vs
Clearway Energy, Inc.（CWEN）与Southern Company（SO）财务数据对比。点击上方公司名可切换其他公司
Southern Company的季度营收约是Clearway Energy, Inc.的22.5倍（$7.0B vs $310.0M）。Southern Company净利率更高（4.9% vs -33.5%，领先38.4%）。Clearway Energy, Inc.同比增速更快（21.1% vs 10.1%）。Clearway Energy, Inc.自由现金流更多（$71.0M vs $-1.7B）。过去两年Clearway Energy, Inc.的营收复合增速更高（8.6% vs 2.5%）
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。
Southern Company是美国燃气电力公用事业控股企业，总部位于佐治亚州亚特兰大，在阿拉巴马州伯明翰设有行政办公室。截至2021年按用户规模计为美国第二大公用事业公司，旗下子公司覆盖6个州，为900万燃气及电力用户提供服务，供电区域达12万平方英里。
CWEN vs SO — 直观对比
营收规模更大
SO
是对方的22.5倍
$310.0M
营收增速更快
CWEN
高出11.0%
10.1%
净利率更高
SO
高出38.4%
-33.5%
自由现金流更多
CWEN
多$1.8B
$-1.7B
两年增速更快
CWEN
近两年复合增速
2.5%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $310.0M | $7.0B |
| 净利润 | $-104.0M | $341.0M |
| 毛利率 | 51.9% | — |
| 营业利润率 | -11.9% | 13.1% |
| 净利率 | -33.5% | 4.9% |
| 营收同比 | 21.1% | 10.1% |
| 净利润同比 | -3566.7% | -26.8% |
| 每股收益（稀释后） | — | $0.38 |
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CWENSO
| Q4 25 | $310.0M | $7.0B | ||
| Q3 25 | $429.0M | $7.8B | ||
| Q2 25 | $392.0M | $7.0B | ||
| Q1 25 | $298.0M | $7.8B | ||
| Q4 24 | $256.0M | $6.3B | ||
| Q3 24 | $486.0M | $7.3B | ||
| Q2 24 | $366.0M | $6.5B | ||
| Q1 24 | $263.0M | $6.6B |
净利润CWENSO
| Q4 25 | $-104.0M | $341.0M | ||
| Q3 25 | $236.0M | $1.7B | ||
| Q2 25 | $33.0M | $880.0M | ||
| Q1 25 | $4.0M | $1.3B | ||
| Q4 24 | $3.0M | $466.0M | ||
| Q3 24 | $36.0M | $1.5B | ||
| Q2 24 | $51.0M | $1.2B | ||
| Q1 24 | $-2.0M | $1.1B |
毛利率CWENSO
| Q4 25 | 51.9% | — | ||
| Q3 25 | 70.2% | — | ||
| Q2 25 | 66.6% | — | ||
| Q1 25 | 59.1% | — | ||
| Q4 24 | 52.0% | — | ||
| Q3 24 | 72.2% | — | ||
| Q2 24 | 68.0% | — | ||
| Q1 24 | 52.1% | — |
营业利润率CWENSO
| Q4 25 | -11.9% | 13.1% | ||
| Q3 25 | 26.1% | 33.2% | ||
| Q2 25 | 21.7% | 25.3% | ||
| Q1 25 | — | 25.9% | ||
| Q4 24 | -14.5% | 16.7% | ||
| Q3 24 | 36.6% | 32.6% | ||
| Q2 24 | 23.0% | 30.0% | ||
| Q1 24 | -11.0% | 25.6% |
净利率CWENSO
| Q4 25 | -33.5% | 4.9% | ||
| Q3 25 | 55.0% | 21.9% | ||
| Q2 25 | 8.4% | 12.6% | ||
| Q1 25 | 1.3% | 16.3% | ||
| Q4 24 | 1.2% | 7.3% | ||
| Q3 24 | 7.4% | 21.1% | ||
| Q2 24 | 13.9% | 18.6% | ||
| Q1 24 | -0.8% | 16.1% |
每股收益（稀释后）CWENSO
| Q4 25 | — | $0.38 | ||
| Q3 25 | — | $1.54 | ||
| Q2 25 | — | $0.79 | ||
| Q1 25 | — | $1.21 | ||
| Q4 24 | — | $0.48 | ||
| Q3 24 | — | $1.39 | ||
| Q2 24 | — | $1.09 | ||
| Q1 24 | — | $1.03 |
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 | $1.6B |
| 总债务越低越好 | $7.9B | $65.6B |
| 股东权益账面价值 | $5.8B | $36.0B |
| 总资产 | $16.7B | $155.7B |
| 负债/权益比越低杠杆越低 | 1.36× | 1.82× |
8季度趋势，按日历期对齐
现金及短期投资CWENSO
| Q4 25 | $231.0M | $1.6B | ||
| Q3 25 | $251.0M | $3.3B | ||
| Q2 25 | $260.0M | $1.3B | ||
| Q1 25 | $297.0M | $2.3B | ||
| Q4 24 | $332.0M | $1.1B | ||
| Q3 24 | $292.0M | $1.0B | ||
| Q2 24 | $226.0M | $1.2B | ||
| Q1 24 | $478.0M | $713.0M |
总债务CWENSO
| Q4 25 | $7.9B | $65.6B | ||
| Q3 25 | $8.1B | $64.6B | ||
| Q2 25 | $8.3B | $63.0B | ||
| Q1 25 | $7.2B | $62.9B | ||
| Q4 24 | $6.8B | $58.8B | ||
| Q3 24 | $6.7B | $61.3B | ||
| Q2 24 | $6.8B | $59.9B | ||
| Q1 24 | $7.6B | $59.4B |
股东权益CWENSO
| Q4 25 | $5.8B | $36.0B | ||
| Q3 25 | $5.7B | $38.3B | ||
| Q2 25 | $5.5B | $37.3B | ||
| Q1 25 | $5.4B | $37.2B | ||
| Q4 24 | $5.6B | $33.2B | ||
| Q3 24 | $5.6B | $36.9B | ||
| Q2 24 | $5.7B | $36.1B | ||
| Q1 24 | $5.0B | $35.6B |
总资产CWENSO
| Q4 25 | $16.7B | $155.7B | ||
| Q3 25 | $16.1B | $153.2B | ||
| Q2 25 | $16.0B | $148.9B | ||
| Q1 25 | $14.6B | $148.1B | ||
| Q4 24 | $14.3B | $145.2B | ||
| Q3 24 | $14.2B | $144.0B | ||
| Q2 24 | $14.5B | $141.9B | ||
| Q1 24 | $14.9B | $140.1B |
负债/权益比CWENSO
| Q4 25 | 1.36× | 1.82× | ||
| Q3 25 | 1.41× | 1.69× | ||
| Q2 25 | 1.49× | 1.69× | ||
| Q1 25 | 1.33× | 1.69× | ||
| Q4 24 | 1.21× | 1.77× | ||
| Q3 24 | 1.20× | 1.66× | ||
| Q2 24 | 1.19× | 1.66× | ||
| Q1 24 | 1.50× | 1.67× |
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 | $2.6B |
| 自由现金流经营现金流 - 资本支出 | $71.0M | $-1.7B |
| 自由现金流率自由现金流/营收 | 22.9% | -24.2% |
| 资本支出强度资本支出/营收 | 34.2% | 61.4% |
| 现金转化率经营现金流/净利润 | — | 7.62× |
| 过去12个月自由现金流最近4个季度 | $369.0M | $-2.9B |
8季度趋势，按日历期对齐
经营现金流CWENSO
| Q4 25 | $177.0M | $2.6B | ||
| Q3 25 | $225.0M | $3.8B | ||
| Q2 25 | $191.0M | $2.2B | ||
| Q1 25 | $95.0M | $1.3B | ||
| Q4 24 | $192.0M | $2.2B | ||
| Q3 24 | $301.0M | $3.6B | ||
| Q2 24 | $196.0M | $2.7B | ||
| Q1 24 | $81.0M | $1.3B |
自由现金流CWENSO
| Q4 25 | $71.0M | $-1.7B | ||
| Q3 25 | $144.0M | $559.0M | ||
| Q2 25 | $115.0M | $-619.0M | ||
| Q1 25 | $39.0M | $-1.2B | ||
| Q4 24 | $142.0M | $-576.0M | ||
| Q3 24 | $266.0M | $1.3B | ||
| Q2 24 | $92.0M | $563.0M | ||
| Q1 24 | $-17.0M | $-459.0M |
自由现金流率CWENSO
| Q4 25 | 22.9% | -24.2% | ||
| Q3 25 | 33.6% | 7.1% | ||
| Q2 25 | 29.3% | -8.9% | ||
| Q1 25 | 13.1% | -15.3% | ||
| Q4 24 | 55.5% | -9.1% | ||
| Q3 24 | 54.7% | 17.9% | ||
| Q2 24 | 25.1% | 8.7% | ||
| Q1 24 | -6.5% | -6.9% |
资本支出强度CWENSO
| Q4 25 | 34.2% | 61.4% | ||
| Q3 25 | 18.9% | 41.1% | ||
| Q2 25 | 19.4% | 40.2% | ||
| Q1 25 | 18.8% | 31.3% | ||
| Q4 24 | 19.5% | 43.4% | ||
| Q3 24 | 7.2% | 31.8% | ||
| Q2 24 | 28.4% | 32.9% | ||
| Q1 24 | 37.3% | 26.6% |
现金转化率CWENSO
| Q4 25 | — | 7.62× | ||
| Q3 25 | 0.95× | 2.21× | ||
| Q2 25 | 5.79× | 2.48× | ||
| Q1 25 | 23.75× | 0.98× | ||
| Q4 24 | 64.00× | 4.66× | ||
| Q3 24 | 8.36× | 2.36× | ||
| Q2 24 | 3.84× | 2.23× | ||
| Q1 24 | — | 1.22× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
CWEN
暂无分部数据
SO
| Other | $3.9B | 57% |
| Retail Electric Commercial | $1.6B | 23% |
| Natural Gas Distribution Residential | $689.0M | 10% |
| Natural Gas Distribution Transportation | $371.0M | 5% |
| Wholesale Non Affiliates | $123.0M | 2% |
| Natural Gas Distribution Other | $76.0M | 1% |
| Wholesale Electric Non PPA Revenues | $62.0M | 1% |
| Wholesale Affiliates | $55.0M | 1% |
| Retail Electric Other | $31.0M | 0% |
| Alternative Energy | $20.0M | 0% |
| Natural Gas Distribution Industrial | $15.0M | 0% |
