vs
Clearway Energy, Inc.（CWEN）与Enphase Energy（ENPH）财务数据对比。点击上方公司名可切换其他公司
Clearway Energy, Inc.的季度营收约是Enphase Energy的1.1倍（$310.0M vs $282.9M），Enphase Energy净利率更高（-2.6% vs -33.5%，领先30.9%），Clearway Energy, Inc.同比增速更快（21.1% vs -20.6%），Enphase Energy自由现金流更多（$83.0M vs $71.0M），过去两年Clearway Energy, Inc.的营收复合增速更高（8.6% vs -3.4%）
NRG能源是总部位于美国得克萨斯州休斯敦的能源企业，前身为后续更名为埃克西尔能源的北方州电力公司的批发业务板块，2000年独立运营。业务覆盖发电与电力零售，拥有天然气、煤炭、石油、核能、风电、公用事业级及分布式太阳能等发电资产，服务超700万零售用户。
Enphase Energy是总部位于美国加利福尼亚州弗里蒙特的能源科技企业，成立于2006年，是全球首家成功实现光伏微型逆变器商业化的企业，主要面向住宅用户研发生产光伏微型逆变器、储能电池及电动汽车充电桩。
CWEN vs ENPH — 直观对比
营收规模更大
CWEN
是对方的1.1倍
$282.9M
营收增速更快
CWEN
高出41.6%
-20.6%
净利率更高
ENPH
高出30.9%
-33.5%
自由现金流更多
ENPH
多$12.0M
$71.0M
两年增速更快
CWEN
近两年复合增速
-3.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $310.0M | $282.9M |
| 净利润 | $-104.0M | $-7.4M |
| 毛利率 | 51.9% | 35.5% |
| 营业利润率 | -11.9% | — |
| 净利率 | -33.5% | -2.6% |
| 营收同比 | 21.1% | -20.6% |
| 净利润同比 | -3566.7% | -124.9% |
| 每股收益（稀释后） | — | $-0.06 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收CWENENPH
| Q1 26 | — | $282.9M | ||
| Q4 25 | $310.0M | $343.3M | ||
| Q3 25 | $429.0M | $410.4M | ||
| Q2 25 | $392.0M | $363.2M | ||
| Q1 25 | $298.0M | $356.1M | ||
| Q4 24 | $256.0M | $382.7M | ||
| Q3 24 | $486.0M | $380.9M | ||
| Q2 24 | $366.0M | $303.5M |
净利润CWENENPH
| Q1 26 | — | $-7.4M | ||
| Q4 25 | $-104.0M | $38.7M | ||
| Q3 25 | $236.0M | $66.6M | ||
| Q2 25 | $33.0M | $37.1M | ||
| Q1 25 | $4.0M | $29.7M | ||
| Q4 24 | $3.0M | $62.2M | ||
| Q3 24 | $36.0M | $45.8M | ||
| Q2 24 | $51.0M | $10.8M |
毛利率CWENENPH
| Q1 26 | — | 35.5% | ||
| Q4 25 | 51.9% | 44.3% | ||
| Q3 25 | 70.2% | 47.8% | ||
| Q2 25 | 66.6% | 46.9% | ||
| Q1 25 | 59.1% | 47.2% | ||
| Q4 24 | 52.0% | 51.8% | ||
| Q3 24 | 72.2% | 46.8% | ||
| Q2 24 | 68.0% | 45.2% |
营业利润率CWENENPH
| Q1 26 | — | — | ||
| Q4 25 | -11.9% | 6.5% | ||
| Q3 25 | 26.1% | 16.1% | ||
| Q2 25 | 21.7% | 10.2% | ||
| Q1 25 | — | 9.0% | ||
| Q4 24 | -14.5% | 14.3% | ||
| Q3 24 | 36.6% | 13.1% | ||
| Q2 24 | 23.0% | 0.6% |
净利率CWENENPH
| Q1 26 | — | -2.6% | ||
| Q4 25 | -33.5% | 11.3% | ||
| Q3 25 | 55.0% | 16.2% | ||
| Q2 25 | 8.4% | 10.2% | ||
| Q1 25 | 1.3% | 8.3% | ||
| Q4 24 | 1.2% | 16.2% | ||
| Q3 24 | 7.4% | 12.0% | ||
| Q2 24 | 13.9% | 3.6% |
每股收益（稀释后）CWENENPH
| Q1 26 | — | $-0.06 | ||
| Q4 25 | — | $0.29 | ||
| Q3 25 | — | $0.50 | ||
| Q2 25 | — | $0.28 | ||
| Q1 25 | — | $0.22 | ||
| Q4 24 | — | $0.46 | ||
| Q3 24 | — | $0.33 | ||
| Q2 24 | — | $0.08 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $231.0M | $497.5M |
| 总债务越低越好 | $7.9B | — |
| 股东权益账面价值 | $5.8B | $1.1B |
| 总资产 | $16.7B | $2.7B |
| 负债/权益比越低杠杆越低 | 1.36× | — |
8季度趋势，按日历期对齐
现金及短期投资CWENENPH
| Q1 26 | — | $497.5M | ||
| Q4 25 | $231.0M | $1.5B | ||
| Q3 25 | $251.0M | $1.5B | ||
| Q2 25 | $260.0M | $1.5B | ||
| Q1 25 | $297.0M | $1.5B | ||
| Q4 24 | $332.0M | $1.6B | ||
| Q3 24 | $292.0M | $1.8B | ||
| Q2 24 | $226.0M | $1.6B |
总债务CWENENPH
| Q1 26 | — | — | ||
| Q4 25 | $7.9B | $1.2B | ||
| Q3 25 | $8.1B | $1.2B | ||
| Q2 25 | $8.3B | $1.2B | ||
| Q1 25 | $7.2B | $1.2B | ||
| Q4 24 | $6.8B | $1.3B | ||
| Q3 24 | $6.7B | $1.3B | ||
| Q2 24 | $6.8B | $1.3B |
股东权益CWENENPH
| Q1 26 | — | $1.1B | ||
| Q4 25 | $5.8B | $1.1B | ||
| Q3 25 | $5.7B | $995.0M | ||
| Q2 25 | $5.5B | $880.6M | ||
| Q1 25 | $5.4B | $810.7M | ||
| Q4 24 | $5.6B | $833.0M | ||
| Q3 24 | $5.6B | $931.4M | ||
| Q2 24 | $5.7B | $884.5M |
总资产CWENENPH
| Q1 26 | — | $2.7B | ||
| Q4 25 | $16.7B | $3.5B | ||
| Q3 25 | $16.1B | $3.3B | ||
| Q2 25 | $16.0B | $3.2B | ||
| Q1 25 | $14.6B | $3.1B | ||
| Q4 24 | $14.3B | $3.2B | ||
| Q3 24 | $14.2B | $3.3B | ||
| Q2 24 | $14.5B | $3.2B |
负债/权益比CWENENPH
| Q1 26 | — | — | ||
| Q4 25 | 1.36× | 1.11× | ||
| Q3 25 | 1.41× | 1.21× | ||
| Q2 25 | 1.49× | 1.37× | ||
| Q1 25 | 1.33× | 1.48× | ||
| Q4 24 | 1.21× | 1.56× | ||
| Q3 24 | 1.20× | 1.40× | ||
| Q2 24 | 1.19× | 1.47× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $177.0M | $102.9M |
| 自由现金流经营现金流 - 资本支出 | $71.0M | $83.0M |
| 自由现金流率自由现金流/营收 | 22.9% | 29.3% |
| 资本支出强度资本支出/营收 | 34.2% | — |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $369.0M | $145.1M |
8季度趋势，按日历期对齐
经营现金流CWENENPH
| Q1 26 | — | $102.9M | ||
| Q4 25 | $177.0M | $47.6M | ||
| Q3 25 | $225.0M | $13.9M | ||
| Q2 25 | $191.0M | $26.6M | ||
| Q1 25 | $95.0M | $48.4M | ||
| Q4 24 | $192.0M | $167.3M | ||
| Q3 24 | $301.0M | $170.1M | ||
| Q2 24 | $196.0M | $127.1M |
自由现金流CWENENPH
| Q1 26 | — | $83.0M | ||
| Q4 25 | $71.0M | $37.8M | ||
| Q3 25 | $144.0M | $5.9M | ||
| Q2 25 | $115.0M | $18.4M | ||
| Q1 25 | $39.0M | $33.8M | ||
| Q4 24 | $142.0M | $159.2M | ||
| Q3 24 | $266.0M | $161.6M | ||
| Q2 24 | $92.0M | $117.4M |
自由现金流率CWENENPH
| Q1 26 | — | 29.3% | ||
| Q4 25 | 22.9% | 11.0% | ||
| Q3 25 | 33.6% | 1.4% | ||
| Q2 25 | 29.3% | 5.1% | ||
| Q1 25 | 13.1% | 9.5% | ||
| Q4 24 | 55.5% | 41.6% | ||
| Q3 24 | 54.7% | 42.4% | ||
| Q2 24 | 25.1% | 38.7% |
资本支出强度CWENENPH
| Q1 26 | — | — | ||
| Q4 25 | 34.2% | 2.8% | ||
| Q3 25 | 18.9% | 2.0% | ||
| Q2 25 | 19.4% | 2.3% | ||
| Q1 25 | 18.8% | 4.1% | ||
| Q4 24 | 19.5% | 2.1% | ||
| Q3 24 | 7.2% | 2.2% | ||
| Q2 24 | 28.4% | 3.2% |
现金转化率CWENENPH
| Q1 26 | — | — | ||
| Q4 25 | — | 1.23× | ||
| Q3 25 | 0.95× | 0.21× | ||
| Q2 25 | 5.79× | 0.72× | ||
| Q1 25 | 23.75× | 1.63× | ||
| Q4 24 | 64.00× | 2.69× | ||
| Q3 24 | 8.36× | 3.72× | ||
| Q2 24 | 3.84× | 11.73× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
