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Clean Energy Fuels Corp.

CLNE Energy Oil & Gas Refining & Marketing

Clean Energy Fuels Corp.’s revenue for fiscal 2025 (year ended December 2025) was $424.8 million, up 2.16% from fiscal 2024.

Revenue
+5.69%
EPS
+72.7%
Free cash flow
+3,528.3%
Total debt
−23.8%

Quarter to September 2026, against a year earlier

1.91 0.40 +26.49%
Market cap
$332.9M
P/E
0.0×
Fwd P/E
−4.6×
Dividend yield
—
F-score
5/9
Altman Z
−0.94
Beneish M
−3.99
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.11
Sold, $m 0.34
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — 2 — 1 — — —
Sell — — — — — 1 — — — — — —
Insider Ownership 26.91%

Capital & Financial Ratios $m

Size
Market Cap 332.87
Revenue ttm 448.41
Net income ttm (72.68)
Free cash flow ttm 69.71
Net debt Q 75.66
Valuation
P/E 0.00
Forward P/E (4.64) (negative: loss-making)
Price / sales 0.74
Forward P/S Powerpack
Price / FCF 10.46
Price / book 0.58
Financial health
Current ratio Q 2.21 (at or above 1.5: strong)
Debt / equity Q 0.39 (at or below 0.5: strong)
Interest coverage Q 0.12
Growth
Revenue growth Q +5.69% (above 0%: growing)
Operating income growth Q +107.09% (above 0%: growing)
EPS, this year −196.23% (below 0%: weak)
EPS, next year A −4.62% (below 0%: weak)
Revenue, next year A +1.64%
EPS, past 5 yrs —
EPS, next 5 yrs A +16.57% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.9×, against a ten-year median of 1.5×; over the ten years it ranged from 0.9× in 2018 to 9.5× in 2021.
P/S against its own 10 years 6.01%
10-year low 10-year high
P/B against its own 10 years 5.10%
10-year low 10-year high
EV/Sales against its own 10 years 2.90%
10-year low 10-year high
EV/FCF against its own 10 years 3.84%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 265 220 158 142
Receivables 116 122 107 —
Inventory 45 43 44 42
Other — — — —
470 414 350 343
2023 2024 2025 Q'26
Payables 57 33 26 29
ST’ Debt 0 0 0 0
Other 2 — — —
164 155 151 155

Compound Annual Growth %

10y 5y 3y
Sales 1.01% 7.81% 0.37%
Cash Flow 0.00% 6.98% 8.62%
Earnings 0.00% 0.00% 0.00%
Book Value 5.56% 1.57% (8.08%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −0.01 Actual −0.01

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 −0.04 0.00 Beat by 0.04
Q4 FY25 −0.03 0.00 Beat by 0.03
Q1 FY26 −0.02 −0.01 Beat by 0.01
Q2 FY26 −0.01 −0.01 Met by 0.00
Q3 FY26 −0.01 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.06) (0.07) (0.03) — —
’25 (0.60) (0.09) (0.11) (0.20) (1.01)
’24 (0.08) (0.07) (0.08) (0.13) (0.37)
’23 (0.17) (0.07) (0.12) (0.08) (0.45)
’22 (0.11) (0.06) (0.04) (0.06) (0.26)
’21 (0.04) (0.38) (0.02) (0.01) (0.44)
’20 0.01 (0.03) (0.01) (0.01) (0.05)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 118 106 112 — —
’25 104 103 106 112 425
’24 104 98 105 109 416
’23 132 91 96 107 425
’22 83 97 126 114 420
’21 77 0 86 92 256
’20 86 60 71 75 292
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (8) 29 36 — —
’25 23 36 13 13 86
’24 3 19 21 22 65
’23 (19) 12 8 43 44
’22 5 27 (1) 35 67
’21 3 10 20 8 41
’20 (4) 54 3 8 61
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (15) 24 36 — —
’25 10 21 1 (1) 31
’24 (16) 1 (3) 3 (15)
’23 (47) (18) (19) 7 (77)
’22 (7) 17 (12) 16 14
’21 0 7 8 0 15
’20 (7) 54 1 5 52
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 403 342 346 344 292 256 420 425 416 425 448 +0.6% 432 436 472 +3.5%
Gross margin, % 36.53 25.11 38.54 38.35 36.44 15.66 26.76 19.18 30.86 27.05 0.00 (9.5) pt
EBT (12) (83) (9) 14 (11) (94) (59) (101) (81) (225) (72) +38.0%
EBT margin, % (3.08) (24.39) (2.55) 4.10 (3.85) (36.78) (14.13) (23.64) (19.48) (53.07) (16.17) (50.0) pt
Net income (14) (81) (9) 13 (12) (94) (60) (100) (84) (223) (73) +36.3%
Per share, $
Per share, $ Revenue 3.37 2.27 1.92 1.68 1.45 1.20 1.89 1.91 1.86 1.93 2.03 (6.0%)
Earnings (0.10) (0.53) (0.02) 0.10 (0.05) (0.44) (0.26) (0.45) (0.37) (1.01) (0.36) +29.3%
Cash flow 0.39 (0.03) 0.21 0.06 0.30 0.19 0.30 0.20 0.29 0.39 0.32 0.0%
Capex (0.20) (0.24) (0.14) (0.09) (0.04) (0.12) (0.24) (0.54) (0.36) (0.25) 0.00 +2.5%
Free cash flow 0.19 (0.27) 0.07 (0.03) 0.26 0.07 0.06 (0.35) (0.07) 0.14 0.32 (3.4%)
Book value 4.13 2.99 2.91 2.65 2.61 3.54 3.27 3.29 3.22 2.56 2.57 (5.2%)
Shares, m 119 150 181 205 201 213 222 223 223 221 220 +7.1%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 23.40 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.3
P/S 0.92 0.94 0.90 1.39 5.41 5.11 2.69 1.99 1.35 1.09 0.74 2.2
P/B 0.75 0.72 0.59 0.88 3.02 1.73 1.56 1.15 0.78 0.82 0.58 1.2
EV/Sales 1.40 1.18 0.86 1.35 5.23 4.36 2.41 1.99 1.46 1.26 0.91 2.2
EV/FCF 24.92 (9.93) 22.49 (65.96) 29.12 72.76 74.65 (10.94) (41.09) 17.36 12.86 11.3
Cash, $m
Cash, $m Operating cash flow 46 (4) 38 12 61 41 67 44 65 86 70 +7.1%
Capex (24) (36) (25) (19) (9) (26) (53) (121) (79) (55) (38) +9.8%
Free cash flow 23 (41) 13 (7) 52 15 14 (77) (15) 31 70 +3.5%
Balance, $m
Balance, $m Working capital 173 102 145 131 183 284 324 306 259 199 188 +1.6%
Net debt 196 81 (13) (15) (50) (191) (118) (2) 48 71 76 (10.6%)
Shareholders’ equity 494 450 525 543 523 755 727 734 720 565 566 +1.5%
Returns, %
Returns, % ROA (1.28) (9.38) (0.51) 2.77 (1.32) (11.14) (5.76) (8.50) (6.64) (19.30) (7.00) (18.0) pt
ROIC (1.60) (15.82) 0.48 1.17 (1.30) (10.52) (5.30) (6.53) (2.96) (15.71) (1.73) (14.1) pt
ROE (2.95) (16.80) (0.78) 3.82 (1.85) (14.57) (7.92) (13.62) (11.43) (34.57) (13.14) (31.6) pt
People
People Employees 832 431 401 412 465 482 496 566 577 503 — (5.4%)
Revenue/emp, $m 0.48 0.79 0.86 0.84 0.63 0.53 0.85 0.75 0.72 0.84 — +6.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Clean Energy Fuels Corp. vs peers in Oil & Gas Refining & Marketing (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
DK Delek US Holdings, Inc. $3.8B 17.0× 5.8× +47.83% (above 0%: growing) +256.82% (above 0%: growing) +173.86% (above 0%: growing) 8.93% 7.40% Compare
IEP Icahn Enterprises L.P. $3.7B — (loss-making) 18.5× +16.37% (above 0%: growing) n/m +400.00% (above 0%: growing) 0.00% 0.00% Compare
PARR Par Pacific Holdings, Inc. $3.4B 3.5× 3.4× +51.64% (above 0%: growing) +38.16% (above 0%: growing) +328.39% (above 0%: growing) 23.43% 15.47% Compare
DKL Delek Logistics Partners, L.P. $3.0B 17.7× 16.1× +56.18% (above 0%: growing) −34.94% (below 0%: shrinking) +193.34% (above 0%: growing) 17.18% 16.09% Compare
WKC World Kinect Corporation $1.9B — (loss-making) 12.2× +41.30% (above 0%: growing) +60.87% (above 0%: growing) +61.18% (above 0%: growing) 2.17% 0.60% Compare
CAPL CrossAmerica Partners LP $752.4M 15.9× 16.3× +22.92% (above 0%: growing) −38.24% (below 0%: shrinking) −29.95% (below 0%: shrinking) 8.47% 1.98% Compare
APC ARKO Petroleum Corp. $702.6M 15.2× 14.9× +30.86% (above 0%: growing) −2.27% (below 0%: shrinking) +24.55% (above 0%: growing) 0.00% 1.34% Compare
SGU Star Group, L.P. $431.5M 7.0× — +17.16% (above 0%: growing) n/m +68.47% (above 0%: growing) 24.40% (9.52%) Compare
CLNE Clean Energy Fuels Corp. $332.9M — (loss-making) — (loss-making) +5.69% (above 0%: growing) n/m +3,528.28% (above 0%: growing) 0.00% 0.86%
Median of peers $2.4B 15.6× 14.9× +36.08% +17.95% +121.17% 8.70% 1.66%

All 19 Oil & Gas Refining & Marketing stocks →

Pay and ownership Proxy statement filed 30 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 2.70m 2.06m 26.72
2024 2.67m 1.05m 107.26
2023 1.98m 21.56k 222.67
2022 1.13m 297.61k 256.16
2021 10.81m 9.71m 301.97

Ownership

Directors and executive officers, together 4.12%
TotalEnergies S.E./ Total Marketing Services S.A.S. 23.18%
Stonepeak CLNE-W Holdings LP 9.10%
BlackRock, Inc. 6.68%
Grantham, Mayo, Van Otterloo & Co. LLC 6.01%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Clean Energy Fuels Corp. (CLNE) Latest News

6 Nov

Impact 3 · · The Motley Fool transcript
Impact 3 · · GuruFocus.com

5 Nov

Impact 3 · · MarketBeat
Impact 3 · · StockStory
Impact 3 · · Business Wire

14 Oct

Impact 3 · · Business Wire

13 Oct

Impact 3 · · Business Wire

6 Oct

Impact 3 · · Business Wire

24 Sep

Impact 4 · · Business Wire

22 Sep

Impact 3 · · StockStory

6 Sep

Impact 3 ·

15 Aug

Impact 3 ·

13 Aug

Impact 3 · · The Motley Fool transcript

11 Aug

Impact 4 · · The Motley Fool

10 Aug

Impact 4 ·

7 Aug

Impact 3 · · Moby

6 Aug

Impact 3 · · MarketBeat
Impact 3 ·

4 Aug

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30 Jul

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17 Jun

Impact 3 ·

16 Jun

Impact 3 ·

4 Jun

Impact 4 · · Business Wire

18 May

Impact 3 · · StockStory

17 May

Impact 3 · · Simply Wall St.

13 May

Impact 3 · · Insider Monkey

12 May

Impact 4 · · Insider Monkey

11 May

Impact 4 · · Simply Wall St.
Impact 3 · · StockStory

7 May

Impact 3 · · MarketBeat
stockrow.com/CLNE · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com