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FuelCell Energy, Inc.(FCEL)Earnings, Financials & Key Ratios
FCEL•NASDAQ
Price updated Jun 19, 2026
AboutFuelCell Energy, Inc., together with its subsidiaries, designs, manufactures, sells, installs, operates, and services stationary fuel cell power plants for distributed baseload power generation. It offers SureSource1500, a 1.4-megawatt (MW) platform; SureSource 3000, a 2.8 MW platform; SureSource 4000, a 3.7 MW platform; SureSource 250, a 250- kilowatt (kW) platform; SureSource 400, a 400-kW platform; and SureSource Hydrogen, a 2.3 MW platform that is designed to produce up to 1,200 kilograms of hydrogen per day for multi-megawatt utility, microgrid, and distributed hydrogen applications, as well as on-site heat and chilling applications. It also provides SureSource Capture system that separates and concentrates carbon dioxide from the flue gases of natural gas, biomass, or coal-fired power plants, as well as industrial facilities; solid oxide fuel cell/solid oxide electrolysis cell stack technology. The company's SureSource power plants generate clean electricity, usable heat, water, and hydrogen. In addition, it provides engineering, procurement, and construction services; project financing services; and real-time monitoring and remote operation, online support system, preventative maintenance, parts and supplies, on-site and classroom training, and power plant refurbishment/recycling services, as well as technical services in the areas of plant operation and performance, and fuel processing. It serves various markets, including utilities and independent power producers, industrial and process applications, education and health care, data centers and communication, wastewater treatment, government, microgrids, food and beverage, and commercial and hospitality. The company primarily operates in the United States, South Korea, England, Germany, and Switzerland. FuelCell Energy, Inc. was founded in 1969 and is headquartered in Danbury, Connecticut.Show more
- Revenue$158M+41.0%
- EBITDA-$81M+32.5%
- Net Income-$188M-49.1%
- EPS (Diluted)-7.42-1414.3%
- Gross Margin-16.7%+47.9%
- EBITDA Margin-51.11%+52.1%
- Operating Margin-76.65%+44.9%
- Net Margin-118.8%-5.7%
- ROE-25.76%-52.1%
FCEL Key Insights
FuelCell Energy, Inc. (FCEL) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Momentum leader: RS Rating 98 (top 2%)
- ✓Strong 5Y sales CAGR of 17.4%
- ✓Share count reduced 90.2% through buybacks
- ✓Trading at only 0.8x book value
✗Weaknesses
- ✗Profits declining 16.1% over 5 years
- ✗Negative free cash flow
- ✗Low asset turnover indicates capital-intensive operations
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
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FCEL Price & Volume
FuelCell Energy, Inc. (FCEL) stock price & volume — 10-year historical chart
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FCEL Growth Metrics
FuelCell Energy, Inc. (FCEL) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-0.31%
5 Years17.42%
3 Years6.62%
TTM29.71%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM-57.74%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM-91.27%
Return on Capital
10 Years-15.98%
5 Years-14.91%
3 Years-15.77%
Last Year-13.98%
FCEL Recent Earnings
FuelCell Energy, Inc. (FCEL) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 9/12 qtrs (75%)●Beat Revenue 4/12 qtrs (33%)
Q3 2026Latest
Jun 8, 2026Metric
Actual
Est
EPS
$0.53-2.0%
$0.52
Rev
$36M-12.0%
$40M
Q2 2026
Mar 9, 2026Metric
Actual
Est
EPS
$0.52+23.5%
$0.68
Rev
$31M-27.6%
$42M
Q4 2025
Dec 18, 2025Metric
Actual
Est
EPS
$0.83+14.4%
$0.97
Rev
$55M+15.5%
$48M
Q4 2025
Sep 9, 2025Metric
Actual
Est
EPS
$0.95+40.3%
$1.59
Rev
$47M-1.4%
$47M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q3 2026Latest | Jun 8, 2026 | $0.53vs $0.52-2.0% | $36Mvs $40M-12.0% |
| Q2 2026 | Mar 9, 2026 | $0.52vs $0.68+23.5% | $31Mvs $42M-27.6% |
| Q4 2025 | Dec 18, 2025 | $0.83vs $0.97+14.4% | $55Mvs $48M+15.5% |
| Q4 2025 | Sep 9, 2025 | $0.95vs $1.59+40.3% | $47Mvs $47M-1.4% |
Based on last 12 quarters of dataView full earnings history →
FCEL Peer Comparison
FuelCell Energy, Inc. (FCEL) competitors in Hydrogen and Fuel Cell Systems — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 PLUG | 3.27B | 2.85 | -2.02 | 12.9% | -227.13% | -133.36% | 0.99 | |
 BE | 79.07B | 328.91 | -888.95 | 37.33% | 0.25% | 0.79% | 3.77 | |
 BLDP | 1.31B | 4.37 | -14.57 | 45.04% | -91.49% | -14.63% | 0.04 | |
 CLNE | 409.62M | 1.86 | -1.84 | 2.56% | -22.65% | -17.17% | 0.18 | |
 ITRI | 3.58B | 80.81 | 12.41 | -3.02% | 12.32% | 17.22% | 0.74 | |
 GNRC | 16.38B | 279.15 | 103.77 | -2.02% | 4.37% | 7.18% | 0.51 | |
 AMRC | 1.52B | 28.64 | 34.51 | 9.16% | 1.59% | 2.86% | 1.73 | |
 APD | 62.39B | 280.21 | -158.31 | -0.52% | 16.91% | 11.85% | 1.06 |
Compare FCEL vs Peers
FuelCell Energy, Inc. (FCEL) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
FCEL Income Statement
FuelCell Energy, Inc. (FCEL) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Oct'17 | Oct'18 | Oct'19 | Oct'20 | Oct'21 | Oct'22 | Oct'23 | Oct'24 | Oct'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Sales/Revenue | 95.67M | 89.44M | 60.75M | 70.87M | 69.58M | 130.48M | 123.39M | 112.13M | 158.16M | 167.88M |
Revenue Growth % | -11.63% | -6.51% | -32.07% | 16.66% | -1.81% | 87.52% | -5.43% | -9.13% | 41.05% | 29.71% |
Cost of Goods Sold | 92.93M | 86.34M | 82.02M | 78.6M | 85.22M | 160.06M | 133.93M | 148.05M | 184.57M | 198.43M |
COGS % of Revenue | 97.14% | 96.54% | 135.01% | 110.9% | 122.47% | 122.67% | 108.54% | 132.03% | 116.7% | - |
Gross Profit | 2.73M▲ 0% | 3.09M▲ 13.1% | -21.27M▼ 787.6% | -7.72M▲ 63.7% | -15.64M▼ 102.4% | -29.57M▼ 89.1% | -10.54M▲ 64.4% | -35.92M▼ 240.9% | -26.41M▲ 26.5% | -30.55M▲ 0% |
Gross Margin % | 2.86% | 3.46% | -35.01% | -10.9% | -22.47% | -22.67% | -8.54% | -32.03% | -16.7% | -18.2% |
Gross Profit Growth % | 865.83% | 13.13% | -787.65% | 63.68% | -102.45% | -89.11% | 64.38% | -240.94% | 26.48% | - |
Operating Expenses | 46.31M | 47.73M | 45.66M | 31.44M | 49.26M | 114.15M | 125.55M | 120.01M | 94.82M | 126.22M |
OpEx % of Revenue | 48.41% | 53.36% | 75.16% | 44.36% | 70.8% | 87.48% | 101.75% | 107.02% | 59.95% | - |
Selling, General & Admin | 25.92M | 24.91M | 31.87M | 26.64M | 37.95M | 79.62M | 64.53M | 64.6M | 60.74M | 57.42M |
SG&A % of Revenue | 27.09% | 27.85% | 52.47% | 37.6% | 54.53% | 61.02% | 52.29% | 57.61% | 38.41% | - |
Research & Development | 20.4M | 22.82M | 13.79M | 4.8M | 11.31M | 34.53M | 61.02M | 55.4M | 34.08M | 27.77M |
R&D % of Revenue | 21.32% | 25.51% | 22.69% | 6.77% | 16.26% | 26.46% | 49.45% | 49.41% | 21.55% | - |
Other Operating Expenses | 247K | 0 | 93K | 0 | 0 | 0 | 0 | 0 | 0 | 1000K |
Operating Income | -44.94M▲ 0% | -44.63M▲ 0.7% | -66.93M▼ 50.0% | -39.17M▲ 41.5% | -64.9M▼ 65.7% | -143.72M▼ 121.4% | -136.08M▲ 5.3% | -155.93M▼ 14.6% | -121.23M▲ 22.3% | -156.77M▲ 0% |
Operating Margin % | -46.97% | -49.9% | -110.17% | -55.26% | -93.27% | -110.15% | -110.28% | -139.06% | -76.65% | -93.38% |
Operating Income Growth % | 3.06% | 0.67% | -49.96% | 41.48% | -65.71% | -121.45% | 5.32% | -14.58% | 22.25% | - |
EBITDA | -36.42M | -35.98M | -54.58M | -19.79M | -45.03M | -122.45M | -110.71M | -119.73M | -80.83M | -115.85M |
EBITDA Margin % | -38.07% | -40.23% | -89.83% | -27.92% | -64.71% | -93.84% | -89.72% | -106.78% | -51.11% | -69.01% |
EBITDA Growth % | 12.04% | 1.19% | -51.67% | 63.74% | -127.55% | -171.93% | 9.59% | -8.15% | 32.49% | -10.93% |
D&A (Non-Cash Add-back) | 8.52M | 8.65M | 12.35M | 19.38M | 19.87M | 21.27M | 25.38M | 36.19M | 40.4M | 40.92M |
EBIT | -45.59M | -41.29M | -67.44M | -73.77M | -93.66M | -140.02M | -100.23M | -147.06M | -180.86M | -216.93M |
Net Interest Income | -9.17M | -9.05M | -10.62M | -15.29M | -7.33M | -3.01M | 8.55M | 4.03M | -2.06M | -1.73M |
Interest Income | 0 | 0 | 0 | 0 | 34K | 3.39M | 15.79M | 13.72M | 8.31M | 9.12M |
Interest Expense | 9.17M | 9.05M | 10.62M | 15.29M | 7.36M | 6.39M | 7.25M | 9.69M | 10.38M | 10.84M |
Other Income/Expense | -8.92M | -5.72M | -10.53M | -49.9M | -36.12M | -2.69M | 28.61M | -827K | -70M | -68.14M |
Pretax Income | -53.86M▲ 0% | -50.35M▲ 6.5% | -77.46M▼ 53.8% | -89.06M▼ 15.0% | -101.02M▼ 13.4% | -146.41M▼ 44.9% | -107.47M▲ 26.6% | -156.75M▼ 45.9% | -191.24M▼ 22.0% | -224.91M▲ 0% |
Pretax Margin % | -56.3% | -56.3% | -127.5% | -125.67% | -145.18% | -112.21% | -87.1% | -139.79% | -120.91% | -133.97% |
Income Tax | 44K | -3.02M | 109K | 46K | 2K | 819K | 581K | 25K | 137K | -2.39M |
Effective Tax Rate % | -0.08% | 5.99% | -0.14% | -0.05% | -0% | -0.56% | -0.54% | -0.02% | -0.07% | 1.06% |
Net Income | -53.9M▲ 0% | -47.33M▲ 12.2% | -77.57M▼ 63.9% | -89.11M▼ 14.9% | -101.03M▼ 13.4% | -142.72M▼ 41.3% | -107.57M▲ 24.6% | -126.01M▼ 17.1% | -187.9M▼ 49.1% | -222.81M▲ 0% |
Net Margin % | -56.34% | -52.92% | -127.68% | -125.73% | -145.18% | -109.38% | -87.17% | -112.38% | -118.8% | -132.72% |
Net Income Growth % | -5.78% | 12.19% | -63.87% | -14.88% | -13.37% | -41.27% | 24.63% | -17.14% | -49.12% | -57.74% |
Net Income (Continuing) | -53.9M | -47.33M | -77.57M | -89.11M | -101.03M | -147.23M | -108.06M | -156.78M | -191.37M | -222.53M |
Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Minority Interest | 0 | 0 | 0 | 0 | 3.03M | 10.13M | 17.95M | 10.69M | 9.11M | 9.08M |
EPS (Diluted) | -12.96▲ 0% | -6.86▲ 47.1% | -1.41▲ 79.4% | -0.40▲ 71.6% | -0.30▲ 25.0% | -0.38▼ 26.7% | -0.26▲ 31.6% | -0.49▼ 88.5% | -7.42▼ 1414.3% | -4.11▲ 0% |
EPS Growth % | 36.9% | 47.07% | 79.45% | 71.63% | 25% | -26.67% | 31.58% | -88.46% | -1414.29% | -91.27% |
EPS (Basic) | -13.73 | -9.01 | -1.82 | -0.42 | -0.31 | -0.39 | -0.26 | -0.53 | -7.42 | - |
Diluted Shares Outstanding | 4.16M | 6.9M | 55.08M | 221.96M | 334.74M | 383.14M | 419.75M | 261.84M | 25.74M | 54.22M |
Basic Shares Outstanding | 3.93M | 5.25M | 42.62M | 212.16M | 324.47M | 374.74M | 407.62M | 243.54M | 25.74M | 54.22M |
Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
FCEL Balance Sheet
FuelCell Energy, Inc. (FCEL) balance sheet — assets, liabilities & shareholders' equity
| Metric | Oct'17 | Oct'18 | Oct'19 | Oct'20 | Oct'21 | Oct'22 | Oct'23 | Oct'24 | Oct'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Total Current Assets | 203.51M | 130.3M | 84.32M | 233.98M | 543.39M | 580.28M | 476.31M | 444.46M | 449.81M | 543.93M |
Cash & Short-Term Investments | 49.29M | 39.29M | 9.43M | 149.87M | 432.21M | 458.06M | 353.71M | 257.26M | 278.1M | 373.17M |
Cash Only | 49.29M | 39.29M | 9.43M | 149.87M | 432.21M | 458.06M | 249.95M | 148.13M | 278.1M | 373.17M |
Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 103.76M | 109.12M | 0 | 0 |
Accounts Receivable | 68.52M | 23.04M | 10.98M | 17.6M | 23.65M | 15.9M | 20.11M | 48.6M | 53.01M | 51.34M |
Days Sales Outstanding | 261.43 | 94.02 | 65.94 | 90.66 | 124.07 | 44.49 | 59.47 | 158.2 | 122.33 | 118.81 |
Inventory | 74.5M | 53.58M | 54.52M | 50.97M | 67.07M | 90.91M | 84.46M | 113.7M | 86.2M | 88.45M |
Days Inventory Outstanding | 292.59 | 226.48 | 242.6 | 236.71 | 287.27 | 207.31 | 230.17 | 280.32 | 170.46 | 169.93 |
Other Current Assets | 4.76M | 5.9M | 3.47M | 9.23M | 11.27M | 15.41M | 18.04M | 24.9M | 32.51M | 30.58M |
Total Non-Current Assets | 180.28M | 210.12M | 249.13M | 289.56M | 331.86M | 359.44M | 479.21M | 499.67M | 482.34M | 460.45M |
Property, Plant & Equipment | 43.56M | 147.8M | 185.25M | 208.24M | 270.8M | 298.21M | 356.09M | 380.94M | 324.51M | 106.37M |
Fixed Asset Turnover | 2.20x | 0.61x | 0.33x | 0.34x | 0.26x | 0.44x | 0.35x | 0.29x | 0.49x | 0.62x |
Goodwill | 4.08M | 4.08M | 4.08M | 4.08M | 4.08M | 4.08M | 4.08M | 4.08M | 0 | 0 |
Intangible Assets | 9.59M | 9.59M | 21.26M | 19.97M | 18.67M | 17.37M | 16.08M | 14.78M | 3.89M | 3.24M |
Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Non-Current Assets | 123.04M | 48.65M | 38.54M | 57.28M | 38.31M | 39.78M | 102.97M | 99.87M | 153.93M | 350.84M |
Total Assets | 383.79M▲ 0% | 340.42M▼ 11.3% | 333.45M▼ 2.0% | 523.54M▲ 57.0% | 875.25M▲ 67.2% | 939.72M▲ 7.4% | 955.52M▲ 1.7% | 944.12M▼ 1.2% | 932.15M▼ 1.3% | 1B▲ 0% |
Asset Turnover | 0.25x | 0.26x | 0.18x | 0.14x | 0.08x | 0.14x | 0.13x | 0.12x | 0.17x | 0.18x |
Asset Growth % | 12.64% | -11.3% | -2.05% | 57.01% | 67.18% | 7.37% | 1.68% | -1.19% | -1.27% | 7.71% |
Total Current Liabilities | 98.08M | 60.12M | 62.73M | 58.9M | 52.77M | 85.8M | 65.9M | 73.9M | 67.84M | 63.3M |
Accounts Payable | 42.62M | 22.59M | 16.94M | 9.58M | 19.27M | 28.2M | 26.52M | 22.59M | 17.01M | 16.46M |
Days Payables Outstanding | 167.38 | 95.51 | 75.4 | 44.47 | 82.52 | 64.3 | 72.27 | 55.68 | 33.64 | 29.62 |
Short-Term Debt | 28.28M | 17.6M | 21.92M | 21.37M | 10.09M | 13.2M | 10.07M | 15.92M | 15.85M | 17.35M |
Deferred Revenue (Current) | 7.96M | 11.35M | 11.47M | 10.4M | 6.29M | 16.34M | 2.41M | 4.23M | 2.73M | 16.3M |
Other Current Liabilities | 836K | 952K | 950K | 938K | 0 | 0 | 0 | 2.23M | 2.22M | 0 |
Current Ratio | 2.07x | 2.17x | 1.34x | 3.97x | 10.30x | 6.76x | 7.23x | 6.01x | 6.63x | 8.59x |
Quick Ratio | 1.32x | 1.28x | 0.48x | 3.11x | 9.03x | 5.70x | 5.95x | 4.48x | 5.36x | 7.20x |
Cash Conversion Cycle | 386.64 | 224.99 | 233.14 | 282.9 | 328.82 | 187.5 | 217.37 | 382.84 | 259.15 | 259.12 |
Total Non-Current Liabilities | 96.89M | 103.38M | 135.12M | 210.23M | 117.15M | 99.53M | 129.31M | 142.75M | 133.17M | 151.71M |
Long-Term Debt | 63.76M | 71.62M | 90.14M | 150.65M | 78.63M | 82.86M | 119.59M | 130.85M | 115.23M | 129.55M |
Capital Lease Obligations | 0 | 0 | 0 | 9.82M | 8.09M | 7.58M | 8.99M | 8.89M | 11.95M | 47.32M |
Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Non-Current Liabilities | 14.22M | 14.96M | 16.27M | 18.27M | 0 | 0 | 0 | 0 | 0 | 0 |
Total Liabilities | 194.97M | 163.5M | 197.85M | 269.13M | 169.92M | 185.33M | 195.22M | 216.66M | 201M | 274.87M |
Total Debt | 92.04M | 89.22M | 112.06M | 182.77M | 97.84M | 104.29M | 139.25M | 156.47M | 143.96M | 159.7M |
Net Debt | 42.75M | 49.92M | 102.62M | 32.91M | -334.37M | -353.77M | -110.71M | 8.34M | -134.14M | -213.46M |
Debt / Equity | 0.49x | 0.50x | 0.83x | 0.72x | 0.14x | 0.14x | 0.18x | 0.22x | 0.20x | 0.22x |
Debt / EBITDA | - | - | - | - | - | - | - | - | - | -1.38x |
Net Debt / EBITDA | - | - | - | - | - | - | - | - | - | 1.84x |
Interest Coverage | -4.97x | -4.56x | -6.35x | -4.82x | -12.72x | -21.90x | -13.83x | -15.18x | -17.43x | -20.01x |
Total Equity | 188.81M▲ 0% | 176.92M▼ 6.3% | 135.59M▼ 23.4% | 254.41M▲ 87.6% | 705.33M▲ 177.2% | 754.38M▲ 7.0% | 760.3M▲ 0.8% | 727.47M▼ 4.3% | 731.14M▲ 0.5% | 728.51M▲ 0% |
Equity Growth % | 8.36% | -6.3% | -23.36% | 87.62% | 177.24% | 6.96% | 0.78% | -4.32% | 0.51% | 0.09% |
Book Value per Share | 45.39 | 25.66 | 2.46 | 1.15 | 2.11 | 1.97 | 1.81 | 2.78 | 28.40 | 13.44 |
Total Shareholders' Equity | 188.81M | 176.92M | 135.59M | 254.41M | 702.29M | 744.25M | 742.35M | 716.78M | 722.04M | 719.43M |
Common Stock | 7K | 10K | 19K | 29K | 37K | 41K | 2K | 2K | 5K | 6K |
Retained Earnings | -943.53M | -990.87M | -1.08B | -1.16B | -1.27B | -1.41B | -1.52B | -1.64B | -1.83B | -1.93B |
Treasury Stock | -280K | -363K | -466K | -432K | -586K | -855K | -1.08M | -1.2M | -1.41M | -1.5M |
Accumulated OCI | -415K | -403K | -647K | -739K | -819K | -1.75M | -1.67M | -1.56M | -1.7M | -1.81M |
Minority Interest | 0 | 0 | 0 | 0 | 3.03M | 10.13M | 17.95M | 10.69M | 9.11M | 9.08M |
FCEL Cash Flow Statement
FuelCell Energy, Inc. (FCEL) cash flow — operating, investing & free cash flow history
| Metric | Oct'17 | Oct'18 | Oct'19 | Oct'20 | Oct'21 | Oct'22 | Oct'23 | Oct'24 | Oct'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operations | -71.84M | 16.32M | -30.57M | -36.78M | -70.44M | -112.17M | -140.25M | -152.91M | -125.29M | -110.93M |
Operating CF Margin % | -75.1% | 18.25% | -50.32% | -51.9% | -101.23% | -85.96% | -113.66% | -136.36% | -79.22% | - |
Operating CF Growth % | -54.19% | 122.72% | -287.31% | -20.31% | -91.51% | -59.24% | -25.04% | -9.02% | 18.06% | -399.1% |
Net Income | -53.9M | -47.33M | -77.57M | -89.11M | -101.03M | -147.23M | -108.06M | -156.78M | -191.37M | -222.81M |
Depreciation & Amortization | 8.52M | 8.65M | 12.35M | 19.38M | 19.87M | 21.27M | 25.38M | 36.19M | 40.4M | 40.92M |
Stock-Based Compensation | 4.58M | 3.24M | 2.8M | 1.87M | 4.29M | 6.79M | 11.95M | 11.76M | 11.09M | 9.14M |
Deferred Taxes | 0 | -3.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Non-Cash Items | 7.09M | 6.55M | 27.59M | 46.22M | 38.36M | 8.51M | -16.52M | 13.76M | 64.38M | 106.93M |
Working Capital Changes | -38.14M | 48.25M | 4.25M | -15.14M | -31.94M | -1.51M | -53.01M | -57.85M | -49.79M | -43.01M |
Change in Receivables | -51.28M | 48.73M | 354K | -11.86M | -8.78M | 8.97M | -20.84M | -30.98M | -58.39M | -57.19M |
Change in Inventory | -7.97M | 31.71M | -6.43M | -2.11M | -18.75M | -28.06M | 4.69M | -29.25M | 15.87M | 24.98M |
Change in Payables | 25.02M | -19.85M | -173K | -7.06M | 1.99M | 6.33M | 3M | -999K | -2.76M | -4.54M |
Cash from Investing | -31.44M | -51.26M | -69.3M | -32.52M | -73.23M | -46.65M | -192.37M | -60.05M | 88.86M | 42.28M |
Capital Expenditures | -32.08M | -51.26M | -33.83M | -31.91M | -73.23M | -46.65M | -92.36M | -59.55M | -22.54M | -14.66M |
CapEx % of Revenue | 33.53% | 57.31% | 55.68% | 45.02% | 105.24% | 35.75% | 74.85% | 53.11% | 14.25% | 8.73% |
Acquisitions | 633K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Investments | - | - | - | - | - | - | - | - | - | - |
Other Investing | 0 | 0 | -35.47M | -611K | 0 | 0 | 0 | 0 | 0 | -3.98M |
Cash from Financing | 72.29M | 27.72M | 59.66M | 221.67M | 411.91M | 180.58M | 151.07M | 122.15M | 169.26M | 336.2M |
Debt Issued (Net) | 9.31M | -3.52M | 21.2M | 57.64M | -88.47M | -9.54M | 52.67M | 11.4M | -14.44M | 112.07M |
Equity Issued (Net) | 67.35M | 35.77M | 43.57M | 173.19M | 505.26M | 183.6M | 97.5M | 92.67M | 185.74M | 327.43M |
Dividends Paid | -4.16M | -4.18M | -1.84M | -6.47M | -3.2M | -3.2M | -3.2M | -3.2M | -3.2M | -3.2M |
Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Financing | -206K | -352K | -3.28M | -2.69M | -1.68M | 9.73M | 4.1M | 21.27M | 1.17M | -100.1M |
Net Change in Cash | -30.87M▲ 0% | -7.21M▲ 76.6% | -40.46M▼ 461.3% | 152.27M▲ 476.3% | 268.16M▲ 76.1% | 20.83M▼ 92.2% | -181.47M▼ 971.1% | -90.69M▲ 50.0% | 132.91M▲ 246.5% | 267.44M▲ 0% |
Free Cash Flow | -103.92M▲ 0% | -34.94M▲ 66.4% | -64.4M▼ 84.3% | -68.69M▼ 6.7% | -143.67M▼ 109.2% | -158.82M▼ 10.5% | -232.61M▼ 46.5% | -212.46M▲ 8.7% | -147.83M▲ 30.4% | -123.38M▲ 0% |
FCF Margin % | -108.63% | -39.06% | -106% | -96.92% | -206.46% | -121.71% | -188.51% | -189.47% | -93.47% | -73.5% |
FCF Growth % | -91.31% | 66.38% | -84.32% | -6.66% | -109.15% | -10.55% | -46.46% | 8.66% | 30.42% | 28.78% |
FCF per Share | -24.98 | -5.07 | -1.17 | -0.31 | -0.43 | -0.41 | -0.55 | -0.81 | -5.74 | -2.28 |
FCF Conversion (FCF/Net Income) | 1.33x | -0.34x | 0.39x | 0.41x | 0.70x | 0.79x | 1.30x | 1.21x | 0.67x | 0.55x |
Interest Paid | 0 | 0 | 0 | 0 | 0 | 1.56M | 3.09M | 6.8M | 7.25M | 5.45M |
Taxes Paid | 0 | 0 | 0 | 0 | 0 | 2K | 6K | 16K | 154K | 0 |
FCEL Key Ratios
FuelCell Energy, Inc. (FCEL) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Return on Equity (ROE) | -29.69% | -25.88% | -49.64% | -45.7% | -21.05% | -19.55% | -14.2% | -16.94% | -25.76% | -31.29% |
Return on Invested Capital (ROIC) | -16.54% | -14.6% | -21.59% | -11.18% | -14.79% | -27.94% | -19.44% | -16.88% | -13.64% | -20.22% |
Gross Margin | 2.86% | 3.46% | -35.01% | -10.9% | -22.47% | -22.67% | -8.54% | -32.03% | -16.7% | -18.2% |
Net Margin | -56.34% | -52.92% | -127.68% | -125.73% | -145.18% | -109.38% | -87.17% | -112.38% | -118.8% | -132.72% |
Debt / Equity | 0.49x | 0.50x | 0.83x | 0.72x | 0.14x | 0.14x | 0.18x | 0.22x | 0.20x | 0.22x |
Interest Coverage | -4.97x | -4.56x | -6.35x | -4.82x | -12.72x | -21.90x | -13.83x | -15.18x | -17.43x | -20.01x |
FCF Conversion | 1.33x | -0.34x | 0.39x | 0.41x | 0.70x | 0.79x | 1.30x | 1.21x | 0.67x | 0.55x |
Revenue Growth | -11.63% | -6.51% | -32.07% | 16.66% | -1.81% | 87.52% | -5.43% | -9.13% | 41.05% | 29.71% |
Related:FCEL Dividend History·FCEL Revenue History·FCEL Price History·FCEL P/E History·FCEL Financial Ratios·FCEL Institutional Holders
FCEL SEC Filings & Documents
FuelCell Energy, Inc. (FCEL) SEC filings — annual & quarterly reports (10-K, 10-Q)
FCEL Frequently Asked Questions
FuelCell Energy, Inc. (FCEL) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
FuelCell Energy, Inc. (FCEL) reported $167.9M in revenue for fiscal year 2025. This represents a 471% increase from $29.4M in 1996.
FuelCell Energy, Inc. (FCEL) grew revenue by 41.0% over the past year. This is strong growth.
FuelCell Energy, Inc. (FCEL) reported a net loss of $222.8M for fiscal year 2025.
Dividend & Returns
Yes, FuelCell Energy, Inc. (FCEL) pays a dividend with a yield of 0.52%. This makes it attractive for income-focused investors.
FuelCell Energy, Inc. (FCEL) has a return on equity (ROE) of -25.8%. Negative ROE indicates the company is unprofitable.
FuelCell Energy, Inc. (FCEL) had negative free cash flow of $123.4M in fiscal year 2025, likely due to heavy capital investments.