TotalEnergies SE | SCHEDULE 13D/A | 41.0% | Active |
| Apr 3, 2026 | BlackRock Portfolio Management LLC | SCHEDULE 13D/A | 5.1% | Passive |
| Apr 3, 2026 | TotalEnergies SE | SCHEDULE 13D/A | 0.1% | Passive |
| Sep 16, 2025 | BlackRock Portfolio Management LLC | SCHEDULE 13D/A | 55.4% | Passive |
| Jan 30, 2025 | BlackRock Portfolio Management LLC | SCHEDULE 13D | 21.4% | Passive |
| Jun 28, 2024 | TotalEnergies SE | SC 13D/A | 55.3% | Passive |
| Jun 28, 2024 | Global Infrastructure Investors III, LLC | SC 13D/A | 55.3% | Passive |
| Sep 15, 2022 | Global Infrastructure Investors III, LLC | SC 13D/A | 55.3% | Active |
| May 25, 2022 | Global Infrastructure Investors III, LLC | SC 13D/A | 55.3% | Passive |
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
No pay-versus-performance disclosure yet.