A Business at a Glance
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FUELCELL ENERGY INC
FCEL
$548M
Mkt Cap
$21.26
-8.76%
FUELCELL ENERGY INC (FCEL) has a 5-year average return on invested capital (ROIC) of -18.7%. This is below average and may indicate limited pricing power.
FUELCELL ENERGY INC (FCEL) has a market capitalization of $1.1B. It is classified as a small-cap stock.
FUELCELL ENERGY INC (FCEL) does not currently pay a regular dividend.
FUELCELL ENERGY INC (FCEL) operates in the Electrical Industrial Apparatus industry, within the Industrials sector.
FUELCELL ENERGY INC (FCEL) reported annual revenue of $158 million in its most recent fiscal year, based on SEC EDGAR filings.
FUELCELL ENERGY INC (FCEL) has a net profit margin of -120.8%. The company is currently unprofitable.
FUELCELL ENERGY INC (FCEL) generated $-144 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Our Business Strategy In 2019, we launched our “Powerhouse” strategy to strengthen our business, maximize operational efficiencies, and position us for future growth. As we executed against the original three strategic pillars, we made meaningful progress, and in fiscal year 2022 we updated the pillars to “Grow, Scale, and Innovate.” In November 2024, following our Board of Directors’ approval of a restructuring and revised strategic plan, we refined aspects of the strategy and updated the pillars to “Focus, Scale, and Innovate.” Most recently, in connection with additional restructuring actions undertaken in June 2025, we further refined elements of our strategy while maintaining the strategic pillars of “Focus, Scale, and Innovate.” Focus — Focusing on our core carbonate platform ●Capitalize on our 22-year track record of delivering baseload power, with the goal of meeting large scale data center opportunities and continuing to fulfill industrial opportunities.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 170M | 158M | 112M | 123M | 130M | 70M |
| Net Income | -186M | -191M | -129M | -111M | -146M | -104M |
| EPS | $-5.94 | $-7.42 | $-211.41 | $-6.62 | $-9.71 | $-8.37 |
| Free Cash Flow | -126M | -144M | -201M | -180M | -133M | -77M |
| ROIC | -28.2% | -24.3% | -16.2% | -14.1% | -19.5% | -19.1% |
| Gross Margin | - | -16.7% | -32.0% | -8.5% | -22.7% | -22.5% |
| Debt/Equity | 0.20 | 0.27 | 0.31 | 0.29 | 0.12 | 0.14 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -186M | -192M | -158M | -136M | -144M | -65M |
| Operating Margin | -109.5% | -121.6% | -141.3% | -110.3% | -110.1% | -93.3% |
| ROE | -26.7% | -29.0% | -19.3% | -16.2% | -22.0% | -24.9% |
| Shares Outstanding | 53M | 26M | 1M | 17M | 15M | 12M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 180M | 163M | 108M | 96M | 89M | 61M | 71M | 70M | 130M | 123M | 112M | 158M | 170M |
| Gross Margin | 7.6% | 7.8% | -0.3% | 2.9% | 3.5% | -35.0% | -10.9% | -22.5% | -22.7% | -8.5% | -32.0% | -16.7% | N/A |
| R&D | 18M | 17M | 21M | 20M | 23M | 14M | 4.8M | 11M | 35M | 61M | 55M | 34M | 30M |
| SG&A | 23M | 24M | 25M | 26M | 25M | 32M | 27M | 38M | 80M | 65M | 65M | 61M | 59M |
| EBIT | -27M | -29M | -46M | -45M | -45M | -67M | -39M | -65M | -144M | -136M | -158M | -192M | -186M |
| Op. Margin | -15.1% | -17.7% | -42.8% | -47.0% | -49.9% | -110.2% | -55.3% | -93.3% | -110.1% | -110.3% | -141.3% | -121.6% | -109.5% |
| Net Income | -41M | -33M | -54M | -57M | -62M | -100M | -92M | -104M | -146M | -111M | -129M | -191M | -186M |
| Net Margin | -22.9% | -20.0% | -50.0% | -59.7% | -69.5% | -165.0% | -130.4% | -149.8% | -111.8% | -89.8% | -115.2% | -120.8% | -109.4% |
| Non-Recurring | 0 | 0 | 0 | 1.4M | 0 | 20M | 0 | 25M | 22M | 0 | 2.6M | 9.4M | 9.4M |
| Returns on Capital | |||||||||||||
| ROIC | -58.7% | -30.5% | -36.5% | -32.3% | -39.7% | -59.9% | -34.1% | -19.1% | -19.5% | -14.1% | -16.2% | -24.3% | -28.2% |
| ROE | -94.4% | -33.3% | -51.7% | -53.0% | -67.8% | -126.9% | -68.4% | -24.9% | -22.0% | -16.2% | -19.3% | -29.0% | -26.7% |
| ROA | -15.9% | -11.7% | -17.5% | -15.8% | -17.2% | -29.8% | -21.6% | -14.9% | -16.1% | -11.7% | -13.6% | -20.4% | -19.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -57M | -44M | -47M | -72M | 16M | -31M | -37M | -70M | -112M | -140M | -153M | -125M | -114M |
| Free Cash Flow | -64M | -51M | -54M | -84M | 6.3M | -33M | -37M | -77M | -133M | -180M | -201M | -144M | -126M |
| Owner Earnings | -65M | -52M | -54M | -81M | 4.4M | -46M | -58M | -95M | -140M | -178M | -201M | -177M | -166M |
| CapEx | 6.3M | 6.9M | 7.7M | 12M | 10M | 2.2M | 382K | 6.4M | 21M | 39M | 48M | 19M | 12M |
| Maint. CapEx | 4.4M | 4.1M | 4.3M | 4.4M | 8.6M | 12M | 19M | 20M | 21M | 25M | 36M | 40M | 41M |
| Growth CapEx | 1.9M | 2.8M | 3.4M | 8.0M | 1.4M | 0 | 0 | 0 | 0 | 14M | 12M | 0 | 0 |
| D&A | 4.4M | 4.1M | 4.3M | 4.4M | 8.6M | 12M | 19M | 20M | 21M | 25M | 36M | 40M | 41M |
| CapEx/OCF | N/A | N/A | N/A | N/A | 61.4% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback 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 | 0.0% |
| Stock-Based Comp | 2.9M | 3.2M | 3.4M | 4.6M | 3.2M | 2.8M | 1.9M | 4.3M | 6.8M | 12M | 12M | 11M | 11M |
| Debt Repayment | 6.0M | 1.5M | 30M | 8.6M | 17M | 48M | 30M | 99M | 9.5M | 48M | 12M | 14M | 14M |
| Balance Sheet | |||||||||||||
| Net Debt | -72M | -40M | -1.0M | 38M | 49M | 97M | 15M | -345M | -376M | -157M | -56M | -98M | -174M |
| Cash & Equiv. | 84M | 59M | 84M | 49M | 39M | 9.4M | 150M | 432M | 458M | 250M | 148M | 278M | 312M |
| Long-Term Debt | 9.3M | 8.9M | 78M | 60M | 70M | 106M | 165M | 88M | 82M | 119M | 132M | 120M | 120M |
| Debt/Equity | 0.12 | 0.20 | 0.73 | 0.87 | 1.07 | 1.40 | 0.85 | 0.14 | 0.12 | 0.29 | 0.31 | 0.27 | 0.20 |
| Interest Coverage | -7.7 | -9.8 | -9.3 | -4.9 | -4.9 | -6.3 | -2.6 | -8.8 | -22.5 | -18.8 | -16.4 | -18.5 | -18.5 |
| Equity | 100M | 95M | 114M | 101M | 82M | 76M | 195M | 642M | 684M | 682M | 657M | 662M | 695M |
| Total Assets | 281M | 277M | 341M | 384M | 340M | 333M | 524M | 875M | 940M | 956M | 944M | 932M | 978M |
| Total Liabilities | 122M | 123M | 166M | 195M | 163M | 198M | 269M | 170M | 185M | 195M | 217M | 201M | 214M |
| Intangibles | 9.6M | 9.6M | 9.6M | 9.6M | 9.6M | 21M | 20M | 19M | 17M | 16M | 15M | 3.9M | 3.6M |
| Retained Earnings | -809M | -839M | -890M | -944M | -991M | 0 | -1.2B | -1.3B | -1.4B | -1.5B | -1.6B | -1.8B | -1.9B |
| Working Capital | 142M | 129M | 150M | 105M | 70M | 22M | 175M | 491M | 494M | 410M | 371M | 382M | 433M |
| Current Assets | 217M | 204M | 202M | 204M | 130M | 84M | 234M | 543M | 580M | 476M | 444M | 450M | 495M |
| Current Liabilities | 75M | 75M | 52M | 98M | 60M | 63M | 59M | 53M | 86M | 66M | 74M | 68M | 62M |
| Per Share Data | |||||||||||||
| EPS | -42.16 | -395.01 | -49.14 | -22.19 | -243.27 | -49.14 | -11.34 | -8.37 | -9.71 | -6.62 | -211.41 | -7.42 | -5.94 |
| Owner EPS | -66.07 | -625.18 | -49.29 | -31.40 | 17.36 | -22.42 | -7.12 | -7.60 | -9.33 | -10.61 | -328.65 | -6.86 | -3.15 |
| Book Value | 102.00 | 1,156.30 | 103.80 | 39.34 | 321.63 | 37.13 | 23.87 | 51.58 | 45.54 | 40.79 | 1,074.85 | 25.71 | 13.21 |
| Cash Flow/Share | -58.63 | -537.14 | -42.28 | -27.91 | 63.87 | -14.99 | -4.51 | -5.66 | -7.46 | -8.38 | -250.18 | -4.86 | -2.75 |
| 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. | 1.0M | 0.1M | 1.1M | 2.6M | 0.3M | 2.0M | 8.2M | 12.5M | 15.0M | 16.7M | 0.6M | 25.8M | 52.6M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -3.6 |
| P/FCF | N/A | N/A | N/A | N/A | 12.4 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | 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 |
| Price/Book | 4.4 | 2.7 | 0.6 | 0.6 | 26.2 | 1.2 | 2.4 | 4.0 | 1.7 | 0.6 | 0.3 | 0.3 | 1.6 |
| Price/Sales | 2.8 | 2.2 | 1.7 | 0.9 | 44.9 | 18.2 | 6.0 | 49.2 | 14.8 | 8.4 | 4.0 | 1.1 | 6.6 |
| FCF Yield | -14.4% | -20.3% | -51.4% | -77.5% | 0.3% | -36.2% | -7.9% | -3.0% | -11.3% | -41.2% | -109.5% | -73.2% | -11.3% |
| Market Cap | 442M | 253M | 106M | 109M | 2.2B | 90M | 471M | 2.5B | 1.2B | 436M | 183M | 197M | 1.1B |
| Avg. Price | 8,859.59 | 5,175.46 | 2,231.99 | 602.33 | 571.31 | 103.09 | 58.37 | 305.35 | 151.00 | 74.17 | 26.96 | 6.86 | 21.26 |
| Year-End Price | 7,776.00 | 3,715.20 | 1,278.00 | 781.20 | 306.00 | 8.40 | 64.20 | 227.10 | 91.80 | 31.20 | 11.10 | 7.63 | 21.26 |
FUELCELL ENERGY INC passes 0 of 9 quality checks, indicating weak fundamentals.
At current prices, the estimated annualized return to fair value is -7.1%.
FUELCELL ENERGY INC (FCEL) has a debt-to-equity ratio of 0.27. This indicates a conservatively financed balance sheet.
FUELCELL ENERGY INC (FCEL) reported earnings per share (EPS) of $-7.42 in its most recent fiscal year.
FUELCELL ENERGY INC (FCEL) has a return on equity (ROE) of -29.0%. A negative ROE may indicate losses or negative equity.
FUELCELL ENERGY INC (FCEL) has a 5-year average gross margin of -20.5%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 15 years of financial data for FUELCELL ENERGY INC (FCEL), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
FUELCELL ENERGY INC (FCEL) has a book value per share of $25.71, based on its most recent annual SEC filing.