Does Clearway Energy, Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Clearway Energy, Inc. (CWEN) 44.5 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 70, returns on capital 25, balance-sheet safety 28, capital discipline 52.

Is CWEN stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $37.81 per share versus a recent price of $33.41 — 12% below value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has CWEN's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 44.5 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Clearway Energy, Inc.

CWEN · Utilities · $6.8B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power70

Median gross margin 63.7% over 10y, variable.

Returns on capital25

Median ROIC 7.6%, above the 9% hurdle in 40% of years.

Balance-sheet safety28

Net debt/EBITDA n/ax, interest coverage 0x.

Capital discipline52

Owner earnings +7.2%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

12% below value

Owner earnings (normalized): $428.0M
Est. intrinsic value / share: $37.81
Recent price: $33.41
Discount to value: 12% below value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

16 years of fundamentals

The business, in plain English

Clearway Energy, Inc. booked $1.4B of revenue in FY2025 in the Utilities sector and kept 62.9% of it as gross profit — a high-margin business by that measure. After every other cost, 11.8% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $164.0M (FY2011) to $1.4B (FY2025) — about 16.7% a year compounded over 14 years.

It earned 2.4% on invested capital in FY2025, with a median of 8.4% across 15 filed years. The Returns on Capital filter above scores it 25/100.

The balance sheet carried $6.0B of total debt in FY2016. Balance-Sheet Safety scores it 28/100.

The share count rose 5.4% between FY2018 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 52/100.

Put together: Pricing Power is the strongest of the four filters (70/100) and Returns on Capital the weakest (25/100), which is how CWEN lands at 45/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$1.4B FY2025

Gross marginRevenue kept after cost of goods62.9% FY2025

Return on invested capitalOperating profit on the capital employed2.4% FY2025

Owner earningsCash an owner could take out$532.0M FY2025

Gaps in a line mean that item isn’t in CWEN’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale44.5 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — CWEN has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Utilities context

#11 of 48 scored Utilities companies, ranked by Moat Score.

Nearest peers by Moat Score

#9WELPP WISCONSIN ELECTRIC POWER COMPANY47.8 out of 100, Shallow moatShallow moat
#10ATO ATMOS ENERGY CORP45.4 out of 100, Shallow moatShallow moat
#12WCN WASTE CONNECTIONS, INC.44.4 out of 100, Shallow moatShallow moat
#13PCYO PURE CYCLE CORPORATION43.6 out of 100, Shallow moatShallow moat

Compare CWEN with its nearest peers →All Utilities companies on the Index →

Common questions about CWEN

Does Clearway Energy, Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Clearway Energy, Inc. (CWEN) 44.5 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 70, returns on capital 25, balance-sheet safety 28, capital discipline 52.
Is CWEN stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $37.81 per share versus a recent price of $33.41 — 12% below value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has CWEN's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 44.5 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell CWEN. See the disclaimer.