Last 47 quarters of trend data · Industrials · Hydrogen & Fuel Cells
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | -3.99 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |
| P/S Ratio | 3.42 | 11.53 | 4.95 | 3.23 | 1.47 | 0.65 | 0.60 | 2.07 | 1.14 | 6.72 | 11.71 | 243.53 | 163.98 | 267.76 | 149.39 | 300.47 | 241.99 | 242.03 | 695.93 | 366.79 | 1576.79 |
| — | +1677.6% | +731.2% | +56.0% | +28.9% | -90.4% | -94.9% | -99.1% | -99.3% | -97.5% | -92.2% | -19.0% | -32.2% | +10.6% | -78.5% | -18.1% | -84.7% | -59.5% | -58.7% | -88.8% | +597.0% | |
| P/B Ratio | 0.35 | 1.55 | 0.97 | 0.52 | 0.44 | 0.19 | 0.13 | 0.22 | 0.31 | 0.86 | 1.48 | 21.91 | 19.38 | 35.58 | 32.46 | 60.60 | 50.30 | 54.93 | 59.98 | 69.41 | 124.61 |
| — | +698.1% | +636.9% | +131.4% | +43.0% | -77.3% | -91.1% | -99.0% | -98.4% | -97.6% | -95.5% | -63.8% | -61.5% | -35.2% | -45.9% | -12.7% | -59.6% | -37.7% | -76.4% | -86.2% | +106.1% | |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBITDA | — | — | — | — | 0.90 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | -16.7% | -74.2% | -36.3% | -19.2% | -12.1% | -11.0% | -25.2% | -27.4% | -22.1% | -26.2% | -31.6% | -70.2% | -6.5% | -32.2% | -15.9% | 14.1% | -38.7% | -9.7% | -44.6% | -9.1% | -60.0% |
| — | -576.0% | -44.0% | +30.0% | +45.5% | +58.0% | +20.0% | +61.0% | -239.6% | +18.7% | -98.6% | -597.3% | +83.2% | -232.1% | +64.4% | +255.1% | +35.4% | -336.4% | -30.9% | +62.6% | -26.8% | |
| Operating Margin | -76.6% | -141.4% | -218.9% | -86.1% | 77.8% | -204.0% | -95.7% | -172.9% | -83.2% | -141.9% | -184.5% | -254.5% | -161.9% | -162.3% | -93.5% | -60.6% | -108.8% | -65.0% | -172.2% | -141.0% | -161.9% |
| — | +30.7% | -128.7% | +50.2% | +193.5% | -43.8% | +48.1% | +32.1% | +48.6% | +12.6% | -97.3% | -320.2% | -48.8% | -149.8% | +45.7% | +57.1% | +32.8% | -64.6% | -38.2% | -46.0% | -60.7% | |
| Net Margin | -118.8% | -134.7% | -218.1% | -77.5% | -54.3% | -196.1% | -101.7% | -153.3% | -84.0% | -137.8% | -143.4% | -118.6% | -135.2% | -95.2% | -89.4% | -50.2% | -108.3% | -68.2% | -184.4% | -127.8% | -173.5% |
| — | +31.3% | -114.4% | +49.5% | +35.3% | -42.3% | +29.0% | -29.3% | +37.9% | -44.8% | -60.3% | -136.1% | -24.8% | -39.5% | +51.5% | +60.7% | +37.6% | -52.6% | -36.0% | +58.6% | -56.4% |
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -25.8% | -5.2% | -10.4% | -3.2% | -4.4% | -14.1% | -5.5% | -4.1% | -5.6% | -4.5% | -4.4% | -2.6% | -4.0% | -3.3% | -4.8% | -2.5% | -5.6% | -3.9% | -4.2% | -5.9% | -3.4% |
| — | +63.0% | -89.2% | +22.2% | +21.7% | -213.6% | -24.4% | -54.3% | -41.6% | -36.1% | +7.1% | -5.4% | +29.2% | +14.9% | -12.8% | +57.6% | -66.0% | -76.6% | +15.7% | +58.8% | +63.2% | |
| ROA | -20.0% | -3.8% | -7.8% | -2.5% | -3.4% | -10.7% | -4.2% | -3.1% | -4.4% | -3.5% | -3.5% | -2.1% | -3.2% | -2.7% | -3.9% | -2.0% | -4.5% | -3.1% | -3.4% | -4.7% | -2.8% |
| — | +64.1% | -84.3% | +21.3% | +22.6% | -205.4% | -21.6% | -49.3% | -37.0% | -30.1% | +10.8% | -3.6% | +29.1% | +13.5% | -16.8% | +56.7% | -63.6% | -83.5% | +3.5% | +45.0% | +29.8% | |
| ROIC | -13.6% | -6.9% | -10.3% | -3.3% | 5.4% | -10.9% | -3.6% | -3.3% | -4.2% | -3.5% | -4.8% | -5.2% | -4.4% | -5.4% | -4.9% | -3.6% | -8.0% | -5.3% | -5.4% | -8.8% | -4.7% |
| — | +37.0% | -183.5% | +1.3% | +228.2% | -211.0% | +24.3% | +36.3% | +4.6% | +34.7% | +2.5% | -42.2% | +44.8% | -1.6% | +8.2% | +58.6% | -69.4% | -123.8% | -30.9% | -143.6% | -4.8% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.20 | 0.18 | 0.22 | 0.21 | 0.20 | 0.24 | 0.22 | 0.22 | 0.22 | 0.20 | 0.21 | 0.19 | 0.18 | 0.17 | 0.15 | 0.14 | 0.14 | 0.13 | 0.13 | 0.15 | 0.14 |
| — | -23.5% | -1.1% | -1.4% | -8.5% | +19.3% | +4.2% | +16.5% | +17.4% | +18.7% | +44.6% | +29.9% | +32.5% | +26.8% | +14.0% | -4.0% | -0.3% | +4.8% | -48.9% | -43.5% | -80.7% | |
| Debt / EBITDA | — | — | — | — | 2.74 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |
| Current Ratio | 6.63 | 8.67 | 8.59 | 7.96 | 6.63 | 5.37 | 5.62 | 6.34 | 6.01 | 6.91 | 6.55 | 8.26 | 7.23 | 8.72 | 7.22 | 7.94 | 6.76 | 7.20 | 7.41 | 6.76 | 10.30 |
| — | +61.6% | +52.8% | +25.6% | +10.3% | -22.4% | -14.1% | -23.3% | -16.8% | -20.8% | -9.3% | +4.0% | +6.9% | +21.2% | -2.6% | +17.5% | -34.3% | -46.1% | +69.7% | +28.9% | +159.2% | |
| Quick Ratio | 5.36 | 7.77 | 7.20 | 6.51 | 5.36 | 3.85 | 3.82 | 4.40 | 4.48 | 4.97 | 4.80 | 6.35 | 5.95 | 7.27 | 5.83 | 6.41 | 5.70 | 6.20 | 6.38 | 5.89 | 9.03 |
| — | +101.9% | +88.5% | +47.9% | +19.8% | -22.5% | -20.5% | -30.7% | -24.7% | -31.7% | -17.7% | -0.9% | +4.2% | +17.4% | -8.7% | +8.8% | -36.8% | -48.2% | +92.2% | +44.5% | +190.5% | |
| Interest Coverage | -17.43 | -14.60 | -27.17 | -8.45 | -9.96 | -35.05 | -13.78 | -11.42 | -14.69 | -12.75 | -15.55 | -17.99 | -11.69 | -11.34 | -21.58 | -12.56 | -24.46 | -16.56 | -16.65 | -31.30 | -13.20 |
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Includes 30+ ratios · 47 years · Updated daily
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Quick answers to the most common questions about buying FCEL stock.
FuelCell Energy, Inc.'s current P/E is -4.0x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
FuelCell Energy, Inc.'s current operating margin is -76.6%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking FuelCell Energy, Inc.'s business trajectory between earnings reports.