FuelCell Energy, Inc. (FCEL) P/E Ratio History
Deep ValueTrading at -3.2x · 0th percentile of 5-year range · Significant discount to historical valuation · Data 1993–1998
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P/E Ratio Analysis
As of June 22, 2026, FuelCell Energy, Inc. (FCEL) trades at a price-to-earnings ratio of -3.2x, with a stock price of $24.04 and trailing twelve-month earnings per share of $-4.11.
The current P/E is 100% below its 5-year average of 6910.7x. Over the past five years, FCEL's P/E has ranged from a low of 1959.8x to a high of 61541.0x, placing the current valuation at the 0th percentile of its historical range.
Compared to the Industrials sector median P/E of 25.6x, FCEL trades at a 113% discount to its sector peers. The sector includes 403 companies with P/E ratios ranging from 0.1x to 198.8x.
Relative to the broader market, FCEL trades at a notable discount to the S&P 500 median P/E of 24.4x. Investors should consider the company's growth prospects, competitive position, and earnings quality when evaluating whether the current valuation is justified.
For a comprehensive intrinsic value estimate using discounted cash flow analysis, see our FCEL DCF Valuation Calculator →
Note: P/E ratio is just one valuation metric. It does not account for balance sheet strength, cash flow quality, or growth sustainability. Always conduct comprehensive due diligence before making investment decisions.
FCEL Cross-Benchmark Valuation
How does the current P/E compare to sector peers and the broader market?
FCEL P/E vs Peers
Hydrogen and Fuel Cell Systems peers sorted by market cap
| Company | Market Cap | P/E Ratio | PEG Ratio | EPS Growth (1Y) |
|---|---|---|---|---|
| $4B | 12.4Lowest | - | +26%Best | |
| $16B | 103.8 | - | -50% | |
| $2B | 34.5 | - | -22% | |
| $237B | 35.1 | 1.38Best | +7% |
Lower P/E can signal a discount or weaker growth expectations; PEG adds growth context.
FCEL Historical P/E Data (1993–1998)
Quarterly P/E ratios calculated from closing price and TTM EPS
| Quarter | Period End | Price | TTM EPS | P/E Ratio | vs Avg |
|---|---|---|---|---|---|
| FY1998 Q3 | Jul 31 1998 | $12923.62 | $0.21 | 61541.0x | +819% |
| FY1998 Q2 | - | $17071.40 | $3.45 | 4948.2x | -26% |
| FY1998 Q1 | Jan 31 1998 | $11526.47 | $2.89 | 3988.4x | -40% |
| FY1997 Q4 | Oct 31 1997 | $11177.19 | $2.90 | 3854.2x | -42% |
| FY1997 Q3 | - | $6898.42 | $3.52 | 1959.8x | -71% |
| FY1997 Q2 | Apr 30 1997 | $6898.42 | $2.98 | 2314.9x | -65% |
| FY1997 Q1 | Jan 31 1997 | $8382.89 | $2.96 | 2832.1x | -58% |
| FY1996 Q4 | - | $8470.21 | $2.99 | 2832.8x | -58% |
| FY1996 Q3 | Jul 31 1996 | $10653.25 | $1.77 | 6018.8x | -10% |
| FY1996 Q2 | - | $8906.82 | $1.95 | 4567.6x | -32% |
| FY1996 Q1 | Jan 31 1996 | $7858.96 | $2.44 | 3220.9x | -52% |
| FY1995 Q4 | - | $7946.28 | $2.45 | 3243.4x | -52% |
| FY1995 Q3 | Jul 31 1995 | $5937.88 | $2.45 | 2423.6x | -64% |
| FY1995 Q2 | Apr 30 1995 | $7335.03 | $2.38 | 3081.9x | -54% |
| FY1995 Q1 | - | $5937.88 | $1.95 | 3045.1x | -55% |
| FY1994 Q4 | Oct 31 1994 | $6985.74 | $1.30 | 5373.6x | -20% |
| FY1994 Q3 | Jul 31 1994 | $7335.03 | $1.84 | 3986.4x | -40% |
| FY1994 Q2 | Apr 30 1994 | $7858.96 | $1.19 | 6604.2x | -1% |
| FY1994 Q1 | Jan 31 1994 | $9081.46 | $1.19 | 7631.5x | +14% |
| FY1993 Q4 | Oct 31 1993 | $8732.18 | $1.84 | 4745.8x | -29% |
| FY1993 Q3 | Jul 31 1993 | $6461.81 | $2.61 | 2475.8x | -63% |
Average P/E for displayed period: 6699.5x
Intrinsic Valuation
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Historical Returns
33+ years return with dividends reinvested.
DCA Calculator
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Peer Comparison
Compare growth, multiples, and margins vs sector.
FCEL — Frequently Asked Questions
Quick answers to the most common questions about buying FCEL stock.
What is FCEL's P/E ratio?
FuelCell Energy, Inc. (FCEL) trailing twelve-month P/E ratio is -3.2x, based on TTM diluted EPS of $-4.11. The 5-year average P/E is 6910.7x and the historical range spans 1959.8x to 61541.0x.
Is FCEL stock overvalued or undervalued?
FCEL trades at -3.2x P/E, below its 5-year average of 6910.7x. At the 0th percentile of its historical range (1959.8x–61541.0x), the stock is priced at a discount to its own history.
Is FCEL stock expensive?
No, FCEL is not expensive on a historical basis. The current P/E of -3.2x is below the 5-year average of 6910.7x and sits at the 0th percentile of its valuation range.
What is FCEL's historical P/E range?
Over the past 5 years, FCEL's P/E ratio has ranged from 1959.8x to 61541.0x, with a median of 3986.4x and an average of 6910.7x. The current P/E of -3.2x places the stock at the 0th percentile of this range. Full historical data spans 1993–1998.
How does FCEL's P/E compare to the S&P 500?
FCEL trades at -3.2x P/E versus the S&P 500 median of 24.4x. The 113% discount to the market suggests lower growth expectations or perceived higher risk.
How does FCEL's valuation compare to Industrials peers?
FuelCell Energy, Inc. P/E of -3.2x compares to the Industrials sector median of 25.6x. The discount suggests lower growth expectations, weaker margins, or higher perceived risk relative to peers. See the peer comparison table on this page for ticker-by-ticker P/E and PEG.
What is FCEL's PEG ratio?
FCEL PEG ratio is N/A, based on a P/E of -3.2x and EPS growth of -1414.3%. PEG normalises P/E by growth and helps compare stocks with different earnings trajectories.
What is FCEL's earnings yield?
FCEL earnings yield is N/A, the inverse of its -3.2x P/E ratio. Earnings yield represents the percentage of each dollar invested that the company earns. It can be compared directly to bond yields to assess relative attractiveness of stocks versus fixed income.