CWEN · sample dossier
Clearway Energy, Inc. Class C Common Stock
50/100
AgingGenerated Nov 7, 2026 · 11:00 AM UTC · 1 day ago
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EquityClearway Energy, Inc. Class C Common Stock · XNYS
Decision context
Recommendation
Balanced between solid Growth (83/100) and constrained Safety (30/100).
A mixed picture — no strong reason to buy or sell right now.
AlphaDog Fair Value
Executive thesis & key metrics
Executive Investment Thesis
Clearway Energy, Inc. (CWEN) is a renewable energy infrastructure operator capitalized at $7.00B with a TTM P/E ratio of 44.29 and FCF per share of $4.40 (four-quarter statements). While latest quarter YoY revenue grew 22.7% and EPS expanded 257.1%, capital intensity keeps return on assets at 1.0% alongside an elevated Debt/Equity of 1.77. The primary downside risk centers on balance sheet vulnerability, evidenced by an Altman Z-score of 0.68 placing the firm in the distress zone.
Key Metrics to Watch
What changed recently
Why this rating
Score 50 · Hold
Data through
AgingJun 30, 2026
Growth scores 83/100 — top-line expansion leads the profile.
Re-evaluate if
- Severe accounting disclosures (auditor / restatement / going concern) in SEC filings
- Net margin falls below 5.1% (was 6.4%)
Trim / reconsider if
- ROA falls below -9.0% (was 1.0%)
- Debt/Equity climbs beyond the current level of 1.77, escalating financial distress risk.
Think of these dollars as a map of our value estimate for Hold — helpful context, not a reason to override the view.
A Calmer Look · Devil's Advocate
Both sides of the CWEN story, next to the Hold above
The consensus view frames Clearway Energy as a stable, high-yield cash generator whose debt load is adequately buffered by $4.40 in trailing free cash flow per share.
May be overlooked
Accounting integrity is compromised
consensus overlooks that severe restatements were disclosed in both the 2025 and 2026 Form 10-K filings specifically concerning Master Services and Payroll Sharing Agreements, casting doubt on the validity of reported operational expenses and cash flow metrics.
Concentrated control structure
Class A and Class C common shares had only two and three holders of record, respectively, as of January 31, 2026, creating severe governance asymmetry where minority public shareholders have negligible leverage over sponsor-driven related-party transactions.
Stale dividend assumption
consensus assumes distribution stability based on a $0.4602 per share quarterly dividend declared on February 17, 2026, which is stale by over eight months and unverified under current leveraged conditions.
Expectations look stretched
Extrapolating single-quarter EPS growth of 257.1% and revenue growth of 22.7% YoY as structural expansion, despite trailing return on assets languishing at just 1.0%.
Misinterpreting $11.16M in net insider buying as broad management conviction, when transactions are concentrated in sponsor entities (TotalEnergies) that benefit directly from the restated Master Services Agreements.
Valuing CWEN at an aggressive P/E of 44.3 and EV/EBITDA of 15.0 while total debt leverage stands at 1.8 Debt/Equity, restricting debt-funded project growth.
Quarterly YoY revenue growth decelerates below the latest reported 22.7%.
Quarterly YoY revenue growth decelerates below the latest reported 22.7%.
Monitor These Triggers
3 Checkpoints · Next PrintMarket context
Snapshot returns at report publication
1 month
+13.9%
3 months
+3.2%
6 months
-10.6%
1 year
-1.6%
At a Glance
A mid-sized company has mixed momentum at premium pricing.
Top Holders
As of Jun 30, 2026Financial trajectory
Financial Performance
Go deeper
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