Fuel Tech, Inc. (FTEK) 10-Year Financial Performance & Capital Metrics

FTEK • • Industrial / General

IndustrialsEnvironmental ServicesAir Pollution ControlEmissions Control Systems

AboutFuel Tech, Inc. provides boiler optimization, efficiency improvement, and air pollution reduction and control solutions to utility and industrial customers worldwide. It operates through two segments, Air Pollution Control Technology and FUEL CHEM Technology. The Air Pollution Control Technology segment offers technologies to reduce nitrogen oxide (NOx) emissions in flue gas from boilers, incinerators, furnaces, and other stationary combustion sources by low and ultra-low NOx burners; over-fire air systems; NOxOUT and HERT selective non-catalytic reduction systems; selective catalytic reduction systems comprising ammonia injection grid, and graduated straightening grid systems; I-NOx systems; ESP Processes and Services; ULTRA technology; and flue gas conditioning systems; and burner systems. The FUEL CHEM Technology segment provides programs to improve the efficiency, reliability, fuel flexibility, boiler heat rate, and environmental status of combustion units by controlling slagging, fouling, corrosion, opacity, and acid plume, as well as the formation of sulfur trioxide, ammonium bisulfate, particulate matter, sulfur dioxide, and carbon dioxide through the addition of chemicals into the furnace using TIFI targeted in-furnace injection technology. This segment offers its FUEL CHEM program for plants operating in the electric utility, industrial, pulp and paper, waste-to-energy, and university and district heating markets; and the owners of boilers, furnaces, and other combustion units. The company was incorporated in 1987 and is headquartered in Warrenville, Illinois.Show more

Revenue $25M -7.2%
EBITDA -$4M -83.2%
Net Income -$2M -26.3%
EPS (Diluted) -0.06 -25.4%
Gross Margin 42.27% -1.8%
EBITDA Margin -16.88% -97.4%
Operating Margin -18.71% -90.6%
Net Margin -7.73% -36.1%
ROE -4.54% -30.6%
ROIC -11.6% -40.9%
Debt/Equity 0.01 +6.1%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓High quality earnings: Operating CF exceeds net income
✓Trading at only 1.2x book value

✗Weaknesses

✗Weak Piotroski F-Score: 0/9
✗Negative free cash flow
✗Weak momentum: RS Rating 20 (bottom 20%)
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-10.82%

5Y-3.78%

3Y1.18%

TTM-5.66%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-402.17%

EPS CAGR

10Y-

5Y-

3Y-

TTM-394.95%

ROCE

10Y Avg-12.67%

5Y Avg-8.2%

3Y Avg-6.65%

Latest-10.73%

Peer Comparison

Emissions Control Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CECOCECO Environmental Corp.	2.36B	66.16	183.78	2.4%	7.22%	16.54%	0.32%	0.99
WFFWF Holding Limited Ordinary Shares	11.08M	0.44	110	-20.26%	2.44%	4.21%	6.33%	0.16
FTEKFuel Tech, Inc.	49.72M	1.60	-25.16	-7.19%	-12.17%	-7.33%		0.01
MIRMirion Technologies, Inc.	6.6B	27.00	-150	7.48%	2.94%	1.4%	0.76%	0.46

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	73.66M	55.16M	45.17M	56.53M	30.47M	22.55M	24.26M	26.94M	27.08M	25.13M
Revenue Growth %	-0.07%	-0.25%	-0.18%	0.25%	-0.46%	-0.26%	0.08%	0.11%	0.01%	-0.07%
Cost of Goods Sold+	45.11M	36.37M	27.14M	36.47M	19.64M	11.91M	12.36M	15.3M	15.43M	14.51M
COGS % of Revenue	0.61%	0.66%	0.6%	0.65%	0.64%	0.53%	0.51%	0.57%	0.57%	0.58%
Gross Profit+	28.56M	18.79M	18.02M	20.06M	10.83M	10.64M	11.9M	11.64M	11.66M	10.62M
Gross Margin %	0.39%	0.34%	0.4%	0.35%	0.36%	0.47%	0.49%	0.43%	0.43%	0.42%
Gross Profit Growth %	-0.19%	-0.34%	-0.04%	0.11%	-0.46%	-0.02%	0.12%	-0.02%	0%	-0.09%
Operating Expenses+	35.39M	30.12M	22M	19.64M	19.07M	14.97M	13.39M	13.17M	14.31M	15.32M
OpEx % of Revenue	0.48%	0.55%	0.49%	0.35%	0.63%	0.66%	0.55%	0.49%	0.53%	0.61%
Selling, General & Admin	31.12M	25.56M	20.93M	18.56M	17.19M	13.6M	12.05M	12.28M	12.8M	13.76M
SG&A % of Revenue	0.42%	0.46%	0.46%	0.33%	0.56%	0.6%	0.5%	0.46%	0.47%	0.55%
Research & Development	4.27M	4.55M	1.07M	1.07M	1.13M	1.18M	1.33M	895K	1.51M	1.56M
R&D % of Revenue	0.06%	0.08%	0.02%	0.02%	0.04%	0.05%	0.05%	0.03%	0.06%	0.06%
Other Operating Expenses	0	0	-60K	2K	752K	197K	0	0	0	0
Operating Income+	-8.26M	-14.82M	-7.07M	110K	-8.24M	-4.34M	-1.49M	-1.53M	-2.66M	-4.7M
Operating Margin %	-0.11%	-0.27%	-0.16%	0%	-0.27%	-0.19%	-0.06%	-0.06%	-0.1%	-0.19%
Operating Income Growth %	0.67%	-0.8%	0.52%	1.02%	-75.91%	0.47%	0.66%	-0.03%	-0.74%	-0.77%
EBITDA+	-4.05M	-11.32M	-5.54M	957K	-7.24M	-3.49M	-748K	-1.09M	-2.32M	-4.24M
EBITDA Margin %	-0.06%	-0.21%	-0.12%	0.02%	-0.24%	-0.15%	-0.03%	-0.04%	-0.09%	-0.17%
EBITDA Growth %	0.81%	-1.79%	0.51%	1.17%	-8.57%	0.52%	0.79%	-0.45%	-1.13%	-0.83%
D&A (Non-Cash Add-back)	4.21M	3.5M	1.53M	847K	996K	848K	741K	440K	342K	460K
EBIT	-5.77M	-8.52M	-3.98M	427K	-7.49M	-4.22M	87K	-1.37M	-1.45M	-1.87M
Net Interest Income+	-6K	25K	10K	6K	41K	-4K	-13K	185K	1.28M	1.25M
Interest Income	21K	25K	10K	6K	41K	0	6K	202K	1.3M	1.25M
Interest Expense	27K	0	0	0	0	4K	19K	17K	21K	0
Other Income/Expense	-366K	-3.7M	-50K	8K	403K	115K	1.56M	139K	1.19M	2.84M
Pretax Income+	-8.62M	-15.72M	-7.12M	118K	-7.84M	-4.22M	68K	-1.39M	-1.47M	-1.87M
Pretax Margin %	-0.12%	-0.29%	-0.16%	0%	-0.26%	-0.19%	0%	-0.05%	-0.05%	-0.07%
Income Tax+	3.76M	1.66M	-46K	33K	14K	57K	14K	54K	69K	77K
Effective Tax Rate %	1.44%	1.11%	1.54%	-0.24%	1%	1.01%	0.79%	1.04%	1.05%	1.04%
Net Income+	-12.38M	-17.39M	-10.98M	-28K	-7.85M	-4.28M	54K	-1.44M	-1.54M	-1.94M
Net Margin %	-0.17%	-0.32%	-0.24%	-0%	-0.26%	-0.19%	0%	-0.05%	-0.06%	-0.08%
Net Income Growth %	0.3%	-0.4%	0.37%	1%	-279.43%	0.46%	1.01%	-27.7%	-0.07%	-0.26%
Net Income (Continuing)	-9.55M	-14.59M	-6.54M	85K	-7.85M	-4.28M	54K	-1.44M	-1.54M	-1.94M
Discontinued Operations	0	0	0	0	-1K	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.54	-0.74	-0.44	-0.00	-0.32	-0.17	0.00	-0.05	-0.05	-0.06
EPS Growth %	0.31%	-0.37%	0.41%	1%	-	0.47%	1.01%	-	-0.07%	-0.25%
EPS (Basic)	-0.54	-0.74	-0.44	-0.00	-0.32	-0.17	0.00	-0.05	-0.05	-0.06
Diluted Shares Outstanding	23.1M	23.36M	23.87M	24.16M	24.2M	24.69M	29.69M	30.29M	30.35M	30.57M
Basic Shares Outstanding	23.1M	23.36M	23.87M	24.16M	24.2M	24.69M	29.59M	30.29M	30.35M	30.57M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	52.4M	40.63M	33.75M	40.72M	21.61M	21.07M	41.47M	35.83M	38.32M	29.62M
Cash & Short-Term Investments	21.7M	11.84M	8.37M	12.04M	12.99M	10.64M	35.89M	26.31M	29.71M	18.69M
Cash Only	21.68M	11.83M	8.37M	12.04M	12.99M	10.64M	35.89M	23.33M	17.58M	8.51M
Short-Term Investments	19K	9K	6K	0	0	0	0	2.98M	12.14M	10.18M
Accounts Receivable	24.92M	18.88M	20.43M	18.4M	6.52M	6.53M	3.26M	7.73M	6.73M	9.37M
Days Sales Outstanding	123.46	124.91	165.12	118.79	78.06	105.66	49.03	104.71	90.69	136.05
Inventory	1.65M	1.01M	945K	957K	264K	97K	348K	392K	439K	397K
Days Inventory Outstanding	13.38	10.16	12.71	9.58	4.91	2.97	10.27	9.35	10.39	9.99
Other Current Assets	239K	6.02M	1.76M	6.02M	1.84M	2.16M	891K	1.4M	1.44M	1.16M
Total Non-Current Assets+	23.61M	17.15M	16.74M	11M	10.04M	9.02M	8.51M	14.3M	12.07M	19.18M
Property, Plant & Equipment	12M	10.92M	6.27M	5.98M	6.02M	5.61M	4.85M	4.63M	5.15M	5.67M
Fixed Asset Turnover	6.14x	5.05x	7.20x	9.46x	5.06x	4.02x	5.00x	5.82x	5.26x	4.43x
Goodwill	2.12M	2.12M	2.12M	2.12M	2.12M	2.12M	2.12M	2.12M	2.12M	2.12M
Intangible Assets	7.14M	3.45M	1.67M	1.16M	906K	553K	448K	397K	358K	327K
Long-Term Investments	0	0	5M	-171K	507K	0	0	6.36M	3.66M	10.88M
Other Non-Current Assets	1.36M	666K	1.31M	1.75M	443K	732K	1.09M	794K	781K	191K
Total Assets+	76.01M	57.79M	50.48M	51.72M	31.66M	30.09M	49.97M	50.12M	50.39M	48.8M
Asset Turnover	0.97x	0.95x	0.89x	1.09x	0.96x	0.75x	0.49x	0.54x	0.54x	0.52x
Asset Growth %	-0.17%	-0.24%	-0.13%	0.02%	-0.39%	-0.05%	0.66%	0%	0.01%	-0.03%
Total Current Liabilities+	16.54M	14.05M	15.72M	17.16M	4.79M	5.53M	3.22M	4.77M	5.69M	5.86M
Accounts Payable	8.94M	6.3M	9.06M	9.5M	2.12M	2.35M	1.56M	2.71M	2.42M	2.92M
Days Payables Outstanding	72.36	63.26	121.9	95.07	39.35	72.1	46.09	64.66	57.29	73.33
Short-Term Debt	0	0	0	0	182K	0	0	0	0	0
Deferred Revenue (Current)	1000K	0	1000K	1000K	712K	0	390K	447K	1000K	0
Other Current Liabilities	1.86M	2.08M	3.36M	1.49M	1.26M	1.2M	847K	1.26M	1.41M	2.86M
Current Ratio	3.17x	2.89x	2.15x	2.37x	4.51x	3.81x	12.87x	7.52x	6.74x	5.06x
Quick Ratio	3.07x	2.82x	2.09x	2.32x	4.45x	3.79x	12.76x	7.43x	6.66x	4.99x
Cash Conversion Cycle	64.48	71.81	55.93	33.3	43.62	36.54	13.22	49.41	43.79	72.71
Total Non-Current Liabilities+	501K	346K	420K	506K	762K	2.24M	551K	517K	986K	987K
Long-Term Debt	0	0	0	0	76K	1.56M	0	0	0	0
Capital Lease Obligations	0	0	0	0	180K	237K	122K	66K	533K	548K
Deferred Tax Liabilities	0	0	532K	171K	220K	0	139K	177K	172K	176K
Other Non-Current Liabilities	501K	346K	420K	506K	286K	443K	290K	274K	281K	263K
Total Liabilities	17.04M	14.4M	16.14M	17.67M	5.56M	7.77M	3.77M	5.28M	6.67M	6.84M
Total Debt+	0	0	76K	76K	438K	1.94M	235K	191K	614K	625K
Net Debt	-21.68M	-11.83M	-8.29M	-11.96M	-12.56M	-8.7M	-35.66M	-23.14M	-16.96M	-7.88M
Debt / Equity	-	-	0.00x	0.00x	0.02x	0.09x	0.01x	0.00x	0.01x	0.01x
Debt / EBITDA	-	-	-	0.08x	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-12.50x	-	-	-	-	-	-
Interest Coverage	-305.81x	-	-	-	-	-1084.00x	-78.37x	-89.82x	-126.57x	-
Total Equity+	58.97M	43.39M	34.34M	34.05M	26.1M	22.32M	46.2M	44.84M	43.71M	41.95M
Equity Growth %	-0.18%	-0.26%	-0.21%	-0.01%	-0.23%	-0.14%	1.07%	-0.03%	-0.03%	-0.04%
Book Value per Share	2.55	1.86	1.44	1.41	1.08	0.90	1.56	1.48	1.44	1.37
Total Shareholders' Equity	58.97M	43.39M	34.34M	34.05M	26.1M	22.32M	46.2M	44.84M	43.71M	41.95M
Common Stock	234K	238K	248K	248K	254K	262K	312K	313K	313K	317K
Retained Earnings	-74.13M	-91.52M	-102.5M	-102.5M	-110.33M	-114.6M	-114.55M	-115.99M	-117.53M	-119.47M
Treasury Stock	-1.04M	-1.21M	-1.47M	-1.48M	-1.61M	-2.18M	-2.23M	-2.25M	-2.25M	-2.35M
Accumulated OCI	-1.56M	-1.57M	-768K	-1.28M	-1.78M	-1.29M	-1.6M	-1.73M	-1.75M	-1.92M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	6.93M	-2.74M	-3.57M	4.93M	-3.39M	-2.71M	761K	-4.14M	696K	-3.43M
Operating CF Margin %	0.09%	-0.05%	-0.08%	0.09%	-0.11%	-0.12%	0.03%	-0.15%	0.03%	-0.14%
Operating CF Growth %	0.27%	-1.4%	-0.3%	2.38%	-1.69%	0.2%	1.28%	-6.44%	1.17%	-5.93%
Net Income	-12.38M	-17.39M	-7.07M	85K	-7.85M	-4.28M	54K	-1.44M	-1.54M	-1.94M
Depreciation & Amortization	4.21M	3.5M	1.53M	847K	996K	848K	741K	440K	342K	460K
Stock-Based Compensation	1.81M	1.99M	1.39M	233K	574K	290K	82K	224K	389K	446K
Deferred Taxes	4.92M	1.2M	-3.91M	2K	0	-38K	5K	38K	-5K	4K
Other Non-Cash Items	1.4M	2.85M	5.54M	351K	763K	-834K	-2.12M	-111K	-423K	-136K
Working Capital Changes	6.98M	5.12M	-1.04M	3.41M	2.13M	1.3M	2M	-3.29M	1.93M	-2.26M
Change in Receivables	7.88M	3.52M	113K	848K	11.41M	1.09M	3.79M	-4.45M	1.04M	-1.13M
Change in Inventory	-560K	446K	-134K	-108K	818K	171K	-252K	-45K	-46K	41K
Change in Payables	1.82M	-2.44M	2.5M	521K	-7.33M	198K	-772K	1.16M	-295K	519K
Cash from Investing+	-776K	-938K	-490K	-569K	-45K	-247K	-84K	-9.48M	-6.44M	-5.44M
Capital Expenditures	-802K	-940K	-492K	-570K	-550K	-247K	-84K	-206K	-418K	-378K
CapEx % of Revenue	0.01%	0.02%	0.01%	0.01%	0.02%	0.01%	0%	0.01%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	26K	2K	2K	1K	505K	0	0	0	0	0
Cash from Financing+	-1.88M	-6.19M	-258K	-12K	-128K	1.28M	23.98M	-17K	42K	-95K
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	0	0	-12K	-128K	-274K	-1.83M	-17K	42K	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	6.13M	-3.68M	-4.06M	4.36M	-3.94M	-2.95M	677K	-4.34M	278K	-3.81M
FCF Margin %	0.08%	-0.07%	-0.09%	0.08%	-0.13%	-0.13%	0.03%	-0.16%	0.01%	-0.15%
FCF Growth %	16.99%	-1.6%	-0.1%	2.07%	-1.9%	0.25%	1.23%	-7.42%	1.06%	-14.71%
FCF per Share	0.27	-0.16	-0.17	0.18	-0.16	-0.12	0.02	-0.14	0.01	-0.12
FCF Conversion (FCF/Net Income)	-0.56x	0.16x	0.32x	-175.96x	0.43x	0.63x	14.09x	2.87x	-0.45x	1.77x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	368K	31K	27K	18K	95K	0	14K	12K	52K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-18.86%	-33.97%	-28.26%	-0.08%	-26.11%	-17.67%	0.16%	-3.17%	-3.47%	-4.54%
Return on Invested Capital (ROIC)	-13.38%	-32.29%	-18.39%	0.34%	-34.69%	-23.94%	-9.24%	-7.1%	-8.23%	-11.6%
Gross Margin	38.77%	34.07%	39.9%	35.49%	35.55%	47.18%	49.04%	43.22%	43.04%	42.27%
Net Margin	-16.81%	-31.52%	-24.32%	-0.05%	-25.77%	-18.97%	0.22%	-5.35%	-5.68%	-7.73%
Debt / Equity	-	-	0.00x	0.00x	0.02x	0.09x	0.01x	0.00x	0.01x	0.01x
Interest Coverage	-305.81x	-	-	-	-	-1084.00x	-78.37x	-89.82x	-126.57x	-
FCF Conversion	-0.56x	0.16x	0.32x	-175.96x	0.43x	0.63x	14.09x	2.87x	-0.45x	1.77x
Revenue Growth	-6.77%	-25.12%	-18.12%	25.17%	-46.11%	-25.99%	7.59%	11.05%	0.52%	-7.19%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FUEL CHEM	-	-	-	-	-	13.99M	17.36M	16.34M	13.6M	13.89M
FUEL CHEM Growth	-	-	-	-	-	-	24.10%	-5.88%	-16.80%	2.15%
Air Pollution Control	-	-	-	-	-	8.56M	6.9M	7.93M	9.5M	7.9M
Air Pollution Control Growth	-	-	-	-	-	-	-19.41%	15.07%	19.68%	-16.85%
Others	-	-	-	-	-	-	-	-	-	-
Others Growth	-	-	-	-	-	-	-	-	-	-
Fuel Chem	30.18M	21.11M	17.36M	18.12M	16.39M	-	-	-	-	-
Fuel Chem Growth	-	-30.05%	-17.77%	4.38%	-9.57%	-	-	-	-	-
Air Pollution Control	43.48M	34.05M	27.81M	-	14.08M	-	-	-	-	-
Air Pollution Control Growth	-	-21.69%	-18.34%	-	-	-	-	-	-	-
Fuel Conversion	-	-	-	-	-	-	-	-	-	-
Fuel Conversion Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	51.48M	42.55M	29.51M	43.89M	25.88M	-	19.52M	20.31M	21.06M	17.8M
UNITED STATES Growth	-	-17.36%	-30.64%	48.72%	-41.03%	-	-	4.08%	3.70%	-15.48%
SOUTH AFRICA	-	-	-	-	-	-	-	-	-	2.57M
SOUTH AFRICA Growth	-	-	-	-	-	-	-	-	-	-
Europe	-	-	-	6.26M	2.32M	-	1.89M	2.89M	3.06M	2.15M
Europe Growth	-	-	-	-	-62.91%	-	-	52.48%	6.09%	-29.96%
Pacific Rim and Other Geographical Areas	-	-	-	-	-	-	-	-	-	1.69M
Pacific Rim and Other Geographical Areas Growth	-	-	-	-	-	-	-	-	-	-
Americas	-	-	-	-	-	-	-	213K	577K	924K
Americas Growth	-	-	-	-	-	-	-	-	170.89%	60.14%
Asia	-	-	-	5.1M	1.49M	-	2.5M	3.53M	2.38M	-
Asia Growth	-	-	-	-	-70.85%	-	-	41.39%	-32.62%	-
Non-US	-	-	-	-	-	-	-	6.63M	-	-
Non-US Growth	-	-	-	-	-	-	-	-	-	-
Americas, Excluding United States	-	-	-	-	-	-	356K	-	-	-
Americas, Excluding United States Growth	-	-	-	-	-	-	-	-	-	-
CHINA	-	-	-	-	-	24K	-	-	-	-
CHINA Growth	-	-	-	-	-	-	-	-	-	-
South America	-	-	-	1.29M	777K	-	-	-	-	-
South America Growth	-	-	-	-	-39.77%	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Fuel Tech, Inc. (FTEK) reported $24.7M in revenue for fiscal year 2024. This represents a 74% decrease from $93.7M in 2011.

Fuel Tech, Inc. (FTEK) saw revenue decline by 7.2% over the past year.

Fuel Tech, Inc. (FTEK) reported a net loss of $3.0M for fiscal year 2024.

Dividend & Returns

Fuel Tech, Inc. (FTEK) has a return on equity (ROE) of -4.5%. Negative ROE indicates the company is unprofitable.

Fuel Tech, Inc. (FTEK) generated $2.7M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

...

Fuel Tech, Inc. (FTEK) 10-Year Financial Performance & Capital Metrics

FTEK • • Industrial / General

IndustrialsEnvironmental ServicesAir Pollution ControlEmissions Control Systems

Revenue $25M -7.2%
EBITDA -$4M -83.2%
Net Income -$2M -26.3%
EPS (Diluted) -0.06 -25.4%
Gross Margin 42.27% -1.8%
EBITDA Margin -16.88% -97.4%
Operating Margin -18.71% -90.6%
Net Margin -7.73% -36.1%
ROE -4.54% -30.6%
ROIC -11.6% -40.9%
Debt/Equity 0.01 +6.1%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓High quality earnings: Operating CF exceeds net income
✓Trading at only 1.2x book value

✗Weaknesses

✗Weak Piotroski F-Score: 0/9
✗Negative free cash flow
✗Weak momentum: RS Rating 20 (bottom 20%)
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-10.82%

5Y-3.78%

3Y1.18%

TTM-5.66%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-402.17%

EPS CAGR

10Y-

5Y-

3Y-

TTM-394.95%

ROCE

10Y Avg-12.67%

5Y Avg-8.2%

3Y Avg-6.65%

Latest-10.73%

Peer Comparison

Emissions Control Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CECOCECO Environmental Corp.	2.36B	66.16	183.78	2.4%	7.22%	16.54%	0.32%	0.99
WFFWF Holding Limited Ordinary Shares	11.08M	0.44	110	-20.26%	2.44%	4.21%	6.33%	0.16
FTEKFuel Tech, Inc.	49.72M	1.60	-25.16	-7.19%	-12.17%	-7.33%		0.01
MIRMirion Technologies, Inc.	6.6B	27.00	-150	7.48%	2.94%	1.4%	0.76%	0.46

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	73.66M	55.16M	45.17M	56.53M	30.47M	22.55M	24.26M	26.94M	27.08M	25.13M
Revenue Growth %	-0.07%	-0.25%	-0.18%	0.25%	-0.46%	-0.26%	0.08%	0.11%	0.01%	-0.07%
Cost of Goods Sold+	45.11M	36.37M	27.14M	36.47M	19.64M	11.91M	12.36M	15.3M	15.43M	14.51M
COGS % of Revenue	0.61%	0.66%	0.6%	0.65%	0.64%	0.53%	0.51%	0.57%	0.57%	0.58%
Gross Profit+	28.56M	18.79M	18.02M	20.06M	10.83M	10.64M	11.9M	11.64M	11.66M	10.62M
Gross Margin %	0.39%	0.34%	0.4%	0.35%	0.36%	0.47%	0.49%	0.43%	0.43%	0.42%
Gross Profit Growth %	-0.19%	-0.34%	-0.04%	0.11%	-0.46%	-0.02%	0.12%	-0.02%	0%	-0.09%
Operating Expenses+	35.39M	30.12M	22M	19.64M	19.07M	14.97M	13.39M	13.17M	14.31M	15.32M
OpEx % of Revenue	0.48%	0.55%	0.49%	0.35%	0.63%	0.66%	0.55%	0.49%	0.53%	0.61%
Selling, General & Admin	31.12M	25.56M	20.93M	18.56M	17.19M	13.6M	12.05M	12.28M	12.8M	13.76M
SG&A % of Revenue	0.42%	0.46%	0.46%	0.33%	0.56%	0.6%	0.5%	0.46%	0.47%	0.55%
Research & Development	4.27M	4.55M	1.07M	1.07M	1.13M	1.18M	1.33M	895K	1.51M	1.56M
R&D % of Revenue	0.06%	0.08%	0.02%	0.02%	0.04%	0.05%	0.05%	0.03%	0.06%	0.06%
Other Operating Expenses	0	0	-60K	2K	752K	197K	0	0	0	0
Operating Income+	-8.26M	-14.82M	-7.07M	110K	-8.24M	-4.34M	-1.49M	-1.53M	-2.66M	-4.7M
Operating Margin %	-0.11%	-0.27%	-0.16%	0%	-0.27%	-0.19%	-0.06%	-0.06%	-0.1%	-0.19%
Operating Income Growth %	0.67%	-0.8%	0.52%	1.02%	-75.91%	0.47%	0.66%	-0.03%	-0.74%	-0.77%
EBITDA+	-4.05M	-11.32M	-5.54M	957K	-7.24M	-3.49M	-748K	-1.09M	-2.32M	-4.24M
EBITDA Margin %	-0.06%	-0.21%	-0.12%	0.02%	-0.24%	-0.15%	-0.03%	-0.04%	-0.09%	-0.17%
EBITDA Growth %	0.81%	-1.79%	0.51%	1.17%	-8.57%	0.52%	0.79%	-0.45%	-1.13%	-0.83%
D&A (Non-Cash Add-back)	4.21M	3.5M	1.53M	847K	996K	848K	741K	440K	342K	460K
EBIT	-5.77M	-8.52M	-3.98M	427K	-7.49M	-4.22M	87K	-1.37M	-1.45M	-1.87M
Net Interest Income+	-6K	25K	10K	6K	41K	-4K	-13K	185K	1.28M	1.25M
Interest Income	21K	25K	10K	6K	41K	0	6K	202K	1.3M	1.25M
Interest Expense	27K	0	0	0	0	4K	19K	17K	21K	0
Other Income/Expense	-366K	-3.7M	-50K	8K	403K	115K	1.56M	139K	1.19M	2.84M
Pretax Income+	-8.62M	-15.72M	-7.12M	118K	-7.84M	-4.22M	68K	-1.39M	-1.47M	-1.87M
Pretax Margin %	-0.12%	-0.29%	-0.16%	0%	-0.26%	-0.19%	0%	-0.05%	-0.05%	-0.07%
Income Tax+	3.76M	1.66M	-46K	33K	14K	57K	14K	54K	69K	77K
Effective Tax Rate %	1.44%	1.11%	1.54%	-0.24%	1%	1.01%	0.79%	1.04%	1.05%	1.04%
Net Income+	-12.38M	-17.39M	-10.98M	-28K	-7.85M	-4.28M	54K	-1.44M	-1.54M	-1.94M
Net Margin %	-0.17%	-0.32%	-0.24%	-0%	-0.26%	-0.19%	0%	-0.05%	-0.06%	-0.08%
Net Income Growth %	0.3%	-0.4%	0.37%	1%	-279.43%	0.46%	1.01%	-27.7%	-0.07%	-0.26%
Net Income (Continuing)	-9.55M	-14.59M	-6.54M	85K	-7.85M	-4.28M	54K	-1.44M	-1.54M	-1.94M
Discontinued Operations	0	0	0	0	-1K	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.54	-0.74	-0.44	-0.00	-0.32	-0.17	0.00	-0.05	-0.05	-0.06
EPS Growth %	0.31%	-0.37%	0.41%	1%	-	0.47%	1.01%	-	-0.07%	-0.25%
EPS (Basic)	-0.54	-0.74	-0.44	-0.00	-0.32	-0.17	0.00	-0.05	-0.05	-0.06
Diluted Shares Outstanding	23.1M	23.36M	23.87M	24.16M	24.2M	24.69M	29.69M	30.29M	30.35M	30.57M
Basic Shares Outstanding	23.1M	23.36M	23.87M	24.16M	24.2M	24.69M	29.59M	30.29M	30.35M	30.57M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	52.4M	40.63M	33.75M	40.72M	21.61M	21.07M	41.47M	35.83M	38.32M	29.62M
Cash & Short-Term Investments	21.7M	11.84M	8.37M	12.04M	12.99M	10.64M	35.89M	26.31M	29.71M	18.69M
Cash Only	21.68M	11.83M	8.37M	12.04M	12.99M	10.64M	35.89M	23.33M	17.58M	8.51M
Short-Term Investments	19K	9K	6K	0	0	0	0	2.98M	12.14M	10.18M
Accounts Receivable	24.92M	18.88M	20.43M	18.4M	6.52M	6.53M	3.26M	7.73M	6.73M	9.37M
Days Sales Outstanding	123.46	124.91	165.12	118.79	78.06	105.66	49.03	104.71	90.69	136.05
Inventory	1.65M	1.01M	945K	957K	264K	97K	348K	392K	439K	397K
Days Inventory Outstanding	13.38	10.16	12.71	9.58	4.91	2.97	10.27	9.35	10.39	9.99
Other Current Assets	239K	6.02M	1.76M	6.02M	1.84M	2.16M	891K	1.4M	1.44M	1.16M
Total Non-Current Assets+	23.61M	17.15M	16.74M	11M	10.04M	9.02M	8.51M	14.3M	12.07M	19.18M
Property, Plant & Equipment	12M	10.92M	6.27M	5.98M	6.02M	5.61M	4.85M	4.63M	5.15M	5.67M
Fixed Asset Turnover	6.14x	5.05x	7.20x	9.46x	5.06x	4.02x	5.00x	5.82x	5.26x	4.43x
Goodwill	2.12M	2.12M	2.12M	2.12M	2.12M	2.12M	2.12M	2.12M	2.12M	2.12M
Intangible Assets	7.14M	3.45M	1.67M	1.16M	906K	553K	448K	397K	358K	327K
Long-Term Investments	0	0	5M	-171K	507K	0	0	6.36M	3.66M	10.88M
Other Non-Current Assets	1.36M	666K	1.31M	1.75M	443K	732K	1.09M	794K	781K	191K
Total Assets+	76.01M	57.79M	50.48M	51.72M	31.66M	30.09M	49.97M	50.12M	50.39M	48.8M
Asset Turnover	0.97x	0.95x	0.89x	1.09x	0.96x	0.75x	0.49x	0.54x	0.54x	0.52x
Asset Growth %	-0.17%	-0.24%	-0.13%	0.02%	-0.39%	-0.05%	0.66%	0%	0.01%	-0.03%
Total Current Liabilities+	16.54M	14.05M	15.72M	17.16M	4.79M	5.53M	3.22M	4.77M	5.69M	5.86M
Accounts Payable	8.94M	6.3M	9.06M	9.5M	2.12M	2.35M	1.56M	2.71M	2.42M	2.92M
Days Payables Outstanding	72.36	63.26	121.9	95.07	39.35	72.1	46.09	64.66	57.29	73.33
Short-Term Debt	0	0	0	0	182K	0	0	0	0	0
Deferred Revenue (Current)	1000K	0	1000K	1000K	712K	0	390K	447K	1000K	0
Other Current Liabilities	1.86M	2.08M	3.36M	1.49M	1.26M	1.2M	847K	1.26M	1.41M	2.86M
Current Ratio	3.17x	2.89x	2.15x	2.37x	4.51x	3.81x	12.87x	7.52x	6.74x	5.06x
Quick Ratio	3.07x	2.82x	2.09x	2.32x	4.45x	3.79x	12.76x	7.43x	6.66x	4.99x
Cash Conversion Cycle	64.48	71.81	55.93	33.3	43.62	36.54	13.22	49.41	43.79	72.71
Total Non-Current Liabilities+	501K	346K	420K	506K	762K	2.24M	551K	517K	986K	987K
Long-Term Debt	0	0	0	0	76K	1.56M	0	0	0	0
Capital Lease Obligations	0	0	0	0	180K	237K	122K	66K	533K	548K
Deferred Tax Liabilities	0	0	532K	171K	220K	0	139K	177K	172K	176K
Other Non-Current Liabilities	501K	346K	420K	506K	286K	443K	290K	274K	281K	263K
Total Liabilities	17.04M	14.4M	16.14M	17.67M	5.56M	7.77M	3.77M	5.28M	6.67M	6.84M
Total Debt+	0	0	76K	76K	438K	1.94M	235K	191K	614K	625K
Net Debt	-21.68M	-11.83M	-8.29M	-11.96M	-12.56M	-8.7M	-35.66M	-23.14M	-16.96M	-7.88M
Debt / Equity	-	-	0.00x	0.00x	0.02x	0.09x	0.01x	0.00x	0.01x	0.01x
Debt / EBITDA	-	-	-	0.08x	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-12.50x	-	-	-	-	-	-
Interest Coverage	-305.81x	-	-	-	-	-1084.00x	-78.37x	-89.82x	-126.57x	-
Total Equity+	58.97M	43.39M	34.34M	34.05M	26.1M	22.32M	46.2M	44.84M	43.71M	41.95M
Equity Growth %	-0.18%	-0.26%	-0.21%	-0.01%	-0.23%	-0.14%	1.07%	-0.03%	-0.03%	-0.04%
Book Value per Share	2.55	1.86	1.44	1.41	1.08	0.90	1.56	1.48	1.44	1.37
Total Shareholders' Equity	58.97M	43.39M	34.34M	34.05M	26.1M	22.32M	46.2M	44.84M	43.71M	41.95M
Common Stock	234K	238K	248K	248K	254K	262K	312K	313K	313K	317K
Retained Earnings	-74.13M	-91.52M	-102.5M	-102.5M	-110.33M	-114.6M	-114.55M	-115.99M	-117.53M	-119.47M
Treasury Stock	-1.04M	-1.21M	-1.47M	-1.48M	-1.61M	-2.18M	-2.23M	-2.25M	-2.25M	-2.35M
Accumulated OCI	-1.56M	-1.57M	-768K	-1.28M	-1.78M	-1.29M	-1.6M	-1.73M	-1.75M	-1.92M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	6.93M	-2.74M	-3.57M	4.93M	-3.39M	-2.71M	761K	-4.14M	696K	-3.43M
Operating CF Margin %	0.09%	-0.05%	-0.08%	0.09%	-0.11%	-0.12%	0.03%	-0.15%	0.03%	-0.14%
Operating CF Growth %	0.27%	-1.4%	-0.3%	2.38%	-1.69%	0.2%	1.28%	-6.44%	1.17%	-5.93%
Net Income	-12.38M	-17.39M	-7.07M	85K	-7.85M	-4.28M	54K	-1.44M	-1.54M	-1.94M
Depreciation & Amortization	4.21M	3.5M	1.53M	847K	996K	848K	741K	440K	342K	460K
Stock-Based Compensation	1.81M	1.99M	1.39M	233K	574K	290K	82K	224K	389K	446K
Deferred Taxes	4.92M	1.2M	-3.91M	2K	0	-38K	5K	38K	-5K	4K
Other Non-Cash Items	1.4M	2.85M	5.54M	351K	763K	-834K	-2.12M	-111K	-423K	-136K
Working Capital Changes	6.98M	5.12M	-1.04M	3.41M	2.13M	1.3M	2M	-3.29M	1.93M	-2.26M
Change in Receivables	7.88M	3.52M	113K	848K	11.41M	1.09M	3.79M	-4.45M	1.04M	-1.13M
Change in Inventory	-560K	446K	-134K	-108K	818K	171K	-252K	-45K	-46K	41K
Change in Payables	1.82M	-2.44M	2.5M	521K	-7.33M	198K	-772K	1.16M	-295K	519K
Cash from Investing+	-776K	-938K	-490K	-569K	-45K	-247K	-84K	-9.48M	-6.44M	-5.44M
Capital Expenditures	-802K	-940K	-492K	-570K	-550K	-247K	-84K	-206K	-418K	-378K
CapEx % of Revenue	0.01%	0.02%	0.01%	0.01%	0.02%	0.01%	0%	0.01%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	26K	2K	2K	1K	505K	0	0	0	0	0
Cash from Financing+	-1.88M	-6.19M	-258K	-12K	-128K	1.28M	23.98M	-17K	42K	-95K
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	0	0	-12K	-128K	-274K	-1.83M	-17K	42K	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	6.13M	-3.68M	-4.06M	4.36M	-3.94M	-2.95M	677K	-4.34M	278K	-3.81M
FCF Margin %	0.08%	-0.07%	-0.09%	0.08%	-0.13%	-0.13%	0.03%	-0.16%	0.01%	-0.15%
FCF Growth %	16.99%	-1.6%	-0.1%	2.07%	-1.9%	0.25%	1.23%	-7.42%	1.06%	-14.71%
FCF per Share	0.27	-0.16	-0.17	0.18	-0.16	-0.12	0.02	-0.14	0.01	-0.12
FCF Conversion (FCF/Net Income)	-0.56x	0.16x	0.32x	-175.96x	0.43x	0.63x	14.09x	2.87x	-0.45x	1.77x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	368K	31K	27K	18K	95K	0	14K	12K	52K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-18.86%	-33.97%	-28.26%	-0.08%	-26.11%	-17.67%	0.16%	-3.17%	-3.47%	-4.54%
Return on Invested Capital (ROIC)	-13.38%	-32.29%	-18.39%	0.34%	-34.69%	-23.94%	-9.24%	-7.1%	-8.23%	-11.6%
Gross Margin	38.77%	34.07%	39.9%	35.49%	35.55%	47.18%	49.04%	43.22%	43.04%	42.27%
Net Margin	-16.81%	-31.52%	-24.32%	-0.05%	-25.77%	-18.97%	0.22%	-5.35%	-5.68%	-7.73%
Debt / Equity	-	-	0.00x	0.00x	0.02x	0.09x	0.01x	0.00x	0.01x	0.01x
Interest Coverage	-305.81x	-	-	-	-	-1084.00x	-78.37x	-89.82x	-126.57x	-
FCF Conversion	-0.56x	0.16x	0.32x	-175.96x	0.43x	0.63x	14.09x	2.87x	-0.45x	1.77x
Revenue Growth	-6.77%	-25.12%	-18.12%	25.17%	-46.11%	-25.99%	7.59%	11.05%	0.52%	-7.19%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FUEL CHEM	-	-	-	-	-	13.99M	17.36M	16.34M	13.6M	13.89M
FUEL CHEM Growth	-	-	-	-	-	-	24.10%	-5.88%	-16.80%	2.15%
Air Pollution Control	-	-	-	-	-	8.56M	6.9M	7.93M	9.5M	7.9M
Air Pollution Control Growth	-	-	-	-	-	-	-19.41%	15.07%	19.68%	-16.85%
Others	-	-	-	-	-	-	-	-	-	-
Others Growth	-	-	-	-	-	-	-	-	-	-
Fuel Chem	30.18M	21.11M	17.36M	18.12M	16.39M	-	-	-	-	-
Fuel Chem Growth	-	-30.05%	-17.77%	4.38%	-9.57%	-	-	-	-	-
Air Pollution Control	43.48M	34.05M	27.81M	-	14.08M	-	-	-	-	-
Air Pollution Control Growth	-	-21.69%	-18.34%	-	-	-	-	-	-	-
Fuel Conversion	-	-	-	-	-	-	-	-	-	-
Fuel Conversion Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	51.48M	42.55M	29.51M	43.89M	25.88M	-	19.52M	20.31M	21.06M	17.8M
UNITED STATES Growth	-	-17.36%	-30.64%	48.72%	-41.03%	-	-	4.08%	3.70%	-15.48%
SOUTH AFRICA	-	-	-	-	-	-	-	-	-	2.57M
SOUTH AFRICA Growth	-	-	-	-	-	-	-	-	-	-
Europe	-	-	-	6.26M	2.32M	-	1.89M	2.89M	3.06M	2.15M
Europe Growth	-	-	-	-	-62.91%	-	-	52.48%	6.09%	-29.96%
Pacific Rim and Other Geographical Areas	-	-	-	-	-	-	-	-	-	1.69M
Pacific Rim and Other Geographical Areas Growth	-	-	-	-	-	-	-	-	-	-
Americas	-	-	-	-	-	-	-	213K	577K	924K
Americas Growth	-	-	-	-	-	-	-	-	170.89%	60.14%
Asia	-	-	-	5.1M	1.49M	-	2.5M	3.53M	2.38M	-
Asia Growth	-	-	-	-	-70.85%	-	-	41.39%	-32.62%	-
Non-US	-	-	-	-	-	-	-	6.63M	-	-
Non-US Growth	-	-	-	-	-	-	-	-	-	-
Americas, Excluding United States	-	-	-	-	-	-	356K	-	-	-
Americas, Excluding United States Growth	-	-	-	-	-	-	-	-	-	-
CHINA	-	-	-	-	-	24K	-	-	-	-
CHINA Growth	-	-	-	-	-	-	-	-	-	-
South America	-	-	-	1.29M	777K	-	-	-	-	-
South America Growth	-	-	-	-	-39.77%	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Fuel Tech, Inc. (FTEK) reported $24.7M in revenue for fiscal year 2024. This represents a 74% decrease from $93.7M in 2011.

Fuel Tech, Inc. (FTEK) saw revenue decline by 7.2% over the past year.

Fuel Tech, Inc. (FTEK) reported a net loss of $3.0M for fiscal year 2024.

Dividend & Returns

Fuel Tech, Inc. (FTEK) has a return on equity (ROE) of -4.5%. Negative ROE indicates the company is unprofitable.

Fuel Tech, Inc. (FTEK) generated $2.7M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.