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Side-by-side financial comparison of Clearway Energy, Inc. (CWEN) and Fluence Energy, Inc. (FLNC), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Fluence Energy, Inc. is the larger business by last-quarter revenue ($475.2M vs $310.0M, roughly 1.5× Clearway Energy, Inc.). Fluence Energy, Inc. runs the higher net margin — -33.5% vs -9.5%, a 24.1% gap on every dollar of revenue. On growth, Fluence Energy, Inc. posted the faster year-over-year revenue change (154.4% vs 21.1%). Clearway Energy, Inc. produced more free cash flow last quarter ($71.0M vs $-232.6M). Over the past eight quarters, Clearway Energy, Inc.'s revenue compounded faster (8.6% CAGR vs -12.7%).
NRG Energy, Inc. is an American energy company, headquartered in Houston, Texas. It was formerly the wholesale arm of Northern States Power Company (NSP), which became Xcel Energy, but became independent in 2000. NRG Energy is involved in energy generation and retail electricity. Their portfolio includes natural gas generation, coal generation, oil generation, nuclear generation, wind generation, utility-scale generation, and distributed solar generation. NRG serves over 7 million retail cust...
Progress Energy was a power generation and distribution company. Prior to its merger with Duke Energy, it was a Fortune 500 energy company with more than 21,000 megawatts of generation capacity and $9 billion in annual revenues. Headquartered in Raleigh, North Carolina, Progress Energy includes two major electric utilities that serve approximately 3.1 million customers in the Carolinas and Florida. As an independent company, the last chairman and CEO of Progress Energy was William D. Johnson;...
CWEN vs FLNC — Head-to-Head
Income Statement — Q4 2025 vs Q1 2026
| Metric | | |
|---|---|---|
| Revenue | $310.0M | $475.2M |
| Net Profit | $-104.0M | $-45.1M |
| Gross Margin | 51.9% | 4.9% |
| Operating Margin | -11.9% | -14.8% |
| Net Margin | -33.5% | -9.5% |
| Revenue YoY | 21.1% | 154.4% |
| Net Profit YoY | -3566.7% | -8.7% |
| EPS (diluted) | — | $-0.34 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $310.0M | $475.2M | ||
| Q3 25 | $429.0M | $1.0B | ||
| Q2 25 | $392.0M | $602.5M | ||
| Q1 25 | $298.0M | $431.6M | ||
| Q4 24 | $256.0M | $186.8M | ||
| Q3 24 | $486.0M | $1.2B | ||
| Q2 24 | $366.0M | $483.3M | ||
| Q1 24 | $263.0M | $623.1M |
| Q4 25 | $-104.0M | $-45.1M | ||
| Q3 25 | $236.0M | $17.9M | ||
| Q2 25 | $33.0M | $6.3M | ||
| Q1 25 | $4.0M | $-31.0M | ||
| Q4 24 | $3.0M | $-41.5M | ||
| Q3 24 | $36.0M | $47.8M | ||
| Q2 24 | $51.0M | $785.0K | ||
| Q1 24 | $-2.0M | $-9.2M |
| Q4 25 | 51.9% | 4.9% | ||
| Q3 25 | 70.2% | 13.7% | ||
| Q2 25 | 66.6% | 14.8% | ||
| Q1 25 | 59.1% | 9.9% | ||
| Q4 24 | 52.0% | 11.4% | ||
| Q3 24 | 72.2% | 12.8% | ||
| Q2 24 | 68.0% | 17.2% | ||
| Q1 24 | 52.1% | 10.3% |
| Q4 25 | -11.9% | -14.8% | ||
| Q3 25 | 26.1% | 4.4% | ||
| Q2 25 | 21.7% | 1.9% | ||
| Q1 25 | — | -10.2% | ||
| Q4 24 | -14.5% | -31.4% | ||
| Q3 24 | 36.6% | 6.2% | ||
| Q2 24 | 23.0% | 1.1% | ||
| Q1 24 | -11.0% | -2.3% |
| Q4 25 | -33.5% | -9.5% | ||
| Q3 25 | 55.0% | 1.7% | ||
| Q2 25 | 8.4% | 1.0% | ||
| Q1 25 | 1.3% | -7.2% | ||
| Q4 24 | 1.2% | -22.2% | ||
| Q3 24 | 7.4% | 3.9% | ||
| Q2 24 | 13.9% | 0.2% | ||
| Q1 24 | -0.8% | -1.5% |
| Q4 25 | — | $-0.34 | ||
| Q3 25 | — | $0.18 | ||
| Q2 25 | — | $0.01 | ||
| Q1 25 | — | $-0.24 | ||
| Q4 24 | — | $-0.32 | ||
| Q3 24 | — | $0.34 | ||
| Q2 24 | — | $0.00 | ||
| Q1 24 | — | $-0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $231.0M | $452.6M |
| Total DebtLower is stronger | $7.9B | — |
| Stockholders' EquityBook value | $5.8B | $388.0M |
| Total Assets | $16.7B | $2.3B |
| Debt / EquityLower = less leverage | 1.36× | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $231.0M | $452.6M | ||
| Q3 25 | $251.0M | $690.8M | ||
| Q2 25 | $260.0M | $436.3M | ||
| Q1 25 | $297.0M | $568.6M | ||
| Q4 24 | $332.0M | $607.4M | ||
| Q3 24 | $292.0M | $448.7M | ||
| Q2 24 | $226.0M | $388.2M | ||
| Q1 24 | $478.0M | $411.8M |
| Q4 25 | $7.9B | — | ||
| Q3 25 | $8.1B | — | ||
| Q2 25 | $8.3B | — | ||
| Q1 25 | $7.2B | — | ||
| Q4 24 | $6.8B | — | ||
| Q3 24 | $6.7B | — | ||
| Q2 24 | $6.8B | — | ||
| Q1 24 | $7.6B | — |
| Q4 25 | $5.8B | $388.0M | ||
| Q3 25 | $5.7B | $429.6M | ||
| Q2 25 | $5.5B | $407.4M | ||
| Q1 25 | $5.4B | $388.2M | ||
| Q4 24 | $5.6B | $409.4M | ||
| Q3 24 | $5.6B | $472.1M | ||
| Q2 24 | $5.7B | $421.2M | ||
| Q1 24 | $5.0B | $413.1M |
| Q4 25 | $16.7B | $2.3B | ||
| Q3 25 | $16.1B | $2.4B | ||
| Q2 25 | $16.0B | $2.1B | ||
| Q1 25 | $14.6B | $2.3B | ||
| Q4 24 | $14.3B | $2.2B | ||
| Q3 24 | $14.2B | $1.9B | ||
| Q2 24 | $14.5B | $1.7B | ||
| Q1 24 | $14.9B | $1.5B |
| Q4 25 | 1.36× | — | ||
| Q3 25 | 1.41× | — | ||
| Q2 25 | 1.49× | — | ||
| Q1 25 | 1.33× | — | ||
| Q4 24 | 1.21× | — | ||
| Q3 24 | 1.20× | — | ||
| Q2 24 | 1.19× | — | ||
| Q1 24 | 1.50× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $177.0M | $-226.8M |
| Free Cash FlowOCF − Capex | $71.0M | $-232.6M |
| FCF MarginFCF / Revenue | 22.9% | -48.9% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 34.2% | 1.2% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $369.0M | $-179.7M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $177.0M | $-226.8M | ||
| Q3 25 | $225.0M | $265.7M | ||
| Q2 25 | $191.0M | $-153.9M | ||
| Q1 25 | $95.0M | $-46.2M | ||
| Q4 24 | $192.0M | $-211.2M | ||
| Q3 24 | $301.0M | $10.5M | ||
| Q2 24 | $196.0M | $-21.1M | ||
| Q1 24 | $81.0M | $70.9M |
| Q4 25 | $71.0M | $-232.6M | ||
| Q3 25 | $144.0M | $260.9M | ||
| Q2 25 | $115.0M | $-157.4M | ||
| Q1 25 | $39.0M | $-50.5M | ||
| Q4 24 | $142.0M | $-213.3M | ||
| Q3 24 | $266.0M | $7.3M | ||
| Q2 24 | $92.0M | $-23.5M | ||
| Q1 24 | $-17.0M | $69.9M |
| Q4 25 | 22.9% | -48.9% | ||
| Q3 25 | 33.6% | 25.0% | ||
| Q2 25 | 29.3% | -26.1% | ||
| Q1 25 | 13.1% | -11.7% | ||
| Q4 24 | 55.5% | -114.2% | ||
| Q3 24 | 54.7% | 0.6% | ||
| Q2 24 | 25.1% | -4.9% | ||
| Q1 24 | -6.5% | 11.2% |
| Q4 25 | 34.2% | 1.2% | ||
| Q3 25 | 18.9% | 0.5% | ||
| Q2 25 | 19.4% | 0.6% | ||
| Q1 25 | 18.8% | 1.0% | ||
| Q4 24 | 19.5% | 1.1% | ||
| Q3 24 | 7.2% | 0.3% | ||
| Q2 24 | 28.4% | 0.5% | ||
| Q1 24 | 37.3% | 0.2% |
| Q4 25 | — | — | ||
| Q3 25 | 0.95× | 14.81× | ||
| Q2 25 | 5.79× | -24.61× | ||
| Q1 25 | 23.75× | — | ||
| Q4 24 | 64.00× | — | ||
| Q3 24 | 8.36× | 0.22× | ||
| Q2 24 | 3.84× | -26.87× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
CWEN
Segment breakdown not available.
FLNC
| Products | $450.9M | 95% |
| Services | $22.5M | 5% |
| Digital Applications And Solutions | $1.9M | 0% |
