Direct Answer
28 SEC filers are classified under the Standard Industrial Classification codes that describe the renewable power producers industry, and their latest annual reports show $313.7 billion of combined revenue and a median operating margin of 20.3%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics.
Industry Overview
Renewable power producers build and operate wind, solar, hydro and storage projects and sell electricity under long-term contracts. Cash flows are stable once projects operate, and growth depends on tax credits, financing cost and new project pipeline. The first numbers to compare across companies here are operating capacity, contracted share and remaining contract life and adjusted EBITDA.
Key Industry Metrics
- Operating capacity: The wind, solar and storage capacity in service. It shows the base that generates revenue, and growth depends on projects reaching completion.
- Contracted share and remaining contract life: The portion of output sold under long-term agreements and how many years remain. Long, high shares give stable income, while short contracts expose revenue to re-pricing.
- Adjusted EBITDA: Operating earnings before interest, taxes, depreciation, amortization and adjustments. It is a company-defined measure, so compare it with cash flow and check the adjustments.
- Development pipeline: Projects planned or under construction. It shows growth potential, but not all projects reach completion, since permits and grid access can delay them.
- Net debt to EBITDA: Debt after cash divided by annual earnings. Project finance makes leverage common, so rising ratios increase sensitivity to interest rates.
Primary Macro Drivers
- Tax credits and renewable mandates: Credits and mandates support project returns and buyer demand, so policy shows in the development pipeline and new capacity.
- Interest rates and financing cost: Projects are financed with debt, so borrowing costs affect returns and the pace of new builds, shown in net debt to EBITDA.
- Corporate power purchase demand: Technology and other companies buy clean power under long contracts, supporting contracted share and pipeline growth.
- Equipment costs: Turbine, panel and battery costs set capital per project, shown in development returns and the pace of new capacity.
Major Risks
- Policy changes: Changes to credits or mandates can alter the value of projects not yet built; watch pipeline conversion and policy disclosures.
- Interest rate sensitivity: Higher rates raise the cost of financing and cut the value of long-lived contracts; watch interest expense and refinancing plans.
- Resource variability: Wind and sun vary by year, so output and revenue can fall short of plan; watch operating capacity and generation against expectations.
- Curtailment and merchant price exposure: Output may be cut when the grid is congested, and uncontracted output earns market prices; watch contracted share and remaining contract life.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Mixed |
| Capital Intensity | High |
| Regulatory Intensity | Medium |
| Industry Maturity | Growth |
| Geographic Importance | U.S. / Global |
Renewable Power Producers Filers in the SEC Record
28 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification codes 4911, 4991. Their latest fiscal years end between 2025 and 2026, and together they reported $313.7 billion of revenue. Median revenue growth over the prior year was 9.5%. Median operating margin was 20.3% and median net margin 10.6%. Median total liabilities were 72% of total assets, and 25 of 28 reported a profit in their latest year.
| Company | Revenue | Growth | Operating margin | Net margin | Year |
|---|---|---|---|---|---|
| Nrg Energy, Inc. | $30.7 billion | 9.2% | 6.0% | 2.8% | FY 2025 |
| Southern Co | $29.6 billion | 10.6% | 24.7% | 14.7% | FY 2025 |
| Nextera Energy Inc | $25.8 billion | 9.8% | 32.1% | 26.5% | FY 2025 |
| Constellation Energy Corp | $25.5 billion | 8.3% | 12.1% | 9.1% | FY 2025 |
| American Electric Power Co Inc | $21.9 billion | 10.9% | 24.3% | 16.9% | FY 2025 |
| Edison International | $19.3 billion | 9.8% | 36.7% | 23.1% | FY 2025 |
| Vistra Corp. | $17.7 billion | 3.0% | 10.7% | 5.3% | FY 2025 |
| Dominion Energy, Inc | $16.5 billion | 14.2% | 26.7% | 18.2% | FY 2025 |
The 8 largest of 28 by revenue. Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code.
Where to Go Next
The Renewable Power Producers guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company.
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Frequently Asked Questions
What are the main KPIs for the Renewable Power Producers industry?
Key performance indicators for the Renewable Power Producers industry include: Operating capacity, Contracted share and remaining contract life, Adjusted EBITDA, Development pipeline, Net debt to EBITDA. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the Renewable Power Producers industry?
The Renewable Power Producers industry exhibits mixed cyclicality characteristics. Some segments move with the broader economy while others maintain more stable demand, making stock selection within the group particularly important.
What are the biggest risks in the Renewable Power Producers industry?
The primary risks for Renewable Power Producers companies include: Policy changes, Interest rate sensitivity, Resource variability, Curtailment and merchant price exposure. Investors should assess each company's exposure to these factors and its track record of navigating them.