A Business at a Glance
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FUEL TECH, INC.
FTEK
$45M
Mkt Cap
$1.54
-3.44%
FUEL TECH, INC. (FTEK) has a 5-year average return on invested capital (ROIC) of -3.3%. This is below average and may indicate limited pricing power.
FUEL TECH, INC. (FTEK) has a market capitalization of $48M. It is classified as a small-cap stock.
FUEL TECH, INC. (FTEK) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.48%.
FUEL TECH, INC. (FTEK) operates in the Industrial & Commercial Fans & Blowers & Air Purifing Equip industry, within the Industrials sector.
FUEL TECH, INC. (FTEK) reported annual revenue of $27 million in its most recent fiscal year, based on SEC EDGAR filings.
FUEL TECH, INC. (FTEK) has a net profit margin of -8.7%. The company is currently unprofitable.
FUEL TECH, INC. (FTEK) generated $2 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
ITEM 1 - BUSINESS As used in this Annual Report on Form 10-K, the terms “we,” “us,” or “our,” refer to Fuel Tech, Inc. and our wholly owned subsidiaries. We are a leading technology company engaged in the worldwide development, commercialization and application of sustainable state-of-the-art proprietary technologies for air pollution control, process optimization, water treatment and advanced engineering services. These technologies enable our customers to operate efficiently in a cost-effective and environmentally sustainable manner. The Company’s nitrogen oxide (NOx) reduction technologies include NOxOUT® and Advanced Selective Non-Catalytic Reduction (SNCR) systems and ASCR® Advanced Selective Catalytic Reduction systems. SCR reagent supply systems include the ULTRA® and U2A processes for safe ammonia generation and UDI™ Urea Direct Injection systems, along with aqueous and anhydrous ammonia storage and delivery systems.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 26M | 27M | 25M | 27M | 27M | 24M |
| Net Income | -2.9M | -2.3M | -1.9M | -1.5M | -1.4M | 54K |
| EPS | $-0.09 | $-0.08 | $-0.06 | $-0.05 | $-0.05 | $0.00 |
| Free Cash Flow | -270K | 2.3M | -3.8M | 278K | -4.3M | 677K |
| ROIC | -20.1% | -5.7% | -4.5% | -3.5% | -3.2% | 0.2% |
| Gross Margin | 45.8% | 46.4% | 42.3% | 43.0% | 43.2% | 49.0% |
| Debt/Equity | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -4.3M | -3.7M | -4.7M | -2.7M | -1.5M | -1.5M |
| Operating Margin | -16.4% | -13.8% | -18.7% | -9.8% | -5.7% | -6.1% |
| ROE | -7.6% | -5.7% | -4.5% | -3.5% | -3.2% | 0.2% |
| Shares Outstanding | 31M | 29M | 32M | 31M | 29M | 30M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 79M | 74M | 55M | 45M | 57M | 30M | 23M | 24M | 27M | 27M | 25M | 27M | 26M |
| Gross Margin | 44.5% | 38.8% | 34.1% | 39.9% | 35.5% | 35.5% | 47.2% | 49.0% | 43.2% | 43.0% | 42.3% | 46.4% | 45.8% |
| R&D | 1.5M | 1.4M | 1.8M | 1.1M | 1.1M | 1.1M | 1.2M | 1.3M | 895K | 1.5M | 1.6M | 2.0M | 2.0M |
| SG&A | 35M | 31M | 26M | 21M | 19M | 17M | 14M | 12M | 12M | 13M | 14M | 14M | 14M |
| EBIT | -25M | -5.4M | -12M | -7.1M | 110K | -8.2M | -4.3M | -1.5M | -1.5M | -2.7M | -4.7M | -3.7M | -4.3M |
| Op. Margin | -31.8% | -7.4% | -21.8% | -15.6% | 0.2% | -27.0% | -19.2% | -6.1% | -5.7% | -9.8% | -18.7% | -13.8% | -16.4% |
| Net Income | -18M | -12M | -17M | -10M | -28K | -7.9M | -4.3M | 54K | -1.4M | -1.5M | -1.9M | -2.3M | -2.9M |
| Net Margin | -22.4% | -16.8% | -31.5% | -23.1% | -0.0% | -25.8% | -19.0% | 0.2% | -5.4% | -5.7% | -7.7% | -8.7% | -11.1% |
| Non-Recurring | 23M | 245K | 1.4M | -185K | -142K | 628K | 5K | -54K | 0 | -10K | 0 | -2K | -2K |
| Returns on Capital | |||||||||||||
| ROIC | -22.0% | -19.0% | -34.4% | -27.2% | 0.5% | -26.1% | -17.1% | 0.2% | -3.2% | -3.5% | -4.5% | -5.7% | -20.1% |
| ROE | -22.0% | -19.0% | -34.4% | -27.2% | -0.1% | -26.1% | -17.6% | 0.2% | -3.2% | -3.5% | -4.5% | -5.7% | -7.6% |
| ROA | -17.6% | -14.8% | -26.0% | -19.3% | -0.1% | -18.8% | -13.9% | 0.1% | -2.9% | -3.1% | -3.9% | -4.8% | -6.6% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 5.4M | 6.9M | -2.7M | -3.6M | 4.9M | -3.4M | -2.7M | 761K | -4.1M | 696K | -3.4M | 3.0M | 661K |
| Free Cash Flow | 2.6M | 6.1M | -3.7M | -4.1M | 4.4M | -3.9M | -3.0M | 677K | -4.3M | 278K | -3.8M | 2.3M | -270K |
| Owner Earnings | -1.2M | 1.5M | -7.6M | -6.5M | 3.8M | -5.0M | -3.8M | -62K | -4.7M | -35K | -4.3M | 2.0M | -18M |
| CapEx | 2.8M | 802K | 940K | 492K | 570K | 550K | 247K | 84K | 206K | 418K | 378K | 674K | 931K |
| Maint. CapEx | 4.3M | 3.6M | 2.9M | 1.5M | 847K | 996K | 848K | 741K | 352K | 342K | 460K | 699K | 19M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 76K | 0 | 0 | 0 |
| D&A | 4.3M | 3.6M | 2.9M | 1.5M | 847K | 996K | 848K | 741K | 352K | 342K | 460K | 699K | 19M |
| CapEx/OCF | 51.7% | 11.6% | N/A | N/A | 11.6% | N/A | N/A | 11.0% | N/A | 60.1% | N/A | 22.3% | 140.8% |
| 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 | 128K | 570K | 52K | 17K | 0 | 95K | 222K | 232K |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | 0.6% | 0.5% | 0.1% | 0.0% | N/A | 0.3% | 0.5% | 0.5% |
| Stock-Based Comp | 2.3M | 1.8M | 2.0M | 1.4M | 233K | 574K | 290K | 82K | 224K | 389K | 446K | 326K | 272K |
| Debt Repayment | 0 | 1.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -17M | -22M | -12M | -8.4M | -12M | -11M | -8.7M | -36M | -26M | -29M | -18M | -24M | -22M |
| Cash & Equiv. | 19M | 22M | 12M | 8.4M | 12M | 11M | 11M | 36M | 23M | 18M | 8.5M | 12M | 22M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | 1.6M | 0 | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | 0.02 | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | 0.09 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.00 |
| Interest Coverage | -201.3 | -201.1 | N/A | N/A | N/A | -457.8 | -1084.0 | -78.4 | -89.8 | -126.6 | N/A | N/A | N/A |
| Equity | 72M | 58M | 43M | 34M | 34M | 26M | 22M | 46M | 45M | 44M | 42M | 40M | 39M |
| Total Assets | 91M | 76M | 58M | 50M | 52M | 32M | 30M | 50M | 50M | 50M | 49M | 47M | 44M |
| Total Liabilities | 19M | 17M | 14M | 16M | 18M | 5.4M | 7.8M | 3.8M | 5.3M | 6.7M | 6.8M | 7.2M | 5.9M |
| Intangibles | 10M | 7.1M | 1.8M | 1.7M | 1.2M | 906K | 553K | 448K | 397K | 358K | 327K | 646K | 620K |
| Retained Earnings | -62M | -75M | -92M | -103M | -102M | -110M | -115M | -115M | -116M | -118M | -119M | -122M | -123M |
| Working Capital | 40M | 36M | 27M | 18M | 24M | 17M | 16M | 38M | 31M | 33M | 24M | 26M | 22M |
| Current Assets | 58M | 52M | 41M | 34M | 41M | 22M | 21M | 41M | 36M | 38M | 30M | 32M | 27M |
| Current Liabilities | 19M | 17M | 14M | 16M | 17M | 4.8M | 5.5M | 3.2M | 4.8M | 5.7M | 5.9M | 6.3M | 5.0M |
| Per Share Data | |||||||||||||
| EPS | -0.78 | -0.54 | -0.74 | -0.44 | -0.00 | -0.32 | -0.17 | 0.00 | -0.05 | -0.05 | -0.06 | -0.08 | -0.09 |
| Owner EPS | -0.05 | 0.07 | -0.32 | -0.27 | 0.16 | -0.20 | -0.15 | -0.00 | -0.16 | -0.00 | -0.13 | 0.07 | -0.58 |
| Book Value | 3.18 | 2.54 | 1.82 | 1.44 | 1.41 | 1.07 | 0.89 | 1.53 | 1.55 | 1.42 | 1.30 | 1.37 | 1.24 |
| Cash Flow/Share | 0.24 | 0.30 | -0.12 | -0.15 | 0.20 | -0.14 | -0.11 | 0.03 | -0.14 | 0.02 | -0.11 | 0.10 | 0.50 |
| 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. | 22.7M | 22.9M | 23.5M | 23.7M | 24.2M | 24.5M | 25.2M | 30.3M | 28.8M | 30.8M | 32.4M | 29.1M | 31.2M |
| 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 | -16.3 |
| P/FCF | 31.5 | 6.7 | N/A | N/A | 6.8 | N/A | N/A | 64.4 | N/A | 115.1 | N/A | 20.2 | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | 56.8 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 1.1 | 0.7 | 0.7 | 0.8 | 0.9 | 0.8 | 5.0 | 0.9 | 0.8 | 0.7 | 0.8 | 1.2 | 1.2 |
| Price/Sales | 1.5 | 0.8 | 0.7 | 0.5 | 0.5 | 1.1 | 1.2 | 3.3 | 1.4 | 1.4 | 1.4 | 2.1 | 1.8 |
| FCF Yield | 3.2% | 15.0% | -12.9% | -15.0% | 14.4% | -18.7% | -2.7% | 1.6% | -11.6% | 0.9% | -11.0% | 4.9% | -0.6% |
| Market Cap | 83M | 41M | 28M | 27M | 30M | 21M | 111M | 44M | 37M | 32M | 35M | 47M | 48M |
| Avg. Price | 5.23 | 2.51 | 1.53 | 0.99 | 1.19 | 1.33 | 1.11 | 2.61 | 1.29 | 1.25 | 1.08 | 1.90 | 1.54 |
| Year-End Price | 3.64 | 1.78 | 1.21 | 1.14 | 1.23 | 0.86 | 4.40 | 1.44 | 1.30 | 1.04 | 1.07 | 1.63 | 1.54 |
FUEL TECH, INC. passes 1 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 20.3x vs a median of 20.2x. The company's 5-year average gross margin is 44.8%. Total shareholder yield (buybacks) is 0.5%. At current prices, the estimated annualized return to fair value is -8.9%.
FUEL TECH, INC. (FTEK) has a debt-to-equity ratio of 0.01. This indicates a conservatively financed balance sheet.
FUEL TECH, INC. (FTEK) reported earnings per share (EPS) of $-0.08 in its most recent fiscal year.
FUEL TECH, INC. (FTEK) has a return on equity (ROE) of -5.7%. A negative ROE may indicate losses or negative equity.
FUEL TECH, INC. (FTEK) has a 5-year average gross margin of 44.8%. This indicates decent pricing power.
The Ledger Terminal provides 16 years of financial data for FUEL TECH, INC. (FTEK), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
FUEL TECH, INC. (FTEK) has a book value per share of $1.37, based on its most recent annual SEC filing.