CWEN vs ORA: Clearway Energy and Ormat Technologies compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Clearway Energy is the larger company, worth $6.9B, about 1.3 times Ormat Technologies.
- Clearway Energy grew revenue faster over the last year (+22.7% vs +10.6%).
- Ormat Technologies keeps more of each dollar of revenue as operating profit (16.6% vs 13.4%).
- On earnings, Ormat Technologies is the cheaper stock (42.1x vs 288.4x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CWEN | ORA |
|---|---|---|
| Market cap | $6.9B | $5.4B |
| Share price | $30.19 | $88.92 |
| Revenue (last fiscal year) | $1.4B | $990M |
| Free cash flow (last fiscal year) | $369M | -$285M |
| Revenue growth, last year | +22.7% | +10.6% |
| Revenue growth per year, last 5 fiscal years | +2.7% | +10.5% |
| Operating margin | 13.4% | 16.6% |
| Net margin | 6.4% | 10.7% |
| Return on equity | 1.9% | 4.9% |
| P/E (trailing) | 288.4x | 42.1x |
| Price / free cash flow | 18.8x | — |
| EV / EBITDA | 12.6x | 14.6x |
| FCF growth the price implies | 4.2% | — |
| Dividend yield | 6.1% | 0.56% |
| Debt / equity | 2.04x | 1.56x |
| Fundamental grade | C | D |
| Superinvestors holding it | 3 | 3 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Clearway Energy
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.3B | $550M | 20.8% |
| 2022 | $1.2B | $675M | 123.5% |
| 2023 | $1.3B | $490M | 20.0% |
| 2024 | $1.4B | $483M | 14.3% |
| 2025 | $1.4B | $369M | 11.2% |
Ormat Technologies
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $663M | -$160M | 25.5% |
| 2022 | $734M | -$283M | 20.8% |
| 2023 | $829M | -$309M | 20.1% |
| 2024 | $880M | -$77M | 19.6% |
| 2025 | $990M | -$285M | 17.1% |
Where the revenue comes from
Clearway Energy · by segments, 2025
Renewables & Storage$1.1B80%
Flexible Generation$291M20%
Ormat Technologies · by segments, 2025
Electricity$694M70%
Product$217M22%
Energy storage$79M8%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CWEN in InvestinglyQuestions
Which is bigger, Clearway Energy or Ormat Technologies?
Clearway Energy (CWEN), at $6.9B against $5.4B.
Is CWEN or ORA cheaper?
By trailing P/E, Ormat Technologies (42.1x) is cheaper than Clearway Energy (288.4x). A lower multiple can also mean the market expects less growth.
Which grows faster, CWEN or ORA?
Clearway Energy: revenue grew +22.7% over the last year, against +10.6%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.