FuelCell Energy, Inc. (FCEL) Financial Ratios
30 years of historical data (1996–2025) · Industrials · Electrical Equipment & Parts
EV/EBITDA
N/A
—
5yr avg: N/A
P/FCF
N/A
—
5yr avg: N/A
P/B Ratio
↓
0.45
↓-99% vs avg
5yr avg: 36.68
30Y Low0.3·High163.0
ROE
↓
-25.8%
↑-32% vs avg
5yr avg: -19.5%
30Y Low-251%·High4%
Debt/EBITDA
N/A
—
5yr avg: N/A
30Y Low2.6·High3.7
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
FCEL Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
FuelCell Energy, Inc. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $674M | $230M | $2.7B | $13.7B | $35.9B | $80.2B | $13.3B | $394M | $2.1B | $3.3B | $3.0B |
| Enterprise Value | $523M | $80M | $2.7B | $13.6B | $35.5B | $79.9B | $13.4B | $496M | $2.1B | $3.3B | $3.0B |
| P/E Ratio → | -1.73 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 4.26 | 1.46 | 24.10 | 111.24 | 274.84 | 1153.09 | 187.91 | 6.48 | 23.46 | 34.28 | 27.64 |
| P/B Ratio | 0.45 | 0.32 | 3.71 | 18.05 | 47.54 | 113.76 | 52.35 | 2.90 | 11.86 | 17.37 | 17.17 |
| P/FCF | — | — | — | — | — | — | — | — | 333.43 | — | — |
| P/OCF | — | — | — | — | — | — | — | — | 128.57 | — | — |
P/E links to full P/E history page with 30-year chart
FCEL EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.50 | 24.04 | 110.34 | 272.02 | 1148.28 | 188.39 | 8.17 | 24.02 | 34.73 | 27.67 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | 341.36 | — | — |
FCEL Profitability
Margins and return-on-capital ratios measuring operating efficiency
FuelCell Energy, Inc. earns an operating margin of -76.6%, below the Industrials sector average of 4.9%. Operating margins have expanded from -110.3% to -76.6% over the past 3 years, signaling improving operational efficiency. A negative ROE of -25.8% indicates the company is currently destroying shareholder equity.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | -16.7% | -16.7% | -32.0% | -8.5% | -22.7% | -22.5% | -10.9% | -35.0% | 3.5% | 2.9% | -0.3% |
| Operating Margin | -76.6% | -76.6% | -141.3% | -110.3% | -110.1% | -93.3% | -55.3% | -110.2% | -49.9% | -47.0% | -42.8% |
| Net Profit Margin | -118.8% | -118.8% | -112.4% | -87.2% | -109.4% | -145.2% | -125.7% | -127.7% | -52.9% | -56.3% | -47.1% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -25.8% | -25.8% | -16.9% | -14.2% | -19.6% | -21.1% | -45.7% | -49.6% | -25.9% | -29.7% | -31.0% |
| ROA | -19.8% | -19.8% | -13.3% | -11.4% | -15.7% | -14.4% | -20.8% | -23.0% | -13.1% | -14.9% | -16.5% |
| ROIC | -14.0% | -14.0% | -17.3% | -19.7% | -28.4% | -14.8% | -11.2% | -21.6% | -14.6% | -16.5% | -23.7% |
| ROCE | -13.8% | -13.8% | -18.0% | -15.6% | -17.1% | -10.1% | -10.7% | -24.3% | -15.8% | -15.6% | -18.8% |
FCEL Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
The company holds a net cash position — cash of $295M exceeds total debt of $144M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.20 | 0.20 | 0.19 | 0.18 | 0.12 | 0.14 | 0.72 | 0.83 | 0.50 | 0.49 | 0.50 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.21 | -0.01 | -0.15 | -0.49 | -0.47 | 0.13 | 0.76 | 0.28 | 0.23 | 0.02 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | 7.93 | — | — |
| Interest Coverage | -11.68 | -11.68 | -16.36 | -18.78 | -22.48 | -8.81 | -2.56 | -6.30 | -4.93 | -4.90 | -9.35 |
Net cash position: cash ($295M) exceeds total debt ($144M)
FCEL Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
FuelCell Energy, Inc.'s current ratio of 6.63x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 5.36x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has declined from 7.23x to 6.63x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 6.63 | 6.63 | 6.01 | 7.23 | 6.76 | 10.30 | 3.97 | 1.34 | 2.17 | 2.07 | 3.87 |
| Quick Ratio | 5.36 | 5.36 | 4.48 | 5.95 | 5.70 | 9.03 | 3.11 | 0.48 | 1.28 | 1.32 | 2.46 |
| Cash Ratio | 4.34 | 4.34 | 3.48 | 5.37 | 5.34 | 8.19 | 2.54 | 0.15 | 0.65 | 0.50 | 1.61 |
| Asset Turnover | — | 0.17 | 0.12 | 0.13 | 0.14 | 0.08 | 0.14 | 0.18 | 0.26 | 0.25 | 0.32 |
| Inventory Turnover | 2.14 | 2.14 | 1.30 | 1.59 | 1.76 | 1.27 | 1.54 | 1.50 | 1.61 | 1.25 | 1.47 |
| Days Sales Outstanding | — | 122.33 | 158.20 | 59.47 | 44.49 | 124.07 | 90.66 | 65.94 | 94.02 | 261.43 | 82.92 |
FCEL Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
FuelCell Energy, Inc. returns 1.0% to shareholders annually primarily through dividends.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.0% | 1.4% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.5% | 0.2% | 0.1% | 0.1% |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | 0.3% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.0% | 1.4% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.5% | 0.2% | 0.1% | 0.1% |
| Shares Outstanding | — | $26M | $262M | $420M | $383M | $335M | $222M | $55M | $7M | $4M | $2M |
Peer Comparison
Compare FCEL with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 FCELYou | $674M | -1.7 | — | — | -16.7% | -76.6% | -25.8% | -14.0% | — |
 PLUG | $5B | — | — | — | 99.8% | 38.1% | -175.6% | 10.9% | — |
 BE | $69B | -771.5 | 560.7 | 1200.0 | 29.0% | 3.6% | -12.8% | 4.1% | 24.3 |
 BLDP | $1B | -15.9 | — | — | 2.4% | -80.6% | -14.7% | -68.8% | — |
 CLNE | $491M | -2.2 | — | — | — | — | -34.6% | — | — |
 ITRI | $4B | 12.7 | 10.7 | 9.7 | 37.5% | 13.5% | 19.1% | 13.1% | 3.5 |
 GNRC | $16B | 99.4 | 34.5 | 58.5 | 38.3% | 6.9% | 6.2% | 5.9% | 2.8 |
 AMRC | $2B | 38.0 | 15.4 | — | 15.7% | 6.5% | 4.1% | 3.3% | 8.5 |
 APD | $67B | -169.6 | 121.4 | — | 31.4% | -7.3% | -2.2% | -2.0% | 26.8 |
 LIN | $233B | 34.4 | 20.0 | 45.7 | 43.3% | 26.3% | 17.4% | 11.3% | 2.1 |
 DOW | $28B | -10.4 | 14.1 | — | 6.0% | 0.7% | -14.8% | 0.6% | 6.3 |
| Industrials Median | — | 25.9 | 13.9 | 20.6 | 32.8% | 4.9% | 8.2% | 6.3% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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Start ComparisonFCEL — Frequently Asked Questions
Quick answers to the most common questions about buying FCEL stock.
What is FuelCell Energy, Inc.'s P/E ratio?
FuelCell Energy, Inc.'s current P/E ratio is -1.7x. This places it at the 50th percentile of its historical range.
What is FuelCell Energy, Inc.'s ROE?
FuelCell Energy, Inc.'s return on equity (ROE) is -25.8%. The historical average is -46.6%.
Is FCEL stock overvalued?
Based on historical data, FuelCell Energy, Inc. is trading at a P/E of -1.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is FuelCell Energy, Inc.'s dividend yield?
FuelCell Energy, Inc.'s current dividend yield is 0.97%.
What are FuelCell Energy, Inc.'s profit margins?
FuelCell Energy, Inc. has -16.7% gross margin and -76.6% operating margin.