A Business at a Glance
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Clean Energy Fuels Corp.
CLNE
$446M
Mkt Cap
$2.03
-2.87%
Clean Energy Fuels Corp. (CLNE) has a 5-year average return on invested capital (ROIC) of -13.0%. This is below average and may indicate limited pricing power.
Clean Energy Fuels Corp. (CLNE) has a market capitalization of $447M. It is classified as a small-cap stock.
Clean Energy Fuels Corp. (CLNE) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 1.69%.
Clean Energy Fuels Corp. (CLNE) operates in the Gas & Other Services Combined industry, within the Utilities sector.
Clean Energy Fuels Corp. (CLNE) reported annual revenue of $425 million in its most recent fiscal year, based on SEC EDGAR filings.
Clean Energy Fuels Corp. (CLNE) has a net profit margin of -52.3%. The company is currently unprofitable.
Clean Energy Fuels Corp. (CLNE) generated $60 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Item 1. Business. Clean Energy Fuels Corp., a Delaware corporation, is a leading renewable energy company focused on the procurement and distribution of renewable natural gas (“RNG”) and conventional natural gas, in the form of compressed natural gas (“CNG”) and liquefied natural gas (“LNG”), for the United States (“U.S.”) and Canadian transportation markets. RNG, which is delivered as either CNG or LNG, is created by the recovery and processing of naturally occurring, environmentally detrimental waste methane (“biogas”) from non-fossil fuel sources—such as dairy and other livestock waste and landfills—for environmentally beneficial use as a replacement for fossil-based transportation fuels at an affordable price. Methane is one of the most potent climate-harming greenhouse gases (“GHG”) with a comparative impact on global warming that is about 28 times more powerful than that of carbon dioxide.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 439M | 425M | 416M | 425M | 420M | 256M |
| Net Income | -99M | -222M | -83M | -99M | -59M | -93M |
| EPS | $-0.45 | $-1.01 | $-0.37 | $-0.45 | $-0.26 | $-0.44 |
| Free Cash Flow | 29M | 60M | -418K | -57M | 22M | 18M |
| ROIC | -4.4% | -25.2% | -8.4% | -10.7% | -7.2% | -13.6% |
| Gross Margin | - | 24.3% | 36.6% | 24.6% | 28.3% | 15.7% |
| Debt/Equity | 0.41 | 0.58 | 0.51 | 0.49 | 0.28 | 0.11 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -36M | -160M | -36M | -76M | -52M | -95M |
| Operating Margin | -8.3% | -37.6% | -8.7% | -18.0% | -12.3% | -37.2% |
| ROE | -17.8% | -34.9% | -11.5% | -13.8% | -8.0% | -14.8% |
| Shares Outstanding | 220M | 220M | 225M | 221M | 226M | 212M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 429M | 384M | 403M | 342M | 346M | 344M | 292M | 256M | 420M | 425M | 416M | 425M | 439M |
| Gross Margin | 32.1% | 40.0% | 42.9% | 36.6% | 38.4% | 38.7% | 36.5% | 15.7% | 28.3% | 24.6% | 36.6% | 24.3% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 126M | 112M | 106M | 96M | 77M | 73M | 69M | 90M | 109M | 112M | 112M | 112M | 109M |
| EBIT | -54M | -42M | -18M | -134M | 3.9M | 9.9M | -9.8M | -95M | -52M | -76M | -36M | -160M | -36M |
| Op. Margin | -12.7% | -10.8% | -4.4% | -39.4% | 1.1% | 2.9% | -3.4% | -37.2% | -12.3% | -18.0% | -8.7% | -37.6% | -8.3% |
| Net Income | -90M | -134M | -12M | -79M | -3.8M | 20M | -9.9M | -93M | -59M | -99M | -83M | -222M | -99M |
| Net Margin | -20.9% | -34.9% | -3.0% | -23.2% | -1.1% | 5.9% | -3.4% | -36.4% | -14.0% | -23.4% | -20.0% | -52.3% | -22.7% |
| Non-Recurring | 0 | 0 | -2.3M | 36M | -2.6M | 2.5M | 2.9M | -1.4M | -12K | -863K | -468K | 62M | 62M |
| Returns on Capital | |||||||||||||
| ROIC | -8.5% | -5.5% | -1.6% | -12.0% | 0.8% | 1.8% | -1.7% | -13.6% | -7.2% | -10.7% | -8.4% | -25.2% | -4.4% |
| ROE | -18.8% | -36.3% | -3.2% | -17.7% | -0.8% | 3.9% | -1.9% | -14.8% | -8.0% | -13.8% | -11.5% | -34.9% | -17.8% |
| ROA | -7.4% | -12.4% | -1.3% | -9.4% | -0.5% | 2.8% | -1.3% | -11.1% | -5.8% | -8.5% | -6.6% | -19.3% | -9.6% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -76M | -12M | 46M | -4.3M | 38M | 12M | 61M | 41M | 67M | 44M | 65M | 86M | 54M |
| Free Cash Flow | -165M | -64M | 23M | -41M | 13M | -15M | 48M | 18M | 22M | -57M | -418K | 60M | 29M |
| Owner Earnings | -137M | -78M | -21M | -69M | -19M | -41M | 10M | -19M | -14M | -25M | 9.0M | -22M | -2.7M |
| CapEx | 89M | 51M | 24M | 36M | 25M | 27M | 13M | 23M | 45M | 101M | 65M | 26M | 25M |
| Maint. CapEx | 49M | 55M | 59M | 57M | 52M | 50M | 48M | 45M | 55M | 46M | 45M | 99M | 47M |
| Growth CapEx | 40M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 55M | 20M | 0 | 0 |
| D&A | 49M | 55M | 59M | 57M | 52M | 50M | 48M | 45M | 55M | 46M | 45M | 99M | 47M |
| CapEx/OCF | N/A | N/A | 51.1% | N/A | N/A | 220.6% | 21.7% | 55.9% | 66.7% | 230.6% | 100.6% | 30.0% | 46.7% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 8.8M | 0 | 0 | 15M | 2.9M | 6.1M | 0 | 0 | 7.9M | 7.5M |
| Buyback Yield | N/A | N/A | N/A | 2.9% | N/A | N/A | 0.9% | 0.2% | 0.5% | N/A | N/A | 1.7% | 1.7% |
| Stock-Based Comp | 12M | 11M | 8.1M | 8.1M | 5.3M | 3.9M | 3.0M | 15M | 26M | 23M | 11M | 8.9M | 9.1M |
| Debt Repayment | 41M | 6.3M | 188M | 31M | 195M | 7.8M | 70M | 51M | 50M | 151M | 2.2M | 1.2M | 1.2M |
| Balance Sheet | |||||||||||||
| Net Debt | 356M | 420M | 203M | 83M | -16M | 12M | -26M | -150M | -65M | 94M | 145M | 166M | 102M |
| Cash & Equiv. | 92M | 44M | 36M | 36M | 30M | 49M | 109M | 99M | 124M | 105M | 90M | 156M | 126M |
| Long-Term Debt | 566M | 417M | 306M | 120M | 75M | 33M | 82M | 23M | 145M | 261M | 265M | 227M | 228M |
| Debt/Equity | 1.30 | 1.87 | 0.67 | 0.61 | 0.16 | 0.22 | 0.22 | 0.11 | 0.28 | 0.49 | 0.51 | 0.58 | 0.41 |
| Interest Coverage | -17.2 | -152.5 | -96.4 | -256.6 | 39.3 | 52.5 | -53.2 | -525.1 | -8.2 | -3.3 | -1.1 | -3.0 | -3.0 |
| Equity | 437M | 303M | 469M | 427M | 508M | 533M | 514M | 747M | 720M | 727M | 713M | 559M | 558M |
| Total Assets | 1.2B | 1.0B | 897M | 792M | 699M | 777M | 715M | 957M | 1.1B | 1.3B | 1.2B | 1.1B | 1.0B |
| Total Liabilities | 695M | 672M | 404M | 342M | 174M | 234M | 192M | 202M | 355M | 526M | 524M | 492M | 473M |
| Intangibles | 55M | 43M | 39M | 3.6M | 2.2M | 1.2M | 464K | 5.5M | 5.9M | 6.4M | 6.4M | 9.9M | 9.8M |
| Retained Earnings | -457M | -592M | -604M | -684M | -689M | -668M | -678M | -771M | -830M | -929M | -1.0B | -1.2B | -1.2B |
| Working Capital | 293M | 83M | 173M | 102M | 145M | 131M | 183M | 284M | 324M | 306M | 259M | 199M | 197M |
| Current Assets | 414M | 329M | 262M | 305M | 226M | 294M | 263M | 410M | 472M | 470M | 414M | 350M | 332M |
| Current Liabilities | 120M | 246M | 89M | 203M | 80M | 163M | 80M | 126M | 148M | 164M | 155M | 151M | 135M |
| Per Share Data | |||||||||||||
| EPS | -0.96 | -1.47 | -0.10 | -0.53 | -0.02 | 0.10 | -0.05 | -0.44 | -0.26 | -0.45 | -0.37 | -1.01 | -0.45 |
| Owner EPS | -1.46 | -0.86 | -0.17 | -0.46 | -0.10 | -0.20 | 0.05 | -0.09 | -0.06 | -0.11 | 0.04 | -0.10 | -0.01 |
| Book Value | 4.68 | 3.31 | 3.86 | 2.86 | 2.68 | 2.61 | 2.60 | 3.53 | 3.19 | 3.29 | 3.18 | 2.54 | 2.53 |
| Cash Flow/Share | -0.81 | -0.13 | 0.38 | -0.03 | 0.20 | 0.06 | 0.31 | 0.20 | 0.30 | 0.20 | 0.29 | 0.39 | -0.24 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 93.4M | 91.3M | 121.5M | 149.5M | 189.5M | 204.2M | 197.3M | 211.7M | 225.9M | 221.1M | 224.5M | 219.8M | 220.2M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | 21.6 | N/A | N/A | N/A | N/A | N/A | N/A | -4.5 |
| P/FCF | N/A | N/A | 16.2 | N/A | 25.9 | N/A | 35.2 | 74.0 | 51.9 | N/A | N/A | 8.0 | 15.6 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | 42.7 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 1.1 | 1.1 | 0.8 | 0.7 | 0.7 | 0.8 | 3.3 | 1.8 | 1.6 | 1.2 | 0.8 | 0.9 | 0.8 |
| Price/Sales | 2.0 | 1.3 | 1.0 | 1.1 | 122.0 | 1.4 | 1.8 | 8.0 | 3.4 | 2.3 | 1.5 | 1.2 | 1.0 |
| FCF Yield | -34.0% | -18.7% | 6.2% | -13.2% | 3.6% | -3.4% | 2.8% | 1.4% | 1.9% | -6.5% | -0.1% | 12.5% | 6.4% |
| Market Cap | 485M | 340M | 367M | 308M | 354M | 441M | 1.7B | 1.3B | 1.2B | 873M | 588M | 477M | 447M |
| Avg. Price | 9.09 | 5.63 | 3.40 | 2.47 | 2.26 | 2.39 | 2.64 | 9.71 | 6.24 | 4.42 | 2.81 | 2.26 | 2.03 |
| Year-End Price | 5.19 | 3.72 | 3.02 | 2.06 | 1.74 | 2.16 | 8.53 | 6.37 | 5.10 | 3.95 | 2.62 | 2.17 | 2.03 |
Clean Energy Fuels Corp. passes 0 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 7.4x vs a median of 30.6x. The company's 5-year average gross margin is 25.9%. Total shareholder yield (buybacks) is 1.7%. At current prices, the estimated annualized return to fair value is +8.9%.
Clean Energy Fuels Corp. (CLNE) has a debt-to-equity ratio of 0.58. This indicates moderate leverage.
Clean Energy Fuels Corp. (CLNE) reported earnings per share (EPS) of $-1.01 in its most recent fiscal year.
Clean Energy Fuels Corp. (CLNE) has a return on equity (ROE) of -34.9%. A negative ROE may indicate losses or negative equity.
Clean Energy Fuels Corp. (CLNE) has a 5-year average gross margin of 25.9%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 17 years of financial data for Clean Energy Fuels Corp. (CLNE), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Clean Energy Fuels Corp. (CLNE) has a book value per share of $2.54, based on its most recent annual SEC filing.