Direct Answer
28 SEC filers are classified under the Standard Industrial Classification codes that describe the wind 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
Wind power producers own and operate onshore and offshore wind farms that sell electricity under long-term agreements. Output follows wind resource, and returns depend on tax credits, equipment cost, interest rates and grid access. The first numbers to compare across companies here are operating capacity, capacity factor and contracted share and price.
Key Industry Metrics
- Operating capacity: The wind capacity in service. It sets the base for generation and revenue, and growth depends on projects reaching operation.
- Capacity factor: Actual output divided by what turbines could produce at full power. It depends on wind resource and turbine quality, and offshore sites usually achieve higher figures than onshore.
- Contracted share and price: The portion of output under long-term agreements and the price paid. A high share at a fixed price gives stable income but limits upside.
- Development pipeline: Projects planned or under construction. It shows growth potential, though permits, equipment and grid access can delay completion.
- Operating cost per megawatt-hour: Maintenance and operating cost per unit produced. It has no fuel cost, so it reflects turbine reliability and repair expense.
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.
- Turbine cost and supply chain: Turbine prices and supply chains set the capital cost of each project, shown in operating cost and returns.
- Interest rates: Projects are financed with debt, so borrowing costs affect returns and the pace of new builds.
- Transmission access: Lines to carry power from windy areas are needed to sell output, so access shows in curtailment and capacity factor.
Major Risks
- Policy changes: Changes to credits or mandates can alter the value of projects not yet built; watch pipeline conversion and policy disclosures.
- Wind resource variability: Wind varies by season and year, so output can fall short of plan; watch capacity factor against expectations and revenue.
- Offshore project cost overruns: Offshore projects face higher costs and delays, and contracts may not adjust; watch cost updates, delays and impairments.
- Curtailment: Output may be cut when the grid is congested; watch curtailment, capacity factor and the contracted share and price.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Defensive |
| Capital Intensity | High |
| Regulatory Intensity | Medium |
| Industry Maturity | Growth |
| Geographic Importance | U.S. |
Wind 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 Wind 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 Wind Power Producers industry?
Key performance indicators for the Wind Power Producers industry include: Operating capacity, Capacity factor, Contracted share and price, Development pipeline, Operating cost per megawatt-hour. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the Wind Power Producers industry?
The Wind Power Producers industry is generally defensive, meaning demand tends to remain relatively stable regardless of the economic cycle. Companies in this space can provide portfolio stability during recessions, though growth may lag in strong expansions.
What are the biggest risks in the Wind Power Producers industry?
The primary risks for Wind Power Producers companies include: Policy changes, Wind resource variability, Offshore project cost overruns, Curtailment. Investors should assess each company's exposure to these factors and its track record of navigating them.